Article Per Year (5 Year)
p-Index From 2021 - 2026
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All Journal Journal of Economics and Social Sciences
M. Makhrus Ali
STAI Ibnu Rusyd Kotabumi, Lampung
Agriculture, Biological Sciences & Forestry Economics, Econometrics & Finance Law, Crime, Criminology & Criminal Justice Materials Science & Nanotechnology Social Sciences

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The Transformation of Islamic Digital Treasury and the Efficiency of Corporate Liquidity Management: A Critical Review of the Literature and Sharia Compliance M. Makhrus Ali; Sukawati Sukawati; Ratna Himawati; Tria Mei Diana
Journal of Economics and Social Sciences (JESS) Vol. 4 No. 2 (2025): Journal of Economics and Social Sciences (JESS)
Publisher : CV. Civiliza Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59525/jess.2171

Abstract

The transformation of global digital financial transactions requires Sharia-compliant corporations to modernize their daily cash management; however, the automation of treasury systems based on intelligent algorithms has the potential to trigger fundamental Sharia non-compliance risks such as gharar, maysir, and opacity in the calculation of returns. This study aims to evaluate the level of operational efficiency in corporate liquidity management resulting from the adoption of Islamic Digital Treasury and to formulate an integrative governance model that ensures substantive Sharia compliance. The research method employs a qualitative approach involving an in-depth critical literature review, analyzing international standards from AAOIFI and IFSB, classical fiqh al-muamalah literature, and reputable journal articles from 2020 to 2026. The research findings demonstrate that the adoption of an artificial intelligence- and blockchain-based digital treasury system can reduce cash management operational costs and accelerate working capital turnover. This study successfully synthesizes a conceptual innovation in the form of a three-tier governance architecture that aligns the Technology Acceptance Model with the pillars of Maqashid al-Shari’ah. Regulatory authorities and Shariah corporate management are recommended to immediately implement Shariah algorithm certification and integrate automated monitoring modules based on Shariah nodes to mitigate the risk of non-halal revenue cancellation in a structured and sustainable manner.
Integration of ESG (Environmental, Social, and Governance) Principles into the Maqashid al-Shariah Framework M. Makhrus Ali; Yudi Surono; Linda Nur Ainah; Aan Gunawan
Journal of Economics and Social Sciences (JESS) Vol. 5 No. 1 (2026): Journal of Economics and Social Sciences (JESS)
Publisher : CV. Civiliza Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59525/jess.2172

Abstract

The integration of Environmental, Social, and Governance (ESG) principles into Islamic finance faces challenges in the form of a gap between formal compliance with sustainability standards and the substantive application of the values of Maqashid al-Shariah. The use of ESG indicators that do not fully take Islamic legal principles into account also risks overlooking the dimensions of tawhid, maslahah, and social justice. This study aims to analyze the harmonization of ESG principles with Maqashid al-Shariah and to formulate an integrated and measurable taxonomy of sustainability indicators. The study employs a qualitative method through a literature review using juridical-normative and philosophical-conceptual approaches. Data were obtained from ESG regulations, AAOIFI and GRI standards, journal articles, and Islamic finance literature, and were then analyzed using content analysis and conceptual mapping. The results produced the Maqashid-ESG Matrix framework, which maps environmental, social, and governance aspects into the five pillars of Shariah protection and the hierarchy of dharuriyyat, hajiyyat, and tahsiniyyat. This framework offers a more comprehensive, transparent, and public-interest-oriented basis for ethical investment assessment. The study recommends that the OJK and IFSB develop a Sharia green taxonomy, while Sharia financial institutions need to apply this matrix in investment screening, risk management, and sustainability audits.
Co-Authors Aan Gunawan Linda Nur Ainah Ratna Himawati Sukawati Sukawati Tria Mei Diana Yudi Surono