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All Journal JAM : Jurnal Aplikasi Manajemen Dirasah : Jurnal Studi Ilmu dan Manajemen Pendidikan Islam El-Qist : Journal of Islamic Economics and Business (JIEB) Jurnal Manajemen dan Inovasi (MANOVA) Management of Zakat and Waqf Journal (MAZAWA)) Jurnal Ekonomika dan Bisnis Islam Al-Iqtishad: Jurnal Ekonomi Syariah Journal of Digital Economic Studies
Rianto Anugerah Wicaksono
Universitas Islam Negeri Sunan Ampel Surabaya
Religion Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Library & Information Science Social Sciences Other

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Islamic Equity Financing as an Alternative of Capital Structure to Improve Business Performance: A Systematic Literature Review Wicaksono, Rianto Anugerah; Syihabuddin, Atok; Salleh, Ahmad Dahlan; Huda, Bakhrul
El-Qist: Journal of Islamic Economics and Business (JIEB) Vol. 14 No. 1 (2024): April
Publisher : Islamic Economics Department, Faculty of Islamic Economics and Business, Sunan Ampel State Islamic University, Surabaya Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15642/elqist.2024.14.1.1-16

Abstract

This study presents a systematic literature review of capital structure choices with a particular focus on Islamic equity financing and its impact on business performance. By synthesizing 172 Scopus-indexed articles from 1999 to 2023, the research examines the comparative dynamics of internal financing, trade credit, debt financing, and equity financing—including the Islamic mode of mushārakah. Key theoretical frameworks, namely the Pecking Order Theory and Trade-Off Theory, are used to analyze how firms navigate capital structure decisions amid considerations such as cost, control, risk, and tax implications. The findings demonstrate a growing academic and practical interest in Islamic equity financing as a profit-and-loss sharing alternative that aligns with ethical finance principles. However, challenges remain in its adoption due to risk asymmetry and limited regulatory and institutional support. This review further highlights technological innovations—such as blockchain and big data analytics—as emerging solutions to mitigate risk and information asymmetry in Islamic equity models. The specific contribution of this study to the international research field lies in its comprehensive mapping of the development and application of mushārakah-based financing across various contexts and sectors, offering a unique cross-comparison with conventional equity models. It contributes to global discourse by positioning Islamic equity financing not merely as a faith-based solution, but as a viable, ethical, and technologically adaptive alternative to conventional financing models. The study opens new research directions for scholars and practitioners in Islamic finance, fintech, and capital structure optimization.
Revisiting the Concept of al-Māl in the Digital Age: Theoretical and Practical Implications of CBDC Implementation in Islamic Economics Adjeng Nurussalam; Rianto Anugerah Wicaksono
Journal of Digital Economic Studies Vol. 1 No. 1 (2026): June
Publisher : Zamzami Scholar Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.64685/JDES.2026.1.1.20-41

Abstract

Digital transformation in the global financial system presents an ontological tension between algorithmic technological innovation and the rigid principles of Islamic law. This article investigates the position of Central Bank Digital Currency (CBDC) or Digital Rupiah from a sharia economics perspective, highlighting the compatibility of its technical design with the doctrines of fiqh muamalah and maqās}id al-sharī‘ah. Using a qualitative approach based on literature studies and content analysis of Bank Indonesia policy documents and DSN-MUI fatwas, this study finds that the Digital Rupiah meets the criteria of legitimate property (al-māl) because it has legal intrinsic value and is guaranteed by state authority. Further analysis reveals that the Distributed Ledger Technology (DLT) architecture of the Digital Rupiah is capable of mitigating the risks of riba, gharar, and maysir through systemic transparency, while enhancing asset protection (hifz} al-māl) and promoting financial inclusion. This study recommends the formulation of a hybrid policy that integrates central bank technology standards with sharia compliance parameters to ensure ethical monetary sovereignty. In conclusion, the Digital Rupiah represents a harmonious synthesis of modernity and tradition, offering a new model of monetary architecture that is fair, efficient, and based on divine values. 
Co-Authors Adjeng Nurussalam Agustianto, Mochammad Andre Ainun Nadliroh Alvina Mutia Hendarti Ana Toni Roby Candra Yudha Atok Syihabuddin Bakhrul Huda, Bakhrul Gangsar Ramadanti, Firda Maksum, Maksum Muchammad Saifuddin Mutia Hendarti, Alvina Nadliroh, Ainun Nawaratallah, Aisyah Nurul Fatma Hasan Nurul Huda Nurul Huda Salleh, Ahmad Dahlan Sri Wigati