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All Journal Journal of Islamic Economics and Finance Studies Aktual : Jurnal Pengabdian Kepada Masyarakat Indonesian Journal of Banking and Financial Technology (FINTECH) Indonesian Journal of Health Research and Development
Yusuf, Jamiu Adeniyi
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Religion Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Engineering Environmental Science Health Professions Medicine & Pharmacology Nursing Public Health Social Sciences

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Journal : Journal of Islamic Economics and Finance Studies

 1 
The Impact of Islamic Banking on Redistribution of Sustainable Income Yusuf, Jamiu Adeniyi; Mumini Oladapo, Rauf; Ismail, Ayuba Aderole; Tunde, Muhammed Azeem
Journal of Islamic Economics and Finance Studies Vol 5 No 2 (2024): JIEFeS, December 2024
Publisher : Universitas Pembangunan Nasional Veteran Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47700/jiefes.v5i2.9194

Abstract

Islamic banking operates within a framework guided by Shariah principles, emphasizing fairness, equity, and social justice. Unlike conventional banking systems that rely on interest-based transactions, Islamic banking prohibits riba (interest) and promotes profit-and-loss sharing. However, income inequality remains a persistent challenge in many Muslim-majority countries, raising questions about how Islamic banking can contribute to sustainable income redistribution. This study employs primary data collected from 400 respondents across four countries where Islamic banking operates: Saudi Arabia, Malaysia, Indonesia, and Nigeria, with 100 participants sampled per country. Data were gathered using structured interviews and analyzed using qualitative and quantitative approaches, supported by a review of literature and case studies. The findings reveal that Islamic banking significantly contributes to wealth redistribution and economic justice through instruments such as zakat, waqf (endowments), and profit-sharing models. The research concludes that Islamic banking is not only a viable alternative to conventional systems but also an essential mechanism for achieving sustainable income redistribution. These findings have significant implications for policymakers, financial institutions, and communities seeking to address income inequality and foster a more equitable economic system.
Convergence or Divergence: Comparative Analysis of Sustainable Development Goals (SDGs) and Islamic Economic Principle Yusuf, Jamiu Adeniyi; Araoye, Sikiru Okunlade; Ayuba , Ismail Aderole; Oladapo, Rauf Mumini; Tunde , Muhammed Azeem; Bolaji, Akinola Abdulbaaki
Journal of Islamic Economics and Finance Studies Vol 6 No 1 (2025): JIEFeS, June 2025
Publisher : Universitas Pembangunan Nasional Veteran Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47700/jiefes.v6i1.10373

Abstract

This study investigates the convergence and divergence between the Sustainable Development Goals (SDGs) and Islamic economic principles, with a focus on their shared priorities and areas of tension. The primary objective is to analyze how the ethical and operational frameworks of Islamic economics align with the global SDG agenda, particularly in the domains of poverty alleviation, environmental sustainability, and social justice. A case study methodology was employed, incorporating qualitative thematic analysis using NVivo software alongside theoretical comparative analysis to provide a comprehensive perspective. The findings reveal substantial alignment in ethical foundations, exemplified by the emphasis on equitable wealth distribution through instruments such as zakat and waqf, which correspond to SDG Goal 1 (No Poverty) and Goal 10 (Reduced Inequalities). However, notable divergences emerge, particularly regarding gender equality (Goal 5) and environmental governance frameworks (Goal 13). Key challenges identified include regulatory constraints, varying cultural interpretations, and a lack of empirical data on the impact of Islamic finance in advancing SDG targets. The study concludes that while Islamic economic principles offer significant potential for supporting SDG implementation, their scalability and effectiveness require strategic partnerships, contextual adaptation, and the development of robust data frameworks. Policy recommendations include fostering interfaith and policy dialogues, strengthening institutional capacities, and integrating Islamic financial instruments into national development strategies.
Co-Authors Adenegan Micheal Adeyinka Adesuyi, Isaac Araoye, Sikiru Okunlade Ayuba , Ismail Aderole Bolaji, Akinola Abdulbaaki Gogo Helen Kolo Ibrahim, Muinat Abiodun Ismail, Ayuba Aderole Mayowa, Olalere Victoria Muhammed Jamiu Abdulrazaq Mumini Oladapo, Rauf Oladapo, Rauf Mumini Oludoyi, Isaac Olakunle Segun, Dauda Musa Tunde , Muhammed Azeem Tunde, Muhammed Azeem