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An exploratory comparative analysis of fiscal discipline in Islamic economics: Integrating ethical governance with sustainable financial practices Andriansyah, Yuli; Atmaja , Fajar Fandi; Lana, Rima Isfah; Azmi, Ghitha Nabilah; Mešković, Admir
Journal of Islamic Economics Lariba Vol. 11 No. 1 (2025)
Publisher : Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/jielariba.vol11.iss1.art25

Abstract

IntroductionIslamic economics offers an ethical alternative to conventional financial systems, integrating moral principles derived from the Qur’an and Hadith. While conventional fiscal discipline primarily emphasizes budgetary balance, Islamic fiscal discipline uniquely prioritizes ethical governance, social justice, and sustainable development through instruments such as zakat, waqf, and sukuk.ObjectivesThis study aims to develop a comprehensive model for fiscal discipline based on Islamic economic principles, highlighting ethical dimensions alongside practical financial management considerations.MethodThe research employs an exploratory approach using qualitative analysis of secondary data sourced from scholarly articles, government publications, and case studies. A comparative analytical method assesses fiscal discipline practices in both Islamic and conventional economic frameworks.ResultsThe findings reveal that integrating Islamic financial instruments like zakat, waqf, and sukuk enhances resource allocation, promotes socio-economic equity, and supports sustainable fiscal policies. Effective governance structures, notably Shariah boards, play critical roles in ensuring compliance with Islamic ethical standards. However, there remains a notable gap between theoretical Islamic economic principles and their practical implementation in contemporary fiscal policies.ImplicationsThis research offers policymakers a viable framework for adopting Islamic fiscal discipline, potentially leading to greater economic stability, reduced inequality, and more sustainable development practices. It emphasizes the importance of ethical governance and community participation in fiscal policy formulation and implementation.Originality/NoveltyThe study uniquely bridges theoretical Islamic economic principles with modern fiscal management practices, proposing a holistic and ethically-informed model of fiscal discipline adaptable across various economic contexts.
Mapping the Landscape of Fiscal Discipline: A Four-Decade Bibliometric Analysis of Global Scholarship (1981–2024) Andriansyah, Yuli; Atmaja, Fajar Fandi; Lana, Rima Isfah; Azmi , Ghitha Nabilah; Mešković, Admir
Unisia Vol. 43 No. 1 (2025)
Publisher : Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/unisia.vol43.iss1.art19

Abstract

Fiscal discipline remains a critical pillar in ensuring macroeconomic stability and responsible public finance management, particularly amid recurring global economic crises. This study aims to systematically map the intellectual landscape of fiscal discipline research using bibliometric analysis to uncover publication trends, thematic developments, and scholarly networks from 1981 to 2024. Drawing upon data from the Scopus database, the study analyzed 688 academic documents using performance analysis and science mapping techniques. Tools such as VOSviewer were employed to visualize co-authorship, co-citation, and keyword co-occurrence networks, enabling the identification of influential authors, institutions, and thematic clusters. The results reveal a sharp increase in research activity post-2000, largely driven by financial disruptions such as the Eurozone crisis and the COVID-19 pandemic. The literature is dominated by contributions from developed countries and international institutions, with limited representation from developing regions. Seven thematic clusters were identified, including fiscal rules in the European Union, subnational fiscal discipline, transparency and governance, and the political economy of fiscal policy. These findings reflect a shift from rules-based approaches toward broader frameworks that incorporate institutional credibility, political context, and adaptability. This study contributes to the advancement of fiscal discipline research by providing a comprehensive, data-driven overview of its evolution, gaps, and interdisciplinary intersections. It highlights the need for more inclusive, context-sensitive studies, particularly from underrepresented regions. The findings offer a foundation for future inquiry and inform more effective and equitable fiscal governance in an increasingly complex global environment.