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Al-Fadilah: Islamic Economics Journal
Published by Penerbit Hellow Pustaka
ISSN : -     EISSN : 30310210     DOI : https://doi.org/10.61166/fadilah.v2i1
Core Subject : Religion, Economy, Social,
Religion Economics, Econometrics & Finance Social Sciences
The aim of this journal publication is to disseminate the conceptual thoughts or ideas and research results that have been achieved in the area of Islamic Economics particularly focuses on the main problems in the development of the sciences of islamic economics areas as follows: Islamic Finance such as shariah accounting; public finance.; Islamic monetary and fiscal issues. Islamic Bank Islamic Economic Development Islamic Political Economics Islamic Philantrophy such as zakat, waqaf issues The History of Islamic Economics The Thought of Islamic Economics
Arjuna Subject : Ilmu Ekonomi, Ekonometrika dan Keuangan (semua kategori) - Keuangan
Articles 52 Documents
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Digital Financial Twins in Islamic Microfinance: Evidence from Conflict-Affected Rural Economies (2020–2025) Fayaz Gul Mazloum Yar; Ahmad Khosrow Sharifi
Al-Fadilah: Islamic Economics Journal Vol. 3 No. 2 (2025): Potential and Innovation in Islamic Economic
Publisher : Penerbit Hellow Pustaka

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61166/fadilah.v3i2.79

Abstract

Conflict‑affected rural microfinance faces data scarcity and repayment volatility, limiting sustainable outreach. No prior empirical study has evaluated Digital Financial Twin (DFT) analytics within Shariah‑compliant institutions under conflict conditions. We integrate cyber‑physical simulation with Islamic microfinance, offering the first large‑scale evidence of DFT impact on financial and poverty outcomes. We employ a quasi‑experimental design combining geospatial conflict data (ACLED), loan‑level records from five Islamic MFIs (N = 48,360 loans across 120 rural districts), and UNDP Multidimensional Poverty Index scores. Multivariate logistic regressions, structural equation modeling (SEM), and GIS mapping were implemented using R (v4.2.2) and lavaan (v0.6‑12). DFT deployment correlates with a 5.8 pp increase in on‑time repayment (OR = 1.27, 95% CI [1.18, 1.37], p < 0.001) and a 5.9 pp reduction in default rates (OR = 0.72, 95% CI [0.64, 0.81], p < 0.001). SEM indicates a significant moderating effect of DFT on conflict intensity (β = 0.29, p < 0.01). GIS heatmaps demonstrate sustained outreach in high‑conflict zones. DFT analytics enhance Shariah‑compliant microfinance performance and resilience in fragile settings, informing policy on digital infrastructure investment in conflict‑affected economies.
Formation, Existence, And Survival Of Islamic Banking System In India Mohammed Masood Riswi
Al-Fadilah: Islamic Economics Journal Vol. 3 No. 2 (2025): Potential and Innovation in Islamic Economic
Publisher : Penerbit Hellow Pustaka

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61166/fadilah.v3i2.80

Abstract

This study investigates the formation, historical development, and ongoing struggle for the institutional survival of the Islamic banking system in India. Drawing on both primary historical references and contemporary regulatory frameworks, the article examines the deep roots of interest-free financial practices in ancient Indian civilizations, such as the Harappan society, and the contributions of Muslim rulers, including the Cheraman Perumals and Raja Bhoj, who laid the early foundations for Islamic financial ethics. The emergence of structured Islamic financial models in the pre- and post-independence era—such as community-based cooperative credit societies, Baithul Mals, and Muslim funds—is traced to show how Islamic finance has adapted over time to survive in a secular legal and political environment.
Reimagining Global Financial Settlements: A Gold-Backed Cryptocurrency Framework Anchored in Blockchain and Islamic Finance Principles Irma Naddiya Binti Mushaddik
Al-Fadilah: Islamic Economics Journal Vol. 3 No. 2 (2025): Potential and Innovation in Islamic Economic
Publisher : Penerbit Hellow Pustaka

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61166/fadilah.v3i2.81

Abstract

In a world where economic turbulence and financial inequities are increasingly driven by the shortcomings of fiat currency systems, this paper advances a bold and timely proposition: the integration of gold-backed cryptocurrencies into global net settlement systems through blockchain technology. Bridging the philosophical depth of Islamic economic principles with the technical power of decentralized digital infrastructure, this study outlines a visionary framework that addresses the core weaknesses of inflation, centralization, and systemic risk. Grounded in qualitative research, including expert interviews and content analysis, the paper proposes a decentralized, ethically anchored, and technologically secure model that restores intrinsic value to money. Malaysia is identified as a strategic pioneer in this transformation, leveraging its leadership in Islamic finance and fintech to initiate a paradigm shift in global monetary governance. This work not only challenges existing financial orthodoxy but also provides a blueprint for a more stable, just, and transparent future of international finance
Understanding the Principles of Islamic Banking and the Development of Islamic Banking Icha Afrillia Hidayat; Febyviani Dwimutian Anggraini; Muhammad Ryas Fatiha Kesuma; Heni Noviarita
Al-Fadilah: Islamic Economics Journal Vol. 3 No. 2 (2025): Potential and Innovation in Islamic Economic
Publisher : Penerbit Hellow Pustaka

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61166/fadilah.v3i2.87

Abstract

Understanding the basic principles of Islamic banking and the dynamics of its development is crucial, both from a theoretical and practical perspective. These principles, which include the prohibition of riba (usury), gharar (gharar), and maysir (gambling), as well as the application of the principle of profit and loss, play a crucial role in establishing a fair and transparent banking system. Furthermore, Islamic banking in Indonesia has experienced significant growth over the past few decades, despite challenges related to public education, regulation, and public acceptance. This study uses a qualitative approach with descriptive-analytical methods to delve deeper into the core principles of Islamic banking and analyze the sector's development in the Indonesian context. The findings reveal that despite the rapid growth of Islamic banking, challenges remain to be addressed to enhance Islamic financial inclusion, including product issuance, regulatory frameworks, and public awareness. This study contributes to a deeper understanding of Islamic banking principles and provides insights into the future direction of the Islamic banking sector.
The Role of Productive Waqf in Developing the Economy and Social Perspective of Behavioral Finance Theory Nurus Sa’adah
Al-Fadilah: Islamic Economics Journal Vol. 4 No. 1 (2026): Potential and Innovation in Islamic Economic
Publisher : Penerbit Hellow Pustaka

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61166/fadilah.v4i1.55

Abstract

This study examines the role of productive waqf in economic and social development from a behavioral finance theory perspective. The author explains the importance of waqf in empowering low-income communities, particularly those in low-income communities. Waqf funds can be allocated to support and empower economic and social aspects by providing business capital and providing training and mentoring to improve the skills and capacity of micro-communities. The research method used is a literature review, focused on the analysis and synthesis of relevant papers and data. The results indicate that productive waqf has a positive impact on social welfare and economic growth in Indonesia, including socio-religious life, equitable development, poverty alleviation, reduced unemployment, expanded employment opportunities, and economic growth. If optimally managed, waqf will have a positive impact, significantly boosting sustainable economic growth and creating an independent and productive society. Therefore, it is important to emphasize the government's need to provide greater support to utilize the potential of waqf instruments in Indonesia. From a behavioral finance perspective, this relates to financial management because it is a way to obtain and use money appropriately, thus implementing hablum minallah and hablum minnannas.
Development of Muslim Economic Thinking in India in 20th Century Bilal Ahmad Ganaie
Al-Fadilah: Islamic Economics Journal Vol. 4 No. 1 (2026): Potential and Innovation in Islamic Economic
Publisher : Penerbit Hellow Pustaka

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61166/fadilah.v4i1.77

Abstract

The evolution of Muslim economic thought in India throughout the 20th century signifies a notable intellectual response to the socio-economic and political changes instigated by colonial rule, the decline of traditional Islamic institutions, and the rise of modern capitalist and socialist ideologies. This study aims to explore the development of Islamic economic discourse among Indian Muslim scholars, reformers, and institutions during this period. Central to this discourse were the efforts to reconstruct a comprehensive economic system grounded in Islamic principles, including the prohibition of riba (usury), gharar (excessive uncertainty), maisir (gambling), and the principles of profit and loss sharing. This paper seeks to examine the foundational framework of Muslim economic thought in India during the 20th century. Key figures such as Manazir Ahsan Gilani, Muhammad Hamidullah, Hafizur Rehman Seohwari, Anwar Iqbal Qureshi, Shaikh Mahmud Ahmad, Abul Ala Mawdudi, M. N. Siddiqi, Muhammad Uzair, Ausaf Ahmad, F. R. Faridi, Abdul Hasib, M. H. Khatkhatay, Azim Ihsan Islahi, and M. Obaiduallah significantly contributed to presenting a systematic critique of Western economic models while proposing a comprehensive Islamic alternative. Furthermore, this study analyzes the role of Islamic economists, bankers, and key figures in shaping this discourse, which ultimately led to the establishment of various interest-free cooperative credit societies, Islamic financial societies, financial associations, and Islamic financial investment companies located in both northern and southern India. The objective of this paper is to understand the indigenous roots of these developments
The Role of Islamic Commercial Laws in Addressing Unethical Practices in Northern Nigerian Markets Usman Mukhtar
Al-Fadilah: Islamic Economics Journal Vol. 4 No. 1 (2026): Potential and Innovation in Islamic Economic
Publisher : Penerbit Hellow Pustaka

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61166/fadilah.v4i1.82

Abstract

This study investigated the role of Islamic Commercial Laws (ICL) in addressing unethical practices in Northern Nigerian markets, with the main objective of assessing the extent to which ICL principles can promote ethical business conduct and reduce fraudulent activities such as price manipulation, usury, and the sale of substandard goods. The research was carried out in selected markets across Kano, Gumel, Hadejia, Daura, and Katsina, which are notable commercial hubs within Northern Nigeria. The subjects of the study included market traders, consumers, Islamic scholars, and representatives of Islamic financial institutions. A total sample of 100 participants was used for the quantitative aspect, while 10 individuals were selected for in-depth interviews. The sample was selected through a combination of purposive and stratified random sampling to ensure representation across stakeholder groups. The study was guided by structured research questions aimed at identifying the prevalence of unethical practices, the level of awareness of ICL among market participants, and the challenges of enforcement. Data were collected using a combination of structured questionnaires, semi-structured interviews, direct market observations, and document reviews. Quantitative data were analyzed using descriptive statistics such as frequency counts, percentages, and mean scores, while qualitative data were thematically analyzed and interpreted in line with the research objectives. The findings revealed widespread unethical behaviors in the markets, including inflated pricing, exploitation in informal credit systems, and a general lack of transparency. Challenges identified included lack of education, weak enforcement structures, and limited access to Islamic financial institutions. Based on these findings, the study recommended extensive public sensitization on ICL principles, integration of ICL into market regulation frameworks, expansion of Islamic microfinance services, and collaboration between religious authorities, market leaders, and government agencies to promote ethical trade. The study concludes that while ICL provides a robust ethical framework, its practical impact depends on education, institutional support, and active enforcement.
Smart Contracts in Islamic Finance: A Content Analysis of Sharia Compliance and Blockchain Applications Haryani Santo Hartono
Al-Fadilah: Islamic Economics Journal Vol. 4 No. 1 (2026): Potential and Innovation in Islamic Economic
Publisher : Penerbit Hellow Pustaka

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61166/fadilah.v4i1.85

Abstract

This paper examines the theoretical embedding and the practical siting of smart contracts in relation to Islamic finance. It uses a qualitative thematic content analysis study to draw conclusions on the ways blockchain-based smart contract system may be incorporated into the values of Sharia using academic resources, regulatory and industry reports of the year 2015 to 2025. The results indicate that smart contracts provide a meaningful opportunity in operational efficiency, where there can be a calculation of zakat based on smart contracts, clear fund management, and financial inclusion with mobile delivery. They have remained difficult nonetheless, especially with regard to reconciling the determinist aspect of code with the codes of the Islamic law which are niyyah (intention), ridaʾ (mutual consent) and ijtihad (contextual reasoning). Regulatory imprecision, the relative lack of input by the Sharia scholars in the formulation of the system and the challenges in encoding complicated Islamic contracts also limit adoption. In spite of the previous standards, like Sharia Standard No. 59 (2023) developed by AAOIFI, there is still a developing structure of jurisprudential and ethical framework. The paper suggests Sharia-by-design, interdisciplinary, real-time Sharia audit, unambiguous regulatory fatwa and mechanisms of dispute resolutions as means of facilitating ethical digital transformation. The findings represent a part of the emerging knowledge base on Islamic fintech, as the basic feature of technological adaptation should be the epistemological and normative correspondence of the practice to Islamic law.
The Effectiveness of Productive Waqf in Supporting Sustainable Development: An Analysis of its Impact on Socio-Economic Growth Eka Putriana; Diva Aulia
Al-Fadilah: Islamic Economics Journal Vol. 4 No. 1 (2026): Potential and Innovation in Islamic Economic
Publisher : Penerbit Hellow Pustaka

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61166/fadilah.v4i1.92

Abstract

Productive waqf is increasingly viewed as a strategic instrument in supporting the achievement of sustainable development goals (SDGs) through the provision of long-term, sustainable social funding. This study aims to analyze the effectiveness of productive waqf in supporting sustainable development and its impact on community socio-economic growth. Using a literature review method, this study examines various academic sources discussing the concept, regulation, implementation, and impact of productive waqf. The study results indicate that productive waqf has the potential to support socio-economic development through increased income, job creation, poverty alleviation, empowerment of MSMEs, and the provision of social services such as education and health. However, this effectiveness is still affected by various obstacles such as weak governance, lack of professionalization of nazhir (managers), and suboptimal investment management. This study emphasizes the need to strengthen institutional capacity, transparency, and integrate waqf into national development strategies so that its benefits can be felt sustainably. These findings contribute to the development of Islamic social finance theory and practice and serve as a reference for policymakers in optimizing the role of productive waqf for community welfare.
The Quranic Concept of Charity as Model Approach to Resolve Contemporary Economic Challenges of Usury Kausar Ali
Al-Fadilah: Islamic Economics Journal Vol. 4 No. 1 (2026): Potential and Innovation in Islamic Economic
Publisher : Penerbit Hellow Pustaka

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61166/fadilah.v4i1.102

Abstract

The practice of Usury (Riba) exists as an integral part to Contemporary Economic Systems any or Polity – Secular, Liberal or Religious. Though it stands out as pivotal base to economic transaction, it however promotes UNJUST and UNFAIR means of exploiting individuals and organizations in need of money. There are various laws enacted from time to time to curb the practice of usury but nothing succeeds. The evil still prospers under disguise of business practices though devoid of very ethics of promoting welfare and reducing inequality. It rather expedites hoarding of money and accumulation of wealth from Poor in need to Prosperous with affluence. The lust for money does also make Elders, Physically challenged and Socially backward classes of society [which do not contribute significantly to economic growth of state] vulnerable at hands of Rich, Prosperous and Influential lots. The Qu’ranic approach of Charity provides with an altruistic model to address the needs exclusively of Poor, Marginalized, Neglected and Down-trodden section of societies, communities and individuals. It is meant to eradicate the evils of unjust exploitation of society by interest based institutions and/or individuals practicing usury. It also protects society against institutions making unreasonable profits through trading. The Charity upholds Justice over and above any other ethical value. The Qu’ranic Deen of Islam proclaims Justice as the pivot defining any system – social, economic or political.

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