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Sharia Economic Review Journal (SHACRAL)
Published by PT. Samudera Solusi Profesional
ISSN : -     EISSN : 30468221     DOI : https://doi.org/10.62952/shacral
Core Subject : Economy,
Economics, Econometrics & Finance
Sharia Economic Review Journal | ISSN (e): 3046-8221 is a scientific journal that focuses on providing insight into how sharia economic principles can be integrated effectively in an ever-changing global economic environment. In addition, the author evaluates new opportunities that arise for the development of sharia economics, both from a business and social perspective. This research involves empirical data analysis, case studies, and literature reviews to provide a comprehensive understanding of the dynamics of the Islamic economy. It is hoped that this journal can make an important contribution to the development of sharia economics and strengthen our understanding of the role of sharia economics in the global context. This journal is published 3 times a year, namely: February, June, and October. Manuscripts will be considered for publication in the form of original articles, case reports, short communications, letters to editor and review articles.
Arjuna Subject : Ilmu Ekonomi, Ekonometrika dan Keuangan (semua kategori) - Ilmu Ekonomi, Ekonometrika dan Keuangan (Lain-Lain)
Articles 5 Documents
 1 
Search results for , issue "Vol. 1 No. 2 (2024): Juni" : 5 Documents clear
Islamic Economics in The Dynamics of Digital Transformation and Financial Inclusion: A Narrative Literature Reviewrticle Title Review Lia Anggita Putri
SHACRAL: Shari'ah Economics Review Journal Vol. 1 No. 2 (2024): Juni
Publisher : PT. Samudra Solusi Profesional

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.62952/shacral.v1i2.53

Abstract

Islamic economics has experienced significant growth over the past two decades, particularly in Muslim-majority countries such as Indonesia. This development is reflected in the expansion of Islamic banking, the strengthening of Islamic social finance instruments such as zakat and waqf, and the emergence of digital-based innovations including Islamic fintech and digital Islamic banking services. Despite this progress, numerous studies indicate that the contribution of Islamic economics to national economic development remains constrained by structural challenges, including low levels of Islamic financial literacy, limited Islamic financial inclusion, and a persistent gap between the normative ideals of Sharia principles and their practical implementation. This article aims to analyze the development, challenges, and opportunities of Islamic economics in the contemporary context by employing a qualitative approach using a narrative literature review method. Data were obtained from national and international peer-reviewed journal articles, academic books, and official reports issued by institutions such as Statistics Indonesia (BPS), the Financial Services Authority (OJK), and Bank Indonesia. The analysis applies thematic content analysis to identify dominant themes and patterns within the literature. The findings indicate that digital transformation holds substantial potential to enhance Islamic financial inclusion and improve the efficiency of Islamic financial and social finance institutions. However, the effectiveness of digitalization is highly dependent on strengthening Islamic financial literacy, improving governance and regulatory frameworks, and ensuring consistent implementation of maqashid al-sharia principles. This article contributes conceptually by providing a comprehensive thematic mapping of Islamic economics literature and offers practical insights for policymakers and stakeholders involved in the development of Islamic economic ecosystems in Indonesia
Digital Transformation And Financial Inclusion In Islamic Economics: Ethical Challenges And Policy Implication Ryandra Adiatma Hartono
SHACRAL: Shari'ah Economics Review Journal Vol. 1 No. 2 (2024): Juni
Publisher : PT. Samudra Solusi Profesional

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.62952/shacral.v1i2.55

Abstract

The rapid advancement of digital technology has fundamentally reshaped financial systems worldwide, offering new pathways to enhance financial inclusion. Within this context, Islamic economics presents a distinctive framework that integrates ethical principles, risk-sharing mechanisms, and social justice objectives. This article examines the role of Islamic economics in the dynamics of digital transformation and financial inclusion through a qualitative literature-based approach. Drawing upon peer-reviewed international and national academic publications, as well as institutional reports from the World Bank, Bank Indonesia, the Financial Services Authority (OJK), and Statistics Indonesia (BPS), this study synthesizes conceptual, empirical, and policy-oriented insights. The findings indicate that digital financial services such as Islamic fintech, digital Islamic banking, peer-to-peer lending, and crowdfunding for zakat and waqf have significant potential to expand access to Sharia-compliant financial services, particularly among underserved populations. However, the practical realization of this potential remains constrained by several structural challenges, including low Islamic financial literacy, limited public trust, regulatory fragmentation, and unequal digital infrastructure. National evidence from the 2024 National Survey of Financial Literacy and Inclusion (SNLIK) reveals that Islamic financial literacy stands at 39.11%, while Islamic financial inclusion is only 12.88%, highlighting a substantial gap between awareness and actual utilization. This article argues that digital transformation in Islamic finance must be aligned with the objectives of maqasid al-shariah to ensure that technological efficiency does not compromise ethical and social goals. Policy recommendations include strengthening digital Islamic financial literacy programs, enhancing regulatory harmonization for Islamic fintech, promoting collaboration between Islamic banks and fintech firms, and developing inclusive digital payment infrastructures. By integrating technological innovation with Islamic economic principles, Islamic finance can play a strategic role in fostering equitable and sustainable financial inclusion. This study contributes to the growing discourse on digital Islamic economics and provides a conceptual foundation for future empirical research.
Understanding Sharia-Compliant Stock Invesment In Indonesia: A Descriptive Phenomenological Study Based On Secondary Data Gregorius Peitra Dirgantara Sakti Nikula Asmara
SHACRAL: Shari'ah Economics Review Journal Vol. 1 No. 2 (2024): Juni
Publisher : PT. Samudra Solusi Profesional

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.62952/shacral.v1i2.61

Abstract

The development of Sharia-compliant capital markets has become an integral part of the broader expansion of Islamic finance, particularly in Muslim-majority countries such as Indonesia. Sharia-compliant stocks are designed to provide investment opportunities that align with Islamic principles, emphasizing ethical conduct, prohibition of interest-based activities, and avoidance of speculative transactions. Despite significant institutional growth and regulatory support, the practical understanding and perceived meaning of Sharia-compliant stock investment among market participants remain underexplored, especially from a qualitative perspective. Most existing studies rely heavily on quantitative performance analysis, offering limited insight into the normative and experiential dimensions of Sharia compliance. This study aims to explore the phenomenon of Sharia-compliant stock investment in Indonesia using a qualitative descriptive phenomenological approach based entirely on secondary data. The research draws upon peer-reviewed academic literature, regulatory documents issued by financial authorities and Sharia councils, and official statistical publications to capture the shared meanings and interpretations embedded in existing discourse. By synthesizing these sources, the study seeks to identify how Sharia-compliant stocks are conceptualized, justified, and critically assessed within the Indonesian Islamic finance ecosystem. The findings indicate that Sharia-compliant stocks are commonly understood as a hybrid instrument that integrates religious values with modern financial practices. However, variations in Sharia screening standards, limited investor literacy, and concerns regarding the substantive ethical impact of such instruments present ongoing challenges. The study also reveals tensions between normative Islamic economic objectives and the technical implementation of Sharia compliance in capital markets. This research contributes to Islamic finance literature by providing an interpretive framework that complements dominant quantitative approaches. Practically, it offers insights for regulators, policymakers, and educators to strengthen Sharia capital market development through improved transparency, harmonized standards, and enhanced investor education. The study further serves as a conceptual foundation for future qualitative research involving primary data collection.
Islamic Financial Literacy in The Digital Era: A Phenomenological Exploration of Generation Z in Indonesia Annisatul Ainiyah
SHACRAL: Shari'ah Economics Review Journal Vol. 1 No. 2 (2024): Juni
Publisher : PT. Samudra Solusi Profesional

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.62952/shacral.v1i2.63

Abstract

The rapid expansion of Islamic finance in Indonesia has heightened the importance of Islamic financial literacy, particularly among Generation Z as the country’s largest demographic cohort and future economic actors. Despite growing access to Islamic financial products and digital financial services, evidence suggests that Islamic financial literacy levels remain relatively low, raising concerns about the sustainability and inclusiveness of Islamic financial development. This study aims to explore Islamic financial literacy among Generation Z in Indonesia through a qualitative descriptive phenomenological approach based exclusively on secondary data. Drawing on academic literature, official statistical reports, regulatory documents, and institutional publications, this study seeks to understand how Islamic financial literacy is conceptualized, constructed, and experienced within contemporary socio-economic and digital contexts. Rather than measuring literacy quantitatively, the research focuses on identifying shared meanings, interpretive patterns, and structural conditions that shape Generation Z’s engagement with Islamic financial knowledge and practices. The phenomenological analysis highlights how Islamic financial literacy is commonly understood as a combination of financial knowledge, religious awareness, and ethical orientation, yet often manifests in fragmented and instrumental forms. The findings reveal that digitalization plays a pivotal role in mediating Islamic financial literacy among Generation Z. Social media, fintech platforms, and digital influencers function as primary sources of information, offering both opportunities for wider outreach and risks of superficial understanding. Furthermore, institutional trust in regulatory bodies and Sharia authorities emerges as a key mechanism through which Generation Z navigates complex Islamic financial products, sometimes substituting critical understanding with reliance on certification and branding. This study contributes to the Islamic economics and finance literature by extending discussions of Islamic financial literacy beyond quantitative indices toward an interpretive, context-sensitive understanding. Practically, the findings underscore the need for integrated literacy strategies that combine ethical reflection, digital engagement, and inclusive education. Strengthening Islamic financial literacy among Generation Z is essential not only for individual financial well-being but also for advancing the broader objectives of Islamic economics, including social justice, financial inclusion, and sustainable development.
The Use of Electronic Money (E-Money) From an Islamic Economics Perspective: A Qualitative Descriptive Review of Compliance, Challenges, And Social-Economic Implications Toyibah, Barokatut
SHACRAL: Shari'ah Economics Review Journal Vol. 1 No. 2 (2024): Juni
Publisher : PT. Samudra Solusi Profesional

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.62952/shacral.v1i2.64

Abstract

The rapid advancement of digital technology has significantly transformed payment systems, with electronic money (e-money) emerging as a dominant non-cash transaction instrument in many economies, including Indonesia. As part of the broader digital financial ecosystem, e-money has been widely adopted due to its efficiency, convenience, and integration with mobile platforms. According to data from Bank Indonesia, the volume and value of e-money transactions have increased substantially over recent years, reflecting a structural shift in consumer payment behavior toward cashless transactions (Bank Indonesia, 2023; Bank Indonesia, 2024; World Bank, 2023). Despite these developments, the widespread use of e-money raises important questions within the framework of Islamic economics, particularly regarding its compliance with Sharia principles such as the prohibition of riba (interest), gharar (excessive uncertainty), and maysir (speculation). This study adopts a qualitative descriptive approach based on a comprehensive literature review, without relying on primary empirical data. The research aims to examine how e-money is conceptualized, regulated, and practiced from an Islamic economic perspective, drawing on scholarly works, regulatory documents, and institutional reports at both national and international levels. The findings indicate that e-money is generally considered permissible (mubah) under Islamic law, provided that its operational mechanisms comply with Sharia principles and align with the objectives of Islamic law (maqāṣid al-sharīʿah), particularly the protection of wealth (ḥifẓ al-māl) and the promotion of public welfare (maṣlaḥah) (Syamsuri et al., 2020; Baso et al., 2023; Hassan et al., 2021). However, the study also identifies several challenges, including limited public understanding of Sharia-compliant e-money, the dominance of conventional providers without explicit Sharia certification, and regulatory gaps in ensuring consistent Sharia governance. These challenges highlight the need for stronger regulatory coordination, enhanced Islamic financial literacy, and deeper academic engagement with digital payment innovations. Overall, this study contributes to the growing discourse on Islamic digital finance by offering a structured conceptual analysis of e-money within the Islamic economic paradigm.

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