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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. 2 No. 1 (2025): Februari" : 5 Documents clear
Understanding Sharia Governance In Islamic Financial Institution: A Systematic Literature Review And Conceptual Perspective Khasanah, Uswatun
SHACRAL: Shari'ah Economics Review Journal Vol. 2 No. 1 (2025): Februari
Publisher : PT. Samudra Solusi Profesional

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.62952/shacral.v2i1.65

Abstract

Sharia governance constitutes a fundamental pillar in ensuring the legitimacy, credibility, and sustainability of Islamic financial institutions (IFIs). Unlike conventional governance frameworks, Sharia governance integrates corporate governance principles with Islamic jurisprudence, aiming to ensure that all financial activities comply with Sharia principles. As the global Islamic finance industry continues to expand, particularly in Muslim-majority countries such as Indonesia, Malaysia, and Gulf Cooperation Council (GCC) states, the effectiveness of Sharia governance practices has become a critical concern for regulators, practitioners, and scholars. This study aims to systematically review and synthesize existing literature on Sharia governance practices in Islamic financial institutions using a qualitative systematic literature review and conceptual approach. The review draws on peer-reviewed international and national journal articles, regulatory documents, and institutional reports published over the last two decades. The analysis focuses on key components of Sharia governance, including the role of Sharia Supervisory Boards (SSBs), internal Sharia audit mechanisms, governance disclosure, and regulatory frameworks established by standard-setting bodies such as the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) and the Islamic Financial Services Board (IFSB). The findings indicate that while formal Sharia governance structures have been widely adopted, their implementation varies significantly across jurisdictions due to differences in regulatory enforcement, institutional capacity, and scholarly interpretation of Sharia principles. Empirical evidence from Indonesia demonstrates rapid growth in Islamic financial assets exceeding IDR 1,028 trillion in 2025 yet highlights persistent challenges related to SSB independence, effectiveness, and governance transparency. This study contributes by offering a comprehensive conceptual understanding of Sharia governance practices and identifying key gaps between regulatory expectations and operational realities. The findings are expected to provide insights for policymakers, regulators, and Islamic finance practitioners seeking to strengthen Sharia governance frameworks and enhance institutional accountability.
THE ROLE OF ISLAMIC PHILANTHROPY IN POVERTY ALLEVIATION: A SYSTEMATIC LITERATURE REVIEW OF CONCEPTS, MECHANISM, AND PRACTICAL CHALLENGES Dita Herdian
SHACRAL: Shari'ah Economics Review Journal Vol. 2 No. 1 (2025): Februari
Publisher : PT. Samudra Solusi Profesional

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.62952/shacral.v2i1.66

Abstract

poverty remains a persistent socio-economic challenge in many Muslim-majority countries and beyond. Islamic philanthropy through instruments such as zakat, infaq, sadaqah, and waqf is often proposed as a faith-based mechanism for redistributing wealth and reducing poverty. This article presents a systematic literature review of empirical and theoretical research on Islamic philanthropy’s contributions to poverty alleviation. Following PRISMA guidelines for qualitative synthesis, the study examines peer-reviewed journal articles, institutional reports, and documented case studies to identify both conceptual insights and practical trends in the field. The review reveals that zakat functions as an obligatory redistributive tool that supports income redistribution and social equity, while waqf and other voluntary philanthropic instruments complement this by providing long-term resources for healthcare, education, and microenterprise development. Research from West Java, Nigeria, Pakistan, and Indonesia shows that Islamic philanthropic funds can enhance welfare outcomes for poor and vulnerable populations when effectively managed and transparently administered. However, findings also indicate significant institutional challenges, such as inadequate governance frameworks, low literacy among potential donors and recipients, and technological barriers that limit outreach and impact measurement. Digital innovation emerges in the literature as a promising strategy to enhance collection efficiency, transparency, and beneficiary targeting. Moreover, Islamic philanthropy’s alignment with Sustainable Development Goals (SDGs) suggests its broader relevance not only for Muslim societies but for comparative social finance research globally. Despite evidence of positive philanthropic impacts, gaps remain in longitudinal impact evaluations and multi-country comparative studies. The synthesis concludes with recommendations for strengthening institutional capacity, fostering cross-sector partnerships, and improving monitoring and evaluation systems to maximize the poverty alleviation potential of Islamic philanthropic instruments.
REVISITING ISLAMIC ECONOMICS: BETWEEN IDEALISM AND PRACTICAL CHALLENGES Sekar Nurhastuti
SHACRAL: Shari'ah Economics Review Journal Vol. 2 No. 1 (2025): Februari
Publisher : PT. Samudra Solusi Profesional

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.62952/shacral.v2i1.67

Abstract

Islamic economics has emerged as a prominent alternative framework to conventional economic systems, particularly in the aftermath of recurring global financial crises that have exposed structural weaknesses in interest-based, speculative, and debt-driven economic models. Rooted in Islamic ethical principles such as justice (ʿadl), welfare (maṣlaḥah), balance (tawāzun), and the prohibition of ribā, gharar, and maysir, Islamic economics aspires to construct an economic order that harmonizes material prosperity with moral responsibility. Despite its rapid institutional expansion especially through Islamic banking, finance, and halal industries significant debates persist regarding the extent to which contemporary practices genuinely reflect the foundational ideals of Islamic economic thought. This article revisits Islamic economics through a conceptual–critical lens, interrogating the growing gap between its normative ideals and practical implementation. Employing a qualitative conceptual analysis and narrative literature review, the study synthesizes classical Islamic economic thought, modern theoretical formulations, and contemporary empirical critiques from both global and Indonesian contexts. The findings reveal three interrelated challenges: the dominance of form-over-substance compliance in Islamic financial institutions, the marginalization of socio-economic justice objectives in favor of market competitiveness, and persistent epistemological tensions arising from the adaptation of conventional economic paradigms. By problematizing these issues, the article contributes to the discourse on Islamic economics by advocating a reorientation toward its ethical–social foundations without neglecting institutional realities. This revisiting is crucial not only for strengthening the academic coherence of Islamic economics but also for enhancing its transformative capacity in addressing real-world economic inequalities and development challenges. The article concludes that Islamic economics must evolve beyond symbolic differentiation toward substantive ethical integration if it is to fulfill its promise as a viable and credible alternative economic paradigm.
ISLAMIC ECONOMICS AS AN ALTERNATIVE ECONOMI SYSTEM: A THEMATIC CONCEPTUAL LITERATURE Abdul Gafur Rinaldi
SHACRAL: Shari'ah Economics Review Journal Vol. 2 No. 1 (2025): Februari
Publisher : PT. Samudra Solusi Profesional

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.62952/shacral.v2i1.68

Abstract

Islamic economics has increasingly gained scholarly attention as an alternative economic system amid growing dissatisfaction with conventional capitalist and socialist frameworks. The global economy continues to face persistent challenges such as financial instability, widening income inequality, ethical degradation, and recurrent economic crises, which expose structural weaknesses in dominant economic paradigms. Islamic economics offers a value-based framework grounded in Sharia principles that integrates ethical considerations, social justice, and economic efficiency. This article aims to conceptually review Islamic economics as an alternative economic system through a thematic literature review approach. By systematically synthesizing theoretical and conceptual studies from both classical and contemporary literature, this article identifies core themes that define Islamic economics, including its philosophical foundations, normative principles, institutional mechanisms, and socio-economic objectives. The review highlights how Islamic economics differs fundamentally from conventional systems by emphasizing the prohibition of interest (riba), risk-sharing mechanisms, equitable wealth distribution, and moral accountability. Furthermore, this article discusses the relevance of Islamic economics in addressing modern economic challenges, particularly in developing countries such as Indonesia, where economic inequality and financial exclusion remain significant issues. Secondary data from national institutions indicate a growing role of Islamic financial institutions and halal industries in supporting inclusive economic development. Despite its potential, the literature also reveals several challenges related to conceptual clarity, institutional implementation, and integration within the global economic system. This article contributes to the academic discourse by providing a structured conceptual understanding of Islamic economics and identifying research gaps for future empirical and policy-oriented studies. The findings are expected to serve as a theoretical reference for scholars, policymakers, and practitioners interested in developing alternative, ethical, and sustainable economic systems.
MUSLIM CONSUMER TRUST IN SHARIA-COMPLIANT PRODUCT: A SYSTEMATIC LITERATURE AND CONCEPTUAL REVIEW WITHIN ISLAMIC ECONOMIC PERSPECTIVES Mela Listi Rohmawati
SHACRAL: Shari'ah Economics Review Journal Vol. 2 No. 1 (2025): Februari
Publisher : PT. Samudra Solusi Profesional

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.62952/shacral.v2i1.69

Abstract

Muslim consumer trust in sharia-compliant products plays a crucial role in the development and sustainability of the Islamic economy. As the global Muslim population continues to grow, demand for products that comply with Islamic principles particularly halal and ethically produced goods has increased significantly. Trust becomes a central issue because Muslim consumers are required not only to consider functional product attributes but also religious compliance, ethical values, and institutional credibility. This study aims to examine the concept of Muslim consumer trust in sharia-compliant products through a systematic and conceptual literature review without employing primary data. Using a qualitative systematic literature review approach, this article synthesizes findings from prior national and international studies on Islamic consumer behavior, halal certification, sharia compliance, and trust theory. The review reveals that Muslim consumer trust is shaped by multiple interrelated dimensions, including halal certification credibility, perceived product quality aligned with the concept of halalan thayyiban, Islamic ethical branding, and institutional assurance from regulatory bodies. Empirical evidence from previous studies consistently demonstrates that halal certification and perceived sharia compliance reduce consumer uncertainty and perceived risk, thereby strengthening trust and increasing purchase intention and loyalty. In the Indonesian context, trust in sharia-compliant products is further reinforced by regulatory frameworks such as mandatory halal certification and the increasing role of government-authorized institutions in halal assurance. However, challenges remain, including uneven halal literacy, limited transparency in supply chains, and variations in consumer interpretation of sharia compliance across product categories. This article contributes theoretically by integrating trust theory with Islamic economic principles and offers a comprehensive conceptual framework for understanding Muslim consumer trust in sharia-compliant products. Practically, the findings provide insights for policymakers and industry practitioners to enhance trust through credible certification systems, transparent communication, and value-based marketing strategies consistent with Islamic ethic

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