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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 4 Documents
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Search results for , issue "Vol. 2 No. 2 (2025): Juni" : 4 Documents clear
UNLOCKING GROWTH IN THE MUSLIM WORLD: FINANCIAL DEEPENING AND ECONOMIC DEVELOPMENT IN OIC COUNTRIES Yasmin
SHACRAL: Shari'ah Economics Review Journal Vol. 2 No. 2 (2025): Juni
Publisher : PT. Samudra Solusi Profesional

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.62952/shacral.v2i2.54

Abstract

This article investigates the relationship between financial deepening and economic development in member countries of the Organisation of Islamic Cooperation (OIC) using a two-way fixed effects panel regression with data from the World Bank. The dependent variable is real GDP per capita, while the main variable of interest is domestic credit to the private sector as a percentage of GDP, controlling for trade, investment, inflation, government expenditure, FDI, and unemployment. The results show that financial deepening has a positive and statistically significant effect on income, supporting the view that robust financial intermediation remains a key engine of growth in the Muslim world. The effects of other macroeconomic controls are more context-specific and reflect the persistent heterogeneity of OIC economies. The study highlights the importance of strengthening prudent, inclusive, and well-regulated financial systems to promote sustainable development in OIC member states.
ETHICAL VALUES IN ISLAMIC ECONOMICS: A CONCEPTUAL AND LITERATURE-BASED ANALYSIS Yulinar Dhian Syafitri; Nayssella sepdikha Yanti
SHACRAL: Shari'ah Economics Review Journal Vol. 2 No. 2 (2025): Juni
Publisher : PT. Samudra Solusi Profesional

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.62952/shacral.v2i2.58

Abstract

Islamic economics is fundamentally rooted in ethical and moral values derived from the Qur’an and Sunnah, positioning it as a normative-economic system that integrates material welfare with spiritual and social objectives. In recent decades, the growing interest in Islamic finance and halal industries has not always been accompanied by a proportional internalization of ethical values, leading to a widening gap between normative ideals and practical implementation. This article aims to systematically review and conceptually analyze the ethical foundations of Islamic economics and their relevance in addressing contemporary economic challenges. Employing a qualitative literature review approach, this study synthesizes classical Islamic economic thought, contemporary scholarly works, and empirical findings from previous studies without relying on primary data. The review focuses on key ethical principles such as justice (ʿadl), balance (tawāzun), responsibility (mas’ūliyyah), transparency, and social welfare (maṣlaḥah), and examines how these values are operationalized within modern economic practices. The findings indicate that ethical values are not merely complementary elements but constitute the core epistemological and axiological foundations of Islamic economics. However, the literature also reveals persistent challenges in translating these values into institutional frameworks, regulatory mechanisms, and business behavior, particularly in Muslim-majority countries experiencing rapid economic transformation. Practical phenomena such as inequality, ethical lapses in financial institutions, and the dominance of profit-oriented motives underscore the urgency of re-centering ethics in Islamic economic discourse. By integrating insights from international and Indonesian contexts, this article contributes to the enrichment of Islamic economic literature, particularly for policy formulation and academic discourse at the national level. The study concludes that strengthening ethical values through education, governance, and regulatory alignment is essential to ensuring that Islamic economics fulfills its moral and socio-economic objectives.
MAQASHID SHARIAH AS THE FOUNDATION OF ISLAMIC ECONOMIC DEVELOPMENT: A CONCEPTUAL LITERATURE REVIEW Anisa Pertiwi, Salma
SHACRAL: Shari'ah Economics Review Journal Vol. 2 No. 2 (2025): Juni
Publisher : PT. Samudra Solusi Profesional

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.62952/shacral.v2i2.93

Abstract

Maqashid Shariah, commonly defined as the objectives of Islamic law, constitutes the ethical and philosophical foundation of Islamic economics. Unlike conventional economic paradigms that primarily emphasize growth and efficiency, Islamic economic development grounded in Maqashid Shariah prioritizes holistic human welfare (maslahah), social justice, and ethical sustainability. This conceptual study aims to systematically review and synthesize scholarly literature on the role of Maqashid Shariah in shaping Islamic economic development frameworks. Drawing upon classical Islamic jurisprudence and contemporary economic thought, this paper examines how the five essential objectives of Shariah protection of religion (hifz al-din), life (hifz al-nafs), intellect (hifz al-‘aql), lineage (hifz al-nasl), and wealth (hifz al-mal) serve as normative benchmarks for economic policies, institutional design, and development outcomes (Al-Shatibi, 2003; Chapra, 2008; Auda, 2008). Through a qualitative systematic literature review, this study analyzes peer-reviewed journals, policy reports, and authoritative academic sources discussing the conceptual integration of Maqashid Shariah into Islamic economic systems. The findings indicate that Maqashid-based economic development promotes inclusive growth, ethical financial practices, poverty alleviation, and human development, particularly in Muslim-majority countries. Empirical discussions from the literature further demonstrate that Maqashid-oriented indicators align closely with multidimensional development measures such as the Human Development Index, especially in the Indonesian context (Chapra, 2016; Harahap & Fauzi, 2020). However, the literature also highlights challenges related to operationalization, regulatory alignment, and measurement frameworks. This study concludes that Maqashid Shariah offers a comprehensive conceptual foundation for Islamic economic development, bridging normative Islamic values with contemporary development discourse and providing strategic insights for policymakers and scholars.
THE CONCEPT OF JUSTICE (‘ADL) IN ISLAMIC ECONOMICS AND ITS CONTEMPORARY APPLICATION: A NORMATIF LITERATURE REVIEW Prasetya, Alvinandra
SHACRAL: Shari'ah Economics Review Journal Vol. 2 No. 2 (2025): Juni
Publisher : PT. Samudra Solusi Profesional

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.62952/shacral.v2i2.94

Abstract

Justice (‘adl) constitutes a foundational principle in Islamic economic thought, shaping not only ethical considerations but also institutional arrangements and socio-economic policies. Unlike conventional economic systems that often prioritize efficiency and growth, Islamic economics embeds justice as a normative objective aimed at ensuring equitable distribution, preventing exploitation, and promoting social welfare (maslahah). This study conducts a systematic normative literature review to examine the conceptual foundations of justice (‘adl) in Islamic economics and to explore its relevance in addressing contemporary economic challenges, particularly income inequality and social disparity. Drawing on classical Islamic sources, modern Islamic economic scholarship, and contemporary socio-economic data, this article synthesizes key perspectives on distributive, transactional, and social justice within the Islamic economic framework. The review highlights that justice in Islamic economics extends beyond formal equality, emphasizing the fulfillment of rights and obligations according to Shariah principles. Instruments such as zakat, waqf, profit-sharing contracts, and the prohibition of riba represent institutional mechanisms designed to operationalize justice in economic life. However, empirical realities in many Muslim-majority countries indicate persistent inequality. In Indonesia, for instance, the Gini ratio remained at 0.375 in March 2025, reflecting ongoing disparities in income distribution despite economic growth and poverty alleviation efforts (Statistics Indonesia, 2025). This gap between normative ideals and practical outcomes underscores the need for a deeper conceptual understanding of justice as articulated in Islamic economics. The findings of this review suggest that justice (‘adl) in Islamic economics is inherently multidimensional, encompassing moral, legal, and socio-economic dimensions aligned with the objectives of Shariah (maqasid al-Shariah). The study argues that revitalizing justice as the core paradigm of Islamic economics offers a coherent normative alternative to prevailing economic models, with significant implications for policy formulation and institutional design. The article concludes by proposing a conceptual framework that positions justice as the central axis of Islamic economic governance, while calling for future empirical research to translate normative principles into effective socio-economic policies.

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