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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. 3 No. 1 (2026): Februari" : 5 Documents clear
Does Islamic Financial Inclusion Promote Economic Growth? Evidence From Oic Countries Yasmin
SHACRAL: Shari'ah Economics Review Journal Vol. 3 No. 1 (2026): Februari
Publisher : PT. Samudra Solusi Profesional

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Abstract

This study examines the relationship between Islamic financial inclusion and economic growth in Organization of Islamic Cooperation (OIC) countries using panel data analysis. Despite the rapid global expansion of Islamic finance, with assets exceeding $3.5 trillion, empirical evidence on its growth effects remains limited and inconclusive. This study addresses that gap by analyzing the impact of Islamic banking development, proxied by the average total assets of Islamic banks, on GDP per capita across OIC member states. Using a fixed effects estimation approach, we control for key macroeconomic determinants of growth, including conventional financial depth, trade openness, human capital, institutional quality, foreign direct investment, and inflation. The Hausman test confirms the appropriateness of the fixed effects specification, while clustered standard errors are employed to correct for heteroskedasticity and serial correlation. The results indicate that Islamic financial inclusion has a positive and statistically significant effect on economic growth. Specifically, a 1% increase in Islamic banking assets is associated with a 0.090% increase in GDP per capita. This finding suggests that Shariah-compliant financial services contribute meaningfully to economic development and operate as a complement rather than a substitute for conventional financial systems. Furthermore, institutional quality and private-sector credit are significant growth determinants, underscoring the importance of strong governance and well-developed financial systems. These findings imply that OIC countries can enhance economic performance by expanding Islamic banking infrastructure, strengthening regulatory frameworks, and improving institutional quality while maintaining balanced and inclusive financial ecosystems.
Performance Comparison of Islamic and Conventional ETFs: Evidence from U.S. Equity Markets Halber Palaguna Haana
SHACRAL: Shari'ah Economics Review Journal Vol. 3 No. 1 (2026): Februari
Publisher : PT. Samudra Solusi Profesional

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Abstract

ABSTRACT This study examines the performance comparison between Islamic and conventional exchange-traded funds (ETFs) in the U.S. equity market using daily data. The sample consists of two Shariah-compliant ETFs (SPUS and HLAL) and two conventional benchmark ETFs (SPY and VTI), covering 1,542 observations. Returns are calculated as logarithmic changes in adjusted closing prices. The analysis evaluates both absolute and risk-adjusted performance through descriptive statistics, Sharpe ratios, mean difference tests, and regression models. The findings indicate that Islamic ETFs exhibit slightly higher Sharpe ratios compared to conventional benchmarks, suggesting competitive risk-adjusted performance. However, Welch mean difference tests reveal no statistically significant differences in average returns between Islamic and conventional ETFs. Regression results further demonstrate strong market integration, with Islamic ETF returns closely tracking conventional market returns. Coefficients near unity and high explanatory power indicate that Shariah-compliant ETFs largely reflect broader market dynamics. Overall, the results suggest that Islamic ETFs neither underperform nor outperform conventional ETFs in a statistically meaningful way. These findings support the view that Shariah-compliant investment vehicles can serve as viable alternatives within developed capital markets without sacrificing performance or increasing risk.
Value-Based Islamic Economics and Sustainable Development: A Systematic Literature Review Rahmatul Fitria
SHACRAL: Shari'ah Economics Review Journal Vol. 3 No. 1 (2026): Februari
Publisher : PT. Samudra Solusi Profesional

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Abstract

The integration of ethical and value-based principles into development frameworks has gained growing attention amid persistent global challenges including income inequality, financial exclusion, and environmental degradation. Islamic economics, grounded in the ethical imperatives of the Quran and Sunnah, offers a normative and operational framework that aligns closely with the objectives of sustainable development. This study presents a systematic literature review examining the relationship between Islamic economics and sustainable development, synthesizing peer-reviewed journal articles, books, and institutional reports published between 2015 and 2024. Using qualitative thematic analysis, the review identifies key conceptual linkages across five major themes: (1) the conceptual convergence between Islamic economics and the Sustainable Development Goals (SDGs); (2) the role of maqashid al-shariah as a holistic development framework; (3) economic justice and distributive mechanisms; (4) the contribution of Islamic finance to sustainable economic growth; and (5) Islamic social finance as a tool for poverty alleviation. Findings demonstrate that Islamic economics provides a robust ethical architecture that is compatible with and complementary to the SDG framework. Instruments such as zakat, waqf, and Islamic banking foster financial inclusion, reduce inequality, and promote socially responsible growth. The study concludes that realizing the full transformative potential of Islamic economics requires stronger policy integration, institutional capacity building, and governance reform, particularly in Muslim-majority developing countries.
Islamic Finance And Environmental Sustainability: A Systematic Review On Green Sukuk And Esg In Sharia Economics Jelita Juniarti
SHACRAL: Shari'ah Economics Review Journal Vol. 3 No. 1 (2026): Februari
Publisher : PT. Samudra Solusi Profesional

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The accelerating global transition toward low-carbon development has intensified demand for sustainable finance instruments aligned with both ethical principles and environmental objectives. Green sukuk, as a Sharia-compliant fixed-income instrument whose proceeds are designated for environmentally beneficial projects, has emerged as a critical innovation at the intersection of Islamic finance and the green finance movement. Concurrently, the integration of environmental, social, and governance (ESG) criteria into Islamic investment frameworks has generated significant academic and regulatory interest. Despite this growing attention, the scholarly literature on green sukuk and ESG within Islamic finance remains fragmented, spanning regulatory studies, market analyses, and conceptual discussions without a comprehensive synthesis. This study conducts a systematic literature review (SLR) of 54 peer-reviewed studies and institutional reports published between 2015 and 2024, examining the development, structure, regulatory frameworks, environmental impacts, and market challenges of green sukuk and ESG integration in Sharia economics. Employing qualitative thematic analysis, five major themes are identified: the structural and Sharia compliance dimensions of green sukuk; the integration of ESG criteria within Islamic finance screening frameworks; regulatory and governance architectures; environmental impact measurement and climate finance contributions; and market development challenges including standardization, liquidity, and investor awareness. Findings indicate that green sukuk and ESG-aligned Islamic finance demonstrate strong compatibility with both Maqashid al-Shariah and sustainable development objectives, while significant institutional and market barriers constrain their full potential. The study contributes a structured conceptual foundation for future empirical research and provides policy recommendations for policymakers, regulators, and Islamic financial institutions seeking to advance the environmental dimension of sustainable finance.
Ethical Foundations Of Islamic Economics: A Critical Review Of Contemporary Development Models Moh. Dimas Adi Putra
SHACRAL: Shari'ah Economics Review Journal Vol. 3 No. 1 (2026): Februari
Publisher : PT. Samudra Solusi Profesional

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Abstract

Contemporary development models grounded in mainstream economics have demonstrated persistent limitations in addressing structural inequality, financial instability, and the erosion of social cohesion. These shortcomings have reinvigorated scholarly interest in value-based economic frameworks, among which Islamic economics occupies a distinctive and increasingly prominent position. Rooted in the ethical imperatives of the Quran and Sunnah, Islamic economics offers a normative architecture that embeds moral accountability, distributive justice, and comprehensive human well-being within economic theory and practice. This study presents a critical review of the ethical foundations of Islamic economics, examining how its core principles, including the prohibition of riba (interest), the imperative of adl (justice), the concept of maslahah (public interest), and the Maqashid al-Shariah framework, engage with and critique contemporary development models. Drawing on peer-reviewed literature, institutional reports, and foundational theoretical works published between 2015 and 2024, the review identifies four major thematic areas: (1) the epistemological and normative divergence between Islamic and mainstream economics; (2) the ethical critique of interest-based financial systems; (3) the Maqashid al-Shariah as a multidimensional development philosophy; and (4) the institutional architecture of ethical Islamic economic practice, including zakat, waqf, and profit-and-loss sharing mechanisms. The study concludes that Islamic economics provides a substantively coherent and practically relevant ethical framework that addresses foundational deficiencies of conventional development models, while identifying key challenges in operationalization, institutional reform, and empirical substantiation that must be addressed to realize its transformative potential.

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