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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 20 Documents
 1   2 
THE ROLE OF ISLAMIC BANKING IN DEVELOPING SHARIA FINTECH IN INDONESIA Alfania Cahaya Kamila
SHACRAL: Shari'ah Economics Review Journal Vol. 1 No. 3 (2024): Oktober
Publisher : PT. Samudra Solusi Profesional

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.62952/shacral.v1i3.60

Abstract

The rapid development of financial technology (fintech) has significantly transformed the global financial services industry, including Islamic finance. In Indonesia, the expansion of sharia fintech presents a strategic opportunity to strengthen financial inclusion and accelerate the growth of the Islamic economy. Islamic banking institutions, as formal financial intermediaries operating under sharia principles, play a crucial role in supporting the development of sharia fintech through capital provision, infrastructure integration, regulatory compliance, and market access. This study aims to examine the role of Islamic banking in fostering sharia fintech development in Indonesia using a qualitative approach based on secondary data. The research employs a comprehensive literature review of academic journal articles, regulatory documents, and official reports published by national and international institutions such as the Financial Services Authority (OJK), Bank Indonesia, and Statistics Indonesia (BPS). The findings indicate that Islamic banks contribute to sharia fintech development in several strategic ways: acting as funding partners for fintech startups, providing payment and settlement infrastructure, ensuring sharia compliance through supervisory mechanisms, and expanding outreach to underserved communities and micro, small, and medium enterprises (MSMEs). However, the study also identifies several challenges, including limited digital capabilities of Islamic banks, regulatory gaps specific to sharia fintech governance, issues related to digital sharia compliance, and relatively low levels of Islamic financial literacy. Empirical data show that although internet penetration and digital financial adoption in Indonesia continue to rise, the level of inclusive access to sharia-based digital financial services remains uneven. This article argues that stronger collaboration between Islamic banks, fintech firms, and regulators is essential to create a sustainable sharia fintech ecosystem. The study offers policy and managerial recommendations to enhance digital transformation, regulatory harmonization, and financial literacy initiatives, contributing to the long-term development of Indonesia’s Islamic financial sector.
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.
STRENGTHENING HALAL MICRO, SMALL, AND MEDIUM ENTERPRISES (MSMEs) WITHIN THE ISLAMIC ECONOMY: A DESCRIPTIVE QUALITATIVE ANALYSIS OF CHALLENGES, OPPORTUNITIES AND POLICY IMPLICATION IN INDONESIA Syeima Nadhira
SHACRAL: Shari'ah Economics Review Journal Vol. 1 No. 3 (2024): Oktober
Publisher : PT. Samudra Solusi Profesional

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.62952/shacral.v1i3.62

Abstract

The halal economy has emerged as one of the fastest-growing segments of the global economic system, driven by the expansion of Muslim populations, increasing awareness of halal standards, and the ethical dimensions of Islamic consumption. Indonesia, as the country with the largest Muslim population in the world, possesses substantial potential to position itself as a global hub for halal products and services. This article aims to examine the role of halal-oriented micro, small, and medium enterprises (MSMEs) in strengthening Indonesia’s Islamic economy through a descriptive qualitative approach based on secondary data. The study relies on a systematic review of academic literature, policy documents, and official statistical publications, particularly from Badan Pusat Statistik (BPS), Badan Penyelenggara Jaminan Produk Halal (BPJPH), and international halal economy reports. The findings indicate that MSMEs play a strategic role in the halal economy, particularly in the food and beverage sector, which dominates halal consumption. However, several structural challenges persist, including limited awareness and understanding of halal standards, administrative and financial barriers to halal certification, and weak integration into halal value chains. Despite these constraints, significant opportunities are evident in the form of strong domestic demand, supportive regulatory frameworks, and growing global halal markets. The study highlights the importance of policy coherence, capacity-building programs, and collaborative ecosystem development to enhance MSME participation in the halal economy. This article contributes to the literature by providing a comprehensive synthesis of empirical and policy-based evidence on halal MSMEs and offers practical implications for policymakers and stakeholders seeking to strengthen Islamic economic development in Indonesia.
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 Barokatut Toyibah
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.
Understanding Sharia Governance In Islamic Financial Institution: A Systematic Literature Review And Conceptual Perspective Uswatun Khasanah
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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