cover
Article Per Year (5 Year)
All
Home Page
OAI Link
Editorial Team
Contact
Reviewer
Google Scholar
Contact Name
Yasmin
Contact Email
sachraljournal@gmail.com
Phone
+6287788981968
Journal Mail Official
sachraljournal@gmail.com
Editorial Address
Jalan Magelang, No.188 Karangwaru, Tegalrejo, DI Yogyakarta – 55244
Location
Kab. sleman,
Daerah istimewa yogyakarta
INDONESIA
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 29 Documents
 1   2   3 
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.
DETERMINANTS OF NON-MUSLIM BEHAVIORAL INTENTION TO USE ISLAMIC BANKING SERVICE IN INDONESIA: AN EXTENDED THEORY OF PLANNED BEHAVIOR APPROACH Alifah, Julia Nurul
SHACRAL: Shari'ah Economics Review Journal Vol. 2 No. 3 (2025): Oktober
Publisher : PT. Samudra Solusi Profesional

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.62952/shacral.v2i3.89

Abstract

The growth of Islamic banking in Indonesia has not been accompanied by proportional adoption among non-Muslim consumers, despite increasing awareness and regulatory support. This study aims to examine the affective and cognitive factors influencing non-Muslim consumers’ behavioral intention to useIslamic banking services in Indonesia by employing an extended Theory of Planned Behavior (TPB). Specifically, this study investigates the role of knowledge as an antecedent of attitude, subjective norm, and perceived behavioral control, and their subsequent effects on behavioral intention. This research adopts a quantitative explanatory approach using primary data collected through an online questionnaire. The sample consists of 220 nonMuslim respondents in Indonesia who are aware of Islamic banking but have not become active customers. Data were analyzed using Partial Least Squares–Structural Equation Modeling (PLS-SEM) with SmartPLS 4. Measurement items were adapted from Mustapha et al. (2022) and assessed for reliability and validity through convergent validity, discriminant validity, and internal consistency tests.The results indicate that all proposed hypotheses are supported. Knowledge has a strong and significant positive effect on attitude, subjective norm, and perceived behavioral control. Furthermore, attitude, subjective norm, and perceived behavioral control significantly influence behavioral intention, with attitude emerging as the strongest predictor. The model demonstrates substantialexplanatory power, explaining 63.2% of the variance in behavioral intention. These findings suggest that non-Muslim consumers’ intention to use Islamic banking services is primarily driven by cognitive understanding, evaluative judgment, social influence, and perceived capability, rather than religious considerations.This study contributes to the literature by extending the TPB framework and providing empirical evidence from a non-Muslim context in a pluralistic society. Practically, the findings imply that Islamic banks should emphasize knowledge dissemination, ethical value communication, and service accessibility to attract non-Muslim consumers and promote inclusive financial development in Indonesia.
ISLAMIC ECONOMICS AND PAYLATER PRACTICES IN THE DIGITAL SHOPPING ERA: A SYSTEMATIC LITERATURE REVIEW Nisa, Rizka Fatkhin
SHACRAL: Shari'ah Economics Review Journal Vol. 2 No. 3 (2025): Oktober
Publisher : PT. Samudra Solusi Profesional

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.62952/shacral.v2i3.90

Abstract

The rapid expansion of the digital economy has fundamentally transformed consumer behavior, particularly through the emergence of Buy Now, Pay Later (BNPL) or paylater services. These financial innovations offer instant credit access and flexible payment schemes, making them increasingly popular in digital shopping platforms. In Indonesia, the widespread adoption of paylater services has been driven by the growth of e-commerce, fintech innovation, and changing consumption patterns among younger generations. Despite their economic convenience, paylater practices raise critical concerns related to excessive consumerism, household indebtedness, and financial vulnerability. From the perspective of Islamic economics, these concerns are particularly significant due to the prohibition of interest (riba), excessive uncertainty (gharar), and unethical consumption behavior. This article aims to systematically review existing literature on paylater practices within the framework of Islamic economics, focusing on their ethical, legal, and socioeconomic implications in the digital shopping era. Using a qualitative systematic literature review approach, this study synthesizes findings from peer-reviewed national and international journals, academic books, and institutional reports related to Islamic economics, digital finance, consumer behavior, and fintech regulation. The literature is analyzed thematically to identify key issues, scholarly debates, and areas of convergence and divergence between paylater practices and Islamic economic principles. The review reveals that while paylater services contribute to financial inclusion and digital economic growth, their prevailing contractual structures and fee mechanisms often resemble interest-based credit, raising concerns regarding sharia compliance. Moreover, empirical studies highlight the association between paylater usage and increased impulsive consumption, debt accumulation, and financial stress. This article concludes that Islamic economics offers a critical ethical framework for evaluating paylater practices and underscores the need for sharia-compliant digital financing models that balance consumer convenience with financial responsibility and social welfare.
THE ROLE OF ISLAMIC FINANCIAL LITERACY AND ISLAMIC FINANCIAL INCLUSION ON BUSINESS PERFORMANCE OF MUSLIM GEN Z AND MILLENNIAL ENTREPRENEURS IN INDONESIAN MSMEs. Dita Herdian
SHACRAL: Shari'ah Economics Review Journal Vol. 2 No. 3 (2025): Oktober
Publisher : PT. Samudra Solusi Profesional

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.62952/shacral.v2i3.91

Abstract

The rapid development of Islamic finance presents significant opportunities for strengthening the performance of micro, small, and medium enterprises (MSMEs), particularly those owned by Muslim entrepreneurs. However, limited Islamic financial literacy and low access to Sharia-compliant financial services remain critical challenges, especially among younger generations. This study aims to examine the role of Islamic financial literacy and Islamic financial inclusion in enhancing business performance among Muslim Gen Z and millennial entrepreneurs operating MSMEs in Indonesia. Using a quantitative research approach, primary data were collected through an online questionnaire distributed to Muslim MSME entrepreneurs who have operated their businesses for at least two years. A total of valid responses were analyzed using Partial Least Squares–Structural Equation Modeling (PLS-SEM) with SmartPLS 4. The results reveal that Islamic financial literacy has a positive and significant effect on Islamic financial inclusion, indicating that higher levels of Sharia-based financial knowledge increase entrepreneurs’ access to and use of Islamic financial services. Furthermore, Islamic financial literacy is found to have a direct and significant impact on business performance, suggesting that financially literate Muslim entrepreneurs are better equipped to manage financial decisions, optimize resources, and sustain business growth. Islamic financial inclusion also demonstrates a positive and significant influence on business performance, highlighting the importance of access to Sharia-compliant financing and financial products in improving MSME outcomes. In addition, mediation analysis confirms that Islamic financial inclusion significantly mediates the relationship between Islamic financial literacy and business performance. These findings underscore the strategic importance of strengthening Islamic financial literacy and expanding Islamic financial inclusion to enhance the performance and sustainability of Muslim-owned MSMEs, particularly among Gen Z and millennial entrepreneurs. The study provides practical implications for policymakers, Islamic financial institutions, and entrepreneurship development programs in designing targeted interventions to support young Muslim entrepreneurs and foster an inclusive Islamic economic ecosystem.
ISLAMIC TOURISM AS A STRATEGIC COMPONENT OF THE SHARIA ECONOMY: A SYSTEMATIC LITERATURE REVIEW Dhistia Murti, Citra
SHACRAL: Shari'ah Economics Review Journal Vol. 2 No. 3 (2025): Oktober
Publisher : PT. Samudra Solusi Profesional

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.62952/shacral.v2i3.92

Abstract

Islamic tourism has emerged as a significant segment within the global tourism industry, particularly in countries with Muslim-majority populations and regions seeking to tap into the growing Muslim travel market. This study aims to systematically review and synthesize existing literature on Islamic tourism as an integral component of the sharia economy, focusing on its conceptual foundations, development patterns, economic implications, and governance challenges. Employing a qualitative systematic literature review approach, this article analyzes peer-reviewed journal articles, institutional reports, and policy documents published between 2010 and 2024. The review is guided by predefined inclusion criteria, emphasizing scholarly works indexed in reputable databases and official statistical sources. The findings indicate that Islamic tourism is not merely a niche market but a comprehensive economic ecosystem encompassing halal hospitality, sharia - compliant financial services, cultural preservation, and ethical consumption. Several studies highlight the role of Islamic tourism in enhancing economic inclusivity, strengthening local micro-enterprises, and supporting sustainable development goals. However, the literature also reveals persistent challenges, including conceptual ambiguities, regulatory fragmentation, inconsistent standards of halal certification, and limited integration between tourism stakeholders and Islamic financial institutions. Empirical evidence from international tourism reports and national statistical agencies, including Indonesia’s Central Bureau of Statistics (BPS), demonstrates the growing contribution of Muslim-friendly tourism to national economies. Despite this potential, the implementation of Islamic tourism remains uneven across regions due to institutional, infrastructural, and policy constraints. This study contributes to the literature by offering a structured conceptual framework that positions Islamic tourism within the broader sharia economic system. It also identifies research gaps and proposes future research directions to strengthen theoretical development and policy formulation. The article is expected to provide valuable insights for academics, policymakers, and practitioners seeking to develop Islamic tourism as a sustainable economic strategy.
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.
VOLATILITY DYNAMICS OF ISLAMIC AND CONVENTIONAL STOCKS IN INDONESIA: EVIDENCE FROM GARCH MODELS Abdul Gafur Rinaldi; Yasmin
SHACRAL: Shari'ah Economics Review Journal Vol. 2 No. 3 (2025): Oktober
Publisher : PT. Samudra Solusi Profesional

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.62952/shacral.v2i3.95

Abstract

Understanding stock market volatility is essential for effective risk management and portfolio decision-making, particularly in emerging markets characterized by high uncertainty. Indonesia’s capital market provides a unique setting for volatility analysis due to its dual structure, which accommodates both Islamic (Shariah-compliant) and conventional stock indices. This study examines and compares the volatility dynamics of the Jakarta Islamic Index (JII) and the Indonesia Composite Index (IHSG) using a Generalized Autoregressive Conditional Heteroskedasticity (GARCH) framework. Employing daily closing price data from the Indonesia Stock Exchange for the period 2020–2025, this research applies the GARCH(1,1) model to capture volatility clustering, persistence, and time-varying risk characteristics in both market segments. The empirical results reveal notable differences in volatility behavior between Islamic and conventional stocks. Descriptive statistics indicate that JII exhibits higher unconditional volatility than IHSG, as reflected by a larger standard deviation and wider return range. Stationarity tests confirm that both return series are suitable for GARCH modeling. The GARCH estimation results show that IHSG has a higher ARCH coefficient, suggesting a stronger short-term reaction to market shocks, while JII displays a higher GARCH coefficient, indicating greater long-term volatility persistence. The volatility persistence parameter (α + β) is close to unity for both indices, implying that volatility shocks dissipate slowly in both Islamic and conventional stock markets. These findings contribute to the growing literature on Islamic finance by providing updated evidence on volatility dynamics in Indonesia’s capital market. The results have important implications for investors, portfolio managers, and policymakers, particularly in terms of risk assessment, portfolio diversification, and the development of Islamic capital market infrastructure. Overall, the study highlights that while Islamic and conventional stocks share common volatility features, their transmission mechanisms and persistence patterns differ, underscoring the importance of time-varying risk models in investment analysis.

Page 3 of 3 | Total Record : 29

 1   2   3 

Filter by Year

2024 2025


Reset
Filter By Issues
All Issue Vol. 2 No. 3 (2025): Oktober Vol. 2 No. 2 (2025): Juni Vol. 2 No. 1 (2025): Februari Vol. 1 No. 3 (2024): Oktober Vol. 1 No. 2 (2024): Juni Vol. 1 No. 1 (2024): Februari