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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 39 Documents
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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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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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Abstract

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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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.
THE ROLE OF ISLAMIC FINANCIAL INCLUSION IN ENHANCING SOCIAL WELFARE AND REDUCING ECONOMIC INEQUALITY IN INDONESIA: A LITERATURE REVIEW RIFKI FAUZI; Noviana Aulia; Midza Safiyra Zahra; Khairunnisa Putri Liestiyanto; Muhammad Ghaly Mumtaz
SHACRAL: Shari'ah Economics Review Journal Vol. 4 No. 2 (2026): Juni
Publisher : PT. Samudra Solusi Profesional

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.62952/shacral.v4i2.135

Abstract

Economic inequality remains a significant challenge in Indonesia despite various developmental efforts. This study aims to examine the role of Islamic financial inclusion in improving community welfare and reducing economic disparity. Using a systematic literature review approach, this paper analyzes data and existing research from the Financial Services Authority (OJK), Bank Indonesia (BI), and Central Bureau of Statistics (BPS), alongside scholarly articles. The findings indicate that Islamic financial inclusion, driven by the expansion of Islamic banking and Sharia fintech, provides equitable access to capital, particularly for Micro, Small, and Medium Enterprises (MSMEs). By adhering to the principles of Maqashid Sharia and distributive justice, Islamic financial inclusion not only mitigates poverty but also fosters sustainable economic empowerment. The study concludes that collaborative stakeholder strategies are essential to accelerate Sharia financial literacy and inclusion, ultimately driving broader national economic welfare
THE INFLUENCE OF ISLAMIC BRAND IMAGE AND SERVICE QUALITY ON TOURIST LOYALTY IN MUSLIM-FRIENDLY TOURISM DESTINATIONS: A STUDY OF THE AL-JABBAR GRAND MOSQUE TOURISM AREA, BANDUNG: (STUDI PADA KAWASAN WISATA MASJID RAYA AL-JABBAR BANDUNG) Anggi Nurmalita
SHACRAL: Shari'ah Economics Review Journal Vol. 4 No. 2 (2026): Juni
Publisher : PT. Samudra Solusi Profesional

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.62952/shacral.v4i2.137

Abstract

This study addresses the growing need to understand tourist behavior in the rapidly expanding Muslim-friendly tourism sector, specifically focusing on the Kawasan Wisata Masjid Raya Al-Jabbar Bandung. While previous literature extensively reviews general service quality, there remains a critical gap in synthesizing how religious brand identity works simultaneously with tangible service elements to retain visitors. Grounded in contemporary consumer behavior theory, this research evaluates the impact of Islamic Brand Image and Service Quality on Tourist Loyalty. Utilizing a quantitative causal approach, data were gathered from 150 Muslim tourists through structured questionnaires and analyzed using multiple linear regression via SPSS. The empirical findings reveal that both Islamic brand image (t = 4.120, sig. = 0.000) and service quality (t = 6.845, sig. = 0.000) significantly and positively influence tourist loyalty, with service quality emerging as the more dominant predictor (β = 0.453). Simultaneously, both variables explain 53.2% of the variation in tourist loyalty (Adjusted R² = 0.532, F = 52.410). This paper demonstrates that a robust religious brand reputation must be backed by excellent operational standards to secure long-term loyalty. The value of this manuscript lies in its integration of spiritual and physical service dimensions, offering a strategic framework for destination managers to optimize their marketing strategies in competitive halal tourism markets.
THE INFLUENCE OF STREAMER TRUSTWORTHINESS, PRICE DISCOUNTS, AND TIME PRESSURE ON IMPULSE BUYING BEHAVIOR IN TIKTOK LIVE STREAMING COMMERCE DIA NUR AVITA SARI; KHANDI TUNGGA WIJAYA
SHACRAL: Shari'ah Economics Review Journal Vol. 4 No. 2 (2026): Juni
Publisher : PT. Samudra Solusi Profesional

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.62952/shacral.v4i2.138

Abstract

The rapid growth of TikTok Live Streaming Commerce has transformed consumer purchasing behavior, particularly by increasing the tendency toward impulse buying. This study aims to analyze the effects of streamer trustworthiness, discounted price, and time pressure on impulse buying behavior in TikTok Live Streaming Commerce among Muslim consumers. In addition, this study examines the moderating role of religiosity in the relationships between these variables and impulse buying behavior. A quantitative approach was employed using a survey method with purposive sampling. Data were collected from 200 Muslim consumers who had previously purchased products through TikTok Live Shopping and were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM). The results reveal that streamer trustworthiness, discounted price, and time pressure have positive and significant effects on impulse buying behavior. Furthermore, religiosity significantly weakens the effects of discounted price and time pressure on impulse buying behavior, indicating that higher levels of religiosity can reduce consumers’ susceptibility to promotional stimuli and urgency-driven purchases. However, religiosity does not significantly moderate the relationship between streamer trustworthiness and impulse buying behavior. These findings suggest that religiosity functions as an internal self-control mechanism that helps Muslim consumers avoid excessive and spontaneous purchasing behavior, particularly in response to price promotions and time-limited offers. This study contributes to the literature on digital consumer behavior and Islamic economics by providing empirical evidence regarding the role of religiosity in live streaming commerce.
DIGITAL TRANSFORMATION OF ISLAMIC BANKING IN INDONESIA: ANALYZING OPPORTUNITIES, CHALLENGES, AND STRATEGIES FOR ENHANCING COMPETITIVENESS IN THE DIGITAL ECONOMY ERA Zulkipli Zul
SHACRAL: Shari'ah Economics Review Journal Vol. 4 No. 2 (2026): Juni
Publisher : PT. Samudra Solusi Profesional

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.62952/shacral.v4i2.124

Abstract

This study aims to analyse the digital transformation strategies implemented by Islamic banks in responding to challenges whilst capitalising on opportunities in the digital age. The primary focus of this study is the relationship between technological innovation and compliance with Sharia principles, as well as how digitalisation strategies can strengthen the competitiveness of Islamic banking without compromising the integrity of Islamic law. The methodology employed is a descriptive qualitative approach through a literature review, examining various academic references such as national and international journals, regulatory reports (from the OJK and Bank Indonesia), and strategic documents from leading Islamic banks. This secondary data was systematically analysed to identify opportunities, challenges, and actual strategies implemented. The findings indicate that digitalisation presents significant opportunities for expanding Islamic financial inclusion, operational efficiency, and technology-based product innovations such as e-mudharabah, e-wakaf, and mobile zakat. However, the main challenges faced include regulatory frameworks that have yet to adapt, data security risks, disparities in digital infrastructure, and a shortage of human resources with dual expertise (in digital technology and Sharia law). The proposed strategies include strengthening the digital Sharia ecosystem, collaborating with halal fintech firms, adopting innovative technologies such as AI and open banking APIs, and providing staff training based on the integration of technology and fiqh muamalah. Through a holistic approach, digital transformation is expected to consolidate the position of Sharia banking as a pillar of the modern Islamic economy that is inclusive, efficient, and sustainable.
Rupiah Depreciation and Sharia Equity Performance: Evidence from the Indonesian Sharia Stock Index During Economic Turbulence RIFKI HILMAN FAUZI; Puan Siti Fadillah; Atikah Fadhilah; Fariz Ahmad Zain; Muhammad Almatin Ibnu Sina
SHACRAL: Shari'ah Economics Review Journal Vol. 4 No. 2 (2026): Juni
Publisher : PT. Samudra Solusi Profesional

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.62952/shacral.v4i2.133

Abstract

This study investigates the impact of the Indonesian Rupiah (IDR) exchange rate against the United States Dollar (USD) on the Indonesian Sharia Stock Index (ISSI) during the 2020–2025 period. Using monthly time-series data comprising 72 observations, the analysis employs the Ordinary Least Squares (OLS) method, supported by the Augmented Dickey–Fuller (ADF) unit root test, classical diagnostic tests, and the Engle–Granger cointegration approach. The ADF results reveal that both variables are non-stationary at level but become stationary after first differencing, indicating integration of order one, I(1). The level regression initially suggests a positive and statistically significant relationship between the exchange rate and ISSI (R² = 0.684). However, the relatively low Durbin–Watson statistic indicates the possibility of spurious regression. After transforming the variables into first differences, the relationship turns negative and remains statistically significant (β = −177.18; p = 0.027), supporting the predictions of the flow-oriented exchange rate model. Furthermore, the cointegration test confirms the existence of a long-run equilibrium relationship between the exchange rate and ISSI. The findings suggest that Rupiah depreciation exerts downward pressure on the Sharia stock market in the short run, while both variables maintain a stable long-run relationship. The contrast between the level and differenced estimations highlights the importance of addressing non-stationarity when examining exchange rate–stock market relationships in Islamic capital markets. This study contributes to the literature by providing updated evidence from a period characterized by the COVID-19 pandemic, post-pandemic recovery, and global monetary tightening, while also emphasizing the methodological importance of distinguishing between short-run dynamics and long-run equilibrium relationships. The findings offer practical implications for investors, regulators, and policymakers in managing exchange-rate-related risks within Indonesia’s Islamic financial market.

Page 4 of 4 | Total Record : 39

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