Do Islamic Financial Industry Players Implement Islamic Values in Their Business?

Abstract

This study aims to identify Islamic values in Islamic financial industry players in Indonesia. The development of the Islamic financial services industry in 2021 showed positive growth with an increase in assets of 13.8% (Rp2.05 trillion) compared to 2020 which only reached Rp1.80 trillion. Meanwhile, the results of the study revealed that Islamic financial industry players organizationally commit many violations or fraud both organizationally and individually. Islamic values derived from the Quran and Hadith are a guide and reference for all Muslims, including Islamic financial industry players. There are four criteria of Islamic fundamental values and nine of Islamic value principles in business. Research methods were conducted through quantitative research with the distribution of questionnaires. The population of Islamic financial industry players are Islamic banking, Islamic insurance, Islamic capital markets, and non-bank financial institutions. The results show that Islamic values have not been fully implemented by Islamic financial industry players.