As traditional market-based MSEs increasingly face pressure to comply with halal standards while adopting digital practices, an integrated measurement framework becomes essential for targeted development. This study develops the Halal-Tech Maturity Index (HTMI), a novel composite instrument that integrates halal awareness and digital readiness within traditional market-based micro and small enterprises (MSEs), an area underexplored in current halal economy literature. The research aims to evaluate the level of halal–digital integration among MSEs, identify performance gaps, and propose a quantifiable model to guide strategic interventions in halal-based economic development. Using a mixed-methods approach, data were collected from 20 traditional markets in South Sulawesi, Indonesia, through structured observation and interviews. Seven key dimensions were assessed using a 0-4 scale to construct both weighted and unweighted HTMI scores. The findings reveal a low to moderate HTMI score (1.90–1.93), indicating fragmented halal practices and limited digital adoption. However, strong interest in capacity building suggests the potential for significant improvement. Simulated interventions showed a 36.7% increase in the index after training and certification support. HTMI functions not only as a diagnostic tool but also as a strategic framework for policy design, Key Performance Indicator monitoring, and targeted investment in halal–digital ecosystems. It bridges Islamic ethical imperatives with contemporary digital transformation agendas.

Strengthening agricultural development requires sustainable financing channels that can mobilize resources and support long-term sectoral productivity. This study aims to analyse the contribution of Islamic banking institutions (IBs) to agricultural development in Indonesia. The study measures Islamic banking using total financing and total deposits across all Islamic banking institutions, while agricultural development is measured using five macroeconomic indicators of the agricultural sector, namely agricultural GDP, employment, the farmers’ exchange rate (NTP), the agricultural trade balance, and realized agricultural investment. Each indicator is transformed into a composite index using the Principal Component Analysis (PCA) method to capture multidimensional characteristics. The empirical analysis applies the Autoregressive Distributed Lag (ARDL) model to examine long-term relationships and the Error Correction Model (ECM) to identify short-term dynamics, with Vector Autoregression or the Vector Error Correction Model (VAR/VECM) used as robustness tests. The findings confirm that Islamic banking positively contributes to the performance of the agricultural sector through its intermediary function. The relationship between Islamic banking and agriculture is stable and long-term. The results also reveal a unidirectional causal relationship between Islamic banking and agricultural development. Islamic banking acts as a driving force that mobilizes resources, increases investment capacity, and encourages innovation in the agricultural sector.

Cash waqf has increasingly been promoted as a strategic instrument for Islamic social finance and community development in Indonesia. This study examines the influence of attitudes, subjective norms, and perceived behavioural control on the intention to donate cash waqf, with education as a moderator and religiosity as a moderated moderator across urban and rural areas. This study utilized a hierarchical regression model with a sample size of 200 respondents from West Kalimantan Province, Indonesia. The findings show that intention is mainly driven by positive attitudes and perceived behavioural control, while subjective norms have no significant influence in either urban or rural areas. Education moderates these relationships differently across regions, and religiosity further strengthens the role of education in rural contexts. This research delivers fresh perspectives on the complexity and extension of the Theory of Planned Behaviour in understanding the intention to donate cash waqf, thereby providing recommendations for policymaking. Furthermore, these findings can improve cash waqf literacy, promote multi-stakeholder collaboration, and tailor outreach strategies to urban and rural contexts for more effective engagement on cash waqf.

As an emerging form of sustainable Islamic finance, Green Sukuk has gained prominence in Indonesia’s environmental governance agenda. This study examines Green Sukuk as a manifestation of Islamic ecology and an instrument for the actualization of Maqasid al-Shariah in achieving sustainable development in Indonesia. The purpose of this research is to identify the conceptual relationship between Maqasid al-Shariah and Islamic ecotheology within the framework of sustainable Islamic finance, as well as to analyse the role of Green Sukuk in realizing ecological maqasid through the financing of environmentally friendly projects. This study uses a qualitative approach with the Systematic Literature Review (SLR) method based on the PRISMA 2020 framework, using data from Scopus, WoS, and official reports from the Ministry of Finance of the Republic of Indonesia. The results of the study show that Maqasid al-Shariah and Islamic ecotheology have a conceptual relationship that is complementary and transdisciplinary. Islamic ecotheology serves as a theological foundation that affirms the sacredness of nature as a divine mandate (amanah ilahiyyah), while Maqasid al-Shariah acts as a normative framework that guides the orientation of development toward maslahah 'ammah and ecological balance (mizan). This integration expands the classical maqasid through the dimension of environmental conservation (hifz al-bi'ah) as a contemporary sharia goal that connects spirituality with public governance, and Green Sukuk serves as an implementive instrument that operationalizes the principle of ecological maqasid in the country’s fiscal policy. From 2018 to 2024, total issuances reached USD 10.84 billion, with the main allocation focused on renewable energy, sustainable transportation, and climate resilience. Thus, Green Sukuk is an expression of moral, spiritual, and Islamic public policy in maintaining ecological balance and realizing maqasid-based green finance in Indonesia.

Amid growing attention to sustainable Islamic finance, understanding the macro-financial drivers of Green Sukuk performance is increasingly important for policy and market development in Indonesia. This study explores how macroeconomic conditions and commodity prices influence the performance of Green Sukuk in Indonesia. Using the Vector Error Correction Model (VECM) and monthly data from January 2020 to December 2024, the study examines both short-term dynamics and long-term relationships among the variables. The results show that, in the short run, inflation tends to increase Green Sukuk, while the Jakarta Composite Index (JCI) has a negative impact. Over the long term, inflation and the exchange rate positively affect Green Sukuk, suggesting that broader macroeconomic conditions and currency movements play an important role in shaping its development. On the other hand, the BI Rate and gold prices have a negative influence in the long run, indicating that higher interest rates and rising gold prices may encourage investors to shift their funds away from Green Sukuk. Meanwhile, oil prices do not appear to significantly affect Green Sukuk in either the short or long term. Overall, these findings suggest that monetary factors and alternative investment assets, such as gold, are important in determining the performance of Green Sukuk in Indonesia, especially in maintaining long-term stability.

Islamic Social Finance Institutions managing over USD 2.4 trillion globally face unprecedented challenges from increasing economic volatility, yet traditional systematic reviews cannot adequately capture the complex, interconnected nature of contemporary risk management research or reveal evolutionary patterns in scholarly focus. This study employs an innovative systematic literature network analysis approach, integrating systematic review methodology with bibliometric network analysis, to comprehensively evaluate how crisis-adaptive integrated risk management systems enhance financial sustainability and operational resilience of Islamic finance institutions. Following PRISMA 2020 guidelines, we systematically reviewed 22 high-quality studies representing 1,432 institutions across 23 countries from Scopus database spanning from 2010 until 2025 period and conducted keyword co-occurrence network analysis using VOSviewer software. Crisis-adaptive systems demonstrated superior performance with 42% improvement in crisis resilience, 95% CI: 31-53%, 26% enhancement in financial sustainability, 95% CI: 19-33%, and 51% gains in operational efficiency, 95% CI: 38-64%, compared to conventional approaches. The bibliometric analysis identified five interconnected research clusters with 94% concordance between systematic themes and keyword patterns, revealing research evolution from fragmented studies toward integrated frameworks. Studies positioned at thematic intersections showed significantly stronger effect sizes, demonstrating that interdisciplinary approaches integrating governance, technology, and crisis adaptation yield superior institutional resilience. Institution-specific analysis revealed differential adaptive capabilities: Islamic banks achieved strongest crisis resilience improvements, 47% vs. 38% for others, while zakat organizations demonstrated superior operational efficiency gains, 58% vs. 49% average. The findings provide evidence-based guidance for implementing adaptive risk management systems while identifying critical knowledge gaps for future research prioritization in Islamic finance crisis management.

Mosque-based Islamic microfinance uniquely combines religious values with community economic empowerment. This study examined the business success of Micro, Small, and Medium Enterprises (MSMEs) that receive financing and mentoring from Jogokaryan Mosque. The measurement of business success was viewed from the perspective of Maqasid Sharia, which includes business experience, business justice, business welfare, financial wisdom, and one additional variable: the quality of worship. The research method used was the Asnaf Muslimpreneur Success Index (AMSi) to gauge the level of business success among MSME actors. The study population consisted of MSME actors who received financing and participated in a series of programs organised by Jogokaryan Mosque. A sample of 56 respondents was obtained using a purposive sampling technique. The result showed that the level of business success among MSMEs associated with Jogokaryan Mosque was categorised as medium-high success. This success was beneficial for MSME actors and could be further enhanced through a series of supporting programs with consistent intensity. The implication of this study was to evaluate the empowerment program offered by Jogokaryan Mosque and enhance the quality of both program delivery and financing. In fact, the goal was to boost business success and empower MSME actors in their entrepreneurial endeavours

This study explores the multifaceted determinants of Islamic Financial Institutions (IFIs) in alleviating poverty by employing a qualitative meta-synthesis approach guided by the ENTREQ protocol. The research synthesizes findings from 23 scholarly articles indexed in Scopus to identify key internal and external factors influencing IFI performance in poverty alleviation. These determinants are systematically categorized into a strategic quadrant model: internal-structural, internal-behavioural, external-structural, and external-behavioural. Internal-structural elements such as institutional capacity, operational models, access to capital, and adherence to Islamic values significantly affect the success of IFIs, while internal-behavioural dimensions highlight the roles of innovation, religiosity, and community-based initiatives. Externally, the legal and policy environment, cultural dynamics, public perception, and economic conditions emerge as critical influences on IFIs’ outreach and effectiveness. The findings reveal that IFIs often face challenges in maintaining their developmental focus due to resource limitations, regulatory gaps, and competitive financial landscapes. Nonetheless, when grounded in Islamic ethical principles and supported by appropriate institutional frameworks, IFIs demonstrate a strong potential to deliver inclusive financial services and uplift marginalized communities. The novelty of this study lies in its integrative approach to consolidating diverse themes into a coherent analytical framework, offering actionable insights for practitioners, regulators, and scholars. It emphasizes that successful poverty alleviation through IFIs requires a synchronized interplay of ethical commitment, institutional readiness, policy support, and grassroots participation. The results contribute to the development of strategic recommendations for enhancing the role of Islamic finance in addressing poverty across different socio-economic and regulatory contexts.

Economic growth disparities among OIC member states remain a persistent challenge that demands nuanced, data-driven policy responses. This study investigates the determinants of economic growth in OIC member states from 2010 to 2022. This study offers new insights by analysing four macroeconomic variables, explicitly distinguishing between high and low-income nations. The study's approach provides an in-depth understanding of how each variable impacts different stages of development, supporting more adaptive monetary and fiscal strategies. Panel regression analysis was employed, with a random effects model applied to the low-income country group and a common effects model used for the high-income group. The findings reveal a consistent negative impact of private debt on economic growth across both income groups. In contrast, inflation exhibited no significant influence on economic development in either category. FDI has shown a positive effect on the economic development of high-income countries, while no significant effect was observed for low-income countries. Conversely, trade openness has significantly stimulated economic growth in low-income nations, whereas no significant impact has been observed in high-income countries. Based on these findings, policy recommendations for OIC member states should prioritize debt reduction strategies across all income levels. Policies to enhance FDI in developed economies and promote trade openness are essential for economic growth in low-income OIC member countries.

Islamic Peer-to-Peer (P2P) financing has become a promising alternative to overcome capital barriers faced by Micro, Small, and Medium Enterprises (MSMEs) in Indonesia. This study aims to examine the empowerment role of Islamic P2P financing through two complementary approaches. First, a descriptive qualitative method was employed to analyze the business models of Islamic P2P platforms and their integration with social entrepreneurship values. Second, a Systematic Literature Review was conducted to specifically assess the role of Islamic fintech in supporting MSME capitalization. The descriptive findings indicate that leading platforms such as ALAMI and Ammana integrate sharia contracts mudharabah, musyarakah, wakalah, and qardh to combine commercial goals with social impact. These practices reflect the principles of social entrepreneurship by enhancing inclusivity, ethical finance, and community empowerment. The SLR, based on 20 eligible articles published between 2019 and 2025, identified three main themes. First, models and financing schemes, including musyarakah, mudharabah, qardh al-hasan, and smart contracts that expand outreach and efficiency. Second, key success factors, such as trust, sharia compliance, literacy, technological innovation, and transparent information that drive adoption. Third, impact on financial inclusion and empowerment, highlighting contributions to MSME growth, poverty alleviation, inequality reduction, and integration with halal certification and community-based initiatives. Overall, the study confirms that Islamic P2P financing functions not merely as a financial intermediary but also as a driver of socio-economic transformation. Theoretically, it advances discourse on value-based financial innovation, while practically, it provides insights for policymakers, regulators, and practitioners to strengthen sharia fintech as a catalyst for MSME development and sustainable Islamic economic ecosystems.