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.

Understanding poverty from both economic and Islamic ethical perspectives is essential to formulating inclusive development strategies that align with societal values. This study aims to analyze the determinants of poverty rate in Java Island during the period 2014–2023. The method used in this study is panel data analysis. Panel data is a combination of time series data and cross section data. The analytical method used for panel data is panel data regression. It allows observation of the dynamics of changes in variables over time as well as comparisons between regions. Data obtained from the Central Statistics Agency and other official sources. A panel data analysis model is used to evaluate the influence of each variable on the poverty rate. The research results show that education (hifzul ‘aqal) and population (hifzul nasl) has a negative and significant effect on poverty rate, while the unemployment rate shows a positive and significant influence. Test Simultaneous confirms that these three variables work together makes a significant contribution to poverty on the island of Java. The coefficient of determination obtained was 0,5533, indicating that around 55,33% of poverty rate was influenced by education, population, and unemployment, while the rest was influenced by other factors not analyzed. The novelty of this study is the measurement of the impact of the maqasid shariah indicators, namely hifzul 'aqal, hifzul nasl, and unemployment that is contrary to hifzul maal in a simple way on the poverty rate eradication in Java. This study tries to open the new perspective that Maqasid Shariah has been realized in Javanese society with various modern indicators, so that a process of synchronization and alignment of understanding is needed so that the impact of Maqasid Shariah can be measured.

In an era of increasing economic volatility and financial uncertainty, understanding the impact of the Real Business Cycle (RBC) on the Islamic Capital Market (ICM) is crucial for enhancing the resilience of Islamic financial systems, which are increasingly significant in global finance. This research is important because understanding the impact of the Real Business Cycle (RBC) on the Islamic Capital Market (ICM) is crucial for enhancing the resilience of Islamic financial systems, which are increasingly significant in global finance. The research aims to investigate the extent of co-movement and the effect of the Real Business Cycle (RBC) on the Islamic Capital Market (ICM) in Indonesia. The methodology begins with the Hodrick-Prescott (HP) Filter to identify trends and cycles in the RBC and ICM data. Next, cross-correlation analysis is used to measure the co-movement between the two, determining how RBC fluctuations affect the Islamic capital market. Finally, the Vector Autoregressive (VAR) and Vector Error Correction Model (VECM) are applied to explore both the short-term and long-term causal relationships between RBC and ICM, offering insights into immediate and persistent effects on the market. The findings reveal a significant relationship between Real Business Cycle (RBC) indicators and the Islamic Capital Market (ICM), with notable shifts in investor behavior and varying impacts of GDP, unemployment, and exchange rates on Islamic financial instruments like Jakarta Islamic Index (JII) and Sukuk.

PT. Pegadaian has recorded increased digital application users, especially Sharia digital pawnshop service. This study examines the primary elements that enable using Sharia pawnshop digital service applications. Modeling UTAUT technology adoption as an approach to this investigation and providing trialability and efficiency to assess objectives to employ digital service Sharia pawnshop tools. The data was acquired from 218 millennial Muslims in Indonesia using a questionnaire. This research relies on AMOS Partial Least Squares Structural Equation Modelling (PLS-SEM) to forecast a collection of latent variable indicators generated through numerous dimensions and indicators. Statistically, millennial Muslims' desire to benefit from virtual Sharia pawnshop services is substantially impacted by circumstances of facilitation, trialability, and efficiency. The foundation of the UTAUT model (performance expectations, effort expectations, and social impact) has not been able to nurture the desire to comply with the digital service Sharia pawnshop platform. Then, the purpose of use immensely impacts the behavior of utilizing online resources in Sharia pawnshop applications. This study reveals untapped areas of trialability and efficiency, notably technology adoption. Sharia internet pawnshop services are relatively new, which is why these two factors are used. PT Pegadaian Shariah (Pawnshop Shariah - Persero) must scrutinize its operation so that lapses do not arise and make consumers feel safer conducting transactions using this application. Remember that the Sharia Digital Pawnshop Service (PSDS) aims to broaden the target market, particularly the millennial generation, and the market competition.

The sustainable movement in the financial sector, known as green banking, has emerged as a global standard that obligates the financial industry to adhere to social and environmental responsibilities. Indonesian Islamic banks' green banking initiatives are examined in this study. Green Banking Disclosure Index (GBDI) indicators for 13 Islamic commercial banks were collected from their five-year sustainability reports. Bose et al. (2018)'s 21 GDBI indicators were thoroughly analyzed. Jeucken's typology measurement showed banks' four-stage movement from defensive and preventative to aggressive and "sustainable" in 2004. Jeucken's Typology of Banking and Sustainable Development functioned as the assessment framework for evaluating green banking performance. Among the 13 Islamic banks analysed, only six have chosen to publicly disclose their sustainability reports. The banks in question include Panin Dubai Syariah Bank, Muamalat Bank, Aladin Syariah Bank, Aceh Bank, BTPN Syariah Bank, and Mega Syariah Bank. The data reveals that no Islamic banks have reached the "sustainable" stage. Currently, two out of six Islamic banks are positioned in the offensive stage, while the other four are in the preventive stage. It can be posited that these financial institutions have commenced the shift towards a "sustainable" phase. The findings of this study on disclosure indicators in green banking indicate that Indonesian Islamic banks must revise their reporting methods concerning environmentally friendly banking practices. Moreover, considering their crucial role in advancing green banking in relation to sustainable development, Indonesian Islamic banks need to enhance the quality of their publicly accessible sustainability reports.

Given the critical role of Islamic Rural Banks (IRB) in supporting financial inclusion and economic stability in Indonesia, this research urgently highlights the need for strategic improvements in IRB efficiency to ensure sustainable growth and resilience in the face of economic uncertainties. This research aims to assess the effectiveness of Islamic Rural Banks (IRB) in Indonesia. In the second phase, the study examines the impact of Risk Profile, Good Corporate Governance (GCG), Earnings & Capital (RGEC) factors on IRB efficiency. Additionally, the research analyzes the influence of the Maqasid Sharia Index (MSI) on IRB efficiency. The methodology involves employing Data Envelopment Analysis (DEA) followed by a Multinomial Logistic Regression test, using a sample of 119 IRB across Indonesia. The research period of this article is from the fourth quarter of 2019 to the fourth quarter of 2021. The DEA results categorize 516 and 693 data observations as high efficiency for intermediation and production approaches, respectively. Risk Profile factors (NPF & FDR) significantly affect IRB efficiency. GCG factors, specifically Board of Directors’ Ownership & Board of Commissioners’ Ownership, have a significant impact on IRB efficiency, but only in the intermediation approach. Earnings, represented by ROA, significantly influence both approaches, while ROE yields opposite results. Capital, represented by CAR, significantly affects the intermediation approach. The Sharia factor, MSI, demonstrates a significant impact on IRB efficiency in both intermediation and production approaches. These findings serve as an academic reference for IRB managers, guiding decision making to enhance efficiency in the future.

Building upon the growing interest in the determinants of subjective well-being (SWB), this study analyzes the interaction between education and age on subjective well-being (SWB) in Indonesia. The novelty of this research lies in the finding that the relationship between age and SWB depends on education. This finding has yet to be widely discussed in the literature on the relationship between age and SWB, which mostly concludes that age and SWB exhibit a U-shaped pattern. Happiness, the dependent variables, is used as proxy for SWB. The data is the latest wave of the Indonesian Family Life Survey (IFLS), provided by RAND Corporation. Generalized ordinal logistic regression, or the partial proportional odds model, is employed as the estimation method, considering the ordinal nature of the dependent variables in this study and the violation of the proportional odds assumption. The findings indicate that increased level of education strenghten the positive the relationship between age and SWB, up to a certain point. However, the results suggest that for individuals with higher levels of education, the probability of feeling very unhappy may increase with age, particularly after age 70. Based on the findings, it is recommended that policies aim to provide educational opportunities for individuals, especially in their earlier years, to promote well-being and reduce the likelihood of negative outcomes such as feeling very unhappy in later life. From an Islamic perspective, the balance between worldly knowledge and spiritual well-being is emphasized. As individuals age, particularly those with higher education, managing expectations becomes crucial. Islam encourages individuals to be content (shukr) with their life circumstances and to find peace in their trust in Allah (tawakkal). This study found that religiosity and contentment significantly influence happiness. Therefore, policies should focus on educational opportunities and integrate support for spiritual well-being, helping individuals cultivate gratitude and inner peace as they age.

As the financial industry increasingly adopts advanced technologies, Islamic financial institutions (IFIs) face both opportunities and challenges in integrating innovations such as Generative AI within Sharia-compliant frameworks. This study develops a comprehensive mathematical model to assess the potential impact of Generative AI adoption in Islamic financial institutions (IFIs), focusing on operational efficiency, regulatory compliance, financial inclusion, competitive advantage, and adherence to Sharia law. The model integrates economic theories, such as Diffusion of Innovation Theory, Endogenous Growth Theory, and Principal-Agent Theory, with Islamic finance principles, addressing how AI can enhance decision-making, automate compliance processes, and optimize financial services while mitigating risks like riba (interest) and gharar (excessive uncertainty). A key contribution of this study is its game-theoretic framework, which demonstrates that early adopters of Generative AI in IFIs gain strategic advantages, such as cost reductions, enhanced compliance efficiency, and increased market share, whereas late adopters face diminishing returns and competitive disadvantages. The study also underscores AI’s role in financial inclusion, aligning with Maqasid al-Sharia by expanding access to Sharia-compliant financial services for underserved populations. Additionally, the study examines the regulatory implications of AI integration in Islamic finance, emphasizing the need for Sharia supervisory boards and regulators to establish ethical AI governance frameworks. The model provides quantitative insights into how IFIs can strategically leverage AI adoption, ensuring both efficiency and ethical compliance. Ultimately, this research contributes to the evolving literature on technological innovation in Islamic finance, offering valuable guidance for practitioners, policymakers, and regulators.