Development Of Islamic Economics Research Articles

Sustainable Islamic Financial Engineering with Special Reference to Gulf Cooperation Council’s Economies

ABSTRACT Purpose — This paper explores how Islamic economics and finance, when developed as an embedded framework for regenerative development in line with maqāṣid al-Sharīʿah (the objectives of Islamic law), can facilitate the design of sustainable contracts and Islamic financial engineering. This framework provides a mechanism to achieve the paradigm shift advocated by Islamic finance scholars to accommodate the sustainability agenda into the practical applications of Islamic economics and finance. The paper specifically focuses on the Gulf Cooperation Council’s (GCC) economies. Design/Methodology/Approach — This study employs an analytical research approach to evaluate the compatibility of Islamic social and commercial finance with sustainability objectives. The analysis is primarily qualitative and relies on the One Earth Framework proposed by Simpson et al. (2021) to structure the assessment of opportunities and challenges related to sustainability that Islamic economics and finance in the GCC region can help address. Findings — The paper highlights the potential of Islamic economics and finance as an embedded framework to address sustainability challenges in the GCC countries. By examining the capacity of Islamic finance to accommodate sustainability pathways, it elucidates avenues for integrating sustainable practices within Islamic financial contracts and institutions. Originality/Value — One of the key contributions of this paper is the introduction and development of Islamic economics and finance as an embedded framework. This pioneering concept not only lays the groundwork for a practical mechanism but also signifies a fundamental step in realising the paradigm shift within Islamic finance. This transformative approach enhances the relevance and effectiveness of Islamic finance in fostering sustainability, marking a significant advancement in the field. Research Limitations — While the study provides valuable insights, it primarily follows an analytical approach and does not involve quantitative analysis. It serves as a starting point for further research on the integration of sustainability objectives in Islamic finance. Practical Implications — The paper suggests practical implications for Islamic finance stakeholders, highlighting the potential for sustainable contract design and financial engineering. Keywords — Islamic finance, Islamic financial engineering, Natural capital, Regenerative development, Sustainable contract design Article Classification — Conceptual paper

Islamic capital market support in the Indonesian halal industry development: SWOT analysis

Purpose – This study aims to analyze the strengths, weaknesses, opportunities, and threats as well as strategies for supporting the Islamic capital market in the context of halal industry development in Indonesia. Methodology – This study used a mixed-method approach in the form of a sequential exploratory design with a SWOT analysis technique. Findings – The Indonesian Islamic capital market has strengths in the successful oversubscription of sukuk issuances (both state and corporate) and growth of Islamic educational institutions. However, it has weaknesses owing to limited corporate awareness and public understanding of the market. Opportunities arise from a youthful and educated demographic, whereas challenges involve the complex issuance process and the limited involvement of State-Owned Enterprises (SOEs). Strategic programs such as integration, incentives, value enhancement, and market deepening are recommended to address these aspects and promote the role of the Islamic capital market in the halal industry and Islamic economic development in Indonesia.Implications – This study devises a range of strategic measures aimed at fostering the establishment of a conducive ecosystem that bolsters the Islamic capital market's role in advancing the halal industry and Islamic economy within Indonesia.Originality – Unlike previous research, which failed to comprehensively investigate and analyze SWOT factors, this study successfully examined and assessed these elements. Furthermore, this study goes beyond the analysis by suggesting strategic approaches to bolster the Islamic capital market's role in the development of Indonesia's halal industry.

Systematic Literature Review on Halal Label Studies of Halal Tourism

The halal tourism sector is developing in a positive direction every year. Muslim-friendly vacations are a subset of the halal market which has an essential influence on Islamic economic development. This study aims to determine the extent of research developments related to a systematic literature review of halal certification targets in halal tourism. This research reveals the development of halal label studies on halal tourism, the target of halal certification in halal tourism, and discussions on future research development. This qualitative research uses a systematic literature review method, adopting the PRISMA system to screen articles that become research material. From 23 halal label research articles on halal tourism indexed by the Scopus database, this study selects all articles and leaves 18 as the main research material. The findings of this study show the dominance of authors from Indonesia and the development trend of publication of halal label studies on tourism in 2022. The results showed that Muslim tourists, in determining tourist destinations, pay attention to the availability of halal attributes such as halal food and hotels. This study has implications for the position of the halal label in halal tourism, which is increasingly important and has become a reference for the development of the halal industry.

Analisis Pengembangan Desa Parit Raja Kecamatan Sejangkung Perspektif Ekonomi Pembangunan Islam

This research is motivated by Village Development and Development in Parit Raja Village, Sejangkung District, seen from the level of Village independence as measured based on the Village Development Index (IDM). This research aims to analyze the concept of village development from an Islamic economic development perspective. The theory used in this research is Ibn Khaldun's Development Economic Theory. This research uses a qualitative research approach which is field research in nature and tends to use analysis which emphasizes process and meaning. The data collection techniques used were observation, interviews and documentation. The data source used is primary. Research data analysis techniques are data reduction, data presentation, drawing conclusions. Based on the results of this research, it is concluded that Parit Raja Village has implemented the concept of Islamic development economics which consists of 5 variables including state, institutions, human beings, wealth, and justice and development.

Toward a New Framework of Islamic Economic Analysis (2020)*

Despite a profusion of literature, efforts to develop Islamic economicsas a discipline have not brought about anticipated results.This paper argues that it is the absence of clarity on what wouldmake economics “Islamic” which impedes the development ofIslamic economics. To fill that absence, this paper proposes threeconditions under which an economics can be considered “Islamic”,and then defines the scope of Islamic economics and its methods.Finally, this paper suggests three implications which, takentogether, entail that developing Islamic economics and buildingits body of knowledge is less complicated than was feared. *This article was first published in the American Journal of Islam and Society 37, no. 1-2 (2020):103-122

Filsafat Ekonomi Syariah Sebagai Landasan Sistem Ekonomi Syariah Bagi Pendidikan Umat Islam

The Islamic economic philosophy is based on the interconnectedness of God, Man (Cosmic), and Nature (Cosmos), and is directed towards financial tasks such as economic principles, consumption, production, sales, and economic development. In Indonesia, the development of Islamic economics is influenced by internal and external factors. The key principles of Islamic economics in Indonesia are Tawhid, Maslahah, and Fair, which emphasize the relationship between humans and God, and humans and nature based on the principles of sharia. The country has also developed a masterplan for Islamic economic development, focusing on areas such as strengthening the halal value chain, the Islamic financial sector, and micro, small, and medium enterprises

Strategic Management Methods in Islamic Economics and Finance Research

This study tries to review the application of research using the Strategic Management method in the theme of Islamic economics and finance. It uses descriptive statistical analysis based on selected 72 article publications. The entire sample publications have published from 2007 to 2019. The data is then processed and analyzed into 4 clusters using the VOSviewer application program to find out the bibliometric map of research development in the field of strategic management indexed by Scopus. The results show that research using the Strategic Management method is still dominated by Islamic banking followed by Halal Industry, and Islamic microfinance. The rest are issues about waqf, BMT, Islamic Finance, Islamic Economic Development, Sharia Compliance. Indonesia, Malaysia and Iran are the 3 countries with the most study areas compared to other countries. The most widely used method is the SWOT Analysis, IFE EFE method, Delphi Method, QSPM Method

Kontribusi Pemikiran Ekonomi Islam dalam Sejarah Ekonomi Dunia

In this research, we explore Islamic economics in world economic history. The main focus of this research is analyzing how the principles of Islamic economics have contributed and played a role in shaping global economic development. Through literature studies starting from basic concepts of Islamic economic thought such as sharia, zakat, to financial principles in Islamic teachings, the development of Islamic economics. The results of this research pay attention to the positive impact of Islamic economics in forming a just economic system. Islamic economic thought is identified as a major player in forming an economic paradigm that emphasizes social responsibility, equitable distribution of wealth, and environmental sustainability.

Urgensi Literasi Ekonomi Syariah Dalam Moderasi Beragama

The National Islamic Economic Literacy Index is 16.3% in 2021. As a concrete form of the above description, the existence of this conflict is due to other aspects such as political, social and economic factors, but an understanding of religion cannot be separated in minimizing this conflict. Sentiment from the emergence of various different religious understandings also triggers conflicts in society when there is a clash of religion, culture, social, economy and politics. Religious moderation is needed in the process of community literacy so that literacy has a positive impact on Islamic Economics. The concept and practice of Islamic Economics still requires development and is not free from deficiencies that make it not fully in accordance with Islamic law. Islamic Higher Education has a big role in the development of Islamic Economics. Education, research and service activities as part of the Tri Dharma of Higher Education make a very large contribution. Many findings and ideas about Islamic Economics were born in universities. Apart from that, there are also many new experts and practitioners of Islamic Economics who have emerged from universities. Economic justice in Indonesia can be realized by the spread of the Islamic economic system which has a moderate nature when compared to the capitalist system (dominance of capital owners) or socialist (state dominance). People who have good Islamic economic literacy (well literature) will behave in a moderate manner, namely accepting the idea of Islamic economics with its various shortcomings while still trying to push towards a better direction.

Development of Islamic economics and practices in Indonesia (2013-2023): opportunities and challenges

Despite the immense growth potential, implementing Islamic economics in Indonesia encounters substantial hindrances. An issue arises from the Muslim populace's constrained knowledge and comprehension of Islamic economics. This is evident from the customer base disparity between Sharia-compliant and conventional banks. The progress of the Islamic economy is evident in the gradual expansion of Sharia banking annually, albeit sluggishly. In the future, implementing Islamic economics will encounter obstacles, including a scarcity of proficient experts in Islamic economics, insufficient public knowledge of the Islamic economic system, and the nonexistence of an Islamic economics syllabus across different educational levels. These issues contribute to the public's unfavourable perceptions of the Islamic economic system. This study analyses the obstacles and potential advantages of integrating Islamic economic principles into Indonesia's economic development while considering the existing framework of conventional economic growth. The field of Islamic economics has achieved significant progress. However, there are still barriers that could hinder its ability to achieve its objectives. The data utilized for analysis consists of a blend of primary and secondary sources. Data collection primarily involved disseminating questionnaires, encompassing both closed and open-ended inquiries, to a cohort of 26 individuals. The secondary data for this study was collected from many sources, such as academic journals, official websites, and related literature published between 2013 and 2023. The article's findings indicate a favourable trajectory for advancing Islamic economics in Indonesia. The existing legislation explicitly recognizes the participation of Sharia economic practitioners and respects the fact that Indonesia has a predominantly Muslim population. Nevertheless, the study will thoroughly examine the various obstacles to advancing Islamic economics in Indonesia.

Rethinking the Essentiality of Homo Islamicus: Exploring the Fundamental Critiques

This paper examines the necessity of homo islamicus perspective in Islamic economics. As such, it is a conceptual paper that emphasizes a critical approach to identify new concepts and critiques regarding homo islamicus. The conceptual approach focuses on theoretical analysis, in which the study aims to investigate the concept of homo islamicus and explain its logical implications. This approach enables the researcher to critique and identify a research gap regarding the concept of homo islamicus. The study highlighted several reasons, which identify that homo islamicus is not essential. Firstly, it was marked that the development of Islamic economics does not rely on the obedience and righteousness of economic actors. Secondly, as homo islamicus holds significant status, it should not be prioritized over other foundational concepts. Lastly, the study foregrounded that although homo islamicus is significant in its current form, it is not necessary to establish the basis for transforming the Islamic economy. Furthermore, it was also observed that it is still required in Islamic economics; thus, homo islamicus should not be the sole concept, excluding other relevant concepts for comparison. Additionally, this study underscores that homo islamicus loses its significance when it is seen as final and absolute; however, it may contradict the ongoing quest for the identity of Islamic economics.

EXPLORATION OF MAQASID AL-SHARIAH CONCEPTS IN THE DEVELOPMENT OF ISLAMIC ECONOMIC POLICIES

This study explores the concept of maqasid al-shariah in the context of Islamic economic policy development, focusing on understandīng the concept, implementation in policy, and evaluation of the impact on society and welfare. The research method used is a literature study with a comprehensive analysis of the literature, which includes sources from various related disciplines. The results reveal that maqasid al-shariah is a moral guide in Islamic economics and the foundation for a just, sustainable, and ethical economy. Implementing this concept involves the creation of solid Islamic financial institutions, regulation by Islamic law, and protection of moral values in business. A careful evaluation of the impact highlights the critical role of Islamic economics in achieving the goals of the maintenance of religion, property, soul, intellect, and heredity. In an ever-changing era, this study shows that maqasid al-shariah is a highly relevant compass for guidīng Islamic economic policies that align with deep Islamic values, bridging theory and practice to create a more just and ethical society.

COMMUNITY EMPOWERMENT ACCELERATION MODEL TO INCREASE THE ROLE OF MICRO WAQF BANK AULIA CENDEKIA IN SHARIA ECONOMIC DEVELOPMENT

Micro Waqf Bank is an intermediary institution that has enormous potential to increase Islamic economic development through financing accompanied by business assistance. The purpose of this study is to analyze the implementation of Micro Waqf Banks in Aulia Cendekia and formulate a model for accelerating empowerment in improving economic development. This study used a descriptive qualitative approach, data were obtained from observation and interviews, and analytical techniques used triangulation. The results of this study found that the Micro Waqf Bank in Aulia Cendekia not only offers capital loans but seeks to empower people who become customers from the beginning to become potential customers until after becoming customers, namely facilities in the form of socialization, training, Compulsory Group Training, to weekly Group activities commonly called HALMI. The impact of implementation of the empowerment acceleration model of Micro Waqf Bank Aulia Cendikia has a positive impact on customers from a shared responsibility system, without collateral or interest resulting in usury, there are no other costs that reduce customer profits. In addition, Micro Waqf Banks are also carried out to empower the community under the supervision of OJK through accountability of internal reports to avoid actions outside the objectives and functions of Micro Waqf Banks as a means of empowering communities in micro businesses to achieve sharia economic development

Efforts to Increase the Competitiveness of Export Products in the Free Market in Islamic Economic Development

This research intends to increase the competitiveness of export products on the free market in Islamic economic development. This study uses a systematic literature review method. The data source for this research comes from journals and other literature related to direct marketing. The findings in this literature review study conclude that the realization of free trade tends to encourage each country to fully specialize in the production of goods that have a comparative advantage for that country. The readiness of a country in globalization depends on how the country encourages the products it produces to have a comparative advantage. With comparative advantage, competitive products will be produced in the global market. In addition, with the growth of world trade areas, which tend to form trading blocs in almost all continents, adding to the globalization of trade in the world today. Economic globalization is the expansion of global markets where global resources in production and marketing are no longer limited by geographic boundaries of countries. In fact, globalization covers a wider field, including the influence of politics, technology and culture. The role of the market becomes more important in creating economic conditions than the government. Countries can have a way that is considered most appropriate, but it is market policy that will be directly related to global markets. Companies and other forms of organization are no longer limited by national territory, the world has truly become one global "village".

The Potential of Stock Endowment in Indonesia as an Instrument for Islamic Economic Development

The potential of stock endowment in Indonesia for Islamic economic development holds great promise, especially given the majority Muslim population. This potential can be optimized to enhance the impact of stock endowment. This research aims to explore the utilization of stock endowment as a catalyst for Islamic economic growth, evaluate effective management strategies for stock endowment, and assess its potential in Indonesia. Using a qualitative approach, this study involves a literature review through metasynthesis. The findings indicate a significant potential for stock endowment in Indonesia, with investors continuously increasing. These funds could play a crucial role in addressing economic challenges within the principles of Islam, including education, healthcare, economic initiatives, and infrastructure development, if allocated optimally and comprehensively.

Reality of Sharia Banking System (Study of Islamic Economic Development In Indonesia)

A discussion of Islamic economics has previously been introduced in the fields of science and society. In the midst of numerous traditional social and economic systems based on secular materialism, Islamic economics is a reality that continues to demonstrate its excellence. Islamic economics is likewise a scientific reality that consistently distinguishes itself from social science constellations founded on atheism and even secularism. Islamic economics is a new force within these two streams that is developing into a mature, independent system and discourse in scientific thinking. Its existence is a culmination of long-lasting intellectual attempts in the history of the Muslims as well as a reaction to the inequity of the contemporary socio-economic system.

PEMBAYARAN PREMI ASURANSI SYARIAH SEBAGAI TRANSFORMASI DAN BERKEMBANGNYA EKONOMI ISLAM DALAM KOMUNITAS PERSAINGAN EKONOMI GLOBAL

Payment of sharia insurance premiums is one of the important instruments in the transformation and development of Islamic economics in the global economic competition community. This is because the payment of sharia insurance premiums can be a source of funds for sharia insurance companies to provide protection and benefits to their participants. In addition, the payment of sharia insurance premiums can also increase the liquidity of the sharia financial market and boost Islamic economic growth. Islamic economics is an economic system based on the principles of Islamic sharia. Islamic economics aims to achieve social welfare in a just and equitable manner. One of the important instruments in Islamic economics is sharia insurance. Sharia insurance is a sharia financial institution that provides protection and benefits to its participants based on the principles of Islamic sharia. The payment of sharia insurance premiums is one of the important activities in sharia insurance. The payment of sharia insurance premiums is a source of funds for sharia insurance companies to provide protection and benefits to their participants. The payment of sharia insurance premiums can also increase the liquidity of the sharia financial market and boost Islamic economic growth. The payment of sharia insurance premiums is one of the important instruments in the transformation and development of Islamic economics. The payment of sharia insurance premiums can increase public awareness of the importance of sharia insurance, improve sharia financial literacy, increase the contribution of Islamic economics to the national economy, and improve the competitiveness of Islamic economics at the global level.

PEMBAYARAN PREMI ASURANSI SYARIAH SEBAGAI TRANSFORMASI DAN BERKEMBANGNYA EKONOMI ISLAM DALAM KOMUNITAS PERSAINGAN EKONOMI GLOBAL

Payment of sharia insurance premiums is one of the important instruments in the transformation and development of Islamic economics in the global economic competition community. This is because the payment of sharia insurance premiums can be a source of funds for sharia insurance companies to provide protection and benefits to their participants. In addition, the payment of sharia insurance premiums can also increase the liquidity of the sharia financial market and boost Islamic economic growth. Islamic economics is an economic system based on the principles of Islamic sharia. Islamic economics aims to achieve social welfare in a just and equitable manner. One of the important instruments in Islamic economics is sharia insurance. Sharia insurance is a sharia financial institution that provides protection and benefits to its participants based on the principles of Islamic sharia. The payment of sharia insurance premiums is one of the important activities in sharia insurance. The payment of sharia insurance premiums is a source of funds for sharia insurance companies to provide protection and benefits to their participants. The payment of sharia insurance premiums can also increase the liquidity of the sharia financial market and boost Islamic economic growth. The payment of sharia insurance premiums is one of the important instruments in the transformation and development of Islamic economics. The payment of sharia insurance premiums can increase public awareness of the importance of sharia insurance, improve sharia financial literacy, increase the contribution of Islamic economics to the national economy, and improve the competitiveness of Islamic economics at the global level.

Tinjauan Shopeepay Later dalam Perspektif Hukum Ekonomi Syariah: Studi Fenomenologi di Kota Bekasi

This study aims to analyze the usage of Shopeepay Later from the perspective of Islamic economics law using a phenomenological approach. Data were obtained through a survey using a Likert scale from 51 respondents who are users of Shopeepay Later. The results of the study show that the majority of respondents have a positive view of Shopeepay Later because it is considered advantageous for installment payments without charging interest or usury. Transparency of information and payment terms also received appreciation from the users. However, there are challenges related to understanding and implementing Islamic economic principles, as well as criticisms regarding the late payment sanctions. The recommendation of this study is for Shopeepay Later to reconsider its sanction policy and explore alternative approaches that align better with Islamic economic principles, thereby supporting the development of Islamic economics and providing services that better align with users' expectations from the perspective of Islamic economics law. This study provides in-depth insights into the perspectives and experiences of users regarding Shopeepay Later in the context of Islamic economics law and its implications for the development of technology-based services.

Nexus Between Foreign Direct Investment, Islamic Financial Performance and Economic Growth with Economic Freedom as Moderating Variable

This study aims to analyze the relationship of the FDI in developing the Islamic economy through the performance of Islamic finance and the impact on economic freedom in IFSB member states. The study was analyzed with PLS-SEM using PLS 3.0. The findings show that FDI has no significant relationship with Islamic economic growth, and financial freedom does not modulate the relationship between FDI and Islamic economic development. Sharia economic development is hampered by economic freedom, so FDI is not a factor that can advance the Sharia economy. The research results implicate that Islamic countries should utilize FDI to overcome the limitations of sources of funds in developing the Islamic economy. On the other hand, Islamic countries are working with foreign investors to expand investment in Islamic economic-based sectors through more competitive halal investment schemes. The expansion of halal investment access for investors is expected to accelerate the inflow of foreign direct investment. Through this study, the government could establish an Islamic economic framework without relying on secular economic activities and highlight the resources that Islam allows to attract foreign investors to make halal investments to grow the economy of Islamic countries to a more advanced level.