CURRENT ADVANCED RESEARCH ON SHARIA FINANCE AND ECONOMIC WORLDWIDE

The Dynamics of Indonesia’s Sharia Capital Market Development 2014–2024: Opportunities, Challenges, and Strategic Futures

Siti Umi Nurbaidah*, Rahmat Hidayat, Desmadi Saharuddin — Mon, 18 Aug 2025 00:00:00 +0000

The Indonesian Islamic capital market has experienced significant growth over the past decade, both in terms of the number of Islamic stocks, market capitalisation, and increased investor participation. However, its contribution to the total national capital market remains limited. This study aims to comprehensively examine the dynamics of the development of Indonesia's Islamic capital market from 2014 to 2024 through a SWOT analysis approach and the principles of Islamic maqāṣid. The methodology used is a descriptive-qualitative approach based on literature review and secondary data analysis from the OJK, IDX, and relevant empirical sources. The findings indicate that the Islamic capital market has strengths in terms of ethical values and Islamic compliance, but faces structural challenges such as low literacy and liquidity. Strategic opportunities arise from the integration of Islamic fintech, the development of ESG products, and synergy with the national halal economy. This study contributes to the development of maqāṣid-based policies that not only pursue profitability but also ensure sustainability and socio-economic justice.

Analysis of Womenpreneur Decision-Making in Choosing Formal and Informal Financing

Naf'ah Sittah*, Nur Fadhillah, M. Shaiful Umam — Sun, 31 Aug 2025 00:00:00 +0000

This research aims to understand the dynamics of womenpreneur decision making in obtaining financing, especially in the gold jewelry business sector in Bungah Village, Bungah District, Gresik Regency. The background to this research is based on the fact that women entrepreneurs often face obstacles in accessing formal financing, either due to limited financial literacy, gender bias, or limited social capital. Using a qualitative approach and case study method, this research involved female business informants who had been established for at least five years and had used external financing. The research results show that financing decisions are influenced by four main factors, namely cognitive financial constraints, individual social capital, organizational factors, and contextual factors. Apart from that, Islamic values such as the prohibition of usury, the principles of justice, and the importance of blessings and economic independence also shape the way women entrepreneurs view appropriate sources of financing. This research also found that the financing obtained has a direct impact on business sustainability and operations, especially in terms of growth, stability and innovation. It is hoped that this research can become a reference for financial institutions, policy makers and academics in formulating more inclusive strategies to increase women's access to formal financing in accordance with sharia principles.

Internal Audit Guidelines For Risk-Based Maqāṣid Syariah

Siti Umi Nurbaidah*, Ahmad Fauzi — Thu, 18 Dec 2025 00:00:00 +0000

This article develops a new conceptual framework for the Risk-Based Internal Audit of Sharia Maqāṣid (IARBMS) by integrating the principles of risk-based internal audit (RBIA) and the normative objectives of maqāṣid sharia as the foundation of sustainability-oriented governance. This study uses a qualitative approach based on conceptual, comparative analysis, and literature synthesis to formulate maqāṣid risk indicators, risk assessment tables, and risk registers that are applicable to Islamic financial institutions. The results of the analysis show that the implementation of IARBMS not only improves the effectiveness of risk management and sharia compliance, but also strengthens governance, information integrity, asset security, and the socio-environmental contribution of institutions. This framework offers theoretical contributions through the elaboration of institutional maqāṣid as well as practical contributions in the form of audit guidelines that can be adopted by internal auditors, regulators, and sharia supervisory boards. The implications of the research confirm the need for standardization of maqāṣid audits in the global Islamic finance industry.