Indonesian Scientific Journal of Islamic Finance

DIGITAL SUKUK AND SHARIAH COMPLIANCE: A JURISPRUDENTIAL ANALYSIS OF BLOCKCHAIN INTEGRATION IN ISLAMIC FINANCE

Abubakar Muhammad Jibril — 2026-05-29

This research examines the Shariah compatibility of blockchain-based sukuk instruments with a special emphasis on whether digitalization and distributed ledger technologies can be reconciled with Islamic legal requirements like risk-sharing, asset-backing, and the ban on riba and gharar. The article discusses whether blockchain facilitates or hinders the issuance and enforceability of Islamic financial instruments. A doctrinal and comparative legal qualitative approach was adopted. The study compared primary Islamic legal sources (Qur'an, Sunnah, fiqh), contemporary Shariah standards (e.g., AAOIFI), and case studies of blockchain sukuk in different jurisdictions, including the UAE and Indonesia. The research used thematic and jurisprudential analysis to examine compliance, gaps, and emerging regulatory concerns. The findings show Blockchain has the potential to facilitate Shariah-compliant sukuk if connected to real underlying assets and legitimate Islamic contracts. Smart contracts certainly automate ethical trades but need more robust asset linkage. There is compliance uncertainty because there are no global Shariah standards for tokenized ownership. Regulatory fragmentation across jurisdictions also undermines cross-border enforceability and investor confidence. A uniform regulatory and Shariah governance structure is the prerequisite for replicating blockchain sukuk on a global scale. Legal recognition, enforceability, and standardization of jurisprudence are the keys to unlock blockchain's full potential in Islamic finance. This study bridges classical Islamic legal theory and contemporary fintech innovation, offering a novel Shariah-centred examination of digital sukuk structures and operational challenges

DIGITALISASI SISTEM PEMBAYARAN DALAM PERSPEKTIF EKONOMI ISLAM: TINJAUAN SISTEMATIS KEABSAHAN E-WALLET DAN CRYPTOCURRENCY

Narendra Ridha Baihaqi — 2026-05-29

The rapid development of financial technology has significantly transformed modern payment systems, particularly through the use of digital money such as e-wallets and cryptocurrencies. These innovations offer efficiency, speed, and convenience in transactions; however, they also raise debates regarding their compliance with Islamic economic principles. This study aims to systematically analyze the concept of digital money, its sharia legitimacy, implementation challenges, and development strategies from the perspective of Islamic economics. This research employs a Systematic Literature Review (SLR) method by examining scholarly articles obtained from Google Scholar and Scopus databases. The literature selection process follows the PRISMA framework with clearly defined inclusion and exclusion criteria, resulting in a set of relevant articles analyzed based on five research questions. The findings indicate that e-wallets are generally acceptable within Islamic economics, provided they are supported by clear contractual structures, transparent fee mechanisms, and are free from elements of riba, gharar, and maysir. In contrast, cryptocurrencies remain subject to ongoing debate due to their high price volatility and speculative characteristics, leading many studies to position them more as digital assets rather than legitimate mediums of exchange. The main challenges in implementing sharia-compliant digital money include regulatory limitations, low levels of Islamic financial literacy, and the integration of digital features that may deviate from sharia principles. Therefore, the development of Islamic digital money should be guided by the maqāṣid al-sharī‘ah framework to ensure justice, asset protection, and social welfare.

PENGARUH TECHNOLOGY READINESS ACCEPTANCE MODEL TERHADAP MINAT PENGGUNAAN BSI MOBILE (STUDI BSI KCP SAMARINDA BUNG TOMO)

Erika Wana Maharani Zein — 2026-05-30

The research is motivated by the increasingly sophisticated technology, particularly in mobile banking, can be utilized by the Islamic banking industry as a service facility to assist customers with busy businesses or activities, providing effective and time-efficient service. This study aims to determine the Technology Readiness Acceptance Model on BSI Mobile usage intention among BSI Samarinda Bung Tomo Branch customers. The population in this study is BSI Samarinda Bung Tomo customer. This study uses a sampling technique with purposive sampling. The purpose of this research is to analyze the influence of Technology Readiness factors (optimism, innovativeness, discomfort, and insecurity) on TAM components (perceived usefulness and perceived ease of use) in influencing the intention to use BSI Mobile. This research adopts a quantitative method with a survey approach involving 120 respondents selected through convenience sampling. Data were analyzed using SmartPLS.

The findings reveal that seven hypotheses were accepted: the influence of innovativeness, discomfort, and insecurity on perceived ease of use; the influence of perceived ease of use on perceived usefulness and intention to use; and the influence of perceived usefulness on intention to use. However, hypotheses concerning the effect of optimism on perceived ease of use, as well as innovativeness, discomfort, and insecurity on perceived usefulness, were rejected. These findings provide valuable insights for the development of BSI Mobile services to enhance customers' perceptions of usefulness and ease of use, thereby increasing the application's appeal.

PEMETAAN PERKEMBANGAN RISET ISLAMIC FINTECH: ANALISIS BIBLIOMETRIK DAN SYSTEMATIC LITERATURE REVIEW TAHUN 2018–2025

Muhammad Zainudin — 2026-06-16

Perkembangan Islamic fintech dalam tujuh tahun terakhir menunjukkan peningkatan signifikan baik dari sisi jumlah publikasi, cakupan tema, maupun integrasi teknologi dalam ekosistem keuangan syariah global. Penelitian ini bertujuan untuk memetakan tren, tema, dan arah perkembangan riset Islamic fintech melalui metode Systematic Literature Review (SLR) terhadap publikasi ilmiah bereputasi dan terindeks Scopus selama periode 2018–2025. Analisis dilakukan untuk mengidentifikasi pola publikasi, penulis dan negara paling berpengaruh, klaster topik penelitian, serta kebaruan tema yang berkembang. Hasil penelitian menunjukkan bahwa publikasi mengenai Islamic fintech mengalami lonjakan konsisten, dengan Indonesia, Malaysia, dan kawasan Timur Tengah sebagai kontributor utama. Pemetaan bibliometrik mengungkap empat klaster tematik besar, yaitu (1) adopsi dan inovasi teknologi, (2) inklusi keuangan dan dampak sosial-ekonomi, (3) digitalisasi instrumen keuangan sosial Islam seperti zakat, wakaf, dan crowdfunding, serta (4) tantangan regulasi dan Shariah governance. Analisis kebaruan menunjukkan pergeseran fokus dari kajian konseptual ke arah teknologi mutakhir seperti blockchain, cryptocurrency, artificial intelligence, dan tata kelola syariah digital. Temuan ini menegaskan bahwa Islamic fintech bukan hanya instrumen digital keuangan syariah, tetapi juga pilar strategis untuk memperkuat inklusi keuangan, meningkatkan efisiensi sistem, serta mendorong transformasi digital yang berkelanjutan dalam industri keuangan Islam. Penelitian ini memberikan kontribusi berupa pemetaan komprehensif landscape riset Islamic fintech dan rekomendasi arah penelitian di masa depan, meskipun dibatasi oleh penggunaan satu basis data Scopus.

DIRECTION OF ISLAMIC FINANCE DEVELOPMENT: CHALLENGES AND OPPORTUNITIES IN BANKING

Bahri Sabil — 2026-06-16

This research aims to analyze the development of Islamic finance during the period 2020–2025 through a bibliometric approach using the OpenAlex database. An initial total of 1,189 documents were selected using the Preferred Reporting Items for Systematic Reviews and Meta-Analyses (PRISMA) method, yielding 556 articles that met the inclusion criteria. The analysis results show a significant increase in publications concerning Islamic finance, Sharia banking, and Sharia fintech, particularly in 2022 and 2024.

Dominant topics include the synergy of Islamic financial institutions, financial technology innovation, financial literacy, and Sharia governance. The co-occurrence network map reveals that the development of Islamic finance is rooted in the interaction between finance, technology, governance, and consumer behavior. Indonesia emerges as a global research hub with major contributions from Islamic higher education institutions. These findings confirm that the integration of digital innovation, Sharia regulation, and public literacy is key to strengthening an inclusive and sustainable Islamic financial ecosystem.

DETERMINANTS OF ISLAMIC BANKING FINANCIAL PERFORMANCE: THE ROLE OF ASSETS AND INTERMEDIATION IN PALESTINE

Ahmad Aufal Marom — 2026-06-19

The Islamic banking sector in Palestine faces complex challenges due to the prolonged conflict, which has significantly impacted the stability of the domestic economy and financial system. Despite extreme geopolitical pressure, Islamic banks in the region have demonstrated robust operational resilience and stability through robust asset management and optimization of their intermediation function based on Islamic Sharia principles. This study analyzes the influence of total assets, total investment, and total financing on the financial performance (income) of Palestinian Islamic Banks during the 2015–2024 period. Using a quantitative approach with multiple linear regression (OLS) based on 120 monthly observations, this study estimates two test models: a baseline model and a model with control variables (deposits and stock prices). The partial analysis results indicate that total assets and total financing have a positive and significant influence on financial performance in both models, confirming their role as risk absorbers and primary sources of bank income in conflict zones. Meanwhile, total investment has a significant influence in the opposite direction, namely negative in the baseline model due to short-term volatility and becoming positive after the inclusion of control variables. Simultaneously, these three main variables significantly influenced financial performance, with an R-squared value of 32.52% in the baseline model, which then increased to 61.76% in the control model. In conclusion, asset size, investment effectiveness, and financing quality are the main foundational pillars determining the resilience and continuity of Islamic banking operations amidst Palestinian geopolitics.

COASTAL INLAND COMMUNITY KNOWLEDGE ABOUT ISLAMIC BANKING PRODUCTS (CASE STUDY OF REMBAYAN VILLAGE, WEST KUTAI REGENCY)

Nur Shidik — 2026-06-19

The development of Islamic banking in Indonesia shows positive growth, but public literacy and understanding of Islamic banking products remains relatively low, particularly in rural and remote areas. This study aims to analyze the level of public knowledge of Islamic banking products in Rembayan Village, Mook Manaar Bulatn District, West Kutai Regency, and identify influencing factors. The study employed a qualitative descriptive approach, with data collection techniques including in-depth interviews, non-participant observation, and documentation. Nine informants were selected using a purposive sampling technique. Data analysis was conducted using the Miles and Huberman model, which includes data reduction, data presentation, and conclusion drawing. The results indicate that public knowledge of Islamic banking products is still at the "know" stage, meaning they are only familiar with the term "Islamic banking" and the concept of being free from interest (riba) without a thorough understanding of the product types, mechanisms, and benefits. Factors influencing public knowledge include education level, experience, access to information, economic conditions, and social environment. The dominant factors contributing to this low level of public knowledge are limited access to information and minimal experience interacting with Islamic financial institutions. Supporting factors include strong religious values in the community, high interest in Islamic banking, and close social ties. Meanwhile, inhibiting factors include limited socialization of Islamic banking institutions, low levels of education, limited physical and digital infrastructure, and the lack of Islamic bank offices in the research area. This study concludes that although public awareness of Islamic banking products remains low, there is significant potential to increase Islamic financial literacy and inclusion through ongoing educational programs, expanded service access, improved digital infrastructure, and strengthened community-based outreach activities.