SUKUK: INTERNATIONAL JOURNAL OF BANKING, FINANCE, MANAGEMENT AND BUSINESS
Editor in Chief : Muhammad Syauqi Armia Publisher : SUKUK Journal ISSN : Sukuk ISSN 2978-316X (British Library) Frequency : January, May, and September The SUKUK: International Journal of Banking, Finance, Management, and Business is supported by a dedicated team of Managing Editors who play a crucial role in overseeing the journal's editorial processes. Their responsibilities include coordinating manuscript submissions, managing the peer-review process, and ensuring effective communication between authors, reviewers, and the editorial board. This team is instrumental in maintaining the journal's commitment to academic excellence and timely publication. The SUKUK Journal is devoted to publishing high-quality research in the fields of banking, finance, management, and business, with a strong focus on Islamic finance and sukuk instruments. The SUKUK Journal promotes theoretical and empirical studies that enhance understanding of Islamic financial systems, sustainability, risk management, ethical investing, and governance practices. The Managing Editors are tasked with ensuring that submitted manuscripts align with these thematic priorities, advancing scholarly contributions in areas that address contemporary challenges and innovations in Islamic finance (see aims and scope & ethics and malpractice). SUKUK is an international and double-blind peer reviewed journal which welcomes high quality, theoretically informed articles on a wide range of areas related to banking, finance, management, business and economic studies. This journal has been published collectively by PETITA Organisation and Shafaz Capital. Benefits to authors: We also offer many author benefits, such as free PDFs, a liberal copyright policy, and much more (see: Fees). Please see our guide for authors for information on Author Guideline. If you require any further information or help, please visit our Support Contact.
SUKUK: International Journal of Banking, Finance, Management and Business
Integrating Business Discourse into English Language Teaching: A Theoretical Exploration
This study explores the theoretical foundations of integrating business discourse into English Language Teaching (ELT), with a particular focus on how authentic business communication practices can enrich linguistic competence, foster professional readiness, and bridge the gap between academic English instruction and the communicative demands of global business environments. Given that English has become the dominant language of international business, the urgency of this study lies in the need for ELT to adapt its frameworks to better prepare learners for workplace realities and cross-cultural professional interactions. The scope of the study is primarily conceptual, as it develops theoretical insights into how business discourse can be systematically incorporated into ELT curricula. While it highlights pedagogical models and curriculum design implications, it does not evaluate empirical classroom applications or measure learner outcomes, thereby positioning its contribution as a theoretical exploration rather than a practical implementation. Central questions guiding the discussion include how business discourse can be systematically embedded into ELT and what theoretical models best support the fusion of linguistic and professional competencies. Methodologically, the research employs a qualitative and theoretical approach, drawing on literature from applied linguistics, business communication, and pedagogy. Through synthesis and discourse analysis, the study constructs a conceptual model for embedding business discourse into ELT and highlights potential pedagogical strategies for curriculum development. The findings suggest that incorporating business discourse into ELT enhances communicative competence, professional readiness, and cross-cultural adaptability, thereby positioning learners to succeed in increasingly globalised professional contexts. Looking ahead, the study identifies the need for future research to empirically test the integration of business discourse into ELT classrooms. This includes investigating learner outcomes, assessing the effectiveness of curriculum design, and exploring the role of digital platforms and tools in supporting business-oriented language learning.
Copyright (c) 2025 SUKUK: INTERNATIONAL JOURNAL OF BANKING, FINANCE, MANAGEMENT AND BUSINESS
Banking Acquisition and its Implications for Global Financial Sector
This study explores the dynamics of banking acquisitions and their implications for the global financial sector, focusing on how mergers and acquisitions (M&A) reshape competitive landscapes, influence financial stability, and alter governance practices. It further examines the role of acquisitions in promoting cross-border integration and expanding international capital flows. Amid heightened financial globalisation and recurring crises, understanding the systemic impact of banking acquisitions has become increasingly urgent for regulators, policymakers, and institutions striving to ensure stability and resilience in an interconnected global ecosystem. The scope of this research is primarily centred on the macroeconomic, regulatory, and governance implications of banking acquisitions. It does not provide firm-level case studies or detailed microeconomic modelling of operational efficiency, shareholder value, or customer outcomes, thereby limiting its focus to systemic and institutional dimensions. Key questions addressed in the study include how banking acquisitions influence global financial stability and sectoral resilience, and what governance and regulatory challenges arise from large-scale cross-border acquisitions. Methodologically, the research employs a qualitative approach that combines policy analysis, literature review, and comparative case studies of major international banking acquisitions. Drawing on institutional reports, global financial stability assessments, and regulatory frameworks, the study assesses the systemic implications of acquisitions in shaping the global financial architecture. The findings suggest that banking acquisitions play a transformative role in the financial sector by enhancing integration and growth opportunities, but they simultaneously introduce governance complexities and systemic risks that demand robust regulatory oversight. Looking ahead, future research should explore fintech-driven acquisitions, assess their impact on regulatory harmonisation, and provide empirical evidence on how consolidation influences systemic risk and the transmission of financial crises.
Currency Swap Agreements as Instruments of Regional Financial Governance: Evidence from Southeast Asia
This study examines the role of currency swap agreements as instruments of regional financial governance in Southeast Asia, focusing on how these arrangements strengthen liquidity support, promote monetary cooperation, and reduce reliance on external financial institutions. By analysing bilateral and multilateral swap mechanisms, particularly within ASEAN+3 frameworks, the research highlights their contribution to enhancing regional resilience and economic stability in an increasingly volatile global financial environment. The urgency of this issue lies in the recurring external shocks and global uncertainties that expose the vulnerabilities of Southeast Asian economies, underscoring the need for robust regional mechanisms that ensure financial self-reliance. While the study provides valuable insights into the institutional design, governance frameworks, and policy implications of swap agreements, it does not assess their operational efficiency in detail or offer quantitative modelling of exchange rate stability. The key questions guiding this research include how currency swaps contribute to regional financial governance and what geopolitical and economic implications arise from expanding such agreements within Southeast Asia. Using a qualitative and comparative approach, the study draws on policy analysis, institutional reports, and scholarly literature to evaluate the evolution and impact of key swap initiatives. The findings suggest that currency swaps serve as pivotal instruments for enhancing Southeast Asia’s financial resilience, but their success ultimately depends on strong governance, effective policy coordination, and sustained political commitment from member states. The study concludes by suggesting that future research should focus on quantifying the impact of swap agreements on currency volatility, exploring the integration of digital financial frameworks, and examining ASEAN’s evolving role within broader global financial governance networks.
Reconceptualising Fiscal Policy for Sustainable Mobility: The Role of Government Incentives in Eco-Friendly Vehicle Adoption
This study investigates the role of government fiscal incentives in promoting the adoption of eco-friendly vehicles, exploring how targeted subsidies, tax rebates, and regulatory measures can drive sustainable mobility while reducing environmental impact and supporting national climate goals. Amid escalating climate change concerns and urban congestion, governments face urgent pressure to design effective fiscal policies that accelerate eco-friendly vehicle adoption and reduce carbon emissions. The study focuses primarily on fiscal incentives and policy mechanisms influencing consumer adoption of eco-friendly vehicles, without delving into vehicle manufacturing technologies, private sector innovation strategies, or detailed international policy comparisons in depth. Key questions guiding this research include how government fiscal incentives can accelerate eco-friendly vehicle adoption and what economic and behavioural challenges are associated with these measures. Employing a qualitative approach and exploratory study, the research combines literature review, policy and fiscal frameworks analysis to determine how incentives can effectively promote sustainable transportation choices. Findings suggest that strategically designed fiscal incentives can significantly increase eco-friendly vehicle adoption, although their effectiveness depends on clear policy design, market awareness, and consumer responsiveness. Future research may explore long-term behavioural impacts, integration with public transportation policies, and the role of emerging technologies in supporting sustainable mobility.
The Role of BRICS Cooperation: A Study on Economics and Geopolitical Impact of Indonesian Membership
This study examines Indonesia’s membership in BRICS, focusing on its economic and geopolitical implications. It explores how cooperation within the BRICS framework can enhance trade, investment, and strategic partnerships, while positioning Indonesia as a key player in regional and global economic governance. With shifting global power dynamics and growing interest in emerging market alliances, understanding Indonesia’s role in BRICS is critical for shaping its economic strategy and geopolitical influence. The study primarily analyses macroeconomic indicators, trade flows, and policy frameworks related to Indonesia’s BRICS engagement, though it does not provide in-depth sectoral case studies or evaluate domestic political implications in detail. Key research questions addressed include how does Indonesia’s BRICS membership affect its trade and investment opportunities? What are the geopolitical benefits and challenges associated with this alliance? Using a qualitative and policy-analytical approach, the study draws on trade data, economic reports, and geopolitical literature. Comparative analysis with other BRICS member states evaluates Indonesia’s strategic positioning and the potential economic and diplomatic outcomes of its engagement. The findings suggest that BRICS membership offers Indonesia significant opportunities for trade expansion, investment inflows, and enhanced geopolitical influence, contingent on effective strategic and diplomatic engagement. Future research may examine sector-specific impacts, regional integration strategies, and Indonesia’s role in shaping BRICS policy frameworks to maximise economic and political benefits.
Digital Payment Shifting in Micro and Small Business: Economic Opportunities and Market Impacts
This study investigates the ongoing shift toward digital payment systems among micro and small businesses (MSBs), focusing on its implications for economic growth and market transformation. As MSBs increasingly adopt digital tools for transactions, the research explores how this trend enhances operational efficiency, broadens customer engagement, and fosters integration into formal financial systems. The urgency of this research stems from the broader national and global push toward digitalisation and inclusive finance. With digital payments playing a central role in financial access and market transparency, understanding their adoption among MSBs is vital to unlocking grassroots economic potential and reducing dependency on informal cash-based systems. Focusing specifically on micro and small enterprises operating in urban and peri-urban areas of Indonesia, the study does not include medium or large businesses, nor does it provide a technical assessment of platform infrastructure. Instead, it seeks to answer two key questions: How does the adoption of digital payments influence the growth and competitiveness of micro and small businesses? And what are the wider market-level effects of digital payment integration among this segment? Employing a qualitative methodology through secondary data set, the research draws from in-depth literature review, transaction data analysis, and reports analysis of fintech service providers. It examines behavioural trends, economic outcomes, and enabling factors such as digital literacy, infrastructure access, and regulatory context. The findings reveal that digital payment adoption can increase revenue, strengthen customer trust, and improve financial accessibility. However, successful integration is contingent on affordability, user confidence, and supportive policy environments. The study concludes by recommending enhanced financial education and targeted support mechanisms to accelerate adoption among underserved groups. Future research should explore the role of gender, rural MSB participation, and long-term sustainability of digital financial behaviour in supporting innovation within the microbusiness sector
A Deeper Look into the Indonesian Government's Fiscal Strategies on SMEs
This study examines the Indonesian government's fiscal strategies aimed at strengthening the small and medium-sized enterprises (SMEs) sector. It focuses on how targeted taxation policies, subsidies, and stimulus packages support SME growth, resilience, and integration into national economic development agendas. In the post-pandemic recovery period, SMEs play a crucial role in economic revitalisation. Understanding fiscal interventions is vital to enhance their sustainability, competitiveness, and contribution to inclusive growth in Indonesia. This study concentrates on fiscal tools such as tax relief, credit guarantees, and grants within Indonesia. It does not evaluate monetary policies, informal sector dynamics, or the performance of individual SME sectors. It addresses two central research questions: How do fiscal strategies impact the growth and resilience of Indonesian SMEs? And what are the main challenges in implementing effective fiscal support for this sector? A qualitative research methodology is employed, incorporating policy reviews, stakeholder interviews, and the analysis of government reports. By examining fiscal planning, budget allocations, and implementation outcomes, the study evaluates the coherence of Indonesia’s fiscal approach and its real-world effects across both national and regional levels. Findings suggest that while fiscal strategies have had a positive impact on SME development, several persistent obstacles—such as bureaucratic inefficiencies, unequal access to support, and weak coordination at the local level—undermine their full potential. The study concludes by recommending more inclusive policy mechanisms, simplified administrative procedures, and improved intergovernmental coordination. Future research should explore how fiscal decentralisation affects SME support and examines the gender and sector-specific dimensions of fiscal interventions.
Digital Financial Evolution in Oman: Central Bank Roadmap and Its Implications for the Financial Sector
This study investigates the strategic evolution of digital finance in Oman by critically analysing the Central Bank’s digital transformation roadmap. It focuses on how regulatory frameworks, technological innovation, and institutional readiness are converging to reshape the country’s financial sector amidst the growing pressures of a rapidly digitising global economy. As fintech disruption accelerates across the world, Oman’s financial system faces a pivotal moment—making it essential to examine how the Central Bank's vision aligns with practical implementation to ensure resilience and innovation. The scope of this study is limited to the national financial system, particularly commercial banking and digital payment systems under the Central Bank’s oversight. It does not extend to fintech startups operating outside this regulatory framework or to non-financial sectors influenced by digitalisation. The research seeks to answer two primary questions: How is the Central Bank’s roadmap driving digital transformation in Oman’s financial sector? And what are the regulatory and operational implications of this shift? Methodologically, the study adopts a qualitative approach, drawing from policy documents, stakeholder interviews, and institutional reports. It assesses the structural initiatives and legal frameworks that underpin the digital finance agenda, as well as the technological infrastructure enabling its rollout. The findings suggest that the roadmap contributes to enhanced digital resilience and financial innovation, but its success hinges on regulatory flexibility, institutional capacity, and widespread digital literacy across the sector. In conclusion, the study recommends targeted policy reforms and investment in digital infrastructure, alongside coordinated industry training to bridge capacity gaps. Future research should explore the broader social implications of digital finance in Oman, particularly in areas such as financial inclusion, consumer protection, and cybersecurity for underserved populations
Regulating Morality and Markets: A Critical Study of Fatwa Issuance Mechanisms in Islamic Economic Practice
This study critically examines the role of fatwa issuance in shaping the moral and regulatory frameworks within Islamic economic practices. It explores how religious authority, particularly through formal fatwa institutions, intersects with market governance, influencing the ethical conduct and operational standards of Islamic financial systems. As Islamic finance experiences global expansion, mechanisms of fatwa issuance are increasingly scrutinised for their transparency, consistency, and ability to adapt to the complexities of modern economies and diverse institutional landscapes. Focusing on selected Muslim-majority countries and transnational contexts, the research investigates the institutional frameworks and administrative processes involved in fatwa issuance. It deliberately avoids theological debate, concentrating instead on the procedural and economic dimensions of religious rulings in financial markets. The study addresses two primary questions: How do fatwa issuance mechanisms influence the governance of Islamic economic practices? And what are the regulatory implications and challenges of institutionalising religious authority in financial markets? Employing a qualitative methodology, the research draws from document analysis, expert interviews, and comparative case studies. It evaluates procedural transparency, structural diversity, and legal pluralism to understand how different jurisdictions balance religious authority with financial regulation. The findings suggest that while fatwa mechanisms help shape market norms and build investor confidence, they often struggle with issues such as institutional fragmentation, lack of standardisation, and limited responsiveness to dynamic economic conditions. The study concludes by recommending more coherent institutional design, improved cross-jurisdictional coordination, and greater procedural transparency. Future research should explore the digitalisation of fatwa processes and its implications for transnational governance in Islamic finance, particularly in enhancing consistency and regulatory alignment across borders
Unveiling the Economic Potential of Islamic Finance in the Philippines: Opportunities and Regulatory Challenges
This study explores the economic potential of Islamic finance in the Philippines, highlighting its promise as an inclusive and ethical financial model. With a significant Muslim population and rising interest in Sharia-compliant financial instruments, the Philippines presents a fertile landscape for the development of Islamic finance. The research is grounded in the urgency of aligning with global movements toward ethical and inclusive finance, particularly in light of the financial exclusion faced by many Muslim communities in the country. Focusing on legal, institutional, and market-based dimensions, the study examines how Islamic finance can be effectively integrated into the Philippine financial system. It addresses two central research questions: How can Islamic finance be integrated into the national financial architecture? And what are the primary regulatory challenges and economic opportunities that shape its implementation? Employing a qualitative methodology, the study draws upon policy analysis, comparative case studies, and literature review to assess institutional readiness and stakeholder engagement. It benchmarks developments in the Philippines against regional and global standards, identifying strategic pathways for growth. The findings suggest that Islamic finance has considerable potential to enhance financial inclusion and stimulate ethical investment, particularly in underserved regions. However, achieving this potential will require significant regulatory reform, capacity-building, and greater public awareness. The study concludes with recommendations for strengthening institutional frameworks, fostering multi-stakeholder collaboration, and investing in education to ensure the long-term viability of Islamic finance in the country. Future research should further investigate the integration of fintech solutions, public awareness campaigns, and harmonisation of Sharia standards to broaden access and improve confidence in Islamic financial services.
How to Ascertain the Shariah Compliance on the Islamic Financial Product? A Study on Green Sukuk
Amid growing global concerns about sustainability, Islamic finance is emerging as a pivotal player in addressing environmental challenges through Shariah-compliant financial products. Green Sukuk, an innovative Islamic financial instrument, blends ethical investment principles with the urgent need to fund environmentally friendly projects. This article studies the mechanisms to ascertain Shariah compliance in Green Sukuk, exploring their alignment with Islamic jurisprudence and sustainability goals. The research addresses two critical questions: (1) What are the key frameworks and criteria for ensuring Shariah compliance in Green Sukuk? (2) How does adherence to Shariah principles influence investor trust and market acceptance of Green Sukuk? Employing a qualitative methodology through in-depth literature review analyses, the study synthesises insights from case studies, regulatory frameworks, and academic discussions. Findings reveal that Green Sukuk’s success depends on stringent compliance with Islamic principles such as riba (interest) prohibition, gharar (uncertainty) reduction, and ethical investment mandates. Moreover, robust governance structures and stakeholder transparency significantly enhance their credibility and appeal. The study highlights challenges such as the absence of global standardisation for green projects, regulatory discrepancies, and limited data on performance benchmarks. The article advocates for the integration of advanced technologies, like blockchain, to ensure compliance and improve transparency. It also underscores the importance of international collaborations to standardise criteria and promote broader adoption. By providing actionable insights, this research contributes to the evolving discourse on Islamic finance, offering a roadmap to align Shariah principles with global sustainability objectives.
Cooperative Insurance in Times of Crisis: A Sustainable Model for Post-Disaster Economic Resilience
In times of crisis, ensuring economic resilience and community stability is paramount, particularly in regions vulnerable to natural disasters. Cooperative insurance, rooted in mutual assistance and shared risk, has emerged as a sustainable model for post-disaster economic recovery. This article studies the potential of cooperative insurance systems to address the gaps left by conventional insurance during crises, focusing on two key research questions: (1) How does cooperative insurance enhance economic resilience in post-disaster recovery? (2) What are the operational challenges and opportunities for scaling cooperative insurance models globally? Using a qualitative methodology, the research employs in-depth literature review analyses of case studies, policy frameworks, and existing cooperative insurance models. The findings highlight that cooperative insurance fosters financial inclusion, encourages community participation, and offers tailored solutions to meet local needs, making it particularly effective in disaster-prone areas. However, operational scalability, regulatory support, and stakeholder engagement remain critical barriers to widespread adoption. By synthesising insights from diverse geographies and socio-economic contexts, this study underscores the importance of policy interventions and cross-sector partnerships in strengthening cooperative insurance frameworks. Recommendations include integrating digital innovations such as blockchain for enhanced transparency, fostering community awareness programmes, and aligning cooperative insurance with broader disaster management strategies. This article contributes actionable insights for policymakers, insurers, and community leaders, advocating for a collaborative approach to build a resilient, inclusive, and sustainable financial safety net.
The Shift to an Interest-Free Economy: Pakistan’s Journey Toward a Fully Islamic Banking System
The transition to an interest-free economy represents a critical economic transformation, reflecting the intersection of Islamic principles and contemporary financial practices. This article studies Pakistan’s pioneering journey toward establishing a fully Islamic banking system, exploring its strategies, challenges, and opportunities. The research addresses two pivotal questions: (1) What policy frameworks and institutional reforms have facilitated the shift to an interest-free banking system in Pakistan? (2) What are the socio-economic implications of this transformation on the financial ecosystem and public trust? Employing a qualitative methodology through in-depth literature review analyses, the study synthesises findings from policy reports, scholarly articles, and regulatory data to evaluate Pakistan’s progress and lessons learned in this ambitious endeavour. The analysis reveals that robust regulatory frameworks, public-private collaboration, and Shariah-compliant financial innovations have significantly advanced the transition. However, critical challenges persist, including ensuring financial inclusion, overcoming operational inefficiencies, and addressing public scepticism. Furthermore, the article examines the role of Islamic banking in enhancing economic equity, reducing financial disparities, and aligning financial practices with ethical principles rooted in Shariah law. Findings emphasise that while Pakistan’s progress offers a blueprint for other economies aspiring to adopt Islamic financial models, sustained commitment to education, technological adaptation, and regulatory coherence is imperative. Recommendations include leveraging fintech solutions for Shariah-compliant services, fostering international collaborations to harmonise standards, and engaging communities to build trust and participation. By aligning modern financial systems with Islamic values, Pakistan’s journey underscores the broader relevance of ethical finance in fostering sustainable and inclusive economic growth.
Farmers’ Protests in Europe: Economic Disruptions and Agricultural Sector Challenges
Farmers’ protests across Europe have emerged as a significant socio-economic phenomenon, raising questions about the sustainability and resilience of the agricultural sector amidst evolving economic and environmental policies. This article studies the economic disruptions and sectoral challenges linked to these protests, focusing on two critical research questions: (1) How do policy changes, such as environmental regulations and subsidy reforms, impact the economic stability of farmers? (2) What are the broader implications of these disruptions for food security and rural livelihoods? Employing a qualitative methodology through in-depth literature review analyses, this research synthesises findings from policy reports, academic studies, and industry publications to uncover the root causes and consequences of the protests. It examines the intersection of economic pressures, regulatory frameworks, and environmental challenges, shedding light on the tensions between sustainability goals and agricultural viability. Findings highlight the adverse effects of policy shifts, including rising production costs, reduced competitiveness, and socio-economic strain on farming communities. Additionally, the study identifies opportunities for adaptive strategies that balance environmental objectives with economic resilience. By addressing these complex dynamics, the article contributes actionable insights for policymakers, industry leaders, and stakeholders striving to foster a sustainable and equitable agricultural future. This research underscores the urgency of reconciling farmers’ economic realities with broader sustainability agendas, offering a framework for collaborative and inclusive agricultural governance.
Climate Governance in the Financial Industries: Strategies for Sustainable Growth
Climate change poses one of the most pressing challenges for modern financial industries, reshaping strategies and redefining growth paradigms in a rapidly evolving global economy. This article studies the role of climate governance as a transformative mechanism for steering the financial sector toward sustainable development. By examining the intersection of regulatory frameworks, market-based incentives, and organisational strategies, the research evaluates how financial institutions are addressing climate risks and capitalising on green opportunities. Utilising a qualitative methodology, the study synthesises insights from case studies, policy analyses, and literature reviews to identify best practices in aligning financial operations with environmental, social, and governance (ESG) principles. It explores critical questions, including: How can financial institutions integrate climate governance into decision-making processes? What mechanisms can effectively balance profitability with environmental stewardship? Findings reveal that adopting climate-focused governance not only mitigates environmental risks but also enhances stakeholder trust and long-term market resilience. The study also identifies key barriers, such as inconsistent regulations, data deficiencies, and resistance to organisational change, that hinder widespread implementation. Recommendations emphasise the need for robust international collaboration, investment in green technology, and transparent reporting standards to foster accountability. Additionally, the role of financial innovation, such as green bonds and climate-focused investment funds, is highlighted as a critical driver of sustainable growth. By aligning financial strategies with climate governance, this paper offers actionable insights for industry leaders, policymakers, and researchers, contributing to the advancement of a resilient and eco-conscious global financial ecosystem.
Shariah Compliance Management in P2P Financing: An Exploratory Study on Islamic FinTech
Shariah compliance in financial technology (fintech) is crucial for maintaining the trust of stakeholders and ensuring ethical financial practices. This article studies the intricacies of Shariah compliance management in peer-to-peer (P2P) financing within the burgeoning Islamic fintech sector. As P2P financing platforms grow in popularity, their alignment with Islamic principles such as Riba (usury) prohibition, Gharar (uncertainty) reduction, and the promotion of ethical financial practices becomes a focal point for ensuring legitimacy and market sustainability. Utilising a qualitative methodology and in-depth literature review approach to identify best practices in ensuring compliance while balancing innovation and operational efficiency, this study explores how Islamic fintech platforms implement compliance mechanisms, engage with Shariah advisory boards, and leverage technology to ensure adherence to Islamic jurisprudence. Key findings reveal that while fintech platforms offer promising opportunities to broaden financial inclusion and empower underbanked communities, they face challenges such as regulatory fragmentation, the integration of Shariah principles with evolving technologies, and limited awareness among stakeholders. Recommendations emphasise the importance of robust governance structures, effective communication between Shariah boards and platform operators, and the adoption of advanced compliance technologies such as smart contracts and AI-driven monitoring systems. By aligning fintech operations with Islamic ethics, this study highlights how P2P platforms can foster trust, expand market reach, and contribute to the broader goals of ethical finance. This article provides actionable insights for policymakers, fintech innovators, and Islamic finance scholars to advance Shariah-compliant financial ecosystems.
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Navigating Economic Turmoil and Debt Crisis: A Study on Foreign Financing in Sri Lanka
Sri Lanka’s debt crisis has become a cautionary tale of economic vulnerability in the face of global financial uncertainty. This paper explores the intricate relationship between foreign financing and economic stability in Sri Lanka, shedding light on the role of international loans, aid, and investments in navigating the country’s economic turmoil. As the nation grapples with soaring debt levels, currency depreciation, and fiscal deficits, the study delves into the structural and policy-level factors that have exacerbated the crisis while assessing potential recovery pathways. Employing a qualitative methods approach, the research synthesises literature analyses, government policies, and the insights from the experts. It evaluates how reliance on external financing, coupled with weak domestic economic frameworks, has contributed to recurring fiscal imbalances. Key questions addressed include: How can Sri Lanka balance foreign financing with sustainable economic growth? What role do global financial institutions play in mitigating debt-related challenges? Findings reveal that while foreign financing provides short-term relief, the absence of robust governance mechanisms and long-term repayment strategies intensifies economic fragility. Policy recommendations emphasise the need for transparent debt management, diversification of funding sources, and strengthening economic resilience through structural reforms. The paper advocates for collaborative international efforts, including debt restructuring and targeted investments, to support sustainable recovery. By offering actionable insights, this study contributes to the broader discourse on economic crises, providing lessons for emerging economies striving to navigate the complexities of foreign financing and long-term debt sustainability.
The Role of Regional Banks in Supporting Socio-Economic Development: A Study on Regional-Owned Enterprise Banks in Indonesia
Regional banks play a pivotal role in bridging the gap between local economic needs and national development objectives, especially in diverse and resource-rich countries like Indonesia. This paper explores the integral function of Regional-Owned Enterprise Banks in driving socio-economic progress, particularly in underserved and rural areas. By aligning their financial services with regional development goals, these banks serve as catalysts for inclusive growth, fostering economic empowerment and social welfare at the grassroots level. The study examines key areas such as microfinance initiatives, SME lending, and public infrastructure financing, highlighting how these banks address critical local challenges, including limited financial access, unemployment, and regional inequality. Using a qualitative approach, the research explores in-depth literature and policy analyses to evaluate the impact of Regional-Owned Enterprise Banks on socio-economic development. Findings reveal that these Banks have effectively contributed to economic resilience by enabling credit flow to local enterprises, supporting community development programmes, and promoting financial literacy. However, challenges such as regulatory constraints, operational inefficiencies, and digital transformation gaps hinder their full potential. Policy recommendations emphasise the need for enhanced governance frameworks, strategic partnerships, and investment in technology to strengthen the capacity of regional banks. By fostering collaboration among stakeholders, these institutions can further align with national development priorities while maintaining their local focus. This paper provides actionable insights for policymakers, banking leaders, and development practitioners, advocating for a balanced approach that leverages regional banks as drivers of sustainable socio-economic development.
Post-Pandemic Global Tax Hikes: The Business Impact of Increasing Taxes in a Recovery Phase
The global economic recovery following the COVID-19 pandemic has brought tax policies to the forefront of policy debates, with governments exploring tax hikes to address fiscal deficits and rebuild economic resilience. This paper examines the multifaceted impacts of post-pandemic global tax increases on businesses during the recovery phase, shedding light on the delicate balance between fiscal sustainability and private sector growth. The study evaluates how corporate tax hikes, increased VAT rates, and new levies affect business operations, investment decisions, and long-term competitiveness across diverse sectors and regions. Using a qualitative framework, the research synthesises in-depth literature and policy analyses from key global markets to identify the implications of tax changes on revenue generation and market dynamics. Key questions addressed include: How do tax increases influence business resilience during a fragile recovery period? What strategies can businesses adopt to mitigate these impacts while maintaining compliance and growth? Findings reveal that while higher taxes provide governments with crucial revenue for recovery programmes, they also pose challenges for business profitability, job creation, and innovation. Policy recommendations emphasise the need for balanced tax structures that promote equitable distribution without stifling entrepreneurial activity. Businesses are urged to embrace adaptive strategies, such as leveraging tax incentives, optimising financial structures, and investing in technology to improve operational efficiency. By offering actionable insights, this paper contributes to the discourse on sustainable fiscal policies and their role in fostering a robust global economic recovery.
Islamic Cryptocurrency: A Shariah Principles' Perspective Study on Current Financial Development
The rise of cryptocurrency has redefined financial landscapes, but its compatibility with Islamic principles remains a topic of critical exploration. This paper examines the concept of Islamic cryptocurrency through the lens of Shariah principles, offering an analytical perspective on its alignment with ethical and financial standards rooted in Islamic jurisprudence. As decentralised finance gains global traction, the study investigates the viability of integrating cryptocurrencies into Islamic financial systems while ensuring adherence to key principles such as riba (usury), gharar (uncertainty), and maslahah (public benefit). Utilising a qualitative approach, this research evaluates the features of existing cryptocurrencies and their compliance with Shariah guidelines. By analysing case studies, regulatory frameworks, and financial innovations, the paper highlights the opportunities and challenges of adopting Islamic cryptocurrency in modern economies. Key areas of focus include transparency, asset backing, and ethical governance. The findings reveal that while certain cryptocurrencies offer potential for Shariah compliance, others require structural modifications to eliminate speculative elements and enhance accountability. The study concludes by proposing a framework for designing Shariah-compliant cryptocurrencies, emphasising the role of Islamic scholars, fintech innovators, and policymakers in fostering ethical financial ecosystems. Recommendations include adopting blockchain technology for greater transparency, establishing robust regulatory oversight, and promoting financial literacy to ensure widespread acceptance and accessibility. This paper contributes to the discourse on sustainable financial development, advocating for a balanced approach that respects Islamic values while embracing technological advancements.
Implementing Green Economy Concept in Rural Communities: An Exploratory Study on Indonesian Market
Environmental sustainability is becoming a pressing priority as rural communities worldwide seek pathways for economic resilience and growth. This paper studies the application of the green economy concept in Indonesian rural markets, exploring its potential to balance environmental preservation with socio-economic development. The research examines how resource-efficient practices, renewable energy adoption, and sustainable agricultural methods can transform rural livelihoods while addressing challenges like poverty and ecological degradation. Through an exploratory lens, the study evaluates case studies and policy frameworks to identify key strategies that have successfully integrated green economy principles into rural development. The analysis delves into community participation, the role of local governments, and public-private partnerships in promoting eco-friendly economic activities. Key questions include: How can rural communities leverage green initiatives for long-term prosperity? What barriers hinder the adoption of sustainable practices in under-resourced regions? Findings reveal that implementing the green economy in rural settings can generate economic opportunities, improve living standards, and mitigate environmental risks. However, limitations such as inadequate infrastructure, financial constraints, and low awareness remain critical obstacles. Policy recommendations focus on fostering local engagement, offering financial incentives, and strengthening capacity-building efforts to encourage widespread adoption. By highlighting actionable insights and strategies, this paper contributes to the discourse on sustainable development, offering a roadmap for policymakers, researchers, and community leaders to empower rural communities in Indonesia.
Digital Shariah Compliance Supervision on Stock Market: An Innovative Approach on Islamic Capital Market
Shariah compliance supervision not only ensures adherence to Islamic principles but also safeguards the credibility and ethical foundations of the Islamic capital market. This paper evaluates the transformative potential of digital technologies in enhancing Shariah compliance supervision within stock markets, offering an innovative framework for the Islamic capital market. The study explores how digital tools, including blockchain, artificial intelligence, and real-time data analytics, can streamline compliance processes, reduce monitoring costs, and improve transparency for stakeholders. By examining current practices and their limitations, the research highlights how these technologies address inefficiencies in traditional Shariah supervisory mechanisms. Employing qualitative methodologies, this paper synthesises insights from industry reports, case studies, and regulatory developments to assess the impact of digital Shariah compliance solutions on market growth, investor trust, and operational efficiency. Key questions explored include: How can digital supervision enhance compliance accuracy and timeliness? What challenges do Islamic financial institutions face in integrating these technologies? Findings reveal that digital Shariah supervision not only aligns Islamic capital markets with modern financial innovations but also reinforces investor confidence by ensuring ethical transparency and accountability. Policy recommendations include fostering collaboration between fintech providers, Shariah scholars, and regulators to develop unified standards and scalable solutions. This study underscores the necessity of aligning Islamic finance principles with digital innovation to maintain relevance and competitiveness in a rapidly evolving financial landscape. By addressing these critical dimensions, the paper contributes actionable insights for advancing the role of digital technologies in promoting a resilient and ethical Islamic capital market.
Economic Preparedness and Disaster Management: A study on Developing Adaptive Communities
Disasters strike unpredictably, yet their economic consequences and societal impact can be mitigated through strategic preparedness and adaptive community responses. This paper explores the intersection of economic resilience and disaster management, focusing on strategies to empower communities in navigating crises effectively. By examining case studies from regions prone to natural disasters and economic shocks, the study identifies critical frameworks that integrate resource optimisation, risk assessment, and collaborative governance. It highlights how community-driven initiatives, combined with robust financial planning and institutional support, can build adaptive capacities to withstand and recover from disruptions. Through a qualitative methodology, the research synthesises policy reviews, community engagement practices and literature review analyses, addressing key questions: How can economic preparedness enhance community resilience to disasters? What role do public-private partnerships and technology play in fostering adaptive solutions? Findings reveal that proactive economic planning, such as establishing emergency funds and developing diversified income streams, significantly reduces vulnerability. Additionally, the use of digital tools for early warning systems and resource allocation strengthens response efforts. However, barriers such as inadequate funding, limited coordination, and socio-economic disparities pose challenges to scalability. The study emphasises the importance of fostering collaboration among governments, businesses, and community stakeholders to create sustainable disaster management ecosystems. Recommendations include promoting financial literacy, integrating adaptive technologies, and tailoring policies to local contexts to enhance resilience. By aligning economic preparedness with community-led disaster management strategies, this paper contributes actionable insights for policymakers, researchers, and organisations working towards building resilient and adaptive societies.
The Performance of Hospitality Sector: An Empirical Studies on European Union (EU) Countries Post-Pandemic
The COVID-19 pandemic profoundly disrupted the global hospitality sector, leaving a lasting impact on its financial performance and operational resilience. This paper explores the post-pandemic recovery trajectories of the hospitality sector across European Union (EU) countries, focusing on the critical factors influencing financial stability and growth. By examining metrics such as revenue generation, operational efficiency, and market demand recovery, the study provides empirical insights into how hospitality businesses have adapted to the unprecedented challenges posed by the pandemic. Utilising a qualitative approach that synthesises case studies, policy and literature analyses, the study evaluates strategies employed by businesses to regain profitability. Key questions addressed include: How has the financial performance of the EU’s hospitality sector evolved post-pandemic? What role have government interventions, digital transformation, and consumer behaviour shifts played in shaping recovery outcomes? Findings reveal that while the sector has shown remarkable resilience through innovations such as contactless services and sustainable practices, disparities in recovery persist due to varying levels of government support, consumer confidence, and market conditions across EU nations. Recommendations underscore the importance of fostering public-private partnerships, investing in digital tools, and tailoring policies to bolster financial performance and long-term resilience. By aligning strategies with evolving consumer expectations and sustainability goals, the EU hospitality sector can navigate its path to sustainable growth. This paper contributes actionable insights for policymakers, business leaders, and stakeholders seeking to strengthen the sector's financial foundations in the post-pandemic landscape.
Banking During Lockdown and Its Implications for Financial Inclusion: A study on GCC Countries
The COVID-19 lockdowns profoundly reshaped the banking landscape, presenting unique challenges and opportunities for financial inclusion across the Gulf Cooperation Council (GCC) countries. As physical bank branches closed their doors, the region witnessed a surge in digital banking adoption, driven by the need to maintain financial accessibility and ensure economic continuity during unprecedented disruptions. This paper explores the transformative effects of the pandemic on the banking sector, focusing on its implications for financial inclusion in the GCC. It evaluates how digital banking innovations, regulatory adjustments, and public-private collaborations helped bridge financial access gaps while exposing existing vulnerabilities, such as limited digital literacy and uneven technological infrastructure. Through a qualitative approach that synthesises case studies, policy and literature analyses, the research delves into key questions: How did lockdowns accelerate digital banking adoption in the GCC? What measures can further enhance financial inclusion in the region? Findings reveal that while the lockdown catalysed the digital transformation of the banking sector, challenges such as technology accessibility for underbanked populations and cyber risks persist. Recommendations highlight the need for tailored financial literacy programs, enhanced digital infrastructure, and inclusive regulatory frameworks to ensure that all segments of society benefit from the digital banking revolution. This study contributes actionable insights for policymakers, financial institutions, and stakeholders aiming to advance financial inclusion in a post-pandemic world, positioning the GCC as a regional leader in equitable and innovative banking practices.