Global Review of Islamic Economics and Business

Antecedent of Revisit Intention for Halal Destinations

Susi Handayani — 2025-10-21

The importance of religiosity in halal tourism is the reason for this study. Religiosity is expected to influence and strengthen tourists' intention to return to halal destinations. The purpose of this study is to analyze the moderating role of religiosity in the influence of Electronic-Word of Mouth and Theory of Planned Behavior on revisit intention. Using the Purposive Sampling method, researchers obtained valid data from 201 respondents. The collected quantitative data was processed with the help of SmartPLS, to test the direct and moderation relationships between the research variables. The results of the study show that E-WOM influences revisit intention, and religiosity influences revisit intention. The results of this study can be utilized by halal destination managers, so that they can monitor reviews in E-WOM that influence revisit intention

Examining Students' Perceptions and Expectations of Islamic Economics in Addressing Social Inequality

Kuncoro Hadi — 2025-10-24

This study examines how university students in Jakarta perceive and expect Islamic economics to address social inequality. Integrating Social Cognitive Theory (SCT) and Expectation-Confirmation Theory (ECT), it proposes a cognitive-affective-conative framework linking students’ understanding, perception, and expectation. A survey involving 522 students was analyzed using PLS-SEM. Results confirm that understanding significantly influences perception (β = 0.403) and expectation (β = 0.185), with perception also mediating the relationship (β = 0.189). Students largely view Islamic economics as fair and effective, especially instruments like zakat and Islamic microfinance. However, gaps exist between expectations and implementation, driven by limited public understanding, inadequate regulation, and digital infrastructure challenges. This research contributes to theoretical integration of SCT–ECT in Islamic economics and provides actionable insights for policymakers and educators to strengthen financial literacy, reform regulations, and enhance technological access. The findings support a dual approach: conceptual literacy and perceptual alignment are both essential to realize the role of Islamic finance in promoting equity.

Circular Economy and Maqasid al-Shari’ah: A Conceptual Framework for Islamic Economic Reform

M. Yazid Afandi — 2025-11-08

The global environmental crisis, natural resource degradation, and growing economic inequality have intensified the demand for a development paradigm that is not only economically efficient but also socially and ecologically equitable. The circular economy has emerged as an alternative framework that emphasizes sustainable product life cycles, waste reduction, and resource optimization. From an Islamic perspective, this concept aligns significantly with the maqāṣid al-sharī‘ah—the overarching objectives of Islamic law aimed at preserving religion, life, intellect, progeny, and wealth. This article seeks to identify and analyze the relationship between the principles of the circular economy and the five dimensions of maqāṣid al-sharī‘ah. Employing a qualitative content analysis (QCA) approach, this study demonstrates that the principles of reuse, recycling, and remanufacturing within the circular economy correspond closely with efforts to safeguard the values of human life (faith and human rights—ḥifẓ al-dīn and ḥifẓ al-nafs), ensure human safety and intellectual integrity (ḥifẓ al-nafs and ḥifẓ al-‘aql), preserve societal continuity (ḥifẓ al-nasl), and protect both physical environments and material wealth (ḥifẓ al-māl and ḥifẓ al-bī’ah). Accordingly, the circular economy may be adopted as a model of development that is not only environmentally friendly but also deeply aligned with the holistic ethical values of Islam. This study contributes to the discourse on contemporary Islamic economics by offering a normative and practical framework that is responsive to current global challenges.

Governance and Tax Strategies: The Role of Firm Size in Affecting Tax Aggressiveness among Sharia-Listed Firms

Juli Ratnawati — 2025-11-10

This study investigates how corporate governance mechanisms influence tax aggressiveness in sharia-compliant firms listed on the Jakarta Islamic Index (JII), while examining the moderating role of firm size. Using a census sampling approach covering all JII-listed companies from 2022 to 2024, the research analyzes 90 firm-year observations. Multiple regression and moderated regression analyses test the direct and interaction effects of institutional ownership, independent commissioners, and audit committees on tax aggressiveness. The findings reveal that while institutional ownership does not significantly affect tax aggressiveness, the presence of independent commissioners and effective audit committees significantly reduces it. Firm size does not moderate these relationships, indicating that robust governance practices remain essential regardless of organizational scale. Importantly, this study integrates Islamic ethical principles such as justice (ʿadl), trustworthiness (amanah), accountability (hisbah), and the pursuit of public welfare (maslahah) to highlight the ethical dimensions of tax compliance in sharia-compliant firms. The results underscore the need for governance frameworks that not only meet regulatory requirements but also align with Islamic moral obligations, promoting transparency, fairness, and responsible corporate behavior.

The Moderating Role of Profitability in The Relationship Liquidity and Leverage on Financial Distress in Islamic Banking

Nur Kholis — 2025-11-10

The purpose of this study is to examine the role of profitability in moderating the relationship between liquidity and leverage on financial distress in Islamic banking. This study uses a quantitative descriptive approach, and the panel data analysis method is implemented using E-views 12. The sample Islamic banking companies listed on The Financial Services Authority (OJK) for a period of four years, namely the 2021-2024 period. The sampling technique employs purposive sampling to collect company data that matches the specified criteria. The results showed that the liquidity ratio does not have a significant effect on financial distress, while leverage has a significant effect on financial distress. Profitability is unable to moderate the relationship between the liquidity ratio and financial distress, but profitability is able to moderate the relationship between leverage and financial distress. The implications of this study help to understand the development and performance of the companies studied and can be used as input and consideration for companies in taking steps to prevent bankruptcy.