INNOVATIONS IN ISLAMIC FINANCE IN SOUTHEAST ASIA: AN IN-DEPTH REVIEW OF RECENT LITERATURE

Authors

  • Muhammad Syafri Universitas Negeri Makassar, Indonesia
  • Ahmad Rizani Universitas Palangka Raya, Indonesia
  • Abdul Wahab Syakhrani STAI Rasyidiyah Khalidiyah Amuntai, Kal-Sel, Indonesia
  • Eka Sutisna Universitas Islam Jakarta, Indonesia
  • Al- Amin Universitas Islam Negeri Sjech M. Djamil Djambek Bukittinggi, Indonesia

Keywords:

Islamic Finance, Southeast Asia, Innovations, Fintech, Sustainable Sukuk, Microfinance, Financial Inclusion, Digitalization, Economic Growth.

Abstract

This comprehensive literature review delves into Islamic finance in Southeast Asia, offering a meticulous examination of recent innovations within the industry. Southeast Asia, renowned for its vibrant Islamic finance sector, has witnessed groundbreaking developments that transcend conventional financial paradigms. The abstract embarks on a succinct journey through the review's key facets, encapsulating the essence of the extensive exploration. Against the backdrop of an ever-evolving financial landscape, this review navigates through the recent innovations that have reshaped the contours of Islamic finance. It delves into the burgeoning realm of Shariah-compliant fintech platforms, sustainable and green Sukuk, and innovative microfinance models that empower the underserved. Case studies of successful innovations from Indonesia and Malaysia exemplify the transformative potential of Islamic finance in driving financial inclusion, economic growth, and sustainability. Furthermore, the abstract offers a glimpse into the profound impact of digitalization and fintech on Islamic finance, revolutionizing accessibility, transparency, and efficiency. As Southeast Asia endeavors to become a global hub for Islamic finance, these technological advancements are pivotal in fostering financial inclusion and expanding the industry's reach. This literature review illuminates the dynamic landscape of Islamic finance in Southeast Asia, where innovation converges with ethical principles to shape a promising future. The region's commitment to ethical finance, sustainability, and socioeconomic development makes it a beacon in the ever-evolving world of Islamic finance.

References

Abraham, F., Schmukler, S. L., & Tessada, J. (2019). Robo-advisors: Investing through machines. World Bank Research and Policy Briefs, (134881).

Abubakar, M., Hassan, M. K., & Haruna, M. A. (2019). Cryptocurrency tide and Islamic finance development: any issue? In Disruptive Innovation in Business and Finance in the Digital World (pp. 189-200). Emerald Publishing Limited.

Afshar, T. A. (2013). Compare and contrast sukuk (Islamic bonds) with conventional bonds. Are they compatible? Journal of Global Business Management, 9(1), 44.

Al Ansari, R., & Alanzarouti, F. (2020). ESG and Islamic finance: An ethical bridge built on shared values. Journal of Islamic Financial Studies, 6(1).

Alam, N., Gupta, L., & Zameni, A. (2019). Fintech and Islamic finance. Berlin/Heidelberg, Germany: Springer International Publishing.

Alamad, S. (2017). Financial innovation and engineering in Islamic finance. Cham, Switzerland: Springer International Publishing.

Alshater, M. M., Hassan, M. K., Rashid, M., & Hasan, R. (2022). A bibliometric review of the Waqf literature. Eurasian Economic Review, 12(2), 213–239.

Alves, V., Niu, N., Alves, C., & Valença, G. (2010). Requirements engineering for software product lines: A systematic literature review. Information and Software Technology, 52(8), 806-820.

Aris, N. A., Othman, R., Azli, R. M., Sahri, M., Razak, D. A., & Rahman, Z. A. (2013). Islamic banking products: Regulations, issues, and challenges. Journal of Applied Business Research (JABR), 29(4), 1145-1156.

Aulia, M., Yustiardhi, A. F., & Permatasari, R. O. (2020). An overview of Indonesian regulatory framework on Islamic financial technology (fintech). Jurnal Ekonomi & Keuangan Islam, 64-75.

Azman, S. M. M. S., & Ali, E. R. A. E. (2015). Sustainable and responsible investment (SRI): trends and prospects. JABATAN KEMAJUAN ISLAM MALAYSIA (JAKIM), 1.

Bearman, M., & Dawson, P. (2013). Qualitative synthesis and systematic review in health professions education. Medical education, 47(3), 252–260.

Bodolica, V., & Spraggon, M. (2021). Leadership in organizational decline: a literature review of antecedents, consequences, and moderators. International Journal of Organizational Analysis, 29(2), 415-435.

Chuang, Y., & Schechter, L. (2015). Stability of experimental and survey measures of risk, time, and social preferences: A review and some new results. Journal of development economics, 117, 151-170.

Colquhoun, H. L., Levac, D., O'Brien, K. K., Straus, S., Tricco, A. C., Perrier, L., ... & Moher, D. (2014). Scoping reviews: time for clarity in definition, methods, and reporting. Journal of Clinical Epidemiology, 67(12), 1291–1294.

Coppola, A. I., Wagner, S., Lennartz, S. T., Seidel, M., Ward, N. D., Dittmar, T., ... & Jones, M. W. (2022). The black carbon cycle and its role in the Earth system. Nature Reviews Earth & Environment, 3(8), 516-532.

Daly, S., & Frikha, M. (2016). Islamic finance: Basic principles and contributions in financing economic. Journal of the Knowledge Economy, 7, 496-512.

Eddie Bedoui, H., & Abdelkafi, R. (2018). 7 Islamic entrepreneurship and the fundraising challenge. Islamic Social Finance: Entrepreneurship, Cooperation, and the Sharing Economy.

Franzoni, S., & Ait Allali, A. (2018). Principles of Islamic finance and principles of corporate social responsibility: What convergence? Sustainability, 10(3), 637.

Hassan, M. K., & Aliyu, S. (2018). A contemporary survey of Islamic banking literature. Journal of Financial Stability, 34, 12-43.

Ibrahim, R. L., Al-mulali, U., Ozturk, I., Bello, A. K., & Raimi, L. (2022). On the criticality of renewable energy to sustainable development: Do green financial development, technological innovation, and economic complexity matter for China? Renewable Energy, 199, 262-277.

Jan, A. A., Lai, F. W., & Tahir, M. (2021). Developing an Islamic Corporate Governance framework to examine sustainability performance in Islamic Banks and Financial Institutions. Journal of Cleaner Production, 315, 128099.

Jehle, G. (2015). Innovation, arbitrage, and ethics: The role of lawyers in developing a new transnational Islamic finance law. Geo. LJ, p. 104, 1345.

Jones, M. W., Abatzoglou, J. T., Veraverbeke, S., Andela, N., Lasslop, G., Forkel, M., ... & Le Quéré, C. (2022). Global and regional trends and drivers of fire under climate change. Reviews of Geophysics, 60(3), e2020RG000726.

Keuangan, O. J. (2017). Otoritas Jasa Keuangan. Salinan Peraturan Otoritas Jasa Keuangan Nomor, 65.

Komijani, A., & Taghizadeh-Hesary, F. (2018). An overview of Islamic banking and finance in Asia.

Lai, J. (2022). Financialised ethics, economic security, and the promise of Islamic finance. Asian Journal of Comparative Politics, 7(1), 45–57.

Liu, F. H., & Lai, K. P. (2021). Ecologies of green finance: Green Sukuk and development of green Islamic finance in Malaysia. Environment and Planning A: Economy and Space, 53(8), 1896-1914.

Müller, D. (2017). The bureaucratization of Islam and its socio-legal dimensions in Southeast Asia: conceptual contours of a research project.

Nagaoka, S. (2012). Critical overview of the history of Islamic economics: Formation, transformation, and new horizons. Asian and African area studies, 11(2), 114–136.

Oberweis, C. V., Marchal, J. A., López-Ruiz, E., & Gálvez-Martín, P. (2020). A worldwide overview of regulatory frameworks for tissue-based products. Tissue Engineering Part B: Reviews, 26(2), 181-196.

Poeteri, N. A., Simanjuntak, M., & Hasanah, N. (2021). The Investment Intention Among Indonesian Millennials via Peer-to-Peer Lending Applications. Jurnal Keuangan dan Perbankan, 25(4), 787-803.

Rabbani, M. R., Khan, S., & Thalassinos, E. I. (2020). FinTech, blockchain, and Islamic finance: An extensive literature review.

Rethel, L. (2018). Capital market development in Southeast Asia: From speculative crisis to spectacles of financialization. Economic anthropology, 5(2), 185–197.

Shittu, H. (2014). Interest-free finances/Islamic banking: A contemporary challenge for Ahlu-l-Kitab (Christians and Jews) and Muslims in Nigeria. In The Name of Allah, The Most Beneficent, The Most Merciful, p. 41.

Snyder, H. (2019). Literature review as a research methodology: An overview and guidelines. Journal of Business Research, pp. 104, 333–339.

Tan, C. (2018). Comparing high-performing education systems: understanding Singapore, Shanghai, and Hong Kong. Routledge.

Venardos, A. M. (2012). Islamic banking & finance in Southeast Asia: Its development & future (Vol. 6). World Scientific.

Watkins, J. S., & Watkins, J. S. (2020). Ethical and Business Finance. Islamic Finance and Global Capitalism: An Alternative to the Market Economy, pp. 207–255.

Yustiardhi, A. F., Diniyya, A. A., Faiz, F. A. A., Subri, N. S., & Kurnia, Z. N. (2020). Issues and challenges of applying Mudarabah and Musharakah in Islamic bank financing products. Journal of Islamic Finance, 9(2), 26-41.

Downloads

Published

2023-09-28

How to Cite

Syafri, M., Rizani, A. ., Wahab Syakhrani, A. ., Sutisna, E. ., & Amin, A.-. (2023). INNOVATIONS IN ISLAMIC FINANCE IN SOUTHEAST ASIA: AN IN-DEPTH REVIEW OF RECENT LITERATURE. International Journal Of Humanities, Social Sciences And Business (INJOSS), 3(1), 1–21. Retrieved from https://www.injoss.org/index.php/joss/article/view/106

Issue

Section

Articles

Similar Articles

You may also start an advanced similarity search for this article.

Most read articles by the same author(s)

1 2 > >>