Its novelty lies in: (a) formalizing seven explicit propositions (P1–P7) with explicit why-how-formal statement structure for each construct-to-construct relationship; (b) theorizing a differentiated serial mediation structure—full mediation in the upstream technical-structural segment (P1–P3) and partial mediation in the downstream relational-governance segment (P4–P7); (c) reversing the P6 direction to Sharia Compliance → Stakeholder Trust on Signaling Theory grounds; (d) defining Institutional Performance as a four-dimensional construct (financial, Sharia legitimacy, stakeholder value, and governance quality); and (e) specifying boundary conditions delimiting the framework’s scope to permissioned blockchain environments and high-religiosity market contexts.
Cahya Kamila Maharani, Relit Nur Edi, Ismail Septayanto Utama
The 4.0 Industrial Revolution has transformed the global economic landscape through the digitalization of financial services, trade, and industrial activities. This transformation has accelerated the growth of the Halal Market, making it one of the fastest-growing economic sectors, driven by the expanding Muslim population, increasing awareness of halal consumption, and rising demand for ethical and sustainable products. In this context, Islamic Fintech has emerged as a strategic innovation that integrates digital financial technologies with the principles of Islamic law and economics. Although studies on Sharia Fintech and the halal industry have grown substantially, research integrating these two domains from the perspectives of Islamic law and Islamic economics remains limited. This study aims to examine the strategic role of Islamic Fintech in strengthening the global Halal Market through an interconnective analytical framework. Employing a qualitative library research approach, the study critically analyzes scholarly literature, regulatory documents, international reports, and previous empirical studies. The findings indicate that Sharia Fintech enhances financial inclusion, transparency, halal traceability, value chain efficiency, and digital governance through the adoption of blockchain, artificial intelligence, smart contracts, and digital payment systems. These innovations contribute to the realization of Maqashid al-Shariah, particularly the protection of wealth (ḥifẓ al-māl) and the promotion of public welfare (maṣlaḥah). The novelty of this study lies in the development of a comprehensive conceptual framework that integrates Islamic law, Islamic economics, digital financial innovation, and Halal Market governance into a unified analytical model.
This study maps the development, collaboration patterns, citation structure, and thematic evolution of research on blockchain technology in the waqf sector. A bibliometric analysis of 417 Scopus-indexed publications published from 2006 to 12 July 2024 was performed using Bibliometrix in RStudio and VOSviewer. The analysis covered publication trends, influential sources and contributors, country productivity, citation impact, collaboration networks, and keyword co-occurrence. The results show increasing scholarly attention to the intersection of blockchain, Islamic finance, fintech, and waqf management. Malaysia and Indonesia emerged as the most productive and most cited countries, while an international co-authorship rate of 29.74% indicated moderate cross-border collaboration. Keyword analysis revealed that the field is anchored in Islamic finance, fintech, blockchain, and waqf, with growing attention to cash waqf, crowdfunding, financial inclusion, digital transformation, smart contracts, cybersecurity, and technology adoption. However, these patterns demonstrate scholarly attention and thematic associations rather than empirical proof of blockchain’s operational benefits in waqf institutions. This study identifies priority gaps in empirical implementation, Shariah governance, stakeholder adoption, technical feasibility, and socioeconomic impact evaluation of blockchain-enabled waqf systems.