5.BİLSEL INTERNATIONAL EFES SCIENTIFIC RESEARCHES AND INNOVATION CONGRESS
ISLAMIC FINANCE PRACTICES AND CHALLENGES IN THE MODERN ECONOMIC SYSTEM
Yazarlar:
Meisya Andini Putri
Hendri Hermawan Adinugraha
Islamic finance has rapidly grown to become an important part of the global economic system, attracting interest from both Muslim-majority and non-Muslim countries. Key principles in Islamic finance, such as the prohibition of riba, gharar, and maisir, offer a financial framework based on social justice and balance. Islamic finance plays an important role in infrastructure development through instruments such as sukuk, which are globally accepted as a sustainable financing solution. Nonetheless, challenges include a lack of in-depth understanding among the public and industry, varying regulations across countries, and difficulties in standardizing Islamic products. Other challenges include limited professionals who understand Islamic finance and difficulties in competing with conventional systems without compromising on Islamic principles. This research examines the practices and challenges of Islamic finance in the modern economy, as well as its role in supporting global economic stability. Through quantitative methods and structured interviews, this research identifies that Islamic finance is capable of contributing significantly to economic growth, but requires increased education, professional training, and regulatory harmonization to ensure sustainable growth.
