Journal of Integrative Sustainability and Ethics

Assessing MSMEs Financial Literacy For Business Sustainability

Muhammad Al Berto, Andriani Samsuri — Mon, 29 Dec 2025 00:00:00 +0000

Micro, Small, and Medium Enterprises (MSMEs) play a vital role in Indonesia’s economic development, particularly in Bantul Regency, Yogyakarta, which has one of the highest concentrations of MSMEs in the region. Despite their contribution, limited access to formal financing remains a persistent challenge, often linked to low financial literacy. This study assesses the financial literacy of MSME owners in Bantul, examines their financial management practices, and identifies factors influencing financial effectiveness using an explanatory sequential mixed-methods design. In the quantitative stage, survey data were collected from 31 purposively selected grocery-store MSME owners, measuring financial management, saving, and debt literacy. In the qualitative stage, semi-structured interviews explored the reasoning behind the survey responses and provided contextual understanding. Findings show that MSME owners exhibit uneven financial literacy across dimensions: saving and debt literacy appear relatively adequate, while financial management particularly bookkeeping and the separation of personal and business finances remains weak. Many respondents view financial recording as unnecessary due to small business scale and unstable income, indicating that financial knowledge has not yet translated into practical behavior. These results suggest that improving financial literacy requires not only conceptual understanding but also behavioral competence and supportive financial routines. The study enriches localized evidence on MSME financial literacy and highlights the need for practical, behavior-based financial education programs to strengthen financial capability. Enhancing these competencies is crucial for promoting long-term business sustainability, enabling MSMEs to manage risks more effectively, maintain operational stability, and improve their resilience amid economic fluctuations.

Integration of Fatwa in the Governance of Islamic Crowdfunding and Shariah Compliance Disclosure

Athia Nur Kamilah; Muhammad Lathoif Ghozali — Wed, 31 Dec 2025 00:00:00 +0000

The rapid growth of Islamic crowdfunding in Indonesia reflects increasing demand for Sharia-compliant financial solutions. However, challenges persist in ensuring compliance with fatwas, governance standards, and transparency in Sharia compliance disclosure, which are critical for investor trust and platform sustainability. This study conducts a Systematic Literature Review following PRISMA guidelines to analyze 15 selected articles from reputable sources (2019–2024). The research explores the integration of fatwas, governance challenges, and disclosure practices in Islamic crowdfunding. Findings reveal that fatwas serve as adaptive frameworks for validating contracts such as mudharabah and musyarakah and operational mechanisms, yet inconsistencies in interpretations among Sharia authorities create regulatory ambiguities. Governance challenges include weak oversight by Sharia Supervisory Boards, misalignment between regulations, and insufficient human resources skilled in both Sharia and fintech. Meanwhile, disclosure practices vary widely, with many platforms failing to provide comprehensive disclosures, undermining investor confidence. However, effective disclosure enhances trust and platform sustainability by aligning operations with Sharia principles. The study highlights the need for harmonized fatwa standards, strengthened governance through technology such as AI for real-time compliance monitoring, and standardized disclosure formats. Innovations like blockchain-based audit trails and predictive analytics could transform disclosure into a proactive tool. By addressing these gaps, Islamic crowdfunding can evolve as a robust, ethical alternative for financing MSMEs, contributing to Indonesia’s Islamic economy.

Evaluation of Sustainable MSME Empowerment Through the BRILiaN Cart Program

Salma Nasywa Mufayidah; Bakhrul Huda — Wed, 31 Dec 2025 00:00:00 +0000

This study aims to evaluate the sustainable empowerment of MSMEs through the BRILiaN Cart program by YBM BRILiaN SBO Malang, which is funded by zakat distribution. Although previous studies have widely examined MSME empowerment and zakat-based economic programs, there remains a gap in the literature regarding how zakat-funded empowerment initiatives are assessed using the comprehensive dimensions of maqāṣid shari‘ah in a real operational context. This study addresses that gap by analyzing the realization of the BRILiaN Cart program across the five dimensions of maqāṣid shari‘ah—ḥifẓ al-dīn, ḥifẓ al-nafs, ḥifẓ al-‘aql, ḥifẓ al-nasl, and ḥifẓ al-māl. The research employs a qualitative method with a case study approach, using interviews, observations, and documentation involving ten beneficiaries of the program in 2024. The data were analyzed using thematic analysis to identify recurring patterns of empowerment outcomes. The findings indicate that the program positively impacts most beneficiaries, although the benefits are uneven due to varying levels of innovation capacity and digital literacy among mustaḥik. From the maqāṣid shari‘ah perspective, the program reflects principles of spiritual responsibility, economic sustainability, and social welfare. Beyond the local context, this study contributes globally by demonstrating how zakat-based empowerment models can serve as a framework for inclusive and value-driven microenterprise development in Muslim-majority and minority countries. Future research may expand the sample, employ mixed methods, and integrate quantitative measurements to assess program effectiveness more comprehensively.

Shariah Perspectives on Ether (ETH)

Chetrine Alya Rinaima, Mugiyati Mugiyati — Wed, 31 Dec 2025 00:00:00 +0000

The rapid advancement of blockchain technology and the growing adoption of cryptocurrency have triggered significant debates among Islamic scholars regarding their Shariah compliance. One of the most prominent crypto assets is Ether (ETH), the native token of the Ethereum platform, which functions not only as a digital asset but also as a utility token for executing smart contracts and powering decentralized applications (DApps). This study aims to analyze the Shariah perspectives on Ether by analyzing two authoritative fatwas issued by Amanie Advisors and the Shariyah Review Bureau. Using a qualitative, document-based approach, the research investigates how each institution classifies Ether and the conditions under which it is considered permissible. Findings reveal that both Amanie and SRB classify Ether as mal (valuable property) rather than naqd (currency), thereby exempting it from the stringent rulings of bay’ al-sarf. Both institutions assert that Ether is inherently free from riba, gharar, and maysir when used for lawful purposes. However, they emphasize a conditional permissibility framework, where the Shariah status of Ether depends on its actual use cases. This study concludes that Ether can be considered Shariah-compliant within a framework that upholds Islamic ethical values and legal principles, particularly when applied in transparent, benefit-oriented, and non-speculative financial systems. The comparative analysis also highlights the importance of purpose-based evaluation (maqasid shariah) and the need for ongoing ijtihad to navigate the complexities of Islamic digital finance.

Free Nutritious Meals as a Constitutional Right

Rizki Amalia Putri , Siti Musfiqoh — Wed, 31 Dec 2025 00:00:00 +0000

Abstrak: Program Makan Bergizi Gratis (MBG) menjadi salah satu kebijakan strategis pemerintah dalam meningkatkan kualitas sumber daya manusia dan mengatasi persoalan ketimpangan gizi di Indonesia. Namun, implementasi kebijakan ini masih memunculkan perdebatan mengenai posisinya, apakah sebagai bentuk amal sosial (charity) atau sebagai hak konstitusional warga negara (right). Penelitian ini bertujuan menganalisis kebijakan MBG melalui perspektif etika keadilan John Rawls dan maqashid syariah. Penelitian menggunakan metode kualitatif dengan pendekatan normatif-konseptual melalui studi literatur terhadap regulasi, teori keadilan, serta prinsip-prinsip maqashid syariah. Hasil penelitian menunjukkan bahwa kebijakan MBG lebih tepat diposisikan sebagai hak konstitusional daripada sekadar bentuk bantuan sosial. Dalam perspektif Rawls, negara berkewajiban menjamin distribusi kesejahteraan secara adil bagi kelompok rentan, terutama anak-anak dan masyarakat miskin. Sementara itu, dalam maqashid syariah, pemenuhan gizi berkaitan dengan perlindungan jiwa (hifz al-nafs) dan keturunan (hifz al-nasl) sebagai bagian dari tujuan utama syariat. Penempatan MBG sebagai hak konstitusional memiliki implikasi terhadap pentingnya tata kelola kebijakan yang transparan, berkelanjutan, dan berbasis keadilan sosial. Penelitian ini menegaskan bahwa kebijakan pangan bergizi tidak hanya berorientasi pada aspek kesejahteraan, tetapi juga merupakan bentuk tanggung jawab negara dalam memenuhi hak dasar warga negara.

Abstract: The Free Nutritious Meal Program (Makan Bergizi Gratis/MBG) has become one of the Indonesian government’s strategic policies to improve the quality of human resources and address nutritional inequality. However, its implementation has generated debate regarding whether the policy should be positioned as a form of social charity or as a constitutional right of citizens. This study aims to analyze the MBG policy through the perspectives of John Rawls’ theory of justice and maqashid sharia. This research employs a qualitative method with a normative-conceptual approach through literature review of regulations, theories of justice, and principles of maqashid sharia. The findings indicate that the MBG policy is more appropriately positioned as a constitutional right rather than merely a social assistance program. From Rawls’ perspective, the state is obligated to ensure fair distribution of welfare for vulnerable groups, particularly children and low-income communities. Meanwhile, within the framework of maqashid sharia, nutritional fulfillment is closely related to the protection of life (hifz al-nafs) and the protection of future generations (hifz al-nasl) as fundamental objectives of Islamic law. Positioning MBG as a constitutional right has implications for the importance of transparent, sustainable, and socially just policy governance. This study emphasizes that nutritious food policies are not only welfare-oriented programs, but also represent the state’s responsibility to fulfill the basic rights of its citizens.