MODELLING ETHICAL-BASED ISLAMIC FINTECH BASED ON SHAFI‘I SCHOOL OF THOUGHT: THE SYSTEMATIC LITERATURE REVIEW
DOI:
https://doi.org/10.55197/qjssh.v7si4.1581Keywords:
Islamic fintech, Syafi'i school of thought, shariah governance, systematic literature review, sustainable developmentAbstract
Rapid expansions in financial technology (Fintech) necessitate the alignment of new digital products with Islamic ethical foundations and Shariah governance. Despite proliferating fintech studies, these comprehensive frameworks analyzing ethical Islamic fintech ecosystems through specific jurisprudential lenses remain scarce. This research study employs a Systematic Literature Review (SLR) spanning January 2020 to December 2025 to bridge this conceptual gap. The synthesis establishes an ethical Islamic fintech model integrated across five core structural components: rigid Shariah governance; normative business ethics grounded in Maqasid al-Shari'ah; contractual precision derived from Shafi‘i jurisprudence; technology-driven Shariah oversight; and strategic alignment with global sustainability markers. By mapping the Islamic Divine Command Theory onto contemporary digital architectures, this research paper builds a conceptual archetype directly supporting the United Nations 2030 Agenda for Sustainable Development, specifically targeting SDG 1 (No Poverty), SDG 8 (Decent Work and Economic Growth), SDG 9 (Industry, Innovation, and Infrastructure), and SDG 10 (Reduced Inequalities).
References
[1] Akbar, A.M.A., Muhidin, M. (2025): The relevance of Al-Shaibani's thought in the modern era. – At-Tasyri': Jurnal Ilmiah Prodi Muamalah 17(1): 47-57.
[2] Akbar, F., Friatna, I., Sholihin, R. (2025): The role of the Financial Services Authority (OJK) in protecting fintech P2P lending customers from the perspective of Maqashid Syari'ah. – JURISTA: Jurnal Hukum dan Keadilan 9(2): 808-883.
[3] Annisa, I.R., Isman, I., Rosyadi, I. (2025): The concept of istihsan and its application in Sharia economic fatwas. – Proceeding ISETH (International Summit on Science, Technology, and Humanity) 10p.
[4] Billah, M.T., Azhari, S., Baroroh, N., Rahma, V. (2023): Evaluating AI-generated fatwas: A quality assessment of ChatGPT and Google Bard against authoritative Islamic rulings. – Asy-Syir'ah: Jurnal Ilmu Syari'ah dan Hukum 57(1): 136-163.
[5] Bulatova, E.I., Potapova, E.A., Fathutdinova, R.A., Yandiev, R.C. (2019): The fintech and Islamic finance synthesis in the modern world. – 3C TIC: Cuadernos de Desarrollo Aplicados a las TIC, Special Issue (October) 15p.
[6] Chakim, L., Rosyidah, N.H., Amanina, S.A., Sa’diyyah, H., Siyono (2026): Studi komparatif metode istinbath Mazhab Syafi'i dan Hanafi dalam masalah muamalah kontemporer. – Iqtishaduna: Jurnal Ilmiah Mahasiswa Hukum Ekonomi Syari'ah 7(2): 1864-1881.
[7] Durre, M.R., Kulmie, D.A. (2025): Sustainability practices in Islamic banking institutions in Africa: A systematic literature review. – Multidisciplinary Reviews 8(11): 1-11.
[8] Fahmi, M.D., Majid, M.A., Qaseem, F.I. (2025): Cash waqf and crowdfunding: A study of online-based cash waqf in the Passive Charity of the Indonesian Waqf Education Foundation. – Muslim Business and Economics Review 4(1): 145-162.
[9] Fakhrudin, A. (2025): Rekonstruksi hukum crowdfunding wakaf di era fintech: Telaah ushul fiqh terhadap transformasi wakaf produktif digital. – Al-Kamal: Jurnal Kajian Islam 5(2): 28-45.
[10] Ghozali, M., Rofiah, K., Zahro’, K.I., Sahid, M.M. (2025): Reforming qardh practices in Islamic banking: A critical analysis based on Jasser Auda’s Maqāṣid al-Sharī'ah systems approach in Indonesia. – Justicia Islamica: Jurnal Kajian Hukum dan Sosial 22(2): 437-460.
[11] Habib, Z. (2025): Ethics of artificial intelligence in Maqāṣid Al-Sharīa's perspective. – KARSA Journal of Social and Islamic Culture 33(1): 105-134.
[12] Hakim, A., Salistya, F., Husenudin, A. (2025): Analisis strengths, weaknesses, opportunities, threats berdasarkan Indeks Maqashid Shariah (IMS) dalam penegakan hukum ekonomi Shariah di Indonesia. – Economic Reviews Journal 4(4): 2689-2708.
[13] Harefa, S. (2025): The fundamental principles of Islamic law in the digital era: An ushul fiqh and maqashid Sharia approach. – Journal of Islamic Law on Digital Economy and Business 1(1): 84-99.
[14] Hibaturohman, I., Risnandar, A., Munthe, R.F. (2025): Akad salam vs marketplace from the perspective of the Qur'an and Hadith. – COMPETENTIE: Journal International Sustainable Research 2(1): 52-64.
[15] Indiharwati, A., Mailah, Mohamad, N.A.B. (2025): Gharar in Shafi'i jurisprudence: Reassessing its validity in e-commerce transactions. – Al-Iktisab: Journal of Islamic Economic Law 9(2): 103-118.
[16] Irfan, M., Shukla, A., Agrawal, M., Kismawadi, E.R. (2025): Revolutionizing Islamic finance with ethical AI: Shariah-compliant robo-advisors. – In: Industrial Ecology and the Sustainable Development Goals (SDGs), IGI Global Scientific Publishing 27p.
[17] Ishandawi, I., Khalil, D. (2023): Ziswaf fund management development strategy in Islamic banking. – Proceeding Medan International Conference on Economic and Business 1: 2005-2020.
[18] Ismanto, K., Rofiq, A., Ghofur, A., Adinugraha, H.H. (2021): The concept of maqāṣīd al-syarī’ah Al-Ghazali as a halal industry development perspective. – Social Sciences and Education Research Review 8(1): 180-197.
[19] Mahfudz, S. (2023): Reforming economic and financial fatwa governance with special reference to the Islamic banking industry in Indonesia. – Doctoral thesis, Western Sydney University 253p.
[20] Maruf, I.R. (2024): Application of maqashid Sharia principles in Islamic security crowdfunding contracts in Indonesia. – Jurnal Sosial Sains dan Komunikasi 2(2): 187-198.
[21] Mohamed Fisol, W.N., Saad, M.A. (2021): Rebuilding the national economy by issuance of the first Malaysia digital sukuk (Sukuk Prihatin) and its distribution through fintech services: A view from the perspective of Maqasid Al-Shari'ah. – Journal of Contemporary Issues in Business and Government 27(1): 2771-2778.
[22] Muannasa, A. (2022): Fintech waqf for MSMEs empowerment in Indonesia. – Li Falah: Journal of Islamic Economics and Business 7(2): 33-42.
[23] Mulyono, E., Edris, M.M.A.M. (2025): From jurisprudence to algorithms: The role of artificial intelligence in contemporary Sharia financial decision-making. – Nusantara: Journal of Law Studies 4(2): 129-142.
[24] Putra, R.D., Bahrudin, M., Hilal, S. (2026): Mengintegrasikan metodologi hukum Sunni klasik ke dalam pemikiran ekonomi Islam kontemporer. – KASBANA: Jurnal Hukum Ekonomi Syariah 6(1): 48-64.
[25] Rahmatika, N., Hafidzi, A. (2026): Metode istinbāt dalam Fatwa DSN-MUI: Kajian normatif terhadap pendekatan Nass dan Maqāsid. – Indonesian Journal of Islamic Jurisprudence, Economic and Legal Theory 4(1): 54-65.
[26] Safwan, Maulana, N., Fauziyah, N.K. (2025): Contemporary ijtihad method in determining Sharia business law: Addressing legal needs in an era of economic and technological change. – Al-Mawarid Jurnal Shariah dan Hukum (JSYH) 7(1): 153-176.
[27] Santoso, I.R. (2025): Suitability of crowdfunding in Islamic social finance from the perspective of Maqasid Sharia. – Jurnal Ilmiah Ekonomi Islam 11(1): 69-78.
[28] Suhaimi, R., Ahmad, I., Mahaiyadin, M.H., Yaakub, E., Sulong, J. (2021): Akad jual beli dalam talian berasaskan prinsip fiqh muamalat. – Journal of Contemporary Islamic Law 6(2): 1-11.
[29] Suprayitno, E. (2021): Integration of Sharia banking and financial technology (fintech) in the agricultural sector in the era of the COVID-19 pandemic in Indonesia (Co5 collaborations model). – In: The Pandemic: A Leap of Faith, Bildung 21p.
[30] Syarif, M.F., Aysan, A.F. (2024): Usury-free capital through Sharia fintech: Insights from Hanafi, Maliki, al-Shafi'i, and Hanbali Madhhabs. – Mazahibuna: Jurnal Perbandingan Mazhab 6(2): 215-232.
[31] Todorof, M. (2018): Shariah-compliant FinTech in the banking industry. – ERA Forum 19(1): 1-17.
[32] Wahab, M.Z.B.H., Mohamed Naim, A., Abu Hassan, M.H. (2024): Developing Islamic-sustainable and responsible investment (i-SRI) criteria based on the environmental, social and governance (ESG) concept. – Journal of Islamic Accounting and Business Research, 20p.
[33] Widya, W., Syafi’i, A. (2023): Application of Islamic business ethics in the fintech industry: An analysis of the foundation of Sharia Maqashid. – American Journal of Economic and Management Business (AJEMB) 2(12): 39-45.
[34] Zikry, F., Intan, M.I.S., Basri, A.H. (2024): The public interest implications (Maslahah) of the OJK's regulatory amendments pertaining to Islamic peer-to-peer lending in Indonesia. – Ijtihad: Jurnal Hukum dan Ekonomi Islam 18(2): 1-11.
Downloads
Published
Issue
Section
License
Copyright (c) 2026 ADIBAH ALAWIAH OSMAN, AZWAN ABDULLAH, AMIRUL AFIF MUHAMAT, UMAR A OSENI
This work is licensed under a Creative Commons Attribution 4.0 International License.
