THE ROLE OF ISLAMIC EKONOMICS IN REDUCING SOCIAL INEQUALITY: A LITERATUR REVIEW ON THE EFFECTIVENESS OF ISLAMIC FINANCIAL INSTRUMENTS IN SOCIAL DEVELOPMENT
DOI:
https://doi.org/10.61088/dinar.v8i2.832Keywords:
Islamic economics, Islamic finance, zakat, waqf, financial inclution, social inequality, sustainable developmentAbstract
Islamic economics has gained significant attention in recent years as a solution to address social inequality and promote sustainable development. Islamic finance, with its principles of social justice, equitable wealth distribution, and responsible management of natural resources, offers a unique approach to economic and social development. This literature review aims to explore the role of Islamic economics in reducing social inequality and the effectiveness of Islamic financial instruments in driving social development. Key instruments in Islamic economics, such as zakat, waqf, and Islamic banking, have proven effective in addressing poverty, promoting financial inclusion, and funding social programs and infrastructure development. This study employs a literature review methodology, gathering and analyzing various relevant sources, such as journal articles, books, and research reports, that discuss the application of Islamic economic principles, particularly zakat, waqf, and Islamic microfinance, in the context of poverty alleviation, welfare equality, and social development. The findings indicate that while Islamic financial instruments have great potential, their implementation still faces challenges related to uncoordinated management, infrastructure limitations, and socio-political barriers. Therefore, a more coordinated, integrated, and community-driven approach that considers local social and cultural contexts is necessary. The study also highlights the importance of increasing public awareness about the benefits of Islamic financial instruments in supporting sustainable social development.
References
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Movsisyan, A., Arnold, L., Evans, R., Hallingberg, B., Moore, G., O’Cathain, A., Pfadenhauer, L. M., Segrott, J., & Rehfuess, E. (2019). Adapting evidence-informed complex population health interventions for new contexts: a systematic review of guidance [Review of Adapting evidence-informed complex population health interventions for new contexts: a systematic review of guidance]. Implementation Science, 14(1). BioMed Central. https://doi.org/10.1186/s13012-019-0956-5
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Muhammad, H. (2016). Risk Mitigation and Financing Constraints: Towards the Development of Sustainable Islamic Microfinance Institutions in Bangladesh. In ISRA International Journal of Islamic Finance (Vol. 8, Issue 2, p. 137). Emerald Publishing Limited. https://doi.org/10.55188/ijif.v8i2.233
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Novian, M. N., & Machdum, S. V. (2021). PEMBANGUNAN PARTISIPATIF DI KOTA TANGERANG SELATAN MELALUI PROGRAM TANGSEL YOUTH PLANNER. In EMPATI Jurnal Ilmu Kesejahteraan Sosial (Vol. 9, Issue 2, p. 173). https://doi.org/10.15408/empati.v9i2.18690
Obaidullah, M., & Khan, T. (2008). Islamic Microfinance Development: Challenges and Initiatives. In SSRN Electronic Journal. RELX Group (Netherlands). https://doi.org/10.2139/ssrn.1506073
Rahman, M. R. (2019). Peran Zakat Dalam Mengentaskan Kemiskinan Di Indonesia. In Hukum Islam (Vol. 19, Issue 2, p. 130). Universitas Islam Negeri Sultan Syarif Kasim Riau. https://doi.org/10.24014/jhi.v19i2.8060
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S, N. M. (2020). ANALISIS KINERJA DAN EFISIENSI PENGELOLAAN DANA ZAKAT: STUDI BAZNAS YOGYAKARTA PERIODE 2015-2018. In LAA MAISYIR Jurnal Ekonomi Islam (Vol. 7, Issue 1, p. 45). https://doi.org/10.24252/lamaisyir.v7i1.13975
Sakti, L. I. E., & Fahrullah, A. F. (2022). Pengelolaan ZIS Sebagai Upaya Meningkatkan Kesejahteraan Masyarakat (Studi Pada Baznas Kabupaten Jombang). In Jurnal Ekonomika dan Bisnis Islam (Vol. 5, Issue 1, p. 106). Universitas Islam Negeri Sunan Ampel Surabaya. https://doi.org/10.26740/jekobi.v5n1.p106-119
Santoso, S. (2016). SEJARAH EKONOMI ISLAM MASA KONTEMPORER. In An-Nisbah Jurnal Ekonomi Syariah (Vol. 3, Issue 1). State Institute of Islamic Studies (IAIN) Tulungagung. https://doi.org/10.21274/an.2016.3.1.59-86
Songgirin, A., & Pradana, R. (2020). ZAKAT FOR BUSINESS INVESTMENT AS SOCIAL SECURITY. In Jurnal Surya Kencana Satu/Surya Kencana Satu (Vol. 11, Issue 2, p. 129). https://doi.org/10.32493/jdmhkdmhk.v11i2.8036
Sulaiman, F., Lutfi, M., & Muin, R. (2022). KARAKTERISTIK DAN RANCANG BANGUN EKONOMI ISLAM. In Tadayun Jurnal Hukum Ekonomi Syariah (Vol. 3, Issue 2, p. 163). https://doi.org/10.24239/tadayun.v3i2.84
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Trimulato, T., Nafis, M. C., & Amalia, E. (2022). The Role Sharia Fintech Support Sustanaible Development Goals Program (SDGs). In Jurnal ilmiah ekonomi Islam (Vol. 8, Issue 1, p. 251). https://doi.org/10.29040/jiei.v8i1.3911
Waluyo, A. (2017). Kebijakan fiskal dan upaya mengatasi disparitas ekonomi perspektif Islam. In IJTIHAD Jurnal Wacana Hukum Islam dan Kemanusiaan (Vol. 17, Issue 1, p. 19). Institut Agama Islam Negeri (IAIN) Salatiga. https://doi.org/10.18326/ijtihad.v17i1.19-38
Yuspin, W., & Fauzie, A. (2018). Administrative Challenges of WAQF Institution in the Contemporary World: Future Prospects. In The Journal of Social Sciences Research (Issue 6, p. 294). https://doi.org/10.32861/jssr.spi6.294.299
Zen, F., & Setiadi, I. (2018). Applying Islamic Economics in order to Improve Prosperity in Indonesia. https://doi.org/10.2991/icied-17.2018.31
Begum, H., Alam, A. S. A. F., Mia, M. A., Bhuiyan, F., & Ghani, A. B. A. (2018). Development of Islamic microfinance: a sustainable poverty reduction approach. In Journal of economic and administrative sciences. (Vol. 35, Issue 3, p. 143). Emerald Publishing Limited. https://doi.org/10.1108/jeas-01-2018-0007
Budiman, T., Satyakti, Y., & Febrian, E. (2021). Islamic Bank Sustainability: An Econometric Approach. In Asian Economic and Financial Review (Vol. 11, Issue 2, p. 141). https://doi.org/10.18488/journal.aefr.2021.112.141.159
Fikriana, A. (2022). Manajemen Zakat Produktif dalam Meningkatkan Perekonomian Masyarakat. In Matlamat Minda (Vol. 2, Issue 1, p. 51). https://doi.org/10.56633/jdki.v2i1.324
Fuadi, N. F. Z. (2018). Wakaf sebagai Instrumen Ekonomi Pembangunan Islam. In Economica Jurnal Ekonomi Islam (Vol. 9, Issue 1, p. 151). Universitas Islam Negeri Walisongo. https://doi.org/10.21580/economica.2018.9.1.2711
Ghaffour, A. R. (2020). Maximising Islamic finance for inclusive growth - from crisis to opportunity. https://www.bis.org/review/r201007c.htm
Ghani, S. R. A., Omar, R., Enh, A. M., & Kamarudin, R. (2020). Peranan Koperasi dalam Dakwah Ekonomi Gerakan Islam di Malaysia Sehingga Tahun 2019. In ??????? ???? ??????? ????????? ? ????????? (Vol. 23, Issue 1, p. 84). https://doi.org/10.33102/abqari.vol23no1.186
Humaida, N., Sa’adah, M. A., Huriyah, H., & Nida, N. H. (2020). PEMBANGUNAN BERKELANJUTAN BERWAWASAN LINGKUNGAN (SUSTAINABLE DEVELOPMENT GOALS) DALAM PERSPEKTIF ISLAM. In Khazanah Jurnal Studi Islam dan Humaniora (Vol. 18, Issue 1, p. 131). The Graduate School of Antasari State Islamic University of Banjarmasin. https://doi.org/10.18592/khazanah.v18i1.3483
Kamal, A. H., Purbowisanti, R., Sani, A. A., & Setiorini, K. R. (2021). DO THE DISTRIBUTION OF ZAKAT AND ISLAMIC BANK FINANCING AFFECT INCOME INEQUALITY IN INDONESIA? In Amwaluna Jurnal Ekonomi dan Keuangan Syariah (Vol. 5, Issue 1, p. 90). Bandung Islamic University. https://doi.org/10.29313/amwaluna.v5i1.5854
Machmud, A., & Hidayat, Y. M. (2020). Characteristics of Islamic Entrepreneurship and the Business Success of SMEs in Indonesia. In Journal of Entrepreneurship Education (Vol. 23, Issue 2). Allied Academies. https://www.abacademies.org/articles/Characteristics-of-islamic-entrepreneurship-1528-2651-23-2-534.pdf
Mohamad, S. (2014). Is Islamic Finance, Social Finance? In Journal of Emerging Economies and Islamic Research (Vol. 2, Issue 2, p. 1). https://doi.org/10.24191/jeeir.v2i2.9619
Movsisyan, A., Arnold, L., Evans, R., Hallingberg, B., Moore, G., O’Cathain, A., Pfadenhauer, L. M., Segrott, J., & Rehfuess, E. (2019). Adapting evidence-informed complex population health interventions for new contexts: a systematic review of guidance [Review of Adapting evidence-informed complex population health interventions for new contexts: a systematic review of guidance]. Implementation Science, 14(1). BioMed Central. https://doi.org/10.1186/s13012-019-0956-5
Muhalling, R. (2009). Sejarah Pemikiran Ekonomi Islam (Vol. 2, Issue 2, p. 53). https://doi.org/10.31332/aladl.v2i2.866
Muhammad, H. (2016). Risk Mitigation and Financing Constraints: Towards the Development of Sustainable Islamic Microfinance Institutions in Bangladesh. In ISRA International Journal of Islamic Finance (Vol. 8, Issue 2, p. 137). Emerald Publishing Limited. https://doi.org/10.55188/ijif.v8i2.233
Nafi’ah, B., & Haerianingrum, S. (2021). IMPLEMENTASI NILAI-NILAI ISLAM DALAM DISTRIBUSI KEKAYAAN DAN PENDAPATAN. In Al-Infaq Jurnal Ekonomi Islam (Vol. 12, Issue 1, p. 24). https://doi.org/10.32507/ajei.v12i1.809
Nissa, I. K. (2022). APAKAH BANK ISLAM MALAYSIA MENGELOLA PENGHASILAN DENGAN PROFIT EQUALIZATION RESERVE? In AL HUKMU Journal of Islamic Law and Economics (p. 12). https://doi.org/10.54090/hukmu.75
Novian, M. N., & Machdum, S. V. (2021). PEMBANGUNAN PARTISIPATIF DI KOTA TANGERANG SELATAN MELALUI PROGRAM TANGSEL YOUTH PLANNER. In EMPATI Jurnal Ilmu Kesejahteraan Sosial (Vol. 9, Issue 2, p. 173). https://doi.org/10.15408/empati.v9i2.18690
Obaidullah, M., & Khan, T. (2008). Islamic Microfinance Development: Challenges and Initiatives. In SSRN Electronic Journal. RELX Group (Netherlands). https://doi.org/10.2139/ssrn.1506073
Rahman, M. R. (2019). Peran Zakat Dalam Mengentaskan Kemiskinan Di Indonesia. In Hukum Islam (Vol. 19, Issue 2, p. 130). Universitas Islam Negeri Sultan Syarif Kasim Riau. https://doi.org/10.24014/jhi.v19i2.8060
Rezeki, S. G., Ferdiansyah, V., Adisa, Y., Ginting, D. C. A., & Amelia, R. (2023). FAIR WEALTH DISTRIBUTION THROUGH INSTRUMENTS IN ISLAMIC ECONOMICS. In CASHFLOW CURRENT ADVANCED RESEARCH ON SHARIA FINANCE AND ECONOMIC WORLDWIDE (Vol. 2, Issue 3, p. 439). https://doi.org/10.55047/cashflow.v2i3.657
S, N. M. (2020). ANALISIS KINERJA DAN EFISIENSI PENGELOLAAN DANA ZAKAT: STUDI BAZNAS YOGYAKARTA PERIODE 2015-2018. In LAA MAISYIR Jurnal Ekonomi Islam (Vol. 7, Issue 1, p. 45). https://doi.org/10.24252/lamaisyir.v7i1.13975
Sakti, L. I. E., & Fahrullah, A. F. (2022). Pengelolaan ZIS Sebagai Upaya Meningkatkan Kesejahteraan Masyarakat (Studi Pada Baznas Kabupaten Jombang). In Jurnal Ekonomika dan Bisnis Islam (Vol. 5, Issue 1, p. 106). Universitas Islam Negeri Sunan Ampel Surabaya. https://doi.org/10.26740/jekobi.v5n1.p106-119
Santoso, S. (2016). SEJARAH EKONOMI ISLAM MASA KONTEMPORER. In An-Nisbah Jurnal Ekonomi Syariah (Vol. 3, Issue 1). State Institute of Islamic Studies (IAIN) Tulungagung. https://doi.org/10.21274/an.2016.3.1.59-86
Songgirin, A., & Pradana, R. (2020). ZAKAT FOR BUSINESS INVESTMENT AS SOCIAL SECURITY. In Jurnal Surya Kencana Satu/Surya Kencana Satu (Vol. 11, Issue 2, p. 129). https://doi.org/10.32493/jdmhkdmhk.v11i2.8036
Sulaiman, F., Lutfi, M., & Muin, R. (2022). KARAKTERISTIK DAN RANCANG BANGUN EKONOMI ISLAM. In Tadayun Jurnal Hukum Ekonomi Syariah (Vol. 3, Issue 2, p. 163). https://doi.org/10.24239/tadayun.v3i2.84
Suryani, S. (2014). Keadilan Ekonomi dalam Perspektif Ekonomi Syariah: Sebuah Tinjauan Teori. In MAKSIMUM (Vol. 2, Issue 1, p. 39). Universitas Muhammadiyah Semarang. https://doi.org/10.26714/mki.2.1.2011.39-60
Tambunan, J. (2021). MEMAKSIMALKAN POTENSI ZAKAT MELALUI PENINGKATAN AKUNTABILITAS LEMBAGA PENGELOLA ZAKAT. In Islamic Circle (Vol. 2, Issue 1, p. 118). https://doi.org/10.56874/islamiccircle.v2i1.498
Tanjung, H., & Windiarto, A. (2021). Role of Cash Waqf Linked Sukuk In Economic Development and International Trade. In Signifikan Jurnal Ilmu Ekonomi (Vol. 10, Issue 2, p. 275). Jakarta State Islamic University. https://doi.org/10.15408/sjie.v10i2.20493
Trimulato, T., Nafis, M. C., & Amalia, E. (2022). The Role Sharia Fintech Support Sustanaible Development Goals Program (SDGs). In Jurnal ilmiah ekonomi Islam (Vol. 8, Issue 1, p. 251). https://doi.org/10.29040/jiei.v8i1.3911
Waluyo, A. (2017). Kebijakan fiskal dan upaya mengatasi disparitas ekonomi perspektif Islam. In IJTIHAD Jurnal Wacana Hukum Islam dan Kemanusiaan (Vol. 17, Issue 1, p. 19). Institut Agama Islam Negeri (IAIN) Salatiga. https://doi.org/10.18326/ijtihad.v17i1.19-38
Yuspin, W., & Fauzie, A. (2018). Administrative Challenges of WAQF Institution in the Contemporary World: Future Prospects. In The Journal of Social Sciences Research (Issue 6, p. 294). https://doi.org/10.32861/jssr.spi6.294.299
Zen, F., & Setiadi, I. (2018). Applying Islamic Economics in order to Improve Prosperity in Indonesia. https://doi.org/10.2991/icied-17.2018.31
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Published
2025-03-20
How to Cite
Muliansyah, E. (2025). THE ROLE OF ISLAMIC EKONOMICS IN REDUCING SOCIAL INEQUALITY: A LITERATUR REVIEW ON THE EFFECTIVENESS OF ISLAMIC FINANCIAL INSTRUMENTS IN SOCIAL DEVELOPMENT. Dinar : Jurnal Prodi Ekonomi Syariah, 8(2), 1–22. https://doi.org/10.61088/dinar.v8i2.832
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