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Abstract
Introduction
Islamic economics offers an ethical alternative to conventional financial systems, integrating moral principles derived from the Qur’an and Hadith. While conventional fiscal discipline primarily emphasizes budgetary balance, Islamic fiscal discipline uniquely prioritizes ethical governance, social justice, and sustainable development through instruments such as zakat, waqf, and sukuk.
Objectives
This study aims to develop a comprehensive model for fiscal discipline based on Islamic economic principles, highlighting ethical dimensions alongside practical financial management considerations.
Method
The research employs an exploratory approach using qualitative analysis of secondary data sourced from scholarly articles, government publications, and case studies. A comparative analytical method assesses fiscal discipline practices in both Islamic and conventional economic frameworks.
Results
The findings reveal that integrating Islamic financial instruments like zakat, waqf, and sukuk enhances resource allocation, promotes socio-economic equity, and supports sustainable fiscal policies. Effective governance structures, notably Shariah boards, play critical roles in ensuring compliance with Islamic ethical standards. However, there remains a notable gap between theoretical Islamic economic principles and their practical implementation in contemporary fiscal policies.
Implications
This research offers policymakers a viable framework for adopting Islamic fiscal discipline, potentially leading to greater economic stability, reduced inequality, and more sustainable development practices. It emphasizes the importance of ethical governance and community participation in fiscal policy formulation and implementation.
Originality/Novelty
The study uniquely bridges theoretical Islamic economic principles with modern fiscal management practices, proposing a holistic and ethically-informed model of fiscal discipline adaptable across various economic contexts.
Keywords
Article Details
Copyright (c) 2025 Yuli Andriansyah, Fajar Fandi Atmaja , Rima Isfah Lana, Ghitha Nabilah Azmi, Admir Mešković
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Funding data
-
Universitas Islam Indonesia
Grant numbers 82/DirDPPM/70/DPPM/III/2021
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