Kunuz: Journal of Islamic Banking and Finance

A Systematic Literature Review on The Relationship Between Sharia Financial Literacy and Students’ Personal Financial Management Behavior

Rahayu Wiliana — 2025-12-30

This study aims to synthesize the theoretical evolution, assess the consistency of empirical findings, and identify moderating factors influencing university students’ personal financial management behavior. Employing a Systematic Literature Review (SLR) approach following the Kitchenham protocol and PRISMA framework, 13 selected articles from SINTA-indexed and related academic databases were critically examined. The findings indicate that the literature has evolved from predominantly normative–ideological perspectives toward more complex behavioral psychology models, although methodological approaches remain largely dominated by quantitative, verification-oriented designs. The influence of Islamic financial literacy on financial behavior demonstrates a moderate level of consistency, with its effectiveness largely contingent upon the transformation of knowledge into functional financial self-efficacy. Notably, significant divergence is observed in external moderating factors, where the social environment frequently exhibits insignificant effects, in contrast to locus of control, which consistently strengthens behavioral outcomes. Overall, the study concludes that Islamic financial literacy does not function as a deterministic panacea; rather, its effectiveness depends on the internalization of values that support self-regulation in mitigating consumptive risks in the fintech-driven financial landscape. The findings underscore the need for greater methodological diversification and the development of financial education strategies that emphasize psychological and behavioral dimensions beyond cognitive knowledge alone.

Financial Statement Fraud in Sharia-Compliant Companies: The Predictive Relevance of Fraud Hexagon Theory

Nella Wahyuni — 2025-12-31

This study examines the influence of factors within the Fraud Hexagon theoretical framework on the occurrence of financial statement fraud among companies listed on the Jakarta Islamic Index (JII). The study applies the fraud hexagon model, where financial targets and financial stability proxy the stimulus factor; nature of industry and ineffective monitoring represent opportunity; auditor changes reflect rationalization; changes in the board of directors capture capability; CEO education level represents ego; and political connections proxy collusion. Financial statement fraud is detected using the Beneish M-Score Model. The research population comprises all firms listed on JII during the 2020–2024 period, with a final sample of 26 companies and 130 firm-year observations selected through purposive sampling. Logistic regression analysis is employed using SPSS version 29. The results indicate that financial stability has a positive and significant effect on financial statement fraud, while financial targets and nature of industry exhibit negative and significant effects. In contrast, ineffective monitoring, auditor changes, changes in directors, CEO education level, and political connections do not show a significant influence on financial statement fraud.

Fintech Regulation and Its Impact on The Islamic Banking Industry in Indonesia

Moh. Hidayatullah A. K. Husein — 2026-01-24

This study examines the impact of the development of Islamic financial technology (Islamic fintech) on the Islamic banking industry in Indonesia by analyzing the challenges and opportunities arising in the digital era within the existing regulatory framework. The study aims to assess the implementation of Islamic fintech based on regulations issued by the Financial Services Authority (Otoritas Jasa Keuangan), Bank Indonesia, and the Indonesian Council of Ulama, particularly in fostering fair competition within the Islamic financial industry. Employing a qualitative approach with a normative juridical method, this research analyzes relevant laws, regulations, and policy documents governing Islamic fintech and Islamic banking in Indonesia. The findings indicate that digital transformation through strategic collaboration between Islamic banks and Islamic fintech institutions has become an essential requirement for Islamic banks to remain competitive in the rapidly evolving digital financial landscape. The study highlights the importance of developing a hybrid innovation model that integrates conventional Islamic banking services with Islamic fintech solutions, including the digitalization of financing processes, the utilization of big data and artificial intelligence for risk management, and the development of platform-based digital products and services that remain compliant with Sharia principles. This study contributes to the existing literature by providing a comprehensive regulatory and strategic perspective on the transformation of Islamic banking in response to the growth of Islamic fintech in Indonesia