Phenomenology Of The Development Of Islamic Economy In Economic Globalization
Abstract
Abstract: This research analyzes the phenomenology of Islamic economic development in the flow of globalization by highlighting how the values and practices of sharia economics are interpreted by Muslims amidst global change. Using a qualitative approach through phenomenological studies and in-depth literature review, this research explores the patterns of experience, social construction, and dynamics that shape sharia economic growth. The research results show that globalization expands access to sharia financial services, strengthens halal identity, and encourages innovations such as digital zakat and sharia fintech. However, challenges still arise in the form of commodification of values, sharia literacy gaps, and limited quality of human resources. Research concludes that Islamic economics has a great opportunity to develop sustainably as long as the substance of sharia values is maintained through strengthening literacy, increasing human resource competency, and preparing global standards that are able to maintain the integrity of the Islamic economy amidst global competition
References
Abraham, D. M., & P., P. (2025). A Methodological Framework for Descriptive Phenomenological Research. Western Journal of Nursing Research, 47(2), 125–134. https://doi.org/10.1177/01939459241308071
Aguas, P. P. (2022). Fusing approaches in educational research: Data collection and data analysis in phenomenological research. 27(1), 1–20.
Alhazmi, A. A., & Kaufmann, A. (2022). Phenomenological qualitative methods applied to the analysis of cross-cultural experience in novel educational social contexts. 13, 785134.
Alvis, J. W. (2019). Faith and forgetfulness: Homo religiosus, jean-louis chrétien, and heidegger. Religions, 10(4). https://doi.org/10.3390/rel10040264
Alvis, J. W., & Hagedorn, L. (2021). Rethinking victimhood: Phenomenology, religion, and the human condition: Introduction. Philosophy Today, 65(4), 767–772. https://doi.org/10.5840/philtoday2021654418
Aranda, A. M., Sele, K., Etchanchu, H., Guyt, J. Y., & Vaara, E. (2021). From Big Data to Rich Theory: Integrating Critical Discourse Analysis with Structural Topic Modeling. European Management Review, 18(3), 197–214. https://doi.org/10.1111/emre.12452
Barqawi, O. A., Al-Dajani, H., Turro, A., & Urbano, D. (2025). Navigating faith and enterprise: An institutional analysis of women’s entrepreneurship in Islam’s heartlands. https://www.emerald.com/insight/content/doi/10.1108/ijge-06-2024-0191/full/html
Boikova, T., Zeverte-Rivza, S., Rivza, P., & Rivza, B. (2021). The Determinants and Effects of Competitiveness: The Role of Digitalization in the European Economies. Sustainability, 13(21), 11689. https://doi.org/10.3390/su132111689
Chaudhry, S., & Priola, V. (2025). Spatial Modesty: The Everyday Production of Gendered Space in Segregated and Assimilative Organizations. Journal of Management Studies, 62(7), 3044–3071. https://doi.org/10.1111/joms.13153
Chaudhuri, H. R., & Belk, R. W. (Eds.). (2020). Marketization: Theory and Evidence from Emerging Economies. Springer Singapore. https://doi.org/10.1007/978-981-15-4514-6
Comfort, H., McHugh, T. A., Schumacher, A. E., Harris, A., May, E. A., Paulson, K. R., Gardner, W. M., Fuller, J. E., Frisch, M. E., Taylor, H. J., Leever, A. T., Teply, C., Verghese, N. A., Alam, T., Abate, Y. H., Abbastabar, H., ElHafeez, S. A., Abdelmasseh, M., Abd-Elsalam, S., … Kassebaum, N. J. (2024). Global, regional, and national stillbirths at 20 weeks’ gestation or longer in 204 countries and territories, 1990–2021: Findings from the Global Burden of Disease Study 2021. The Lancet, 404(10466), 1955–1988. https://doi.org/10.1016/S0140-6736(24)01925-1
Das, A., Chaudhuri, H. R., & Turkdogan, O. S. (Eds.). (2024). Postcolonial marketing communication: Images from the margin. Springer Nature. https://doi.org/10.1007/978-981-97-0285-5
Depraz, N. (2023). The Schelerian critique of eurocentrism. What is the situation on the phenomenological map of Europe? Phenomenology and Mind, 2023(25), 140–149. https://doi.org/10.17454/pam-2511
Harley, B., & Cornelissen, J. (2022). Rigor With or Without Templates? The Pursuit of Methodological Rigor in Qualitative Research. Organizational Research Methods, 25(2), 239–261. https://doi.org/10.1177/1094428120937786
Jacobs, A. M., Büthe, T., Arjona, A., Arriola, L. R., Bellin, E., Bennett, A., Björkman, L., Bleich, E., Elkins, Z., & Fairfield, T. (2021). The qualitative transparency deliberations: Insights and implications. Perspectives on Politics, 19(1), 171–208. https://doi.org/10.1017/S1537592720001164
Jansson, A. (2016). Mobile elites: Understanding the ambiguous lifeworlds of Sojourners, Dwellers and Homecomers. European Journal of Cultural Studies, 19(5), 421–434. https://doi.org/10.1177/1367549416631555
Kuznetsov, A. (2023). The Phenomenology of Globalization. In A. Baykov & T. Shakleina (Eds.), Polycentric World Order in the Making (pp. 103–123). Springer Nature. https://doi.org/10.1007/978-981-19-5375-0_5
Maghifirah. (2022). Phenomenology Approach in Islamic Economics and Finance Research: An Analysis. 10, 11.
Malhotra, S., Rizvi, Z., & Singh, S. A. (Eds.). (2023). Globalization and Sense-Making Practices: Phenomenologies of the Global, Local and Glocal. Taylor and Francis. https://doi.org/10.4324/9781003434481
Morrison, T. (2025). Mixed Methods Interpretative Phenomenological Analysis: Bridging Lived Experience and Contextual Complexity. International Journal of Qualitative Methods, 24, 16094069251400179. https://doi.org/10.1177/16094069251400179
Salamzadeh, A., Hadizadeh, M., Rastgoo, N., Rahman, M. M., & Radfard, S. (2022). Sustainability-oriented innovation foresight in international new technology based firms. 14(20), 13501.
Samuel, A., & Merkebu, J. (2025). Exploring Sampling Strategies to Maximize Qualitative Research Studies in Adult Education. Adult Learning, 10451595251349183. https://doi.org/10.1177/10451595251349183
Schumann, A., & Kuznetsov, A. V. (2018). Foundations of mathematics under neuroscience conditions of lateral inhibition and lateral activation. International Journal of Parallel, Emergent and Distributed Systems, 33(3), 237–256. Scopus.
Urcia, I. A. (2021). Comparisons of Adaptations in Grounded Theory and Phenomenology: Selecting the Specific Qualitative Research Methodology. International Journal of Qualitative Methods, 20, 16094069211045474. https://doi.org/10.1177/16094069211045474
Verma, A., & Ray, S. (2023). A phenomenological exploration of Indian women’s body image within intersecting identities in a globalizing nation. Women’s Studies International Forum, 98. https://doi.org/10.1016/j.wsif.2023.102732
Yilmaz, I. (2024). Exploring the foundations of Islamic moral economy: A return to substantive morality. https://www.emerald.com/insight/content/doi/10.1108/IJOES-03-2024-0085/full/html
Aguas, P. P. (2022). Fusing approaches in educational research: Data collection and data analysis in phenomenological research. 27(1), 1–20.
Alhazmi, A. A., & Kaufmann, A. (2022). Phenomenological qualitative methods applied to the analysis of cross-cultural experience in novel educational social contexts. 13, 785134.
Alvis, J. W. (2019). Faith and forgetfulness: Homo religiosus, jean-louis chrétien, and heidegger. Religions, 10(4). https://doi.org/10.3390/rel10040264
Alvis, J. W., & Hagedorn, L. (2021). Rethinking victimhood: Phenomenology, religion, and the human condition: Introduction. Philosophy Today, 65(4), 767–772. https://doi.org/10.5840/philtoday2021654418
Aranda, A. M., Sele, K., Etchanchu, H., Guyt, J. Y., & Vaara, E. (2021). From Big Data to Rich Theory: Integrating Critical Discourse Analysis with Structural Topic Modeling. European Management Review, 18(3), 197–214. https://doi.org/10.1111/emre.12452
Barqawi, O. A., Al-Dajani, H., Turro, A., & Urbano, D. (2025). Navigating faith and enterprise: An institutional analysis of women’s entrepreneurship in Islam’s heartlands. https://www.emerald.com/insight/content/doi/10.1108/ijge-06-2024-0191/full/html
Boikova, T., Zeverte-Rivza, S., Rivza, P., & Rivza, B. (2021). The Determinants and Effects of Competitiveness: The Role of Digitalization in the European Economies. Sustainability, 13(21), 11689. https://doi.org/10.3390/su132111689
Chaudhry, S., & Priola, V. (2025). Spatial Modesty: The Everyday Production of Gendered Space in Segregated and Assimilative Organizations. Journal of Management Studies, 62(7), 3044–3071. https://doi.org/10.1111/joms.13153
Chaudhuri, H. R., & Belk, R. W. (Eds.). (2020). Marketization: Theory and Evidence from Emerging Economies. Springer Singapore. https://doi.org/10.1007/978-981-15-4514-6
Comfort, H., McHugh, T. A., Schumacher, A. E., Harris, A., May, E. A., Paulson, K. R., Gardner, W. M., Fuller, J. E., Frisch, M. E., Taylor, H. J., Leever, A. T., Teply, C., Verghese, N. A., Alam, T., Abate, Y. H., Abbastabar, H., ElHafeez, S. A., Abdelmasseh, M., Abd-Elsalam, S., … Kassebaum, N. J. (2024). Global, regional, and national stillbirths at 20 weeks’ gestation or longer in 204 countries and territories, 1990–2021: Findings from the Global Burden of Disease Study 2021. The Lancet, 404(10466), 1955–1988. https://doi.org/10.1016/S0140-6736(24)01925-1
Das, A., Chaudhuri, H. R., & Turkdogan, O. S. (Eds.). (2024). Postcolonial marketing communication: Images from the margin. Springer Nature. https://doi.org/10.1007/978-981-97-0285-5
Depraz, N. (2023). The Schelerian critique of eurocentrism. What is the situation on the phenomenological map of Europe? Phenomenology and Mind, 2023(25), 140–149. https://doi.org/10.17454/pam-2511
Harley, B., & Cornelissen, J. (2022). Rigor With or Without Templates? The Pursuit of Methodological Rigor in Qualitative Research. Organizational Research Methods, 25(2), 239–261. https://doi.org/10.1177/1094428120937786
Jacobs, A. M., Büthe, T., Arjona, A., Arriola, L. R., Bellin, E., Bennett, A., Björkman, L., Bleich, E., Elkins, Z., & Fairfield, T. (2021). The qualitative transparency deliberations: Insights and implications. Perspectives on Politics, 19(1), 171–208. https://doi.org/10.1017/S1537592720001164
Jansson, A. (2016). Mobile elites: Understanding the ambiguous lifeworlds of Sojourners, Dwellers and Homecomers. European Journal of Cultural Studies, 19(5), 421–434. https://doi.org/10.1177/1367549416631555
Kuznetsov, A. (2023). The Phenomenology of Globalization. In A. Baykov & T. Shakleina (Eds.), Polycentric World Order in the Making (pp. 103–123). Springer Nature. https://doi.org/10.1007/978-981-19-5375-0_5
Maghifirah. (2022). Phenomenology Approach in Islamic Economics and Finance Research: An Analysis. 10, 11.
Malhotra, S., Rizvi, Z., & Singh, S. A. (Eds.). (2023). Globalization and Sense-Making Practices: Phenomenologies of the Global, Local and Glocal. Taylor and Francis. https://doi.org/10.4324/9781003434481
Morrison, T. (2025). Mixed Methods Interpretative Phenomenological Analysis: Bridging Lived Experience and Contextual Complexity. International Journal of Qualitative Methods, 24, 16094069251400179. https://doi.org/10.1177/16094069251400179
Salamzadeh, A., Hadizadeh, M., Rastgoo, N., Rahman, M. M., & Radfard, S. (2022). Sustainability-oriented innovation foresight in international new technology based firms. 14(20), 13501.
Samuel, A., & Merkebu, J. (2025). Exploring Sampling Strategies to Maximize Qualitative Research Studies in Adult Education. Adult Learning, 10451595251349183. https://doi.org/10.1177/10451595251349183
Schumann, A., & Kuznetsov, A. V. (2018). Foundations of mathematics under neuroscience conditions of lateral inhibition and lateral activation. International Journal of Parallel, Emergent and Distributed Systems, 33(3), 237–256. Scopus.
Urcia, I. A. (2021). Comparisons of Adaptations in Grounded Theory and Phenomenology: Selecting the Specific Qualitative Research Methodology. International Journal of Qualitative Methods, 20, 16094069211045474. https://doi.org/10.1177/16094069211045474
Verma, A., & Ray, S. (2023). A phenomenological exploration of Indian women’s body image within intersecting identities in a globalizing nation. Women’s Studies International Forum, 98. https://doi.org/10.1016/j.wsif.2023.102732
Yilmaz, I. (2024). Exploring the foundations of Islamic moral economy: A return to substantive morality. https://www.emerald.com/insight/content/doi/10.1108/IJOES-03-2024-0085/full/html
Authors
Putra, R. D., Al Hafidz, A., Khasanah, U., Fathul Hidayah, L., & Madnasir, M. (2026). Phenomenology Of The Development Of Islamic Economy In Economic Globalization. Iqtishodiyah : Jurnal Ekonomi Dan Bisnis Islam, 12(1), 23–31. https://doi.org/10.55210/iqtishodiyah.v12i1.2313
Copyright (c) 2026 Riyan Damara Putra, Ahmad Al Hafidz, Uswatun Khasanah, Laili Fathul Hidayah, Madnasir
This work is licensed under a Creative Commons Attribution 4.0 International License.