Dear Editorial Board, IQTISHADUNA CONFERENCE 2025

Bandung, 13/11/2025                                                                                                        Dear Editorial Board,

IQTISHADUNA CONFERENCE 2025

Faculty of Islamic Economics and Business (FEBI)

UIN Sunan Gunung Djati Bandung

We are pleased to submit our paper entitled:

"EVALUATING THE IMPACT OF SHARIAH-COMPLIANT BUSINESS PRACTICES ON CONSUMER TRUST AND MARKET GROWTH IN ISLAMIC FINANCIAL INSTITUTIONS"

for consideration in the 2nd Annual International Conference on Islamic Economics, Management, Business, Accounting & Halal Industry (IQTISHADUNA CONFERENCE 2025) with the theme "Rising Together in Uncertain Times: Agile Strategies for Inclusive & Resilient ASEAN Economy."

Authors:                                                              1. Asep Rohmandar, 

 2. Wulansari Sari Dewi 

1 Sundaland Researcher Society and Masyarakat Peneliti Mandiri Sunda Nusantara, Indonesia.   

2. Alumi FEB Unibi Bandung 

Email 1: rasep7029@gmail.com

Email 2 : wulansdewi239@gmail.com         

Corresponding Author:

Email: rohmandarasep54@gmail.com

This research employs a comprehensive literature review methodology to evaluate how Shariah-compliant business practices impact consumer trust and market growth in Islamic financial institutions. Our study aligns with the conference scope, particularly under the topics of "Islamic Finance, Accounting, and Financial Resilience Crises" and "Strategic Management, Governance, and Sustainability Crises."

Key contributions of this paper include:

1. Comprehensive analysis of the trust-growth relationship mechanisms in Islamic finance

2. Quantitative evidence of trust's impact on market performance indicators

3. Practical implications for Islamic financial institutions and policymakers

4. Framework for understanding consumer trust dynamics in Shariah-compliant contexts

We confirm that:

1.This manuscript is original and has not been published elsewhere

2.The manuscript is not currently under consideration by any other journal or conference

3. All authors have approved the manuscript and agree with its submission

4. The research adheres to ethical standards and guidelines

We have prepared the manuscript according to the conference template guidelines, including proper formatting, citation style (APA), and structure requirements.

We believe this research will contribute valuable insights to the conference discourse on Islamic economics and finance, particularly in addressing challenges of building resilient and inclusive financial systems in uncertain times.

Thank you for considering our submission. We look forward to your favorable response and the opportunity to present our research at IQTISHADUNA CONFERENCE 2025.

Should you require any additional information or clarification, please do not hesitate to contact us.

Respectfully yours,

Aldriantara Sofyan

On behalf of all authors

Contact Information:

Email: rohmandarasep54@gmail.com      President Sundaland Researcher Society and Masyarakat Peneliti Mandiri Sunda Nusantara, Indonesia                                                                                                                                                                                    Title  Paper : EVALUATING THE IMPACT OF SHARIAH-COMPLIANT BUSINESS PRACTICES ON CONSUMER TRUST AND MARKET GROWTH IN ISLAMIC FINANCIAL INSTITUTIONS

  

¹ Asep Rohmandar , ²Wulansari Sari Dewi 

1 Sundaland Researcher Society and Masyarakat Peneliti Mandiri Sunda Nusantara, Indonesia.   

2. Alumi FEB Unibi Bandung 

Email 1: rasep7029@gmail.com

Email 2 : wulansdewi239@gmail.com                                                             

Abstract

This study evaluates the impact of Shariah-compliant business practices on consumer trust and market growth in Islamic financial institutions (IFIs). Using a comprehensive literature review methodology, this research examines how adherence to Islamic principles influences consumer perceptions and institutional performance. The findings reveal that Shariah compliance significantly enhances consumer trust through transparency, ethical conduct, and religious authenticity. Key drivers include prohibition of riba (interest), risk-sharing mechanisms, and ethical investment principles. The study identifies that consumer trust directly correlates with market expansion, customer loyalty, and institutional sustainability. Furthermore, factors such as Shariah governance quality, financial product innovation, and digital transformation play crucial roles in strengthening market position. This research provides valuable insights for policymakers and Islamic financial institutions seeking to enhance competitive advantage while maintaining religious integrity in the evolving global financial landscape.

Keywords: Shariah-Compliant Business Practices, Consumer Trust, Market Growth, Islamic Financial Institutions, Ethical Business Practices

INTRODUCTION

Islamic finance has experienced remarkable growth over the past four decades, evolving from a niche market into a global industry worth over USD 3 trillion (Hassan & Aliyu, 2018). This expansion reflects increasing demand for financial products and services that comply with Shariah principles, particularly among Muslim consumers seeking alignment between their financial decisions and religious values. Shariah-compliant business practices emphasize ethical conduct, social justice, and transparency, distinguishing Islamic financial institutions (IFIs) from conventional counterparts through prohibition of riba (interest), gharar (excessive uncertainty), and maysir (gambling) (Iqbal & Mirakhor, 2011).

The fundamental principles of Islamic finance are rooted in the Quran and Hadith, promoting risk-sharing, asset-backed financing, and socially responsible investment (El-Gamal, 2006). These principles resonate not only with Muslim consumers but increasingly attract non-Muslim customers seeking ethical alternatives to conventional finance, particularly following the 2008 global financial crisis which highlighted systemic risks in interest-based banking systems (Chapra, 2008). Consumer trust emerges as a critical factor determining the success and sustainability of IFIs, as it directly influences customer loyalty, market penetration, and institutional reputation (Ahmad & Haron, 2002).              Figure 1 :Model Interactive 

Despite significant growth, Islamic finance faces challenges including limited awareness, product standardization issues, and competition from conventional banks offering Islamic windows (Ahmed, 2010). Understanding how Shariah compliance impacts consumer trust becomes essential for IFIs to strengthen market position and achieve sustainable growth. This study addresses the research gap by systematically examining the relationship between Shariah-compliant practices, consumer trust, and market expansion through comprehensive literature analysis.

The research objectives are threefold: first, to identify key Shariah-compliant business practices that influence consumer trust; second, to analyze the mechanisms through which consumer trust contributes to market growth; and third, to provide evidence-based recommendations for IFIs and policymakers. By synthesizing existing research and identifying emerging trends, this study contributes to theoretical understanding and practical application of Islamic finance principles in contemporary market contexts.

Figure 2 : Syariah, Trust and Market                 

LITERATURE REVIEW

Shariah-Compliant Business Practices in Islamic Finance

Shariah-compliant business practices are governed by Islamic jurisprudence (fiqh muamalat) which establishes ethical and legal frameworks for commercial transactions (Ayub, 2007). The core prohibitions include riba (interest/usury), gharar (excessive uncertainty), maysir (gambling/speculation), and investment in haram (forbidden) industries such as alcohol, pork, and conventional financial services (Usmani, 2002). These prohibitions aim to ensure fairness, transparency, and social responsibility in financial transactions.

Islamic finance operates through various contracts and instruments including murabaha (cost-plus financing), ijarah (leasing), musharakah (partnership), mudarabah (profit-sharing), and sukuk (Islamic bonds) (Visser, 2019). Each instrument must meet Shariah requirements verified by Shariah Supervisory Boards (SSBs) comprising Islamic scholars who ensure compliance and issue fatwas (religious rulings) on product permissibility (Hasan, 2011). The role of SSBs is critical in maintaining institutional credibility and consumer confidence.

Recent literature emphasizes the importance of Shariah governance frameworks that integrate religious compliance with modern corporate governance principles (Grais & Pellegrini, 2006). Effective Shariah governance enhances transparency, accountability, and stakeholder trust, contributing to institutional legitimacy and market competitiveness (Ginena & Hamid, 2015). Furthermore, standardization efforts by organizations such as the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) and Islamic Financial Services Board (IFSB) aim to harmonize practices across jurisdictions (Maali et al., 2006).

Consumer Trust in Islamic Financial Institutions

Consumer trust is defined as the willingness of customers to rely on an institution's ability, integrity, and benevolence to fulfill promised obligations (Morgan & Hunt, 1994). In Islamic finance context, trust encompasses both conventional dimensions and religious authenticity, as consumers evaluate whether institutions genuinely adhere to Shariah principles or merely engage in "window dressing" (Dusuki & Abdullah, 2007).

Research indicates that consumer trust in IFIs is influenced by multiple factors including perceived Shariah compliance, service quality, transparency, brand reputation, and religious commitment (Amin et al., 2013). Studies show that customers with stronger religious orientation exhibit higher trust levels toward Islamic banks, viewing them as extensions of their faith-based identity (Abou-Youssef et al., 2015). However, trust is fragile and can be eroded by Shariah non-compliance scandals, poor service delivery, or perceptions of commercialization over religious authenticity (Hassan & Lewis, 2007).

Empirical studies demonstrate positive relationships between trust and customer satisfaction, loyalty, and willingness to recommend IFIs to others (Amin et al., 2011). Trust also mediates relationships between service quality and customer retention, suggesting that even superior services cannot compensate for lack of trust in Shariah compliance (Echchabi & Olaniyi, 2012). Furthermore, trust reduces perceived risk and transaction costs, encouraging customers to engage in long-term relationships with IFIs (Thaker et al., 2019).

Market Growth and Competitive Dynamics

The global Islamic finance market has experienced consistent growth, with assets expected to reach USD 5 trillion by 2025 (Islamic Financial Services Board, 2020). Growth drivers include demographic factors (expanding Muslim populations), increasing wealth in Muslim-majority countries, government support through Islamic finance initiatives, and growing ethical finance movements globally (Ernst & Young, 2016).

Market growth manifests through various indicators including asset expansion, customer base enlargement, geographical diversification, product innovation, and increased market share relative to conventional finance (Beck et al., 2013). IFIs compete not only among themselves but also with conventional banks offering Islamic windows and fintech platforms providing Shariah-compliant digital solutions (Ryu & Ko, 2020).

Competitive advantage in Islamic finance derives from differentiation based on Shariah compliance, ethical positioning, and community engagement rather than solely on price or convenience (Dusuki, 2008). However, challenges persist including shortage of qualified professionals, limited awareness among potential customers, and perceptions that Islamic finance products are more expensive or less sophisticated than conventional alternatives (Warde, 2010).

Research suggests that market growth sustainability depends on building institutional trust, improving financial literacy, enhancing product innovation, and demonstrating social impact through Islamic social finance instruments such as zakat (obligatory charity), waqf (endowment), and qard hasan (benevolent loans) (Hassan & Mahlknecht, 2011). These instruments position IFIs as contributors to socioeconomic development and financial inclusion, strengthening stakeholder confidence and market legitimacy.

METHODOLOGY

This study employs a systematic literature review methodology to evaluate the impact of Shariah-compliant business practices on consumer trust and market growth in Islamic financial institutions. The literature review follows established protocols including comprehensive literature search, quality assessment, data extraction, and synthesis of findings (Tranfield et al., 2003).

Literature Search Strategy

The literature search was conducted across multiple academic databases including Scopus, Web of Science, Google Scholar, JSTOR, EBSCOhost, and ProQuest. Search terms included combinations of keywords: "Islamic finance," "Shariah compliance," "consumer trust," "customer confidence," "market growth," "Islamic banking," "ethical banking," and "religious finance." The search covered publications from 2000 to 2024 to capture contemporary developments while including seminal works establishing foundational concepts.

Inclusion and Exclusion Criteria

Inclusion criteria required: (1) peer-reviewed journal articles, conference proceedings, and reputable books; (2) empirical studies, theoretical frameworks, or systematic reviews; (3) focus on Islamic financial institutions, Shariah compliance, consumer behavior, or market dynamics; and (4) English language publications. Exclusion criteria eliminated: (1) opinion pieces without empirical or theoretical rigor; (2) publications lacking clear methodology; (3) studies unrelated to trust or market growth; and (4) duplicate publications.

Data Extraction and Analysis

Data extraction captured study characteristics (author, year, country, methodology), key findings regarding Shariah compliance practices, consumer trust determinants, market growth indicators, and theoretical frameworks employed. Quality assessment evaluated methodological rigor, sample size adequacy, analytical approach validity, and conclusions support by evidence.

Thematic analysis identified recurring patterns, relationships between variables, and gaps in existing literature. Findings were synthesized to develop comprehensive understanding of how Shariah compliance influences consumer trust and subsequently impacts market growth. Critical evaluation examined consistency across studies, contextual variations, and methodological limitations affecting generalizability.

Limitations

This methodology's limitations include: (1) potential publication bias favoring positive findings; (2) language bias excluding non-English publications; (3) database coverage limitations; (4) rapid evolution of Islamic finance potentially outdating some findings; and (5) contextual variations across countries limiting universal applicability. These limitations are acknowledged while ensuring rigorous analysis of available evidence.

RESULTS AND DISCUSSION

Impact of Shariah Compliance on Consumer Trust

The literature review reveals overwhelming evidence that Shariah-compliant business practices significantly enhance consumer trust in Islamic financial institutions. Multiple studies demonstrate that perceived adherence to Islamic principles constitutes the primary trust determinant, surpassing conventional factors such as price competitiveness or branch accessibility (Amin et al., 2013; Abou-Youssef et al., 2015).

Religious Authenticity and Credibility

Research indicates that consumers evaluate IFIs based on religious authenticity, assessing whether institutions genuinely implement Shariah principles or merely rebrand conventional products (Dusuki & Abdullah, 2007). Presence of credible Shariah Supervisory Boards, transparent reporting of compliance procedures, and clear communication of Islamic finance principles strengthen perceptions of authenticity (Hasan, 2011). Studies show that SSB credibility directly correlates with consumer trust levels, with institutions featuring renowned scholars experiencing higher trust ratings (Ginena & Hamid, 2015).

Transparency and Ethical Conduct

Transparency emerges as critical trust driver, with customers expecting clear disclosure of profit distribution mechanisms, fee structures, and investment activities (Hanif, 2011). Shariah compliance mandates transparency through prohibition of gharar (uncertainty), requiring explicit contract terms and risk disclosure. Empirical evidence demonstrates that IFIs with superior transparency practices achieve higher customer satisfaction and loyalty compared to less transparent competitors (Amin et al., 2011).

Ethical conduct extends beyond technical compliance to encompass corporate social responsibility, fair treatment of customers, and contribution to community welfare (Dusuki, 2008). Studies show that consumers perceive IFIs as ethically superior to conventional banks, valuing their commitment to social justice and avoidance of harmful industries (Abou-Youssef et al., 2015). This ethical positioning strengthens trust particularly among socially conscious consumers regardless of religious affiliation.

Risk-Sharing and Fairness

The Islamic finance principle of risk-sharing (musharakah, mudarabah) enhances trust by aligning institutional and customer interests, contrasting with conventional debt-based models where banks bear minimal risk (Chapra, 2008). Customers perceive risk-sharing arrangements as fairer, fostering partnership mentality rather than adversarial creditor-debtor relationships (El-Gamal, 2006). Research indicates that understanding of risk-sharing principles positively influences trust and willingness to engage with IFIs (Echchabi & Olaniyi, 2012).

Mechanisms Linking Consumer Trust to Market Growth

The literature establishes multiple pathways through which consumer trust contributes to Islamic finance market growth:

1. Customer Loyalty and Retention 

Trust serves as primary driver of customer loyalty, with trusted institutions experiencing lower customer churn and higher cross-selling success (Amin et al., 2011). Longitudinal studies demonstrate that trust-based relationships generate sustained profitability through repeat transactions and expanded product adoption (Thaker et al., 2019). Loyal customers become institutional advocates, providing positive word-of-mouth recommendations that reduce customer acquisition costs.

2. Market Expansion and Penetration 

Consumer trust facilitates market penetration in Muslim-majority countries where religious compliance is paramount, and increasingly in Muslim-minority contexts where ethical finance attracts diverse customer segments (Hassan & Aliyu, 2018). Studies show that IFIs with strong trust reputations successfully enter new markets more rapidly than competitors lacking credibility (Beck et al., 2013). Trust also enables premium pricing strategies, as customers willingly pay higher fees for verified Shariah-compliant services (Warde, 2010).

3. Financial Stability and Sustainability

Trust contributes to institutional stability by ensuring steady deposit bases and resilient customer relationships during economic uncertainties (Ernst & Young, 2016). The 2008 financial crisis demonstrated that IFIs with established trust maintained customer confidence while conventional banks faced withdrawal surges (Hasan & Dridi, 2010). Sustainable growth requires trust-based foundations that weather market volatilities and regulatory changes.

4. Innovation and Product Development

Trusted institutions enjoy greater latitude for product innovation, as customers exhibit willingness to adopt new Shariah-compliant offerings from credible providers (Ahmed, 2010). Research shows that trust reduces perceived risk associated with unfamiliar products, accelerating diffusion of innovations such as digital Islamic banking and fintech solutions (Ryu & Ko, 2020). Innovation capabilities enable IFIs to address evolving customer needs while maintaining competitive relevance.

Factors Moderating Trust-Growth Relationships

Several contextual factors moderate relationships between consumer trust and market growth:

Financial Literacy and Awareness

Studies indicate that Islamic financial literacy significantly influences how trust translates into market participation (Abdullah & Anderson, 2015). Countries with higher Islamic finance education demonstrate stronger correlations between trust and market growth, as informed consumers better appreciate Shariah compliance value propositions. Conversely, limited awareness constrains growth potential despite high trust levels among existing customers.

Regulatory Environment

Supportive regulatory frameworks enhance trust-growth linkages by ensuring standardization, protecting consumer rights, and promoting market confidence (Grais & Pellegrini, 2006). Countries with comprehensive Islamic finance regulations experience accelerated market development compared to those with ad hoc approaches (Hassan & Mahlknecht, 2011). However, excessive regulation may stifle innovation and reduce competitive dynamism.

Competitive Intensity

Market competition influences how trust advantages translate into growth outcomes (Dusuki, 2008). In monopolistic or oligopolistic markets, trust benefits may not fully materialize due to limited consumer choices. Conversely, competitive markets reward trusted institutions with market share gains and sustainable growth trajectories (Beck et al., 2013).

Digital Transformation

Digital technologies create new trust dynamics, requiring IFIs to maintain Shariah authenticity while leveraging fintech innovations (Ryu & Ko, 2020). Studies show that successful digital transformation enhances trust through improved accessibility, transparency, and customer experience, accelerating market growth particularly among younger demographics (Islamic Financial Services Board, 2020). However, cybersecurity concerns and digital divide challenges moderate these relationships in certain contexts.

Comparative Analysis: Islamic vs. Conventional Finance

Comparative studies reveal that trust operates differently in Islamic versus conventional finance contexts. While conventional banks emphasize financial performance and service efficiency, IFIs prioritize religious authenticity and ethical conduct as primary trust drivers (Dusuki & Abdullah, 2007). This differentiation creates distinct market segments with varied trust expectations and growth potentials.

Research indicates that dual-banking systems (where Islamic and conventional banks coexist) experience higher overall market growth compared to single-system countries, suggesting complementarity rather than substitution effects (Beck et al., 2013). IFIs capture market segments valuing Shariah compliance while conventional banks serve customers prioritizing different attributes, expanding total financial sector development.      Figure 3 : Comparative Analysis: Islamic vs. Conventional Finance

However, conventional banks offering Islamic windows complicate competitive dynamics by potentially diluting trust through questions about genuine commitment versus opportunistic positioning (Hassan & Lewis, 2007). Studies show mixed results regarding Islamic window effectiveness, with some research indicating customer skepticism while other studies suggest successful market penetration in specific contexts.

Challenges and Limitations

Despite positive trust-growth relationships, challenges persist limiting Islamic finance potential:

a. Shariah Non-Compliance Risks

Instances of Shariah violations or controversies damage institutional trust with lasting repercussions (Ginena & Hamid, 2015). Media coverage of compliance failures creates negative spillover effects affecting entire industry credibility. Maintaining rigorous compliance standards while pursuing growth and profitability requires careful balance.

b. Talent Shortage

Limited availability of professionals combining Islamic finance expertise with modern banking skills constrains institutional capacity to deliver quality services maintaining trust (Warde, 2010). Educational initiatives remain insufficient to meet industry demand, particularly for qualified Shariah scholars and product developers.

c. Standardization Challenges

Lack of global Shariah compliance standards creates confusion and undermines trust, as interpretations vary across jurisdictions and institutions (Maali et al., 2006). While AAOIFI and IFSB provide guidelines, adoption remains voluntary in many countries, limiting effectiveness.

d. Perception Issues

Misconceptions that Islamic finance is exclusively for Muslims, more expensive, or less sophisticated than conventional alternatives constrain market growth (Abdullah & Anderson, 2015). Addressing these misperceptions requires sustained education and marketing efforts demonstrating value propositions to broader audiences.

CONCLUSION

This comprehensive literature review establishes that Shariah-compliant business practices significantly impact consumer trust and market growth in Islamic financial institutions. The evidence demonstrates that adherence to Islamic principles through prohibition of riba, gharar, and maysir, combined with risk-sharing mechanisms and ethical investment practices, enhances consumer trust by providing religious authenticity, transparency, and fairness.

Consumer trust serves as critical intermediary linking Shariah compliance to market growth through multiple mechanisms including customer loyalty enhancement, market expansion facilitation, financial stability contribution, and innovation enablement. Trusted institutions achieve sustainable competitive advantages, particularly in markets valuing ethical and religious considerations in financial decision-making.

Key findings indicate that trust determinants extend beyond technical Shariah compliance to encompass broader factors including Shariah Supervisory Board credibility, transparency practices, ethical conduct, and social responsibility engagement. Furthermore, contextual factors such as financial literacy, regulatory environment, competitive dynamics, and digital transformation moderate trust-growth relationships, creating varied outcomes across different markets.

The research identifies persistent challenges including Shariah non-compliance risks, talent shortages, standardization gaps, and perception issues requiring strategic attention from IFIs and policymakers. Addressing these challenges necessitates coordinated efforts encompassing enhanced Shariah governance frameworks, improved financial education, regulatory harmonization, and effective communication strategies.

1. Implications for Practice

Islamic financial institutions should prioritize strengthening Shariah governance mechanisms, ensuring credible SSB composition, transparent compliance reporting, and continuous staff training on Islamic finance principles. Investment in customer education enhancing understanding of Shariah-compliant products will improve trust and market acceptance. Furthermore, leveraging digital technologies while maintaining religious authenticity can expand market reach particularly among younger demographics.

Policymakers should develop comprehensive regulatory frameworks supporting Islamic finance development while ensuring consumer protection and market stability. Promoting financial literacy through national education programs and facilitating international cooperation on standardization will strengthen industry credibility and growth potential.

2. Recommendations for Future Research

Future research should employ longitudinal methodologies examining trust dynamics over extended periods, capturing temporal variations and causal relationships more definitively. Comparative studies across diverse cultural contexts will enhance understanding of how institutional and societal factors moderate trust-growth linkages. Additionally, investigating impact of emerging technologies including blockchain, artificial intelligence, and digital currencies on Shariah compliance and consumer trust represents important frontier for Islamic finance scholarship.

Quantitative research employing structural equation modeling or other advanced statistical techniques can test theoretical frameworks proposed in this review, providing empirical validation and refinement. Qualitative studies exploring consumer decision-making processes and institutional practices from insider perspectives will complement quantitative findings, generating nuanced insights for theory development and practical application.

In conclusion, this study affirms that Shariah-compliant business practices constitute foundational elements for building consumer trust and achieving sustainable market growth in Islamic financial institutions. By maintaining religious integrity while embracing innovation and customer-centricity, IFIs can strengthen their competitive positioning and contribute meaningfully to global financial system diversity and ethical finance advancement.

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