Resilience of Islamic Banking to the Global Economic Crisis Myth or Fact
Keywords:
Global Economic Crisis, Islamic Banking, ResilienceAbstract
This study aims to thoroughly examine the resilience of Islamic banking in the face of global economic crises, highlighting the extent to which the commonly held assumption of its superiority is supported by empirical evidence. The research is grounded in the widespread belief that Sharia principles—such as the prohibition of interest (riba), speculative transactions (gharar), and emphasis on asset-backed investments—offer stronger protection against economic shocks than conventional financial systems. The main objectives of this study are to analyse the level of resilience demonstrated by Islamic banks during times of crisis, identify internal and external factors influencing this resilience, and evaluate empirical evidence that either supports or challenges this perception. A qualitative case study approach was employed, utilising data collection techniques such as in-depth interviews, participatory observation, and document analysis. Research participants included Islamic bank executives, Islamic economics academics, financial analysts, and customers who directly experienced the impact of economic crises. The findings reveal that while Sharia-based principles provide a stronger foundation in certain aspects, Islamic banks are not entirely immune to the systemic effects of global crises. Consequently, there is a pressing need to strengthen adaptive and sustainable risk mitigation strategies. This study contributes to the development of Islamic financial resilience theory and offers practical recommendations for industry practitioners and policymakers to enhance the long-term stability of the Islamic financial sector.
References
Acheampong, R. A. (2020). Mobility-on-demand: An empirical study of internet-based ride-hailing adoption factors, travel characteristics and mode substitution effects. Transportation Research Part C: Emerging Technologies, 115(Query date: 2025-05-16 22:23:39). https://doi.org/10.1016/j.trc.2020.102638
Adimekwe, M. C. (2024). Legal, Social and Religious Perspectives on the Status of Human Rights in Nigeria. Dalam The Impact of Religion, Personality, Values and Worldviews on Attitudes Towards Human Rights: An Empirical-theological Study Among Nigerian Youth (hlm. 49–234). Springer Nature Switzerland. https://doi.org/10.1007/978-3-031-65749-8_3
Affini, D. N., Rivai, V., Nurhayati, M., Permana, D., & Sutawidjaya, A. H. (2022). Building the Concept of Small and Medium Enterprise Business Resilience: Literature Review. Jurnal Manajemen Dan Kewirausahaan, 10(1), 15–23. https://doi.org/10.26905/jmdk.v10i1.7539
Aktar, M. A. (2021). Global economic crisis, energy use, CO2 emissions, and policy roadmap amid COVID-19. Sustainable Production and Consumption, 26(Query date: 2025-05-16 22:16:33), 770–781. https://doi.org/10.1016/j.spc.2020.12.029
Alfajri, A., & Andrini, R. (2024). Analisis Komparatif Sistem Operasional Bank Syariah dan Bank Konvensional di Indonesia. Journal of Sharia Economics Scholar (JoSES), 2(3). https://doi.org/10.5281/zenodo.14522798
Anwar, M., Ernayani, R., Taufik, M. I., Subhan, M. N., Evrina, E., Djamil, N., Permatasari, M. D., El-Munadiyan, A., Sudarwadi, H., & Aswat, I. (2023). Manajemen Pengelolaan Keuangan Syariah (1 ed., Vol. 1). Cendikia Mulia Mandiri. https://books.google.co.id/books?id=MJXgEAAAQBAJ
Assmann, T. (2020). Impact assessment model for the implementation of cargo bike transshipment points in urban districts. Sustainability (Switzerland), 12(10). https://doi.org/10.3390/SU12104082
Awaluddin, M. (2024). Teori Portofolio dan Analisis Investasi Syariah (1 ed., Vol. 1). Yayasan Tri Edukasi Ilmiah. https://books.google.co.id/books?id=8b0xEQAAQBAJ
Busetto, L. (2020). How to use and assess qualitative research methods. Neurological Research and Practice, 2(1). https://doi.org/10.1186/s42466-020-00059-z
Fitriani, D., & Nisa, F. L. (2024). Analisis Praktek Larangan Maysir, Gharar, Dan Riba Dalam Asuransi Syariah Di Indonesia. Jurnal Multidisiplin Ilmu Akademik, 1(3), 181–190. https://doi.org/10.61722/jmia.v1i3.1391
Gbahabo, P. T., Agyeman, B., & Ikhide, S. (2024). The System of National Development Banks in Nigeria: The Case of the Development Bank of Nigeria. Dalam J. Y. Abor & D. Ofori-Sasu (Ed.), Perspectives on Development Banks in Africa: Case Studies and Emerging Practices at the National and Regional Level (hlm. 43–76). Springer Nature Switzerland. https://doi.org/10.1007/978-3-031-59511-0_3
Haddad, A. (2022). Impact of financial development initiatives on the banks’ financial performance: Comparative study in the stakeholders’ theory framework. SN Business & Economics, 3(1), 17. https://doi.org/10.1007/s43546-022-00393-1
Hastiadi, F. F., & Nagara, G. (2023). Celoteh Kebijakan (1 ed., Vol. 1). Universitas Indonesia Publishing. https://books.google.co.id/books?id=SSmuEAAAQBAJ
Hiver, P. (2024). Engagement in language learning: A systematic review of 20 years of research methods and definitions. Language Teaching Research, 28(1), 201–230. https://doi.org/10.1177/13621688211001289
Irshad, S. M. (2024). Economics of Risk-SharingRisk sharing. Dalam Economics of Disasters and Climate Change: Risk and Uncertainties (hlm. 39–101). Springer Nature Singapore. https://doi.org/10.1007/978-981-97-9415-7_2
Juhro, S. M., Syarifuddin, F., & Sakti, A. (2025). Islamic Economic and Financial System. Dalam Inclusive Welfare: On the Role of Islamic Social-Public Finance and Monetary Economics (hlm. 27–82). Springer Nature Singapore. https://doi.org/10.1007/978-981-96-0051-9_2
Juliswara, V., & Muryanto, F. (2022). Indonesia dalam Pusaran Globalisasi, Pengembangan Nilai- Nilai Positif Globalisasi Bagi Kemajuan Bangsa (1 ed., Vol. 1). Uwais Inspirasi Indonesia. https://books.google.co.id/books?id=mY2IEAAAQBAJ
Phan, D. H. B. (2021). Economic policy uncertainty and financial stability–Is there a relation? Economic Modelling, 94(Query date: 2025-05-16 22:16:33), 1018–1029. https://doi.org/10.1016/j.econmod.2020.02.042
Puaschunder, J. M. (2023). Resilient Finance in Responsible Investment. Dalam The Future of Resilient Finance: Finance Politics in the Age of Sustainable Development (hlm. 55–102). Springer International Publishing. https://doi.org/10.1007/978-3-031-30138-4_3
Purba, D., Panjaitan, S., Gultom, T., Sembiring, N., Lumbangaol, Y., Damanik, L., Hasugian, C., & Siallagan, H. (2024). Peran Bank Sentral Terhadap Stabilitas Sistem Keuangan. Jurnal PenKoMi: Kajian Pendidikan dan Ekonomi, 7(1), 380–391. https://doi.org/10.33627/pk.v7i1.1816
Pusvisasari, L., Bisri, H., & Suntana, I. (2023). Analisis Filosofi dan Teori Hukum Ekonomi Syariah dalam Konteks Perbankan Syariah. Jurnal Ekonomi Utama, 2(3), 269–277. https://doi.org/10.55903/juria.v2i3.125
Raza, A., Alavi, A. B., & Asif, L. (2024). Sustainability and financial performance in the banking industry of the United Arab Emirates. Discover Sustainability, 5(1), 223. https://doi.org/10.1007/s43621-024-00414-z
Restika, R., & Sonita, E. (2023). Tantangan Keamanan Siber Dalam Manajemen Likuiditas Bank Syariah: Menjaga Stabilitas Keuangan Di Era Digital. Krigan: Journal of Management and Sharia Business, 1(2), 25–36. https://doi.org/10.30983/krigan.v1i2.7929
Sakti, A. (2021). Proposing New Islamic Microfinance Model for Sustainable Islamic Microfinance Institution. Dalam M. K. Hassan, M. Saraç, & A. Khan (Ed.), Islamic Finance and Sustainable Development: A Sustainable Economic Framework for Muslim and Non-Muslim Countries (hlm. 349–378). Springer International Publishing. https://doi.org/10.1007/978-3-030-76016-8_15
Simatupang, A. (2024). Lembaga dan Pasar Keuangan: Memahami Kekuatan Keuangan Global (1 ed., Vol. 1). Penerbit Nasya Expanding Management. https://books.google.co.id/books?id=jmYUEQAAQBAJ
Situngkir, D., Revitha, R., Lubis, R. J., Syarifah, S., & Sibarani, J. C. (2024). Analisis Peran Komunikasi Bank Sentral Dalam Mempengaruhi Perilaku Pasar Keuangan. Journal of Management Accounting, Tax and Production, 2(1), 211–221. https://doi.org/10.57235/mantap.v2i1.1629
Stuchtey, M. R., Vincent, A., Merkl, A., Bucher, M., Haugan, P. M., Lubchenco, J., & Pangestu, M. E. (2023). Ocean Solutions That Benefit People, Nature and the Economy. Dalam J. Lubchenco & P. M. Haugan (Ed.), The Blue Compendium: From Knowledge to Action for a Sustainable Ocean Economy (hlm. 783–906). Springer International Publishing. https://doi.org/10.1007/978-3-031-16277-0_20
Sudirman, W. F. R., & Hidayat, H. (2024). Financial Performance Analysis of PT Bank Syariah Indonesia. Journal of Financial and Business, 1(1), 51–59. https://doi.org/10.69693/jfb.v1i1.18
Sutar, P. S., Kolte, G. C., & Yamini, S. (2025). Food supply chain disruptions and its resilience: A framework and review for resilience strategies in the digital era. OPSEARCH. https://doi.org/10.1007/s12597-025-00915-z
Tong, W., Ali, M., Puah, C.-H., Leong, C.-M., & Yuping, X. (2024). Islamic insurance: A review and research agenda. Journal of Financial Services Marketing, 29(4), 1464–1486. https://doi.org/10.1057/s41264-024-00276-6
Transplantation, B. M. (2024). The 50th Annual Meeting of the European Society for Blood and Marrow Transplantation: Physicians – Poster Session (P001-P755). Spinger Journals International, 59(1), 140–665. https://doi.org/10.1038/s41409-024-02348-6
Yildirim, H. S., & Baky Haskuee, M. (2025). The impact of monetary policy shocks on banks’ systemic risk in canada. Journal of Economics and Finance, 49(1), 141–175. https://doi.org/10.1007/s12197-024-09700-y
Yudha, A. T. R. C., Saifuddin, M., Hilmi, A. F., & Azzahra, alnavi. (2021). Fintech Syariah Dalam Sistem Industri Halal: Teori dan Praktik (1 ed., Vol. 1). Syiah Kuala University Press. https://books.google.co.id/books?id=8_hJEAAAQBAJ
zu Ermgassen, S. O. S. E., Hawkins, I., Lundhede, T., Liu, Q., Thorsen, B. J., & Bull, J. W. (2025). The current state, opportunities and challenges for upscaling private investment in biodiversity in Europe. Nature Ecology & Evolution, 9(3), 515–524. https://doi.org/10.1038/s41559-024-02632-0
Downloads
Published
Issue
Section
License
Copyright (c) 2025 Fitri Handayani, Silvia Rosyidatul Aima, Shelya Regina (Author)
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
