ISLAMIC BEHAVIORAL ECONOMICS IN THE AGE OF FINANCIAL TECHNOLOGY
DOI:
https://doi.org/10.55252/w0405x12Keywords:
Islamic behavioral economics, maqashid al-shariah, digital financial well-being, Islamic fintech, financial inclusion, sharia governanceAbstract
The rapid diffusion of financial technology has reorganized the way Muslim consumers save, borrow, spend, and manage wealth, yet the behavioral and ethical consequences of this transformation remain insufficiently theorized within Islamic economics. This study addresses that gap by developing an integrated, maqashid-based model of digital financial well-being that connects the objectives of Islamic law (maqashid al-shariah) with the behavioral dynamics of fintech adoption and use. Using a sequential exploratory mixed-method design, the study combines a systematic literature review of 2019-2026 scholarship on Islamic fintech, behavioral economics, and maqashid al-shariah with a two-round Delphi validation involving fifteen sharia scholars, fintech practitioners, and regulators. Thematic analysis of the reviewed corpus generated five interrelated behavioral constructs corresponding to the classical objectives of preserving religion, life, intellect, lineage, and wealth, which were subsequently reorganized into a construct the study labels digital maqashid literacy, digital financial self-restraint, and digital financial justice. Expert validation produced acceptable content validity ratios for all proposed constructs, supporting the structural coherence of the model. The resulting framework positions digital financial well-being not merely as a function of access or literacy, as much conventional fintech research assumes, but as an outcome mediated by religiously grounded self-regulation and institutional governance. The paper contributes a theoretically grounded and empirically anchored model that can guide future quantitative testing, inform sharia-compliant fintech product design, and support regulators seeking to align digital finance policy with the higher objectives of Islamic law.
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