Vol. 2 No. 1 (2025): December

Introduction: Tax policy is a crucial tool for economic development, social welfare, and SME growth. This study compares tax policies in Indonesia and London from an Islamic economic perspective. In Indonesia, the focus is the MUI Fatwa No. 2/MUNAS XI/MUI/2025 on Fair Taxation, emphasizing justice, transparency, and public welfare. In London, 2026 fiscal measures, including corporate tax reforms, Making Tax Digital (MTD), inheritance tax adjustments, and SME incentives, are analyzed.

Methods: A qualitative comparative case study was conducted using document analysis of tax regulations, government reports, and Islamic legal sources, supported by interviews with SME owners and tax officials. Thematic analysis examined compliance, policy effectiveness, and socio-economic impacts.

Results: Tax policies significantly influence SME compliance and growth. Indonesia’s Sharia-compliant framework fosters voluntary compliance and social welfare, while London’s digital reporting and targeted incentives enhance transparency, efficiency, and investment opportunities. Comparative analysis shows that ethical legitimacy combined with effective administration strengthens trust and sustainable economic outcomes.

Discussion: The study highlights the interaction of normative principles and administrative capacity. Indonesia’s ethical-religious approach and London’s technology-driven system provide complementary insights for hybrid tax governance balancing fairness and efficiency.

Conclusion: Integrating ethical principles with efficient administration can enhance SME development, revenue collection, and public trust.

Novelty: Offers a comparative perspective on Sharia-based ethics and conventional fiscal reforms, proposing hybrid tax governance models for sustainable and equitable economic growth.

Introduction: Islamic financing has become one of the fastest-growing sectors in the global financial system due to the increasing demand for ethical, transparent, and Sharia-compliant financial products. However, there has been limited comprehensive research mapping the trends and development of Islamic financing studies. This study aims to analyze the research trends, intellectual structure, and emerging themes in the field of Islamic financing using bibliometric analysis.

Methods: Data was collected from the Scopus database, covering the period from 2005 to 2024. Bibliometric tools such as VOSviewer and CiteSpace were used to visualize collaboration networks, citation patterns, and keyword co-occurrence. Quantitative indicators, including publication output, citation frequency, and clustering of keywords, were analyzed to provide an overview of research trends.

Results: The study shows a significant rise in publications on Islamic financing, particularly from 2020 onwards, with notable peaks in 2023 and 2025. Malaysia, Indonesia, and the United States were identified as the main contributors. Emerging topics include the integration of fintech, blockchain technology, and cryptocurrency within Sharia-compliant frameworks, alongside a growing focus on sustainable development and financial inclusion.

Discussion: Research trends in Islamic financing indicate a shift toward technological integration, especially in fintech, while facing challenges in regulatory harmonization and risk management.

Conclusion: This study provides valuable insights into the evolution of Islamic financing research, identifying key themes and future directions in the field.

Novelty: To our knowledge, this is one of the first comprehensive bibliometric analyses of global research trends in Islamic financing, especially highlighting the convergence of technological innovation and Sharia compliance.