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This research explores the controversies surrounding Sharia economics and its implications for the global economy in the context of tradition and modernity. Sharia economics, grounded in Islamic principles, aims to promote ethical conduct, fairness, and economic justice in financial transactions. However, its integration into the modern economic framework presents challenges and debates. This study conducts a comprehensive analysis of the compatibility, implications, and policy considerations of Sharia economics, drawing upon theoretical frameworks from economics, institutional economics, and Islamic finance. Through literature review, data collection, empirical analysis, and theoretical synthesis, the research investigates the challenges of Sharia-compliant finance, its impact on economic development, financial inclusion, and social welfare, and the role of regulatory frameworks in shaping its growth and stability. The findings contribute to advancing understanding of Sharia economics, informing policy discourse, and guiding strategies for promoting ethical finance and sustainable economic development in today's global economy.
Soraya et al. (2024) studied this question.