Corporate Governance and Islamic Business Ethics as Anti-Crisis Mechanisms: Analyzing Their Role in Financial Stability and Islamic Capital Market Performance Amidst Global Economic Uncertainty and Tariff Wars

Mutia  Febrina Sari; Baginda Parsaulian

doi:10.30983/iciefs.v3i1.898

Authors

Mutia Febrina Sari Universitas Islam Negeri Sjech M. Djamil Djambek Bukittinggi
Baginda Parsaulian Universitas Islam Negeri Sjech M. Djamil Djambek Bukittinggi

DOI:

https://doi.org/10.30983/iciefs.v3i1.898

Keywords:

Corporate Governance, Islamic Business Ethics, Financial Stability, Islamic Capital Market

Abstract

Dynamic global economic developments and uncertainties such as market fluctuations, tariff wars, and financial crises require companies to implement effective and sustainable management practices. Corporate Governance (CG) and Islamic business ethics have emerged as important mechanisms for maintaining financial stability and the performance of Islamic capital markets. This study uses a library method with a qualitative approach, reviewing literature, journals, and articles related to the application of CG and Islamic business ethics in the global economic context. The results of the study indicate that the application of CG principles of transparency, accountability, responsibility, independence, and fairness strengthens corporate financial stability, especially in the face of global economic uncertainty. Furthermore, Islamic business ethics, which emphasize the prohibition of riba (usury), gharar (gharar), and maisir (gambling), as well as the principles of justice and openness, play a role in improving the performance of Islamic capital markets. These ethics provide risk protection through sharia screening, build investor confidence, and create market stability through real asset-based investments. Thus, CG and Islamic business ethics not only enhance corporate integrity and sustainability but also strengthen the resilience of Islamic capital markets amid economic crises and tariff wars.

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