<Special Feature: Accountability in Islamic Economy: Transforming Religiosity and Religious Experience in Muslim Societies>Editor's Preface

Abstract

This article summarises the nature and diversity of Islamic accountability in economic practices, focusing on recent developments in Islamic finance and the halal industry across Muslim societies. Discussions on Islamic finance and the halal industry have revisited the concept of accountability, emphasising shariah (sharī‘a) compliance and halalness through shariah advisory boards in Islamic finance and halal certification systems in halal industry. Initially shaped by supply-side stakeholders, this institutionalised market environment has evolved in response to demand-side influences, driven by the rise of market capitalism and neoliberalism in Muslim societies. The concept of ‘market Islam' has emerged as a framework for understanding this shift. The Islamic business community increasingly emphasises self-reflection and selfactualisation to understand market practices in terms of Islamic accountability. To achieve spiritual fulfilment, individuals are encouraged to engage in a costbenefit analysis of their practices, balancing livelihood needs with religious values. As a result, contemporary Islamic accountability in economic practices underscores the role of these practices as key elements of the Islamic lifestyle.