Digital Transformation and the Implementation of Hifzh al-Mal: The Mediating Role of Hifzh al-Mal in the Effect of QRIS Adoption on the Sustainability of MSMEs in Sumenep Regency

Abstract

The widespread adoption of the Quick Response Code Indonesian Standard (QRIS) has transformed the operational practices of Micro, Small, and Medium Enterprises (MSMEs) by enhancing transaction efficiency, financial accessibility, and digital integration. Nevertheless, existing studies on financial technology adoption have largely employed value-neutral perspectives, paying limited attention to the ethical and religious dimensions that influence business behavior within faith-based communities. Addressing this gap, the present study investigates the effect of QRIS adoption on MSME sustainability by examining the mediating role of the realization of Hifzh al-Mal (protection of wealth), one of the core objectives of Maqashid al-Sharia. This study employs a quantitative explanatory approach. Data were collected through a survey of MSME owners in Sumenep Regency who incorporate Sharia principles into their business activities. Respondents were selected using purposive and snowball sampling techniques, and the proposed relationships were analyzed using Structural Equation Modeling Partial Least Squares (SEM-PLS). The primary contribution of this research lies in the operationalization of Hifzh al-Mal, a normative Islamic concept, into a measurable empirical construct that can be examined within a structural model. By integrating digital transformation and Islamic economic values, this study provides a comprehensive framework for understanding how technological innovation contributes to business sustainability through the enhancement of wealth protection, financial accountability, and ethical economic practices. The findings are expected to enrich the literature on financial technology adoption, Maqashid al-Sharia, and sustainable MSME development, while offering practical insights for policymakers and business actors seeking to promote value-based digital transformation in the MSME sector.