Value Creation in Digital Business: A Conceptual Framework Based on Sharia Economic Principles

Abstract

Digital transformation expands opportunities for value creation through business model innovation, data processing, and platform-based interactions. However, increased revenue and service adoption do not necessarily ensure an equitable distribution of benefits among stakeholders. This article aims to conceptualize value creation in digital business based on Islamic economic principles and explain the relationships among digital capabilities, governance, trust, and stakeholder benefits. It adopts a qualitative conceptual approach through an integrative synthesis of the literature examined on digital transformation, business model innovation, Islamic fintech adoption, and performance evaluation grounded in maqāṣid al-sharīʿah. The analysis compares definitions, assumptions, and value mechanisms to distinguish benefit creation, profit capture, and value distribution. The synthesis produces a framework linking Islamic principle orientation, digital capabilities, operational governance, and value creation outcomes. Governance is positioned as a mechanism for translating justice, trustworthiness, and public welfare into business decisions, while trust is proposed as a link between governance practices and user participation. The conceptual contribution lies in combining explanations of digital value mechanisms with evaluations of benefit quality and distribution, alongside potential indicators of transaction transparency, service accessibility, accountability, and perceived fairness. The framework emphasizes evaluating commercial success alongside actual benefits for users and business partners. Practically, it guides the development of welfare-oriented digital business evaluation. Nevertheless, the relationships among constructs remain empirically unvalidated; future research should test the indicators, mechanisms, and boundary conditions through cross-sectoral and longitudinal studies.