The Urgency of Business Feasibility Study from a Shariah Economic Perspective: Analysis of the Aspects of Halality, Benefit, and Business Sustainability

Abstract

Business feasibility studies are an important tool in business planning, but in practice they are often conducted conventionally, primarily oriented towards financial gain. This approach is not entirely consistent with the principles of Islamic economics, which emphasize the permissibility (halal), benefits (maslahah), and sustainability of a business. This study analyzes the urgency of business feasibility studies from an Islamic economic perspective by integrating the three dimensions of halal, maslahah, and sustainability into a single conceptual framework based on maqasid al-shari'ah. A qualitative desk research approach was used, involving a systematic review of national and international scientific literature published between 2019 and 2025. Data were analyzed descriptively and critically by mapping the findings into the proposed halal - maslahah - sustainability - maqasid framework, and by comparing convergences and tensions across the reviewed studies. The results of this study demonstrate that a maqasid-based business feasibility study is not merely a technical or financial exercise, but also an integrative ethical instrument: a business can only be considered fully “feasible” in the Islamic sense when it simultaneously fulfills halal legitimacy, generates tangible maslahah, and demonstrates long-term sustainability. This study provides a new integrative framework previously only partially discussed in the literature, and offers practical implications for entrepreneurs, Islamic financial institutions, and regulators seeking to design halal, beneficial, and sustainable businesses.