Exploring the Synergy between Islamic Banking and Halal Tourism Development in Indonesia: A Qualitative Analysis Using NVivo

Abstract

This study explores the synergy between Islamic banking and halal tourism development in Indonesia using a qualitative content analysis approach supported by NVivo software. Halal tourism, a rapidly growing segment of the global travel industry, has been recognized as a key driver of Indonesia’s halal economy. At the same time, Islamic banking has demonstrated steady growth and offers financing instruments that align with sharia principles, such as mudarabah, musharakah, and qard al-hasan. Despite this potential, the integration between these two sectors remains underexplored. Drawing on 65 secondary sources, including government policies, academic publications, industry reports, and media coverage, this research identifies three overarching themes: financial support and inclusion, policy and regulatory frameworks, and challenges and sustainability. The findings reveal that Islamic banking plays a critical role in providing sharia-compliant financing and empowering SMEs in the halal tourism sector, while government initiatives offer regulatory backing. However, fragmented policy implementation, infrastructural gaps, low consumer awareness, and limited innovation in Islamic financial products continue to constrain the sector’s long-term growth. This study extends the literature by systematically mapping the interrelationship between Islamic banking and halal tourism, offering insights into opportunities and barriers. The results highlight the importance of financial inclusion, policy harmonization, and innovation in building a sustainable halal tourism ecosystem. Recommendations include fostering collaboration between financial institutions, regulators, and industry players to position Indonesia as a global leader in halal tourism.