Strategic prioritization of Islamic blue finance for blue economy: integrating higher ethical objective ( Maqasid Sharia ) into MCDM in eastern Indonesia

Purpose This study aims to identify and prioritize strategic actions for developing Islamic Blue Finance to support the blue economy in Eastern Indonesia, where marine economic potential remains underutilized despite abundant coastal resources. Design/methodology/approach The primary methodology employs a novel hybrid multi criteria decision making (MCDM) framework by integrating AHP, ANP, Delphi based Consensus Analysis and TOPSIS to prioritize development strategies. Data were collected from experts and practitioners, with findings further analyzed through a Maqashid Sharia perspective. Finally, to establish foundational relevance and complement the MCDM findings, a panel regression analysis is utilized as supporting evidence to examine the economic impact of Islamic finance on the Fishermen and Fish Farmers Exchange Rate (NTNP). Findings The findings indicate that regulatory support is the highest strategic priority in developing Islamic blue finance, particularly regulatory certainty for innovative financial instruments such as blue sukuk and Islamic maritime investment products. Human resource development and infrastructure accessibility also emerged as critical dimensions. The ANP-TOPSIS and AHP-TOPSIS integration demonstrates that strengthening political and institutional commitment, expanding inter-institutional collaboration, and integrating maritime literacy into Islamic finance education are the most robust strategic priorities. In addition, panel regression analysis confirms that Islamic blue finance positively and significantly affects NTNP in Eastern Indonesia. Research limitations/implications The study offers practical guidance for policymakers to formulate integrated regulatory frameworks, accelerate the development of Islamic blue finance, improve maritime financial infrastructure, and strengthen collaboration among Islamic banks, zakat and waqf institutions, regulators, and coastal communities. Originality/value This study extends institutional theory and Maqashid Sharia by demonstrating how Islamic ethical finance can support sustainable maritime development through a hybrid MCDM decision-making framework.