Purpose This study aims to examine the time-varying dynamic dependencies between crude oil returns and global Islamic S&P sectoral stock indices, specifically focusing on the sectors most affected by the COVID-19 pandemic. Design/methodology/approach The analysis spans from 2008 to 2022, using continuous wavelet transform (CWT) and wavelet coherence analysis to capture multi-scale co-movements across short, medium and long-term horizons. Findings Results reveal that the relationship between crude oil prices and global sectoral stock index returns is scale-dependent and time-varying. Strong correlations are observed in most sectors, particularly energy and industrials, whereas the real estate sector exhibits a unique decoupling behavior. Notably, crude oil plays a crucial role in mitigating sectoral portfolio performance with the real estate sector exhibiting the lowest risk when exposed to crude oil fluctuations. Originality/value Unlike previous studies that focus on aggregate Islamic market indices, this paper provides a granular analysis of sector-specific vulnerabilities. It contributes to the literature by identifying the distinct “safe-haven” potential of Islamic real estate during energy shocks and offering tailored portfolio diversification strategies for investors during periods of extreme market disruption like the COVID-19 pandemic.
Purpose This study aims to analyze the optimization of Human Resource Management (HRM) strategies of amil (zakat institutions) in Indonesia’s regional National Amil Zakat Agency (BAZNAS) to improve the effectiveness, professionalism and transparency of zakat collection. Design/methodology/approach This research uses the Analytical Network Process (ANP) method to formulate priority strategies for managing amil human resources. ANP was selected because it can capture interdependencies and feedback loops among issues, aspects and strategies. The study’s network structure consists of clusters including Goals, Aspects, Problems and Strategies. Data were collected through pairwise-comparison questionnaires completed by 13 experts, including academics, regulators and practitioners from BAZNAS at national and regional levels, using a 1–9 scale, with consistency ratios (CR) maintained below 0.1. The analysis was conducted using Super Decisions software. Findings This study identifies three key problems in zakat human resource management (HRM): weak leadership, unprofessional recruitment, unclear employment status and low compensation. The highest-priority strategy is promoting leaders as role models of integrity and commitment, consistently rated highly by academics, regulators and practitioners. Other aligned strategies include strict recruitment based on competence (ST.1) and clarifying employment terms with fair incentives (ST.2). Despite moderate agreement among respondent groups, the results highlight the need for integrated approaches. Effective zakat management requires leadership reform, professional HR systems, external collaboration and transparent governance. Research limitations/implications This study contributes to human capital and Islamic social finance literature by demonstrating how professional and value-based human resource factors coexist in shaping zakat institutional performance. In practice, the prioritization framework offers policymakers and zakat administrators a structured decision-support tool for reforming HR systems in religious public institutions and strengthening accountability and sustainability in zakat governance. Originality/value Unlike prior research, which often treats zakat management in general or focuses solely on collection mechanisms, this study specifically addresses the complex challenges of HRM for amil at the regional BAZNAS. By applying the ANP framework, it systematically maps interdependencies among multiple factors. The study prioritizes context-specific strategies and offers a structured decision-making approach rarely used in HR strategy in the zakat sector.
Purpose This study aims to examine the adoption of mudharabah financing in high-risk coastal livelihoods by reframing Islamic financial contracts as instruments of institutional risk governance rather than purely normative or religious arrangements. It seeks to explain how institutional processes shape adoption decisions under conditions of environmental and income uncertainty. Design/methodology/approach A quantitative research design is employed using survey data from 440 coastal economic actors in Indonesia. The proposed framework is tested through a serial mediation model using partial least squares structural equation modeling (PLS-SEM). Multi-group analysis is further applied to capture contextual variations across geographic settings and fishing-asset ownership structures. Findings The findings indicate that access to capital and perceived fairness do not directly influence the intention to adopt mudharabah. Their effects are fully transmitted through a sequential institutional pathway involving the institutional role of Islamic financial intermediaries, risk-management practices addressing weather and price volatility and the formation of institutional trust. Multi-group analysis reveals that these institutional pathways are significantly stronger in mainland coastal areas and among individual asset owners, suggesting that institutional risk governance operates unevenly across contexts. Practical implications The results suggest that strengthening mudharabah adoption requires more than expanding access or emphasizing Shariah compliance. Islamic financial institutions should prioritize institutional capacity for risk governance, including contract clarity, distributive fairness and operational risk-management mechanisms, particularly in vulnerable coastal environments. Originality/value This study contributes to the Islamic finance and development literature by reconceptualizing mudharabah adoption as an outcome of institutional risk governance. It positions trust as an endogenous result of institutional performance and offers a context-sensitive framework for designing Islamic microfinance interventions in high-risk livelihood settings.
Purpose This study aims to develop an expert-supported framework of contemporary banking challenges using a sequential mixed-methods design and a fuzzy Delphi study involving senior managers from Bank Melli Iran. Design/methodology/approach This research began with a systematic review of 15 studies to create an initial framework for current banking challenges. The framework was improved after three interviews with senior banking executives. Next, a fuzzy Delphi study was used to evaluate the updated indicators, drawing on a panel of 30 senior managers and experts from Bank Melli, Iran. All questionnaires were distributed and collected by the end of 2025. Findings The analysis identified five key dimensions of contemporary banking challenges and retained 46 of the 48 proposed indicators after the fuzzy Delphi evaluation. Anti-money laundering and counter-terrorism financing, cybersecurity with consumer data privacy protection, weak internet infrastructure, generational gaps in technology adoption and lack of integration across banking systems were among the indicators receiving the strongest expert support. The results indicated a high level of expert consensus (overall Kendall’s W = 0.890, p < 0.001), and threshold sensitivity and robustness analyses confirmed the stability of the proposed framework. Originality/value This research advances contemporary banking literature by transcending fragmented analyses of digital transformation, cybersecurity, artificial intelligence, regulation and financial technology to establish an integrated, expert-driven indicator framework. Instead of introducing a universal taxonomy, this study presents a contextually grounded managerial assessment framework tailored to large legacy banks in developing economies, thereby establishing a robust basis for future cross-institutional and cross-country validation.
Purpose This study aims to explore and analyze the extent to which Islamic philanthropic institutions in Indonesia integrate the principle of environmental protection (hifdz al-bi’ah) into their programs, as well as to assess the potential and challenges of implementing a recycling-based fundraising model as an innovative form of Islamic philanthropy that supports environmental sustainability and aligns with the objectives of maqashid shariah. Design/methodology/approach This qualitative study uses a phenomenological approach, with data collected through interviews and document reviews from relevant institutions. The research involves managers of Islamic philanthropy institutions, religious figures and academics and is supported by relevant articles and other documents. Findings This study identifies five key themes categorized into potential factors and challenges. The initial three themes emphasize possible contributing factors: (1) the compatibility of fundraising through recycling with the principles of hifdz al-bi’ah and maqashid shariah; (2) the strategic importance of Islamic philanthropy as a novel approach to tackling environmental challenges; and (3) the motivations for public involvement, driven by increasing environmental consciousness among young people and confidence in zakat organizations. On the other hand, the last two themes identify challenges: (4) a lack of contextual religious understanding concerning environmental matters; and (5) technical and structural obstacles, such as inadequate logistical infrastructure (storage and transportation) and insufficient regulatory backing from the government. Originality/value This study offers a novel perspective by examining how Indonesian zakat institutions incorporate fiqh al-bi’ah, Islamic environmental jurisprudence, into their operations, specifically through the underexplored lens of fundraising from used and recycled goods. By mapping both the opportunities and barriers to this innovative approach and grounding the analysis in the views of diverse stakeholders, including amil zakat, muzakki, scholars and academics, this study bridges theological principles with practical environmental action in Islamic philanthropy.
