This study addresses the limited attention given to governance mechanism required for implementing the Holding Company Waqf Model for SME financing in Indonesia. It is despite the growing discussion on cash waqf and alternative financing scheme. The study aims to identify and prioritize the governance factors required to support sustainable implementation of the model. Data were collected through in-depth interviews with seven experienced cash waqf managers in Malang during 2024. The ISM procedure involved the development of a Structural Self-Interaction Matrix (SSIM), reachability matrix, level partitioning, and driver-dependence analysis to determine the hierarchical relationships among governance variables. The findings reveal that regular and constant communication demonstrates the highest driving power (7) and functions as a key linkage variable in the governance hierarchy. Subjective norms and attitude toward behavior (driving power – 6 each) function as supporting independent variables. Meanwhile standard operating procedure and waqf legal protection as independent governance variables with strong driving influence. Also, the availability of regular monitoring and cash waqf blueprint model demonstrates high dependence on other governance elements. These results indicate that effective governance requires strong regulatory protection, operational clarity, and continuous supervision to reduce moral hazard and strengthen institutional trust. The novelty of this study lies in the integration of ISM into the governance analysis of the Holding Company Waqf Model, offering a structured governance hierarchy for SME financing implementation in Indonesia. The study also provides a practical governance framework that may support policymakers, waqf institutions, and SME stakeholders in developing sustainable financing mechanisms

Purpose The purpose of this study is to investigate the receptiveness of food bank donation among Generation Z in Malaysia by extending the theory of planned behaviour. Design/methodology/approach This study uses a quantitative approach and empirically analyses the data gathered via self-administered questionnaires and online surveys conducted among Generation Z in Malaysia. The findings of this study were subjected to multivariate analysis through the application of multiple regression analysis. Findings The findings indicate that subjective norms, social product innovativeness, attitude and religiosity had a significant positive relationship with Generation Z intention towards food bank donation. On the contrary, perceived behavioural control does not lend itself to be the determinant of the donor’s intention towards food bank donation. Research limitations/implications This research used purposive sampling and invited over 200 participants to fill out the questionnaires. The current research’s limitations should be taken into account when evaluating future results when other sampling strategies are chosen and geographic coverage is broadened. Practical implications Results of this study will help alms tax institutions in Malaysia to provide the best practices for food bank donations in Malaysia. Next, this study will also guide food donors to plan better offers of donation services among food recipients. Originality/value This study integrated a novel variable, namely, social product innovativeness along with religiosity and TPB constructs in explaining the receptiveness of food donation among Generation Z in Malaysia. TPB has been extended in response to donors’ willingness to opt for food donation. The extended TPB model is used to test two variables: social product innovativeness and religiosity. To the best of the authors’ knowledge, there has not yet been any testing of the social product innovativeness and religiosity factors in relation to Generation Z adoption of food bank donation. As a result, future researchers, academics, social institutions and policymakers will find this paper to be a helpful resource.

Financial crises followed shock and weakness in the financial system. The banking sector, which rules the financial sector in Malaysia and other regions, becomes influenced by banks’ financial crises. This study, therefore, aims to investigate the resilience of the Malaysian banking sector to increased banking system vulnerabilities. The study utilized early warning systems. It constructs a composite index using four selected macroeconomic and financial ratio indicators for the aggregate banking sector from January 2011 to December 2023. The main key results suggest that adequate macroeconomic indicators and banking performance can be used to improve banking fundamentals. The Non-Performing Loan (NPL) change is estimated to be between 0.98% and 1.22%, the Loan Deposit Ratio (LDR) between 80.02% and 81.48 percent, the Capital Adequacy Ratio (CAR) between 14.75% and 16.21 percent, and the Return on Assets (ROA) from 1.40% to 1.52%. Furthermore, inflation (INF) should be 0.10 to 0.17 %; exchange rate (ER) should be 3.49 to 3.80 Malaysian Ringgit (MYR) per USD; GDP growth should be 1.39% to 1.91% and Stock Market Index (SMI) growth should be 0.03% to 0.39%.

This study examines how Environmental, Social, and Governance (ESG) performance influences firm financial performance within the ASEAN context by integrating internal mechanisms and external institutional dynamics. Using a quantitative approach, this study analyzes 270 financial and non-financial companies from five ASEAN countries over the period 2019-2023. Structural Equation Modeling using Partial Least Squares (PLS-SEM) with WarpPLS is employed to test direct, mediating, and moderating relationships, complemented by multi-group analysis to assess cross-country and sectoral differences. The results show that ESG performance has a positive and significant effect on firm financial performance, both directly and indirectly through innovation capacity. At the same time, stakeholder trust and resource efficiency do not exhibit significant mediating effects. Furthermore, institutional quality, policy effectiveness, and cultural sustainability orientation strengthen the ESG-performance relationship, whereas market competition intensity does not play a significant moderating role. The findings also reveal substantial heterogeneity across countries and sectors, indicating that ESG effectiveness is highly context-dependent. Overall, this study highlights that ESG creates value not only through internal capabilities but also through supportive institutional and cultural environments, emphasizing the importance of contextual factors in shaping sustainability outcomes in emerging markets.

The pursuit of sustainable development-balancing economic prosperity with social equity and environmental stewardship-has emerged as an imperative global paradigm in the 21st century. While often framed as a modern response to contemporary challenges, the intellectual foundations of sustainable development can be discerned in the works of earlier scholars across diverse civilisations. This paper examines the profound yet underexplored contributions of Ibn Khaldun. His magnum opus, Muqaddimah, presents a sophisticated analysis of civilisational dynamics that resonates remarkably with the current sustainability discourse. Through critical textual analysis, this study demonstrates how Ibn Khaldun's concept of `umran (civilisation/prosperity) anticipated the three pillars of sustainable development: his theories of economic development (ma`ash), social cohesion (`asabiyyah), and environmental balance (bi'ah) offer a comprehensive framework for understanding societal flourishing and decline. The paper argues that Ibn Khaldun's cyclical theory of civilisational development, rooted in his observations of North African and Mediterranean societies, provides valuable insights into the conditions necessary for long-term sustainability-particularly his emphasis on just governance, intergenerational equity and the delicate equilibrium between urban development and ecological limits. This research enriches our historical understanding of sustainability concepts by bridging classical Islamic scholarship with contemporary sustainable development goals.

The increasing demand for halal food products is driven by the growing Muslim population and rising awareness of halal practices, both among Muslims and non-Muslims. This study aims to provide a systematic overview of halal standards and the competitiveness of the halal food industry, spanning the period from 2013 to 2024. A total of 364 published articles were reviewed using Systematic Literature Review (SLR) and bibliometric analysis methods. The key findings highlight the evolving landscape of halal certification standards, the interconnectedness of halal standards with business competitiveness, and the global competitiveness of halal food industries, with a particular focus on countries such as Malaysia, Indonesia, and Turkiye. The study provides practical insights for policymakers and industry leaders looking to enhance the halal food industry's global competitiveness. Limitations include the exclusion some regions and the rapidly evolving nature of halal certification systems, while recommendations include further research into halal certifications' role in the global supply chain and business performance.

This study examines the content validity of an instrument developed to evaluate the quality of web content presented by State Islamic Religious Councils (SIRCs) in Malaysia. The instrument concentrates on the details of activities, aiming to ensure that the information available on SIRCs' websites is precise, understandable, and user oriented. An expert panel assessed the instrument's items, focusing on their relevance and clarity in measuring constructs related to SIRCs' websites. The instrument demonstrated robust overall content validity, supported by high Item-level Content Validity Index (I-CVI) values and Kappa statistics across most items. These findings suggest that the instrument is well-suited for assessing the content of SIRCs' websites, providing a valuable resource for improving the reliability and effectiveness of their online communication. Ensuring high content validity is crucial for the instrument to accurately measure the intended domain, ultimately enhancing public understanding of Islamic affairs through improved website content.

This paper aims to construct the waqf institution sustainability index (WISI) using the stepwise approach/institutional economic theory. We use the stepwise approach that permits us to measure the progress achieved against the purposes of waqf institution. The approach is expected to address the waqf institution’s sustainability by constructing indicators. The new indicators incorporate core elements of waqf adapted mainly from the legal text and previous studies that waqf can be considered as political or social institution. The indicators are an initiative used to measure waqf institutions’ commitment to promoting SDGs. The efforts to measure the level of commitment supporting the SDG promote effective, accountable, and transparent institutions at all levels. The expected findings are institutional sustainability can be assessed in line with the methods described above and the concept of institutional sustainability will be applied to assess the economic development of a particular nation in the context of sustainable development and the implications for the future economic structure of a nation.

This study analyzes sustainability in Islamic financial institutions by integrating economic, social, and environmental ‎aspects with sharia compliance. Using an interpretative phenomenological approach, the research explores participants’ ‎experiences to gain a deeper understanding of how sustainability can be realized. The findings highlight that sustainability in Islamic financial institutions is built upon the synergy of these three dimensions. From the economic perspective, ‎the focus lies on environmentally friendly financing and strengthening local economies. The social aspect emphasizes ‎combining commercial and social finance while supporting MSMEs. Meanwhile, the environmental aspect underscores ‎the need for regulations and the adoption of green technology. The originality of this study lies in offering a solution ‎framework that Islamic financial institutions can adopt to implement sustainability. This framework is derived from the ‎insights of practitioners, academics, and regulators, whose experiences encompass both sustainability and Sharia compliance. Theoretically, the study contributes new perspectives on sustainability within Islamic financial institutions. Practically, it provides a framework of solutions for institutions, regulators, and stakeholders to ensure long-term survival and ‎competitiveness. By aligning economic, social, environmental, and Sharia principles, Islamic financial institutions can ‎achieve sustainable growth and remain resilient in a dynamic financial landscape‎.

The Sustainable Development Goals (SDGs) agenda is an important global agenda. Public finance, including Islamic public finance, is an essential financial agenda of a country, specifically for Islamic countries. However, both work towards the good welfare of people globally (via SDGs) and the country's people (via Islamic public finance). As both works parallelly, Islamic public finance plays a significant role in advancing SDGs through its unique principles and practices that emphasise social responsibility, ethical investments, and people's welfare. This is where this study aims to highlight the contribution of Islamic public finance towards sustainable development and stimulate discussion on the role of the Baitulmal authorities in the design and implementation of the SDGs. This study uses the narrative review and mapping method. The narrative review is done on past studies or articles on Islamic public finance instruments. The mapping method identifies the motives of each Islamic public finance instrument and then links them to each goal of the SDGs. The results show a gap in Islamic public finance elements in the current public finance practice. These few missing elements of Islamic public finance should be regarded as added value elements in the current practice of public finance that widen the scope, generating more revenues in public finance. With more sources of revenue in public finance, more funds could be spent on achieving the SDGs. Hence, the public finance policy is suggested to be constructed by adding the Islamic public finance elements, specifically for Islamic countries.

The term "halal" which is often used is derived from the Arabic word which means allowed to be consumed or done. On the other hand, "haram" refers to anything that is illegal to consume or do. This important concept comes from the Quran, the holy book of Muslims as a guide and main source in daily life. However, in the context of the global halal industry, issues arise related to the implementation of halal standards when there are differences in standards between Islamic countries. This can make it difficult for producers to meet various standards and complicate the international trade of halal products. Therefore, the objective of this study is to examine and compare the halal standards of the food industry practiced in several Islamic countries. This study uses a comparative research methodology by analyzing literature review data from journal publications, official reports, and websites of relevant certification bodies in various Islamic countries such as Malaysia, Indonesia, Brunei, and others. In Malaysia, JAKIM oversees halal awareness programs and regulates food production facilities with standards documented in the Malaysian Halal Management System (MHMS) 2020, Malaysia Halal Certification Procedure Manual 2014 and 2020, MS 1500: 2019 (Halal Food). In Indonesia, the halal guarantee system (HAS) is implemented in accordance with MUI and BPJPH regulations phrough HAS 23103;2012. Brunei uses BKMH/MUIB PBD 24:2007, Pakistan with PNAC PS 3733-1:2019, Gulf countries use GSO: 993:2015, and SMIIC ISIRI: 12000. This study is important to provide guidance to manufacturers and policy makers in efforts to harmonize halal standards, thereby improving the performance of the halal food industry globally and facilitating international trade.

PurposeThe purpose of this study is to explore and evaluate the critical barriers and key enabling factors influencing the successful implementation of halal tourism in Taiwan, a non-Muslim-majority country seeking to enhance its appeal to Muslim travelers.Design/methodology/approachThis study uses a qualitative, multi-method approach that integrates the fuzzy Delphi method (FDM) and the fuzzy decision-making trial and evaluation laboratory (fuzzy DEMATEL). Data were collected from a panel of 30 experts, including government tourism officials, hospitality professionals and academic researchers with expertise in tourism and Islamic practices. The FDM was used to validate and prioritize the most influential barriers and facilitators, while the fuzzy DEMATEL approach was applied to identify causal relationships and systemic interactions among the identified factors.FindingsThis study reveals that the most significant barriers to halal tourism in Taiwan include the lack of certified halal facilities, limited awareness and training among tourism stakeholders and insufficient government coordination. Key enablers include strong government support, targeted marketing strategies and partnerships with international halal tourism organizations. The DEMATEL analysis shows that institutional support and stakeholder collaboration are driving factors that significantly influence other elements within the system.Practical implicationsThe findings offer valuable insights for policymakers, tourism boards and industry stakeholders in Taiwan to prioritize strategic interventions. Emphasis should be placed on strengthening institutional frameworks, increasing public-private sector collaboration and enhancing service standards to attract Muslim tourists more effectively.Originality/valueThis study contributes to the limited literature on halal tourism development in non-Muslim-majority contexts by using a novel combination of the fuzzy Delphi and fuzzy DEMATEL method. It offers a structured and data-driven understanding of both the hierarchical importance and interdependencies of key barriers and facilitators, delivering practical guidance beyond what previous studies have provided.

This study analysed the effect of institutional characteristics, financial inclusiveness and the digitalisation of technologies on the sustainability of Microfinance institutions (MFIs). The sample was 709 MFIs across 73 countries, spanning 19 years and utilised the Generalised Method of Moments. The results revealed that cost efficiency, risk and the number of active borrowers negatively impact the sustainability. Whereas female borrowers and financial revenue have a positive influence on the sustainability. Financial development carries a negative sign, implying that the benefits of financial inclusiveness have yet to reach MFIs. In a way, mainstream financial institutions and MFIs continue to compete for a share of the micro-financing market. Additionally, the digitalisation of technology has a positive contribution to sustainability. The regions generate different financial performances, and legal statuses produce a difference in social performance. The results suggest that the roles of female borrowers and digitalisation will become critical in the future.

Purpose The adoption and expansion of crowdfunding present several significant implications for achieving the Sustainable Development Goals (SDGs). Design/methodology/approach The study employed a systematic search technique to find articles that matched the research goals. Each article underwent careful examination based on the methods outlined in the Preferred Reporting Items for Systematic Reviews and Meta-Analyses for Protocols. Findings The findings reveal that crowdfunding contributes to 11 out of the 17 SDG programs. Research limitations/implications Crowdfunding should focus on regional effectiveness, blockchain integration for transparency, enhancing financial literacy for marginalized groups and the societal impact of crowdfunding, particularly on poverty alleviation, food security, education, economic growth and community development. Practical implications Policymakers can use this research to create supportive regulations that enhance crowdfunding’s regional effectiveness and facilitate blockchain adoption for greater transparency. Platform developers can integrate features that improve accessibility for marginalized groups and micro, small and medium enterprises, fostering inclusivity and innovation. Educators and financial institutions can design targeted financial literacy programs to empower individuals and communities, ensuring broader participation and maximizing crowdfunding’s potential to advance SDGs. Theoretical implications can integrate ethics, technology and stakeholder cooperation, challenging profit-driven models and promoting equitable resource distribution, transparency and systemic resilience for sustainable economic development. Originality/value This research is original in its comprehensive categorization of crowdfunding models and their alignment with the SDGs, addressing critical gaps identified in prior studies. While existing research has highlighted challenges such as inadequate communication of SDG alignment, lack of standardized impact metrics and inconsistent transparency, this review advances the field by synthesizing these findings into actionable insights.

Purpose This study aims to discuss literature of zakat collection, particularly to compare what Scopus and Web of Science (WoS), as the two most popular databases, provide to complete the pattern and the direction of future research of zakat collection using bibliometric analysis. Design/methodology/approach This study collected 266 manuscripts from the Scopus database and 106 manuscripts from the WoS database covering more than three decades from 1987 to the beginning of 2023. Findings This study identifies a wider horizon of future research of zakat collection literature. Where Scopus database mostly discusses the connection between the state, government and zakat, meanwhile the WoS database discusses smaller scope of zakat collection, which includes zakat institution and its governance along with behavioural and commitment of zakat payers. Research limitations/implications The results imply that future research agenda may include the discussion of state-government-zakat collection policy connection and behavioural and commitment of zakat payers. Practical implications The results also imply to widening and deepening the zakat collection. Further, it also implies to administratively to zakat agencies/zakat institution. Originality/value To the best of the authors’ knowledge, this study is among the first study (or the first) that compare Scopus and WoS database in the zakat collection literature.

This study examines institutional economics from an Islamic perspective with a particular focus on waqf as a property-based, rule-bound institution. Institutional economics encompasses two major approaches: Old Institutional Economics (OIE), which views institutions as ways of thought and action shaped by societal customs, and New Institutional Economics (NIE), which conceptualises them as ‘rules of the game’ governing human interaction. Integrating these perspectives with Sharīʿah principles, the research addresses a significant theoretical gap by explaining Islamic economic institutions within this dual framework. Using a qualitative approach with a comparative analysis of conventional and Islamic approaches, the study identifies the defining juridical traits of waqf, including perpetuity, irrevocability, and inalienability, as binding legal constraints as well as sociocultural norms that sustain justice, stewardship, and intergenerational equity. The findings indicate that Islamic institutional economics diverges from conventional systems, which are primarily motivated by efficiency. Instead, it embeds moral commitments within three principal economic functions: defining property rights, facilitating transactions, and sustaining cooperation. Guided by the waqf core principles, waqf institutions operationalise these functions through ethical governance, risk-sharing, and asset-based contractual structures that lower enforcement costs while enhancing social welfare. As instruments of multidimensional sustainability, waqf institutions integrate economic, social, and environmental objectives, positioning waqf as a model for equitable and resilient development. By linking institutional theory with Islamic jurisprudence, this study demonstrates that waqf exemplifies how Islamic economic institutions translate normative values into governance structures and practical outcomes. The results provide a theoretical foundation and policy insight for strengthening waqf as a vehicle for sustainable economic growth and societal well-being. JEL classification: B52, O10, O17, Q01

The Islamic banking system has evolved globally at a rapid rate. The growing significance of the Islamic banking industry requires the development of an effective regulatory framework to provide an enabling environment to support the development of the industry. Malaysian Islamic banks have introduced another new mechanism for distributing profit for mudharabah investment. Known as the Profit Equalisation Reserve (PER), the PER was introduced to stabilise the rate of return (RoR) paid to the depositors. This practice is carried out for the purpose of income smoothing. The paper seeks to examine the provisioning behaviour of PER which reflects earnings and capital management of Islamic banks. It first focuses on detecting income smoothing practices, then it seeks to test whether PER is used for capital management purposes. Therefore, a simple conceptual framework of PER and how the reserve should vary over time will be explained. This study used a sample of two full-fledged Islamic banks and thirteen Islamic banking windows and covers the period from 2003 to 2010. The study shows that total capital before provision (TCABP) significantly affects PER and supports the hypothesis of capital management. The findings from this study will benefit the growing Malaysian Islamic finance industry which requires the development of an effective regulatory framework on best practices such as earning and capital management to provide the enabling environment to support the expansion of the industry. In addition, the findings are likely to catalyse innovative improvement towards strengthening the current Rate of Return Framework issued by Bank Negara Malaysia (BNM) and Islamic Financial Services Board (IFSB).

Multidimensional poverty measurement (MPI) offers a more comprehensive framework for understanding poverty, as it includes various non-income dimensions such as education, health, and living standards. Traditional poverty measures, typically based on income thresholds, fail to capture the full spectrum of deprivation experienced by the poor. This systematic review examines key MPI methodologies, focusing on the widely used Alkire-Foster method and the Human Development Index, and explores how they are applied in different regional contexts. The review evaluates both the strengths and limitations of these approaches, including challenges related to indicator selection, weighting, and data availability. Furthermore, it discusses the policy implications of adopting MPI in national and global anti-poverty strategies, highlighting how MPI can offer policymakers more precise insights into the multidimensional nature of poverty. By synthesizing findings from recent empirical studies, this paper aims to contribute to the ongoing discourse on refining poverty measurement tools to better inform policy interventions and enhance poverty alleviation efforts globally. The review underscores the potential of MPI to address the shortcomings of unidimensional approaches and its importance in formulating more targeted, effective poverty reduction strategies.