bluuebunny/crossref_metadata_2025 huggingface dataset:
Data and Code Availability in Political Science Publications from 1995 to 2022
Authors: Rainey Carlisle , Roe Harley , Wang Qing , Zhou Hao
Published: February 2025

In this paper, we assess the availability of reproduction archives in political science. By “reproduction archive,” we mean the data and code supporting quantitative research articles that allows others to reproduce the computations described in the published paper. We collect a random sample of quantitative research articles published in political science from 1995 to 2022. We find that—even in 2022—most quantitative research articles do not point a reproduction archive. However, practices are improving. In 2014, when the DA-RT symposium was published in PS, about 12% of quantitative research articles point to the data and code. Eight years later, in 2022, that has increased to 31%. This underscores a massive shift in norms, requirements, and infrastructure. Still, only a minority of articles share the supporting data and code. In 2014, Lupia and Alter wrote: “Today, information on the data production and analytic decisions that underlie many published works in political science is unavailable.” They could write the same today; much work remains to be done.
NGOs’ Endeavours in Mis- and Disinformation Combat and Literacy Enhancement: A Case Study of Faktabaari
Authors: Lao Yucong , You Yukun
Published: February 2025

This study examines the role of Faktabaari, a Finnish fact-checking non-governmental organization (NGO), in addressing mis- and disinformation and promoting digital information literacy. Using qualitative content analysis of Faktabaari's Digital Information Literacy Guide, we explore its discussion of mis- and disinformation issues and impact, its construction for digital information literacy, and the role of NGOs in enhancing digital information literacy. Findings reveal Faktabaari’s emphasis on practical approaches to information evaluation, digital competence, and the societal impact of disinformation, highlighting its contributions to knowledge dissemination and advocacy. However, it lacks attention to generative artificial intelligence (AI) challenges and a structured conceptual framework for digital literacy. This research underscores the value of NGO-led efforts in enhancing public digital literacy and civic engagement, offering insights into their potential to address disinformation challenges beyond national borders.
Wolontariat jako narzędzie aktywizacji osób w wieku senioralnym
Authors: Zamorska Katarzyna
Published: February 2025

The aim of the article is to present the idea of volunteering, which is becoming increasingly noticed by political decision-makers as an instrument for activating senior citizens. The text offers a look at the issue from a different perspective, i.e., senior citizens as potential volunteers. The article begins by recalling the theories and concepts of activity that had a significant impact on senior policies. The second section focuses on volunteering as an instrument for activating senior citizens. The activity of elderly people in Poland, both in terms of work and involvement in volunteering, places Poland behind most European countries. Then the author presents the benefits and analyses some of the barriers that may limit or prevent this type of older people’s activity. The article concludes with the statement that being an active senior citizen requires systemic support, especially when caring responsibilities for dependent aged relatives must be combined with professional work.
The Effect of Utilizing Zakat Fund on Financing Production to Achieving Social Welfare: in Indonesia as a Case Study
Authors: Aditya Hadid Riyadi  , Abdukadir Abdullahi Sheik Abdukad  , Bandar Mohammed Saif  , Hawa Ahmed Takow  , Ashurov Sharofiddin
Published: February 2025

Indonesia has tremendous potential for the development of Islamic social finance. Besides having the largest number of Muslims in the world, Indonesia is also the most generous country in the world (World Giving Index 2018). However, the reality in the field of management of Islamic social finance, especially Zakat, is still far from expectations. It was projected that in 2018, Indonesia would be able to collect only 28% of the total potential Zakat funds. This situation was compounded by the fact that only 84% of the collected funds were distributed (BAZNAS 2019). One of the reasons was the absence among the Zakat institutions of efficient Zakat programs that are in line with the needs of the community. Therefore, there is an urgent need for synergy between Zakat institutions and Islamic microfinance institutions that are experienced in developing SMEs, which are mostly under-funded. This paper will discuss the synergy scheme between Zakat institution and Islamic microfinance in maximizing the distribution of productive Zakat to the public. This paper uses qualitative methods, analyzing references from journals, Zakat institutions' reports and other related literature. From this current research it is found that the management of productive Zakat funds in Indonesia is still not unsatisfactory, as evidenced by the low distribution rate of Zakat funds. This paper provides recommendations so that Zakat and Islamic microfinance institutions can work together in the management of productive Zakat that reaches the targeted poor and alleviates poverty and enhance community welfare.
Islamic Financial Literacy for Indonesian MSMEs during COVID-19 Pandemic: Issues and Importance
Authors: Adi Saifurrahman  , Salina Kassim
Published: February 2025

Financial literacy has been universally regarded as one of the crucial pillars for the achievement of the financial inclusion programmes. Having financial literacy enables people to make more efficient and effective decisions related to the monetary aspect of their lives. The concept of financial literacy also extends to the domain of business financial management. This paper aims to explore and identify the critical issues, challenges, and opportunities for Micro, Small, and Medium Enterprises (MSMEs) in Indonesia to improve their Islamic financial literacy levels and consequently influence their decision to participate in Islamic financial services. The paper also discusses the critical role of financial literacy for MSMEs in facing the uncertainties brought about by the COVID-19 pandemic. The paper adopts the qualitative method by implementing a critical review of the key literature related to financial literacy, financial inclusion, and MSMEs in Indonesia. Subsequently, the paper reveals several issues and challenges faced by MSMEs, particularly in embracing the Islamic financial literacy concept and suggests several opportunities that may be explored by MSMEs to improve their literacy and consequent inclusion in Islamic financial services in Indonesia.
Developing The Hybrid Model (Waqf & Zakat) For Improving The Zakat Recipients’ Healthcare In Selangor
Authors: Ghafoorzai Shaiq Ahmad  , Mohammad Bilal Khan  , Ibadurrehman Patel  , Damkar Mohammed Shehbaz  , Ashurov Sharofiddin
Published: February 2025

The paper aims to develop a system that will strengthen zakat recipients' healthcare through coordination between waqf and zakat institutions. According to sources, Selangor has a lot of waqf and zakat reserves that are not being used. To resolve these issues and optimize the usage of barren and underused properties of Waqf and Zakat, a better management structure is needed. To accomplish the objective, this research employs a qualitative approach. It is found in the study that the Zakat and Waqf can be used for investment purposes; however, return from these investments should be used for the intended purpose and, i.e., to ensure social well-being, especially of the marginalized groups of society. The proposed model holds significance in improving the healthcare of zakat recipients and leading the society towards achieving social well-being and better living standards. This study's results may enhance the policymakers' understanding and contribute to better utilization of Zakat and Waqf assets. Besides, it will also enhance zakat collection and distribution and contribute to Waqf and Zakat funds' efficient management. There are certain limitations to the study in data availability, such as official data for waqf land in Selangor is available till December 31, 2016.
COVID-19 on Performance of Islamic Banks in Fintech and Digitalization Era
Authors: Ilinka Antova
Published: February 2025

This study attempts to provide insight on risk and opportunities for Islamic banks arising from COVID-19 pandemic by using document analysis approach. The COVID-19 pandemic has increased banking risk. The paper emphasizes the impact of the crisis on credit risk as historically thought as the most significant risk driver. Increased credit risk in Islamic financial institutions (IFIs) is due to broad-based deterioration of economic conditions affecting multiple sectors, resulting in a general increase of non-performing financing (NPF) balances and charge-offs. Further, it was found that banks have suffered more not only relative to other sectors, but also in comparison with previous crises. In addition, some authors observe that banks that had entered the crisis with the highest level of credit risk, measured in terms of credit default swap (CDS) spreads rise, were most hit. On the other hand, the pandemic has proved beyond doubt the value of digital services that minimize or eliminate direct human contact. The power of digitalization can facilitate outreach to even the most vulnerable population. Islamic financial institutions may seize this opportunity to expedite the digitalization of their operations either using their own resource or by joint venturing with technology companies.
A Reflection of Divine-based Islamic Economics (D-BIE)
Authors: Mustapha Hamat  , Mohamed Aslam Mohamed Haneef  , Mustafa Omar Mohammed  , Salina Kassim
Published: February 2025

The troubling issue leading to undertaking this research is the increasing frequency of economic crises with widespread and severe effects. Despite introducing and implementing several measures, the problem continues. Among the steps, Divine-based Islamic economics is promising but challenging. The main challenge is that the current economic system has yet to command the trust and confidence of political masters, policymakers, and people. Previous studies have presented convincing theoretical arguments supporting introducing and implementing a Divine-based Islamic economic system. However, the current Islamic economic model is not scientifically valid; no empirical evidence shows that it is superior to the existing secular economic systems. However, acceptability could have been better. This study argues that constructing a user-friendly prototype conceptual model is critical for gaining and enhancing trust and confidence in the system.
Sukuk and Waqf: Proposal of Structures During the Crisis Linked to Covid-19 Pandemic – Case of Morocco
Authors: Hafssa Yerrou  , Bezoui Oumaima
Published: February 2025

The Covid-19 crisis is an unprecedented situation in modern society that requires unique and unprecedented solutions. Islamic finance, as a system that works for the good of the community, is an appropriate solution to this situation. Through its traditional Islamic economic institutions (Waqf and Zakat), and once they are put in collaboration with Islamic financial instruments such as Sukuk, the result will allow new funds to be integrated into the market and used for the purpose supporting activities and populations damaged by the crisis. It is under this aspect that we present this article, which demonstrates that Islamic finance and more particularly Sukuk, can be used as an economic catalyst in the event of crisis. Various studies have examined the issuance of Sukuk; yet no research has ever studied the specific use of Sukuk for protection against Covid-19 or for strengthening populations that were economically affected by the crisis, nor has it display the various Sukuk structures that could be used to empower people or help overcoming the crisis. Our research attempts to understand the basic content of Sukuk issuances and the scope of their use as a tool for economic empowerment in times of crisis. It also provides several past experiences that may support future Sukuk issuance for mitigating and combating the impact of the Covid-19 crisis. Our study both shows successful examples that could be implemented in Morocco and helps predict issues and challenges that could hinder the success of future Sukuk issuances.
Measurement Constructs for Personal Financial Capability in Islamic Finance: Evidence on Zanzibar
Authors: Fauz Moh’d Khamis
Published: February 2025

This study conceptualises the constructs and indicators to assess the individual's financial capability in Islamic finance. This study applied an exploratory approach by reviewing the literature about financial capability and literacy. Besides, this study used convenient sampling to obtain questionnaire respondents across the Zanzibar region. This study performed exploratory and confirmatory factor analysis to determine the validity and reliability of the conceptualised measurement constructs and indicators. The factor analysis confirmed three constructs of personal financial capabilities in Islamic finance: attitudes towards Islamic finance, Islamic financial literacy, and Shari’ah compliance financial behaviour. Besides, this study proposed eleven indicators to measure the three proposed constructs of individual's financial capability in Islamic finance. The original contribution of this study is to conceptualize and validate the measurement constructs and indicators for personal financial capability from an Islamic finance perspective. This study extends to the Islamic financial capability model by incorporating attitudes towards Islamic finance, Islamic financial literacy and Shari’ah-compliant financial behaviour. The proposed measurement constructs are useful for researchers and service providers in Islamic finance and banking to evaluate the ability of a person to make viable financial decisions based on Islamic principles.
Floor-Pricing Without Put Options: Hedging by Trade Contracts in Islamic Finance as Exemplified in Agriculture Production
Authors: Imran-Firdauz Abu Bakar
Published: February 2025

Conventional methods of hedging, such as the use of put options, have long existed in trade with their use being justified for managing price risk. However, many Shari’ah scholars find issues in their implementation on various grounds that are based on the principles of achieving economic equity. The method proposed here aims to achieve floor-pricing as a hedging tool for producers, using common accepted trade contracts. This aims to avoid existing contentions in hedging amongst differing scholarly views, while recognizing proper rights and obligations of stakeholders. This conceptual paper analyses the needs of hedging in the context of an agricultural production setting, touches on currently known hedging mechanisms together with their known issues and puts forth an alternative method. Implementation issues of this method is discussed and proposed ways to address them are included. This method does not address hedging for buyers and utilizes the Salam contract, which is not suitable for addressing hedging of currency exchange.
Developing Sukuk Parameters from Maqasid Al-Shari’ah of Wealth: Contextualising from The Perspective of Selected Contemporary Islamic Scholars
Authors: Melzatia Shinta  , R. B. Radin Firdaus  , Sorna Umme Saima  , Andrew Ebekozien
Published: February 2025

Sukuk is an emerging instrument that matches savers and investors in the capital market. Over the years, Sukuk operations in the capital market worldwide have been subject to criticism because of their impotence to fully adopt Shari’ah principles. Establishing a Sukuk parameter could be the key to aligning Sukuk with Shari’ah principles, where the Maqasid al-Shari’ah of wealth could serve as a basis for developing the parameter. As such, this study identifies the wealth perspectives of Maqasid al-Shari’ah and contextualises the dimension of wealth according to Maqasid al-Shari’ah based on the perspective of renowned contemporary Islamic scholars. Using Maqasid al-Shari’ah of wealth as an underpinning framework, this study proposes a baseline for the Sukuk parameter. The finding suggests that the Sukuk parameters must be formulated based on the Maqasid al-Shari’ah of wealth (adequate level as an ideal level in wealth ownership). Apart from Maqasid al-Shari’ah of wealth ownership, the parameter encompasses Maqasid al-Shari’ah of wealth acquisition and Maqasid al-Shari’ah of wealth circulation/development. As part of the implications, the proposed parameters would provide a baseline for establishing the Sukuk parameter. This study implies that contextualising Sukuk and its issuance using the Maqasid al-Shari’ah approach would enable Sukuk to achieve its ultimate objective of promoting Maslahah (well-being).
Integration of Waqf and Islamic Microfinance for Poverty Reduction: A Survey in Kuala Selangor, Malaysia
Authors: Haneef Mohamed Aslam , Pramanik Ataul Huq , Mohammed Mustafa Omar , Dahiru Aliyu , Amin Fouad B.
Published: February 2025

Waqf has generally been related to the religion and the socio-economic system of Muslim societies. It has played avital role throughout Islamic history. On the other hand, Islamic Microfinance (IsMF) is expanding rapidly in theMuslim countries. The IsMF is considered as a key instrument for providing funds to poor micro investors. Since bothwaqf and IsMF emphasize sustainability, and since waqf can assist to reduce the cost of capital in operation of IsMF,the research aims to develop an integrated waqf based microfinance model applicable in some Muslim countries. Thiswill ensure utilisation of the combined resources of Waqf and IMF institutions in alleviating poverty, an objective thatÂ both the two institutions share. The present study focuses in in Kuala Selangor, Malaysia, using 102 sahabat (clients)Â from Amanah Ikhtiar Malaysia (AIM). Structural equation modeling is adopted to examine the relationship among theÂ five constructs i.e., Waqf Resources, IsMF, Takaful, Human Resources and Poverty Alleviation. While the reliabilityÂ and validity were established, the structural relationship between the constructs reveals that the model has to beÂ modified. Specifically, the result shows only takaful has significant impact in reducing poverty while others are foundÂ to be insignificant. This suggests that the model as well as the instrument should be further developed.
An Application of GARCH Modeling on the Malaysian Sukuk Spreads
Authors: Rahman Maya Puspa , Omar Mohd Azmi , Kassim Salina H.
Published: February 2025

This study explores the influencing factors of the Islamic bond (sukuk) spreads, by employing the generalised autoregressiveÂ conditional heteroscedasticity (GARCH) method. Apart from the general GARCH (1,1) model, a higherÂ order of lags for both ARCH and GARCH terms are also considered which is applied onto both the investment andÂ non-investment grade sukuk. This study is among the first few to document the empirical evidence on sukuk spreadsÂ and its volatility which is expected to further enrich the empirical literature of the financial markets especially in theÂ Islamic finance. This is in line with the pressing demand for more in-depth information on various dimensions of theÂ sukuk market given the importance of the sukuk in the global capital market. This study contributes significantly toÂ the benefit of the investors, portfolio managers as well as regulators to better understand the underlying factorsÂ influencing the pricing and risk management of sukuk instruments. In addition, the assessment on the impact of therecent global financial crisis allows for a thorough understanding on the behavior of sukuk spreads so as to pre-emptÂ the impact of future financial shocks to the sukuk market.
Priority of Waqf Development among Malaysian Cash Waqf Donors: An AHP Approach
Authors: A. Pitchay Anwar , Meera Ahamed Kameel Mydin , Saleem Muhammad Yusuf
Published: February 2025

The practise of cash Waqf is increasingly gaining popularity among the Malaysian Muslim. Waqf institutions (SIRCs) are responsible to utilise the collection of cash Waqf to develop relevant projects in order to benefit the society in general. The purpose of this study is to explore the cash Waqf donorsâ€™ priority toward what types of development that fulfilled the current need of the society. Hence, to accomplish this purpose; thirty (30) Muslim employees who have contributed cash Waqf were interviewed. This study employs analytical hierarchy process (AHP) analysis to identify the rank of the developments that priorities by donors. The result shows that the cash Waqf contributors prefer to channel their money for Waqf development in the following rank order: (1) education, (2) health, (3) masjid and madrasah, (4) social-care and welfare (5) trade and commerce (6) environment (7) infrastructure and (8) art, culture and heritage.
The Susceptibility of Islamic Banks' Credit Risk Towards Macroeconomic Variables
Authors: Nursechafia Nursechafia , Abduh Muhamad
Published: February 2025

Credit risk is the most anticipated risk in the banking system. It is one of the key elements to assess systemic risk and stress testing financial fragility which is very helpful to come up with macro-prudential surveillance in financial systems. Unlike the conventional banking system, there is dearth of empirical study on macro-credit risk in relation with Islamic banking. As such, further research regarding the stability of the Islamic banking industry has become imperative. Accordingly, this paper is aimed at determining and assessing the long run vulnerabilities of Islamic financing sustainability in term of its response to changes in key macroeconomic variables by using time series econometric approaches of cointegration and vector autoregression (VAR). Based on the result of simulating variance decomposition (VD) and impulse response function (IRF), it is found that, sufficient evidence of long-run relationship between credit risk ratio in Islamic banking industry and the selected macroeconomic variables exist. The exchange rate, supply side-inflation, and growth have been indicated to negatively influence credit risk rate in Islamic banking, while money supply and Islamic interbank money market rate positively affect the risk rate.
The Disclosure Evaluation of Islamic Banking Reports: Evidences From Middle East and Other Regions in Asia
Authors: Muhammad Rifqi
Published: February 2025

Islamic banking is the most attractive sector in Islamic financial system. The institution encourages not only economic aspects but also social aspects in accordance with Shariah principles in operation. Thus, the managements are required to be accountable to their stakeholders at large and not limited only to the shareholders. One of the accountability's forms is the presentation and disclosure in their annual reports. It is the way to disclose financial and non-financial performance of Islamic banks. This paper aims to elaborate the sources of development of Islamic banking reporting based on the AAOIFI standards, the harmonization of Islamic accounting standards with IFRS, the alternative components of Islamic banking reports, and the accounting policies for Islamic banks in some countries. Secondly, this paper attempts to evaluate the existing Islamic banking reporting components in order to scrutinize its development. This paper selects and evaluates 5 Islamic banks in Middle East region and 4 Islamic banks in other regions in Asia, which have significant contribution in the development of Islamic banking and finance. This study found that Islamic banks did not have similarity in the disclosure components. However, these diversities could be complementary to each other toward the ideal Islamic banking reporting.
Macroeconomic Variables and Islamic Bank Stock Returns: Panel Data Evidence From GCC Countries
Authors: Menacer Abdesslam , Nurein Saheed Adebowale
Published: February 2025

The study provides an empirical evidence of the relationship between macroeconomic variables and bank stock returns in the context of GCC countries using a panel data approach. The data for this study is retrieved from the DataStream World Bank Data archive. The data of 66 banks for the period 2005-2014 was examined using GLS estimation for the analysis. The findings revealed that there is a statistically positive relationship between macroeconomic variables and Islamic bank returns. The positive relationship implies that most banks in the GCC countries engage in numerous off-balance sheet transactions and implement efficient and effective methods of risk management, which reduces their exposure to changes in macroeconomic variables.
Challenges of Islamic Debt Restructuring in a Multi Creditor Environment
Authors: Abd Hafiz Rozita , Abu Samah Zariah , Hassan Rusni
Published: February 2025

The growth of Islamic Finance over the last few decades has brought Islamic Finance to a level where it co-exists hand in hand with conventional banking. It is now common for the same customer to take up both Islamic financing and conventional loans as opposed to only conventional loans in the past. While such development is positive, there are inherent issues resulting from such co-existence. One notable issue is when default occurs due to non-payment by the customer, and when both the Islamic financier (Islamic creditor) and the conventional lender (conventional creditor) subsequently opt for debt restructuring instead of proceeding with insolvency action. Debt restructuring helps prevent further default, thus can assist in preserving the business value of the customer and the interests of the creditors as a whole. It is not a difficult task if a customer has one creditor only. However, the situation can become complex when the debt of both the Islamic and conventional creditor are to be restructured concurrently. This situation is referred to as Multi-Creditor debt restructuring. While the objective of a Multi-Creditor Debt Restructuring is beneficial to all creditors and the customer, there are challenges for Islamic debt restructuring in a Multi-Creditor situation such as differing creditorâ€™ rights, multiple interpretation on Shariâ€™ah contracts and lack of clarity in documentation of transactions. These could  lead to difficulties, amongst others, in proving the right amount of debts due and owing as well as in ascertaining the priority of claims vis-a-vis conventional loans. This research discusses some of the key issues faced when restructuring Islamic debts in a Multi-Creditor situation and how those issues and gaps are to be addressed with some recommended process flow, procedures and guidelines.
The Balance Sheet Network Analysis for Measuring Systemic Risk of Islamic Commercial Banks in Indonesia
Authors: Harjito D. Agus , Wiratama M.A.B. Hananta
Published: February 2025

Systemic risk in a simple definition is potential loss suffered by the financial system which is commonly caused by the individual institution in the system. The default of Bear Sterns and Lehman Brothers in 2008 which were two of the five largest investment banks in the U.S at the time has changed the perspective that Too-Big To Fail was not solely an issue in the vulnerable financial system. Nevertheless, recent studies indicate that Too-Connected To Fail (TCTF) problem is actually the main issue of the vulnerable financial system. This study provides early warning system regarding the systemic event by measuring the systemic risk in Indonesian Islamic commercial banks (ICBs). This study employs a balance sheet network analysis to measure the systemic risk in Indonesia ICBs which relies only on the interconnection among banks in the system. The purposive sampling method is applied in this study involving 10 banks in 2012 and 11 banks in 2013 and 2014. This study investigates the capital loss suffered by an individual institution in case of bank default in the system, the Too-Connected to Fail (TCTF) risk which measures how risky the individual bank towards others and system, and the TCTF vulnerability which measures how vulnerable an individual bank in case of a bank default in the system. It is forecast that this study can be one of the references for the macro prudential and micro prudential supervisions in Indonesia.
Determinants of Maturity Transformation Risk in Islamic Banks: A Perspective Of Basel III Liquidity Regulations
Authors: Mahmood Haroon , Gan Christopher , Nguyen Cuong
Published: February 2025

Maturity transformation risk is highlighted as one of the major causes of recent global financial crisis. Basel III has proposed new liquidity regulations for transformation function of banks and hence to monitor this risk. Specifically, net stable funding ratio (NSFR) is introduced to enhance medium- and long-term resilience against liquidity shocks. Islamic banking is widely accepted in many parts of the world and contributes to a significant portion of the financial sector in many countries. Using a data-set of 68 fully fledged Islamic banks from 11 different countries, over a period from 2005 â€“ 2014, this study attempts to analyze various factors that may significantly affect the maturity transformation risk in these banks. We utilize a 2-step system GMM estimation technique on unbalanced panel and find bank capital, credit risk, financing, size and market power as significant bank specific factors in determining maturity transformation risk. Furthermore, gross domestic product and inflation are found to be the significant macroeconomic factors that influence this risk.  However, we find no evidence for the effect of bank profitability, cost efficiency and income diversity on maturity transformation risk in Islamic banking system.
Debt Determinants of Shari'ah Approved Firms: Empirical Evidence from Malaysia
Authors: Ramli Nurshamimitul Ezza , Haron Razali
Published: February 2025

The issue of high reliance on debt has raised major concern especially since its impact has been linked to the several corporate problems in United Statesâ€™ big corporations such as Enron and Lehman Brothers. On a wider scope, the impact of debt may also be evidenced by the Greek Depression in the year 2009. Various studies have been conducted to explain which factors determine debt of the firms, given different setting of periods, countries and methodologies. Uniquely, this study focuses on the firms which stocks are Shariâ€™ah approved in accordance to the Malaysiaâ€™s Securities Commission guidelines. This study covers a balanced panel of 239 Shariah approved firms listed on the Bursa Malaysia for the period of analysis from 2000 to 2014. To meet its objective, this study employs a static panel regression model which includes the pooled OLS, random effect model (REM) and fixed effect model (FEM). The study also conducts a robustness test to the empirical model. Several factors have been examined and the result shows that certain firm-specific variables like growth opportunity, size, bankruptcy risk, non-debt tax shield (NDTS) and Herfindahl-Hirschman Index are significant determinants of a firmâ€™s debt. Also macro variables such as inflation, GDP and economic crisis are also found to be significant determinants of  Shariah approved firmsâ€™ debt. In contrast with the prior studies that focuses on the non-Shariah approved firms, the output from this study provides new insight and understanding on the debt determinants of Shariah approved firms.
The Role of Islamic Banks Managing Waqf Institutions to Promote the Indonesian Agriculture Sector
Authors: Fakhrunnas Faaza , Musta'in Jannatul L
Published: February 2025

The agriculture sector has absorbed numerous labourers to work in this area as a farmer. However, it still has many issues such as a low level of educational background and financial constraints experienced by the farmers. This study delineates the role of Islamic banks in managing waqf institution to promote the Indonesian agriculture sector. By adopting an extensive review on this particular issue, this study finds that firstly, an Islamic bank is needed to manage waqf funds professionally in Indonesia. Secondly, Islamic banks can act as a social intermediary to enhance human resource quality by empowering the farmersâ€™ education in the field of agriculture. Thirdly, the Islamic bank can be a financial intermediary, which will provide subsidies to the farmers to buy fertilizer, seed, and other inputs. Furthemore, the Islamic bank can also be a third party guarantor to the farmers when they are borrowing money or give direct financing to the farmers by adopting an Islamic financial scheme. This study provides suggestions to overcome several issues in the agriculture sector by managing waqf funds and it accordingly adds to the literature thereby deepening the knowledge in related fields.
Gap Analysis Between BNM Regulation and Musharakah Mutanaqisah Application in Islamic Banking
Authors: Rahman Audia Syafa'atur , Ahamed Hilmy Hayathu Mohammed , Saifurrahman Adi , Hassan Rusni
Published: February 2025

Bank Negara Malaysia resolved the utilization of Musharakah Mutanaqisah on the Shariâ€™ah Advisory Committee 56th meeting in 2010. In practice, most of the banks have adopted Musharakah Mutanaqisah for the purpose of home financing. This study examines the gap between the BNM regulation and as practiced by Maybank Islamic and HSBC Amanah. The method of analysis adopts a qualitative study based on the library research. The study discovered one major gap and three minor gaps. The major gap is related to charging an early settlement fee by HSBC Amanah. In addition, three minor gaps are related to waâ€™ad statement in both banks, the pledge statement with respect to Maybank, and default approach compliance in both banks. However, this study does not examine the gap that related to the contract validity. Nevertheless, the discovery of a single gap found may affect contract validity of the product. This study recommends for better monitoring and supervision conducted by all stakeholders. BNM Shariâ€™ah Advisory Council and respective Islamic bank committees should verify the practice that may cause the contract to become void. In addition, Islamic financial institutions should strictly follow all the regulations issued by the Bank Negara Malaysia in all their practices and publication in order to make the contracts acceptable according to Shariâ€™ah and to cater public confidence. Adhering to guidelines along with the Shariâ€™ah standard of the product further increases accountability and trustworthy of Shariâ€™ah compliance in a particular product.
The Impact of Corporate Governance on the Financial, Governance and Social Disclosures at Islamic Banks in Malaysia
Authors: Marsidi Asri , Annuar Hairul Azlan , Abdul Rahman Abdul Rahim
Published: February 2025

The study examines the impact of board and audit committee on the disclosure of Islamic financial and social reporting (IFSR) among Islamic banks in Malaysia. Drawing on surveys this study seeks the views of accountants working in Islamic banks regarding the importance of items in the IFSR index developed by Marsidi et al. (2016). The annual reports are thereafter used to examine the score of the IFSR for the Islamic banks as well as to collect the data for the related variables. The multivariate regression findings suggest that board size is a significant factor in explaining the IFSR at Islamic banks in Malaysia. Such finding indicates that the size of board, which is represented by the number of directors who sit on the board of directors, is a crucial governance mechanism in achieving the aims of Islamic banks. The result also meets the role of corporate governance from the perspective of Islamic agency theory. The results of the study should not be generalised to yearâ€™s prior, or after, the years of examination. The finding is perceived as contributing towards the suitable formation of board of directors specifically in terms of the total number of directors with respect to the financial, governance and social disclosures at Islamic banks. The study uses the Islamic agency theory to explain the governance practices and IFSR disclosures within the context of Malaysian Islamic banks. As such, the paper contributes towards the development and sustainability of Islamic banks both in Malaysia and throughout the globe.
Factors Influencing Issuers' Sukuk Structure Preference: The Case Study of KSA Banks
Authors: N Hussain Hanadi Abu Baker , Adewale Abideen , Adawiah Engku Rabiah
Published: February 2025

The purpose of this research paper is to examine the factors that influence the issuersâ€™ sukuk structures and the impact of sukuk on the performance of the Kingdom of Saudi Arabia (KSA) sukuk issuing listed banks using the pooled OLS regression and the random effects panel models. The findings of this study show that while both bank size and the issued amount of sukuk positively affect the performance of the sukuk issuing listed banks of the KSA, a negative effect of the leverage ratio on performance was noted. Meanwhile, the sukuk dummy is reported to be statistically insignificant though it has a positive and negative magnitude in both models. Nevertheless, given the insignificance of the dummy variable, we can conclude that the factors that affect the issuersâ€™ sukuk structure in the case of the sukuk issuing listed banks of the KSA is profit maximization rather than Shariâ€™ah compliance. Thus, this study may offer some policy insights for policymakers in KSA especially because sukuk issuance boost banks performance.
Examining the Resilience of Islamic and Conventional Banks to Changes in Macroeconomic Conditions
Authors: Zoghlami Faten
Published: February 2025

This paper aims to examine if there is any relationship between Islamic and conventional bank resilience to changes in economic conditions. To fulfill our objectives, first we provide a descriptive approach, in which we compare the credit risk evolution of 53 Islamic and 215 conventional banks operating in 10 countries from 2005 to 2015.  Then we adopted a regression analysis, to examine to what extent being Islamic does matter in determining (i) the level of a bankâ€™s credit risk, and (ii) sensitivity to changes in macroeconomic conditions. Results reveal that being Islamic seems to not matter, neither in determining a bankâ€™s credit risk level, nor a bank credit risk sensitivity. Both types of bank seem to respond similarly to changes in the macroeconomic context.
Proposed Waqf Framework for Food Security and Price Stabilization Policy of Rice in Indonesia
Authors: Wildana Muhammad Dandy Alif , Alhabshi Syed Musa Syed Jafaar
Published: February 2025

This paper provides a framework for agriculture waqf in support of a food security strategy and price stabilization policy for rice in Indonesia. Instability and inefficiency of rice production has inceased, involving a high cost of production and low access of financing, which leads to instability of stock. Long supply chains, mismatch of supply and demand of rice due to the timing gap between harvesting periods, also encourages speculative practices. Waqf, through agricultural ventures that focus on producing rice, can play multiple roles and provide solutions for the entire supply chain of rice involving a framework designed to address the problems of rice in Indonesia. The proposed framework is intended to benefit all related stakeholders by maximizing the potential of waqf assets that already exist in Indonesia, with the justification based on the data, that provides an insight in to the real conditions of rice in Indonesia. The findings reveal that waqf can fit perfectly in the current framework for food security and price stabilization policy, with an additional reserve that independently enables the custodian of waqf assets from agriculture (rice) ventures. This promotes farmers as waqf partners, to create a stable rice production environment and to shorten long supply chain by creating associated commercial subdivisions. Hence the benefit is distributed to both farmers and customers through various subsidies and necessary aid in order to attain food security and stabilize the price of rice thereby improving the welfare of Indonesians.
Financial and Social Performance Impact on Corporate Governance Mediated by Earnings Quality: Evidence from Indonesian Islamic Stocks
Authors: Sugiyarti Fatma Laela  , Dian Yuni Anggraeni  , Rahma Wijayanti
Published: February 2025

Good Corporate Governance (CG) ensures the availability of better accounting information with higher transparency and accountability. Implementation of good CG in Islamic stock issuers should have a more positive impact than non-Islamic stock issuers as the former are selected based on a strong financial fundamental. This study aims to empirically examine the impact of CG on earnings quality. It also examines the impact of earnings quality on firmâ€™s value. Thus earnings quality is considered as a mediating variable. This study uses the Structural Equation Model (SEM)-Partial Least Square (PLS). The final sample consists of 58 firms-years listed in Jakarta Islamic Index (JII) from 2008 to 2015. The study found that CG directly affects firm value with a positive direction. CG also increases earnings quality. The better the quality of CG, the better the quality of earnings. Then earnings quality increases firm value. In summary, earnings quality partially mediates the relationship between CG and firmâ€™s value. This study uses the Corporate Governance Performance Index (CGPI) published by IICG (the Indonesian Institute for Corporate Governance) as the indicator of corporate governance quality. Predictability, neutrality, timeliness, and earning smoothness are used as the indicators of earnings quality. Tobinâ€™s Q and corporate social performance represent firm value.
Temporary Waqf Model for Islamic Private Retirement Scheme in Malaysia - A Proposal
Authors: Jafri Faliq Asraf , Mohd Noor Azman
Published: February 2025

Waqf is one of the important instrument in Muslimâ€™s economic development. Waqf properties which are properly managed will generate positive returns to the beneficiary. However, majority of the assets are still immovable and tangible in nature. This sparks off a liquidity problem in developing and maintaining those assets which leads to number of lands being neglected. This article aims to solve this issue by applying the concept of temporary Waqf to Islamic Private Retirement Scheme (PRS) in Malaysia. This article suggests three mechanisms to adopt this concept in PRS namely waqf by member in the form of units or in the form of value of the units or having PRS Provider to dedicate specific numbers of units for Waqf purpose.
Islamic Business Ethics Disclosure and Earnings Management â€“ Evidence from Islamic Banks in Indonesia
Authors: Mukhibad Hasan , Ahmad Nurkhin
Published: February 2025

This research is conducted to prove empirically the influence of Islamic business ethics disclosure, corporate governance, debt ratio, syirkah fund ratio and the profile of the Shariah Supervisory Board (SSB) towards earnings management. The samples are collected from Islamic commercial banks in Indonesia. Multiple regression analyses are employed in analyzing the data. From this research, it is found that (i) corporate governance, (ii) temporary syirkah funds, (iii) the size and educational level of the SSB, (iv) the syirkah fund ratio, and (v) the Islamic Ethics Disclosure Index or IEDI have negative impacts towards earnings management. The debt ratio, educational background of the members of SSB, and double membership of SSB do not have an impact on earnings management. Thus, the SSB should oversee the implementation of Islamic business ethics and avoid earnings management. Earnings management creates a false view of the performance of the Islamic bank, with respect to its profit and loss sharing system.
Encouraging Islamic Financing to Achieve SDGs through Poverty Alleviation
Authors: Achmad Rifa'i  , Ayu Putri , Listiono
Published: February 2025

Poverty is a challenge that must be encountered by every country in the world. Therefore, it is not surprising that poverty issues occupy the first goal out of the seventeen (17) goals in the Sustainable Development Goals or SDGs framework. Although, in general, the trend of poverty in Indonesia continues to decline, it turns out that the indication of a more acute poverty level is still difficult to be alleviated. The poverty index is reflected by the poverty severity index and poverty gap index. In this case, Islamic financing provides a more inclusive concept of poverty alleviation. The results of estimation by using panel data from 32 provinces from 2014 to 2018 in Indonesia reveal empirically that Islamic financing contributes to poverty alleviation programs through the financing of productive working capital. Hence, the financing made by Islamic banks are greatly supporting in achieving the SDGsâ€™ Goal 1 i.e. towards having no poverty. However, the achievement of Islamic banks needs to be expanded to reach the lowest point of people that are experiencing poverty through financing and productive economic activities.
An Integrated Model of Waqf, Sadaqah and Takaful for Poverty Alleviation through Empowering Women Farmers in the Rural Gambia
Authors: Muhammed Hydara
Published: February 2025

The agony of poverty on the globe is rather a perplexing one; despite the growth of global economies and advances in science and technology, yet over 700 million people is living in extreme poverty globally. Approximately 241 million are from the Organisation of Islamic Cooperation (OIC) countries, with just 9 of the Low-Income countries accounting for more than 40%. Despite these interesting statistics on poverty, the OIC countries housed more than two-thirds of theworldâ€™s energy resources and 40% of its natural resources and yet accounts for more than half of the countries under the Low Human Development Index (HDI). According to the World Bank estimates, the COVID-19 pandemic could push about 70-100 million people into extreme poverty. The pandemic is drastically changing the poverty dynamics globally with Sub Saharan African countries deem to be the most affected. The Gambia, a member of the OIC and Sub Saharan African, has 48% of her population living below the poverty line with an HDI ranking of 174 out of 189. The Gambia produces only half of the food it needs, with acute malnutrition at 10%, and 23% of children are stunted. As conventional policies have been deployed over the years to fight poverty, it is only fair to raise the curtains on the potentials of Islamic Social Financing that can also complement the global efforts in eradicating poverty. As a conceptual paper, this study employed qualitative methods to present the potentials of agricultural investment through a hybrid model of waqf, sadaqah, and takaful to aid women farmers of the rural Gambia in financing their agricultural activities.
Application of Artificial Intelligence (AI) in Islamic Investments
Authors: Haneffa Muchlis Gazali  , Junisa Jumadi  , Noor Rasyidah Ramlan  , Nurmaisarah Abd Rahmat  , Siti Nor Hazilawati Mohd Uzair  , Amirah Norliyana Mohid
Published: February 2025

This study examines the application of Artificial Intelligence (AI) in Islamic Investments. AI technology is very popular in both the conventional and Islamic banking systems as reflected in the contributions of AI in Islamic investment. The technology helps investors to analyse their stocks in terms of price levels, the current stability of each stock and the future price forecasts based on current price and stock data. The study is a conceptual discussion on the application of AI in Islamic investment, which focuses on the discussion of Text Mining, Algorithmic Trading, Stock Pick and Robo in Investment, which include Robo Advisor, Robo Islamic Advisor (RIA) and Robo Financial Advisor (RFA) operating in Islamic investment system. Thus, the discussion dwells on the cognitive application along with investment and compliance sectors of the financial services industry. The conclusion of the study highlights the implications, limitations and future research of the subject matter.