This study examines the historical development and governance of waqf with particular focus on the distinct but often overlapping roles of the mutawalli (executor/trustee/manager) and the nazir (supervisor/overseer/regulator). By analyzing classical jurisprudence, Ottoman reforms, and contemporary practices, the research highlights how blurred responsibilities between these roles have historically undermined waqf�s efficiency and sustainability. The paper emphasizes the need for a dual-tier governance model where mutawallis, including Islamic banks and qualified institutions, manage assets professionally, while nazirs represented by state religious councils function as regulators ensuring transparency and accountability. This balanced structure is especially critical for modern cash waqf and waqf-linked financial instruments. The methodology employed includes historical-analytical and interpretive-analytical approaches, supported by primary and secondary sources, with analysis framed within maqa?id al-shari?ah and governance theory. In preparing this paper, artificial intelligence (AI) tools were used primarily for rephrasing, improving grammar, and enhancing clarity of expression, while the intellectual content, analysis, and arguments remain the researcher�s own. The originality of this study lies in re-examining these two roles through a historical-to-contemporary lens to propose a dual-tier governance model. The findings reveal that clarifying the distinction between executor and regulator is crucial for strengthening modern waqf governance and unlocking its socio-economic potential.

This study investigates the pricing efficacy of single-stock options on India's NIFTY 50 index by applying the Black-Scholes Option Pricing Model (BSOPM) to both call and put options from December 18, 2024 January 30, 2025. Theoretical prices were estimated using standard inputs (spot, strike, volatility, time to maturity, and a 5.98 % risk-free rate), and mispricing was defined as the difference between market prices and theoretical prices. Paired t-tests and Welch's tests compared overall mispricing and segmental differences between Shariah-compliant and conventional stocks. The findings revealed widespread mispricing: 46.9% of call options and 57.14% of put options exhibit significant underpricing relative to theoretical values. However, contrary to expectations that Shariah-compliant stocks might display different pricing behaviour due to structural characteristics like lower leverage and volatility, no statistically significant difference in mispricing was observed between Shariah-compliant and conventional options. These results suggest that broader market factors - such as liquidity, risk aversion, and regulatory dynamics - play a more dominant role in influencing pricing inefficiencies than the Shariah compliance of the underlying stocks. These insights can guide hedging strategies for institutional investors and inform regulatory oversight in emerging derivatives markets.

This paper investigates the transmission mechanisms of high policy rate volatility episodes in Turkiye, characterized by sharp and unpredictable interest rate fluctuations. Focusing on the bank lending channel, we employ a time-varying parameter structural vector autoregression with stochastic volatility model to analyze the evolving impact of monetary policy on bank lending. Our analysis examines several key aspects: the relative effectiveness of a single, large policy rate change compared to a series of gradual adjustments; the potential non-linearity of transmission, investigating whether tight or lax monetary policy exhibits greater effectiveness; and the differential responses of rate-based conventional banks and profit-loss-sharing Islamic banks to monetary policy shocks. The key findings indicate that the effectiveness of the bank lending channel varies with the nature and magnitude of monetary policy shocks. Notably, episodes of substantial monetary tightening, especially when coupled with significant exchange rate depreciation, exert a more pronounced dampening effect on lending activity. Furthermore, Islamic banks are more sensitive to policy shocks, largely because of their distinct reliance on profit-sharing arrangements and liquidity-dependent funding models.

The increasing consumption of short-form digital content has led to a phenomenon known as "popcorn brain," where individuals struggle with sustained attention and deep thinking. This issue is particularly relevant in Malaysia, where digital engagement is high, impacting cognitive development, productivity, and mental well-being. This research aims to explore intervention mechanisms to mitigate the effects of popcorn brain and promote a healthier digital environment for the young generation.