This study aims to examine the effect of firm leverage on systematic risk between conventional and Shariah-compliant firms listed on the Canadian stock exchanges. Covering the period from 2017 to 2022, the research aims to assess the implications of Shariah-compliant strategies for portfolio performance over periods of normal and high volatility during Covid-19. With a sample of 412 firms, the study uses dynamic panel generalized method of moments estimation and the mean-variance efficient frontier framework to evaluate the risk�return profile of Shariah-compliant firms. These methodologies enable a robust analysis of systematic risk and reward-to-risk ratio, offering insights into the performance of Shariah-compliant portfolios under time-varying leverage conditions. The results reveal that Shariah-compliant portfolios generally exhibit lower systematic risk compared to their conventional counterparts because of their low-debt ratio. Additionally, these firms demonstrate a superior reward-to-risk ratio and a more favorable risk�return profile, especially during periods of economic instability. The findings highlight the effectiveness of Shariah-compliant portfolios in optimizing portfolio performance and managing risk. This study contributes to the literature by emphasizing the distinctive risk management characteristics of Shariah-compliant firms and their potential to enhance portfolio diversification. The findings underscore the value of Shariah-compliant investment strategies for investors seeking to mitigate risk and improve risk-adjusted returns, particularly in volatile economic environments.

The second quarter of 2026 delivered encouraging results across the Maldives� Islamic finance landscape, with Maldives Islamic Bank (MIB), Amana Takaful Maldives and Housing Development Finance Corporation (HDFC) Amna recording notable developments in profitability, asset growth and financing activity. Among them, HDFC Amna produced perhaps the most striking result, with the Islamic window generating a larger share of HDFC�s quarterly profit than the institution�s implied conventional business.

This book is written in a way that helps the reader understand cash endowments in an easy and simplified manner. Cash endowments are considered a new financing method and an Islamic financial tool that must be introduced to increase Islamic awareness in this field and its potential application in modern economic development.

We estimate the commodity price pass-through to consumer price and food price inflation for the case of Indonesia using quarterly data from Q1 2000 to Q3 2023. In the analysis, we consider the aggregate commodity price as well as its two components, namely, energy price and non-energy price. Employing the local projections method, we find evidence supporting significant spillover from changes in aggregate commodity price, energy price and non-energy price to consumer price inflation, which is apparent when the commodity price changes are positive, and the inflation level is high. We also document significant responses of the food prices to changes in the commodity prices under high inflation environment. Among the three commodity prices, the non-energy price seems to have the largest pass-through to both consumer and food price inflation. Moreover, as compared to its effects on consumer price inflation, the non-energy price pass-through to food price inflation is relatively stronger. These results bear important implications for monetary policy responses amid wide swings in commodity prices.

The Maldives' Islamic finance sector is clearly entering a new phase of maturity. With Islamic banking assets, deposits and profitability expanding strongly across institutions such as Maldives Islamic Bank, the Islamic window of Bank of Maldives and Takaful players like Amana Takaful Maldives and Allied Takaful, the question is no longer about growth alone - but about structure, governance and long-term Shariah integrity. A particularly important development is the rising scale of Islamic windows within conventional financial institutions. The data shows that these windows are no longer 'side desks' offering niche products; they are now meaningful profit contributors with substantial financing portfolios and growing customer bases. For example, BML Islamic has expanded across all atoll branches and developed a significant digital ecosystem, while HDFC Amna Islamic housing finance now accounts for nearly half of its parent company's housing portfolio