This paper proposes the Falah Development Index (FalahDI) as a multidimensional framework for measuring societal prosperity within the ethical paradigm of Islamic economics. The index seeks to address the limitations of conventional development indicators such as Gross Domestic Product (GDP), which focus primarily on economic output while overlooking ethical, social, and spiritual dimensions of human well-being. The study adopts a conceptual research approach based on normative analysis of Islamic economic principles and contemporary development literature. Drawing on the objectives of maqasid al-Shariah, the paper develops a multidimensional index framework integrating economic justice, social welfare, financial inclusion, environmental stewardship, governance integrity, and spiritual development. The proposed model combines conventional socio-economic indicators with Islamic-specific measures related to social finance institutions. The study presents the conceptual structure and measurement framework of the FalahDI, demonstrating how Islamic ethical principles can be operationalized into measurable development indicators. The framework highlights the role of Islamic social finance instruments such as zakat and waqf in promoting inclusive development and poverty alleviation. The FalahDI provides policymakers with a holistic tool for assessing development outcomes and designing policies that integrate economic performance with social justice, ethical governance, and sustainable development. This study contributes to the literature by proposing an integrated Islamic framework for development measurement that bridges ethical principles and empirical evaluation, offering an alternative paradigm for assessing societal prosperity.

This paper examines the impact of ESG commitment on banks� default risk in emerging and developing countries. Using a panel dataset comprising 157 banks from 28 countries over the period 2016-2022 and the Two-Step Generalized Method of Moments (2-Step GMM), it reveals that banks� ESG commitment reduces banks� probability of default (PD). Islamic banks also matter for ESG commitments, where Islamic banks have a higher probability of default than conventional banks while committing to the governance pillar. The findings of the study imply that financial authorities and banking institutions in emerging and developing countries need to spur banks� ESG commitment. However, it must be carefully implemented in Islamic banks, considering that it likely increases Islamic banks� PD. The study contributes to the empirical research concerning the nexus between ESG commitment and banks� default by extending the measurement of the probability of default and delving deep into investigating its relation to Islamic banks.

This study develops an Integrated Islamic Social Entrepreneurship Model (IISEM) for empowering persons with disabilities (PWDs) in Malaysia through a holistic framework that integrates Islamic values, social entrepreneurship principles, and disability-inclusive empowerment practices. The study addresses the limitations of existing social entrepreneurship models, which are predominantly rooted in Western paradigms and often overlook the roles of spirituality, Islamic ethical principles, and Shariah-compliant social finance mechanisms in promoting sustainable entrepreneurial empowerment among Muslim PWDs. Guided by the Islamic worldview (tasawwur Islami) and the objectives of maqasid al-Shariah, this study adopts a qualitative phenomenological approach to explore the lived experiences of Muslim entrepreneurs with disabilities. Data were collected through in-depth semi-structured interviews with 18 entrepreneurs with disabilities and seven key informants representing policymakers, Islamic finance institutions, and disability-related organisations. The data were further enriched through focus group discussions and document analysis. All qualitative data were analysed using reflexive thematic analysis supported by NVivo 12 software. The findings reveal five interrelated themes that shape entrepreneurial empowerment among Muslim PWDs: (1) Spiritual and Ethical Foundations, where faith, sincerity (ikhlas), trustworthiness (amanah), perseverance (sabr), and reliance on Allah (tawakkul) strengthen entrepreneurial motivation and resilience; (2) Inclusive Islamic Financing, highlighting the importance of zakat, waqf, and qard al-hasan as mechanisms for sustainable entrepreneurial support; (3) Entrepreneurial Resilience and Adaptive Capacity, reflecting the ability of entrepreneurs to overcome disability-related and market challenges through innovation and persistence; (4) Community Based Support and Social Capital, involving the contributions of family, mentors, non-governmental organisations, religious institutions, and government agencies; and (5) Operationalisation of Maqasid al Shariah, which emphasises the preservation of human dignity, welfare, justice, and social inclusion. These themes were subsequently synthesised into the Integrated Islamic Social Entrepreneurship Model (IISEM), which positions entrepreneurship as a form of ibadah and integrates spiritual, financial, entrepreneurial, social, and developmental dimensions within a unified empowerment framework.The study contributes to the social entrepreneurship literature by extending existing empowerment models through an Islamic epistemological perspective and by providing a contextualised framework for addressing the multidimensional challenges faced by Muslim entrepreneurs with disabilities. Practically, the model offers valuable guidance for policymakers, Islamic social finance institutions, and community development agencies in designing inclusive and sustainable entrepreneurship ecosystems for PWDs.

The Maldives used the platform of the 2026 IsDB Group Annual Meetings and Private Sector Forum in Baku, Azerbaijan, to advance its Islamic finance agenda and strengthen international partnerships aimed at supporting the country's long-term economic development strategy. The annual gathering brought together heads of government, ministers, central bank governors, multilateral development institutions, regulators and private sector leaders from across IsDB member countries to discuss sustainable development, economic resilience, private sector growth and the future of Islamic finance.