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 introduces the Spiritual and Material Index for Sustainable Development (SAMI-SD Model), a comprehensive framework designed to assess well-being through an integrated lens of maqasid al-Shariah and sustainable development. While building upon earlier models such as CIBEST and the Multidimensional Shariah-based Material and Poverty Index (MSMPI), the SAMI-SD Model advances the field by embedding a new set of empowerment and sustainability indicators that capture dynamic capabilities, long-term resilience, and ethical stewardship dimensions not explicitly measured in previous frameworks. These additions enable the model to move beyond static poverty assessment by evaluating individuals� capacity to improve their socio-economic conditions, participate productively in society, and maintain intergenerational well-being. Grounded in classical Islamic thought and the institutional roles of zakat, waqf, and sadaqah, the SAMI-SD Model aligns with the maqasid hierarchy (daruriyyat, hajiyyat, tahsiniyyat) and supports the transition from basic survival toward holistic flourishing (falah). Methodologically, the model integrates both tangible and intangible indicators including spiritual health, financial empowerment, environmental responsibility, and social cohesion to present a fuller, ethically anchored picture of human welfare. By operationalizing these expanded dimensions, the SAMI-SD Model offers policymakers, Islamic financial institutions, and researchers a more actionable tool for designing interventions that are spiritually grounded, socially empowering, and environmentally sustainable. This enhanced measurement approach positions the SAMI-SD Model as a significant conceptual and practical contribution to the advancement of Islamic economics and its alignment with the Sustainable Development Goals (SDGs).