This paper investigates the effects of Environmental, Social, and Governance (ESG) implementation on banking performance in emerging and developing countries. Applying the Two-step System Generalized Method of Moments (System-GMM) to panel data of 179 banks across 29 countries spanning 2016-2022, we find that ESG implementation significantly enhances overall banking profitability. However, when we assess the implications of ESG on Islamic banks, we find that overall ESG commitment significantly reduces profitability. As for the individual ESG pillar, we note the profit-enhancing effect of environmental pillar on both Islamic and conventional bank profitability. Some evidence is also uncovered for the significant positive effect of social pillar on conventional bank profitability. Finally, we note no significant influences from governance pillar. These results highlight the divergent impacts of ESG implementation on Islamic and conventional banks. We conclude that policymakers should exercise caution in designing and implementing ESG policies, ensuring they are tailored to promote optimal performance across different banking models. This study contributes to the growing body of the literature on sustainable finance and provides valuable insights for regulators and bank managers in emerging and developing economies.

Sustainable Development Goals (SDGs) are becoming the global pressure to ascertain sustainable development in a country or any institutional level worldwide. It affects the policymakers in providing future direction and responding to current developments. Thus, the study attempts to examine the performance of Majlis Agama Islam dan 'Adat Melayu Perak/Islamic Religious and Malay Tradition Council in Perak State (MAIPk), Malaysia, on the SDGs achievement, which relates to the issue of zero hunger in the society. The study adopts in-depth interviews with the stakeholders of MAIPk and performs a survey of Islamic social finance recipients in Perak State, focusing on the monthly financial and food bank assistance programs, which the number of recipients is 11,769 and 25,144 recipients. The finding of the study reveals that MAIPk successfully contributes to the achievement of SDG 2, whichcreate social impact for the recipients, such as an increase in the ability to access healthy food, increase physical and mental health, and motivate the recipient to be involved in altruism activities. The study pioneers the scientific examination of thesocial impact assessment in the State of Perak, Malaysia case. Additionally, the findings of the study imply that the Islamic social funds' institution needs to increase its awareness of measuring social impact on society instead of only focusing on the output-based measurement.

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).

Waqaf An-Nur Corporation Berhad is a philanthropic organisation established by Johor Corporation (JCorp) to manage and develop waqf (Islamic endowment) assets and shares within the JCorp Group. Operating as a company limited by guarantee without shares, Waqaf An-Nur focuses on leveraging endowed resources for the benefit of the community across various sectors, including healthcare, education, social welfare, and economic development. In 2019, Waqaf An-Nur, operating under the trust of the Johor State Islamic Religious Council, significantly expanded its role by managing Johor's Business Zakat Agency (JCorp). This strategic expansion has enabled Waqaf An-Nur to broaden its support for needy beneficiaries through a variety of impactful programmes centred on healthcare, socio-economic development, spirituality, and community welfare.

This project summary outlines research examining the impact of Waqaf An-Nur Corporation Berhad (WANCorp) community development programs. WANCorp is a company limited by guarantee dedicated to utilising waqf (endowment) principles to foster community and economic development. Its mission is to channel waqf resources into initiatives that uplift society, including programs in healthcare, socioeconomic empowerment, spiritual enhancement, and welfare support. In 2019, the Johor State Islamic Religious Council entrusted WANCorp to manage Johor's Business Zakat Agency (JCorp). This strategic move expanded WANCorp's reach, allowing it to serve a broader beneficiary base through a range of impactful programs. The Centre of Excellence for Islamic Social Finance (COE ISF) researchers employed the Theory of Change framework to evaluate its programs' societal impact. This model analyses how specific interventions can generate measurable improvements in community welfare by mapping the pathway from inputs to processes, outputs, and desired outcomes.