Despite the significant growth in Islamic economies and the increasing number of Muslim youths inclining digital services, empirical-based research addressing the adoption of digital Islamic services is still limited. ZakaTech is a new phrase that has recently emerged as a modern term describing novel technologies adopted by zakat institutions; yet, it has been largely neglected in the literature. Therefore, this study aims to provide an integrated model that scrutinizes the determinants of acceptance and use of technology (UTAUT) of ZakaTech, combined with social cognitive theory (SCT), in the midst of the COVID-19 crisis where social distancing is the norm in conducting economic activities. Based on cross-national evidence from two Muslim-majority countries, a total of 1,006 valid responses were collected from zakat payer users in Saudi Arabia and Egypt using a Web-based survey. To validate the research model and draw significant insights, SmartPLS structural equation modeling was used. By analyzing both Saudi and Egyptian samples, the authors found that all UTAUT constructs are statistically significant, except for effort expectancy in Egypt. The effects of self-efficacy and social isolation on ZakaTech adoption are supported across both countries. Trust in technology reduces users' inherent risks and increases their likelihood of adopting ZakaTech services in Saudi Arabia, while this is not the case in Egypt. However, the study revealed that trust in electronic-zakat systems (EZSs) is a vital predictor for mitigating perceived risk among Egyptian users of ZakaTech, but it is not the case in Saudi Arabia. Moreover, significant gender differences were found between males and females in the adoption of such digital services in both countries, particularly regarding self-efficacy, trust in EZSs, social isolation and social influence.

This chapter aims to evaluate the Hajj financial management system by Hajj Financial Management Agency (BPKH) with challenges that have the potential to impact the financial sustainability of hajj funds; assesses the effectiveness of the implementation of the hajj fund subsidy system associated with the financial sustainability of the hajj fund; and proposes solutions to overcome the hajj financial management system and hajj fund subsidy system. A qualitative research approach through interviews along with a documents review was used to collect data and achieve the research objectives. The results of the analysis show that there are challenges in the hajj fund management system in terms of regulation, which are the issuance of Law Number 8 of 2019, about the Management of Hajj and Umrah that regulates different things for the same substance in Law Number 34 of 2014 about Hajj Financial Management. This resulted in the unclear relationship and flow of hajj financial management related to the implementation of the hajj pilgrimage between two related institutions, which are the Ministry of Religion and the BPKH. In addition, regarding the financial sustainability of the hajj in the practice of providing subsidies for the implementation of the hajj, it can be stopped gradually. If the subsidy system is to be continued, it will make hajj finances unsustainable and not in accordance with Sharia principles and justice. This study is the first of its kind to examine the financial sustainability of the Hajj Financial Management Agency (BPKH) in Indonesia. In addition to being a reference for future researchers, this study could also serve as an impetus for policymakers to design strategies that overcome the weaknesses of the hajj financial management system and the hajj fund subsidy system.

Although the sukuk market has maintained remarkable growth momentum over the recent years, the optimism has been significantly moderated by the abrupt shock due to the pervasive Covid-19 pandemic. However, sukuk can be used as an effective financing option by governments to overcome a fiscal deficit and to support those adversely affected by the pandemic. Sukuk Prihatin (SP), the first-ever digital sukuk issued by the Government of Malaysia, has launched to engage citizens to contribute to the country's recovery efforts in the wake of Covid-19. Therefore, this study aims to probe the motivation that influences retail investors' inclination to invest in such innovative sukuk. Based on an integrated model of planned behavior (TPB) and social cognitive theories (SCT) and data gathered from 279 retail investors, this research found that attitude towards SP investment (SPI), social norms, perceived control regarding SPI, sukuk features and digitization are significant determinants of investors' willingness to invest in SP. It also revealed that tax incentives-moderated interactions of social norms, perceived control and sukuk features on SPI intention are significant.

COVID-19 is a pandemic that is a black swan event that has disrupted the economic activities in the whole world. Organization for Islamic Cooperation (OIC) is the second largest international organization that unites Muslims to collectively protect their interest by having a global platform to voice out their concerns. This is an exploratory research of which the objective is to understand the implication of this pandemic on OIC countries to suggest ways in which pandemic related economic challenges facing these countries could be resolved. This research identifies four key economic challenges faced by the OIC countries: challenges in adapting to new normal in in re-starting the economic activities; issues in formulating effective plans for economic recovery; increase in poverty, unemployment and inequality in societies; and disruption to global economy chains. To overcome these economic challenges identified, fives recommendations are proposed via which OIC could play the leading role in ensuring that OIC countries could leverage each other to rebound the respective economies in the shortest possible time. The recommendations proposed are made not to gain short term benefits; but they are proposed considering the long-term benefits it will give to the economies of member countries of OIC. The recommendations proposed are: creating a fintech ecosystem for financial services and introducing OIC electronic commerce market; formulating strategies to implement shared prosperity via effective implementation of Islamic social finance; adopting Blue Ocean Strategy; promoting Islamic economic principles; and implementing circular economy concept. It is anticipated that through this research the economic challenges faced by Muslim countries due to the pandemic can be understood and the recommendations proposed could be utilized by the government and policymakers of the respective countries to resolve the challenges identified.

Green sukuk (GS) is a recent innovation that has the potential to serve humankind in sustainable development. However, its potential can only be achieved if the proceeds of GS are used for the priority areas needed. Therefore, the purpose of this study is to find out, using selected GS issued to determine whether the proceeds of GS are actually given to the needed areas. This is qualitative research utilizing case studies where the "priorities given" areas are observed through information collected from the library that consists of primary and secondary sources, such as statutes, books, articles and internet sources, while "priorities needed to issue GS" areas are determined through information collected from Al-Quran and hadiths to derive conclusions. The outcome of this study reveals some untouched areas that needed immediate attention where GS can be implemented. This study recommends implementing GS for the plant, agriculture, forests, road, water, animal and others. One example in this regard is to create "forest sukuk," which is a tool for financing forest preservation.

While the world is yet to fully recuperate from the social and economic repercussions of COVID-19, the Russia-Ukraine conflict poses another major threat causing a humanitarian crisis and economic shock. Although the 2030 Agenda for Sustainable Development Goals (SDGs) and its pledge to "leave no one behind" is a universal commitment to protect the livelihoods of vulnerable groups, the Russia-Ukraine ongoing conflict is causing immense suffering and a gloomy future for the 2030 Agenda. The purpose of this study is to provide a holistic understanding of the ramifications of the Russia-Ukraine war in SDGs progress around the world. Further, the authors shed light on how stakeholders can help engage in support of SDGs in such a challenging time.

To analyse Sukuk Prihatin (SP), the first-ever retail digital sukuk issued by the Government of Malaysia in the midst of the COVID-19 pandemic, as part of the national economic recovery plan. The issuance of SP was oversubscribed, even upsized, resulting in the government announcing its intention to issue similar types of sukuk in the future. In light of this, the purpose of this study is to understand the motivation for retail investors to invest in SP. The purposive sampling method was applied via a self-administered survey, while the cross-sectional data were empirically tested using the SmartPLS 3.2.9 structural equation modelling. An integrated model of the theory of planned behaviour and social cognitive theories was used in determining investors' intention to invest in SP. The findings of this research revealed that attitude (ATT) towards SP investment (SPI), social norms (SN), perceived control (PBC) regarding SPI, sukuk features (SF), tax incentives (TI) and the spirit of unity and brotherhood (SUB) were significant determinants of investors' willingness to invest in SP. This research also provided evidence for significant national pride-moderated interactions of ATT, SN, PBC, SF, TI and digitisation on investment intention. The outcome of this study could assist governments and policymakers to structure sukuk and other debt-based capital market products to attract retail investors who would be willing to invest in the development of the nation in the midst of a crisis.

This paper aims to examine the existing practice of accepting zakat payments using cryptocurrencies and crypto assets by discussing its Shariah issues. This is qualitative research in nature, as unstructured interviews with experts in the field were conducted to understand the existing practice regarding zakat on cryptocurrencies/crypto assets while literature on the topic was reviewed to derive conclusions. It is found that there are divergent views among contemporary Shariah scholars on the Shariah permissibility of cryptocurrency and crypto assets. As such, by evaluating the existing practices of some companies, this study has concluded that there is room to pay zakat using cryptocurrencies and from investments made on crypto assets. As long as they have been screened and classified as Shariah-compliant, they can be qualified to be part of one's wealth from which zakat shall be paid. However, the findings of this research shall be subject to the fatwa and rules adopted in the specific jurisdiction in which the zakat payer resides. Laws made by the ruler to benefit the public ought to be considered in upholding the masalih (public interests) of all, which is in line with the legal maxim of "tasarruf al imam manut bi al-maslahah" (the ruler's decision is dictated in favor of the people). It is anticipated that the findings of this research will benefit zakat organizations and zakat payers in understanding how they should deal with cryptocurrencies and crypto assets in the collection and payment of zakat.