Global agendas are aggressively gearing towards climate change strategies and funding the United Nations (UN) Sustainable Development Goals (SDGs). The total investment gap for successfully achieving the 169 targets in developing countries is estimated at USD2.5 trillion per year (UNCTAD 2020). Unfortunately, limited data and challenges in data consensus have significantly inhibited monitoring bodies' ability to accurately determine how much and where it is needed. Furthermore, developing countries have been slow in developing sustainable fund structures and even slower in attracting impact investment for the SDGs (UNCTAD 2019). Impact investing is defined as "investments made with the intention to generate positive, measurable social and environmental impact alongside a financial return" (Global Impact Investing Network 2019). Once embraced as a mainstream funding vehicle, impact or sustainable investing is expected to enable the public and private sectors in reaching their SDGs targets.

The agony of poverty in the world is rather a perplexing one, despite the growth of global economies and advances in science and technology yet over 700 million people live in extreme poverty globally. While donor organisations, researchers and governments have recommended and implemented orthodox policies to solve this conundrum. It is only fair to explore the potentials of Islamic social financing, which can complement the global efforts in eradicating poverty on the face of mother earth. This study employed an Error Correction Model (ECM) and OLS technique to empirically analyse the nexus between agricultural investment and productivity. Using a time-series data of 27 years annually, we estimate six different regression models in determining the causal effects of the following explanatory variables; Fertiliser, Pesticide, Land availability for agricultural activities and government aid to farmers on the six dependent variables such as; Vegetables, Paddy Rice, Groundnut, Maize, Millet and Sorghum. The results indicate a positive relationship between investment in agricultural input and productivity, however, fertiliser has a negative relation with Paddy rice, Groundnuts, Maize, Millet and Sorghum, this could be explained as a result of the inadequate supply of fertilisers by the government to farmers. Thus, as a proxy of poverty in this study, productivity is empirically established to be affected by the quality and amount of investment in agricultural inputs. Through Islamic social financing, the study proposes an Integrative Waqf Model to fund agricultural investment for women farmers in The Gambia. This model describes a sustainable funding structure for women farmers in The Gambia, as they account for about 78% of the active population in the agricultural sector. Hence, the paper recommends the establishment of a Waqf Institution in the Gambia to complement the efforts of the state in the battle against poverty alleviation amid the post-COVID-19 recovery strategic planning.

This study aims to analyse the most preferred financing type among Malaysian Islamic banking consumers and the preferred Islamic banking contracts by Islamic bankers during COVID-19 pandemic. This paper also examines whether Malaysian Islamic banks are better off with debt-based portfolios during COVID-19. The methodology for this study is qualitative approach, using survey and interview as primary data and literature study as secondary data. The findings of this paper show that Malaysian Islamic banking consumers preferred variable-rate financing/instruments and Islamic bankers preferred debt-based contracts such as Tawarruq and Ijarah. Thus, debt-based financing with variable-rate mechanism is the most preferrable and practicable during COVID-19. The implication for regulators and industry players are to strengthen the policy with regards to debt-based financing and review all the Islamic finance contracts related policy document to include the clauses related to moratorium and economic crises associated with pandemic.

The gig economy represents a relatively contemporary phenomenon that remains insufficiently examined or documented in academic literature. The term "gig economy" pertains to labour markets characterised by short-term, intermittent, on-demand, and predominantly task-oriented employment arrangements. Due to its non-traditional nature, part-time employment typically lacks the comprehensive benefits and safeguards associated with full-time employment. To gain a comprehensive understanding of the gig economy market, we utilise the partial least squares structural equation modelling technique. This approach allows us to specifically examine the factors that significantly contribute to the low insurance penetration among the gig economy workforce. In order to achieve our objective, we have gathered data from a total of 374 participants. Our research indicates that gig workers are facing a significant lack of coverage, and they express a willingness to enrol in a flexible and customised takaful product.

The last trillion-dollar industry was built on a code of 1s and 0s and the next will be built on genetic codes. Well, who knows? It's no longer unthinkable. Traditional economics had maintained that factors of production comprised of land, labour and capital. While that may still be true, it is only valid in certains ways, today; just as was the case once upon a time, when land was the raw material for the agricultural age. It only lasted for a period before the inevitable change, and iron became the new raw material for the next age the industrial age. Today, we live in the information age, where technology has taken charge and data is its raw material. More specifically, identity data is the focal point of data structures and dimensions. This is well corroborated in one of the opening statements of the recently implemented General Data Protection Regulation (GDPR). As emphasised by Voigt and Von dem Bussche (2017), (t)he processing of personal data should be designed to serve mankind. The world that we live in today, and the way that we conduct business transactions, has changed incredibly from the past decades, and all thanks to a deep-reaching digital transformation ushered in by the information age. This transformation has proliferated into all human interactions and is feeding a demand for innovation and advancement, while introducing a new form of identity digital identity and challenging the traditional ways of day-to-day transaction.

The purpose of this paper is to examine the burdening effect of Shariah knowledge on the sales performance of salesforce in Islamic financial institutions with special reference to gender heterogeneity. A total of 324 responses were collected from salesforce in Islamic financial institutions of Malaysia, and empirical assessment was conducted with the measures of model fit and bootstrapping techniques using partial least square multi-group analysis. Empirical findings indicate that burdening effect is evident among salesforce, and the intensity of burdening effect is relatively lesser in female salesforce compared to male salesforce. Empirical findings suggest that respective authorities of Islamic financial institutions to intensify capacity building for their salesforce, particularly in the area where the Shariah knowledge and nature of underlying Islamic contracts are employed in the financial products. There is a significant competitive advantage in preferring more female salesforce to improve the slow growth of the industry that results from burdening effect of Shariah knowledge. Not least of all, it is highly recommended for Islamic financial institutions to provide more training for the male salesforce to overcome the issue of information overload in sales performance. While there is ample literature documented that examines the gender effect in conventional sales and marketing discipline, little emphasis has been given to the salesforce in the Islamic finance industry. Further, the findings of this study provide vital implications for the management in formulating crucial policies with respect to the salesforce preference and capacity building in dealing with the burdening effect of peculiar features of the Shariah knowledge in the light of the ongoing slow growth of the Islamic finance industry.

The alignment of the United Nations' Sustainable Development Goals (SDGs), introduced in 2015, with the objectives of Maqasid Shariah, particularly in the realms of poverty alleviation, hunger eradication, and enhancing well-being, forms a critical intersection in the context of Islamic social finance (ISF). This congruence lays the groundwork for leveraging Islamic financial practices, such as zakat, to support achieving SDG targets in Indonesia. Effective collaboration between key Indonesian entities, such as Bappenas (the Ministry of National Development Planning) and BAZNAS (the National Zakat Agency), is imperative for this integration. Clear and specific regulations are essential to guide this process, ensuring that zakat practices are aligned with and actively contribute to the SDG targets. Leadership from the highest governmental levels, especially from the President, is pivotal in this context. Such leadership ensures that the efforts to achieve the SDGs are in harmony with Indonesia's unique religious values and socio-economic priorities. The recent legal developments, like Presidential Regulation 112 of 2022, demonstrate a commitment to supporting these endeavors. These legal frameworks provide a structural basis for integrating ISF with SDGs, offering guidelines and formal recognition of this collaborative approach. The study delves into the relationship between ISF and the SDGs, exploring how ISF can support achieving these global goals. It examines how ISF can facilitate this support, relying on qualitative research methods such as interviewing critical leaders in ISF and SDG implementation. These interviews provide valuable insights into the perceptions and strategies of those at the forefront of these sectors.

The aim of this paper is to evaluate the various existing models of waqf in practice and determine their applicability within the context of Malaysia. This study was undertaken to investigate the practicality, feasibility, and potential success of implementing a centralized database for the administration of waqf. The research process involved extensive desktop research and thorough benchmarking analyses. Additionally, the study delved into the identification of obstacles and challenges. To provide comprehensive insights, case studies were meticulously compared and contrasted. The findings of this study indicate that the establishment of a centralized national Waqf database would significantly enhance the efficiency and effectiveness of Waqf operations and administration. Furthermore, it would contribute to the enhancement of integrity and transparency within the system. Following this line of thought, the adoption of such a system aligns with the principles of maqasid al-Shariah, ultimately safeguarding the reputation of Islam.

Zakat is an Islamic mechanism that helps to establish social welfare and more equitable distribution of wealth among Muslim communities. Tashkent is the largest city in Uzbekistan and the largest capital city in Central Asia. Notwithstanding the importance of zakat as a poverty eradication tool, it has lost its importance in Uzbekistan under the colonization of the Soviet Union. However, at, the behavior of people towards zakat has changed significantly and the inclination of Muslim communities towards the collection and distribution of zakat has increased. The above-mentioned factors motivated the study of the importance of institutionalization of zakat management in Tashkent, Uzbekistan. The research is explorative in nature and adopts a qualitative research approach. Qualitative data was collected through an online survey and semi-structured interviews with zakat payers and Islamic Scholars. Furthermore, an in-depth review of various literature regarding zakat management and existing zakat models in some Muslim countries assisted to analyze the findings and provide recommendations. The findings of this study indicate that the absence of the zakat institution has limited the circulation of zakat funds, selection of recipient categories, location of distribution, prioritize channeling of zakat funds, and identifying the needs for zakat distribution. These determinants prove that the importance of the institutionalization of zakat in Tashkent should be considered. However, since Uzbekistan is a secular country, Islamic Scholars have concerns about the excessive intervention of the government on such funds. Therefore, it is a vital task to create a robust framework and harmonize the secular laws of the state with the Shari ah principles to achieve sustainable and effective zakat management.

As the third pillar of Islam, zakat has a 1,400-year-old history in reducing inequality and redistributing wealth to at least, the deserving Qur'anic recipients (Al Qur'an, 9:60). Understood as an obligatory command, zakat appears no less than 58 times in the primary source of Islamic law, 26 times along with prayer, for instance: "So establish Salat and give Zakat, and hold fast to Allah" (Al-Qur'an 22:78). All Muslims who meet a minimum threshold of zakatable assets (nisab) are required to pay zakat annually. The oft-repeated conundrum however, is if the Zakat institution was so deeply entrenched in the Islamic law, why then do so many continue to suffer from poverty and malnutrition in even Muslim majority nations? According to a report by Pew Research Centre (2011), Muslim-majority countries are amongst the poorest in the world, with a median GDP per capita (after adjusting for purchasing power parity) of just $1,200 in sub-Saharan Africa, compared to more developed countries at $33,700 per capita.

This paper aims to assess the ethical disclosure of Islamic banks (IBs) under different accounting regimes and to ascertain whether the adoption of an Islamic accounting standards (Auditing Organization for Islamic Financial Institutions [AAOIFI]) promotes the practice of ethical disclosure. An ethical identity disclosure index was developed to serve as a benchmark to assess the level of the communicated ethical identity disclosure (CEID) of 47 IBs over 18 countries using annual reports. The findings suggest that, overall, there is poor ethical disclosure practices and even banks that had some initiatives towards disclosures had no proper reference to benchmark for effective implementation of ethical reporting standards and had no plans for ethical and socially responsible schemes. There was no evidence to suggest that IBs that adapted the religious-based accounting regime (AAOIFI) had better levels of ethical disclosure. Though poor practices of CEID are expected to increase reputational risks and the likelihood of loss of religious conscious customers and investors' confidence and therefore market share and performance in the long-term, the current practice does not concur with this expectation. Furthermore, since there is no evidence to support the notion that the adoption of AAOIFI standards would support greater initiatives towards level of ethical identity disclosures, a mandatory requirement for effective disclosure through enforcement of AAOIFI's financial reporting standards, specifically with regard to ethics and social and environmental commitment is needed.

The aim of this paper is to investigate the differences between the contemporary Shariah governance frameworks of Malaysia and Pakistan. The study also examines the ways in which the Shariah governance frameworks of both countries can complement each other. This research concludes that the SGF principles of both countries under discussion abide by the AAOIFI and IFSB guidelines regarding SGF. Many aspects of the SGF of Malaysia are similar to the SGF of Pakistan. For example, both structures need to further develop the ethical aspect. While the similarities are plentiful, a few differences can be found between the two as well. This research provides insights to policy makers, regulators, and practitioners on approaches in governance policy and an assessment of the governance scope adopted by Malaysia and Pakistan via their respective SGFs. The SGFs have also been assessed for their conformance to international standards, including the AAOIFI and the IFSB.

Waqf has been established in Malaysia as a social instrument that is utilised for the purpose of charity and/or religious purposes. Despite the availability of waqf assets in Malaysia through property and unit trusts, initiatives taken by individual States' Islamic Religious Councils, and the establishment of JAWHAR at the federal level to coordinate development of waqf assets, the overall utilisation, development, and reach of waqf assets in achieving its intended purposes remain low. Differing approaches taken by the individual State Islamic Religious Councils are also evident. This research paper thus proposes the establishment of a centralised waqf asset management company to manage waqf assets, taking lessons from foreign experiences such as Kuwait and Singapore, which emulate a traditional asset management company to solve the underlying issue of the underdevelopment of the waqf assets. To achieve that, the study ascertains the need for a waqf asset management company and the required regulatory and operational framework required for the company to manage and develop waqf assets through the adoption of applicable Islamic debt and capital market instruments. For the structure of the waqf asset management company, we conduct a qualitative study on the literatures surrounding waqf in general. Then, we focus on the current issues surrounding waqf management in Malaysia and recent developments in waqf financing. Finally, we review waqf management in Kuwait and Singapore and apply the understanding and structures of their waqf management for the conceptualisation of a waqf asset management company in Malaysia.

The slides highlight: 1) an overview of the Islamic capital market (ICM); 2) how does the ICM connect people; 3) advantages of ICM regulatory development.

The year 2020 is unparalleled in historical oil prices, crashing in April to -US$38 per barrel from a low of US$18 in a matter of hours. The increasing stockpiles and inadequate storage facilities forced oil producers to pay buyers to take barrels that were not storable. Oil producers faced a perfect storm of strategic price cutting stemming from rivalry between oil giants from the Kingdom of Saudi Arabia and Russia, and a global virus that forced lockdowns to contain the pandemic. Aramco, the Kingdom's 'national' oil company and the world's largest oil producer until recently, had to manage the severe oil price shock with policy changes that caused spillover effects on the nation. Historically, oil has been a crucial commodity in almost every industry since the 1900s. The global move towards green, sustainable and renewable resources in addressing climate change was anticipated to spell the end of the 'black gold' era. But oil companies have managed to be ranked as sustainable due to a broader definition that covers the adherence to environmental guidelines, governance and social impact. There have been few substitutes to rival its versatility and cost. Going electric has not proven to be a worthy rival to oil in the short-term. According to the International Energy Agency (IEA), crude oil demand is expected to plateau by 2030, with 35% of vehicles going electric in 2040. It seems black gold has some time before it loses its lustre.

The 17th century was witness to the Dutch Golden Age, the leading global economic power at the time. It was also the period of what was soon after referred to as 'Tulip Mania' for what is considered the first recorded speculative bubble that collapsed in 1637. Many analysts find a stark similarity between tulip mania and the dramatic rise of the cryptocurrency value in 2017. Tulip bulbs became fashionable status symbols, and although having weak fundamentals, reached exorbitant prices. Bitcoin's dramatic 1,500% increase in 2017 alone, attracted a significantly large group of speculative investors to benefit from what many see as an unhinged gamble on what has gained popularity, not only as decentralized ledger tokens but also with potential links to laundering activity.

Over the last century, few assets can claim a meteoric rise as cryptocurrency ('crypto') has. Crypto has taken several forms, with rapid innovation and uniquely linked value propositions, which include: a) CBDCs (Central Bank Digital Currencies that are digital versions of local currency); b) Stablecoins (that may be fiat-backed, commodity-backed or algorithm-based), c) the more well-known Exchange Coins (e.g. Bitcoin, Ethereum and Cardano), and d) tokens (security tokens that provide rights, utility tokens that can be redeemed for access to products and services and social impact tokens that provide sustainable or social impact). Except for CBDCs, other cryptocurrencies have had limited applicability or validity as mediums of exchange. They are in fact digital assets based on a version of blockchain protocol, pioneered by Nakamoto in 2009 and offered first through Bitcoin, the 'father' of cryptos.

The objective of this study is to investigate the determinants of users intention to adopt Islamic fintech in Indonesia. The literature on main attributes of financial technology adoption were systematically reviewed to establish the research model. The PLS-SEM methodology was adopted to test the proposed hypotheses and predict the relationship between the constructs. Responses of 242 Islamic fintech users in the Greater Jakarta were collected and analyzed with the help of Smart PLS 3.0 software. The findings indicated that perceived benefit, trust, and religiosity significantly and positively determine the users intention to adopt Islamic fintech services. However, it was found that perceived risk does not significantly affect users trust. While the findings help to broaden the understanding about users intention to adopt Islamic fintech services, especially with the presence of the religiosity variable, only users in the Greater Jakarta were covered. This research encourages future studies to use a larger population in Indonesia for improvement.

The gig economy is a relatively new trend that has not yet been researched or documented significantly. The term "gig economy" refers to labor markets that offer contract-based, temporary, on-demand work and focus primarily on completing specific tasks. This research attempts to conduct a literature review on the risks that gig workers experience and the variables contributing to their lack of protection. In addition, the paper presents an idea for a model of takaful that would apply to gig workers. In addition, the study details the policy implications for the various stakeholders.

According to UAE Ministry of Economy, the SME sector represents more than 94 per cent of the total number of companies operating in the country and provide jobs for more than 86 per cent of the private sector's workforce. There are more than 350,000 companies working at the SMEs platform, and providing over 86 percent of the private sector's total workforce. They contribute to more than 60 percent of the UAE non-oil GDP. According to the Central Bank of UAE's data, credit provided to microenterprises grew 26.3% during the period from December 2017 through March 2019.

The slides highlight: 1) the overview of sukuk in Malaysia; 2) the research objectives and questions, research gaps, research methodology, and findings on wealth effects.