Journal Article

This study examines the historical development and governance of waqf with particular focus on the distinct but often overlapping roles of the mutawalli (executor/trustee/manager) and the nazir (supervisor/overseer/regulator). By analyzing classical jurisprudence, Ottoman reforms, and contemporary practices, the research highlights how blurred responsibilities between these roles have historically undermined waqf�s efficiency and sustainability. The paper emphasizes the need for a dual-tier governance model where mutawallis, including Islamic banks and qualified institutions, manage assets professionally, while nazirs represented by state religious councils function as regulators ensuring transparency and accountability. This balanced structure is especially critical for modern cash waqf and waqf-linked financial instruments. The methodology employed includes historical-analytical and interpretive-analytical approaches, supported by primary and secondary sources, with analysis framed within maqa?id al-shari?ah and governance theory. In preparing this paper, artificial intelligence (AI) tools were used primarily for rephrasing, improving grammar, and enhancing clarity of expression, while the intellectual content, analysis, and arguments remain the researcher�s own. The originality of this study lies in re-examining these two roles through a historical-to-contemporary lens to propose a dual-tier governance model. The findings reveal that clarifying the distinction between executor and regulator is crucial for strengthening modern waqf governance and unlocking its socio-economic potential.

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 investigates the transmission mechanisms of high policy rate volatility episodes in Turkiye, characterized by sharp and unpredictable interest rate fluctuations. Focusing on the bank lending channel, we employ a time-varying parameter structural vector autoregression with stochastic volatility model to analyze the evolving impact of monetary policy on bank lending. Our analysis examines several key aspects: the relative effectiveness of a single, large policy rate change compared to a series of gradual adjustments; the potential non-linearity of transmission, investigating whether tight or lax monetary policy exhibits greater effectiveness; and the differential responses of rate-based conventional banks and profit-loss-sharing Islamic banks to monetary policy shocks. The key findings indicate that the effectiveness of the bank lending channel varies with the nature and magnitude of monetary policy shocks. Notably, episodes of substantial monetary tightening, especially when coupled with significant exchange rate depreciation, exert a more pronounced dampening effect on lending activity. Furthermore, Islamic banks are more sensitive to policy shocks, largely because of their distinct reliance on profit-sharing arrangements and liquidity-dependent funding models.

Climate change presents risks to real estate through extreme weather, rising sea levels, and shifting climate patterns, affecting property integrity, market value, and maintenance costs. Traditional responses are often short-term, whereas waqf, a concept of perpetual endowment for communal benefit, offers a sustainable alternative for managing real assets. This study explores the potential of waqf in mitigating climate change impacts on real estate, emphasizing its role in promoting resilience and sustainability. Using a qualitative approach, the study analyzes governing statutes, reported cases, and administrative data. Findings reveal waqf properties can support environmental sustainability by designating land for green spaces, conservation, or sustainable agriculture. These uses help buffer against climate-related disasters, protect nearby real estate, and maintain property values. Additionally, waqf income can fund climate adaptation projects, such as infrastructure upgrades and energy-efficient retrofits. Despite its promise, challenges like legal and administrative constraints, limited awareness, and capacity gaps must be addressed. Overall, waqf principles of sustainability and long-term stewardship can enhance real estate resilience and support sustainable urban development

As financial inclusion becomes increasingly important - particularly for women often impoverished in many countries - this study aims to examine a specific tool for promoting financial inclusion: Islamic microfinance (IsMF). It explores the regulatory and operational dynamics of Islamic finance institutions in Nigeria and examines the role of women as stakeholders in this process. The study uses a qualitative analysis. Semi-structured interviews were conducted, and responses were analysed via the content analysis technique. The findings of this study prove to be relevant to both the literature and the practice of IsMF, especially in Nigeria. The findings reveal several regulatory challenges that existing institutions face, specifically sufficient capital and an absence of a favourable environment. In addition, while there is a notable emphasis on women's involvement within IsMFIs, female entrepreneurs still encounter barriers to accessing their services. While IsMF has been explored in various global contexts, much of the existing literature focuses on regions like South and Southeast Asia. Fewer studies have addressed this issue within the African context, and even fewer comprehensively analyse the role of women in these institutions. In addition, studies on IsMF in Nigeria have not explored all existing institutions, leaving a gap in the understanding of the full landscape.

This study examines capital inflow strategies in takaful insurance, focusing on their role in sustaining solvency, managing participants' fund deficits through qard hasan, and supporting long-term growth, thereby balancing takaful's ethical mission of mutual assistance with the commercial need to attract sustainable shareholder investment. This study adopts a qualitative and exploratory approach, drawing on secondary data from regulatory frameworks, company reports, and international case studies. Thematic content analysis was applied to assess the role of capital across the wakalah, mudarabah, hybrid, and waqf models, while comparative case analysis highlighted international best practices. The findings reveal that governance quality, Shariah compliance, transparency, and robust solvency frameworks are critical for building investor confidence, although challenges persist in the form of high compliance costs, limited Shariah-compliant investment instruments, and competitive pressure from conventional insurers. International experiences, particularly in Malaysia, Saudi Arabia, and the UAE, demonstrate that supportive legislative environments, financial innovation, and fintech integration can successfully mobilize capital inflows into takaful. The originality of this study lies in synthesizing capital strategies across multiple takaful models and linking them with international experience to generate practical insights. It concludes that harmonized regulation, transparent governance, and technological innovation are essential for strengthening takaful's resilience and positioning it as a competitive, ethical, and sustainable alternative in the global financial system.