Journal Article

Cryptocurrencies are digital currencies void of any support from regulatory body that is currently in vogue as a medium of exchange and an investment security. This paper examines the accounting treatment for cryptocurrency from the perspective of IFRS and AAOIFI accounting standards and propose actions to standard setters on the best way to treat the Crypto transactions in accounting reports. A proper accounting treatment will allow for a fair reporting of crypto related transactions and facilitate users of financial statements to make objective assessment of this new invention. A content analysis was conducted to review all major accounting standards issued by accounting standards setting bodies for possible accounting treatment for cryptocurrencies. To better understand the issue in practice, an analysis of accounting treatment of cryptocurrencies by 2 companies also was conducted. This study found that there is no suitable accounting standard that could objectively be applied for cryptocurrencies. For example, from the perspective of the current accounting standards, cryptocurrencies match the definition of inventory if it is used as a commodity for broker-trader and intangible asset for others respectively. It is suggested that there an urgent need for the International Accounting Standards Board (IASB) to comprehensively develop accounting standard for cryptocurrency, specifically to develop a specific category for this type of assets to allow a standard treatment for cryptocurrency and fill the gap in the IFRS.

The research explores Financial Literacy (FL) among undergraduate students. The study aims to evaluate the FL of a specific group of undergraduate students. It investigates how different demographic and socioeconomic factors influence these students' FL and analyzes various demographic and socioeconomic factors to determine if they are better predictors of FL among students. The demographic and socioeconomic factors analysis shows that FL among university students is generally low. Male students studying business and coming from higher-income families have improved FL, while students in their early twenties typically have lower levels of FL. Educators should help low-income parents and women with FL, promoting financial inclusion. Helping women improve their financial understanding brings numerous benefits and positively influences the financial attitudes of their children, encouraging them to foster strong financial skills and knowledge from an early ages.

This paper assesses the effectiveness of financial depth and financial inclusion in the mitigation of output volatility during the 2008-2010 Global Financial Crisis. The paper also evaluates whether finance is more effective in countries with more developed financial systems, higher levels of economic developments, sounder banking systems, and better political stability. Employing a cross-sectional dataset covering more than 100 countries, our results indicate the ability of finance in subduing output volatility during the crisis. Our evidence is also concrete in suggesting the ability of finance in reducing output volatility in more financially developed, advanced, and politically stable countries. However, the evidence is unclear on whether finance is beneficial for countries characterized by low, intermediate, or high banking stability. In addition to these findings, the preponderance of evidence tends to suggest the better ability of financial usage as compared to financial access in mitigating aggregate fluctuations during the crisis. Finally, our additional analysis reveals that finance functions well in stabilizing output when output volatility is high.

As people's lifestyles and behaviour toward daily digital activities are changing, a suitable zakat payment option is required to encourage Muslims to fulfil their commitments. Zakat institutions use technology; as a result, to attract more people to pay zakat. The acceptance is, however, dubious due to data misuse and platform security worrisome. Hence, this study aims to investigate Malaysian Muslims' acceptance of the e-payment zakat system. In this descriptive study, a survey was carried out on 170 zakat payers in Malaysia. Five constructs were examined in the survey, based on Technology Acceptance Model, which are Perceived Usefulness, Perceived Ease of Use, Attitude, Intention, and User Acceptability. Data were analysed in linear and logistic regression using the Statistical Package for Social Sciences (SPSS). Results revealed that Perceived Usefulness and Perceived Ease of Use significantly impacted Attitude's decision to use electronic payment channels for zakat payments. The correlation between Attitude and Intention for online zakat payment was found to be positive. User acceptability was significantly influenced by the Perceived Usefulness of the e-payment platform and the Intention to pay zakat online. Understanding that User Acceptability is influenced by Perceived Usefulness and Intention would allow the zakat institution to comprehend the user requirement for zakat payment applications. The study findings have implications zakat authorities to enhance the digital platform for zakat payments to ease users by leveraging technology to streamline the donation process and make it more convenient, secure, and transparent.

This paper addresses two key issues in Corporate Social Performance (CSP) research. First, it investigates the impact of CSP on Financial Stability (FS), and second, it examines the influence of different banking models on the relationship between CSP and FS. Using a cross-country sample of 117 financial institutions from 36 countries over an 8-year period (2013-2020) and the System Generalized Method of Moments (GMM) estimation method, it finds that banking models significantly affect the CSP-FS relationship. This is attributed to diminishing marginal benefits of economic growth beyond a certain level of financial intermediation, which increases financial risk. The results give new insights into the synergies and divergences between different banking models and the overarching goals of social performance and financial stability. This research contributes novel insights that can inform policymakers, regulators, and industry stakeholders in their quest for a more resilient and sustainable banking sector.

This research paper aims to explore aspects of smart contract technology in Islamic finance, focusing on its legitimacy, objectives, and potential applications in Islamic social finance. This study relies on comparative qualitative analysis methodology and revolves around discussing the nature of smart contracts, the challenges related to their formulation and implementation, regulatory frameworks, and the cryptocurrencies used within them. The study presents proposed models for utilizing smart contracts in Islamic social finance and uses comparisons between different experiences to provide in-depth insights.This article also presents proposed models for leveraging smart contracts in Islamic social finance, using a comparative qualitative analysis approach. The study underscores the significance of integrating new innovations to maintain leadership in finance, as Islamic finance seeks to integrate its principles with Sharia-compliant systems and develop products that combine technological excellence with Sharia compliance. This study provides important findings and valuable recommendations for integrating smart contracts into Islamic social finance, contributing to enhancing innovations and developing advanced financial tools that effectively meet market needs while complying with Sharia principles.