Journal Article

Motivated by society�s misunderstanding of halal certification for food and bever age, along with the costly and inefficient process of halal cross-border trade, this research aims to analyze the different approaches to regulations and the Islamic jurisprudential method used by the certifying bodies represented by Ulema Council in two influential halal hub countries, Indonesia and Malaysia. A qualitative systematic literature review was used to identify the relevant sources taken from fatwa documents. There are five crucial areas with different verdicts and juristic meth odology. Four resolutions: alcohol contamination, animal stunning, recycled water, and insects for coloring indicate the differences between allowed and permissible. Contrasting law exists in non-permissible ingredient contamination. This is due to the difference in the juristic approach implemented by Indonesia Ulema Council (MUI) who prohibited it, and Malaysia Ulema Council (JAKIM) who allowed it. Both countries could review their halal certification process by understanding the methodologies applied, harmonizing the framework, and gaining further support from the respective regulators. The findings assist policymakers to transform from cooperation act into harmonizing certifying standards, which will enable both countries to implement robust halal free trade agreements, increase the halal industries� competitiveness, and strengthen the position of both countries globally.

This paper addresses structural deficiencies in housing justice and institutional financing within urban village renewal, especially in China case. It aims to develop a viable alternative to conventional debtheavy models by proposing a multi-dimensional financing model (MDFM) that integrates risk-sharing-based (sukuk-compatible) capital, cooperative ownership, government support, and public asset monetization. The study reconstructs an SPV-based cash-flow model and calibrates it using empirical data from Hangzhou�s self-financed renewal case. A 10,000-iteration Monte Carlo simulation is executed to test financial feasibility under realistic uncertainties, focusing on internal rate of return (IRR), net present value, and affordability for low-income households. Affordability metrics are benchmarked against market rent and mortgage comparators. A sensitivity analysis identifies the dominant value drivers (operational vs. financing variables). The MDFM delivers a median project IRR of 7.10% and lowers median monthly resident outflow by 31% relative to market rent and by over 50% relative to a conventional mortgage, without direct facing a RMB 1.04 million down-payment. However, P10 affordability exceeds the 30% burden threshold, revealing a vulnerability cliff for low-income households. Sensitivity analysis shows that outcome variance is driven primarily by operational fundamentals (rental growth and vacancy), whereas the sukuk redemption profile exerts minimal marginal influence. This study is validated through simulation rather than through empirical issuance or market adoption. The market appetite for sustainability-linked or Shari'ah-aligned equity instruments in China has not yet been empirically verified. The regulatory acceptability of the model also requires qualitative validation through stakeholder interviews and expert consultations to identify concrete policy adjustments. Although calibrated to the Hangzhou case, the model�s broader applicability must be tested through further sensitivity analyses and pilot studies in cities with distinct institutional and market conditions such as Shenzhen and Guangzhou. MDFM offers a scalable, fiscally sustainable solution for policymakers and developers, especially in contexts where informal settlements dominate. Its use of sukuk financing and assetbacked revenues provides a flexible alternative to conventional debt models in large-scale redevelopment. The model can pre-empt re-informalization and displacement by eliminating upfront capital barriers and embedding affordability through cooperative equity acquisition. It aligns investor profit with community stability, returns arise from sustained occupancy rather than speculative extraction. The P10 affordability cliff identifies where targeted support is required to protect vulnerable households. The design keeps residents in central labor markets, supporting job-housing balance and social mobility, and links renewal finance with low-carbon construction, enabling equity and environmental co-benefits simultaneously.

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).

This study explores the growing integration between sustainability principles and Islamic investment funds, which are among the key Shariah-compliant financial instruments. Using an inductive approach to review concepts and global practices, and an analytical method to assess performance, the paper addresses four main themes: the concept of investment funds, conventional and Islamic investment funds, the current state of sustainable integration in Islamic funds, and the key development requirements. The findings indicate a strong alignment between Islamic ethical values and global sustainability standards, particularly in terms of justice, transparency, and environmental responsibility. Saudi Arabia and Malaysia were highlighted as leading models in promoting sustainable Islamic investment. The study recommends the development of Shariah-based sustainability indices, increasing green sukuk issuance, and enhancing regulatory frameworks to support sustainable investment ecosystems.

Islamic social finance (ISF) offers a comprehensive ecosystem for addressing poverty, inequality, and financial exclusion, encompassing key instruments such as zakat, waqf, sadaqah, and Islamic microfinance. While zakat remains central to ISF, its full potential is often undermined by fragmented implementation and lack of synergy with complementary tools. This conceptual paper proposes a unified ISF framework that positions these instruments as a strategic pillar within an integrated model of Islamic philanthropy and financial inclusion. The objective is to develop a conceptual structure that enhances the collective impact of ISF instruments through improved governance, institutional collaboration, digital integration, and alignment with Maqasid al-Shariah and the Sustainable Development Goals (SDGs). Using a qualitative conceptual methodology, the study synthesizes existing literature, policy discussions, and institutional practices to construct a framework that facilitates effective resource mobilization and targeted social impact. This paper contributes by highlighting the importance of integrated ISF strategies to strengthen the role of zakat in national and global development agendas.

Agricultural takaful has been introduced as a Shari'ah-compliant risk-sharing mechanism to support smallholder farmers in managing production and climate-related risks. This study explores the potential of integrating Islamic social finance (ISF) instruments into an agricultural takaful model to enhance agricultural resilience and agrifood system security among paddy farmers in Malaysia. A mixed-methods approach was employed, combining a structured survey of 385 paddy farmers from three major granary states in Malaysia, notably Kedah, Kelantan, and Selangor, with in-depth interviews involving takaful operators, agricultural agencies, and Islamic finance institutions (IFIs). The survey captured farmers' demographic profiles, willingness to participate and contribute to agricultural takaful, and their exposure to ISF instruments, while qualitative interviews provided complementary insights into challenges and opportunities for integrating takaful with ISF. The findings indicate that the paddy farmers have the intention to participate and contribute to agricultural takaful that predominantly influenced their attitudes and perceived behavioural control. However, affordability, awareness, and Shari'ah compliance issues remain barriers for their participation. Financial support through zakat and waqf has the potential to enhance acceptance, while pricing remains a critical determinant for uptake. Qualitative evidence further highlights the need for a model that extends beyond risk protection to reflect ethical, inclusive, and sustainability principles. This study contributes novel insights through the proposed takaful ta'awuni agro framework, which integrates takaful with zakat and waqf under a unified model of ta'awun (mutual cooperation). Ta'awun is positioned here as a broader guiding value for ISF, enabling collective responsibility, inclusivity, and community resilience. This study is limited by its cross-sectional design and focus on selected granary regions in Malaysia. Future research should apply long-term and pilot-based approaches to empirically test the operationalisation and performance of integrated takaful-ISF models across different agricultural and country contexts. The proposed takaful ta'awuni agro framework brings the spirit of ta'awuni into practice by aligning agricultural takaful with the Value-Based Intermediation Takaful (VBIT) agenda to provide a Shari'ah-compliant and inclusive risk-sharing solution for vulnerable farmers. The model demonstrates how ta'awun and VBIT can be applied beyond agriculture to strengthen financial resilience and social protection across other vulnerable sectors of the economy.