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The purpose of this study is to update the investment literature by providing latest evidence of performance of Islamic mutual funds by using global sample mutual funds data to support with empirical facts.

This study analyzes the comparative performance of Islamic and conventional mutual funds by using capital asset pricing model, Fama & French’s three-factor model and Carhart’s four-factor model. Further, the study tested the coskenwness effect by using data envelopment analysis approach.

The authors find evidence that when size of the funds is controlled, Islamic investment underperform the conventional mutual funds in four out of six models. The size of underperformance varies from model to model: from 32 basis points in the Carhart’s four-factor model with the skewness factor to two basis points at the Fama and French’s three-factor model. Also the study finds that alpha(s) are only insignificant for conventional mutual funds when the skewness factor is included in the regression. While comparing the loading on Islamic mutual funds, results show that Islamic mutual funds are less risky than conventional mutual funds when they are controlled for skewness.

This study uses the different factor models of performance evolution which help in overcoming weakness of measuring the Islamic mutual funds’ performance.

This study aims to propose a model to elevate the financial empowerment of Muslim women by rejuvenating the practice of Mahr in society and facilitating the affordability of men to pay that Mahr amount.

The approach of this study is to offer a model through the interest-free savings-based finance concept. The model comprises four stages; each stage of the model is mathematically formulated and graphically explained to ensure clarity and coherence. To further investigate the issue, the authors use a convenient sampling method to ask a small sample size of respondents (women) from different countries about their financial contribution and empowerment in the family.

This model enables women to turn their exclusive financial right into a source of earning without borrowing from any source or paying interest on the principal amount. Besides, it encourages accelerating men’s obligation to pay the Mahr to the women immediately during the marriage ceremony by facilitating men’s affordability. Almost 45% of respondents state that a woman’s financial contribution exalts her decision-making power and strengthens her financial position in the family.

The authors attempt to revitalize Mahr practice in Muslim society to accelerate the process of receiving a woman’s exclusive financial right and empower a family as a whole through the Mahr model.

Considering the model’s uniqueness, the developed and proposed Mahr model in this research is novel; to the best of the authors’ knowledge, no other study has been conducted and developed such a model using the Mahr concept.