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Studies linking monetary policy to inflation and unemployment rates in the context of the Phillips curve are limited to conventional economics. On the other hand, research related to application of the dual monetary policy is limited to discussion of monetary policy transmission lines, especially in Islamic banking channels. Therefore, this study aims to determine the monetary policy response in implementation of the dual monetary policy to two important indicators in the macro economy, namely, inflation and unemployment. In addition, the study reveals the relevance of the Phillips curve in Indonesia.

The method used is vector auto regression vector autoregression (VAR) with monthly data from February 2005 to October 2016 for the first model and semi-annual data from February 2005 to August 2017 for the second model. Analysis of VAR estimation in this research uses the impulse response function (IRF) to analyze the degree of sensitivity or responsiveness to a shock between variables and the variance decomposition (VD) application to analyze how the proportion of each independent variable’s contribution affects the money supply.

The result shows that monetary policy has responded appropriately to the problems of inflation and unemployment. However, inflation generates a bigger response than unemployment. Bank Indonesia considers the inflation expectations aspect of both conventional and Islamic references. Finally, the concept of the Phillips curve proves to be irrelevant in Indonesia.

The central bank is expected to build a more effective policy for transmission from the monetary sector to the real sector to effectively overcome the problems of inflation and unemployment. Furthermore, Indonesia needs to increase policies to overcome problems on the supply side.

The results of this study provide new insights into application of the dual monetary policy toward inflation and unemployment.

This chapter explores the impact of the pandemic on Islamic commercial finance and Islamic social finance in a comprehensive manner. The chapter reveals that COVID-19 has provided more opportunities to Islamic social finance than Islamic commercial finance. The beauty of Islamic finance in this regard is reflected as the perception that Islamic finance does not achieve its objective as being a social finance is proved to be false as Islamic finance not only promotes profit maximization, but it has also the potential to achieve social objectives. Islamic commercial finance developments could be slower, but it is anticipated that Islamic social modes of financing will be used widely even by multilateral agencies to assist the communities who need help in this pandemic. The most important lesson one could learn from this pandemic in relation to Islamic finance is that Islamic finance is truly different from conventional finance and as such, it needs a unique legal, regulatory and governance framework to display the true potential of it.

This study aims to review the current rules and regulations on micro-takaful in Malaysia to determine whether it addresses the basic principles of micro-takaful. Although the features of the first micro-takaful are slightly different from the customary long-established takaful settings, the rules and regulations remain unchanged following the original guidelines of operating insurance and takaful. Until Perlindungan Tenang makes its first premiere, the rules and regulations on micro-takaful are gaining ground. The dissimilarity of micro-takaful from the original takaful calls for updated guidelines, so that any micro-takaful scheme launched in the market meets the demand and needs of the targeted population.

This study uses content analysis as the best method to review each guideline in the related rules and regulations across several documents such as microinsurance and micro-takaful discussion paper and guidelines on family takaful products.

Overall, the findings reveal that guidelines on micro-takaful operating in Malaysia support the micro-takaful requirement to be affordable, valuable, accessible, understandable and simplified. Matching the rules and regulations with this population feedback, the extended distribution channel may need further scrutiny due to deficit trust among public members toward insurance and takaful.

The insights presented are of important illumination to achieve long-term sustainability financial protection while preserving human well-being among those underserved.

Zakat during the COVID-19 outbreak has played a vital role and has been significantly discussed in the virtual environment. Such information about zakat in the virtual world creates unstructured data, which contains important information and knowledge. This paper aims to discover knowledge related to zakat administration during the pandemic from the information in a virtual environment. Furthermore, the discussion is contextualised to the socio-economic debates.

This is a qualitative study operated via text mining to discover knowledge of zakat administration during the COVID-19 pandemic. The National Board of Zakat Republic of Indonesia (BAZNAS RI) is selected for a single case study. This paper samples BAZNAS RI’s situation report on COVID-19 from its virtual website. The data consists of 40 digital pages containing 19,812 characters, 3,004 words and 3,003 white spaces. The text mining analytical steps are performed via RStudio. The following R packages, networkD3, igraph, ggraph and ggplot2 are used to run the Latent Dirichlet Allocation (LDA) for topic modelling.

The machine learning analysis via RStudio results in the 16 topics associated with the 3 primary topics (i.e. Education, Sadaqah and Health Services). The topic modelling discovers knowledge about BAZNAS RI’s assistance for COVID-19 relief, which may help the readers understand zakat administration in times of the pandemic from BAZNAS RI’s virtual website. This finding may draw the theory of socio-economic zakat, which explains that zakat as a religious obligation plays a critical role in shaping a Muslim community's social and economic processes, notably during the unprecedented times of COVID-19.

This study uses data from a single zakat institution. Thus, the generalisation of the finding is limited to the sampled institution.

This research is both theoretically and practically important for academics and industry professionals. This paper contributes to the novelty in performing text mining via R in gaining knowledge about the recent zakat administration from a virtual website. The finding of this study (i.e. the topic modelling) is practically essential for zakat stakeholders to understand the contribution of zakat in managing the COVID-19 impacts.

This work derives a theory of “socio-economic zakat” that explains the importance of a zakat institution in activating zakat for managing socio-economic issues during the pandemic. Thus, paying zakat to an authorised institution may actualise more maslahah (public interest) compared to paying it directly to the asnaf (zakat beneficiaries) without any measurement

This study is among the pioneers in gaining knowledge from Indonesia’s zakat management during the COVID-19 outbreak via text mining. The authors’ way of analysing data from the virtual website using RStudio can advance Islamic economics literature.

The purpose of this research is to provide a comprehensive review of key influential aspects and conceptual structure of Takaful literature.

The authors review 149 journal articles using bibliometric citation analysis, co-word analysis and citation histograms. However, the authors have introduced a new index of keywords for co-word analysis.

The results purpose four research clusters of Takaful literature. The first theme compared Takaful with conventional insurance from various perspectives. Second theme explored the business model and sharia-compliant issues. Third theme applied the marketing concepts and examined the customer behaviour such as commitment, loyalty, satisfaction or awareness. Fourth theme examined risk management, investment and corporate governance issues. This research also identified the structure of variables studied in each theme.

This paper follows a very novel and trending bibliometric approach and explores what has been published, encompassing all aspects of Takaful literature. This study also presents 22 future research directions which are either missing or less researched in Takaful literature.

Management soundness is essential for the effectiveness of any industry, most especially in any Islamic financial sector, whereby fairness and justice are the key factors to be observed. This paper aims to examine the management soundness of the takaful industry regarding their asset quality, re-takaful and actuarial and earning and profitability.

This study obtained quarterly data from 2019Q1 to 2021Q4 from the Islamic Financial Services Board across Malaysia, Brunei, Saudi Arabia, Jordan and the United Arab Emirates. The panel data modelling with random-effect and fixed-effect estimators were used for the analysis.

The finding revealed a strong relationship between re-takaful and earnings with management soundness and a weak relationship between asset quality and management soundness. In addition, the result established a significant and strong association between management soundness and earnings and profitability. Therefore, re-takaful and profitability contributed more to the management soundness of the takaful industry than asset quality during the study. An increase in earnings and profitability to enable the takaful industry to pay the claims, especially in calamity, and more focus on the quality of the asset they invested in could enable the smooth running of their day-to-day business affairs.

More attention is required on the quality of assets in their portfolio for the sustainability of the takaful industry to fulfil their underlying objectives. Management soundness in the takaful industry should address the challenges of managerial lathery, which some studies linked with operational inefficiency because of unskilled personnel in the takaful industry. This could benefit takaful clients, irrespective of religion, to attain their associated share of benefits from the Islamic insurance industry.

To the best of the authors’ knowledge, this is the first empirical study that examined the effectiveness of takaful management across Malaysia, Brunei, Saudi Arabia, Jordan, and the United Arab Emirates.

This paper aims to explore different forms and models of integration between Islamic commercial finance and social finance including the problem that arise as well as the solution of each of the models to promote inclusive economic growth. At the end of the paper, the authors have identified the strategy to execute and validate by the decision-makers.

This approach uses two methods which are Delphi and analytical network process (ANP). The authors conduct literature review and four rounds Delphi to construct the integration model, the problem and solution of each model, as well as the questionnaire of ANP. Moreover, using an ANP method, the authors conducted interviews with decision-makers in the areas of Islamic commercial finance as well as social finance, and analyzed the results to identify key models that would create inclusivity and quality of economic growth. To ensure credibility of the results, the authors selected the respondents based on their experience in the fields, as well as their unique perspectives that will complement the group as a whole.

After conducting the four rounds Delphi, the authors found five types of Islamic social and commercial integration which are the ownership, institutional, operational, bottom line and mandatory integration. Based on the analysis of the ANP result, the authors argue that all integration can help the country in attaining with the support of government in terms of making the integration as a vision as well as to push the education of social finance more to the stakeholders.

This study is among the emerging studies that explore operational aspects of integration of social and commercial finance within the context of inclusive growth strategy.

This paper aims to investigate the utilisation of both zakāh and waqf fund as external resources to ensure micro-takāful services are delivered to underserved communities in an effective and sustainable manner. It also addresses Sharīʿah issues related to the zakāh- and waqf-based model.

The study is a qualitative-based research. It uses both focus group and content analysis approach to gather primary data and identify and interpret relevant secondary data and Sharīʿah concepts in developing the zakāh- and waqf-based micro-takāful model.

It is discovered throughout the investigation of attributes of beneficiaries of zakāh and waqf institutions as well as micro-takāful scheme that all share commonalities in terms of social securities and socio-economic support to low-income households in societies. The study also finds that the disintegration of zakāh and waqf which form part of the Islamic ecosystem from the micro-takāful model makes it less effective and sustainable.

This study appears as a primitive attempt to discuss and develop a zakāh and waqf-based micro-takāful model with reference to Malaysian jurisdiction.

This paper critically aims to examine the concept of beneficial ownership and its application in musharakah-based home financing.

The study applies the method of juristic interpretation in analyzing the meaning of beneficial ownership in legal documentation of musharakah-based home financing. This qualitative study uses content analysis approach that investigates the works of Islamic scholars on the concept of ownership and evaluates the concept of beneficial ownership in musharakah-based home financing from the Islamic perspective.

The result finds that beneficial ownership is considered a true ownership, as Shari’ah allows the transfer of ownership based on the offer and acceptance in a contract. Furthermore, the absence of legal registration does not mean the absence of true ownership, whereas all documentations and agreements have clearly stated rights and liabilities of each contracting parties.

This paper provides a fiqhi discussion of analyzing beneficial ownership in musharakah-based home financing. It shows that Shari’ah parameters are essential for the use of beneficial ownership to ensure its compliance with the Shari’ah requirements of milkiyyah (ownership).

The purpose of the financial statements is to present the situations of the enterprises, such as the financial situation, results of operations, etc., in the decision-making processes to the related parties in a suitable, comparable, and realistic manner. In recent years, professional frauds in enterprises have been seriously reflected in financial statements and this has resulted in the manipulation of financial information.

In this study, we aim to determine financial firms, which might manipulate the financial information, by applying the Beneish model and then determine the financial indicators of possible financial statement manipulation, using logistic regression. For this purpose, companies included constantly in Borsa İstanbul-50 (BIST-50) 2015, 2016, and 2017 were examined. After the enterprises which have the possibility of financial manipulation are determined by the Beneish model, it is understood that there is a positive relationship between the probability of manipulating financial information and the Asset Quality Index and Sales, general and administrative expenses index.