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The objectives of this paper are two-fold: first, to empirically compare and contrast the salient features of three financial instruments (FIs), namely sustainable and responsible investment (SRI) ṣukūk, social impact bonds (SIBs) and conventional bonds (CBs) and second, to examine the differences between the perceptions of the investors and the developers on the features of the three FIs.

Using a questionnaire survey, 251 completed and useable responses were received, representing a 42.54% response rate. In examining the differences and similarities in the characteristics of the three FIs, the inferential statistical of frequency and percentage were used. Wilcoxon and Mann–Whitney tests were conducted to investigate the differences in the salient features of the three FIs and the differences between the investors and developers' perceptions on the salient features of SRI ṣukūk, SIBs and CBs, respectively.

The results reveal that stakeholders view SRI ṣukūk, SIBs and CBs to be statistically significantly different from each other. This shows that stakeholders do not view SRI ṣukūk as “old wine in a new Sharīʿah-compliant bottle” but instead considered different from SIBs and CBs. Furthermore, stakeholders also differentiate between SIBs and CBs.

The paper provides empirical evidence that Islamic finance (IF) instrument, represented by SRI ṣukūk, is viewed as different instruments to conventional tools, represented by SIBs and CBs. First, it debunks the notion that IF is viewed as similar to its conventional counterpart. Second, SIBs are seen as different from CBs, illustrating the distinct categorisation of impact investing instruments. As such, third, the development of SRI ṣukūk and SIBs can provide diversification to portfolios as it is a unique instrument in the social finance and financial market.

This paper aims to present the viability of unit trust waqf (Islamic endowment) as an alternative asset class for waqf creation.

This paper starts with the conceptual exploration of the literature in the areas of waqf. The sources of the literature cover authentic sources of the Qurʾān and ḥadīth, as well as secondary sources such as books, journal articles and online resources.

This paper provides the conceptual framework of five models of unit trust waqf and their investment management parameters.

The novelty of this paper lies in its attempt to highlight the importance of waqf investment strategy in ensuring sustainable returns for waqf. It does so by introducing the conceptual models of unit trust waqf as viable mechanisms to pool more cash waqf from individual investors. The sustainability of the capital waqf assets in the form of unit trusts is maintained through the parameters for its application proposed towards the end of the paper.

This study aims to offer a new area of discourse by investigating the factors determining the usage of the Islamic non-bank financing product ar-rahnu (Islamic pawnbroking) among women micro-entrepreneurs in Malaysia within the framework of the informal credit market theory.

The study is based on primary data obtained by using self-administered questionnaires distributed in three states in Malaysia: Kedah, Kelantan and Terengganu. The questionnaires were distributed to a total of 750 participants, with each state contributing 250 respondents. Total number of respondents valid for data analysis was however 600.

Based on descriptive and inferential statistics by using the IBM statistical package for the social sciences and structural equation modelling analysis of moment structures, the results show that the main factor influencing women micro-entrepreneurs to use ar-rahnu is the service charge.

This study only covers three states in Malaysia and is limited to examining the use of ar-rahnu by women micro-entrepreneurs in those states.

As micro-entrepreneur s often face constraints to obtaining financial access in the formal credit market, ar-rahnu provides an alternative mode of obtaining business financing to female micro-entrepreneurs, so they can sustain their operations and even expand their businesses. The significance of such factors like service fee, as revealed in this study, indicates that managers should focus on this element when offering Islamic financial products, especially to women micro-entrepreneurs.

The informal credit market theory is frequently used in conventional studies. This paper adds Sharīʿah compliance in the context of this theory as a new area to be considered when discussing Islamic financial products.

This paper aims to attempt to first examine the competitiveness of micro, small and medium-sized enterprises (MSMEs) in the logistics industry; second, to identify the MSMEs’ perception towards takāful (Islamic insurance); third, to recognise the challenges in the adoption of takāful; and fourth, to suggest strategies to enhance the micro-takāful penetration rate.

The SWOT (strengths, weaknesses, opportunities and threats) analysis was used to measure the MSMEs’ competitiveness. Interview sessions were conducted with 13 owners of MSMEs in the logistics industry from the period November 2018 until January 2019 in Selangor, Malaysia.

The SWOT analysis identified several strengths (e.g. advanced infrastructure, rising number of new entrants and contribution to the local economy), weaknesses (e.g. lack of digital culture and training and a dearth of expertise), opportunities (e.g. supportive government initiatives and evolution of the mobile internet) and threats (e.g. changing customer expectations and limited financing facilities). The MSMEs’ perception towards micro-takāful and challenges in the adoption of takāful were also identified.

This paper provides an understanding of the MSMEs’ perception towards micro- takāful products, sheds light on the challenges faced by MSME owners in protecting their businesses from risk exposures and offers strategies to enhance the micro- takāful penetration rate. This study, however, is limited to Malaysia’s experience.

The identification of MSMEs’ SWOT will be useful for these businesses as it provides solid information that can be used to improve business performance while also seeking takāful protection. This paper, other than serving as a guideline for stakeholders in the logistics industry to have a better understanding of their business environment, may also provide useful insights to practitioners and policymakers.

This paper integrates the SWOT analysis into a study on business risk exposure and takāful protection from the MSMEs’ perspective. Hence, the findings could broaden available knowledge on MSMEs, especially for businesses in the logistics industry. The knowledge may also facilitate matters for takāful operators interested in tapping into the market.

This paper aims to develop the best practices of Islamic estate planning for Muslims. Islamic estate planning is a fixed proposal for the management and outlook of an individual’s assets throughout their life and upon their passing, created by means of existing Islamic estate planning tools, for instance, farāʾiḍ (inheritance), waṣiyyah (will), hibah (gift) and waqf (endowment).

The paper used an interview method to obtain information on the best practices of Islamic estate planning. Semi-structured interviews were conducted with the respondents and estate planning providers in the northern region of Peninsular Malaysia. The data gathered was analysed using thematic analysis which involved five phases to construct the best practices of Islamic estate planning.

The paper identifies important elements in Islamic estate planning. The elements were outlined as the crucial things that Muslims should do to plan for intergenerational transfer and earning a good share in the hereafter.

The first limitation of the paper is that the best practices were developed based on a qualitative method. There is no evidence of its validity, which is a gap that can be explored in the future. Second, it involves the perceptions of two types of respondents (individuals and Islamic estate planning providers), which may be broadened to other related stakeholders such as regulators, in future studies.

This paper presents a framework of best practices of Islamic estate planning, it being one of the first studies to do so, which is not only useful and relevant for Malaysian Muslims but also for Muslims in other countries.

This study aims to apply the extended theory of planned behaviour (ETPB) to investigate the factors influencing the intention to give zakāt on employment income.

This study draws the required data through a survey in three main cities Makkah, Medina and Jeddah in Kingdom of Saudi Arabia (KSA). The final data sample is consisting of 650 useable questionnaires to analyse the objective of this study.

The study finds that moral norm, injunctive norm, descriptive norm and past behaviour have a significant influence on the intention to pay zakāt on employment income. The perceived behavioural control and attitude have a negative and weak impact on the intention to give zakāt on income.

The findings of this study can be useful for the policymakers and regulators to enhance peoples' awareness to give zakāt to eradicate poverty and inequality in Muslim societies. zakāt is for the deprived people, so the consequences of this study might help to improve their liveability.

This study is unique because it identified the behavioural factors that affect the peoples' intention to give zakāt in KSA have yet to be profoundly explored in the literature. This study has gathered primary data and applied the ETPB to identify the factors influencing the zakāt compliance behaviour in KSA.