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This study aims to ascertain consumption values of Muslim tourists, attitudes, satisfaction and loyalty towards a Muslim-friendly accommodation, which has gained recognition from the Malaysian Government. Subsequently, an overall Muslim-friendly image was examined as a moderating variable within the associated relationship.

A quantitative research design with a purposive sampling technique was chosen through a sample size of 378 people in Malaysia and distributed via social media. The respondents were selected based on the Muslim-friendly accommodation recognition (MFAR) initiatives, a procedure of accreditation which acknowledges Muslim-friendly accommodation for tourists. To obtain data from those travellers, structured questionnaires were used. SmartPLS was used for data analysis in this study.

The values which were found to have an influence on attitude towards a Muslim-friendly accommodation are related to social, emotional, economic, functional, monetary and epistemic elements. On the other hand, hedonic, conditional, Islamic and altruistic values were found to be insignificant in determining the attitude towards a Muslim-friendly accommodation. Subsequently, an overall Muslim-friendly image was found to moderate the relationship between social, monetary and altruistic values and its link concerning attitude towards the accommodation, while the rest of the relationships were not significant. More importantly, attitude seems to have an impact on satisfaction, as well as its loyalty towards a Muslim-friendly accommodation.

Firstly, it begins with understanding Malaysia, one of the developing countries in Southeast Asia. Secondly, data was collected from participants using a survey method, from purposive sampling which may limit the findings’ generalizability. Thirdly, this study focussed exclusively on the perceived value dimensions associated with Muslim-friendly accommodation, thus, disregarding consumers who may associate with other types of tourism and hospitality elements.

The results provide a fresh insight and a better understanding regarding the consumption values and all of its related components towards customer loyalty of the Muslim-friendly accommodation in Malaysia. In addition, the findings deliver new information and a deeper understanding of relevant values in Malaysia’s Muslim-friendly accommodation, which can be used as a standard guideline by industry practitioners, local and abroad.

This research supports service providers in developing effective brand management strategies for their own businesses. Apparently, this study discovers that emotional values tend to be the most important values in determining attitude towards Muslim-friendly accommodation.

To the best of the authors’ knowledge, this is one of the studies examining the overall perceived Muslim-friendly image within the consumption values that are relevant from an Islamic viewpoint. It provides policymakers, as well as the industry players, some reliable approaches for enhancing Muslim-friendly accommodation.

Bank lending is the major source of monetary expansion. Bank-led money creation is a key issue in both conventional and Islamic financial systems. The purpose of this paper is to examine the issues related to Islamic banking money creation. In this conceptual paper, the authors investigate the involvement of profit and loss sharing (PLS) in money creation and especially how can PLS limit money creation “out of nothing.” In this regard, the authors examine the potential of the PLS principle in tackling the excessive money creation phenomenon.

This study uses a normative approach regarding Islamic bank money creation that fits Sharia directives. In fact, this study discusses “what ought to be,” that is, the values and norms of PLS money creation that impede excessive money creation.

Overall, Islamic banks create money differently compared to conventional ones. Especially, by avoiding a purely financial intermediary, money creation under the PLS principle sustains a strong relationship with the real economy and leads to a lower money multiplier. Therefore, PLS mechanisms allow financing through real assets and not credit assets “out of nothing.” This could prevent excessive money creation from causing harmful effects on indebtedness and financial instability.

PLS offers a valuable resolution for banking system money creation through the optimization of Islamic bank financing by facilitating the separation of the monetary function from the credit one. This reform thought reinforces the stability value of money allowing it to fully perform its functions with reference to the directives of Sharia. This especially allows the integrity and purchasing power of money, the reduction of the gap between the evolution of both real and financial economies and, consequently, the indebtedness and crisis. It is recommended to promote PLS financing by reforming institutional and regulatory constraints.

This study addresses the contemporary issue of money creation by Islamic banks through the PLS approach. The conceptual framework of this paper highlights the reformist role of PLS in limiting money creation through Mudarabah approach within fractional reserve banking.

This paper aims to achieve two goals: first, to evaluate the existing interest-free monetary policy tools in the major Islamic financial hubs of Malaysia, Pakistan and Bahrain and; second, to suggest how monetary policy tools in Turkey can be used in other countries.

This study follows a qualitative research method based on literature review, comparison, evaluation and design.

The policy rate cannot be used due to Shariah concerns. The reserve requirement depends on qard, and the reserves should be kept separately in the central bank. In terms of ijarah sukuk, Shariah concerns should be taken into account and a new structure, as displayed in Figure 3, should be followed. Government investment certificates can be used as an interest-free monetary policy tool. A genuine mudarabah interbank investments can also be used. Wadiah acceptance with no habitual gift can be used as well, and Tawarruq and central bank notes are not preferable due to Shariah concerns as well. Having said that, a Turkey-based tawarruq platform can be structured for others to use instead of applying to London.

This paper’s unique suggestion is to develop an interbank taqaruz market and a taqaruz method with the central bank. It is also unique for Turkey in the subject.

The objective of this study is to construct a theoretical framework concerning wage determination, grounded in principles and supplemented by conventional theories. It discusses the Islamic perspectives on minimum wage and examines contemporary challenges and intricacies in its application.

This study uses thematic analysis to create the conceptual framework, drawing upon a review of pertinent literature such as academic papers, books and articles published up to 2023.

The framework encompasses various categories, namely, employee characteristics, job characteristics, market factors, compensation practices and Islamic principles. Each category consists of multiple variables. The resulting framework offers a holistic and ethically grounded methodology for wage determination, aligning with both Islamic and conventional perspectives. This study notes the absence of a universally agreed-upon minimum wage. Islamic economics faces challenges due to the unclear application of principles, limited awareness, legal constraints and a lack of empirical evidence on wage systems, along with complexities in their implementation.

The paper’s limited scope focuses solely on the Islamic perspective on wage determination, without comparing it to the conventional viewpoint. This may have implications for future research.

The insights on Islamic principles and wage determination guide scholars and policymakers interested in promoting just and equitable wages.

This study is distinct in its integration of various factors to propose an all-encompassing framework for wage determination, rooted in the Quran and principles, while also reinforcing the framework with conventional theories. Additionally, it adds to the growing body of literature by investigating the Quran’s stance and principles on minimum wage, as well as discusses the challenges involved in implementing an Islamic approach to wage determination, which has received limited attention in Islamic literature.

This study aims to review to what extent Islamic banks carry conventional monetary policy impulses. Hence, the authors focus to review on the presence or absence of an Islamic financing channel.

A systematic approach to the literature review was adopted. The search criterion is confined to empirical studies that examined the transmission of interest-based monetary policy through Islamic banks’ financing, particularly empirical studies that check the existence of an Islamic bank financing channel of conventional monetary policy. By adopting a systematic approach, over 40 empirical papers published in Scopus and Google Scholar were selected for review and analysis to suggest prospects for future analysis in this field.

The existence of Islamic banks may raise concerns for local central banks, particularly in terms of implementing monetary policies that rely on interest rates. Indeed, the specific nature of the business model of Islamic banks based on the sharing of losses and profits as an alternative to interest rate–based remuneration suggests a priori the non-transmission of monetary policy through these free-interest banks. Despite this, the actual asset structure of Islamic banks may facilitate the transmission of monetary impulses to the economy. Currently, there are limited and inconclusive empirical studies on how Islamic bank financing contributes to the transmission of monetary policy. Additional research is required to fully comprehend the response of Islamic banks to fluctuations in monetary policy interest rates, as well as the factors that impact their reactions.

This literature review is incredibly important as it thoroughly examines a critical issue from both academic and practical perspectives. Analyzing how monetary policy actions can be transmitted through Islamic bank financing is an important task that can provide insights for future research. A straightforward response to this inquiry could assist central banks in formulating effective monetary policy.

This paper aims to investigate the determinants that contribute to the financial stability and banking sector of Palestinian banks listed on the Palestine Stock Exchange (PEX) by using yearly data for the years 2012–2022.

Pooled ordinary least squares (OLS) and two-stage least squares (2SLS) were used to identify the variables and factors affecting the financial stability and banking sector of Palestinian banks. The study’s data were collected from the banks listed on PEX and from the yearly reports posted on the Palestine Monetary Authority’s (PMA) webpage over the years from 2012–2022. According to this research’s analysis, SMEs loans and capital sufficiency have a statistically significant positive impact on the stability of Palestinian banks. Unobserved heterogeneity, simultaneity and dynamic endogeneity are taken into account when using the 2SLS regression approach to adjust for the study endogeneity factor.

The study’s findings show that some factors and determinants might have both good and negative effects on financial stability and banking sector. Loans to small and medium-sized businesses (SMEs) and enough capital are two characteristics that statistically have a major favourable impact on the stability of Palestinian banks since they help the banks withstand deficits. A further potential discovery relates to the favourable effects of financial inclusion (FI) and digital financial services (DFS) on the stability of banks.

This research has faced some limitations, such as the lack of a defined index from the regulatory organizations, this research is based on information from bank annual accounts. It has mostly relied on self-developed or World Bank indexes. Furthermore, the research solely used information from the supply side (banks); demand-side data were not taken into consideration.

This paper has managerial implications for stability of banking sector. The Palestine Monetary Authority, as the central bank, must increase the percentage of bank loans directed to small and medium-sized companies and oblige bank management to adhere to adequate capital standards, which contributes to strengthening the Palestinian banking sector and increasing its profits. The study findings advise banks that are enjoying financial stability to speed up the pace of FI and DFSs because most of these reliable banks have relatively low FI ratios. PMA is responsible for preserving the stability of the financial system. PMA, decision makers and banks management must retain adequate liquidity in their institutions and raise client collateral expectations to raise credit conditions.

This paper adds some contributions to the literature. To adjust for discrepancies between various types of banks, the authors concentrate on conventional and Islamic banks, which enables us to use a homogenous data set as opposed to depending on dichotomous variables. The authors used Z-scores, which have recently been used in research, to measure stability and FI at the level of specific institutions. This research contributes in some key aspects that no prior research has addressed. Conventional banks are different from Islamic banks, and a number of issues might impact their stability. To evaluate the connection between FI and DFSs, it is important to consider the actions of bank regulators.

This study aims to underline Islamic principles to the business theories for producers and policymakers and to explain halal marketing by value creation approach for halal stakeholders concerned with halal certification and its implementation.

This study applied inductive reasoning with the systematic literature review (SLR) of peer-reviewed published research papers, followed by the preferred reporting items for systematic reviews and meta-analyses framework. Furthermore, the content analysis with ATLAS.ti 2022 helped to undergo concept and thematic analysis that show the theoretical lenses for the upstream halal businesses.

Among 360 papers, the SLR from 2012 to 2022 found 32 papers dealing with the halal theory–based studies on certification, standards, producers and policymakers and halal supply chains. Only seven studies consulted the resource-based view (RBV), a strategy theory and the institutional theory (IT) connected to halal. This study further underpinned qualitative Quranic verses to add to the current body of RBV and IT, resulting in halal sustainable competitive advantage and halal certification institutionalization.

Islamic principles can guide halal stakeholders to create and manage valuable resources through halal certification. Also, academics can synthesize conventional theories as value-creation mechanisms compliant with Islamic codes.

To the best of the authors’ knowledge, this novel study was the first to contribute to the current body of RBV and IT with Islamic principles. It has primarily concentrated on the upstream halal businesses to create and manage halal value, certification and competitive advantages for halal marketing.

The purpose of this study is to frame the dimensions of the external institutional environment, namely, cultural-cognitive, normative and regulative dimensions as the main actors in the organisational field. More precisely, Libyan commercial banks have been identified as empirical evidence, to identify constraints of the institutional environment governing the behaviour and decision-making of commercial banks, when adopting Islamic financial transactions.

A questionnaire has been designed for 14 Libyan commercial banks which is distributed to the Board of Directors, managers, directors of departments, and personnel. The exploratory factor analysis (EFA) and the measurement model by using the first-order and second-order confirmatory factor analysis (CFA) have been applied as essential steps to embody the conceptual framework and test the research hypotheses.

The results of the EFA indicated sufficient correlation among the dimensions of the external environment. The CFA supported this study’s hypotheses. The modelling showed that the cultural-cognitive, normative and regulative dimensions are institutional constraints impeding Libyan commercial banks’ adoption of Islamic financial transactions. Interestingly, the findings of the CFA align with the EFA findings in supporting the conceptual framework of the research. They portrayed that the cultural-cognitive dimension has been identified by explicit and implicit cognition.

This study systematically embodies the dimensions of the external institutional environment, namely, cultural-cognitive, normative and regulative dimensions, as the main factors in the organisational field to be conceptually rich lenses to investigate social considerations to reinforce institutional thought broadly. The results of this study were consistent with extant Islamic financial literature, reflecting symmetry and similarity across commercial banks, particularly at the first stage of adopting Islamic financial transactions.

This paper aims to extend the Shapley value (SV) into a discussion of Zakat, a Pillar of Islam. Lloyd Shapley was awarded the Nobel Prize in Economics in 2012. This study shows that their relationship is significant for all nations, that of levelling up. An important but neglected paper by Datta (1939) showed insights provided by the Power Law, or as it is sometimes called, the Pareto distribution, into the role of Zakat in raising the income of all above the subsistence level. The Pareto distribution describes the prevailing tendency. The SV illustrates the interdependence perspective of Zakat with the Pareto distribution, wealth, income and poverty. Payoffs apply equally to both givers and receivers. For this study’s purposes, payoffs are considered as transferable utilities. They are formed by individuals who willingly cooperate in society rather than atomistic individuals who act independently. Zakat represents the recognition that society needs to be cooperative rather than individualistic; people cooperate in groups or societies to create value. SV implications and axioms are evaluated with an illustration.

This study extends Datta’s approach by introducing distribution weights into the SV. The authors set out the concept of weighted Shapley values that retain the elements of randomness and marginal contribution to a coalition contained in pure/true SVs and weights that follow a ley-Pareto distribution. This paper is a viewpoint work that relies primarily on the author’s qualitative interpretation.

The findings indicate that individual members of a coalition make multiple contributions that are often unrewarded. The contribution of one member of a coalition is dependent upon the contribution of others. The measure of contributions is payoffs, which have both monetary and non-monetary aspects; transferable payoffs or utilities are usually assumed. Furthermore, the significant agents in society or an organisation are stakeholders rather than the usual categories: managers, staff, shareholders, etc.

Contextualising these concepts within the Islamic values and principles that guide Zakat administration is crucial to ensure that the distribution of Zakat funds is fair, equitable and meets the needs of all eligible recipients. By applying these concepts appropriately, Zakat administrators can ensure that the Zakat system functions effectively and fulfils its religious obligation.

The novelty of this paper is that it blends the SV and the idea behind Zakat by introducing the idea of alternatives of Shapley weights. The link between the institution of Zakat and SV in terms of equality, poverty elimination and wealth distribution should be at the top of the research agenda.

This study aims to investigate the claim that there is no coherent and homogeneous body of concepts and practices that can be classified as “Islamic accounting”.

The study focuses specifically on Islamic accounting and uses a qualitative historical documentary analysis methodology to study an original manuscript from the 14th century.

The analysis of the manuscript argues that religious accounting can be seen as a value-based system for achieving social good and that in the context of Islamic accounting, it can be conceptualised as a coherent body of ideas and practices.

Firstly, the study conceptualises Islamic accounting as a homogeneous discipline with its own knowledge, concepts and practices. Secondly, it contributes to current accounting literature by examining an ancient manuscript from the 14th century, which serves as a foundation for understanding the Islamic accounting system within the context of accounting, religion and spirituality. The paper further contributes by arguing that this conceptualisation of religious accounting as a value-based approach enables its practitioners to evaluate their own accountabilities in delivering on socioeconomic objectives related to inter-human/environmental, social and financial transactions within the context of religious accounting practices.