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There are two purposes to this study: first, to identify the status of ḥiyal (legal devices) in the offering of deposit products based on the tawarruq contract in the Malaysian Islamic banking industry and second, to identify the reasons for the widespread offering of tawarruq-based deposit products by Malaysian Islamic banks (IBs).

The study uses the qualitative method that involved interviews with Malaysian Sharī‘ah experts and Islamic banking operations experts.

The findings show that Malaysian IBs resolved to use the tawarruq munaẓẓam contract in deposit products due to several constraints in the existing banking system and in view of customer preferences.

This study solely focuses on tawarruq-based deposit products due to its extensive application in the Malaysian Islamic banking industry.

The implication of the study is that more stringent procedures are required in the offering of tawarruq-based deposit products as they are extensively utilised and have sparked controversy among Sharī‘ah scholars. Moreover, to retain Malaysia's Islamic banking reputation and trustworthiness, new and less controversial contracts must be developed.

This paper discusses the extensive usage of ḥiyal-based contracts such as tawarruq in Islamic banking institutions' deposit products, with justifications from Malaysian Islamic banking experts. The widespread use of the tawarruq munaẓẓam contract in deposit-based product offerings is based on a reasonable view considering the constraints that Malaysian Islamic banking is currently facing, with strict operation procedures by Bank Negara Malaysia to ensure real operations and to avoid fictitious elements. This paper reveals the use of tawarruq munaẓẓam in deposit products which allows the Islamic banking industry to operate effectively under Malaysia's dominant conventional banking system.

This study aims to address the noted gap in comprehensive overviews detailing the developmental trajectory of Islamic finance (IF) as an interdisciplinary academic field.

The study introduces a unique approach using the combined methodologies of co-word analysis and main path analysis (MPA) by examining a broad collection of IF research articles.

The investigation identifies dominant themes and foundational works that have influenced the IF discipline. The data reveals prominent areas such as Shariah governance, financial resilience, ethical dimensions and customer-centric frameworks. The MPA offers detailed insights, narrating a journey from the foundational principles of IF to its current challenges and opportunities. This journey covers harmonizing religious beliefs with contemporary financial models, changes in regulatory landscapes and the continuous effort to align with broader socioeconomic aspirations. Emerging areas of interest include using new technologies in IF, standardizing global Islamic banking and assessing its socioeconomic effects on broader populations.

This study represents a pioneering effort to map out and deepen the understanding of the IF field, highlighting its dynamic evolution and suggesting potential avenues for future academic exploration.

This paper aims to test the main factors that affect cash waqf collection among the employees of Islamic banking institutions (IBIs) in Malaysia.

The data was gathered using a survey method from 218 employees of IBIs in Malaysia. The obtained data was analyzed using the Statistical Package for the Social Sciences software and smart partial least squares-structural equation modeling to verify the hypothesis and reach conclusions.

The results revealed that word of mouth and trust have significant positive impacts on cash waqf collection. The outcomes also confirmed that convenience and accessibility to cash waqf play significant roles in affecting cash waqf collection.

Based on the researchers’ knowledge, there are only a few studies which focused on measuring the driver of cash waqf collection from the employees’ perspective, particularly in the Malaysian context. This study specifically applies the theory of reasoned action to determine employees’ attitudes toward cash waqf fund collections in IBIs in Malaysia. Having an understanding of the factors that influence employees to contribute to cash waqf would better equip IBIs in managing their cash waqf contributions and in designing their marketing and branding strategies for promoting their institutions.

The objective of this study is to examine the impact of PAKSERV model on customers' satisfaction, loyalty and trust in Malaysian Islamic banks. These comprehensive measures concern on the cultural dimension of service quality by focusing on the mediating role of trust in the Malaysian context.

A survey was conducted involving 401 customers of Islamic banks in the states of Kuala Lumpur and Selangor, Malaysia. The data were analyzed through exploratory factor analysis, confirmatory factor analysis and structural equation model employing AMOS 23 and SPSS 23.

The study found positive relationship of PAKSERV dimensions of service quality, customers' satisfaction, customers' loyalty and the mediating role of trust in enhancing customers' loyalty. This study provides new evidence on how trust can act as a partial mediation on the relationship between customers' satisfaction and customers' loyalty in the cultural context of Islamic banking in Malaysia.

The findings of this study can be used as a framework for other Islamic Financial Institutions (IFIs) in improving services to its customers.

This study contributes to the body of knowledge in enhancing the understanding on customers' satisfaction, loyalty and trust in Islamic banks in Malaysia. This study also covers a broad range of respondents, hence representing a good diversity of Islamic banks' customers.

This study aims to determine the factors that influence ethical banking behavior among millennials and Gen-Z in Malaysia.

A stratified sample of 525 millennials and Gen-Z of Malaysian banking customers was used. Extended ethical decision-making (EDM) model was tested using partial least square-structural equation model for the analysis.

The findings indicated that the engagement of millennials and Gen-Z in ethical banking is influenced by factors such as intention, judgment and awareness, which shaped both generations’ ethical banking behavior.

This study could be a central reference point and assist banking institutions in understanding the preferences of millennials and Gen-Z.

This study extends the previous EDM model that focused solely on consumer's belief systems. Three aspects differentiate this paper and contribute to its originality, namely, the uniqueness of millennials and Gen-Z behavior, incorporating new variables along with the EDM models and study in Malaysian context.

This study aims to examine how perceptions of corporate social responsibility (CSR) activities (i.e. environment, society and stakeholders) enhance perceived value, social media engagement to win customer loyalty in the hotel industry. In addition, it investigates the mediating effects of customer perceived value and social media engagement between CSR activities and customer loyalty.

A self-administered survey was conducted on customers in Malaysia. Based on the data collected from 389 customers, the analysis used the structural equation modelling (SEM) approach. The validity and reliability of the measurements were confirmed before the hypotheses of the study have been tested.

The results revealed that CSR related to the environment has significant direct and indirect impacts on customer loyalty. In addition, the effect of perceived value and social media engagement on customer loyalty has been supported. The results also demonstrated the mediating role of perceived value and social media engagement between CSR activities and customer loyalty.

This study advances the understanding of the impact of CSR activities, perceived value and social media engagement on customer loyalty in the hotel industry. Hoteliers can gain benefits by understanding how specific CSR activities can enhance customer perceived value and social media engagement value, thus leads to customer loyalty.

This study investigates the association between CSR activities, perceived value, social media engagement and customer loyalty, which has been lacking a full investigation in the hospitality literature.

El objetivo de este estudio es examinar cómo las percepciones de las distintas actividades de Responsabilidad Social Corporativa (RSC) (i.e., medio ambiente, sociedad y skateholders) mejoran el valor percibido por los clientes, su compromiso en medios sociales y su lealtad en la industria hotelera. También se investigan los efectos mediadores del valor percibido por el cliente y su compromiso en medios sociales sobre las relaciones entre las actividades de RSC y la lealtad.

Se realizó una encuesta autoadministrada a los clientes en Malasia. Tomando como referencia los datos recogidos de 389 clientes, se utilizó la metodología SEM. La validez y fiabilidad de las escalas de medida fueron confirmadas antes de contrastar las hipótesis del estudio.

Los resultados revelaron que sólo la RSC relacionada con el medio ambiente tiene un impacto, tanto directo como indirecto, sobre la lealtad de los clientes. Además, se han confirmado los efectos del valor percibido y el compromiso en medios sociales sobre la lealtad de los clientes. Los resultados también demostraron el papel mediador del valor percibido y el compromiso en medios sociales sobre la relación entre las actividades de RSC y la lealtad de los clientes.

Este estudio permite comprender mejor el impacto de las actividades de RSC, el valor percibido y el compromiso en medios sociales en la lealtad de los clientes en la industria hotelera. Los hoteleros pueden obtener beneficios al comprender cómo las actividades específicas de RSC pueden mejorar el valor percibido por los clientes y su compromiso en medios sociales y, por lo tanto, aumentar la lealtad de los clientes.

Este trabajo analiza la asociación entre las actividades de RSC, el valor percibido, el compromiso en medios sociales y la lealtad de los clientes, lo cual ha sido escasamente estudiado en la literatura sobre hospitalidad.

RSC, Medios sociales, Valor percibido, Compromiso, Lealtad de clientes, Industria hotelera

Trabajo de investigación

This study aims to investigate the impact of service quality (SQ), perceived value (PV) and consumer satisfaction on Thai street food, with customer satisfaction (CS) as a mediator for customer loyalty and repurchase intention (RI). It also explores how consumer trust (CT) in Thai street food safety moderates these relationships.

Structural equation modelling (SEM) was utilised to analyse the complex interrelationships between various constructs. Multi-group analyses were conducted to investigate the moderating effects of CT on the structural model, considering two distinct groups based on trust levels: low and high.

The findings revealed that SQ and PV significantly influenced CS and behavioural intention, while the perceived quality of Thai street food had no significant impact on post-COVID-19 consumer satisfaction. The study highlighted the critical role of CT in moderating the relationships between SQ, PV and CS, with distinct effects observed in groups with varying trust levels.

The research emphasises the importance of enhancing SQ and delivering value to customers in the context of Thai street food, which can contribute to increased CS, RI and positive word-of-mouth. Furthermore, the study underscores the critical role of building CT in fostering enduring customer relationships and promoting consumer satisfaction and loyalty.

This research offers valuable insights into consumer behaviour and decision-making processes, particularly within the realm of Thai street food. It underscores the significance of understanding and nurturing CT, especially in the post-COVID-19 landscape, emphasising the need for effective business strategies and consumer engagement.

This study aims to develop a Sharīʿah-compliance rating mechanism for the Islamic financial services industry (IFSI), with a special focus on banking. The banking sector is taken as the area of focus due to its leadership role in the volume of global Sharīʿah-compliant assets.

The objectives of the Islamic financial system (IFS) are selected as the basis for ratings. A range of performance indicators (leading to achievement of the objectives) is grouped into four broader categories and used in the study to allocate scores with a sum total of 100. Special considerations – including the amount of resources required in performing an activity, suitability of prevailing business conditions, the degree of compulsion/discretion in performing a task and linkage with the essence of the IFS – were taken into account in the allocation of scores.

This study groups multiple performance measures into four categories, including portfolio construction (deposits mechanism, participatory and asset-based modes of financing), access to finance (service to the less-privileged and sector screening), reputation (disclosures and stakeholders’ survey) and Sharīʿah governance (Sharīʿah supervision and controls, charitable operations, human resources, product development and organization). The Portfolio, Audit, Reputation and System (PARS) rating system is then developed.

A Sharīʿah-compliance rating system is helpful in measuring the progress towards goal achievement of the IFS and in gaining stakeholders’ trust. It is also important for Sharīʿah boards and regulators in policy formulation, for management in addressing weaknesses and taking corrective measures and potentially for standard-setting bodies.

This study presents a comprehensive quantitative Sharīʿah-compliance rating mechanism, taking into consideration the objectives of the IFS – equitable distribution of wealth and financial stability, in addition to Sharīʿah-compliance in operations. Development of Sharīʿah-compliance quality ratings for Islamic banking is essential to gain customers’ trust; the suggested methodology is thus a contribution to the literature on Islamic finance.

Small and medium enterprises’ (SMEs) capital structure and financial policies are important areas of policy concern. Only a limited number of studies on capital structure have, however, been conducted on SMEs, and this deficiency is particularly evident when investigating what influences funding decisions around Islamic finance. This paper accordingly aims to investigate whether Omani SME owner-managers’ intention to adopt Islamic finance is influenced by their knowledge of Islamic finance, their own characteristics and/or their firms’ characteristics.

The authors administered a questionnaire survey via face-to-face interviews to 385 SME owner-managers operating in Muscat, Oman’s capital city. The Kruskal–Wallis one-way analysis of variance (ANOVA) non-parametric test was used to analyse the questionnaire survey data.

The findings indicate that while SME owner-managers’ Islamic financial knowledge and personal characteristics do influence their intention to adopt Islamic finance, their firms’ characteristics have no significant influence on SME owner-managers’ decisions to accede to Islamic financing.

The research’s first limitation is that it gathered data from SME owner-managers in Muscat only. Future studies could survey a wider sample of Omani SME owner-managers. Second, the study’s findings cannot be generalised to large and public firms, as the sample includes owner-managers of SMEs only. Finally, there is a need to investigate other factors such as nonfinancial and behavioural factors, which were not explored in the present study, but which may influence SME owner-managers’ Islamic financial decisions.

Theoretical and empirical studies on capital structure have focused primarily on large listed firms. Only a few studies have paid attention to the capital structure of SMEs, particularly in the context of an emerging market such as Oman. This gap in the literature is mostly evident when investigating the factors that influence the funding decision towards Islamic financing in a country, such as Oman, where Islamic finance represents a new banking sector offering.

The purpose of this study is to examine the impacts of product knowledge, perceived quality, perceived risk and perceived value on customers’ intention to invest in Islamic Banks. This study specifically examines an Islamic bank’s term deposits.

Structural equation modeling was used to analyze the data collected from 217 customers of an Islamic bank in Indonesia using an online survey.

This study highlights the central and dual roles of perceived risk as both the independent and the intervening variable that mediates the relationship between product knowledge and Muslim customer intention to invest in an Islamic bank’s term deposits.

This study only investigates term deposits as one type of investment in Islamic banks. This study contributes to the literature by examining the role of product knowledge, perceived quality, perceived risk and perceived value on Muslim customer intention to invest in Islamic term deposits.

The results of this study highlight the requirement for Islamic banks to educate customers to improve the depositors’ product knowledge because Muslim customers’ risk and value perception and intention are strongly influenced by product knowledge.

The investigation of perceived risk is particularly relevant for Islamic financial products because of the inherent nature of risk sharing in Islamic finance. This study investigates the role of product knowledge in influencing the Muslim customers’ perception of risk, quality, value and their intention to invest in Islamic bank term deposits. Ideally, the profit loss sharing concept (PLS) should be applied; however, in this context, revenue sharing is applied because of Indonesia’s central bank regulation.