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This study looked into the scope of integrating the aspirations of zakah and corporate social responsibility (CSR) to counter poverty, inequity, illiteracy, malnutrition and environmental pollution to ensure peace, happiness, prosperity and sustainability as envisaged in sustainable development goals (SDGs).

This is a qualitative research study conducted using both primary and secondary data. Primary data were collected from 29 business enterprises in Bangladesh employing a semi-structured interview protocol. The secondary data were collected through content analysis of annual reports, websites and CSR publications of sample organizations. Finally, collected qualitative data have been analyzed thematically following the due procedures to address the research questions.

The findings reveal that integration of the aspirations of zakah and CSR is a convenient and wholehearted approach for entrepreneurs resulting in pursuing SDGs. In addition, business entrepreneurs in Bangladesh consider such practices as killing two birds with one stone because this approach warrants performing both religious and social obligations simultaneously. Interestingly, the study explores that shariah compliance acts as a guiding force for selecting well-being-oriented projects in zakah-funded CSR resulting in pursuing the priority goals – No Poverty (1), Zero Hunger (2) – of SDGs, thereby addressing some of the most critical issues of emerging economies such as Bangladesh.

The findings of this research can be used as a guide to incorporate the spirit and principle of zakah into the CSR programs aimed at pursuing SDGs mainly in Muslim countries representing one-fourth of the world population.

Integration of the aspirations of zakah and CSR is an innovative move and net addition to the literature on sustainability, CSR and zakah because Muslim business entrepreneurs will now conveniently be able to use the entrepreneurs' zakah money – readily available in each financial year – to fund the entrepreneurs' various CSR projects (within shariah framework) relating to poverty alleviation, humanitarian and disaster relief, health and sanitation and environmental conservation which will eventually contribute to pursuing various SDGs.

Shari’ah compliance has been a subject of debate to academics, Islamic scholars and practitioners since its inception in 1983. Besides a wide range of publications in Shari’ah compliance, only a few studies have examined Shari’ah-compliant risks especially among the Islamic banks. This paper aims to investigate the factors of Shari’ah-compliant risks in Shari’ah compliance under the Shirkah-ul-milk (hire purchase) in Bangladesh.

The investigation of Shari’ah compliant risks from both bankers and clients were gained via a structured questionnaire to acquire a better understanding of Islamic banking practices in Bangladesh. In analyzing the data, two empirical tests were used to draw inferences on Shari’ah-compliant risks–Shari’ah compliance relationship: the measurement model, a diagnostic test, was used to justify the reliability and validity of constructs, and the partial least squares structural equation modeling was applied to examine the hypotheses on the existent links between Shari’ah-compliant risks and Shari’ah compliance under Shirkahul-milk.

Unlike previous studies, the empirical evidence provides the pertinent attributes of Shari’ah-compliant risks, which are more significant in avoidance of the compliance of Shari’ah laws in banking operations. Such Shari’ah-compliant risks are significantly raised by various comprehensive, operational, environmental and distributional risks in banking that have failed to address fairness, justice and economic well-being at the transactional level.

A new empirical evidence focusing on the propagation of Shari’ah-compliant risks is preferred for effective Shari’ah compliance in operations as being an original structure of Islamic banks.

Apartment purchase is an increasing investment trend in Islamic banks as clients trusted to eradicate the interest from financial dealings to capture the Islamic Principles. The paper aims to investigate the Shariah compliance in the investment of apartment purchases under Shirkah-ul milk in Bangladesh Islamic banks.

This study examined the perception of 125 clients and 25 managers from five key Islamic banks on the investment practices of apartment purchases. This study applied two data analysis methods: reflective measurement model was operated for examining the consistency, reliability, multicollinearity problems and validity; and Smart PLS-SEM (structural equation model) was used to investigate the direct impact of each explanatory variable on Shari’ah compliance in Islamic banks.

The results indicated that Islamic banks could not strictly maintain the Shariah compliance in apartment purchase. Such Shari’ah non-compliance is due to lack of knowledge and understanding with regard to bank’s objectives and philosophy, weak Shariah board, audit, weak regulatory body and supervision problem. These findings also firmly match clients’ and managers’ perceptions.

A limited size of clients and bankers were involved in this study. The study focuses only on perceptions of Islamic banks’ clients and managers and avoids Muslim clients who involved conventional banks.

This study provides Shariah-compliant alternatives in investment avenue for apartment purchases. These Shariah modes include Apartment Purchase Musharakah Mutanaqasa; Bai-Muajjal; and Apartment Purchases under Shirkah-ul Milk, which captures various limitations against current apartment purchase practices as well as to develop clients’ trust in Islamic banks.

Recently, interest in sustainability has grown globally in the heavy vehicle and equipment industry (HVEI). However, this industry's complexity poses a challenge to the implementation of generic sustainable supply chain management (SSCM) practices. This study aims to identify SSCM's barriers, practices and performance (BPP) indicators in the HVEI context.

The results are derived from case studies of four multinational manufacturers. Within-case and cross-case analyses were conducted to categorise the SSCM BPP indicators that are unique to HVEI supply chains.

This study's analysis revealed that supply chain cost implications and a deficient information flow between focal firms and supply chain partners are the key barriers to SSCM in the HVEI. This analysis also revealed a set of policies, programmes and procedures that manufacturers have adopted to address SSCM barriers. The most common SSCM performance indicators included eco-portfolio sales to assess economic performance, health and safety indicators for social sustainability and carbon- and energy-related measures for environmental sustainability.

The insights can help HVEI firms understand and overcome the typical SSCM barriers in their industry and develop, deploy and optimise their SSCM strategies and practices. Managers can use this knowledge to identify appropriate mechanisms with which to accelerate their transition into a sustainable business and effectively measure performance outcomes.

The extant SSCM literature has focused on the light vehicle industry, and it has lacked a concrete examination of HVEI supply chains' sustainability BPP. This study develops a framework that simultaneously analyses SSCM BPP in the HVEI.

The study aims to investigate the reasons behind the growing diverse practices of Shariah governance (SG) among Islamic banks in Bangladesh.

Data has been collected through a semi-structured interview process from the concerned authorities (Shariah supervisory board members, Shariah department officers, central bank executives and banking professional experts) related to SG and Islamic banks in Bangladesh. The data has been analyzed by NVivo software.

The results of the study show that SG mechanisms are different due to the lack of unique comprehensive SG guidelines and the absence of a Centralized Shariah Supervisory Board (CSSB) under the Central Bank. The self-developed practices, the diversified opinions and viewpoints of the Board of Directors (BOD), banks' policies, business motivations and profit intention are also responsible for diversified SG practices. The diverse understandings and explanations of Shariah, Madhab (school of thought) and rulings are also responsible for the different practices of SG in Bangladesh.

The study has unique implications for the regulatory authorities and Islamic banks in Bangladesh. The study explored the diverse reasons for numerous applications of SG guidelines which will be beneficial for the central bank and regulators to resolve the issues by outlying unique SG guidelines.

This study outlines the reasons for dissimilar practices of SG by the Islamic banks in Bangladesh, which will be beneficial for Islamic banks and the central bank of Bangladesh.

There is a growing debate as to how Islamic financial institutions can increase the expansion of profit and loss sharing (PLS) finance instead of widely practiced markup finance. This paper aims to seek to argue that protecting lenders right is to be ensured if we expect to see the rise of PLS finance of Islamic banks.

The paper draws upon the theorical contribution of Toshihiko Izutsu, who shows the derivation of the modern term Islam from its pre-Islamic root of hilm. Izutsu argues that a halim (Muslim or mu’min) possesses power and becomes altruist for fellow Muslim. This research takes this view to illustrate that Islamic lenders should be bestowed with economic and financial power for the expansion of PLS finance.

The authors show that Islamic financial system does not furnish required institutions conducive for expansion of PLS finance. The authors further argue that the practice of PLS should be based on an effective power retained by the lender to discipline the borrower, which is currently lacking in a typical PLS contract.

The retention of the power by the lender does not necessarily breach maqasid al-shari’ah, so far as the power is managed upon the concept of hilm. This philosophical speculation, in the authors’ view, would contribute to bridge a gap between Islamic pragmatists and perfectionists’ view toward expansion of PLS finance.

Although Izutsu’s explanation provides an important tool to argue that the altruistic behaver of halim can encourage the supply of participatory finance, this provision has not been adequately argued in the literature.