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The purpose of this paper is to empirically explore market integration among five selected Association of Southeast Asian Nations (ASEAN) emerging markets (Malaysia, Thailand, Indonesia, the Philippines and Singapore) during the pre‐ and post‐1997 financial crisis periods.

Employs two‐step estimation, cointegration and generalized method of moments (GMM).

The study finds that the stock markets in the ASEAN region are cointegrated both during the pre‐ and post‐1997 financial crisis. However, the markets are moving towards a greater integration, particularly during the post‐1997 financial crisis. Finally, as measured by the error correction terms, except the emerging market of Indonesia, all other ASEAN markets appear to be the important bearers of short‐run adjustment to a shock in the long‐run equilibrium relationships in the region both during the pre‐ and post‐crisis periods.

The study only focuses on stock markets of the five founding members of ASEAN, i.e. Malaysia, Indonesia, Thailand, Singapore and the Philippines.

The paper reveals that unlike during the pre‐crisis period, the long‐run diversification benefits that can be earned by investors across the ASEAN markets in the post‐crisis period tend to diminish.

The study is among the first to use two‐step estimation, cointegration and GMM to re‐examine market integration either in the emerging or developed markets.

The purpose of this paper is to examine the short‐run and the long‐run relationships between Islamic banking development and economic growth in the case of Indonesia.

Using quarterly data (2003:1‐2010:2), this paper utilizes the bound testing approach of cointegration and error correction models, developed within an autoregressive distributed lag (ARDL) framework.

The results demonstrate a significant relationship in short‐run and long‐run periods between Islamic financial development and economic growth. The relationship, however, is neither Schumpeter's supply‐leading nor Robinson's demand‐following. It appears to be bi‐directional relationship.

This paper uses empirical evidence to show the role of Islamic banks' financing towards economic performance of a country. To the best of the authors' knowledge, the study on the role of Islamic banking development towards economic growth is limited, particularly in the context of Indonesia.

This paper aims to examine the relationship between economic freedom and Islamic rural banks' efficiency in the case of Indonesia.

The study covers 40 Islamic rural banks in 34 Indonesian regions from 2014 to 2020. Tobit regression is utilized to expose the impact of economic freedom on the efficiency of Islamic rural banks, and nonparametric frontier data envelopment analysis is used to acquire banks' technical efficiency.

The findings reveal that overall economic freedom has a strong favorable impact on the efficiency of Islamic rural banks. The study’s breakdown components suggest that business freedom, government spending and investment freedom are favorable indicators, whereas government integrity and tax burden are negative indicators, and all indicators agree with previous studies.

This research can serve as a guideline for Islamic rural bank management in terms of maintaining financial efficiency. The government should think about the ramifications of financial sector liberalization and reforms, according to these findings. When financial intermediaries operate in a less constrained environment, they are more likely to pursue competitive practices that increase their operating rate and other efficiency metrics. Finally, academics might utilize this information to investigate the economic flexibility of Islamic rural banks.

The novelty of this study is in using data envelopment analysis and Tobit regression to identify economic freedom and Islamic rural banks' efficiency. To the best of the authors' knowledge, the study of the role of economic freedom in Islamic rural bank's efficiency is limited, particularly in the context of Indonesia.

Islamic finance and Halal product sectors are thriving successfully. This chapter is a general review of the perception of Asian consumers on Islamic finance and Halal sectors in the global Halal economy.

The first section will briefly describe the Halal concept in both Islamic finance and Halal industries, and the growth of both sectors in Asian countries. The second part highlights the review of Asian consumers’ perception towards Islamic finance products and Halal products.

The review found that the consumers’ perception towards the Islamic finance products and Halal products is distinctive. This is due to the diversity of Asian countries in terms of geography, religion, culture, ethnic, school of thoughts (madzahib), income per capita and government’s involvement.

The third part of the chapter concentrates on planning towards Halal marketing, which involves the move and future challenges in different layers of industries to gear up and strengthen the Halal economy.

The purpose of this study is to describe cosmetics purchase behavior of young, educated Muslim females in Malaysia and to explore its relationship with certain potential antecedents.

This study uses a survey on a sample of female consumers from four higher education institutions in the urban area of Bangi Selangor, Malaysia. From their respective institutions, 150 respondents were selected through the purposive sampling method. Self-administered questionnaire has been used to gather information from the respondents. The survey data were analyzed using descriptive, t-test and correlation analyses to accomplish the study objectives.

The study indicates that millennial Muslim cosmetic purchase behavior falls under the “Limited Decision Making” classification. The classification is due to the pattern of pro-active behaviors exhibit through the information search for details about ingredients, halal clue, countries of origin, health safety guarantee and the benefits of the cosmetic products. Young, educated female consumers adore branded cosmetic items and show willingness to accept higher prices for the branded items. Despite brand consciousness, they demonstrate a relatively high concern on the halalness of the product. Based on the correlation analysis, all variables were found to be significant and the most significant of them was brand.

Millennial consumers are information technology savvy and have access to vast information about products. As a result, the findings reiterate that millennial consumers demonstrate different purchase behavior, which is worth exploring by future researchers. In addition, other latent antecedents such as religiosity and world view are worth including in future studies.

Cosmetic manufacturers and marketers must ensure that their products signal positive images to fit the expectations of young and educated Muslim consumers. Although brand conscious, such consumers demonstrate prudent behavior in terms of searching for halalan and toyyiban products.

This study adds value in the area of halal product marketing because of two unique focuses. First, it examines the purchase of cosmetic products, which are relatively understudied compared to halal food. Second, it considers the perspectives of educated Muslim millennials, who are expected to demonstrate more specific purchase behaviors than a generalized millennial group. Therefore, the originality of this study revolves around the consideration of these two aspects, which are relevant to contemporary business marketing discussions.

This study aims to explore existing study trends in the halal supply chain (HSC) field as an extension of supply chain studies. Upon examining multiple journal ranks and citation profiles, these trends cover research themes, methodologies, settings (country and data analysis level) and their interactions.

The study followed a systematic, mixed-method review to pinpoint the HSC research themes. The Publish or Perish software, with specific criteria, was used to retrieve and filter 87 HSC articles from 2009 to 2019 from the Google Scholar database. Then, an input–process–output framework was used to classify and discuss potential future research.

This study concludes that HSC research is still in early development. Five themes consisting of 24 different topics were found: the engagement process, quality control assurance, critical success factors, the production and distribution process and HSC operations support. Most of the HSC studies followed conceptual and qualitative interview methods, with special reference to Muslim-majority countries and organization-level analysis. Within one decade, the number of HSC publications grew significantly, though their presentation is mainly in unindexed journals and their citation rate is low. This study thus proposes three main future HSC research points: HSC consequences, processes and antecedents.

Possible practical implications can be expected from the authors’ proposed empirical studies as guidelines to formulate and promote HSC implementation.

No comprehensive HSC research review exists in the literature. This study intends to fill this void by charting cumulative knowledge and proposing a roadmap for future research endeavors.

In response to the housing needs of its people, Malaysia has allowed private housing developer companies to build houses on a sell-then-build basis. Despite having legislation designed to protect the interests of purchasers, insolvent housing developers have left behind many uncompleted housing projects with their land charged to financial institutions. Consequently, the affected purchasers will lose their houses when those financial institutions foreclose on the land in the housing projects. In addition, those purchasers remain legally obligated to repay loans taken to finance their house purchase. The housing development laws lack provisions to rehabilitate abandoned housing projects. The purpose of this paper is to explore the viability of rescue mechanisms in the Companies Act 2016, being corporate voluntary arrangement (CVA), judicial management (JM) and schemes of arrangement (SOA), to aid in the rehabilitation of abandoned housing projects in Peninsular Malaysia.

Doctrinal research is adopted in this paper.

This research highlights the flexibility of the SOA as a tool to rehabilitate abandoned housing projects. This research also reveals the potential of CVA and in particular, JM with its “public interest” feature, as useful rehabilitation mechanisms once the proposed reforms are adopted.

The authors are hopeful that the suggested reforms will enhance the value of all three rescue mechanisms as rehabilitation tools for abandoned housing projects so as to alleviate the plight of house purchasers.

This paper aims to inquire about the opinions and recommendations of various experts on the crowdfunding waqf model (CWM), particularly in terms of its suitability, applicability and prospect in the market.

This paper used primary data which are collected from semi-structured interviews conducted with several experts from various backgrounds. For examining the data, this paper has used thematic analysis.

The experts support the suitability of CWM in providing financing resource to develop waqf lands. They highlight the importance of establishing, managing and operating CWM under the aegis of the State Islamic Religious Council in Malaysia and supervising by the Wakaf, Zakat or Hajj Department (JAWHAR). They further point out that the donors or crowdfunders, interesting project, promotion and regulation are key factors that influence the sustainability of CWM.

This paper adds to the literature on waqf land and crowdfunding, especially from the Malaysian context. This paper validates the CWM in terms of its suitability, applicability and prospect in the market by interviewing experts from various backgrounds.