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The purpose of this paper is to engage in a systematic examination of previous scholarship on the relationship between Sharia governance (SG), which is represented by the Sharia Supervisory Board (SSB), and the Internal Sharia Review (ISR), to determine whether the ISR can minimize financing risk in Islamic banking.

The literature search consisted of two steps: a randomized and systematic literature review. The methodology adopted in this article is a systematic literature review.

To reduce the risk of financing in Islamic banking, SG must be implemented optimally by making rules regarding the role of the SSB in supervising customer financing. In addition, it is a necessary to establish an entity that assists the SSB in the implementation of SG, namely, the ISR section, but there is still very little research on the role of the SSB and ISR in minimizing financing risk.

Establishing an ISR to assist the SSB in carrying out its duties has direct practical implications for Islamic banking: minimizing financing risks and compliance with Islamic Sharia principles. In addition, new rules regarding the role of SSBs and the ISR in reducing credit risk include monitoring customers to ensure that they fulfill their financing commitments on time. This new form of regulation and review can be used as a reference by the Otoritas Jasa Keuangan or Finance Service Authority to create new policies or regulations regarding SG, especially in Indonesia.

Subsequent research may introduce other more relevant variables, such as empirically testing the competence, independence or integrity of SSB and the ISR team as it attempts to minimize the risk of financing in Islamic banks. In addition, further research is expected to examine whether the SSB or the ISR team has a positive or negative influence on the risk of financing Islamic banks with secondary data.

The purpose of this study include analyzing the conformity between the General Guidelines for the Governance of the Indonesian Sharia Entities (GGG-ISE) and the implementation in the field and proposing a model of corporate governance for Islamic property developers.

This research uses a qualitative method with a case study approach. The researcher used a structured interview method and chose a purposive technique to determine the interviewees. This study has seven interviewees representing three Islamic property developer companies in Jember Regency, East Java, Indonesia. Data collection was conducted from June to July 2023, with a duration of about 60 min for each interviewee. The interviews were conducted face-to-face in each interviewee’s residential office.

The results showed that the companies had implemented several principles of GGG-ISE, namely, ethical and responsible actors, risk management, internal control, compliance, disclosure and transparency by making financial reports, shareholder rights and stakeholder rights, both internal and external stakeholders. Furthermore, this study found that GGG-ISE does not comply with the components of the organizing organ group. This study also found that governance reports have not been implemented in GGG-ISE components. In addition, this study identified a new component that must be present and not found in GGG-ISE, namely, a statement of the use of contracts for mudharib owners and between mudharib owners and stakeholders. Based on these findings, this study proposes a governance model for Islamic property developer companies called the GGG-IPDE.

This research is a pioneer in proposing a corporate governance model for Islamic property developers.

In this paper, the philosophy of John Rawls, known as “Justice as Fairness,” is discussed. This philosophy examines the responsibilities social actors hold toward their societal organizations. From an Islamic perspective, justice is pivotal in safeguarding collective interests, aligning with Rawls' conviction that just societies nurture happiness and foster well-being across various life aspects. To achieve customer welfare, our viewpoint underscores the importance of justice in reflecting on consumer well-being from both Rawls’ theory and Islamic perspectives.

We adopt a conceptual approach where secular views of Rawls’ “Theory of Justice” are merged with the Islamic view, resulting in novel insights regarding the hermeneutics involved in the notion of justice and the preservation of consumer well-being.

Our analysis reveals that John Rawls' “A Theory of Justice” aligns with the Islamic perspective in several respects yet diverges in others, notably in the concepts of pre-creation consciousness and divine guidance. These distinctions are emphasized in our paper.

Our paper presents a perspective on justice founded on the concepts of the “Original Position” and the “Veil of Ignorance.” The commentary explores consumer well-being by integrating Rawls' principles with an analysis that elucidates the role justice plays in enhancing societal welfare.

The purpose of this study is to analyse potential models of Islamic crowdfunding as an alternative financing option for micro-entrepreneurs in Malaysia. While crowdfunding has gained traction as an alternative funding source for businesses, it is unclear how far this concept can benefit a group of micro-entrepreneurs in Malaysia.

This study uses a qualitative research approach by using data collected through semi-structured interviews with several experts and practitioners in crowdfunding, Shariah and entrepreneurship. Prior to discussing the facets of the findings, the data were analysed based on a thematic approach.

The findings reveal that while previous works of related literature suggest crowdfunding as a viable alternative financing option for entrepreneurs and their businesses, in reality, its practical implementation presents challenges. Numerous micro-entrepreneurs need more training in the areas of management and marketing. Such concerns raise questions about their ability to attract potential project backers. With the proper selection of Shariah contracts and several approaches to risk management, Islamic crowdfunding can potentially become an alternative funding source for microbusinesses.

Given the exploratory nature of this study regarding the applicability of Islamic crowdfunding as an alternative fund for micro-entrepreneurs, its findings may not fully encompass Malaysia’s context because of the limited number of participants involved.

The findings of this study offer guidelines on how to implement Islamic crowdfunding for micro-entrepreneurs. Consequently, Islamic crowdfunding has the potential to alleviate the government’s burden of providing funds for micro-enterprises and enhance their skills and mentality to be more independent, creative and able to promote their products.

While Islamic crowdfunding can be an alternative opportunity for business enterprises and community-based projects, it promotes the spirit of cooperation and collaboration within society.

Although Islamic crowdfunding is a topic that has been discussed previously, empirical investigations in this area remain scarce, mainly through qualitative approaches. Distinguishing from prior literature, this study analyses several potential models of Islamic crowdfunding from the perspectives of experts, practitioners and related agencies for micro-entrepreneurs. Moreover, this study bridges insights from related literature so that they offer practical applications to support micro-entrepreneurs in Malaysia.

This study aims to explore the current Shariah audit practices in zakat and waqf institutions in Malaysia.

A focus group discussion (FGD) with 38 zakat and waqf officers from 17 different zakat and waqf institutions in Malaysia was conducted. For reporting purposes, this study used a single-case study approach. The FGD was conducted and completed at the end of June 2021 via an online approach through Microsoft Teams.

The finding highlights the existing Shariah governance practices especially in terms of Shariah supervision roles, Shariah audit implementation in terms of Shariah audit scopes and common findings, Shariah audit competency, Shariah audit effectiveness especially the need for external Shariah audit function and Shariah audit issues and challenges faced in the implementation of Shariah audit practices.

The study findings and recommendations are useful for zakat and waqf institutions as well as the State Islamic Religious Councils to enhance Shariah audit practices in Malaysia.

This study is among the pioneer studies that explore Shariah audit practices in zakat and waqf institutions in Malaysia.

The purpose of this study is to examine the level of Shariah governance disclosure among Islamic banks in Malaysia and the Gulf Cooperation Council (GCC) countries (i.e. Kuwait, Bahrain, United Arab Emirates, Qatar, Oman and Saudi Arabia). On top of that, the effect of Shariah governance disclosure on Islamic banks financial performance is investigated.

Data underwent quantitative content analysis and a mean comparison of the Shariah governance disclosure mechanisms as well as multiple regression analysis. Shariah governance information is obtained from the Islamic banks' official websites and the Bursa Malaysia Exchange.

The results of the content analysis revealed that the level of Shariah governance disclosure among Malaysian Islamic banks has been more pronounced than in the GCC countries. Additionally, the multiple regression analysis results specified that of the five Shariah governance disclosure mechanisms, the Shariah committee emerged as the strongest determinant in the financial performance of the Islamic banks, followed by transparency and disclosure.

Islamic banks should emphasise publishing Shariah governance information in annual reports to reflect superior accounting practices as assessed by certified Shariah auditors with an effective monitoring system.

The empirical findings are vital for serving as a guideline for Islamic banks in Malaysia and the GCC countries to disclose their practice of Shariah governance and gain empirical insights into its effect on firms’ financial performance. Following that, Islamic banks would improve their accounting practices while adhering to Shariah principles, strengthen internal controls and boost their brand reputation.