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This study examined the dynamic role of the Japanese property sector, particularly the real estate investment trusts (REITs), in mixed-asset portfolios of stocks and bonds, as well as office, retail, hotel and residential REITs.

Daily data were retrieved from 01 January 2008 to 31 December 2019. The sample time frame consisted of in-sample and out-of-sample periods. The dynamic conditional correlation-generalised autoregressive conditional heteroskedastic (DCC-GJRGARCH) model was deployed to obtain the forecast estimates of time-varying volatility of REITs and correlations with other assets. The estimates were employed to construct out-of-sample portfolios based on the three assets for daily investment. The five sets of portfolios with each individual property sector REITs, as well as a portfolio of stocks and bonds that served as a benchmark, were produced. The average utility for each set of portfolios was estimated and compared with the average utility of the benchmark portfolio. The average transaction cost (TC) for portfolio rebalancing was calculated as well.

The forecast of volatility estimates for each property sector revealed that each asset displayed a similar pattern with the differences in the volatility magnitude. Notably, hotel and retail REITs were more volatile than other property sector REITs. The property sector REITs exhibited a positive correlation with stocks but negatively linked with bonds. The results unveiled the diversification benefits of incorporating property sector REITs. The portfolio with property sector REITs had higher risk-adjusted returns and utility, compared to portfolio consisting of stocks and bonds. The benefits outweighed the TC for portfolio rebalancing.

This study highlights the importance of quantifying the conditional time-varying volatility and correlations of the property sector REITs with other asset returns, especially for investment decision, to select and include property sector REITs in mixed-asset portfolios. For fund managers seeking liquid assets in daily investment, this analysis suggests the inclusion of hotel and retail REITs to enhance REITs' portfolio performance.

This study is the first to investigate the dynamic characteristics of the volatility and correlation of each property sector REITs with other financial assets by employing the conditional framework that accounted for short- and long-run persistency in economic shocks. The reported outcomes shed light on the differences in the underlying properties that contribute to the variances in dynamic volatility of each sector REITs, as well as REITs' correlations with stocks and bonds. This application enables the authors to transmit the dynamics of variance-covariance matrix amongst each property sector REITs, stocks and bonds into asset allocation problem on a daily basis.

This paper aims to provide an analytical literature survey of selective studies on legal documentation in Islamic home financing with particular reference to Malaysia.

This study adopts the legal positivist methodology, with particular reference to inclusive legal positivism which takes into consideration the possibility of moral values challenging positive law. Within the context of this study, though positive law provides for rules that govern contractual matters in Islamic home financing, standardisation is a functionality of maslahah (or public interest) which transcends the mandatory provisions of positive law but helps to protect the interest of all stakeholders. This is analysed through a systematic literature review which aims to provide practical insights into industry practices relating to Islamic home financing in Malaysia.

This paper provides information on the standard documentation used by conventional banks and existing practices of diverse models of legal documentation in the home financing sector within the Islamic financial services industry in Malaysia. It also recognises the need for standard documentation that is not only Sharīʿah-compliant but also consumer-friendly, as the terms of any standard financing agreement ought to ensure consumer protection. There is also the need for a Shari’ah-compliant Sales and Purchase Agreement, as it forms part of the complete set of legal documentation for Islamic home financing.

It is not an exhaustive study, as it did not consider practices in other jurisdictions offering Islamic financial services and products but only focusses on Malaysia. Though one may not generalise the findings of this study, Malaysia remains a leading model and a global hub for Islamic financial services and products.

A very useful source of information on the current state of legal documentation in Islamic home financing in Malaysia and the prevailing practices in the industry, which may serve as a guide for policymakers such as the Association of Islamic Banks in Malaysia (AIBIM) to embark on a full scale project of standardisation of all the legal documentation used in Islamic home financing.

This study fulfils an identified need of standardisation of legal documentation used in Islamic home financing in Malaysia and offers practical help to policymakers and future researchers starting out on systemic reforms.

This paper aims to develop a meaningful single-source reference for Islamic economics and finance scholars concerning zakat intellectual structure published in journals indexed by the Scopus database.

The bibliometric method is used to describe and analyze the evolution of publication structure and its various co-relations such as co-citation, co-authorship and bibliographical coupling.

The authors discuss the influential and conceptual aspects of the published literature on zakat. An interesting finding is that few papers have received more than 50 citations. The analysis revealed that the Journal of Islamic Accounting and Business Research is the most cited source. Nevertheless, the list of the eight most cited papers reflects that research in this field is still dearth. Further, the authors find that zakat is discussed within the context of religion, its institutional framework, its role to eradicate poverty and distribution management of zakat. The authors also identify and present 14 research directions that will further stimulate scholarly work in the zakat field.

The study confines on English papers and reviews published in journals indexed by the Scopus database only; hence, the study is representative of the moderate and high-quality papers published in this area of knowledge.

Researchers envision that this bibliometric study will complement meta-analysis and qualitative structured literature reviews as a method of reviewing and evaluating the scientific literature of this study area; thus, this may help researchers for futuristic research directions.

To the best of the authors’ knowledge, this paper is the first to tackle the zakat area from a bibliometric aspect. The authors believe that this will help scholars and researchers to stand on firm bases regarding the scientific development of this area of study.

The purpose of this paper is to investigate the extent to which Chinese equity investors can benefit from diversifying their portfolio into Shariah-compliant (Islamic) indices. It examines three Islamic stock indices (FTSE Shariah China price index, MSCI China Islamic IMI price index and the DJ Islamic Greater China price index) and ten sectoral indices in Shanghai Stock Exchange as a sample.

The multivariate GARCH dynamic conditional correlations (MGARCH-DCC) is deployed to estimate the time-varying linkages of returns of the selected indices, covering approximately eight years daily data starting from 28 August 2009 to 29 September 2017.

In general, in terms of volatility, the results indicate that all Islamic Indices are less volatile than the conventional indices. From the correlation analysis, the results imply that Chinese conventional equity investors would benefit from Islamic stock indices, especially when they include DJ Islamic Greater China in their portfolio.

The findings of this paper may have several significant implications for the Chinese equity investors and fund managers for better understanding about co-movements of the Chinese conventional sectoral indices with the Shariah-compliant stock indices with the purpose of gaining higher risk-adjusted returns through portfolio diversification.

This study aims to examine the links between company performance (CP) and supply chain (SC) orientation considering halal small and medium-sized enterprises (SMEs) in Kazakhstan. The SC orientation framework integrates three aspects to determine CP, i.e. credibility, commitment and top management support.

Halal SMEs were reviewed; 271 valid responses were obtained and scrutinised, employing the partial least squares structural equation modelling technique.

The credibility of SC stakeholders performs the main impact on the CP of halal SMEs in Kazakhstan. Meanwhile, commitment and top management support show fewer influences, although they significantly impact CP.

This study confirms the relationships between SC orientation and CP from the perspective of halal SMEs. The social capital theory was applied to explain these relationships. It is the initial attempt to investigate such relationships in a post-Soviet Union country.

This paper attempts to rejuvenate waqf in the health sector by identifying and elaborating on its issues and challenges. The government budget for this sector is significant; thus, the present paper aims to provide a nongovernment budget to lessen the government's burden

This qualitative study uses structured in-depth interviews with 12 respondents to generate valuable insights and thoughts in order to frame recommendations.

The findings highlight the key themes: human resources, finance, collaboration and coordination, legal issues, basic healthcare insufficiency, data and digitalization, accountability and sustainability and infrastructure. The following are the proposed solutions: capacity building program (CBP), hybrid waqf scheme, big data connectivity, specific legal framework, refocusing and reallocating of resources for the health sector during and after the pandemic

This study focuses on Indonesia and Malaysia as the authors believe that these two countries have a lot of practice in the field. Further studies may focus on other countries, such as Pakistan.

This paper proposes potential ways to embrace government policy consideration, optimize the elaboration among productive waqf with other kinds, improve governance of and coordination among waqf institutions and increase the awareness to improve significant development.

By considering this paper's recommendations, waqf stakeholders in the healthcare system can improve the social benefits for poor and needy patients.

This study presents the latest strategic analysis of waqf, which is important for the government policy in developing waqf.

The unique institution of waqf that was ignored during the colonization of the Muslim areas has to be revived to play its role in shared growth, social inclusion and cohesion in society. This research paper aims to explore the role of waqf as an instrument for a sustainable growth system and to suggest a model for socioeconomic development in an economy like that of Pakistan.

This qualitative research is based on analytical methods to arrive at the frameworks and a model that could facilitate the revival of waqf for community development/social inclusion in economies like that of Pakistan.

As most of the OIC member states like Pakistan are facing serious financial problems due to debt servicing obligations, promoting Waqf for various socioeconomic and cultural functions is a vital requirement for such economies. The inability of the state institutions in providing necessary civic, health and education facilities to the public is causing serious harm to the balance of the society. It requires promoting a formal system of charity and using FinTech for waqf-based donations and financing the micro businesses. The perpetuity complimented by the profitability of the waqf properties makes the waqf institutions sustainable and effective when compared to individual charities.

This is conceptual research discussing the potential of waqf in light of its historical role. Researchers may undertake empirical studies on awqaf operations in various jurisdictions and their role in the empowerment of the poor.

The research will provide the researchers with insight into the potential of waqf as a tool for community development. Besides, it will enable policymakers and implementation authorities to socialize charity for sustained benefits and welfare.

To the best of the authors’ knowledge, it is the first major research that discusses the role of waqf in economies facing budgetary and trade deficits in the eradication of poverty and the promotion of social and economic entrepreneurship in realizing the community development targets for the economies like that of Pakistan.

Research signifies that well-governed companies exhibit long-run financial results and sustainable growth. In the context of SMEs, this paper aims to review the literature on corporate governance, the implementation challenges of corporate governance and its relationship with performance. Entwined with Indian scenarios, the study can be generalized to other emerging economies, with geographic considerations.

Studies from 1990 to 2020 are included in the literature review. Three databases were used for the extraction of relevant research articles: Scopus, EBSCO and ScienceDirect. To identify the relevant work, keywords along with Boolean operators for literature search were used from the research databases. The selected articles were further refined based on the authors’ keywords, journal type, data analysis methodologies and abstract analysis. Finally, 115 articles were selected and categorized into themes based on inclusion criteria for further study.

Corporate governance provides tangible and intangible benefits to SMEs. The study emphasizes on designing a cost-effective discrete governance mechanism for SMEs than the prevailing corporate governance code for large firms. Furthermore, implementing the corporate governance structure with a great level of discipline and stability is equally essential and related to performance.

Listing of SMEs is a relatively new phenomenon in emerging economies, including India. With listing, corporate governance and financial performance are expected to shift. The inclusion of the changing landscape of SME governance makes this study unique and relevant in the current scenario. The study will benefit the policymakers and firms to adopt optimum governance practices and link it optimally with performance.

In today's competitive industries, the selection of best suitable maintenance strategy is dependent on large number of quantitative and qualitative factors, and it becomes an extensively difficult problem for maintenance engineers. Over the years, a diverse range of solution methodologies have been developed for solving this multi-criteria decision-making (MCDM) problem. In this paper, the authors have presented a comprehensive review of latest maintenance strategy paradigms and solution approaches proposed for the selection of an appropriate strategy in various industries. It would provide a systematic mapping of developments in this field and identify some research gaps to explore further studies.

A systematic state-of-the-art comprehensive literature review on maintenance strategy paradigms and selection approaches is presented in this study. In this study, 87 research articles published in peer-reviewed journals, since year 2012, are reviewed.

For the selection of a suitable maintenance strategy, a variety of criteria are considered to better evaluate the alternatives. In this study, contemporary strategies are discussed, and their applications in different industries are also depicted. Moreover, through the analysis of extant literature, critical criteria are selected and classified in six major categories (namely, economic, technical, safety, environmental, feasibility and social) and further sub-categorized in quantitative and qualitative classes. These clusters of criteria can be helpful as an initial set of criteria for survey and then case- or industry-specific criteria can be shortlisted for further alternative evaluation.

From the perspective of maintenance managers, maintenance management can be a very difficult task, considering the numerous factors affecting the decision-making process. In order to help in the decision-making process, this study presents the contemporary maintenance strategies in a systematic manner. In a previous study (Kothamasu et al., 2006), these strategies were classified into repair and prevent classes only. With the developments of autonomous maintenance and design out maintenance (DOM), it was fair to include continuous improvement class. It will help managers and practitioners to identify, according to organization policy, appropriate maintenance strategy alternatives for the asset. A benchmark set of state-of-the-art maintenance strategies are laid out with their applications. The industrial case studies discussed in this study summarizes the optimal maintenance strategies for respective industries. Also, most critical criteria are identified from the existing studies for various industries that can help maintenance practitioners in acknowledging the critical factors and making appropriate decisions. Evaluation parameters for the maintenance strategy selection (MSS) generally conflict with each other, and considering the difficulty of quantifying the qualitative measures, it is a challenging task to determine the optimal trade-off. In order to overcome these challenges, popular MCDM approaches, demonstrating effective results across different industries are discussed with their limitations and applications. Decision-makers can refer this study to identify best suitable decision-making technique for the MSS problem in the industry of their choice. Maintenance managers and engineers can refer the case studies illustrated in Tables 1 and 2 to analyse the MSS techniques proposed by previous studies with industry-specific applications.

This study is an attempt to provide a reference point for research scholars interested in the field of maintenance management and/or development of maintenance strategy framework. This study provides a critical state-of-the-art review of efforts made in the field of MSS. The prominent maintenance strategies being implemented in contemporary industries are discussed with respective case studies. Interested researchers and academicians can familiarize themselves with these strategies and their distinct features in this study. In order to guide future studies and provide a reference point for academicians, MSS critical criteria used in extant literature are identified and classified into a comprehensive benchmark framework. Moreover, the industrial case studies are discussed with the most critical criteria of MSS for different industries and which strategy is most suitable for the respective industries based on these criteria. Table 1 presents different MCDM techniques and their hybrid applications for solving MSS problem that can help researchers in identifying research gaps. Future research can be directed at addressing the limitation of MCDM approach employed in existing studies and comparing the differences in results obtained by the proposed approach. Different industrial case studies with considered maintenance strategy alternatives are presented in Table 2, which can help researchers in identifying the industries that have not been studied yet. Moreover, not all of the existing studies are carried out by considering all the presented benchmark strategies, which can be addressed in future studies by interested researchers. More detailed discussion on research gaps is presented in the following section.

From the analysis of the extant literature, the authors could observe that the decision-making process adopted in numerous studies was limited to the classical maintenance strategies and not inclusive of aggressive maintenance strategy alternatives. To overcome these limitations and help maintenance managers in the decision-making, this study depicts the contemporary maintenance strategies, critical evaluation criteria and MCDM frameworks (employed to solve the MSS problem with industrial case studies) in a structured manner.