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The purpose of this paper is to explain and critically analyse the Sharīʿah screening criteria and cleansing process for income generated from stocks with a special focus on a newly developed ISRA-Bloomberg methodology.

The paper focuses on the methodology of ISRA-Bloomberg in terms of Sharīʿah screening of stocks and the income cleansing process. To achieve this objective, this paper adopts a descriptive approach.

The methodology of ISRA-Bloomberg is unique in terms of its criterion for screening stocks, the cleansing process and coverage of the universe of stocks. It facilitates the investors by offering a novel colour-coding scheme to indicate the Sharīʿah compliance of a stock. It also provides the exact ratios of the Sharīʿah-compliance criteria to the investors so they can closely observe changes in the trend of ratios and decide beforehand whether or not a company is likely to remain within the Sharīʿah-compliant list. The paper further discusses the issues in the screening and cleansing practices faced by the industry.

This research is limited to the criteria of screening and income purification of stocks which have been used by ISRA-Bloomberg from a Sharīʿah perspective.

The robust screening criteria and comprehensive analysis of the stocks will enhance the confidence of Islamic capital market participants. The investors, regulators and index providers will be equally able to benefit from this initiative.

The paper focuses on the recently established methodology of ISRA-Bloomberg, which has not been discussed in the literature until now. The methodology, because of its exceptionality, may add a new dimension to Sharīʿah screening and cleansing of stocks.

In the aftermath of the COVID-19 pandemic, supply chains have become important policy tools to ensure the security and resilience of regional trading blocs of major economies. The US government’s focus on supply chains for selected strategic industries and the EU Commission’s renewed efforts to strengthen its supply chains using ‘sustainability standards’ coincides with the global trend in the shift towards digital and low-carbon economies. Furthermore, the rising tensions between the US and China, with no signs of reconciliation over key issues of contention, have emphasized the need for more credibility and trust in global supply chains. However, such policies also have the potential to serve as new barriers to participation in supply chains by less-developed economies which are not yet prepared to meet the high-level sustainability criteria which aim for higher protection of the environment and labor rights. There also seems to be an apparent shift in paradigm supporting the interventionist role of government that emphasize the need for more discretion for policy objectives that pursue societal and democratic values, not to mention national security interests. The current rules of international trade, however, do not sufficiently address these new issues and need to be realigned in order to meet the new demands. The current ‘rules of the game’ need to be reinforced in order to accommodate the rising need of countries for increased consideration of issues of sustainability and competitiveness.

The purpose of this paper is to explore the concept of rent-seeking behaviour and rentier state in the context of ẓulm (injustice and exploitation), which is one of the key concerns in Islam in general and Islamic economics and finance in particular.

As a conceptual paper, it draws on the literature of rent-seeking as part of public choice theory and examines the potential vulnerabilities as well as existence of rent-seeking in Muslim-majority countries, where Islamic finance industry primarily operates.

The paper identifies several areas where both actual and potential rent-seeking exists.

The paper is conceptual. Based on the analysis presented here further studies can be undertaken to determine the scope of rent-seeking and their impact in Muslim-majority societies.

Incorporating rent-seeking in the theoretical and conceptual framework of Islamic economics and finance can enhance understanding about ẓulm and its ubiquitous presence, as Islam has a firm stance to aspire to have a ẓulm-free society.

Understanding rent-seeking behaviour can help appreciate why corruption, inequality and poverty are so entrenched, and why limiting the discourse to ribā (interest) ignores the broader scope of injustice and exploitation.

This might be the first focused paper that conceptually deals with rent-seeking behaviour, connecting the discourse about ribā-interest equation.

In the early 2010s, the University of Wisconsin-Madison (UW-Madison) became increasingly concerned about incidents of academic workplace “bullying” on the campus, and in 2014–2016 created policies designed to address such behavior at the University. The new policies and accompanying initiatives were implemented in 2017, defining a new term to describe these behaviors as “hostile and intimidating behavior” (HIB). We use data from three sources to explore the outcomes of the new HIB policies and initiatives to date. Evaluation data from training sessions show the importance of educating the campus community about HIB, providing evidence that the training sessions increase HIB knowledge. Data from two campus-wide surveys measure incidence of HIB for different groups on campus (e.g., analysis by gender, race/ethnicity, sexual orientation, disability status, rank, job duty, and/or the intersection of these characteristics), as well as changes in the knowledge about HIB as reported by faculty and staff. These data show that UW-Madison faculty and staff are increasing their knowledge of HIB as a problem and also increasing their knowledge about what to do about it. Underrepresented groups who more commonly experience HIB agree that this culture is improving. At the same time, we are seeing slow and uneven progress in reduction of actual incidence of HIB at UW-Madison. We close with some “lessons learned” about instituting such a sweeping, campus-wide effort to reduce HIB, in the hopes that other campuses can learn from our experience.

This study aims to understand, from the analysis of the work of a Brazilian network of non-governmental organizations (NGOs), how advocacy on human rights issues is developed to defend causes before the legislative branch, identifying its contributions and effectiveness. For this, were observed, the strategies and tactics employed in the implementation of two advocacy campaigns promoted by a Brazilian NGOs network.

The research adopts the method of inductive investigation with a qualitative approach and uses the techniques of semi-structured in-depth interviews and documentary research. The paper is developed within the scientific field of public relations (PR), uses as reference the critical theory and the rhetorical theory of PR, and is based on the concept of advocacy.

Some results of the advocacy are observed, such as the greater awareness of political decision-makers, in addition to the influence on the definition of the political agenda and on the action of the political decision-makers.

Among the limitations of this study are the time span for analyzing the campaigns' actions, which could be extended to observe long-term results, as well as the dedication of the study exclusively to the legislative branch since the campaigns also sought to influence decision-making in the executive branch.

The results found encourage the strengthening of the democratic environment since it increases the power and influence of civil society in the political decision-making of the legislative branch.

The study showed that advocacy, as a PR activity, increases civil society participation in political decisions.

This paper aims to contribute to the development of the European Union (EU) regulatory environment for sustainability reporting by analyzing how materiality is defined in the Non-Financial Reporting Directive (NFRD) and Corporate Sustainability Reporting Directive (CSRD) and by examining the added value and challenges of legalizing reporting and materiality requirements from both regulatory and practical company perspectives. It provides insights on whether this is reflected by EU pharmaceutical companies and to what extent companies report information on their materiality analysis process.

Doctrinal analysis was used to examine regulatory instruments. Qualitative document analysis was used to analyze companies’ reports. The added value and challenges were examined using a governance approach. It focused on legalizing reporting and materiality requirements, with a brief extension to corporate management and organization studies.

Materiality has evolved from a vague concept in the NFRD toward double materiality in the CSRD. This was reflected by the industry, but reports revealed inconsistencies in materiality definitions and reported information. Challenges include lack of self-reflection and company-centric perceptions of materiality. Companies should explain how they identify relevant stakeholders and how input is considered in decision-making.

Managers must consider how they conduct materiality assessments to meet society’s expectations. The underlying processes should be explained to increase the credibility of reports. Sustainability reporting should be seen as a corporate governance tool.

This work contributes to the literature on materiality in sustainability reporting and to the debate on the need for a holistic, society-centric approach to enhance the sustainability of companies.

Although not yet fully defined, natural wine represents a sector that has gained the widespread attention of final consumers and, therefore, also of the restaurant world, because of its promise of sustainability. The objective of this paper is to understand Italian haute cuisine's interest in natural wine, with the aim of analysing what qualifies this product as sustainable.

After introducing a theoretical framework based on the concept of natural wine, a brief paragraph is dedicated to consumer preferences; subsequently, the analysis focusses on a questionnaire given to restaurateurs to determine the impact that natural wine has had in the Italian context. The results try to identify the importance that restaurateurs give to the characteristics of natural wine and their propensity for using such wine in their own businesses.

The analysis, conducted on a sample of medium-high range restaurants, highlights their strong interest in natural wine, as a result of the final consumers' attitude towards wine with characteristics attributable to sustainability. The positive perception by restaurateurs is similar across Italy, both geographically and in terms of the size of the restaurant.

The originality of the work is the focus on the world of restaurants. To date, the literature on natural wine remains embryonic and always refers to the final consumer. This research is the first step in a broader study that will involve a greater number of restaurants, extending beyond Italy to all of Europe, with the aim of understanding the real development potential of natural wine.

The film was a revelation to me because I was not aware of any visual record of such a culture in pre-independence Brunei. Until I saw the film, my impressions of Bruneian culture came mostly from hearsay and oral history […] to put it bluntly, Gema Dari Menara is not a very good film at all, but is nonetheless a time capsule of Brunei’s lost pop history.

Gema Dari Menara/ Echoes from the Minaret: A Conversation with Mervin Espina about the Lost Cinema of Brunei (Espina, 2013: 70)

This paper aims to present the viability of unit trust waqf (Islamic endowment) as an alternative asset class for waqf creation.

This paper starts with the conceptual exploration of the literature in the areas of waqf. The sources of the literature cover authentic sources of the Qurʾān and ḥadīth, as well as secondary sources such as books, journal articles and online resources.

This paper provides the conceptual framework of five models of unit trust waqf and their investment management parameters.

The novelty of this paper lies in its attempt to highlight the importance of waqf investment strategy in ensuring sustainable returns for waqf. It does so by introducing the conceptual models of unit trust waqf as viable mechanisms to pool more cash waqf from individual investors. The sustainability of the capital waqf assets in the form of unit trusts is maintained through the parameters for its application proposed towards the end of the paper.

The purpose of this paper is to supply basic insights into the principle of shūrā (consultation) in Islamic banking, the idea of a centralised approach to the corporate governance of Islamic financial institutions (IFIs), the roles of a centralised Sharīʿah board as the highest authority on Sharīʿah issues and its distinguishing features from a de-centralised system and the advantages and disadvantages of the two governance systems.

In analyzing these, the paper adopts the critical legal studies approach and refers to the provisions of the Qurʾan and Sunnah, ijmāʿ (consensus) of Sharīʿah scholars and recent Islamic banking reports.

Despite the fact that the double-digit growth of the current US$2tn Islamic banking industry is a promising sign for its further expansion – expecting to cross the US$6.5tn mark by 2020 – there remains concern over the lack of standardization or rather the diversified approaches to the corporate governance of IFIs across key Islamic banking regions.

There has been much debate surrounding the issue of whether the Islamic banking industry requires a centralised Sharīʿah board at the state level to complement the Sharīʿah boards at the IFIs’ individual level in providing better supervision of the Sharīʿah-compliance of IFIs. The fact that the industry is already equipped with two prominent standard-setting agencies in the form of the AAOIFI, the IFSB does little to suggest that best governance practices – which centre around the themes of consistency, harmony and uniformity – are on the horizon, at least not whilst their issued standards and guidelines remain voluntary for IFIs.

All in all, it is aspired that this paper may assist the reader in evaluating the pros and cons of the whole concept of Sharīʿah board centralisation.