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This study aims to propose a risk management framework for Islamic banks to address specific risks that are unique to Islamic bank settings.

A unique methodology has been developed first by exploring the dynamics and behaviors of various risks unique to Islamic banks. Second, it integrates them through a series of diagrams that show how they behave, integrate and impact risk, returns and portfolios.

This study proposes a unique risk-return relationship framework encompassing specific risks faced by Islamic banks under the ambit of portfolio theory showing how Islamic banks establish a steeper risk-return path under Shariah compliance. By doing so, this study identifies a unique “Islamic risk-return” nexus in Islamic settings as an explanation for the concern of contemporary researchers that Islamic banks are more risky than conventional banks.

The originality of this study is that it extends the scope of risk management in Islamic banks from individual contract-based to an integrated whole, identifying a unique transmission path of how risks affect portfolio diversification in Islamic banks.

Green sukuk (Islamic bonds) is one of Islamic financial instrument as an alternative financing source for supporting green finance projects in several sectors such as renewable energy or climate change problems. The aim of study is to present an understanding of the issues, explore the lesson for government policy and identify the potential for future studies directions.

This study conducted a literature review on green sukuk or Islamic bonds based on eight journal databases. The authors have carried out a strict selection of journals that are only indexed by Scopus and are protected from predatory journals.

This study has selected 7 of 118 published articles on green topics. This study has found that 50% of green sukuk research is dominated by a theoretical qualitative approach. While research that uses a quantitative or empirical approach is still below 30%, followed by using mixed methods. This study finds that research discusses green sukuk on Sustainable Development Goals (SDGs) or environmental issues, especially climate change, COVID-19 issues and green financial reporting. In addition, in the existing literature, this study found that green sukuk has main advantages instead of green bonds where green sukuk must comply with sharia principles, namely, being free from usury, interest and uncertainty.

This study analyzes two important implications, namely, first, the implications of government policies regarding the potential for issuing green sukuk in supporting all programs on the agenda for the 2030 SDGs, especially controlling and preventing the adverse impacts of global climate change; second, the implications for further research, further researchers can refer to the results of this review to make it easier to find new research things about the relationship of green sukuk with SGDs.

To the best of the authors’ knowledge, this paper is the first review paper that structurally reviews the previous literature on green sukuk (Islamic bonds) based on reputable publisher journals that have been indexed by Scopus.

This study aims to develop cash waqf models for Baitul Maal wat Tamwil (BMT), a special Islamic microfinance institution in Indonesia, combining Islamic social finance in Baitul Maal (house of wealth) division and Islamic commercial finance in Baitut Tamwil (house of asset development) division, as integrated Islamic social and commercial microfinance in Indonesia, to achieve triple bottom-line, including outreach, sustainability and welfare impact.

This study uses Delphi and analytic network process methods, with three groups of relevant respondents, including experts (academic), BMT practitioners and regulators.

The results show that the best cash waqf model for BMT is “BMT as Nazir (waqf manager) and also as cash waqf receiver Lembaga Keuangan Syariah Penerima Wakaf Uang (LKSPWU)”, followed by “BMT Association as representative Nazir of several certified BMTs”. Moreover, “long-term investment deposit” is the best to account cash waqf in the BMT balance sheet. With regard to financing, the most preferred one is “financing to regular Micro and Small Enterprises” of BMT members.

Having allowed BMT to be Nazir (waqf manager), this research might only benefit Indonesian policymakers, such as the Financial Services Authority and the Ministry of Cooperatives, BMTs and the National Waqf Board. But it may also benefit other countries which have similar characteristics.

BMTs could adopt several alternatives of best models in managing cash waqf most appropriate for their specific conditions.

The management of cash waqf by BMT could help the social activities of the Baitul Maal through social cash waqf and, indirectly, by productive cash waqf.

Studies have been limited, and to the best of the authors’ knowledge, there is no specific study discussing the integrated cash waqf model, cash waqf account and cash waqf investment appropriate for BMT.

This study aims to examine the relationship between the Indonesian Islamic capital market, the country's risk and macroeconomic factors.

This study uses the Johansen cointegration test and the vector error correction model (VECM) on monthly data from January 2003 to March 2016 to examine the variables that influenced the Islamic capital market proxied by the Jakarta Islamic Index (JII).

The findings indicate the existence of short-term and long-term cointegrations between country risk (political, economic and financial risks), macroeconomic variables (industrial production index, inflation and oil price) and JII. In the long run, financial risk positively affects the JII, whereas economic risks and inflation are negatively related. In the short run, only inflation affect negatively the JII.

The study emphasizes the critical role of financial risk in affecting the Islamic capital market. Investors negatively respond to higher financial risk and react positively to more increased economic threats. The variable of financial risk has the highest coefficient, indicating that the investors favour a conducive financial environment in deriving JII.

This study extends the previous literature with an attempt to empirically examine the influence of Indonesia's country risk on the Islamic stock market through VECM.

Most available studies focus mainly on Islamic economics and finance with none conducted on Islamic marketing bibliometrics. The purpose of this paper is to commemorate the 11th anniversary of the Journal of Islamic Marketing (JIMA) in 2020 by evaluating the publication pattern and scientific advancement of JIMA between 2010 and 2020.

The paper used bibliometric analysis and visualization of similarities viewer software for the graphical conception of the bibliographic data, including bibliographic coupling, co-citation and co-occurrence of keywords.

There was an increase in the number of journal documents and this depicts a rising interest in the submission of articles. Moreover, the number of conceptual papers received has also increased and this shows JIMA’s support for knowledge development in Islamic marketing. Meanwhile, Halal is one of the currently trending topics, therefore, there is an opportunity for more exploration and research on the concept.

The bibliographical material applied in this study was only retrieved from the Scopus database. Therefore, more studies need to be conducted by incorporating other indexing and database in the scientific field of Islamic marketing.

The research is useful to understand queries related to scientific products such as the number of publications, contributors, keywords, countries and institutions often used in the articles of the journal.

It presented an exclusive bibliometrics analysis and identified the main trend of the publications in the journal from 2010 when it was established until the second issue of volume 11 in 2020.

The potential of waqf is so great in Indonesia but has not been optimized. This paper aims to offer a model for waqf institutions to adopt financial technology for developing productive and social waqf. The authors cunduct an assesment of the Technology Acceptance Model (TAM3), Unified Theory of Acceptance and Use of Technology (UTAUT2) in seeing to the crowdfunders’ behavior.

This study adopted a structural equation using the partial least square approach to test the hypotheses. Based on purposive sampling, the spread of questionnaires through online surveys throughout Indonesia consists of all islands. A total of 297 respondents collected the questionnaires.

Based on the findings, acceptance models have a positive and significant impact on the behavioral intentions of crowdfunders, while Unified Theory of Acceptance and Use of Technology have no significant effect.

The sample of this study involved potential crowdfunders from all over the islands in Indonesia, but these results cannot be generalized because of limitations in terms of the sampling technique used. However, the results of this study can be used as an illustration of how crowdfunders behave in donating money using financial technology.

The results of this study provide a comprehensive perspective for policymakers, especially the Indonesian Waqf Board as the waqf authority that regulates waqf nazir to improve quality by adopting crowdfunding financial technology in collecting waqf funds. In addition, in terms of implications for the government, this waqf crowdfunding model will reduce spending and increase economic growth.

To the best of the authors’ knowledge, this paper is the first in looking at the waqf crowdfunding in Indonesia by looking at two reliable technology determinant models. Studies on cash waqf in Indonesia are many, but they do not look at the issue of crowdfunding, which has gained more attention recently. This paper aims to fill this gap, and this becomes the novelty.

The purpose of this research is to propose a framework for research on Macaulay duration and establish future research directions.

Thematic, bibliometric and content analyses have been used to review 168 research papers published between 1938 and 2019 taken from ISI Web of Science and Scopus contributed by leading authors, journals and regulatory bodies.

Identification and integration of themes of duration theory, duration model development and duration model implementation leading to unattended research gaps, and framework for research on Macaulay duration.

The study is based on an extensive review of the literature to extract important themes, research gaps and frameworks. It does not empirically investigate significance of Macaulay duration and various sectors.

This research has several aspects that are helpful for practitioners. Macaulay duration has been the subject of empirical research only without any guiding framework. This research provides a platform to initiate profound researches in various areas of finance. Various proposed models are required to be tested under holistic approach in conventional and emerging fields, especially in Islamic settings.

This research highlights, research themes leading to framework, research gaps and factors that are crucial in developing, extending and testing duration models leading to enhancement of theoretical base of Macaulay duration.

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.

This study aims to analyze the concept of Zakat as an instrument to increase the economy and poverty eradication in Indonesia.

This study used a qualitative method based on library research sourced from books, financial reports and another previous research.

The results show that the empowerment programs conducted by Zakat institutions in Indonesia are based on the scale of priorities and the potential of Mustahik. Zakat management considers the level of productivity and long-term impacts that improve Mustahik Economy. Thus, the empowerment programs lead to the reduction of Mustahik living below poverty line.

This study contributes in two ways: first, it analyzes a model to identify the Mustahik’s potential for the Zakat institution in Indonesia. Second, it encourages the awareness of Muzakki and Mustahik regarding the role of Zakat in the Indonesian economy. This is expected to prompt their level of participation in optimizing the potential of Zakat in Indonesia.

Given the scarce literature that provide qualitative and critical reviews of the implementation Zakat empowerment programs to alleviate poverty conducted by the Zakat institutions in Indonesia, this research can act as a bridge for future research in performing empirical studies regarding the impact of a Zakat empowerment program on society.

This study aims to examine the determinants of motivation that influences Malaysian and Indonesian millennials to contribute cash waqf.

The present study used self-determination theory and 423 respondents, of which 205 respondents are from Malaysia and 218 from Indonesia. The study developed a self-administrative questionnaire, and it is distributed through an online survey method, and the data are analysed using SmartPLS partial least squares analysis.

The results show that perceived donor effectiveness and moral obligation factors influence both Malaysians and Indonesian millennials to make cash waqf contributions. Meanwhile, the face concern factor did not significantly affect millennials in Malaysia and Indonesia to contribute cash waqf. Furthermore, the sense of self-worth factor appears to significantly influence only Indonesian millennials but not Malaysian millennials.

The research findings have significant theoretical and practical ramifications. Firstly, while face concern has a positive effect on millennials’ willingness to contribute cash to waqf, it is not statistically significant in Muslim populations. This implies that to persuade millennials to make cash waqf contributions, the face concern argument should be avoided.

The comparative study between Malaysia and Indonesia adds new value to this study. These two Muslim majority countries have similar attributes in terms of religion, demography and race background. Furthermore, the focus of this study, which targets units of analysis from millennials, has received very little attention in the literature related to cash waqf.