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This study aims to analyse the existing literature on the utilisation of financial technology (FinTech) in the Islamic social finance (ISF) sector, focusing on tools, applications and benefits. From this study, it is to provide insights for literature or for practitioners on how FinTech can be used in ISF, such as using blockchain (tools) in waqf (application) that can help to enhance transparency and trust (benefits) with donors. It is important to explore new available tools or applications in ISF markets so that such effort can benefit the industry in promoting its growth.

A systematic literature review (SLR) was carried out using Reporting Standards for Systematic Evidence Syntheses (ROSES) which has been based on quality evaluation criteria, beginning with 41,945 entries in Scopus, 25,386 entries in the Web of Science and 1,590 entries in the Google Scholar databases and ending with 35 articles from data abstraction and analysis, all of which focus on tools, applications and benefits of FinTech in ISF sector.

This review yielded three primary themes and eleven sub-themes addressing FinTech, namely applications (four sub-themes: crowdfunding, blockchain, banking service and peer-to-peer (P2P), tools (three sub-themes: waqf, zakat and sadaqah), as well as benefits (four sub-themes: transparency, innovation, inclusiveness and efficiency).

This study emphasises on innovative application of FinTech used in ISF industry which focuses on applications, tools and benefits of FinTech to the industry. However, the findings indicate that there is plenty of room for future investigation. The current work outlines several methodological issues and concerns as well as provides recommendations for future research. Various challenges associated with FinTech applications include inadequate regulations, complex permit application procedures, misuse of FinTech for terrorist financing, the existence of fraudulent FinTech companies and consumer disputes in the FinTech sector concerning ISF. There are few in-depth studies on the possible use of FinTech models in ISF, compared to studies focusing on upcoming challenges. This study also highlights the methodological limitations in previous research efforts, which can be used to improve future studies in this area. To offer a more comprehensive analysis, additional search keywords and engines that have not been included in this study could be used in future investigations with different methodologies.

For practitioners, the paper has significant managerial consequences. The analysis provides insights into real-life opportunities, limits and solutions for improving performance management by looking at FinTech applications from a larger and more diverse perspective. The practitioners, especially the State Islamic Religious Council, can recognise the benefits of using FinTech technology in ISF (waqf, zakat and sadaqah), namely under their jurisdiction.

This systematic literature assessment identifies critical knowledge gaps that must be addressed such as the applications of FinTech that are still ambiguous, with certain applications not completely embraced in the ISF industry. This study uses SLR technique to categorise literature, identify gaps in current studies and provide recommendations for the research issue (Paul and Criado, 2020), instead of using the other previous methodology such as content analysis or qualitative review. Hence, FinTech is considered an innovative or new approach in ISF industry.

This study aims to examine the role of Islamic economic and social institutions during Covid-19 and try to propose a model that highlights Islamic economics and social institutions’ role in providing community economic, social and health recovery support.

This research uses a qualitative approach with a multicase method. Interviews with the institutions including the Amil Zakat, Islamic Banks, Micro Waqf Banks and Islamic Cooperative (Baitul Maal wat Tamwil) were conducted in order to develop a model about how the integration between each institution in handling the effect of COVID-19.

The model shows the interaction roles of each Islamic institution and implementation in the long term and short term in handling the impact of Covid-19, particularly in the economic, social and health sectors. These institutions will assist the government in establishing community economic independence in the face of COVID-19, which has caused economic sluggishness or recession.

This study proposes the model of synergy using a qualitative approach. Future studies can develop the synergy model by employing a statistical and quantitative method, such as by employing analytical network process method.

This study adds the literature about empirical evidence on the role of each Islamic economic and social institution and develops new scenario model about integration of those institutions in overcoming economic and social problems during the COVID-19 pandemic. These interactions play a role in shaping the community’s economic independence in dealing with the economic downturn due to COVID-19.

This study aims to identify the problems in shariah compliance and the weak oversight of implementing Islamic crowdfunding (ICF). Shariah compliance regulation is an essential subsystem in Islamic social finance ecosystems.

This type of research is legal research. The research approaches are the statute, comparative and conceptual approaches. The study in this research examines Indonesia, the UK and Malaysia.

ICF is one of the fastest-growing sectors of Islamic financial technology (fintech). The Islamic fintech sector is showing maturity signals with a market size of $79bn in 2021, projected at $179bn in 2026. Malaysia, Saudi Arabia and Indonesia lead the Index by Global Islamic Fintech (GIFT) Index scores. However, low shariah compliance is still an issue in implementing ICF. This problem is caused by regulatory support that is still lacking and oversight of shariah compliance is not optimal. On the one hand, shariah compliance is the ICF core principle for Shariah Governance.

This study examines the regulation and oversight of ICF in Indonesia, Malaysia and the UK. Indonesia and Malaysia, a country with the highest GIFT index score in the world, and the UK, a country with an Islamic finance sector experiencing rapid growth.

The research results on shariah compliance regulation in ICF are helpful as a comprehensive approach for developing sustainable Islamic social finance ecosystems.

Shariah compliance is the core principle of ICF governance. Its implementation can increase public trust.

Crowdfunding platform and issuers in ICF must implement shariah compliance. Therefore, it is essential to consider the presence of shariah compliance requirements and a Shariah Supervisory Board (DPS).

This study aims to qualitatively examine the implications of Maqasid al-Shari’ah (objectives of Islamic law) for sustainability practices among businesses. While there is a growing recognition of the importance of adopting an integrated approach to sustainability, several businesses remain focused on profit maximisation at the expense of environmental and social sustainability. As such, there is a need for more studies that emphasise sustainability practices, essentially to expose businesses to the best ways to meet the needs of today without negatively impacting future generations.

This research used a qualitative research design, and data were collected from Shari’ah scholars. To facilitate data collection, semi-structured interview questions were developed and used to conduct interviews with ten Shari’ah scholars in Malaysia. Thematic analysis was used to analyse the interview data collected for this study.

The results demonstrate that there are ample justifications from a Shari’ah perspective for integrated sustainability practices. Additionally, the study reveals a need for increased awareness regarding the importance of businesses adopting a holistic approach to sustainability through the formulation and implementation of suitable sustainability strategies and ensuring compliance with social and environmental standards.

While this study has primarily adopted a qualitative method to address the implications of Maqasid al-Shari’ah for integrated sustainability practices among businesses, the authors acknowledge that this approach may not capture the full spectrum of quantitative data that could provide a broader statistical perspective on the issue. Hence, future research could incorporate quantitative methods to complement the findings of this study.

This research constitutes an innovative addition to the field of corporate sustainability practices. To the best of the authors’ knowledge, no prior studies have extensively explored the intricate intersection of Maqasid al-Shari’ah and integrated corporate sustainability practices as this study has done.

The purpose of this study is to examine donors’ or waqifs’ desire for waqf-based qardhul hassan financing in Malaysia using a maqasid method, where a pragmatic approach is used.

Using judgemental sampling, a total of 275 waqifs participated in this work to identify their preference in donating their money to the facility should it is introduced. Using the developed waqf-based qardhul hassan scale (WAQASCALE), this study examined the preference accordingly. Data were analysed using IBM SPSS 27.

The results obtained were as follows: the first factor considered by the waqifs in donating money was perceived household well-being, followed by perceived recipients’ welfare, perceived mankind benevolence and perceived Muslims’ community security.

The authors developed construct items that had generalisability issues as they were at the infancy stage of development among social finance scientists along with the narrow geographical constraint where the actual survey was conducted.

The results were useful in giving new guidance to state governments and Islamic banks (IBs) in Malaysia to explore further this sort of facility for the improved well-being of those affected by COVID-19. Besides, sustainable development goals (SDGs), such as poverty, hunger and responsible consumption, among others can be addressed effectively for the mutual well-being of those affected by the health crisis in an effort of combating financial hardships in the meeting of basic needs, at least. The partnership between the state government and IBs could lead to the offered qardhul hassan financing-sourced funding from waqf for reduced financial hardships by needy and poor folks.

This study introduced a new WAQASCALE in the context of qardhul hassan financing in Malaysia.

This paper aims to view the tradition of the Prophet in zakat payment, especially the attributed measurements, and adapt these measures to current zakat measurement practices.

This study is designed with an exploratory sequential mixed method where qualitative data were collected from historical archives and also from the measurement of available ṣāʿ صاع and mud_ مد. These standard measures were collected from Malaysia and other Muslim countries and calibrated at the National Measurement Standards Laboratory (currently carried out by the National Metrology Institute of Malaysia). The volume of the ṣāʿ were tabulated, charted, analyzed and determined.

Prophet Muḥammad ordered for zakat al-fiṭr زكاة الفطر to measure the crops using ṣāʿ (gallon: volume measure), not raṭl رطل (pound: standard weight). This paper recommends a reference volume for the ṣāʿ, and from this value, the volume for the smaller measure mud and much larger measure wasq وسق were calculated. The agricultural niṣāb (5 wasq) is one of the key parameters in ṣāʿ volume analysis.

This study covers standard measures acquired from Malaysia, Saudi Arabia and the United Kingdom (traceable to India). Several empirical data are attained from previous studies from Saudi Arabia and North Africa. Also, some theoretical data are obtained from kitab tafsir, hadith and kitab turath (books and records written by early scholars). A concern in this study is the ratio of de-husked grains currently approximated at half of un-hulled grains. This might not necessarily be accurate and may differ by different types of grains.

After the introduction of the modern measurement system known as the International System of Units (SI) in 1971, ṣāʿ became obsolete, leaving each state in Malaysia to define and convert ṣāʿ to SI units variously. This paper contributes to standardizing the conversion to one value with an appropriate SI unit, that has traceability to the Prophet’s ṣāʿ. This national reference standard ṣāʿ is essential for zakat al-fiṭr measurement, important for zakat centers and impacting every Muslim in Malaysia. Often overlooked, ṣāʿ is more crucial as a basis in determining and standardizing the seasonal crops niṣāb, unfolding the reasons why the poor are paying the paddy zakat in Malaysia.

The Prophet’s tradition for ablution is to use water not more than one mud, this is aligned with the 12th Sustainable Development Goals by the United Nations which promoted the responsible consumption of water. Considering half (adults) of the 1.9 billion Muslims in the world, multiplied by 5 times of prayer, the Muslims will at least use 4.75 billion muds of water for ablution alone in 1 day. This is approximately 3.5 billion liters of water daily, and if they limit their water usage to 1 mud for each ablution, they collectively will save at least four times more water (about 14 billion liters) daily than performing ablution from a running tap. Though for ablution, accuracy is not an issue, the mud impact on all Muslims is vital on a daily basis, literally by volume.

Ṣāʿ is essential in measuring food for the annually obligated zakat al-fiṭr and more crucial as a basis in determining the seasonal crops niṣāb. This paper contributes to the development of a national reference standard ṣāʿ for Malaysia that has traceability to the Prophet’s ṣāʿ.

This study aims to examine the factors influencing the intention of Muslim Millennial Generation in Indonesia to donate cash waqf digitally.

A quantitative approach was employed, surveying 284 Muslim Millennial Generation in Indonesia. The study integrated the Decomposed Theory of Planned Behavior (DTPB) and Technology Acceptance Model (TAM) to investigate the key factors driving the intention to contribute to cash waqf digitally. The researcher analyzed data using Partial Least Squares Structural Equation Modeling (PLS-SEM).

The findings of this study indicate that all hypotheses related to the variables are supported, including both direct and indirect correlations, except for perceived religiosity. This study confirms that the decision of millennials to donate cash waqf online is influenced by various factors, including their attitudes, the environment they are in, their ability to control their behavior, their perception of the ease and usefulness of technology and the availability of suitable facilities. Knowledge of technology is also a decisive component. Nevertheless, this study yielded intriguing findings that the perceived level of religious devotion does not impact the millennials’ willingness to make online cash waqf donations.

This study’s findings offer valuable insights for waqf institutions, providing a better understanding of Muslim millennials’ characteristics and preferences regarding spending, donations and waqf activities. This understanding can be instrumental in enhancing innovative digital platforms for cash waqf in the digital economy era.

This study uniquely explores the determinants of digital cash waqf donations among Muslim Millennial Generation in Indonesia. Contributions include integrating the DTPB and the TAM for a comprehensive analysis. Cross-disciplinary perspectives from behavioral economics and digital marketing enrich the research. Comparative studies and potential longitudinal analysis enhance depth, providing nuanced insights into the dynamic factors shaping digital donation behavior among Muslim millennials.

This study aims to highlight the issues encountered by Islamic Banking Institutions (IBIs) while financing the agriculture sector and explore the feasibility of Muzara’ah (crop sharing contract on partnership basis) model based on the concept of revolving credit as an alternative to current models.

To validate the proposed model and gauge the feasibility of Muzara’ah contract, a qualitative research method is applied based on 10 in-depth interviews with qualified industry experts and practitioners. These interviewees are selected following the purposive sampling method, and they belong to Sharīʿah board members of banking institutions, banking industry professionals engaged in agriculture lending, financial regulators (i.e. central bank personnel) and the farming community. Thematic analysis was applied to analyze the data.

The findings of this study document that Muzara’ah can be a useful alternative/solution for the growth of agriculture sector portfolio of financial institutions. Muzara’ah is cost-effective than other Islamic products, including Salam (a kind of sale in which payment is made on the spot while the delivery of the goods is deferred), and carries the features of revolving credit as offered by conventional banks/counterparts.

The main limitation of the study is that only 10 in-depth interviews are conducted.

The application of the Sharīʿah compliant Muzara’ah model based on the concept of revolving credit could help increase agricultural productivity and revenues and reduce poverty and food insecurity. The research will help IBIs to develop products on the concept of Muzara’ah for farmers and other sectors of the agriculture industry.

To the best of the authors’ knowledge, Muzara’ah contract is not offered by formal banking institutions in Pakistan. Hence, the findings contribute to the existing literature and facilitate the policymakers and practitioners in implementing this financial product for the growth of the agriculture sector.

The practices of sustainable and responsible investment (SRI) among Islamic financial institutions (IFIs) nowadays still rely on the existing environmental, social and governance (ESG) criteria. However, based on observation, some of the existing criteria listed by the reports of certain authorities and organizations do not seem to be aligned with Shariah principles. Therefore, this study aims to investigate those criteria to help develop Islamic-SRI (i-SRI) criteria based on the ESG concept.

This study adopted the qualitative method via content analysis of documents and interviews with experts.

Based on the analysis, a set of i-SRI criteria is developed based on the ESG concept, of which 33 elements are environmental, 50 elements are social and 26 elements are governance issues. Overall, this study finds that there is no obvious contradiction with the Islamic philosophy in the existing ESG criteria, with the exception of four criteria, i.e. promoting human rights, freedom of expression, freedom of censorship and freedom of association under social criteria. These four existing criteria are not aligned with Islamic teaching and not appropriate with Islamic ESG criteria.

The creation of Islamic ESG criteria can assist relevant authorities to improve the current ESG criteria and to embed an Islamic perspective within it.

This study developed a set of i-SRI criteria, which may be suitable as a source of reference to relevant parties.

This study aims to examine the effects of religiosity, ethical leadership and local wisdom on the relationship between fraud risk management and asset misappropriation in Indonesia.

Data were collected using a set of questionnaire surveys administered to the head office, local government internal auditors (inspectorate) and local government employees in Indonesia. Sample selection used purposive techniques and obtained 151 respondents who became research data. The dependent variable was asset misappropriation. The independent variable was fraud risk management. The moderating variables for this study were religiosity, leader ethics and local wisdom. The analysis technique applied the structural equation model-partial least square (SEM-PLS).

Fraud risk management has a significant negative effect on asset misappropriation. In addition, this study finds evidence that religiosity, ethical leadership and local wisdom increase fraud risk management against asset misappropriation.

This study proposes an integrative model that enables local governments to understand fraud risk management. By integrating religiosity, ethical leadership and local wisdom, managers can design strategies to prevent asset misappropriation.

This research has the advantage of proposing an integrative model for mitigating asset misappropriation. Research on asset misappropriation is limited. Therefore, this study provides insights into fraud risk management, particularly in Indonesia’s local governments. In addition, this study adds ethical aspects such as religiosity, leadership and local wisdom to complement the weaknesses of fraud risk management and reduce the potential for asset misappropriation.