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This paper explores the role of Zakah in social cause marketing. Academic literature on Islamic economics, finance and management mostly deals with the links that exists between Zakah and consumption, neglecting important and strategic links with social cause marketing. This paper emanated from need to outline social cause and the charitable role of Zakah in promoting Halal businesses, poverty alleviation and sustainable development. Most works in the field of Zakah did not foresee the role of marketing. This is a misjudgement, as this work showed that Zakah yields large and measurable social gains to help the society and a firm.

Secondary sources were used in writing this paper. Available literature in the form of journals, books, manuals and reports was referred to. As a conceptual work, the paper does not test hypothesis or pretends to provide empirical evidences. It uses mathematical economics in arriving at some of the conclusions. Findings were derived through deductions and critical discourses, not through crunching of primary data.

The paper shows how Zakah, Halal consumption and corporate social responsibility are connected and highlights the role of Zakah as a social marketing tool. It shows how Zakah affects consumption through marginal propensity of Zakah recipients who spend Zakah money on basic needs.

The paper looks at the broad aspects of Zakah and social marketing. How to make Zakah a pillar of Islamic firms’ social cause programs shall be the focus of future academic works in this area.

The paper is unique in drawing attention of Islamic firms to the effectiveness of Zakah in building a corporate image. It draws the attention of firms, activists, academics and governments to functions of Zakah that have not been studied in depth.

The purpose of the study is to explore contributions made in Islamic economics methodology, particularly in the use of mathematical models used to build Islamic economic theories.

The methodology adopted is a survey by means of literature review.

Overuse of mathematical models in economics has it apparent weakness in simplifying complex realities and use of impracticable assumptions. But, that notwithstanding, they have a role to play in the development of Islamic economics. Empirical analysis in Islamic economics has weaknesses, including the very fact that moral phenomenon in Islamic economics is difficult to quantify, but its contribution, just like mathematics, is needed to develop the field. Islamic economics adopt mathematical models that do not cause obstacles in achieving the aim of Islamic economics, which is Falah. Where it is harmful, it is discarded. Islamic economics has yet to have a universally accepted research methodology; instead, numerous methodologies are used today. The poor use of mathematics in Islamic economics by new researchers, among other factors, may be due to young researchers’ poor background in mathematics.

The paper is unique in looking at the topic of Islamic economic methodology from the angle of application of mathematical models.

The purpose of the study is to measure cross-country stock market correlation and volatility transmission during the global coronavirus disease 2019 (COVID-19) pandemic. The paper traces trajectory of Islamic equity investments in order to get insights on the behavior of the markets during the crisis.

The paper uses generalized method of moments (GMM), autoregressive distributed lag (ARDL) and multivariate GARCH (MGARCH) models for analysis of dynamic causality, stock market cointegration, correlation and volatility transmission between Islamic stock indices.

The result of normal correlation analysis on the share indices show the markets move together. The result of ARDL cointegration test shows the markets returns are cointegrated as a group. To further make sense of the data; the indices were grouped into four different categories, then cointegration tests were conducted. The results of the analysis show that the subgroups are cointegrated except the low COVID-19 subgroup. Based on MGARCH findings, the possibility of volatility transmission between markets during the crisis is high. The market returns indices show the usual herd mentality common during the period of crisis.

Unlike other works in this area, this paper attempt to trace the trajectory of Islamic equity investment in order to get relevant insights and arrives at appropriate ways of responding to the crisis.