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This paper aims to propose a model of Zakah treatment for financial instruments. The model depends on the link between the financial assets and liabilities that emerge from a financial instrument contract.

The determination of Zakah on contemporary financial instruments is controversial, with various conflicting Fatwas being presented. This paper introduces a theoretical model that integrates Fiqh rules, accounting, finance and economic principles to propose a method for calculating Zakah on financial instruments. This theoretical model can be the foundation for future empirical and statistical testing.

The proposed model advocates omitting the financial assets/liabilities when determining the Zakah base for companies, as the Zakah burden relies on the owner of the real asset. The paper elaborates on the implementation of the model on debts, investments and cash accounts.

The paper does not investigate whether or not the accounting approach in dealing with financial contracts is deemed acceptable by Fiqh scholars, nor does it discuss whether or not this may affect the Zakah fatwas regarding these types of accounts.

The paper establishes a conceptual framework for the Zakah on financial assets. This will pave the way for future empirical research and testing to validate the framework in different contexts. In addition, if regulators adopt this model and apply it to all companies, it would promote fairness and justice at the national level.

The proposed model advocates omitting the financial assets/liabilities when determining the Zakah base for companies, as the Zakah burden relies on the owner of the real asset. The paper elaborates on the implementation of the model on debts, investments and cash accounts.

To the best of the authors’ knowledge, this is the first attempt to utilize the accounting approach in order to determine the amount of Zakah.

This study aims to present a bibliometric analysis of Islamic social finance (ISF) by addressing gaps in the existing research, exploring the current trends of publications and determining possible future research directions in this field.

Relevant bibliometric data of published research during 1914–2022 was extracted from the Scopus database and 1,355 studies were considered for the analysis. Biblioshiny app from RStudio, VOSviewer and Microsoft Excel were the tools used for analysis.

The identified current research streams are management and distribution of ISF funds especially zakat through fintech; governance and accountability of ISF institutions; Islamic microfinance for poverty alleviation and financial inclusion; ISF for promoting sustainable development and achieving United Nations sustainable development goals; waqf endowments and cash waqf; and Islamic charities. The identified themes for future research directions are Islamic fintech, integration of ISF, sustainable development, economic recovery, social entrepreneurship, sustainable ISF ecosystem and supporting refugees.

It provides extensive and up-to-date literature on the current trends in ISF and future research themes which can be useful for researchers, professionals and policymakers in the field.

The findings of this research contribute to the solutions to socio-economic challenges and support sustainable development through ISF.

To the best of the authors’ knowledge, this research is one of the first attempt to provide a pervasive bibliometric review on ISF by including various aspects of ISF and extending the study period to more than 100 years.

The existing gaps and knowing about the truth inspired the researchers to select this area and to know more about various initiatives taken for their liberation by an individual self-propagating effort, the faith-based communities, the government, the organizations dealing with educationalists as researchers, banking, media and the revealing role of women in handling poverty concerns.

The current study is compiled after the review of seventy-seven research articles. This study adopted a descriptive research design essentially because it appears more appropriate for the study. Data were collected mainly through the secondary sources such as electronic databases like Scopus, Web of Science, EBSCO, Google Scholars. The study is conducted through a qualitative approach.

Hence based on the extensive literature review and its synthesis, this research work explores the meaning of poverty, its effects, root cause, measurement tools, associated theories and models and stakeholders' role in poverty alleviation.

This study reflects that there is a huge gap in designing standardized tools that can bring more income equality, ethics in operations, cooperation and environmental sustainability.

For poverty alleviation, individuals need to work towards perfection and improving their own skill sets. Leading Faith groups encouraging individuals about their divine duties to help the poor community and promote debt forgiveness. Government provides funds to develop certain tools and app that can help in checking the distribution of wealth. Banks to introduce flexible microcredit scheme education sector need to develop more financial literacy and innovative thinking courses. Social media and Information communications technology (ICT) provide connectivity services with high affordability.

Poverty will remain be an ongoing societal challenge if not handled by various stakeholders strategically by contributing in their own fields with their unique ideas.

The proposed idea explained through qualitative inquiry promotes compassion and hope needed for poverty alleviation through various stake holders.

This paper aims to narrate the descriptions of accountability by which a pioneering Malaysian Islamic bank has come to be known and has become a specific model in many countries.

This study is based on a four-year ethnographic work from 2002 to 2006, as accessed and analysed by the researcher. The philosophy underpinning this ethnography is from Geertz’s “Common sense as a cultural system” (1975) and The Interpretation of Cultures (1973).

This study finds the religious metaphors of “Halal and Haram is not Only on Food” and “Bank for All” are the anticipated conception that envisages the institution of Bank Islam Malaysia Berhad (BIMB), especially the perspective of the Shariah Supervisory Council and the struggles of the assistant managers.

The paper aligns with the concerns of McPhail et al. (2004) and calls for engagement in research projects on accounting and accountability related to theology but with an attempt to theorise the “engagement” within the components of human limitation and intelligence which require a narrative from the social and collective dimensions of the present and in the past.

By using various objects as symbol, metaphor and memory, such as “counter”, “branch”, “advertising” and “food”, the paper encourages readers to understand the objects as temporalities brought into being by a common sense consciousness and within a historical Malay context; one in which Malaysia is a Muslim society and a by-product of colonialism. This interpretation allows the issues raised by BIMB to represent an authentic Malaysian voice rather than to be read merely as an adjunct to western accounting history.

The paper explores the translations of concepts that the self probes and attempts to describe accountability, as well as how these translate into common sense.

This study empirically investigates whether and how boycott attitudes and subjective norms influence the impact of the perceived behavioral control of boycotts on boycott intention.

To test our hypotheses, we perform a hierarchical linear regression analysis using data from Japanese (n = 500) and South Koreans (n = 571).

Boycott attitudes strengthen the positive effect of perceived behavioral control on boycott intentions for Japanese and South Koreans. Contrary to our assumptions, while the direct impact of perceived behavioral control on boycott intention is not significant, there is a negative moderating effect of subjective norms for Japanese consumers.

We argue that when perceived behavioral control is evident in boycotts, consumers listen more to themselves than to others. Our cross-national analysis of actual boycott campaigns is the first study on boycott research to offer implications for the interaction effects among the three key antecedents of psychological motivation factors in the theory of planned behavior.

Given the overlapping themes and periods in specific subjects within Islamic economics and finance bibliometric research, which may yield similar findings in bibliometric studies, it is essential to document the growth of Islamic economic and financial research using bibliometric methodologies. This study aims to understand better the critical bibliometric review trends and scientific advancements in Islamic economics and finance.

This study uses bibliometric analysis, collecting 46 Islamic economics bibliometric papers from the Web of Science Core Collection from 1975 to 2022. The authors generated top scientific scholars, keyword analysis, citation analysis, content analysis and conclusions for journal development using R Biblioshiny, VOSviewer, ATLAS.ti and Excel.

This study has established a comprehensive bibliometric framework for Islamic economics and finance bibliometric papers, encompassing all critical areas within the discipline and identifying any remaining research gaps. The major significant areas revealed were Islamic social finance and microfinance concerns, which are closely pertinent to the issues of ethics, corporate social responsibility and sustainability, respectively. The authors also identified opportunities for future bibliometric analyses in Islamic economics and finance, which include using more comprehensive databases, refining or broadening search strategies, using advanced techniques and units of analysis and suggesting themes for further exploration.

The study relies merely on the Web of Science Core Collection database, which provides the most in-depth citations by source for the world’s scientific and scholarly research. Future research may consider expanding its scope to include other databases for a broader range of sources. Furthermore, due to the rise of bibliometric studies in Islamic economics and finance, this study also comments on the saturation of bibliometric studies conducted in several similar areas. While researchers bring their unique analytical perspectives to bibliometrics, this study provides a comprehensive view of existing research in Islamic economics and finance, highlighting well-explored topics and those that remain less studied. Thus, this could assist researchers in determining their future research priorities.

Policymakers in Islamic financial and economic institutions, including banking institutions, social, financial institutions and halal institutions, should be impacted by this research when making policies or conducting research. The viability of the current Islamic economic and financial ecosystem will be indirectly maintained and managed by these implications.

This comprehensive meta-analysis in Islamic economics and finance is expected to impact the development and sustainability of the Islamic economic and financial ecosystem, promoting societal welfare through applying Islamic economics and finance.

This pioneering bibliometric analysis of Islamic economics and finance papers aims to offer insights and projections for future research in the field. This research contributes to the literature by examining various aspects, including evaluating literature on trending topics, analyzing papers related to research areas and conducting content analysis of existing bibliometric studies in Islamic economics and finance. It specifically groups these studies around fundamental topics, summarizes findings from contemporary research and identifies emerging research gaps.

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.

This study aims to investigate the public deficit issue by contrasting conventional and Islamic views encompassing the paradigm, technical base, orientation and consequence detailed in nine discussions, which are rarely investigated in the research. There is a predisposition that contemporary Muslim scholars discuss the public deficit as well as the private sector perspective, which is used in the conventional conception, without riba as a primary feature.

The paper develops a comparative approach that derives two perspectives from the available literature using the qualitative method under the critical thinking method. It was drawn up in detail on how the paradigm and its related budgeting process contribute to public deficits, mainly in government institutions.

The paper reveals a prominent difference in public deficit in the Islamic view from a conventional perspective. From 9 points of comparison, the analysis covers 18 discussion that differentiates between private and public area criticism seems to overlap. The foundation giving a unique perspective in Islam toward public deficit is the concept of ownership that differs from capitalism, mainly the function of public spending is to distribute the wealth among people not for economic growth. The Islamic Government spent for public purposes based on cash-basis budgeting. The budgeting system in Islamic public spending is founded on treasure availability.

The paper uses a qualitative method that cannot empirically snapshot the actual or factual condition, in which subjectivity plays a plausible role. Furthermore, there is no actual sample (best practices) of the concept to be examined.

The research encompasses overlap between Islamic and conventional perspectives, including public and private issues regarding public deficits. The main beneficiary of the paper is a policymaker, including academicians or practitioners who are appropriate to use the concept in their circumstances.

The study is a pioneering study in public deficit comprehensively comparing conventional and Islamic perspectives and drawing up conceptual and technical aspects.

The sustainable development goals (SDGs) devised by the United Nations (UN) call on countries – whether rich or poor – to solve global issues, improve lives and save the planet for future generations. However, the UN predicts that between $5 and $7tn will need to be spent annually between now and 2030 to accomplish these goals, posing a major financial hurdle. Islamic social finance, if used ethically, seeks to realise SDGs through fairness, justice and equity. Thus, this study aims to determine how Islamic social finance instruments such as Zakat, Waqf, Sadaqat and Qard-hasan contribute to realising SDGs.

This study used a preferred reporting items for systematic reviews and meta-analyses-based systematic literature review. Scopus and Google Scholar were chosen for the qualitative and meta-analysis of studies. The topic was reviewed in 178 academic papers from 2000 to 2022. The required articles were analysed after careful review.

Islamic social financing mechanisms have the capacity to solve many social issues and create better welfare conditions by ensuring economic, social and environmental sustainability in line with the SDGs. Indonesia and Malaysia lead Islamic social finance research, the survey found. The review revealed that Islamic social funding can achieve 11 out of 17 SDGs. Islamic commercial finance can be used for the remaining goals. The paper highlights Islamic social funding research limitations and opportunities.

The review study shows that Islamic social finance can fill the SDG funding gap, especially considering the post-pandemic financial crisis that has increased global income inequality and social disparities.

To the best of the authors’ knowledge, this article is the first of its kind to review the potential of Islamic social financing instruments to help achieve the SDGs.

In this paper, the philosophy of John Rawls, known as “Justice as Fairness,” is discussed. This philosophy examines the responsibilities social actors hold toward their societal organizations. From an Islamic perspective, justice is pivotal in safeguarding collective interests, aligning with Rawls' conviction that just societies nurture happiness and foster well-being across various life aspects. To achieve customer welfare, our viewpoint underscores the importance of justice in reflecting on consumer well-being from both Rawls’ theory and Islamic perspectives.

We adopt a conceptual approach where secular views of Rawls’ “Theory of Justice” are merged with the Islamic view, resulting in novel insights regarding the hermeneutics involved in the notion of justice and the preservation of consumer well-being.

Our analysis reveals that John Rawls' “A Theory of Justice” aligns with the Islamic perspective in several respects yet diverges in others, notably in the concepts of pre-creation consciousness and divine guidance. These distinctions are emphasized in our paper.

Our paper presents a perspective on justice founded on the concepts of the “Original Position” and the “Veil of Ignorance.” The commentary explores consumer well-being by integrating Rawls' principles with an analysis that elucidates the role justice plays in enhancing societal welfare.