Journal Article

This paper explores how Islamic economics and finance, when developed as an embedded framework for regenerative development in line with Maqasid al-Shari'ah (the objectives of Islamic law), can facilitate the design of sustainable contracts and Islamic financial engineering. This framework provides a mechanism to achieve the paradigm shift advocated by Islamic finance scholars to accommodate the sustainability agenda into the practical applications of Islamic economics and finance. The paper specifically focuses on the Gulf Cooperation Council's (GCC) economies. This study employs an analytical research approach to evaluate the compatibility of Islamic social and commercial finance with sustainability objectives. The analysis is primarily qualitative and relies on the One Earth Framework proposed by Simpson et al. (2021) to structure the assessment of opportunities and challenges related to sustainability that Islamic economics and finance in the GCC region can help address. The paper highlights the potential of Islamic economics and finance as an embedded framework to address sustainability challenges in the GCC countries. By examining the capacity of Islamic finance to accommodate sustainability pathways, it elucidates avenues for integrating sustainable practices within Islamic financial contracts and institutions. One of the key contributions of this paper is the introduction and development of Islamic economics and finance as an embedded framework. This pioneering concept not only lays the groundwork for a practical mechanism but also signifies a fundamental step in realising the paradigm shift within Islamic finance. This transformative approach enhances the relevance and effectiveness of Islamic finance in fostering sustainability, marking a significant advancement in the field. While the study provides valuable insights, it primarily follows an analytical approach and does not involve quantitative analysis. It serves as a starting point for further research on the integration of sustainability objectives in Islamic finance.

This study aims to develop a comprehensive insolvency model tailored to Islamic banks, ensuring alignment with Shariah principles throughout pre-insolvency, bankruptcy and post-bankruptcy stages. The research adopts a qualitative research method, using a desktop research approach. Primary sources and secondary sources are examined to gather information and draw conclusions. This study presents a comprehensive insolvency model designed for Islamic banks, rooted in Shariah principles. The model covers pre-insolvency, bankruptcy (taflis) and post-bankruptcy stages, incorporating key Shariah parameters to ensure adherence to Islamic finance principles. It addresses challenges such as adapting to dynamic financial landscapes and varying interpretations of Shariah principles. Notably, the model recognizes the separate legal personality of Islamic banks and emphasizes transparency, fairness and compliance with religious obligations. In the post-bankruptcy stage, directors are urged to voluntarily settle remaining debts, aligning with ethical and Shariah-compliant standards. The study contributes to the stability and growth of Shariah-compliant financial systems by extending insolvency principles to Islamic banks, providing a foundation for future research and policymaking specific to this context.

This paper attempts to identify and evaluate the current situation of zakat collection, distribution and management in India. This paper identifies the inherent objectives of zakat to understand the real potential of zakat institutions and how zakat is important to Indian Muslims and how the society can innovate and modernise the zakat system. This paper suggests a few recommendations that religious leaders and government authorities in India may consider adopting. It suggests the introduction of a mosque card as an innovative way of distributing zakat by integrating mosques and their local community.

Prior studies have identified that not all �intangibles� are reported as �intangible assets� in the statement of financial position. This particularly concerns the Islamic finance industry where intangibles are often used as underlying assets in structuring products. Accordingly, this research examines the unique Shari�ah requirements and the dichotomous views on the validity and permissibility of intangibles to be recognized as assets. As a result of an apparent need to re-examine the sufficiency of international financial reporting standards (IFRS/IAS) and the views of Shari�ah scholars on financial assets, the research is designed to analyse the sufficiency of IAS 38 Intangible Assets with reference to the Conceptual Framework for Financial Reporting of International Accounting Standards Board (IASB). For this purpose, an in-depth interview, two focus group discussions and a survey of target respondents from both academia and industry directly involved in reporting of Islamic financial services are carried out. From the engagement session with the Shari�ah scholars, the research has identified an alternative view of concern with reference to appropriate Shari�ah rulings to determine the permissibility and validity of intangible assets and its reporting implications. Whereas, a mixed response is observed in the survey in terms of clarity on accounting policy, treatment and disclosures with reference to the technicality of the standards as well as the peculiarity of the context in Islamic finance industry.

Maqasid al-Shariah (the objectives of Islamic law) are meant to guide and benefit mankind in this world and the Hereafter. The Corporate Social Responsibility (CSR) activities focus on the welfare of the society at large and can also serve the objectives of the Shariah. This research focuses on the CSR activities of the leading Islamic bank in a developing country � Bangladesh. The study is based on the CSR activities of Islami Bank Bangladesh Limited (IBBL) � the oldest and largest Islamic bank of Bangladesh. The analysis is done on the basis of the requirements of Maqasid al-Shariah. The study is based on secondary data. It conducted content analysis of eight year annual reports (2009 to 2016) of the bank. The main areas where the bank is performing its CSR activities are identified. Then an analysis is done according to the levels of Maqasid al-Shariah (necessities, complements and embellishments). It is found that most of the CSR activities and expenditures of the bank are dedicated to the necessities. And, activities representing embellishments received slightly more importance than the activities representing complements. The contribution of the study is unique in nature since there is no prior empirical study that assesses the CSR in light of Maqasid al-Shariah in the Bangladeshi context.

This research explains and reviews two innovative solutions based on blockchain that were used for Islamic social finance (ISF) projects by two separate companies, namely Finterra and Blossom Finance. Policy implications are suggested for the future use of blockchain in innovative financial products for the Islamic finance industry. This is a qualitative research conducted through library research and semi-structured interviews with experts and founders of Finterra and Blossom Finance. Data obtained from published literature and the interviews were accordingly examined and interpreted through content analysis to present the results in this research. There is rising interest in ISF for economic revival in the aftermath of the COVID-19 pandemic. Innovation through blockchain technology seems to be the future of ISF, hence the need for relevant stakeholders to understand the technology. However, there is a regulatory gap in terms of a proper legal framework to support blockchain-related innovations in ISF and a policy gap in the management of Shari'ah and legal risks involved in ISF transactions. This research is original because it explains unique case studies from the source of innovation itself, analyses the hurdles that were present, and offers recommendations for future use of innovative technology in the Islamic financial sector.