Purpose

This study aims to examine the impact of zakat and the Islamic human development index (IHDI) on multidimensional poverty across member countries of the Organisation of Islamic Cooperation (OIC). It further explores how the relationship between zakat and poverty differs across regional and income classifications, offering policy insights for promoting inclusive development in Muslim-majority economies.

Design/methodology/approach

Using an unbalanced panel data set of 41 OIC countries from 2010 to 2023, this study applies the fixed-effects model (FEM) to estimate the direct and heterogeneous effects of zakat and IHDI on multidimensional poverty, measured through the multidimensional poverty index (MPI).

Findings

The results show that zakat significantly reduces multidimensional poverty across OIC countries, with heterogeneous effects across regions and income levels. The poverty-reducing impact of zakat is stronger in Asian and Arab OIC countries than in African OIC countries and increases monotonically from low-income to high-income economies, indicating the importance of institutional capacity and economic formalisation. IHDI exhibits a strong and robust negative association with poverty, reaffirming the relevance of the Maqāsid al-Shari‘ah framework. In contrast, macroeconomic variables show limited significance, while population growth remains a key driver of poverty.

Research limitations/implications

This study is limited by using a macro-level zakat proxy derived from gross capital formation, which may not fully reflect actual zakat collection or distribution efficiency. In addition, the IHDI construction is based on available cross-country data and may not capture all context-specific dimensions of Islamic welfare.

Practical implications

The findings highlight the importance of productive, digitally integrated zakat systems, while weaker effects elsewhere call for basic standardisation, improved governance and strengthened public trust to enhance compliance and effectiveness. Policymakers are encouraged to integrate Islamic human development principles into poverty alleviation programmes and promote regional collaboration among zakat authorities to reduce institutional disparities within the OIC.

Originality/value

This study provides novel empirical evidence by integrating Islamic social finance and human development within a multidimensional poverty framework. By combining zakat and IHDI into a single model, it introduces a faith-aligned and policy-relevant perspective on how Islamic economic values can effectively support sustainable and inclusive poverty reduction across Muslim-majority countries.

This study investigates the impact of non-halal income and interest-based debt on the value of sharia-compliant issuers in Indonesia’s energy sector—a capital-intensive industry where the use of debt is often inevitable. Prior research has explored the influence of capital structure and Sharia compliance broadly, but studies focusing specifically on the interaction of non-halal income and interest-based debt within the energy sector remain limited. Addressing this gap, the study employs a panel data approach covering 15 energy companies listed on the Indonesia Sharia Stock Index (ISSI) over the period 2018–2022. The Price to Book Value (PBV) ratio is used as a proxy for firm value. The results reveal that non-halal income (PNH) does not significantly affect PBV (p = 0.4684), indicating minimal influence on firm value. However, interest-based debt (UBB) negatively affects PBV at a 10% significance level, suggesting that higher UBB reduces firm value. Moreover, the interaction between PNH and UBB shows a significant negative effect on PBV, implying that a high combination of both variables further decreases firm value. In contrast, Return on Assets (ROA), Return on Equity (ROE), and Earnings Per Share (EPS) have significant positive effects on PBV. These findings highlight the need for greater financial discipline and Sharia compliance among energy sector issuers to maintain investor confidence and firm value.

Indonesia with a Muslim majority inherently provides potential for the development and utilization of productive waqf as a financial instrument for social welfare and economic growth. Stock waqf is one of the productive waqf that is quite potential to be developed because it provides the potential for quite large profit sharing with minimal risk if placed in stocks that are fundamentally strong and liquid to maintain the sustainability of waqf assets in the long term. This study aims to analyze the returns and risks of sharia stock portfolios on IDX High Dividend 20 stocks and including LQ45 stocks if placed as waqf objects. In addition, it also analyzes the strategy for implementing stock waqf portfolios for wakif, nazhir and regulators. This study uses two methods to answer the problem formulation, namely Return Portfolio and Risk Portfolio. Furthermore, for the second research question, in-depth interviews and literature studies are used. The results of the study prove that the strategy of forming a portfolio based on dividend yield on stocks that fall into the criteria of IDX High Dividend 20, LQ45 and JII has been proven to consistently increase returns (yield) and total returns with increasing dividend yield. Portfolio 4 which focuses on stocks with dividend yield ≥ 5% provides the highest return (yield) of 17.06% per year, this is also a picture of the yield if applied as a stock waqf portfolio and the total return is also the highest at 18.20% per year, this is also a picture of the yield if applied as a cash waqf investment portfolio or stock futures waqf. In addition, this study emphasizes the importance of education and increasing the competence of nazir in sharia financial literacy and stock waqf management. Collaboration between stakeholders, including nazir, financial institutions, and regulators, is needed to maximize the potential of stock waqf. Effective risk management and transparency in reporting are also key elements to maintain investment stability and increase public trust.

This study aims to analyze the factors influencing the intention of Indonesian students at Al-Azhar University, Cairo, to implement the operational integration of Islamic social and commercial finance in their entrepreneurial ventures. Holistic Islamic finance encompasses both social (zakat, infaq, waqf, and microfinance) and commercial aspects; however, integrating these components operationally remains a challenge. This research examines the influence of five variables—religiosity, knowledge, attitude, functional factors, and trust—on the intention to operationally integrate Islamic finance. A quantitative approach was employed using Partial Least Squares - Structural Equation Modeling (PLS-SEM). The study sample comprised 91 Indonesian students at Al-Azhar University who are engaged in business activities. The findings reveal that four variables—attitude, religiosity, knowledge, and trust—have a significant positive effect on the intention to integrate Islamic finance, whereas functional factors do not exhibit a significant influence. This study contributes theoretically by extending the Theory of Planned Behaviour (TPB) within the context of Islamic finance, and practically by informing strategies to enhance student participation in Islamic finance integration.

This study explores the factors influencing customer loyalty at Bank Syariah Indonesia (BSI) after cyberattacks, using the Expectation Confirmation Theory (ECT) as the theoretical framework. A quantitative approach with Partial Least Squares-Structural Equation Modeling (PLS-SEM) is applied, analyzing data from 225 customers affected by service disruptions, ATM use, and Mobile Banking. The findings indicate that customer loyalty is significantly affected by service quality, religiosity, and customer trust. Furthermore, customer trust after a cyberattack is significantly influenced by service quality and religiosity. The Compliance, Assurance, Reliability, Tangibles, Empathy, and Responsiveness (CARTER) model is used to measure service quality, emphasizing both technical and ethical aspects. The results highlight the importance of successful crisis management, clear communication, improved security, and compensating customers in retaining and potentially growing the customer base post-attack. This research underscores the significance of the CARTER model in evaluating service quality and the role of religiosity in fostering customer loyalty. The study emphasizes that Islamic banks should integrate technical and ethical aspects of service to minimize negative impacts and maintain customer loyalty.

Islamic Microfinance Institutions (IMFIs) play a crucial role in delivering financial services toMicro, Small, and Medium Enterprises (MSMEs),thereby advancing financial inclusion and fostering economic empowerment. Despite their significance, IMFIs frequently encounter major constraints, particularly limited access to capital. In contrast, technological advancements have introduced innovative and efficient financing alternatives, most notably in the form of financial technology (fintech). This study investigates the potential for collaboration between IMFIs andfintech, with a particular emphasis oncrowdfunding as a financing mechanism. It seeks to identify the benefitsand opportunities, alongside the costs and risks, associated with the implementation of fintech-based crowdfunding as an alternative financing source for IMFIs. Adopting a critical review research paradigm and a mixed-method epistemological approach, the study employs two key methodologies: (1) the development of a typology outlining the benefits, opportunities, costs, and risks of collaboration;and (2) the application of the Analytic Network Process (ANP), using the typology asthe foundation for model construction. Findings indicate that experts generally perceive the benefits and opportunities of such collaboration to outweigh the associated costs and risks. Notable advantages include enhanced access to capital and the cultivation of a more robust investment culture within IMFIs. On the other hand, key concerns include infrastructural limitations and the potential for capital loss. To mitigate these risks and maximize collaborative benefits, the study highlights the importance of strengthening institutional management across both IMFIs and fintech platforms

This research aims to measure the extent of the impact of the Zakat distribution program in the education sector by taking a case study of the BAZNAS Cendekia School (SCB) program. This research was conducted using an evaluative approach with the Sustainability Livelihood Impact Assessment (SLIA) framework. Data collection was carried out through literature study, field observations, in-depth interviews. The sample population for this research was comprehensive (total sampling) consisting of 21 school management people, 26 teaching staff, 277 students and 30 heads of local families. The findings from this research show that there has been an increase in all aspects of SLIA with various scales of change, namely the human resource capital aspect of 0.30, social capital of 0.25, natural resource capital of 0.30, physical capital of 0.25 and financial capital of 0.41. The highest change occurred in the financial capital aspect of 0.41 and the lowest change occurred in the social and physical capital aspect. This shows that during the 2017-2020 period, the current social and financial modalities are aspects that are felt to be very useful at this time, so in the future the minimum contribution achieved in this aspect can be maintained. Meanwhile, regarding the aspects of human resource, natural resources and physical modalities, these three aspects need to receive attention to improve optimization so that these already good assets can be more optimally useful for all parties who have an interest in the sustainability of SCB for better education. A limitation of this research is the unavailability of baseline data to measure how big the stakeholder and beneficiary perception scores were at the start of the program. Because this research was conducted in the 3rd year after the SCB started, of course the perception comparison between then and now has the potential for quite large bias.

The realization of cash waqf is currently still very limited. Waqf literacy is still very minimal, especially for millennials. The millennial generation is a generation that is very close to technology, judging from the daily life of millennials, it is very closely related to activities carried out with technology. Factors that affect the online cash waqf generally previous researchers limited only to a few factors such as some discussed only limited to Social Influence (SI), and Religiosity or factors of Knowledge, Belief, Religiosity, Attitude, Subjective Norms and Perceived Behavioral Control (PBC ). This study aims to analyze the influence of perceived usefulness, perceived ease of use, religiosity, trust, social influence, information, attitude, subjective norm, perceived behavioral control, and waqf literacy on the intentions or desires of millennials to do online cash waqf. The data analysis method in this study uses the Structural Equation Model – Partial Least Squares (SEM-PLS). The research sample used in this study was the millennial generation who were born in the period from 1981 to 1996. The data used in this study was through field research, in this case data collection was carried out by distributing questionnaires that were distributed through online media (google form) to the millennial generation. The first result in this study is that perceived usefulness, religiosity, trust, social influence, information, attitude, perceived behavioral control greatly influence the millennial generation in making money online. While waqaf literacy, Perceived Ease of Use and Subjective Norm do not greatly affect millennials in online cash waqf.

This study aims as a first step in determining the financial health of the company using the Early Warning System (EWS) financial ratios and early corporate bankruptcy. This research aims to analyze the Altman Z-Score and Fulmer Model models which will be used as an Early Warning System (EWS) for sharia insurance vulnerabilities in Indonesia. The Altman Z-Score and Fulmer Model methods use data obtained from financial reports and processed as a measure of financial health. The ratio that influences the financial vulnerability of sharia insurance in Indonesia using the Altman method which has been modified using PCA is the ratio of retained earnings/total assets (X2) and income before tax/total assets (X3). Meanwhile, the influential ratios from the Fulmer method modified using PCA found 3 ratios that influenced the financial vulnerability of sharia insurance in Indonesia, namely Retained Earning/Total Assets (V1), EBT/Equity (V3) and Cash Flow/Total Debt (V4).

Many countries have carried out the boycott, divestment, and sanction (BDS) movement. Research on this topic contains an interesting sentimental side and needs to be mapped to help future research. This study aims to determine the problem's evolution and mapping, along with sentiment analysis related to BDS. This study uses a descriptive statistical analysis approach combined with meta-analysis and sentiment analysis of secondary data in the form of metadata from 81 Scopus-indexed articles published over the past 15 years, which were then processed using NVivo 15. The findings of this study reveal that the majority of studies have a somewhat negative perspective on BDS. Negative sentiment shows that many studies use sharp and negative sentences, as well as sentences that cause debate; this is related to the "Hasbara" propaganda built by Israel, while positive sentiment on this topic is small due to the lack of research using positive sentences about BDS. This study can provide knowledge about the sentiment of the boycott movement and be a reference for future research. This research can be helpful for pro-Palestine parties and BDS supporters in increasing publications on the boycott movement from various sectors so that it becomes a means to support Palestine’s independence.

In an era of increasing economic volatility and financial uncertainty, understanding the impact of the Real Business Cycle (RBC) on the Islamic Capital Market (ICM) is crucial for enhancing the resilience of Islamic financial systems, which are increasingly significant in global finance. This research is important because understanding the impact of the Real Business Cycle (RBC) on the Islamic Capital Market (ICM) is crucial for enhancing the resilience of Islamic financial systems, which are increasingly significant in global finance. The research aims to investigate the extent of co-movement and the effect of the Real Business Cycle (RBC) on the Islamic Capital Market (ICM) in Indonesia. The methodology begins with the Hodrick-Prescott (HP) Filter to identify trends and cycles in the RBC and ICM data. Next, cross-correlation analysis is used to measure the co-movement between the two, determining how RBC fluctuations affect the Islamic capital market. Finally, the Vector Autoregressive (VAR) and Vector Error Correction Model (VECM) are applied to explore both the short-term and long-term causal relationships between RBC and ICM, offering insights into immediate and persistent effects on the market.  The findings reveal a significant relationship between Real Business Cycle (RBC) indicators and the Islamic Capital Market (ICM), with notable shifts in investor behavior and varying impacts of GDP, unemployment, and exchange rates on Islamic financial instruments like Jakarta Islamic Index (JII) and Sukuk.

The halal industry has great potential for

In Indonesia there is still a big opportunity to develop the sharia industry in Indonesia, especially sharia life insurance. This is based on the penetration rate of life insurance in Indonesia in 2018 only reaching 1.3%, which shows a decrease from the previous year which was 1.4%. Therefore a strategy is needed to increase the penetration of sharia insurance through research on the factors that influence a person's interest in participating in sharia life insurance. This study aims to examine the effect of financial literacy, Islamic life insurance knowledge, Islamic financial planning, and financial behavior on interest in participating in Islamic life insurance. This research is a quantitative research. Primary data was obtained through a survey that obtained 140 respondents aged over 17 years and domiciled in the city of Bogor. The analysis uses the Partial Least Square Structural Equation Modeling (PLS-SEM) method with SmartPLS software. The results of this study indicate that the variable knowledge of sharia life insurance and sharia financial planning has a significant effect on interest in participating in sharia life insurance. On the other hand, the variables of financial literacy and financial behavior do not significantly influence interest in participating in sharia life insurance.

Indonesia Law No. 33 of 2014 concerning Halal Assurance requires that by 2019 halal certification should be effectively implemented for food and beverage products, as well as service products related to both. Out of the 1.6 million micro, small, and medium enterprises (MSMEs), only 10 percent have been halal certified. This study aims to analyze the factors that influence the perceptions of culinary business owners regarding intention to register for halal certificates. Theory of Planned Behavior will be modified and implemented in preparing the frameworks of the dependent-independent variables. Using partial least square method, 200 sample of culinary producers -owners and managers- in Bogor were studied. Intention of producers is found to be significantly influenced by trust. Trust is also found to be sensitive to functional factor and subjective norm. Trust is also found to be determining attitude, together with functional factor and perceived behavioral norms. Trust is also significant in mediating the effect of perceived behavioral norms to intention, and also in mediating the effect of subjective norm to intention.The population of this study is the MSMEs culinary producers in Great Bogor Area, West Java, Indonesia. Only the respective owners and managers of the responding businesses were the main respondent. Similar research should be done for other types of halal product in order to generalize the results.This research modify TPB in setting the framework of determinants for halal certification intention. Variables added to the original TPB framework are trust and functional factor.This result concludes that trust is crucial in the effort to increase the number of halal certified products in Bogor. The halal certification authorities would have basis to review their policies, procedures, and technical guidelines for halal certification process. This study could be extended in terms of object and other potential determinant variables. Literatures related to halal certification has limited exposure to producers’ motivation for halal certification

Purpose: This study analyzes the impact of macroeconomic factors such as exchange rates, global oil prices, and inflation on Hajj pilgrimage costs.

Methodology: This is a qualitative study. Time-series data from 1980 to 2022 were used in this study. The data were analyzed using the VECM method.

Results: The results show that, in the long run, exchange rates, crude oil prices, and inflation have a significant impact on the cost of Hajj.

Limitations: Difficulty in obtaining annual data. This is a common limitation of research that relies on secondary data sources. Annual data may not be readily available or may be difficult to access.

Contribution: One of the main contributions of this study is that it identifies factors that can affect the long-term cost of the Hajj pilgrimage. This information can be used by stakeholders to maintain the stability of the Hajj pilgrimage costs by considering these factors.