Islamic financial institutions offer a different paradigm from conventional institutions. From corporate governance (CG) viewpoint, it embodies a number of interesting features since equity participation and profit-and-loss sharing arrangements form the basis of Islamic financing. These financial arrangements imply different stakeholder relationships and governance structures, and distinct from the conventional model since depositors have a direct financial stake in the bank's investment and equity participations. On top of that, the Islamic bank is subject to an additional layer of governance since the suitability of its investment and financing must be in strict conformity with Islamic law and the expectations of the Muslim community. Other form of governance such as accounting standards have also been an issue whether they have met the reporting requirement of Islamic financial institutions that carry title as “Islamic” as there is no uniformity. Therefore, there should be concerted efforts to revisit the existing good CG and accounting standards for Islamic financial institutions.

Waqf assets in Indonesia have not been managed optimally and productively. A survey states that 74% of waqf managers (nadzir) cannot maximize benefit from waqf. The reason is the limitation on innovation to develop and sustain waqf assets. On the other hand, Indonesian government has suffered from high foreign debt that seeks solution for alternative financing. Sukuk issuance could be a potential linkage between unmanaged waqf assets and government high debt demand. This study discusses the possibility of issuing sukuk based on waqf asset in Indonesia which drives several aspects. This paper adopts research method of benefit, opportunity, cost, and risk both for issuer and investor standpoint that refer to various sources of literature and interviews with respondents consisting of experts, regulators, and practitioners. The results using two-floor level Analytic Network Process show that the priority of benefit aspect is a financing alternative. While for the aspect of opportunity, the main priority is developing more innovative Islamic finance products. The priority of cost aspects is unprofessional asset management of waqf. The priority on aspects of risk is a dispute of endowment assets. For short-term and long-term strategy, the main priority is on creating partnership with other institutions. Contribution of this research is to inform the regulators on the setting of legal aspect when waqf assets used for sukuk financing in particular on the issue of foreign debt.

The Sustainable Development Goals (SDGs) aim to eradicate extreme poverty by 2030 and reduce at least half the proportion of men, women and children of all ages living in poverty in all its dimensions according to national definitions. This chapter reviews extant empirical studies in the area of Islamic microfinance in orderto analyse the contribution of Islamic microfinance to SDGs by mapping research direction on the SDGs. The studies are categorized based on the discussion on research paradigm, countries being researched, methods employed and results that lead to action for achieving MDGs and SDGs. It finds that the studies under review mostly employ poststructuralism and interpretivism paradigm with countries being researched are mostly Bangladesh, Malaysia and Indonesia. Finally, the chapter offers insights on future research aiming to promote the achievements and issues faced in the implementation of SDGs.

This paper aims to examine the existence of multiple institutional logics among a number of organisations within the international Islamic financial architecture (IIFA) whose main purpose is to promote and support the development of Islamic financial institutions (IFIs) across the globe and how IIFA relates to the role of Islamic financial reporting standards.
The authors review websites of 11 IIFA’s constituent organisations and undertake 7 in-depth, semi-structured interviews with senior members of a selection of these organisations to identify the dominant logics by which their role and (inter)action within the IIFA are shaped.

The study findings reveal evidence of competing (and shifting) logics and political interests that seem to have led to contradictions and inconsistencies among the constituent organisations. The authors explain this by proposing a framework consisting of religion logic, market logic and corporate logic that intertwines with the underlying economic system and acts as sources of identity–legitimacy–authority for the respective organisations.

The authors bring to light some key issues that may pose a threat to the sustained existence of IFIs. The authors adapt the institutional logic framework and incorporate it into religion logic within the context of Islam (i.e. hifdzul-din as the first Maqasid ul-Shari’ah), resulting in some fresh theoretical perspective that may inform future research.

The study aims at discussing the concept and practice of Islamic Stockbroking, and examining the opportunities of Islamic Stockbroking in Malaysia.The study adopts library research to discuss the concept of Islamic stockbroking. It also employs a semi-structured interview with industry players to prognosticate the future development of Islamic stockbroking in Malaysia. The study reveals that stockbroking is not a new concept in Islam. Classical jurists have discussed thoroughly the concept of samsarah (brokerage) from an Islamic perspective. The current practice of Islamic stockbroking in Malaysia employs two tiers of wakalah contract. Furthermore, the study concludes that the future of Islamic stockbroking in Malaysia is very promising, triggered by drivers on both the supply side and the demand side. The large Muslim population, wealth and economic growth are among the key factors for the development of Islamic stockbroking from the demand side. On the other hand, the Shari‟ah compliance of 89% of Malaysian stocks, Malaysia‟s position as an Islamic finance hub, and the natural progression of Islamic finance are all factors underpinning the future of Islamic stockbroking from the supply side. This study will add new literature in contemporary Islamic finance as not much study has been conducted on the subject matter

Purpose – Tawarruq (Islamic commodity financing) has evolved as the most ubiquitous concept in Malaysia’s Islamic banking industry. Nevertheless, the extensive use of tawarruq has invoked a number of Sharīʿah (Islamic law) concerns in its practice. This study aims to investigate the Sharīʿah non-compliant (SNC) phenomena in the practice of tawarruq financing in Malaysia. Design/methodology/approach – This study adopts qualitative research methodology, combining both descriptive and content analysis. A self-administered questionnaire was distributed to 16 Malaysian Islamic commercial banks to unveil the Sharīʿah non-compliance issues in the application of tawarruq in Islamic banks (IBs) in Malaysia. Findings – This study found that some practices of tawarruq in Malaysia might not comply with Shari’ah, mainly because of the improper sequencing of contracts. The study also discovered that IBs adopt different approaches in dealing with SNC events and the income derived therefrom. Finally, the study noted the influence of board of director/management on certain Sharīʿah decisions particularly about the treatment of non-halal income. Research limitations/implications – The findings of the study serve as a reference to industry players and regulators in formulating Shari’ah non-compliance risk management framework for tawarruq practices. Originality/value – The survey on SNC issues in tawarruq practice constitutes the first of its kind in the existing literature.

The aim of this review paper is to know more about the service quality of Banking Sector available in Konkan Region through literature survey. In the 21st century, service quality and customer satisfaction are directly proportional to each other for achieving success in any industry and the same is applied to the banking sector in India. Customers play an important role in Banking Industry in India. Therefore Banks in India are responsible to fulfill needs of customers to retain survival and success in today’s modern era. Success of any organization depends upon their services quality and customer relationship with an organization. Retention of customer and business is totally depends upon services provided by banks to solve the complaints of customers instantly. This review paper summarizes the relationship between services quality, customer satisfaction and success of organization through literature survey in Banking Sector.

Progressive Islamic education is an educational reconstruction that seeks to function the mind (intelligence) as optimally as possible in religious life, practice experiences and actual problems in education and is able to anticipate changes by thinking projectively (visionary) and acting proactively. This research is classified as a qualitative descriptive research. This study aims to describe the three basics of progressive Islamic education in educational development. This type of research is field research with case studies at MI Muhammadiyah Gonilan and SDIT Muhammadiyah Al Kautsar Gumpang Kartasura. This data collection method is carried out by observation, interviews and documentation, while data analysis is carried out interactively which begins with data reduction, data presentation and drawing conclusions. The results of the study show that the implementation of the three basics of progressive Islamic education is indicated by special characters in schools, namely smart schools, experience learning and educational for sustainable development. Smart school is carried out by optimizing human reason or thinking ability by balancing science and religion. Experience Learning makes experience a valuable lesson for educational progress, and educational for sustainable development shows that progressive education is always oriented.

Purpose
The chapter aims to examine the challenges and the opportunities for the development of Islamic stockbroking in Malaysia. Methodology
The chapter adopts library research to discuss the concept of Islamic stockbroking. It also employs a semi-structured interview with industry players to prognosticate the future development of Islamic stockbroking in Malaysia. Research Findings
The study concludes that the future of Islamic stockbroking in Malaysia is very promising, triggered by drivers on both the supply side and the demand side. The large Muslim population, wealth and economic growth are among the key factors for the development of Islamic stockbroking from the demand side. On the other hand, the Shari’ah compliance of 89% of Malaysian stocks, Malaysia’s position as an Islamic finance hub and the natural progression of Islamic finance are all factors underpinning the future of Islamic stockbroking from the supply side. However, lack of qualified human resources, political inconsistency, information technology infrastructure, product innovation as well as public perception are obstacles to its development. Value
This chapter will add new literature in contemporary Islamic finance, as not many studies have been done on the subject.

This study proposes some strategies to strengthen Islamic financial inclusion in Indonesia. The study employs the Analytic Network Process (ANP) by interviewing Indonesian Islamic finance experts, including academics, regulators, and practitioners. The ANP results show that the strategies to strengthen Islamic financial inclusion in Indonesia, ranked based on their significance level, are product compatibility (0.28), financial infrastructure (0.25), human development (0.20), and demand creation (0.18). The study provides actionable recommendations for Islamic Financial Institutions (IFIs) in Indonesia when formulating their appropriate roadmaps and strategies for Islamic financial inclusion. This study is a pioneer work that develops an institutions-based strategy for Islamic financial inclusion in Indonesia based on expert judgments.