This paper aims to review the application of bay’ al-tawwaruq contract in offering Islamic banking products and services. The review evaluates to what extent bay’ al-tawarruq contract able to fulfil the maqasid (objectives) of Shariah (Islamic law). Two RHB Islamic bank's products (personal financing and deposit), which adopted bay’ al-tawarruq contract were critically studied. The product structures were analysed and compared with the bay' al-inah based product structure. The adoption of bay’ al-tawarruq contract in creating Islamic personal financing and deposit products comply with Shariah principle. The product structure and the operational process did not trigger any Shariah issue. However, in terms of fulfilling the maqasid of Shariah, the paper find out that the application of bay’ al-tawarruq is not significantly different from bay’ al-inah based products. Thus, despite the shift from bay’ al-inah to bay’ al-tawwaruq implemented by most of the Malaysian Islamic banks, criticism regarding how 'Islamic' is Islamic banking remains to be debated. Islamic banking products studied in this paper were limited to RHB Islamic bank of Malaysia only. Hence, the paper is not intended to represent the local Islamic banking industry as a whole. The paper offers Shariah assessment on Islamic banking products that adopt bay’ al-tawarruq contract as their underlying principle. It also provides a valuable addition to the discussion of maqasid (objectives) of Shariah in the Islamic finance industry.

The purpose of this study is to explain the justification behind the current Shariah screening methodology assessments used by KLSI, which differs from other major Shariah screening methodology around the world. Besides, this study is also attempts to investigate on the intention to entitle Shariah-compliant status by Public Listed Companies (PLCs) in Malaysia. This study employed a series of interviews with five individuals who are involves with KLSI Shariah screening methodology as data collection procedure. Thus, this study found a number of justifications on the reasons behind the current Shariah screening methodology assessments used by KLSI. This includes reasons on the adoption of additional 20% tolerable percentage, additional criteria on corporate image and maslaha (public benefits) and also views on the leniency of current KLSI Shariah screening methodology assessments. Besides, this study also identified several measures to identify the intention to entitle Shariah-compliant status by PLCs. This includes voluntary application, effort of de-listed PLCs to be listed as Shariah-compliant for the following year, impact of Shariah-compliant status especially on the share prices and potential investors, good corporate image on maintaining Shariah-compliant status and the core value of the business. Then, this study also provide several recommendations to be considered for future improvement especially on Shariah screening methodology assessment.

The 19th century witnessed noticeable events that shaped the geopolitical and economic spheres in both Europe and Ottoman Empire. Internationally, the industrial revolution, the economic crisis, and the Crimean War were some of those. By 1870, the OE declared its bankruptcy and this decision went viral into the international market, which in fact led to tighten the conditions by the European powers to obtain foreign capital. This study aims to provide a new insight on the external debt determinants using the economic data 1881 to 1913. Applying ARDL as an econometric approach to determine the interrelationship, the findings of the study reveal that the economic growth is negatively associated with the external debts. Also, the study found that government expenditure is having a positive relationship with the accumulation of external debts.

The Shariah financial screening indices is to exclude companies with unacceptable levels of conventional debt, liquidity, interest-based investment and/or impure income. Ideally, companies must not borrow on the basis of interest rate, nor invest in debt-bearing instruments, as well as not generating income through any other Shariah-impermissible activities. However, such restrictions would screen out the vast majority - if not all - of the stocks that are available on the market, even those listed in Islamic countries. Based on this condition, Shariah scholars tried to come out with a set of Shariah indices to be tested on existing companies in order to classify them as Shariah-compliant companies. Thus, the aim of this paper is to explore and critically analyse comparison of Shariah screening methodology amongst major Shariah indices in the world. By applying the reviewing for all related literature and contents of Shariah screening’s laws and regulations. It can be stated that several group of Shariah indices can be categorized. Firstly, under qualitative measures (business activities), there are two groups which are: (i) financial activities orientation; and (ii) indic with non-financial activities orientation. Meanwhile, under quantitative measures (financial ratios), another several groups can be categorized based on different adoption in the nominator, denominator and tolerate percentage used. It is hoped that this work would inspire more research on Shariah screening using different research methods and compare between the indices according to segments this research argued. Besides, the policy makers should give more attention to ensure the Shariah screening practices and the enhancement Shariah screening standardizing among the major Shariah indices. Last but not least, investors and stakeholders whom concern of Shariah screening could also benefited of the findings of this study by having better understanding of Shariah screening practices and compare between existed indices.

Findings — The findings indicate that the paddy farmers have the intention to participate and contribute to agricultural takāful that predominantly influenced their attitudes and perceived behavioural control. However, affordability, awareness, and Sharīʿah compliance issues remain barriers for their participation. Financial support through zakat and waqf has the potential to enhance acceptance, while pricing remains a critical determinant for uptake. Qualitative evidence further highlights the need for a model that extends beyond risk protection to reflect ethical, inclusive, and sustainability principles. Originality/Value — This study contributes novel insights through the proposed Takāful Taʿāwuni Agro framework, which integrates takāful with zakat and waqf under a unified model of taʿāwun (mutual cooperation). Taʿāwun is positioned here as a broader guiding value for ISF, enabling collective responsibility, inclusivity, and community resilience. Research Limitations/Implications — This study is limited by its cross-sectional design and focus on selected granary regions in Malaysia. Future research should apply long-term and pilot-based approaches to empirically test the operationalisation and performance of integrated takāful–ISF models across different agricultural and country contexts. Practical Implications — The proposed Takāful Taʿāwuni Agro framework brings the spirit of taʿāwun into practice by aligning agricultural takāful with the Value-Based Intermediation Takaful (VBIT) agenda to provide a Sharīʿah-compliant and inclusive risk-sharing solution for vulnerable farmers. The model demonstrates how taʿāwun and VBIT can be applied beyond agriculture to strengthen financial resilience and social protection across other vulnerable sectors of the economy.