The dependence of modern businesses on computer and information technology has increased significantly. The acceptance and use of information systems (IS) and information technology (IT) have been a focus of research and practise in recent decades. e-Money is a payment instrument used to store funds that the user pays in advance to the e-money issuer. The use of mobile devices to conduct financial transactions has led to the development of a new type of e-money called an electronic wallet (e-wallet), which is essentially the digital equivalent of the wallets that people normally carry. With the availability of numerous features and services beyond payment, e-wallets have become one of the government's primary tools to achieve a cashless society. Several adoption theories and models have been used to determine the acceptance and use of e-wallets, particularly in the study of social commerce. These include the Technology Acceptance Model (TAM), the Theory of Planned Behaviour (TPB), and the Unified Theory of Acceptance and Use of Technology (UTAUT). Current research on e- wallet acceptance generally relies on the expanded Unified Theory of Acceptance and Use of Technology-UTAUT (known as UTAUT2) as the primary framework. UTAUT2 introduces factors relevant to the consumer market that influence behavioural intentions to use a new technology: Performance Expectancy, Effort Expectancy, Social Influence, Facilitating Conditions, Hedonic Motivation, Price Value, and Habit. This paper examines previous research on e-wallet adoption intentions based on the UTAUT2 framework using secondary data analysis. This study contributes to the literature on e-wallet adoption by taking a broader look at the determinants of e-wallet adoption by users, including an Islamic perspective and future research directions.

Malaysia has set a goal of becoming a developed economy with high income through sustainable and equitable economic growth by 2030 under Shared Prosperity Vision 2030. To accomplish this vision, vast implementation of takaful al-ijtimai’ (social security) is needed as each individual in the society is entitled to basic needs for them to improve standard of living. The implementation of takaful al ijtimai' in Islamic perspective is much wider which considers the roles and responsibilities of all (i.e., government, institutions, agencies, NGOs and individuals) towards achieving sustainable development. However, one factor that hinders further practices of takaful al-ijtimai’ is the lack of awareness and knowledge of its concept and purposes. Therefore, this paper designed to investigate the awareness and understanding of takaful al-ijtimai’ among Malaysian within the takaful market by collecting primary data through questionnaires. This paper reports results of 267 respondents in Klang Valley and Nilai, Negeri Sembilan. The findings indicate that 71.9 percent of respondents were unaware of takaful al-ijtimai’ due to the Arabic term. Surprisingly, despite their lack of knowledge and understanding of takaful al-ijtimai’, majority of respondents agree that takaful operators can be trusted in dealing with people. The paper will be useful to researchers, professionals and others concerned with sustainable and inclusive economic growth to understand the importance of takaful al-ijtimai’. Such studies on takaful al-ijtimai’ has not been done before. Other than revealing ambiguities, gaps and contradictions in the literature, this paper provides information and guidance for other researchers wishing to embark on research on takaful al-ijtimai’. Keywords: Takaful al-ijtimai’, social security, awareness, knowledge.

The cash waqf instrument is been observed as an appropriate mechanism in the area of Islamic finance. Waqf practices in Malaysia are confined to property and land. Nonetheless, despite the knowledge about the uniqueness and powerful attributes of cash waqf in enhancing economic development has been quite widespread, this instrument is still unpopular in Malaysia, especially in the takaful industry. Thus, this study aims to examine the awareness of cash waqf and its application in the takaful industry as well as to examine the proposal of using this tool in Malaysian takaful industry and to further analyze the issue of why cash waqf is still unpopular in Malaysia. This study employs questionnaires for data collection. This paper reports the results of 267 respondents in Klang Valley and Nilai, Negeri Sembilan. The findings show that 58.8 percent of respondents are aware of the meaning and concept of cash waqf. However, 66.3 percent of the respondents are not aware of the application and applicability of cash waqf in the Takaful industry. Although it seems new for Malaysia to have cash waqf funds under the takaful framework, it should be an initiative to start it up as a good means to demonstrate the true essence of takaful. A new and special venue for it can be formed by bundling the cash waqf fund in the existing takaful models. In other words, this instrument could function as part and parcel of the current takaful models. Other than revealing ambiguities, gaps and contradictions in the literature, this paper provides information and guidance for other researchers wishing to embark on research on cash waqf in Malaysian takaful industry.

Islamic banking should expand its scope beyond commercial banking and actively contribute to all levels of the community by offering products and services, utilizing effective distribution channels, and engaging in sustainable activities. Although Islamic banks are evaluated based on financial performance, there is a notable absence of a mechanism to assess their social impact on society. Presently, social themes related to Islamic banking are scattered across various sustainability agendassuch as SDG, ESG, SRI, and CSR. This paper aims to develop an integrative framework that addresses and reconciles the fragmented aspects of Islamic social banking in line with the principles of Maqasid Shariah. This study employeda qualitative method whichwas conducted in twophases. In the first phase, content analysis wasutilized to construct social themes under SDG, ESG, SRI, CSR, and Maqasid Shariah. In the subsequent phase,semi-structured interviews were conducted to gain input fortheframeworkdevelopment. The integrated framework incorporates five(5)dimensions of Maqasid Shariah with corresponding thirteen (13)themes to measure Islamic banking practices. This framework has the potential to serve as a significant contributor to the development of comprehensive performance indicators for the effective implementation of social banking within the Islamic banking sector. Moreover, it plays a pivotal role in realizing the objectives outlined in Malaysia's Shared Prosperity Vision 2030.

Financial inclusion is a priority agenda in many countries. While the importance of financial inclusion index is widely recognized, the literature lacks a constructive discussion on its measurement in the light of Islamic finance since it is believed that only by the incorporation of the Shariah-based instruments, the level of access to finance can be improved. The study aims to develop a methodology for the computation of an integrated Islamic finance-based index of financial inclusion in Malaysia. Based on the current measurement of financial inclusion index (IFI) in Malaysia, this study employs a self-administered questionnaire and secondary data from Jabatan Waqaf, Zakat dan Haji (JAWHAR) and Yayasan Waqaf Malaysia (YWM), to measure the integrated Islamic finance based financial inclusion index for year 2011 and 2015. Zakat and cash waqf indicators are added in the index computation to represent Islamic finance components. Depending on the value of the index, a country is classified into four categories; high, above average, moderate or low integrated Islamic finance-based of financial inclusion. It is found that the level of financial inclusion using Islamic finance indicator in Malaysia is above average. The overall index level is increased from 0.49 in year 2011 to 0.55 in year 2015. Interestingly, most of the level of zakat and cash waqf indicator indexes are low which indicate that these channels require specific attention to tackle financial inclusion in Malaysia. It is hoped that the findings would be useful for the development of financial inclusion index using Islamic finance approach and monitoring the impact of zakat and waqf to the society.

This study aims to examine to what extent and how effective Islamic Accounting and Finance education sustainability has been at the university level. The integration of element sustainability into the curriculum has received increasing concern over the years as the debate continue being discussed into recognizing the Islamic Accounting and Finance education to be linked with the professional market. Thus, it is very important to explore the extent of sustainability of Islamic Accounting and Finance in the curriculum as to be at par with the emerging field of ecological economics and understanding the new concept of business role in this technological advance society as the emergence of terms such as Big Data, Blockchain, Cryptocurrency represents the challenges facing by the graduates recently. This paper presents a quantitative study through online surveys to determine the perceptions by graduates on the extent and adequacy of Islamic Accounting and Finance sustainability in their syllabus conducted at their universities. There is consensus from the participants on the current state of sustainability education within the Malaysia universities of Islamic Accounting and Finance courses. However, the findings highlighted that the integration is not wide enough, and the sustainability is not in sufficient depth. In addition, the findings reflected that it is significant for sustainability to be included in the syllabus at Malaysia universities. Based on the research findings, it appears that the inclusion of Financial Technology (Fintech) ecosystem play roles in sustaining the Islamic Accounting and Finance education to stay relevant in reducing the number of talent shortage in Malaysia. The role of academicians plays important role in integrating the sustainability at universities and there has been lacking evidences that show work performed on the current state of sustainability in Islamic Accounting and Finance education in Malaysian universities. Given the future challenges that will be face by the future graduates, thus it is important at the education level to equip the graduates to meet the demands by the industry. This study provides perceptions at graduate’s level as this is very crucial area to know their perspective on the sustainable of Islamic Accounting and Finance curriculum for further development can be made in meeting the challenges they are facing with the industry demand.

Islamic law cannot be assumed to be associated only with the worship and morality, but it offers instruction for various facets of human existence. Environmental concerns like global warming and preservation and protection of a healthy environment is among the things highlighted in Shariah. As environmental accounting is an approach that significantly mitigate the adverse environmental consequences from business activities, the practice is supposedly be implemented by all business firms, especially by the Shariah-compliant companies that are expected to embed Islamic values in its operation. This paper is therefore interested in extending the focus of environmental accounting practice in Shariah-compliant companies in environmentally sensitive industries. In addition to that, this paper also looks at the support by the top management of these companies regarding environmental issues and how this may affect the adoption of the environmental accounting practices among them. Keywords: Environmental Accounting, Environmental and Islamic law, Shariah and the environment

Financial inclusion has emerged as a global concern in order to foster equitable economic growth and provide equal access to financial services. This article explores the situation of financial inclusion in Malaysia, analyzing its progress and problems, and offering potential future courses. This article gives insights into Malaysia's attempts to improve financial inclusion by examining actions conducted by the Malaysian government, regulatory authorities, financial institutions, and other stakeholders. Furthermore, the paper identifies the obstacles to attaining broad financial inclusion and suggests solutions. The findings imply that, while Malaysia has made tremendous advances in increasing financial access, further efforts are needed to promote inclusion for marginalized groups and distant places. To achieve greater financial inclusion in Malaysia, it is imperative to implement legislative solutions, leverage innovative technologies, and engage all stakeholders.

The aim of this study to review the position of Malaysia in terms of financial inclusion and crowdfunding. The goal of financial inclusion is not only to enhance a country's economic growth but also to eradicate poverty and reduce the gap between the rich and the poor within a country. Crowdfunding can be used as a banking alternative, and countries with a large number of crowdfunding platforms have demonstrated great financial inclusion. By expanding access to capital and displacing unregulated lenders, crowdfunding has the potential to promote financial inclusiveness in the society. This study employs content analysis using secondary data to explore financial inclusion initiatives that can be achieved through crowdfunding platforms. It is hoped that the review would be useful for understanding and promoting crowdfunding as one of the important tools to achieve financial inclusivity in Malaysia. The paper will be useful to researchers, professionals and others concerned with financial inclusion to understand the importance of crowdfunding as one the mechanisms to promote financial inclusiveness. Other than revealing ambiguities, gaps and contradictions in the literature, this paper provides information and guidance for other researchers wishing to embark on research on financial inclusion and crowdfunding.

The promotion of achieving financial inclusion through Islamic finance is considered an agenda priority in many countries especially where Muslims population is dominant. While the importance of financial inclusion index is widely recognized, the literature lacks a constructive discussion on its measurement in the light of Islamic finance. Building on the recent papers on financial inclusion index, this paper addresses the dimensions and indicators related to the computation of financial inclusion index based on Islamic finance. Some evidences suggest that the measurement of index needs to take into consideration as many dimensions as possible that impact the factor studied. Hence, incorporating as many dimensions as possible will result in a more holistic of financial inclusion index in the light of Islamic finance's core objectives. This paper attempts to fill this gap by proposing the founding principles in financial inclusion index based on Islamic finance. The principles incorporate the two-pillar approach (i.e. risksharing/ risk taking and wealth distribution) in determining the basic dimensions and indicators within the ambit of Islamic finance. By doing so, we hope to shed light on the parameters that are crucial in the index computation.As far as financial inclusion index is concerned, the issue of data limitation is expected in building this Islamic finance based index. With regard to the computation of financial inclusion index, while numerous amounts of data are available on many aspects of the financial sector, systematic indicators of inclusiveness of the financial sector are not. As a consequence, the second purpose of the paper is to examine the data available for the computation of financial inclusion index based on Islamic finance as well as issues pertaining to it.

The issue of financial literacy has caught the interest of various groups in developed countries. The importance of improving financial literacy has increased because of factors including the development of new financial products; the complexity of the financial markets; and the changes in political, demographic and economic factors. However, the lack of financial knowledge will lead to an immense problem for a country and there is statistic shown entrepreneurs is amongst who are declared bankrupt. Thus, serious actions should be taken, and the financial literacy module for micro business entrepreneurs is one of the factors that needs to be identify. This paper aims to identify, review and synthesize the financial literacy module for micro business entrepreneur based on a systematic review. The present paper carried out a systematic literature review (SLR) of the related literature. A systematic review was identified literatures by electronic open access database searches (Google scholar, Scopus, Emerald insights, Taylor and Francis, Springer, World of Science and Science Direct). The inclusion criteria were: i) publication date between 2017 and 2021, ii) country, iii) methodology, iv) model/theory and v) dimension. Narrative synthesis and systematic review were performed and reported according to the preferred reporting items statement using Preferred Reporting Items for Systematic Review and Meta-Analyses (PRISMA) search methodology strategy. Systematic literature review has been undertaken by identifying 2,743 studies from various sources. After removing the 2,732 studies based on selection criteria, 11 studies have been found relevant for the present study. The review suggests that the financial literacy module for micro business entrepreneur is necessary to promote entrepreneurial development and increasing the profile of disadvantaged people. This research found there is no standardised methodology to measure the financial literacy of entrepreneurs. The study conceptualises a research model which can be used by the policymakers to develop training modules for entrepreneurs. These training modules will contribute to the nation’s economic growth by virtue of enhanced performance and superior financial access. This study proposes a hypothesised research model which is one of its kinds to demonstrate the financial literacy module for micro business entrepreneur.

Islam mengajak umat manusia melakukan amalan tabarru’. Sehubungan dengan itu, pensyariatan harta wakaf adalah sebahagian dari mekanisma yang mampu melonjak ekonomi umat Islam amnya. Terdapat pelbagai bentuk harta wakaf ‘aqar seperti tanah, bangunan dan rumah. Oleh itu, kemudahan dari wakaf ‘aqar ini boleh dijadikan sebagai fasiliti untuk pembangunan industri halal kepada para usahawan muslim. Antara usaha yang boleh dijalankan ialah menjadikan wakaf ‘aqar berkenaan sebagai inkubator usahawan halal, lot operasi perniagaan, tanah untuk pertanian, serta penternakan berasaskan pensijilan Halal Malaysia. Sehubungan itu, saluran keuntungan dari perniagaan berkenaan akan disalurkan semula kepada penerima wakaf (al-mawquf alaih). Diharapkan dengan memaksimumkan penggunaan wakaf ‘aqar, ia akan melonjakkan sektor Halal yang bersendikan keusahawanan Islam.

In a recent survey conducted by PricewaterhouseCoopers (PwC) on Global Banking and Capital Markets (BCM), a vast majority of CEOs (93%) identified technology changes as a key contributor to transforming the sector over the next five years. The financial services sector must be able to respond to this transformation and therefore, will require labour talent that combines strong financial and digital skills. Through this report, the study explore the financial technology (Fintech) industry to understand how the industry and educational institutions have responded to the increasing need for sustaining the Islamic finance curriculum and improving the talents. The objective of this research is twofold; first, the research turns to highlight Malaysia responses on the role of fintech in sustaining the education and the issues of talent shortages. The responses have been categorized into three primary themes: (1) Educational Interventions, (2) Incubators and Extra-Curricular Events; and (3) Government and Policy Interventions. Secondly, the research consolidates and reframes the discussion by acknowledging that multiple opportunities for improvement exist within Malaysia’s Islamic Fintech ecosystem, helping to identify a series of suggestions that could be considered by the local industry and education institutions.

Merger and acquisition (hereafter M&A) are the business expansion strategy. Islamic bank is the niche banking sector compared to its peers while it is categorized as too small to succeed. The paper aims to analyze the impact of M&A on the operational performance of the Islamic banking sector. This study employs empirical research methods, namely cross-sectional pooled regression and panel data regression to analyze a set of samples consisting of 10 Islamic banks involved in M&A from 6 countries, drawn from the International Monetary Fund (IMF), World bank, Ficth Connect, and Bloomberg over the years of 2009Q1to 2018Q4. The operational performance is estimated using accounting-based measures while the Herfindahl-Hirschman Index (HHI) and the concentration ratio (CR) are applied to signify market structure. Total assets, total deposits, and operating income variables are used to represent bank size. The findings indicate that bank size shows a negative impact on operational performance. While the segregated level of bank size which is larger banks and concentrated market structure has a greater impact on the operational performance of Islamic banks in the post-M&A period. The paper concludes by discussing policy implications for policymakers and academicians for having the strategic decision on the M&A deal and further research.

Realizing the weaknesses in the conventional banking system, whose aim is to maximize profit without compromising the moral economy, the notion of social banking emerged. To contribute to the development of people and the planet today and in the future, social banks were introduced in Western countries as value-driven institutions that prioritize social and environmental impacts alongside their financial returns. This significant feature of social banking is originally rooted in the aspiration of Islamic banking establishments to promote a balance between social and economic justice. However, scholars have discussed the possibility of setting up a stand-alone distinctive Islamic social banking, as the current practice of Islamic banking has yet to address moral issues. Thus, this study aims to revisit the notions of social banking, Islamic social banking, and Islamic banking to redesign our understanding of the ultimate role of Islamic banking. This paper also discusses the social sustainability features and practices of Islamic banks and social banks using the Maqasid al-Shariah. Considering the current social sustainability contributions of Islamic banks, the study discovers that Islamic banks are practicing and improving their roles in both social and economic wellbeing, implying that Islamic social banks are unnecessary. The implication of the study is to develop an impact measurement model to gauge the implementation of socio-economic activities by Islamic banks to uphold the role of Islamic banking in promoting a social and fair economy.

The significant impact of tourism industry has made it one of dominant economic and social activities in Malaysia, which contribute to the increasing number of domestic and international tourists especially among the Muslim community. Thus, it is important for the industry to create the concept of Muslim Friendly Hospitality Services (MFHS) to cater this trend as an innovation in the tourism and hospitality sector in Malaysia. With the aim to explain the accommodation parameters in MFHS for the tourism sector based on the standard MS 2610:2015, this study uses the method of literature and text study. Furthermore, analysis of relevant documents, books and journals, articles, past studies are also referred to discuss the implementation framework of MS 2610: 2015 beside conducting interviews with experts in the industry related to the development of standard MS2610: 2015 to achieve the objectives of the study. Findings of this study found that there are still hospitality services that need to be strengthened to meet the MS 2610:2015 standard. Thus, this study has contributed by identifying the parameters of standardization in the implementation of MFHS in the tourism industry in Malaysia. Moreover, this study also clarified the concept of MFHS and the criteria measured for the tourism hospitality sector in Malaysia, which is expected to increase the credibility of an organization by applying noble values in management as well as driving the growth of Malaysia's halal tourism hub globally.

Effective 1 October 2020, Bank Negara Malaysia (BNM) Life Framework required all Takaful Operator to comply with the new Minimum Allocation Rate (MAR) requirement together with the liberalization of commission structure. Due to the implementation of MAR, few Takaful Operators decided to withdraw their Investment Link plans from the shelves and launches more Family Takaful savings plans. The implementation of the new MAR primarily to establish a sustainable fund for the participant, but the operators look at it as a tight policy that could affect mostly on commission structure for agents. From the distribution side, reducing the commission structure could lead to the withdrawal and reduction of agents. For big players, they can still offer this product by reducing profit margins and an increase in the volume of sales. For small and mid-players, the innovation in Takaful Model is crucial to ensure they can offer a similar product without contradicting the new MAR. This paper will propose an innovation for Takaful Models that could help the Takaful industry remain relevant in the market.

The corporate expansion approach is mergers and acquisitions. The paper aims to analyse the impact of mergers and acquisitions on the Islamic banking sector’s operational performance. This study uses empirical research methodologies, such as panel data regression, to examine samples of ten Islamic banks involved in M&A from six countries, gathered from the International Monetary Fund, World Bank, FicthConnect, and Bloomberg from 2004Q1 to 2020Q4. Accounting-based measurements are used to quantify operational success, whereas the Herfindahl-Hirschman index and the concentration ratio are used to signify market structure. To estimate M&A results, Stata Package 14.2 is used (five years pre and five years post). According to the findings, M&A improve the operational performance of Islamic banks. In addition, small-sized banks outperform large and medium-sized banks, with market structure (LHHI) degrades M&A performance. Therefore, the paper suggests that Islamic banks should be involved in M&A deals and remove the constraints of size

Pelancongan adalah merupakan salah satu medium penyebaran dakwah Islam kepada masyarakat dengan menggunakan pendekatan yang Islamik contohnya dalam penyediaan premis, makanan dan minuman halal serta pakej pelancongan mesra Muslim. Di Malaysia, Perkhidmatan Hospitaliti Mesra Muslim (MS2610:2015) digunakan sebagai rujukan utama berkaitan prosedur pelaksanaan mesra Mulim. Standard ini telah dibangunkan oleh Jabatan Standard Malaysia berdasarkan pandangan dan komentar dari pihak akademik dan industri. Walaupun begitu, terdapat sebahagian pemain industri tidak melaksanakan hospitaliti mesra Muslim disebabkan oleh penyelarasan polisi dan garis panduan yang kurang jelas. Matlamat kajian ini ialah untuk memahami standardasi perkhidmatan hospitaliti mesra Muslim di Malaysia dan meneroka pendekatan dakwah profesional bagi memperkasakan pelancongan Islam. Kajian ini menggunakan metod kepustakaan iaitu melihat sumber-sumber daripada data sekunder dan dokumen berkaitan. Kajian ini membuat analisa berdasarkan lima komponen dakwah iaitu dacī (pendakwah), madcu (sasaran dakwah), madcu bihi (kandungan), qawacīd (kaedah) dan uslūb (pendekatan). Dapatan kajian menunjukkan bahawa standardasi mesra Muslim memberi impak positif ke arah pemerkasaan pelancongan Islam. Pihak berautoriti, badan pensijilan dan juruaudit berperanan sebagai dacī untuk menggalakkan pemain industri menawarkan produk dan perkhidmatan yang tidak bertentangan dengan prinsip Syariah. Signifikasinya, pelaksanaan PHMM dapat memenuhi keperluan pelancong Muslim terutamanya bagi penyediaan penginapan. Indikator-indikator standard mesra Muslim adalah meliputi aspek bilik mempunyai ruang solat yang mencukupi, verifikasi arah kiblat, penyediaan makanan dan minuman halal, tandas yang dilengkapi dengan bidet serta kemudahan fasiliti yang berasingan. Kesimpulannya, kriteria standard yang dipatuhi melayakkan sesebuah premis memperolehi pengiktirafan oleh badan pensijilan. Selain itu, integriti produk juga dapat dipelihara di samping mengukuhkan syiar dakwah dalam perkhidmatan pelancongan Islam. Oleh demikian, pensijilan itu penting dalam usaha untuk melonjakkan reputasi negara di peringkat dunia.