Sukuk (Islamic bonds) are the Shariah (Islamic law) instrument that serves as an alternative to conventional bonds that are used in the modern capital market. In theory, sukuk represent a form of equity as they represent certificates conferring ownership to holders of an asset or pool of assets or claim to its cash flows. In practice, they have become known as Islamic bonds with their investors holding debt. Following the question of whether sukuk are debt or equity, this paper aims to classify sukuk from the perspective of regulatory bodies and credit rating agencies. Furthermore, to what extent the innovations in this Islamic instrument make it differ substantially from conventional bonds in practice will be examined.

This study uses a systematic review to discover, analyses, and summarize donation-based crowdfunding. The related literature was subjected to a systematic literature review (SLR) for the current paper. By searching electronic open-access databases like Google Scholar, Scopus, and Emerald Insights, a systematic review of the literature was able to be conducted. A publication date between 2018 and 2022, a country, a methodology, and a dimension were the inclusion criteria. Using the Preferred Reporting Items for Systematic Review and Meta-Analyses (PRISMA) search methodology strategy, a narrative synthesis and systematic review were carried out and reported in accordance with the preferred reporting items statement. 409 studies from different sources have been found through a systematic review of the literature. 30 studies have been determined to be pertinent to the current study after the 379 studies were eliminated based on the selection criteria. According to the review, donation-based crowdfunding is essential to advance the development and raise awareness of those who cannot obtain loans. The study develops a research model that policymakers can use to develop a crowdfunding platform appropriately. The platform will help the country's economy grow thanks to improved performance and better financial access. This study proposes a one-of-a-kind research model to demonstrate donation-based crowdfunding.

This study aims to explore current financial management practices covering governance and financial operation aspects in Islamic donation-based crowdfunding (DCF) in Malaysia. A series of interviews with six Islamic DCF platforms in Malaysia were conducted. For reporting purposes, this study employed a single-case study approach. The interview was conducted and completed at the end of August 2022 via an online approach through Google Meet. The findings highlight the governance background in terms of legal establishment as well as monitoring the function of Islamic DCFs in Malaysia. In addition, for financial operation, several findings related to the funding management process model, income generation, financial sustainability and financial disclosure of Islamic DCFs in Malaysia were discussed. This study is among the pioneer studies that explore financial management practices in Islamic DCF platforms in Malaysia. The study findings and recommendations are useful for Islamic DCF platforms as well as related parties like regulators, funders, potential project managers and the public in general to understand financial management practices in Islamic DCF platforms in Malaysia.

This paper critically evaluates the practice of partnership-based or equity-based sukuk (Islamic bonds) structure in light of the problem concerning default. The study focuses on the debt characteristics built into the equity structure before and after the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) announcement in 2008. A closer examination the structure of two musharakah (joint venture) sukuk that practice in the market has demonstrated „why‟ sukuk are experiencing default situations. While ideally the element of risk avoidance and profit-sharing should present in the structure, due to market presssure, these structural features practically turned the equity-based profit-and-losssharing arrangements into fixed-income instruments. Ultimately, the structure that should practice „no concept of fixed obligation‟ has in fact defaulted on its obligations. Keywords: Sukuk (Islamic Bonds), Shariah (Islamic Law), Default, Profit-sharing, Musharakah (Joint venture).

The emergence of innovative digital financial technologies has made donation-crowdfunding viable as a method that can supplement traditional fundraising mechanisms. Crowdfunding has recently gained worldwide attention as an alternative financing mechanism to the traditional fundraising methods for business ventures or social projects. While donation-crowdfunding which utilise platforms has demonstrated promising growth, there is no established legal framework available to accommodate its operation, especially for Islamic ones. Therefore, this study provides intuitive information pertaining to legal and Shariah issues in governing Islamic donation-based crowdfunding in Malaysia. Drawing from the conceptual framework of Islamic economics and qualitative data collection through semi-structured with six representatives of the Islamic donation-crowdfunding platforms, this study concludes that the issues associated with Malaysian regulations regimes and Shariah issues revolve around the donation- based crowdfunding platforms business model should be considered when devising a Shariah framework for donation-crowdfunding schemes. The findings will help policymakers to formulate and put in place the appropriate regulatory framework to facilitate Islamic donation-based crowdfunding practice.

This study investigates the marketing strategies of Islamic donation-based crowdfunding platforms in Malaysia, focusing on pricing and promotional tactics to increase customer value and foster lasting relationships. A series of interviews were conducted with managers from six Islamic donation-based crowdfunding platforms in Malaysia. For the purposes of analysis, this study employed a single-case study approach. The interviews were conducted via Google Meet and completed by the end of August 2022. These findings aim to equip project owners with better marketing strategies for their initiatives. The research highlights the critical importance of effective marketing in the success of Islamic crowdfunding platforms. It shows that strategic pricing and promotional tactics can significantly increase the platform's appeal and significantly increase the likelihood of project success.