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This study aims to develop a comprehensive insolvency model tailored to Islamic banks, ensuring alignment with Shariah principles throughout pre-insolvency, bankruptcy and post-bankruptcy stages.

The research adopts a qualitative research method, using a desktop research approach. Primary sources and secondary sources are examined to gather information and draw conclusions.

This study presents a comprehensive insolvency model designed for Islamic banks, rooted in Shariah principles. The model covers pre-insolvency, bankruptcy (taflis) and post-bankruptcy stages, incorporating key Shariah parameters to ensure adherence to Islamic finance principles. It addresses challenges such as adapting to dynamic financial landscapes and varying interpretations of Shariah principles. Notably, the model recognizes the separate legal personality of Islamic banks and emphasizes transparency, fairness and compliance with religious obligations. In the post-bankruptcy stage, directors are urged to voluntarily settle remaining debts, aligning with ethical and Shariah-compliant standards.

The study contributes to the stability and growth of Shariah-compliant financial systems by extending insolvency principles to Islamic banks, providing a foundation for future research and policymaking specific to this context.

The nonmaterial dimension of reality is contrasted with the material, observable and empirically verifiable dimension that rose to dominance with the Enlightenment. The nonmaterial dimension includes orientation, memes, tacit knowledge and spirituality. The orientation of an individual, group, or institution can be towards violence – getting ahead at the expense of the other – or blessing – working in such a way that there is mutual benefit. Orientations can be expressed through memes, cultural or behavioural patterns that are mimetically transmitted broadly within a society and diachronically through generations. If they catch on within a group, they can determine the institutional or group culture. Spirituality can be a source of change of orientation from violence to blessing and of growth in creativity, resilience and empowerment. David Peat and David Bohm posit an implicate order in the universe, thought as a system (in the context of dialogue), and gentle action. Neil Douglas-Klotz points out that the Aramaic words malkuta d'bwashmaya (kingdom of heaven) used by Jesus constituted a nonmaterial reality containing vision, norms and empowerment that exists within and among us – like the implicate order – and is accessed by those who truly wish to ‘see’ it. The emerging spirituality coming out of this engagement has a capacity to replace memes like those of empire, self-interest and grandiose leaders with memes that channel passions and energy towards bio-interest, transnational interest, transpersonal interest, empathy and widespread empowerment. And this could make all the difference in effecting truly sustainable development.

In the current chapter, we examine the nature, distribution and experiences of probation in Canada. More specifically, drawing upon in-depth interviews with probationer loved ones, we examine the experiences of what we refer to as secondary supervision. The concept captures how individuals with a loved one (i.e. family member or partner) on probation understand, make sense of and feel affected by their loved one’s probation order. Complementing existing literature on the collateral consequences of incarceration or ‘secondary prisonization’, we show how secondary supervision burdens probationer loved ones mentally and emotionally as they must navigate the uncertainties of their loved one’s legally precarious status. We highlight the necessity of expanding probation research and of our thinking about ‘mass supervision’ to consider the collateral and unintended consequences of community-based supervision.