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The primary objective of this research is to introduce a pioneering takaful model that provides both provision and protection to the aging population by combining the concept of cash waqf with takaful. This model is designed to align with Shariah principles, ensuring sustainability and enduring impact.

This research adopts a qualitative methodology, where a focus group discussion was conducted with six stakeholders. The participants consisted of takaful operators, legal experts and other industry players. The participants were presented with the proposed cash waqf takaful model and their feedback was recorded. Legal issues related to linking waqf with takaful were also identified and discussed.

The study highlights the need for innovative financial solutions to support Malaysia's aging population. It proposes a cash waqf takaful model, leveraging crowd funding for sustainability. Legal hurdles and recommendations for overcoming them are discussed, along with suggestions for future research on quantitative validation and regulatory frameworks. Ultimately, the study emphasizes the holistic approach of the proposed model in addressing the well-being of Malaysia's senior citizens.

The proposed takaful model presents opportunities for takaful operators to integrate Islamic social finance into their operations, enabling easier access to takaful for the elderly community. By eliminating financial barriers, it can transform the takaful landscape, ensuring inclusivity and financial security for aging populations. Moreover, policymakers see it as a blueprint for sustainable financial solutions and social welfare enhancement globally.

The study introduces a novel cash waqf takaful model to support Malaysia's aging population, leveraging crowdfunding for sustainability. It addresses legal challenges unique to Malaysia and proposes collaboration with State Islamic Religious Authorities. Furthermore, it emphasizes the need for further research to validate the model's effectiveness and explores its potential global policy implications.

This study aims to explore several challenges in the use of regulatory technologies (RegTech) in Islamic and conventional financial markets and share recommendations in this regard.

A qualitative research methodology was used to identify the existing challenges. Literature was reviewed and analyzed, and seven experts were interviewed or consulted online and their feedback examined. The judgment of the case B2C2 Ltd v Quoine Pte Ltd. was reviewed.

This study reveals a lack of relevant regulatory frameworks capable of meeting some of the evolving challenges, lack of awareness among market players and lack of expertise in RegTech. The list of additional challenges includes the issue of legacy technology, the weaknesses of human programmers and the need for a multifaceted solution for compliance requirements.

This study notes the novelty of RegTech in the financial world, especially in the Islamic financial market. Thus, there is a dearth of relevant literature. This study assists relevant conventional and Islamic financial market entities and authorities in determining the potential impact of RegTech on their respective businesses and the financial system.

This study proffers recommendations to assist in addressing the challenges facing its users and paving the way for innovative solutions that will facilitate and enhance the use of RegTech in financial markets. Regulators and other stakeholders of the financial industry will learn from the challenges identified and can review the recommendations for adoption. Apart from that, the decision of B2C2 Ltd v Quoine has practical implications for RegTech users, as the court in B2C2 Ltd v Quoine accessed the “knowledge” of the programmers of deterministic software at the time of the coding.

RegTech can offer cost-effective and efficient means to comply with regulations and ensure the accuracy of the information provided to regulators. This study provides a better understanding of the challenges associated with its use. The recommendations include enactment of a blueprint for a digitally enabled regulatory framework, creating awareness of RegTech via stakeholder roundtable discussions, development of human talent, formulating human governance standards and finding innovative ways to manage risks.

The purpose of this study is to examine the effect of halal standards practices towards organizational performance. Additionally, the moderating role of organizational size on this association is explored for Malaysian halal industry so that the halal management practice in the future is expected to run well.

Regression analyses technique via Statistical Package For Social Science 27.0 is used to analyses the results of a self-administered questionnaire completed by 241 internal halal committee officers of multinational corporations and small and medium enterprises (SMEs) in Malaysia.

The results showed that halal standards practices give an effect that indicates 13.2% of the performance. In more detail, it only demonstrates the significant contribution of the halal assurance predictor to organizational performance compared to the halal operations (HOs) predictor. Additionally, organizational size also acts as a moderator between the relationships between halal standard practices (HO) and organizational performance. Besides, the study findings also show that there was a significant difference in organizational performance for multinationals and SMEs. This encouraging outcome is the result of organizational performance is influenced by a chain that interacts with each other starting from input, which then translates into process and ultimately results that are also supported by internal control of the organization for Malaysian halal industry.

This study only focused on the Malaysian halal industry such as certain number of factors and limited measurement was used in this study. Only a few halal standards practices and organization performance measurements were considered.

Halal food producers should engender greater commitment to Halal standard practice involving acts, standards, regulations and guidelines that can be used to comply halal requirements needed by halal certification bodies especially halal committee members to control internally. It also serves as a valuable resource for policymakers and practitioners aiming to identify effective practices for comprehensive halal standards management to enhance organizational performance, particularly for micro-scale enterprises within the Malaysian halal industry.

This study considerably advances the existing body of knowledge by applying standard halal practices model to explain their relationship, with organization size serving as a moderating to variable and provide direction for researchers in subsequent studies. They also offer valuable insights for practitioners seeking to continually enhance organizational performance through the implementation of effective halal standards management practices within the Malaysian halal industry.