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This study proposes the integrated Qardhul Hasan and equity-based microenterprise development (IQEMD) model, a financial model for microenterprises in Muslim nation such as Afghanistan. This study aims to overcome the significant challenges these businesses face in securing financial resources, offering a tailored, sustainable solution to enhance their operations.

This study collected primary data via a survey from 466 microentrepreneurs in Kandahar, Afghanistan. Data analysis was performed using partial least squares with SmartPLS 4 software. The study’s validation of the proposed financial model among microenterprises was grounded in the theory of reasoned action, ensuring a solid theoretical basis for its findings.

The findings of this research revealed that the attitudes and subjective norms of Afghan microentrepreneurs positively influence their intention to use IQEMD Model. These findings provide important guidance for financing ventures and policymakers, highlighting the IQEMD model’s potential to improve financial strategies and practices for microenterprises in Afghanistan.

This study focuses solely on microenterprise development in Afghanistan, with its sample size and study area being clear constraints. Therefore, caution is advised when interpreting the results, which may not be broadly applicable. The reliance on current factors may also restrict the exploration of other important determinants affecting microenterprises’ behavioral intentions toward using the IQEMD model. Future research should consider incorporating new factors to optimize the IQEMD model and include interviews with more stakeholders to increase its validity.

The findings of this paper offer microenterprises an alternative source of financing to start or expand their businesses. This study holds implications for government and policymakers. By incorporating a nonprofit organization as suggested in this model, it assists the government in reducing expenditures associated with the development of microenterprises.

This study is a pioneering effort in merging Qardhul Hasan and equity-based financing for microenterprise development. It significantly contributes to existing research by underscoring the effectiveness and impact of such financing as a viable source for these enterprises. These strategies could notably boost productivity, employment and gross domestic product growth. The study enhances understanding of alternative financing models in the microenterprise sector.

Few studies only focus on halal cosmetics, although several previous studies have examined halal food and beverages. This study aims to explore the relationship between knowledge, emotional attachment and religiosity on purchase intention, mediated by satisfaction and brand trust. This study stems from the theory of reasoned action (TRA), which merges the knowledge, emotional attachment, religiosity and purchase intention of halal cosmetics.

The researchers distributed online questionnaires to respondents via Google Form using social media (Instagram)/messaging application (WhatsApp). The respondents were Indonesian and Malaysian millennial Muslims. The sampling technique used was purposive sampling. A total of 528 respondents were involved, consisting of 335 Indonesians and 193 Malaysians. However, data for 381 respondents were successfully screened for normality, outliers and multicollinearity. Furthermore, the data was used for examining the hypotheses proposed.

The results for Indonesian and Malaysian samples showed that there is a significant positive effect of knowledge, emotional attachments and religiosity on satisfaction and brand trust. But the Indonesia sample showed that there is no significant effect of religiosity on satisfaction. For Indonesia, there is a positive significant mediating role of satisfaction on purchasing intention. For Malaysia, there is no significant mediating role of satisfaction on purchasing intention. For Indonesia and Malaysia, there are positive significant mediating role of brand trust on purchasing intention.

The study compared consumers of the millennial generation in Indonesia and Malaysia with limited samples. For future research, it is suggested to exploring and combining non-Muslims and Muslims in the millennial generation and testing it in more than two countries.

The study provides an accurate understanding of the relationships proposed, such as knowledge, emotional attachment and religiosity, on satisfaction, brand trust and purchasing intention of millennial Muslim woman consumers in Indonesia and Malaysia, because the millennial Muslim woman consumers in Indonesia and Malaysia had the same behavioral characteristics: Muslim consumers and product characteristics.

The study of halal cosmetics can provide a spiritual commitment for Muslims, who consciously prefer socio-religious values in choosing cosmetic products. Therefore, the halal label of the product is also a reason for social and religious values to increase the social awareness of the Muslim millennial generation in Malaysia and Indonesia.

This research discusses the antecedents and consequences of satisfaction and brand trust on the purchasing intention of halal cosmetics. The response of Muslim consumers to halal cosmetics has not been widely studied in Indonesia and Malaysia. Meanwhile, in Indonesia, the halal label on all products has recently been made mandatory by the Indonesian Ulema Council. Therefore, this research offers insights into the attitudes of Muslim consumers towards halal cosmetics products.

The purpose of this study is to ascertain service quality (halal values, assurance, meal quality, reliability, security, system and traceability) and perceived risks (financial, quality, environment, social, time, psychology and health) and its influence on satisfaction, as well as trust concerning online halal food delivery system (OHFDS).

This study uses quantitative methodology, through an online survey, by using purposive sampling across a sample size of 423 respondents. The analysis of data was conducted using SmartPLS.

The results of the findings indicate that assurance and halal values have an influence on satisfaction, as well as trust; nonetheless, only reliability has an impact on satisfaction. On the other hand, perceived health and financial risks have negative influence on trust and satisfaction toward OHFDS. In addition, perceived psychological and financial risks are found to have negative impacts on trust of OHFDS.

The theoretical value of this study is the testing of perceived service quality and risks concerning OHFDS in the same model, thereby contributing to a deeper understanding of its impact on trust and satisfaction toward the online food service delivery industry. The results of this study may appear as a starting point for researchers who wish to conduct further studies on the same topic.

This study suggests that the service providers need to boost their efforts in establishing high quality service and, simultaneously, reduce perceived risks, to develop satisfaction and trust toward OHFDS.

The long-term consequence of the business's achievement is that it makes it simpler for customers to have confidence in, be satisfied with and recommend the service providers to others.

A number of research investigations have been conducted among Muslims, specifically in the Asian region, which have yielded crucial data regarding consumer behavior toward halal products, such as food and tourism. This study, nonetheless, remains close with other studies on halal food, except that it adds together the knowledge of perceived quality and risks, as to gain a deeper understanding of the experience customers have on food, through online service delivery.

This study aims to conceive and develop a pricing model for the Ijara contingent convertible contract (ICCC, hereafter), considering the possibility that the lessee may default. The ICCC model grants the lessor the option of converting the unpaid amount into equity or recovering the leased equipment and selling it at market price in case of financial distress.

The ICCC is consistent with the profit-sharing approach and the new risk management techniques, which are compatible with Islamic philosophy. Relying on real options theory and the contingent claim approach, a closed-form solution of the firm’s assets is developed in a dynamic environment, where the rate of return is generated by a Cox-Ingersoll-Ross stochastic process.

Examining the numerical analysis reveals the impact of the firm value, the conversion or sell decision and the conversion ratio and volatility on the ICCC value. The value of the ICCC can increase substantially as the value of the firm approaches the conversion threshold. The conversion ratio as well as the asset market price play equally an important role in the decision to convert or sell.

This paper develops a pricing model for a contingent Ijara contract, which incorporates a conversion option to mitigate the lessee’s credit risk during periods of economic instability. The ICCC is a cooperative strategy that would be advantageous to all parties, including the lessor and lessee. In the event of a conversion, businesses may be able to continue operating thanks to this financial innovation, and the lessor may profit from the company’s recovery by freeing up more resources for the use of more profitable ventures.

This research aims to examine the relations between Shariah compliance and earnings quality.

The authors study three Shariah features: Shariah compliance status, level of Shariah compliance (H-Score) and Shariah compliance persistence. The sample consists of 463 firms from the Middle East and North Africa from 2011 to 2018. A variable determining the level of Shariah compliance was created in accordance with the methodology of S&P 500 Shariah and its underlying index, S&P 500. Then, a probate relapse study was created to identify the link between Shariah compliance and earnings quality.

Results show that Shariah-compliant firms engage in lower earnings management compared to their Shariah-non-compliant counterparts. This paper reveals that Shariah compliance status and high level of Shariah compliance have significant positive association with earnings quality. The authors also find novel evidence that persistence of the Shariah-compliant status has a significant negative association with earnings quality.

This study only examines firms listed on MENA stock markets. It is recommended to further study different markets in addition to the emerging Arab markets in order to compare and contrast the results. Further, larger sample observations from a greater date range can be used.

Few studies have examined the earnings management behavior of Shariah-compliant firms vs Shariah-non-compliant ones in emerging markets; however, no study has focused on Shariah-compliant firms and their level of Shariah compliance. To the best of our knowledge, this is the first study which uses all four proxies for earnings quality in association with Shariah compliance and used new Shariah variables such as Level of Shariah Compliance and Persistent Shariah Compliance status.

The purpose of this study is to identify the existing research themes and future directions of the FinTech field by analyzing the dynamics of co-word burst.

A dataset of 1792 SCI or SSCI articles retrieved from the Web of Science database. First, the paper conducted a scientific production analysis. Then, using bibliometric analysis, the paper conducts co-word-burst analyses for keywords, title, abstract and Keywords Plus to detect the emerging trends. Based on these trends, future research directions were forecasted.

The study detected six research themes: the knowledge of FinTech, FinTech applications, FinTech technologies, COVID-19, FinTech ecosystem and FinTech implications for research. These six FinTech research themes were further conceptualized as a six-dimensional analytical framework for FinTech investigations. Then, the study forecasts that these six themes and related conversations will be an ongoing focus of Fintech research, particularly COVID-19 effects on FinTech.

This study is the first attempt to review FinTech literature based on quantitative and qualitative analyses of co-word burst. It overcomes the limitation of individual/group determinant(s) studies and presents a holistic view of current research themes and future research directions in FinTech field.

The purpose of this study is to compare the thermal performance of two flow configurations in corrugated plate heat exchanger (CPHE): vertical flow configuration (CPHE_vert.) and diagonal flow configuration (CPHE_diag.). The study aims to determine the differences between these configurations and evaluate their respective thermal performance based on metrics such as heat transfer rates, pressure drop values and flow distribution.

The study compares the thermal performance of two flow arrangements of CPHE using identical geometrical dimensions and test conditions. Computational fluid dynamics (CFD) is employed, and a validated numerical model is used for the investigation. The comparison is based on analyzing the rate of heat transfer and pressure drop data between the two flow arrangements.

The findings indicate that the diagonal flow configuration in CPHEs offers improved flow distribution, enhanced heat transfer performance and lower pressure drop compared to the vertical flow configuration. However, the differences in general in the thermal performance of CPHE_vert. and CPHE_diag. are found to be minimal.

To the best of the author’s knowledge, this study represents the first attempt to investigate the impact of vertical and diagonal flow configurations on the thermal performance of the CPHE.