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The purpose of this paper is to elucidate the performance discrepancies between shariah-compliant and non-shariah-compliant exchange-traded funds (ETFs), aiming to enrich the academic and practical understanding of Islamic finance‘s nuances in the ETF sector.

Initiating with a broad literature review to cement a theoretical backdrop on Islamic investment principles and the mechanics of shariah-compliant ETFs, the research progresses to devise a comparative analytical framework. This framework focuses on assessing ETF performance through metrics like net asset value returns and volatility, specifically analyzing Blackrock ETFs to draw distinctions in portfolio outcomes and asset compositions.

The examination highlights discernible variances in portfolio performance between shariah-compliant and their conventional counterparts, presenting instances where shariah-compliant ETFs, such as ISUS from Blackrock, deliver competitive returns despite their generally lower net assets compared to conventional ETFs like VUSA from Vanguard. Moreover, the ISUS ETF‘s holdings investigation revealed discrepancies with AAOIFI standards, questioning its strict Shariah compliance and adding depth to the analysis of Islamic financial instruments‘ integrity.

This paper significantly advances the scholarly dialogue on Islamic financial practices within the ETF landscape, providing empirical evidence of performance differentials and compliance intricacies. While prior research has touched upon Islamic investing, this study pioneers a detailed comparative scrutiny, equipped with a novel methodological approach, to dissect the shariah-compliant ETFs‘ operational and ethical frameworks, offering invaluable insights for investors, financial analysts and Islamic finance scholars.

This study aims to assess that whether Islamic real estate crowdfunding (RECF) can offer a compelling alternative investment that can attract substantial funds from traditional securities and other conventional methods or otherwise.

The current study draws on secondary data that was published on legitimate website, Twitter and official documents. Document analysis is conducted using the statements of privacy policy, Sharia compliance, terms and conditions disclosers and the established facts. Second, to achieve in-depth knowledge, a qualitative analysis was conducted for the published interviews and presentations with Aseel CEO Majed Abalkhail on YouTube. Thematic analysis is adapted; it is among the most popular types of analyzing qualitative data.

The findings show that the Aseel platform has been successful in providing simple access to investment opportunities by minimizing the obstacles, reducing entry and exit costs, streamlining the process and widening the investor’s base.

This paper seeks to contribute to the literature on crowdfunding, Islamic crowdfunding and RECF. Its objectives include exploring the concept of crowdfunding, its growth and various types. Furthermore, the paper aims to examine the expansion of the Islamic crowdfunding system, its current market position and a focus on the Saudi Arabian market. Lastly, the paper investigates the first RECF in Saudi Arabia, Aseel Company, which has achieved remarkable success with seven investment funds completed within its first year of establishment.

The Indonesian Waqf Board and United Nation Development Program are developing green waqf in Indonesia. Development of green waqf in Indonesia as a response to save the earth from environmental damage and other social impacts. This paper aims to measure public perceptions about willingness to participate in making donations to the green waqf program in Indonesia.

Modifying the Theory of Reasoned Action framework, questionnaire data were collected from 311 Muslims in Indonesia. Data were analyzed using the partial least squares structural equation modeling method.

The findings show that attitude, subjective norm, product knowledge and trust influence the Muslims in Indonesia to donate to green waqf. In contrast, Islamic religiosity harms the intention to donate in green waqf but is insignificant.

This research was conducted using a quantitative approach with a limited sample of several communities, so the results cannot be generalized. Further investigation needs to be carried out by involving a more diverse sample to get better results. However, the results of this study can be used as an illustration of how Muslims behave in donating green waqf.

These results imply that to develop green waqf in Indonesia, especially in attracting waqf candidates willing to make donations, waqf institutions must carry out engineering to shape the attitude of prospective donors through various activities such as socialization and education of the green waqf program. Waqf institutions must also build public trust by involving public figures to campaign for the green waqf program. This will likely increase prospective donors’ active participation in donating their money to develop green waqf in Indonesia.

Waqf is a severe concern for the Indonesian Government, including waqf for the environment. To the bets of the authors’ knowledge, this paper is the first attempt to look at the behavior of the green waqf model in Indonesia. Thus, the acceleration of waqf development can be realized and is expected to impact the community significantly.

Islamic financial institutions (IFIs) in Malaysia continue to promote Shari‘ah-compliant business and transactions. As a result, the governors have a lot to think about before issuing any fatwa or ordinance, which impacts the majority of Malaysians. Nevertheless, the point of views from the governors have not been highlighted much. This research seeks to investigate the extent to which the conception of al-Siyasah al-Shar‘iyyah is embraced by Shari‘ah committees’ leadership roles within IFIs. The importance of al-Siyasah al-Shar‘iyyah in decision-making makes abandoning the Shari‘ah principle untenable and its significant role for IFIs in Malaysia cannot be overstated. It serves as a crucial tool for decision-making by authorities and governors.

The objectives of this research are attained by examining diverse sources obtained through library research, encompassing books, journals, newspapers, websites and reports. In addition, to use an analytical method to assess the role of al-Siyasah al-Shar‘iyyah in IFIs pratical, the authors collect information through interviews with five participants actively engaged in Shari‘ah committees within financial institutions, both directly and indirectly.

The research paper concludes that al-Siyasah al-Shar‘iyyah holds significance for Shari‘ah committees in IFIs when providing legal opinions. In situations where existing madhhab-based laws prove insufficient for addressing a particular issue, the Shari‘ah committees will autonomously engage in new ijtihad to ensure effective resolution of the matter.

The implication that could have been resulted from this study is to indicate how Shari‘ah committees in IFIs structuring a set of rules and regulations embedded by al-Siyasah al-Shar‘iyyah elements to produce maṣlaḥaḥ for the ummah. This perspective is barely discussed in depth as Malaysia has unanimous scholars who work in this area. Thus, the authors attempt to bring the discussion academically and express the point of view from governors’ perspective.

In the Malaysian context, where Islamic banks and financial institutions are overseen by Shari‘ah committee members and the Central Bank of Malaysia, this study delves into the practical experiences of governors in carrying out the responsibilities of al-Siyasah al-Shar‘iyyah within the decision-making process. The objective is to investigate the perspectives of Shari‘ah committees when they encounter scenarios where prevailing madhhab opinions prove inadequate in addressing contemporary issues within the country.