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The key purpose of this study is to make awareness for faithful Muslims who are interested to invest in Islamic capital markets so as to enable them making right decision while considering investment in Sukuk over conventional interest-bearing bonds.

This study reviews past literature to analyse contemporary Sukuk risks and discusses several mechanisms to mitigate those risks.

The study shows that Sukuk can be good alternatives to conventional bonds. Sukuk structures need to be further developed to fulfil the Sharīʿah compliance requirements.

This study is exploratory in nature, and as such, it seeks to identify the risks related to Sukuk issuance. Given this limitation, it did not provide empirical evidences relating to any specific category of Sukuk risks.

An in-depth knowledge of Sukuk risks would help both academicians and investors understand the potential problems related to Sukuk structures and take precautions in the early stage to prevent causes of being defaulted or bankrupt.

The risks related to Sukuk have been explored in all potential roots. This study has offered some significant techniques to prevent the relevant risks for investors’ benefits. Information being provided throughout this study is expected to serve potential investors in Sukuk as a guide to make right decisions and enable them to minimise the risk to secure healthy returns on their investments.

The purpose of this paper is to critically discuss the participation of sovereign wealth funds (SWFs) in the corporate social responsibility (CSR) programmes. Sovereign wealth funds in emerging economies are often involved in corporate social responsibility. However, the 1 Malaysian Development Berhad (1MDB) scandal illustrates the possible use of SWF as a vehicle for corruption and abuse.

The primary objective is to develop good governance practices of CSR by SWFs that could limit corrupt practices. A case study approach is adopted to investigate the CSR involvement of two SWFs – Norway’s Government Pension Fund Global (GPFG) and Abu Dhabi Fund for Development (ADFD).

The finding shows that SWFs should not be directly involved in CSR. It is proposed that independent Non-government Organisations (NGOs), through a competitive funding model, could serve the CSR purpose of SWFs more effectively and bring socio-economic changes in emerging economies.

The funding model identifies the expected outcomes, priorities and uses of the funds. The funding committee should also be independent of the Board and transparent in its allocations.

Drawing from the firm’s entrepreneurial identity and ecology perspectives, this study aims to explain why the firms deviate from standard corporate governance practices and apply innovative management control.

The authors used a panel of 2,538 public companies listed with the New York Stock Exchange to explain the impact of corporate governance deviance on firm’s performance. The authors relied on unique governance variables extracted from the Bloomberg database to develop the governance deviance index.

Study unveils that deviance from governance practices influences firm’s performance. Consequently, it can be said that the firms which use innovative governance mechanisms, usually stay ahead of the market by leading the governance trends. The findings also generalise the firm’s entrepreneurial identity and organisational ecology perspectives.

Research implies that the firm’s entrepreneurial identity demands innovative managerial control. This study is focused on the US financial market, but in future, researchers could revalidate the deviance index. Scholars can also use mixed methods to test the need for innovative governance mechanisms in emerging markets.

The firms should focus on innovative governance practices not only to safeguard the firm’s entrepreneurial identity but also to pursue the growth objectives. Such innovative mechanisms and managerial controls are helpful to deal with industrial transformations to satisfy key stakeholders.

The study contributed to governance and management control research by sharing insights and catering the potential endogeneity problem faced to measure corporate governance measures. The study also proposes an alternative testing tool to measure governance deviance to add methodological uniqueness and reduce knowledge gap.

This study investigates the influence of board gender diversity on policy decisions within the banking sector, with a specific focus on the adoption of environmental risk management policies. Drawing on critical mass theory, we provide empirical evidence demonstrating the positive impact of women directors on the implementation of environmental risk management policies aligned with the equator principles (EP) framework.

We analyze data from 540 banks operating in 34 countries over a ten-year period (2013–2022).

Our findings indicate that banks with at least four women directors on their boards are more likely to adopt such policies. Our results remain statistically significant after controlling for endogeneity issues.

This research advocates for increased female representation on bank boards to foster the adoption of sustainability-focused policies within the banking industry.

We also contribute by providing insights into the role of a diverse board in improving green credit practices among global banks.

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.

COVID-19 has disrupted the economic development of both advanced and emerging markets. In addition to the stimulus packages to adjust the economic shock from COVID-19, regulators around the world are searching for innovative mechanisms to rebuild the economy. The purpose of this paper is to explore the potential of SRI Sukuk to serve as an Islamic social finance solution for development projects to mitigate the adverse economic effects of COVID-19.

This study uses a mixed-method research framework. The authors use a systematic literature review following the recommendations of Bowen (2009) to identify critical challenges financing PPP projects using SRI Sukuk. In the next phase, the authors interview participants involved in an SRI Sukuk financed PPP project to get more significant insights on the challenges identified through the literature review process.

The authors identify the need for greater transparency for SRI financed PPP projects. Also, organisational and legislative challenges are limiting the attractiveness of SRI Sukuk as a financing mechanisms for post-COVID development projects.

SRI Sukuk is an emerging financing concept, and the use of such an Islamic financial instrument in financing development projects can serve as a viable alternative for policymakers in a post-COVID economic environment.

The successful completion of the development projects integrating the concept of Social Maslahah through SRI Sukuk in Malaysia could encourage other emerging economies to use such innovative Islamic financial instrument for economic development in post-COVID environment.

This paper is unique, as it provides evidence on the potential of SRI Sukuk to finance large scale public-private partnership projects.

The purpose of this study is to study the evolution of French corporate governance law in light of collibration approach and bring statistical evidence from French Companies Executive Compensation practices.

The study has used mixed methods. In the first part, the authors analyzed the French laws in the light of collibration. In the second part of the study, the authors used unbalanced panel data to test the hypotheses related to executive remuneration based on the theoretical underpinning of collibration. Data for 173 firms listed in the Euronext Paris Index is collected from the Bloomberg database. Seemingly unrelated regression (SUR) analysis is performed to investigate the impact of collibration on the governance disclosure of French-listed firms.

SUR results indicate that board size plays a significant role in the governance disclosure before collibration. However, the collibration model is found to be more effective in ensuring the desired level of governance disclosure. Under the collibration approach, executive remuneration, frequency of board meetings, executive directors in the compensation committee and independent directors play a significant role in governance disclosure. Board size, however, does not have a substantial impact on governance disclosure after the adoption of collibration mechanism.

Results provided by this study can allow regulators to improve corporate disclosure regime in France, which could play a vital role in safeguarding the interest of stakeholder.

The authors study the impact of collibration on the extent of governance disclosure in the context of France. Empirical evidence on the implication of collibration as governance mechanisms to enhance stakeholder confidence is rare and allows this study to make a unique contribution to the governance literature.

Women's financial inclusion has become a global research agenda, and past studies provide mixed evidence on the determinants of financial inclusion among women entrepreneurs across the globe. However, the impact of digital financial literacy on women's financial inclusion has seldom been addressed in the past literature.

The authors perform a cross-sectional analysis of 144 countries using the World Bank Global Findex Database.

This study’s probabilistic regression results indicate that women entrepreneurs with a higher degree of digital financial literacy are more likely to engage in formal banking channels.

The study findings have practical implications in terms of allowing regulators and banks to draw effective policies to attract women customers. Lack of effective regulatory intervention could lead to women exploring financial crimes, such as money laundering, due to their lack of involvement with the formal banking channel.

The authors explore the impact of digital financial literacy on women's financial inclusion. Such evidence is rare in the existing literature.

The peer review history for this article is available at: https://publons.com/publon/10.1108/IJSE-04-2022-0277

The main purpose of this study was to prepare the cotton fibers and cellulose powder by a layer of nano-crystalline-titanium dioxide (TiO₂) using the sol-gel sono-synthesis method to clean the wastewater containing reactive dye. Moreover, TiO₂ nano-materials are remarkable due to their photoactive properties and valuable applications in wastewater treatment.

In this research, TiO₂ was synthesized and deposited effectively on cotton fibers and cellulose powder using ultrasound-assisted coating. Further, tetra butyl titanate was used as a precursor to the synthesis of TiO₂ nanoparticles. Reactive dye (red 195) was used in this study. X-ray Diffraction, scanning electron microscopy and Fourier transform infrared spectroscopy were performed to prove the aptitude for the formation of crystal TiO2 on the cotton fibers and cellulose powder along with TiO₂ nanoparticles as well as to analyze the chemical structure. Decoloration of the wastewater was investigated through ultraviolet (UV-Visible) light at 30 min.

The experimental results revealed that the decolorization was completed at 2.0 min with the cellulose nano TiO₂ treatment whereas cotton nano TiO₂ treated solution contained reactive dyestuffs even after the treatment of 2 min. This was the fastest method up to now than all reported methods for sustainable decolorization of wastewater by absorption. Furthermore, this study explored that the cellulose TiO₂ nano-composite was more effective than the cotton TiO₂ nano-composite of decoloration wastewater for the eco-friendly remedy.

Cotton fibers and cellulose powder with nano-TiO₂, and only reactive dye (red 195) were tested.

With reactive dye-containing wastewater, it seems to be easier to get rid of the dye than to retain it, especially from dyeing of yarn, fabric, apparel, and as well as other sectors where dyestuffs are used.

This research would help to reduce pollution in the environment as well as save energy and cost.

Decoloration of wastewater treatment is an essential new track with nano-crystalline TiO2 to fast and efficient cleaning of reactive dyes containing wastewater used as a raw material.