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This study aims to explore the opportunities and challenges in activating a Smart Contract to enhance the efficiency and effectiveness of Ṣukūk offerings in the Islamic capital market.

The study adopts a mono-method qualitative approach. Data were obtained from survey interviews of two issuances on the fusion of smart contracts in Ṣukūk structures that were Sharīʿah-compliant. A thematic approach was further used to analyze the interview data based on the onion research method while opportunities and challenges of activating the Smart Ṣukūk (SṢ) relied on doctrinal evidence.

The results from the issuances across two jurisdictions showed that deployment of SṢ can resolve contractual ambiguities arising from Sharīʿah interpretations, jurisdictional policies and legal regime issues, which affect Ṣukūk origination and issuances especially on the right of investors in the event of Ṣukūk defaults. Although SṢ is automated, the third party’s presence is not eliminated as the blockchain platform still relies on the validators who are usually blockchain developers functioning as a third party in the Ṣukūk chain.

The study relies on doctrinal literature to explain the features and requirements of SṢ. The empirical approach is limited to interview data based on local SṢ issuances. Future studies need to explore regulators’ role and global standards in cross-border issuance of SṢ with multiple jurisdictions/laws.

The paper concludes that the offering of SṢ using local currency has been successful in the two issuances because of the facilitative regulatory environment. However, addressing Ṣukūk’s challenges in cross-border offerings would require guidance from international standard-setters such as the Accounting and Auditing Organization for Islamic Financial Institutions and the Islamic Financial Services Board.

This study is an advanced application of smart contracts to alleviate the related Ṣukūk challenges in the Islamic capital market.

This study aims to qualitatively examine the implications of Maqasid al-Shari’ah (objectives of Islamic law) for sustainability practices among businesses. While there is a growing recognition of the importance of adopting an integrated approach to sustainability, several businesses remain focused on profit maximisation at the expense of environmental and social sustainability. As such, there is a need for more studies that emphasise sustainability practices, essentially to expose businesses to the best ways to meet the needs of today without negatively impacting future generations.

This research used a qualitative research design, and data were collected from Shari’ah scholars. To facilitate data collection, semi-structured interview questions were developed and used to conduct interviews with ten Shari’ah scholars in Malaysia. Thematic analysis was used to analyse the interview data collected for this study.

The results demonstrate that there are ample justifications from a Shari’ah perspective for integrated sustainability practices. Additionally, the study reveals a need for increased awareness regarding the importance of businesses adopting a holistic approach to sustainability through the formulation and implementation of suitable sustainability strategies and ensuring compliance with social and environmental standards.

While this study has primarily adopted a qualitative method to address the implications of Maqasid al-Shari’ah for integrated sustainability practices among businesses, the authors acknowledge that this approach may not capture the full spectrum of quantitative data that could provide a broader statistical perspective on the issue. Hence, future research could incorporate quantitative methods to complement the findings of this study.

This research constitutes an innovative addition to the field of corporate sustainability practices. To the best of the authors’ knowledge, no prior studies have extensively explored the intricate intersection of Maqasid al-Shari’ah and integrated corporate sustainability practices as this study has done.

This study aims to analyse the facts of the case in the judgement made by the High Court of Justice, England, UK, in the case of Dana Gas Public Joint Stock Company (PJSC) v. Dana Gas Sukuk Limited (Ltd.) and Ors.

This study uses descriptive and juristic analysis to explain the factual terms in the case of Dana Gas sukuk default. It also uses juristic opinions to analyse the underpinning argument in the Dana Gas court case between the decision of Sharjah Court, UAE, and the English Court, UK.

The study concluded that despite the position of Dana Gas PJSC that specific element of the muḍārabah sukuk is non-Sharī’ah-compliant, the English court decision which established the enforceability of the purchase undertaking seems to be fair based on the Islamic maxims such as “Difficult situation cannot violate the right of other” and “The conditional matters among Muslims are binding.”

The impact of this study is that Dana Gas sukuk default has thought stakeholders of Sukuk investment lessons on the importance of documentation and consideration of tighter clauses to ensure its bindingness in the law court. Hence, this study is expected to be a contribution towards the call for standardization of the role of Sharī’ah scholars across the globe.

This study illustrates the fact in the case of Dana Gas sukuk default and analyses the court’s decision from a fiqh perspective.

Sadaqah, a form of Islamic charity, was widely used to mitigate the adverse consequences of the COVID-19 pandemic on people’s socio-economic conditions and well-being. However, the extent to which Sadaqah served the intended purpose remains unclear. Therefore, this study aims to explore the perceived effects of Sadaqah on the situational poverty and well-being of tertiary education students in Malaysia during the pandemic. The findings of this study could provide valuable insights into whether and how Sadaqah can address situational poverty and well-being challenges during COVID-19-type emergencies.

This study surveyed students at three Islamic universities in Malaysia. A total of 288 complete and valid responses were collected and analysed. The study used the Kruskal Wallis test to examine the relationship between students’ socioeconomic status and their odds of receiving Sadaqah. The chi-square test was used to estimate Sadaqah’s perceived effect on students’ well-being. The repeated measure analysis of variance was used to examine the effect of Sadaqah on the situational poverty and well-being of the respondents.

The pandemic starkly magnified the situational poverty of students from underprivileged backgrounds and the well-being struggles of those from high-income households. Many students reported pandemic-induced financial and physical well-being issues, including difficulties meeting medical and food expenses. This underscores the pressing need for comprehensive support. However, the Sadaqah received by the students did not cover essential expenses such as rent, tuition and medical bills. This lack of comprehensive support could be a critical factor in Sadaqah’s limited impact on addressing situational poverty and enhancing the well-being of the students.

This study revealed Sadaqah’s limitations in addressing situational poverty during COVID-19-type emergencies and identified promising avenues for improvement. The findings underscore the need for a more comprehensive approach to Sadaqah, which could significantly enhance the well-being of its recipients. This insight could potentially inform policy and practice, inspiring hope for a more effective approach in the future.