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This study reports the results of the empirical investigation of the Shari'ah legal framework which serves as a basis of the crowd humanitarian fund and poverty reduction among members of Organization of Islamic Cooperation (OIC) for improving living conditions of less privileged people in the society.

Quantitative design was employed in this study and the population comprised middle and high-skilled workers among members of the OIC.

The results demonstrated that the majority of middle- and high-skilled workers were from the middle east and others were from Saudi Arabia, Asia and Africa respectively.

Most studies on crowd humanitarian funds were theoretical in nature, this study has empirically investigated.

By making crowd humanitarian funds to be grounded within the framework of Shari'ah, it will enable majority of people in predominant Muslim countries to partake in mutual or crowd funding in order to help the less-privileged individuals among OIC members in the society.

It is an important contribution for financial inclusion and economic growth for improving social and living conditions of the less privileged people in the society.

Most studies on crowd humanitarian funds were theoretical in nature; this study has empirically provided a substantial direction for activating the mindset of the empirical investigation of different financial concepts.

The peer review history for this article is available at: https://publons.com/publon/10.1108/IJSE-12-2022-0773.

Conventional insurance creates a gap in the financial system across the world that manifests from the global financial and economic crisis. There is an increasing demand for insurance schemes that will bridge the gap of financial and economic crisis globally. More recently, there is an advocacy in Saudi Arabia for achieving Vision 2030 by various facets of human endeavours such as strengthening financial markets and boasting economic development. The purpose of this paper is to deeply explore policy and reinforcement of the legal framework of Islamic insurance as essential bedrocks in Islamic finance that are Shari’ah compliant to achieve Saudi Vision 2030 for overall sustainability of all spheres of human endeavours in the country.

Content analysis and systematic literature review are used as methodological approaches in this paper. There are various sources of accessing secondary data used in this study such as online peer review, journals and library-based sources. Through the exploration of various secondary data, five major themes were identified in this study, namely, policy, legal framework, Islamic insurance, Islamic finance and Saudi Vision 2030. Analysis of various themes were done systematically in this paper. The methodology provides theoretical and practical foundations for reinforcing policy and legal framework for Islamic insurance, specifically in Islamic finance to achieve Vision 2030 in Saudi Arabia. It is the policy and legal framework that can provide necessary dynamics for strengthening Islamic insurance in particular and Islamic finance in general towards attaining sustainable Vision 2030 in the country.

The paper demonstrated that policy period is explicitly associated with Islamic insurance, whereby Takaful insurance is regarded as policyholder rather than shareholder-oriented. Similarly, it is established that there is need to specifically mention the policy period and the nature of contract in Islamic insurance should not be limited to only mutual cooperation among the participants in connection with the losses but it should capture element of sharing income generated from investment between insurer and policyholders using predetermined ratio for such as provided with theoretical legal framework (Shari’ah) in connection with Islamic insurance model as an integral part of Islamic finance.

It will depart completely from conventional insurance where borrowing of funds and investment are put at fixed interest (Riba), uncertainty (Gharar) and speculative ideas (Maisir). Avoidance of different elements ascribed with conventional insurance would enable Saudi Arabia to strengthen financial system and boast economic development with an emphasis on an effective policy and efficient legal framework towards attaining Vision 2030 in the country.

The methodology provides theoretical and practical foundations for reinforcing policy and legal framework for Islamic insurance, specifically in Islamic finance to achieve Vision 2030 in Saudi Arabia.

Conventional insurance creates a gap in financial system across the world that manifests from the global financial and economic crisis. There is an increasing demand for insurance scheme that will bridge the gap of financial and economic crisis globally. More recently, there is an advocacy in Saudi Arabia for achieving Vision 2030 by various facets of human endeavours such as strengthening financial market and boasting economic development.

With this emphasis, it will depart completely from conventional insurance where borrowing of funds and investment are put at fixed interest (Riba), uncertainty (Gharar) and speculative ideas (Maisir). Avoidance of different elements ascribed with conventional insurance would enable Saudi Arabia to strengthen financial system and boast economic development with an emphasis on an effective policy and efficient legal framework towards attaining Vision 2030 in the country.

The primary aim of this study is to explore challenges and prospects of Islamic banking system in non-Muslim states to foster regulatory frameworks of the system.

Content analysis as an integral part of qualitative research was used. Secondary data through the exploration of cursory literature was taken into consideration.

The findings identified three prime challenges, namely, regulatory, operational and institutional, which are impeding the smooth activities and performances of Islamic banks in using innovative Islamic products and services that can favourably compete with products and services of conventional banking system in non-Muslim states. In addition, strengthening the adoption and performance of Islamic banking in non-Muslim states can efficiently and effectively address the identified and multifarious regulatory, operational and institutional challenges to achieve financial inclusion and overall economic growth.

Challenges encountered and prodigies or potentials of operating Islamic banking system by most of non-Muslim countries remains a pivotal aspect that needs research attention in the recent.

Nonetheless, the limitation of this study is that the study relies on the use of secondary data. However, it has provided a substantial direction for future studies in empirically exploring the variables of this study.

Indeed, 19th century was a remarkable turning point in the development and expansion of Islamic banking system in the Muslim world. Many predominant Muslim countries such as Malaysia, Indonesia, Saudi Arabia, Bangladesh, Pakistan, among others have been efficiently and effectively operating Islamic banking system within the framework of Islamic legal provisions. Many non-Muslim countries such as Australia, the UK, USA, etc., have also adopted Islamic banking system.

It is noted that policy directions of the study among others should address the regulatory frameworks that is Shari’ah-compliant in the operation of Islamic banking system in non-Muslim states. It is therefore suggested that the policymakers, Islamic financial experts and regulators should use the innovation that could bring competitiveness into the operation of Islamic banking system in non-Muslim states.

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.