Journal of Islamic Finance

Comparative Analysis on The Cost of Default Calculation Between Islamic and Conventional Home Financing

2026-04-27T16:32:42+08:00

The sustainability of the Malaysian Islamic banking industry after a few decades of its inception can be seen via proactive initiatives taken by the players, along with a close monitoring system by the Malaysian financial authority. However, one aspect of Islamic banking that has been neglected and received less concern is the calculation of the amount to be claimed

in the event of default or the cost of default. This paper aims to conduct a comparative analysis of default cost calculations between Islamic and conventional financing in Malaysia. To achieve the objective, this study employs a qualitative research method by analysing related court cases, policy documents issued by Bank Negara Malaysia, and resolutions from the Shariah Advisory Council (SAC) of Bank Negara Malaysia. Based on document analysis, the findings reveal that there is a difference in default cost calculation methods between Islamic and conventional home financing. The amount claimed by Islamic banks in the event of default is considerably higher than conventional banks due to the basis point of total financing calculation, which is based on the types of contracts adopted. This paper discussed the aspect of default cost calculation between the Islamic and conventional banking industry, which has been rarely touched or written about in the last 40 years.

Bibliometric Analysis of Islamic Social Enterprise: Mapping the Research Landscape

2026-04-27T15:42:13+08:00

Islamic social enterprise has a social and environmental role in empowering disadvantaged people through operating forprofit and not-for-profit business models or social mission styles. However, the conceptual framework of Islamic social enterprise would be distinguished from the Islamic philanthropic sector since they are closely related but distinct concepts. To do this, the study aims to review the Islamic social enterprise and explore publication trends from 2014 to 2025. This study uses a bibliometric analysis via Crossref tools using Harzing's publish or perish (PoP) and VOSviewer software. The study reveals significant research trends in the Islamic social enterprise field over the past 12 years. Based on bibliometric analysis, it also enables the author to find out the relevance of co-authorship and citation analysis, i.e., the most influential authors, journals, works, author keywords, and Index in the field. Bibliometric analysis is a more comprehensive approach that broadly contributes to Islamic social enterprise research. The research publications are uploaded into PoP software to produce the comma-separated value (CSV) format, which is more reliable and responsible data. This study relies on research in the existing Islamic social enterprise for a future research agenda. As far as the best of the author’s knowledge, this study is the first attempt to provide a bibliometric analysis of Islamic social enterprise research.

Islamic Green Retail Investment in the Maldives: A Conceptual Integration of Behavioral and Institutional Perspectives

2026-04-27T15:33:05+08:00

The Maldives faces a dual challenge of severe environmental vulnerability and limited financial market depth, making the development of Islamic green investment particularly critical. Despite rising awareness of sustainability and Islamic finance, existing green initiatives remain largely concentrated in the business and resort sectors, while retail investor participation requires significant enhancement. This study develops a conceptual framework that integrates institutional theory with the theory of planned behavior (TPB) to explain retail investors’ intentions toward Islamic green investment. The study utilizes an intensive literature review combined with a systematic literature review (SLR) based on the PRISMA guidelines to systematically identify recurring themes and theoretical patterns, thereby strengthening the proposed model. The findings provide valuable insights for policymakers, corporations, and government institutions in promoting environmentally responsible practices that enable adaptation and resilience to climate change while ensuring long-term sustainability. The Maldives presents a unique setting for this framework compared to other countries, as its small market size, strong Islamic identity, and acute climate risks highlight the urgent need to align institutional forces with individual investment behavior.

Bridging the Conceptual-Practice Divide: Does A Cloud-Based Accounting Information System Drive the Integration and Accountability of Islamic Philanthropy Institution?

2026-04-27T15:28:55+08:00

Inefficiencies in financial management processes remain a persistent challenge for zakat institutions, typically characterized by fragmented systems, data redundancies, and non-compliance with the accountability mandates of the Indonesian Zakat Management Law. This study develops a cloud-based accounting information system for a municipal-level zakat institution in Indonesia—the National Zakat Management Board (BAZNAS) of Magelang City—utilizing the ADDIE framework (Analysis, Design, Development, Implementation, and Evaluation). Data were collected through interviews, field observations, and documentary analysis. System usability and user experience were validated using the System Usability Scale (SUS) and the User Experience Questionnaire (UEQ). The developed system yielded 21 integrated components that synchronize daily transactions, data recapitulations, executive dashboards, and formal financial reporting. SUS results confirmed high levels of usability regarding task completion, internal consistency, and user trust; concurrently, UEQ findings indicated strong performance in learnability, creative utility, and user comfort. However, limitations were identified concerning visual design, feature complexity, and an ongoing dependency on technical assistance. Future research should investigate the incorporation of automated validation features, evaluate system scalability across multiple institutions, and conduct longitudinal usability assessments. This study contributes a replicable framework for modernizing financial governance within Islamic philanthropic institutions.

Application of Blockchain Technology in Islamic Social Finance: A Scientometric Analysis

2026-04-27T15:23:29+08:00

The integration of blockchain technology within Islamic Social Finance (ISF) has emerged as a transformative approach to enhancing transparency, operational efficiency, and accountability in socio-economic development. Despite growing scholarly interest, the existing literature remains fragmented and lacks a cohesive analytical framework that reconciles technological capabilities with Islamic ethical principles. This study synthesizes the current state of research through a hybrid methodology, integrating bibliometric analysis with a Systematic Literature Review (SLR) in accordance with PRISMA guidelines. Utilizing data from the Scopus and Web of Science databases (2018–2024), the research is theoretically grounded in a synthesis of the Technology Acceptance Model (TAM) and the Maqāṣid al-Sharīʽah framework. This dual-lens approach offers a novel perspective on the adoption and theological relevance of blockchain within Islamic social finance institutions. The findings demonstrate that blockchain significantly improves governance and efficiency in the management of Zakāt and Waqf. Scientometric results identify key contributors, noting A. Muneeza as the most prolific author, the University of Malaya as the leading institution, and the ISRA International Journal of Islamic Finance as the primary publication outlet. However, the analysis suggests the field is still in its nascent stages, characterized by a dearth of empirical and cross-country investigations. This study contributes the first integrated scientometric synthesis of blockchain in ISF, offering critical insights for regulators and practitioners while outlining a future research agenda focused on empirical validation and technological convergence