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Purpose — Agricultural takāful has been introduced as a Sharīʿah-compliant risk-sharing mechanism to support smallholder farmers in managing production and climate-related risks. This study explores the potential of integrating Islamic social finance (ISF) instruments into an agricultural takāful model to enhance agricultural resilience and agrifood system security among paddy farmers in Malaysia. Design/Methodology/Approach — A mixed-methods approach was employed, combining a structured survey of 385 paddy farmers from three major granary states in Malaysia, notably Kedah, Kelantan, and Selangor, with in-depth interviews involving takāful operators, agricultural agencies, and Islamic finance institutions (IFIs). The survey captured farmers’ demographic profiles, willingness to participate and contribute to agricultural takāful, and their exposure to ISF instruments, while qualitative interviews provided complementary insights into challenges and opportunities for integrating takāful with ISF. Findings — The findings indicate that the paddy farmers have the intention to participate and contribute to agricultural takāful that predominantly influenced their attitudes and perceived behavioural control. However, affordability, awareness, and Sharīʿah compliance issues remain barriers for their participation. Financial support through zakat and waqf has the potential to enhance acceptance, while pricing remains a critical determinant for uptake. Qualitative evidence further highlights the need for a model that extends beyond risk protection to reflect ethical, inclusive, and sustainability principles. Originality/Value — This study contributes novel insights through the proposed Takāful Taʿāwuni Agro framework, which integrates takāful with zakat and waqf under a unified model of taʿāwun (mutual cooperation). Taʿāwun is positioned here as a broader guiding value for ISF, enabling collective responsibility, inclusivity, and community resilience. Research Limitations/Implications — This study is limited by its cross-sectional design and focus on selected granary regions in Malaysia. Future research should apply long-term and pilot-based approaches to empirically test the operationalisation and performance of integrated takāful–ISF models across different agricultural and country contexts. Practical Implications — The proposed Takāful Taʿāwuni Agro framework brings the spirit of taʿāwun into practice by aligning agricultural takāful with the Value-Based Intermediation Takaful (VBIT) agenda to provide a Sharīʿah-compliant and inclusive risk-sharing solution for vulnerable farmers. The model demonstrates how taʿāwun and VBIT can be applied beyond agriculture to strengthen financial resilience and social protection across other vulnerable sectors of the economy.

Purpose–This paper explores the required types of benefits and coverage amount for mico-takaful from the perspectives of the bottom 40 percent of households income (B40) against their demographic profiles. Findings – The findings reveal two distinct categories of coverage amounts preferred by respondents: RM5,001–RM10,000 for essential coverage and RM50,000–RM100,000 for more comprehensive protection. Additionally, the results highlight that preferences for benefits and coverage amounts vary significantly across demographic groups, with younger respondents favouring lower coverage due to affordability, and older respondents prioritizing higher coverage for long-term security. Research limitations/implications – This study focuses on consumer preferences, with limited attention to supply-side challenges faced by takaful providers. Future research should include a more representative sample, explore provider constraints, and consider longitudinal studies to capture evolving preferences. Additionally, the use of cross-tabulation limits the analysis to basic associations. Advanced methods are recommended for deeper insights. Practical implications – The findings offer actionable insights for takaful providers in designing micro-takaful products tailored to the specific needs and financial capabilities of the B40 group. By aligning product offerings with customer preferences, takaful providers can enhance product adoption and contribute to improved financial security among the underserved population. Originality/Value — This paper addresses a critical gap in the literature by examining micro-takāful benefits and coverage preferences from the customers’ perspectives. It offers a fresh understanding of customer needs, enabling takāful providers to design products that better resonate with the B40 income group. Research Limitations/Implications — This study focuses on consumer preferences, with limited attention to supply-side challenges faced by takāful providers. Future research should include a more representative sample, explore takāful providers’ constraints, and consider longitudinal studies to capture evolving preferences. Additionally, the use of cross-tabulation limits the analysis to basic associations. Advanced methods are recommended for deeper insights. Practical Implications — The findings offer actionable insights for takāful providers in designing micro-takāful products tailored to the specific needs and financial capabilities of the B40 group. By aligning product offerings with customer preferences, takāful providers can enhance product adoption and contribute to improved financial security among the underserved population.

Purpose The purpose of this paper is to investigate the effect of board attributes on Sukuk rating in firms listed in Bursa Malaysia (Malaysian Stock Exchange) during the period of 2008 to 2013. Design/methodology/approach This study uses ordinal logit regression model to examine the influence of board attributes (CEO-chairman duality, board size and board independence) on the dependent variable (RATING). Findings The findings of this paper generally support the agency theory and stakeholder theory. Results show that after controlling for firm characteristics, the Sukuk rating is positively associated with CEO-chairman duality, board size and board independence; and negatively correlated with leverage while positively related to profitability and size. The findings of this study also provide evidence that having two positions in an organization as CEO and chairman could have added higher responsibility towards making corporate decisions and provide better Sukuk rating performance. In addition, findings show that the larger the board size, the better Sukuk rating. Also, higher board independence enjoys higher rating. Research limitations/implications This study was limited to the investigation of the relationship between board attributes (CEO duality, board size and board independence) on Sukuk ratings using aggregate data from 2008 to 2013 among Malaysian Sukuk issuers. Practical implications The findings of this paper describe the impact of board attributes on Sukuk rating in Malaysian Sukuk market which in turn gives the useful insights to many of the actors in the markets such as issuers, investors and policymakers which can be relied upon in making strategic decisions to issue and invest in Islamic bonds in Malaysian market. In addition, the findings could prove to be useful also for regulators because they are responsible for the acceptable level of corporate governance standards. Originality/value This study contributes to the body of knowledge by focusing heavily on enhancing Sukuk ratings by reducing conflict between managers and Sukuk holders in Malaysia. Additionally, this study benefits from the agency theory and stakeholder theory to provide evidence on the effect of board attributes on Sukuk rating.

This study aims to explore current financial management practices covering governance and financial operation aspects in Islamic donation-based crowdfunding (DCF) in Malaysia. A series of interviews with six Islamic DCF platforms in Malaysia were conducted. For reporting purposes, this study employed a single-case study approach. The interview was conducted and completed at the end of August 2022 via an online approach through Google Meet. The findings highlight the governance background in terms of legal establishment as well as monitoring the function of Islamic DCFs in Malaysia. In addition, for financial operation, several findings related to the funding management process model, income generation, financial sustainability and financial disclosure of Islamic DCFs in Malaysia were discussed. This study is among the pioneer studies that explore financial management practices in Islamic DCF platforms in Malaysia. The study findings and recommendations are useful for Islamic DCF platforms as well as related parties like regulators, funders, potential project managers and the public in general to understand financial management practices in Islamic DCF platforms in Malaysia.

Purpose The purpose of this study is to examine the role of financial governance practices in influencing both financial management and Islamic work ethic practices to affect Islamic social enterprises (ISEs) accountability. Design/methodology/approach Questionnaires were administered to financial officers of 102 Malaysian ISEs. Data was analysed using Smart-PLS to examine the relationships between financial management, Islamic work ethic, financial governance and accountability. Findings Results of this study indicate direct relationship only exist between Islamic work ethic and accountability. The relationship between financial management and accountability are indirect through financial governance. Hence, the data proves that financial governance has a mediating role on both the relationships between financial management and Islamic work ethic with the accountability of the ISEs. Research limitations/implications The study has highlighted the greater role of financial management, Islamic work ethic and financial governance practices over accountability to achieve public trust, especially for Malaysian ISEs. Practical implications ISEs need to have good financial governance practices besides financial management and Islamic work ethic practices to achieve good accountability. Originality/value The study contributes to the field of management and social accounting by providing empirical evidence on the ISEs practices specifically on financial management, Islamic work ethic, financial governance and accountability. This framework thus presents amongst the first attempts in studying accountability issues in ISEs.

Introduction: Insurtech refers to the use of technology innovations designed to squeeze cost and maximize efficiency from the current insurance industry model. Insurtech is a combination of the word’s “insurance” and “technology,” inspired by the term fintech i.e. financial technology. Whilst insurance company already move forward, Islamic Insurtech seems not a popular terminology. It may not have unique characteristic from stakeholder’s perspective and therefore it may only be embedded in insurtech definition. Purpose: This paper aims to explore the potential of having Islamic insurtech in the global market and analyze the opportunity to establish a conceptual framework for Islamic Insurtech. Methodology: This study uses qualitative approach based on in-depth analyzing on literature, report and website propose subject of the study. Findings: It is hoped that it will benefit the Islamic insurance or Takaful players to remain relevant in the global market. Paper Type: General Review

Purpose This study aims to review the current rules and regulations on micro-takaful in Malaysia to determine whether it addresses the basic principles of micro-takaful. Although the features of the first micro-takaful are slightly different from the customary long-established takaful settings, the rules and regulations remain unchanged following the original guidelines of operating insurance and takaful. Until Perlindungan Tenang makes its first premiere, the rules and regulations on micro-takaful are gaining ground. The dissimilarity of micro-takaful from the original takaful calls for updated guidelines, so that any micro-takaful scheme launched in the market meets the demand and needs of the targeted population. Design/methodology/approach This study uses content analysis as the best method to review each guideline in the related rules and regulations across several documents such as microinsurance and micro-takaful discussion paper and guidelines on family takaful products. Findings Overall, the findings reveal that guidelines on micro-takaful operating in Malaysia support the micro-takaful requirement to be affordable, valuable, accessible, understandable and simplified. Matching the rules and regulations with this population feedback, the extended distribution channel may need further scrutiny due to deficit trust among public members toward insurance and takaful. Originality/value The insights presented are of important illumination to achieve long-term sustainability financial protection while preserving human well-being among those underserved.

Originality/value: This study is among the first to systematically develop a thematic Maqasid al-Shariah framework for corporate Sukuk activities and impacts through empirical qualitative analysis which aligns with the Securities Commission Malaysia's of Maqasid al-Shariah Guidance for Islamic Capital Market (2023). By advancing a holistic model that bridges Shariah compliance with Maqasid realization, the research offers a new perspective for structuring Sukuk in ways that better serve Islamic ethical, economic, and social objectives. The findings contribute significantly to the evolution of Islamic finance towards a values-driven, socially impactful financial system.