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Ethical investments, such as socially responsible investment (SRI), and faith-based investments, such as Islamic finance, have become commonplace in the economic development discourse. Given that SRI bonds dominate SRI markets, one might ask why SRI Sukūk (Islamic bonds) have not contributed more to certain social or sustainability-related causes or sectors to achieve the objectives of Sharīʿah (Islamic law). This study will mainly examine the aspects considered ethically or socially responsible as incorporated in SRI and Islamic finance. In doing so, this study will compare the values or principles of SRI bonds and the SRI Sukūk framework to enable Islamic finance players to make good use of the opportunity of the segment. This study further examines what limits the involvement of Islamic financial market participants in socially responsible investment. Drawing on the 2014 SRI Sukūk framework and other SRI legislation, this study reveals that both have similar qualities, characteristics and objectives. However, SRI sukuk are challenged by investors' appetite for a profitable return, lack of awareness of social investment and lack of data and methodology associated with the Triple Bottom Line or 3Ps (people, planet and profit) approach. These problems have, to some extent, limited the Islamic financial market players from investing in social responsibility programes.

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.

This study discusses the issues of ṣukūk (Islamic bonds) default surrounding its transaction structures and potential for restructuring the default. By explaining the basic concept of ṣukūk structure, this study further provides a classification of ṣukūk from the perspectives of the standard-setting bodies and credit-rating agencies. Since the structures that underpin ṣukūk vary and technically ṣukūk is neither debt nor equity, this study provides the potential restructuring of ṣukūk in cases of default. The contingent approaches such as extending maturity, haircut and debt-equity swap are based on the classification of ṣukūk structures and require a case-by-case approach.

Abstract This study discusses the issues of ṣukūk (Islamic bonds) default surrounding its transaction structures and potential for restructuring the default. By explaining the basic concept of ṣukūk structure, this study further provides a classification of ṣukūk from the perspectives of the standard-setting bodies and credit-rating agencies. Since the structures that underpin ṣukūk vary and technically ṣukūk is neither debt nor equity, this study provides the potential restructuring of ṣukūk in cases of default. The contingent approaches such as extending maturity, haircut and debt-equity swap are based on the classification of ṣukūk structures and require a case-by-case approach.

Many reports had showed that micro enterprise always dealing with a lot of challenges as they are not skilled and experienced even been guided with numerous governments' bodies. In Malaysia, there is almost 99% of business entity is micro enterprise. However, their existence alone does not constitute any growth or development to the Malaysian economy. For that reason, there is an urgency to endow specific way of financial management that may leads to the success of their business. Hence, this study aims to investigate the factors of successful financial management amongst Malaysian micro entrepreneurs. The term 'success' is defined with both traditional criteria such as profit and growth by looking at the possible contributing factors which are experience, qualification and business plan. In this study, successful financial management refers to the successful micro enterprise in Malaysia because it is interconnected. By focusing on previous studies, this paper will review the challenges of micro enterprise, summary of successful financial management and provide recommendations for future research.