This study utilises higher objectives postulated in Islamic moral economy or the maqasid al-Shari'ah theoretical framework's novel approach in evaluating the ethical, social, environmental and financial performance of Islamic banks. Maqasid al-Shari'ah is interpreted as achieving social good as a consequence in addition to well-being and, hence, it goes beyond traditional (voluntary) social responsibility. This study also explores the major determinants that affect maqasid performance as expressed through disclosure analysis. By expanding the traditional maqasid al-Shari'ah,, we develop a comprehensive evaluation framework in the form of a maqasid index, which is subjected to a rigorous disclosure analysis. Furthermore, in identifying the main determinants of the maqasid disclosure performance, panel data analysis is used by including several key variables alongside political and socioeconomic environment, ownership structures, and corporate and Shari'ah governance-related factors. The sample includes 33 full-fledged Islamic banks from 12 countries for the period of 2008-2016. The findings show that although during the nine-year period the disclosure of maqasid performance of the sampled Islamic banks has improved, this is still short of 'best practices'. Through panel data analysis, this study finds that the Muslim population indicator, CEO duality, Shari'ah governance, and leverage variables positively impact the disclosure of maqasid performance. However, the effect of GDP, financial development and human development index of the country, its political and civil rights, institutional ownership, and a higher share of independent directors have an overall negative impact on the maqasid performance. The findings reported in this study identify complex and multi-faceted relations between external market realities, corporate and Shari'ah governance mechanisms, and maqasid performance.

Research into spirituality and its impact on the work environment has been bourgeoning. In an attempt to explore the role of Islamic spirituality in the workplace, this study examines the influence of Islamic spirituality on job satisfaction and organisational commitment through work ethics. Data are obtained by an online Likert-scaled questionnaire survey based on one thousand Muslim employees from various economic sectors in Indonesia and analysed through structural equation modelling (SEM). The findings demonstrate that Islamic spirituality positively influences job satisfaction and organisational commitment as two dimensions of work attitudes and that work ethics mediate that influence. There is also evidence that job satisfaction positively influences organisational commitment, but work ethics does not moderate that influence. The findings related to the role of work ethics, which mediates the effect of Islamic spirituality on job satisfaction and organisational commitment, can be considered the contribution of this study.

Islamic indices encompass different fundamental principles to those held by conventional ones, which directs attention onto comparative financial performance. This paper offers a comprehensive performance comparison between Islamic indices and conventional indices, based on four main markets: worldwide, the US, Europe and Asia–Pacific for the period of 2007 and 2017 through financial ratio comparison and also the CAPM-EGARCH model. The main finding shows that Islamic indices yield higher average returns and lower risks during the 2007–2009 and 2013–2017 periods for all four markets, compared with respective conventional markets. During 2009–2013 period, the comparison proves inconclusive, since Islamic indices demonstrate better performance in European and Asia–Pacific markets, while conventional indices operate at an enhanced level within other markets. Overall, Islamic indices outperformed conventional indices during the global financial crisis period (2007–2009) and the latter post-crisis phase (2013–2017), especially in the European and Asia–Pacific markets.

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Purpose This study aims to investigate the relationship between Islamic governance and the social performance of Islamic banks, pioneering a new aspect in terms of the impact of the National Shariah Board (NSB) on the social performance of Islamic banks. The essential body in the Islamic banks in charge of Islamic governance is the Shariah Supervisory Board (SSB). Therefore, in this study, the authors explore how the characteristics of the Shariah board and Islamic governance mechanisms influence the social performance of Islamic banks. Design/methodology/approach Panel data methods are applied to the annual data of 43 banks from 14 countries over the period 2012–2018 to explore the impact of Islamic governance on Islamic banks’ social performance. The authors have used all available bank annual reports in the given period. Social performance is measured by Maqasid al-Shariah (in terms of the goals of the Islamic moral economy) index using a comprehensive evaluation framework. Islamic governance is represented by the improved Islamic Governance Score (IG-Score) index, which measures the quality of Islamic governance in Islamic banks. In the research, the authors also introduce the frequency of SSB meetings in IG-Score. Findings The findings suggest a strong link between Islamic governance and the social performance of Islamic banks, illustrating the importance of the Shariah board in achieving maqasid. On the other hand, the research discovered that NSBs are inefficient and the existence of NSB can jeopardize the social performance of Islamic banks. The results of this research imply valuable recommendations for Islamic banks that are keen to improve their social performance. Originality/value Besides investigating the impact of SSB governance on the social performance of Islamic banks by using an improved IG score index, to the best of the authors’ knowledge, this is the first study that investigates the impact of NSBs on the social performance of Islamic banks.

The unwillingness of the Somali community to finance higher education has largely gone unnoticed within the academic literature and government policy documents. This study explores the role of religion and the influence of Shari'ah scholars on the use of interest-bearing student loans within the Somali community. In the absence of any theoretical framework on this topic, we explore the multiple socioeconomic factors that may influence the attitude, perception of need, motivation and action of using student loans for higher education, by proposing the UK Somali Muslims Acceptance of Interest-bearing Student Loan Model. This is also a community-based participatory study that actively involved Somali community members in exploring and interpreting the results. This was achieved through regular consultations with the sampled Somali Muslim communities within the UK. Our results contribute to the broader debate on the effect of cultural, religious and social values of marginalised communities on inclusion and widening access policies for higher education. The findings reemphasise that people sharing the same location do not necessarily share the same level of opportunities for higher education because of the intersectionality of race, religion, gender and class.

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