This article provides a framework for applying the principles of Islamic legal methodology to determine the optimal Shariah screening standards for Islamic equity markets. It is argued that using maslahah mursalah (unrestricted benefit) is an appropriate method for identifying appropriate financial standards and its principles stipulate that the benchmark that yields the best economic returns to investors should be chosen. The methodological framework is applied to the Indonesia equity market where the economic implications of the Islamic stock screening standards of the Indonesian Islamic Shariah Stock Index and four global indices are assessed. Portfolios are constructed by applying Islamic stock screening standards for each of the indices by using data on 377 stocks listed in the Indonesian stock market for 5 years. The performances measured by the Sharpe ratio, Treynor index, and Jensen alpha reveal that the Dow Jones Islamic Index screening criteria performs the best. Based on the method of maslahah mursalah, the article recommends using the screening standard of this index in the Indonesian stock market to maximize benefits to investors. While the approach used in this article is applied to Islamic equity markets, the methodological framework can also be used for other similar cases in Islamic finance.

Purpose -COVID-19 typically affects economic activity and growth, including the movement of global Islamic stock indices. This experimental study intends to analyse and map the global Islamic equity markets competition and identify which countries had the best performance while facing the turbulence of COVID-19.Methodology -This research was conducted by simulating the formation of a global Islamic stock portfolio and ranking based on weighting of investment allocations in each country. The data used were monthly data during the first year of the COVID-19 crisis period from 12 countries that provide an Islamic stock index and are constituents of Dow Jones Global Islamic Indices and/or FTSE Shariah. The Single Index Model was employed as the method in the formation of the global portfolio in this research.Findings -Our analysis revealed that four countries that deserve the biggest weights, namely China, Japan, Turkey, and Malaysia, were the countries with the best relative performance compared to their risk and the most defensive countries to the global systematic market risk and turbulence during the first year of the COVID-19 crisis period. On the other hand, three countries were eliminated as their Excess Return to Beta were lower than the Cut-Off Point, these countries were the United Kingdom, United Arab Emirates, and Canada, which means that the returns of these countries were not worth the risks.Originality -While some studies have analysed the behaviour of Islamic stock markets during the COVID-19 crisis, none of them tried to map the global Islamic stock market that reflects the competitiveness of the constituent countries and the competition amongst them.Practical implication -This research argues that if Islamic multinational investors allocate their funds while facing the COVID-19 turbulence by considering the global map generated from this study, the investors will have a global Islamic investment portfolio with an optimal return which is higher than the market return and minimal risk which is lower than the market risk.

Introduction: Indonesia has become a country with the largest Muslim population in the world. As a Muslim majority population, it is very important to consume halal products that are in accordance with the Qur'an and Sunnah. But in fact, not all products consumed by Muslims have halal certification. Along with the increasing identity of the Muslim community, the current halal lifestyle has become a trend that is in great demand, including the demand of halal fast food. This study aims to analyze the effect of halal awareness, religiosity, knowledge of product ingredients and halal certification in purchasing decisions of halal fast food products. Methods: The data used is primary data collected by using a questionnaire. The analytical technique used is multiple linear regression using the SPSS version 25 application. Results: This study found that the variables of halal awareness (X₁), religiosity (X2), product material knowledge (X3), and halal certification (X4) significantly influenced the decision to purchase halal fast food by 66%. This research produces a multiple linear regression equation as follow: Y=5.073 + 0.318X₁ + 0.106X₂ + 0.137X₃ + 0.351X₄ + e. Conclusion and suggestion: The implications of this research are given to producers and consumers of fast food to consider the importance of halal certification, which starts from awareness of consuming halal products which are then expected to be committed to their religion. With this research, it is hoped that there will be an increase in halal certification in fast food, especially in Indonesia, one of which is through incessant socialization of the importance of halal certification in fast food. Keywords: Halal Awareness, Religiosity, Knowledge of Product Ingredients, Halal Certification of Fast Food.

This study aims to determine the effect of Islamic capital market literacy, financial behavior, and income on the interest in investing in the Islamic capital market among generation Z. The research type and method used is quantitative research. The data used is primary data collected using an online questionnaire containing questions related to the variables, spread among Gunadarma University students as respondents. This study uses multiple linear regression analysis with a non-probability sampling technique assisted by statistical tools SPSS version 25. The results of this study indicate that partially Islamic capital market literacy variables (X1) and financial behavior (X2) have a significant effect on interest in investing in Islamic capital market. However, income (X3) has no partial effect on interest in investing. Meanwhile, simultaneously, the variables of Islamic capital market literacy, financial behavior, and income have an influence on interest in investing in the Islamic capital market. The results of this study emphasize the importance of increasing financial literacy to increase the involvement of Generation Z in the Islamic financial system, by intensifying socialization and education programs, in this case on the Islamic capital market. Keywords: Islamic Capital Market Literacy; Financial Behavior; Income; Interest to Invest; Gen Z

This study aims to determine the effect of Islamic capital market literacy, financial behavior, and income on the interest in investing in the Islamic capital market among generation Z. The research type and method used is quantitative research. The data used is primary data collected using an online questionnaire containing questions related to the variables, spread among Gunadarma University students as respondents. This study uses multiple linear regression analysis with a non-probability sampling technique assisted by statistical tools SPSS version 25. The results of this study indicate that partially Islamic capital market literacy variables (X1) and financial behavior (X2) have a significant effect on interest in investing in Islamic capital market. However, income (X3) has no partial effect on interest in investing. Meanwhile, simultaneously, the variables of Islamic capital market literacy, financial behavior, and income have an influence on interest in investing in the Islamic capital market. The results of this study emphasize the importance of increasing financial literacy to increase the involvement of Generation Z in the Islamic financial system, by intensifying socialization and education programs, in this case on the Islamic capital market.

This study aims to determine the effect of Islamic capital market literacy, financial behavior, and income on the interest in investing in the Islamic capital market among generation Z. The research type and method used is quantitative research. The data used is primary data collected using an online questionnaire containing questions related to the variables, spread among Gunadarma University students as respondents. This study uses multiple linear regression analysis with a non-probability sampling technique assisted by statistical tools SPSS version 25. The results of this study indicate that partially Islamic capital market literacy variables (X1) and financial behavior (X2) have a significant effect on interest in investing in Islamic capital market. However, income (X3) has no partial effect on interest in investing. Meanwhile, simultaneously, the variables of Islamic capital market literacy, financial behavior, and income have an influence on interest in investing in the Islamic capital market. The results of this study emphasize the importance of increasing financial literacy to increase the involvement of Generation Z in the Islamic financial system, by intensifying socialization and education programs, in this case on the Islamic capital market.

Historically, zakah institution was only run by the state, which was indeed managed under the state or public logic. On the other hand, we are now in the era of ‘civic society’, where the ‘bureaucratic decline’ emphasized the incapability of the state to be an efficient actor of development (Bawole, Ibrahim, Hossain, & Mensah, 2017; Hirschmann, 1999). The role of non-state actors is increasingly important to be the better development engines. The fact as mentioned earlier has put these non-state actors of development, including zakah institutions, in a dilemma between two institutional logics: market or commercial logic and public or social logics (Schröer & Jäger, 2015). These institutions must face distinct problems which do not occur in a conventional single-logic organization. They regularly need to deal with the conflict between two logics, financial or social logics. This study aims to conceptualize a further argument that zakah institutions are hybrid institutions, and therefore, a list of lessons could be explored. Systematic Literature Review (SLR) is being applied for obtaining facts and related cases to this study. Few recommendations to sustain the zakah institutional growth are found. Regarding its organizational legacy (Furusten & Junker, 2019), a good communication method to the society will result in the sustainable institutional “business” as a form of “promotion”. According to Battilana (2018), setting organizational goals, structuring organizational activities, selecting organizational members, and socializing organizational members might be able to keep the institution in the hybridity track. Further, instead of creating “entrepreneurship for social value creation”, the better concept is “social value for entrepreneurship” (Arogyaswamy, 2017).