Purpose This paper aims to explore the potential of the awareness and knowledge of Islamic social finance (zakat, waqf and Islamic microfinance) to alleviate poverty during the COVID-19 pandemic with the moderating effect of ethical orientation. Design/methodology/approach The data were collected through the administration of paper-based and electronic questionnaires to 400 respondents out of which only 277 were found valid for analysis. Findings The study showed that by direct relationship, the awareness and knowledge of Islamic social finance instruments have a potentially significant positive contribution to poverty alleviation during the COVID-19 pandemic except for zakat that has an insignificant positive contribution. Ethical oriental has also a significant positive contribution. Contrary to expectation, the moderating effect of ethical orientation has changed zakat and waqf to have significant negative and insignificant positive contributions, respectively. Only Islamic microfinance has endured the moderating effect to continue contributing significantly and positively to the reduction of poverty. Research limitations/implications The study explored only the potential impact of the awareness and knowledge of Islamic social finance to mitigate the extreme poverty caused by the COVID-19 pandemic in Nigeria. Practical implications This study clearly showed the need to create enabling laws and policies to support the operations of zakat and waqf institutions to achieve their objectives effectively and efficiently. These two institutions should be integrated with Islamic microfinance for the possibility of getting better outcomes. Social implications There should be massive campaigns to restore religious, social and political ethics to enhance the socio-economic development of Nigerians based on the principles of brotherhood. Originality/value This study provides unexpected and unusual results showing the inability of zakat and waqf institutions to alleviate poverty due to poor ethical orientation.

Purpose This paper aims to establish whether Jaiz Bank Nigeria, Plc (JBNP) adopts the corporate social responsibility (CSR) practice and disclosure of Islami Bank Bangladesh (IBBL) as the latter provided managerial and technical assistance to the former. Design/methodology/approach The data were extracted from the annual reports and accounts of the banks from 2013 to 2017. Findings The study established that over the period, IBBL had clearly disclosed sector-wise CSR expenditures and the number of beneficiaries, such as humanitarian and disaster relief, education, health and environment, among others, for the welfare of the poor and the needy in the country. However, the CSR practice and disclosure of IBBL have not yet been adopted by JBNP. It only discharges CSR activities through its foundation called Jaiz Foundation, with unlawful income based on the doctrine of necessity, as approved by the Financial Regulation Advisory Council of Experts (FRACE) of the Central Bank of Nigeria (CBN). Further, the total amount to expend for CSR activities is located in the statement of sources and uses of charity funds. Research limitations/implications The study covered only two Islamic Banks. Besides, only CSR aspects for the community service and development over five years were examined. Practical implications It is suggested that JBNP should adopt the CSR practice and disclosure of IBBL for the welfare of the poor and the needy in Nigeria. Social implications Adopting the IBBL CSR practice and disclosure by JBNP would contribute to the minimization of the incidence of poverty in Nigeria. Originality/value This study, to the best knowledge of the researchers, is among the few of its kind that deeply evaluated the CSR expenditure of Islamic banks solely for the welfare of the poor and the needy of the society.

Purpose The purpose of this study is to examine the contribution of academic and professional institutions in promoting the awareness and knowledge of Islamic banking and finance in Nigeria. Design/methodology/approach The data were generated through a documentary research method by examining the Benchmark Minimum Academic Standards (BMAS) for Nigerian universities and Nigerian university curricula for the relevant undergraduate programs, as well as examination syllabi and training brochures for the relevant professional associations. Findings The study found that universities do not promote significantly the awareness and knowledge of Islamic banking and finance. Similarly, the relevant professional associations through their examinations and training programs contribute little or nothing to the promotion of awareness and knowledge. Research limitations/implications This study solely relied upon documentary evidence upon which the findings were based. In addition, for academic institutions, only undergraduate BMAS and curricula were examined. Practical implications There should be collaborations between the National University Commission of Nigeria, relevant Islamic and non-Islamic professional bodies and Nigerian Universities to ensure that courses (subjects) that could promote the awareness and knowledge of Islamic banking and finance are fully integrated into academic and professional curricula and training programs. Social implications The integration of an adequate number of relevant courses/topics into academic curricula and professional institution examination syllabi and their Mandatory Continuing Professional Development programs would greatly contribute to the production of competent and skillful employees to work for the growth and development of the Islamic banking and finance industry. Originality/value This study provides better ways of ensuring that knowledgeable and qualified employees are produced to work for the sustainability of the global Islamic banking and finance industry.

Purpose The purpose of this study is to establish whether religion (interest) is an impediment to Nigeria’s financial inclusion targets to be achieved by the year 2020. Design/methodology/approach The data were collected through semi-structured interviews and documentary evidence. Thematic analysis was used to analyze the interview responses. Findings It was found that all the Central Bank of Nigeria (CBN) programs that contribute toward achieving financial inclusion are interest-based ones. Further, none of them provides a non-interest window except Commercial Agricultural Credit Schemes (CACS). Even the CACS is not fully Shari’a-compliant, as it requires further modification. Despite the fact that interest is condemned in Islam, a majority of Muslims have been found to be accessing interest-based funds. Hence, interest is not a factor that hinders the achievement of reducing Nigeria’s financial exclusion rate to 20 per cent by the year 2020. Research limitations/implications This study inquired into the programs under the Development Finance Department of the CBN by using semi-structured interviews and documentary evidence. Other programs of the federal government, state governments, NGOs and other private organizations and individuals are not considered. The findings have pointed out the areas to conduct future studies on religion and financial inclusion. Practical implications Although Muslims who complained about interest are a minority, there is the need to provide non-interest windows in the programs before they start shunning these programs, as a lot influential Muslim scholars are currently preaching against the interest. Originality/value The paper is one of the few studies that support the view that interest does not hinder the achievement of financial inclusion in a Muslim majority country.

Purpose The purpose of this paper is to discuss the inheritance of a business from the Islamic accounting perspective. Design/methodology/approach The paper adapts the relevant provisions of conventional accounting standards and practices that conform to Sharīʿah (Islamic law). In addition, the provisions of the Islamic accounting standard for musharakah (AAOIFI’s FAS No. 4) found to be relevant are also adapted. Findings The study shows that the assets of an inherited business should be measured at their fair values and that liabilities and legacies must be deducted therefrom with the view to arriving at the equity (or residue). The equity is then distributed among the heirs based on the sharing ratio established according to the Noble Qurʾān, the Sunnah (the Prophet’s way) and Muslim jurists’ views. Therefore, the inherited business becomes a family business as each heir is admitted into it. By extension, Islam emphasizes that the business should remain a going concern to generate income to sustain the welfare of the heirs. Research limitations/implications The discussion of the paper is limited to the inheritance of a business and its going concern in line with the Sharīʿah. Practical implications Special attention should be paid to the inherited business to ensure not only its continuity to generate income for the heirs but also that each heir gets a correct share of the equity of the business as regulated by the Sharīʿah. Originality/value This study links Islamic inheritance to the going concern of the business, which from all indications has not been given full consideration by previous studies.