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PurposeThis study aims to analyze the level of customer awareness of Islamic Banks' activities toward corporate social responsibility (CSR) in the Kingdoms of Bahrain and Saudi Arabia and test whether both groups have similarities or not. The outcome of this study determines the extent to which customer awareness regarding Islamic banking activities furthering the betterment of society and achieving socioeconomic goals beyond their financial objectives.Design/methodology/approachQuantitative methods are used in this study covering Islamic Banks in both the Kingdoms of Bahrain and Saudi Arabia; using a survey questionnaire distributed to a total of 150 customers in the Kingdom of Bahrain and 100 customers in the Kingdom of Saudi Arabia. The weighted means are calculated, and statistical tests are used, such as, Kruskal–Wallis H and independent sample tests, in analyzing the data.FindingsThe results of the survey reveal that the level of customer awareness is generally low in terms of the pursuit of corporate social responsibilities by the Islamic Banks. The significant statistical difference in the data gathered from the sample is highlighted when they are grouped according to their respective banks. It proves that the level of customer awareness varies considerably among the Islamic banks in the survey. It was also found that there is no significant difference between the two groups of Islamic banks' customers in the two countries in terms of their awareness toward the CSR practices of the Islamic banks.Originality/valueThe findings of this study could be used to aid policymakers in the field of CSR of Islamic banks to formulate a more efficient set of CSR activities that are better aligned with the ultimate goal of achieving society's betterment. This study may also facilitate Islamic banks in the region to set up strategies that highlight their CSR efforts and raise the awareness levels of their customers.

This study offers an integrated analysis of the Cash Waqf Linked Sukuk application in Indonesia. The method employed is a review of the literature utilizing many data sources. Several significant ideas, like the sharing economy, Islamic financial innovation, and social impact bonds, have a significant link with the implementation of CWLS, according to the findings. Cash Waqf Linked Sukuk (CWLS) is a tool for placing waqf money (cash waqf) on Indonesia's sovereign Sukuk (SBSN), which was developed to support the social facilities development program. With the presence of CWLS, the private sector can actively contribute to the government's development of public facilities for widespread advantages. The primary advantage of CWLS is that its advantages can be enhanced through the provision of government-managed public infrastructure with solid governance and a low degree of risk. The Indonesian Waqf Board, Bank Indonesia, the Ministry of Finance, Islamic Financial Institutions, the Zakat Institutions, the Ministry of Religious Affairs, Investors, and (Mauquf Alaih) Beneficiaries are involved in the management of CWLS. The study finds that CWLS may be able to aid the community in achieving more sustainable and equitable economic growth.

The purpose of this paper is to explore the equivalency of curriculum content of universities. It examines how this equivalency can benefit the universities that offer Islamic economics programs in implementing the new policy of the Indonesian Education and Culture Minister, especially for point No. 4, known as "Merdeka Belajar: Kampus Merdeka" (Independent learning policy or Liberating policy). This study also evaluates whether or not the guidelines on implementing Islamic economic community involvement projects developed by the National Committee for Islamic Economy and Finance (Komite Nasional Ekonomi dan Keuangan Syariah - KNEKS) and other stakeholders can support the new policy, especially for point No. 4. This study uses content analysis from the curriculum of the ten selected universities in Indonesia that participated in developing the framework on minimum standardization across Islamic economics undergraduate programs led by KNEKS. The results of the study reveal that the ten universities are ready to implement the new policy of the Indonesian Education and Culture Minister, especially for point No. 4 known as "Merdeka Belajar: Kampus Merdeka" (Independent learning policy or Liberating policy) since a significant number of course equivalents were found across the ten universities. In addition, the guidelines on the implementation of Islamic economic community involvement projects developed by KNEKS are aligned with the new policy's guidelines on community involvement projects. The paper is expected to benefit several stakeholders, such as universities that offer Islamic economics programs, by providing them with guidelines on implementing the new policy. The student can use this study as a reference for them in conducting community involvement projects, internships, and student exchange programs. ========================================================================================================ABSTRAK – Keselarasan dan Ketidakselarasan Kurikulum Ekonomi Islam dengan Kebijakan Pemerintah di ...

Part I. Institutional Framework for Macroprudential in Islamic Banking System -- 1. Macroprudential Policy and Regulation in A Dual Banking System: An Exploratory Perspective -- 2. Doctrinal Challenge for Islamic Banking on Macroprudential Regulations: A Religion-Regulation Mismatch 2.0 -- 3. Conceptual Proposal for Future Macroprudential Framework under Dual Financial System in Indonesia -- Part II. Macroprudential Policy, Systemic Risks and Financial Stability in Islamic Financial Industry -- 4. Risk Management Methodologies: An Empirical Macro-prudential Approach for a Resilient Regulatory Framework for the Islamic Finance Industry -- 5. Competitive Condition and Market Power of Islamic and Commercial Conventional Banks in Indonesia -- 6. Early Warning Indicators and Macroprudential Policy Tools -- 7. A Proposed Formula for Reserve Requirement–Financing to Deposit Ratio: The Case of Islamic Banking in Indonesia -- 8. Testing of the Procyclicality of Islamic and Conventional Banks in Indonesia -- 9. Short-Term Liquidity Management Mechanisms in the Absence of Islamic Interbank Loan Markets -- Part III. Experiences in Implementing Macroprudential Policy in a Dual Banking System -- 10. Macroprudential Analysis of Financial Crisis Impacts on Banks' Soundness: Evidence from Pakistan -- 11. Regulatory Framework for Islamic Finance: Malaysia's Initiative -- 12. Islamic Finance and Macroprudential Policy: The Case of Iranian Banking System -- Part IV. Interplay between Macroprudential Policy with Other Markets -- 13. Indonesia Shari'ah Compliance Stock Index Responses towards Macroprudential and Monetary Policy of Indonesia Central Bank -- 14. Socio-Economic Development and its Effect on Performance of Islamic Banks: Dynamic Panel Approaches -- 15. Macroprudential Tools and Its Relationship with Monetary Policy Tools.

This volume aims to discuss the current research, theory, methodology and applications of macropreudential regulation and policy for the Islamic financial industry. Published in cooperation with the Islamic Research and Training Institute (IRTI), this book features contributions from a workshop presented in collaboration with the University College of Bahrain (UCB) in Manama, Bahrain, aimed to bring together experts in Islamic banking and regulation and financial economics. This resulting book sheds light on how macroprudential policy may be implemented in the Islamic financial system, and indicates current challenges and their effects on economic growth, financial stability and monetary regulation. Macroprudential policy is increasingly seen as a way of dealing with the different dimensions of systemic risk. But many central banks, bank supervisors and regulators have limited experience with macroprudential tools, particularly in the Islamic financial industry. Given the complementarities between monetary policy and financial stability, it appears that central banks would always play an important role in macroprudential policy. But how should macroprudential policy best interact with monetary policy? It is becoming more pressing for the central banks to conduct monetary policy in which its conventional banking system operates side by side with Islamic banking system. This question has received increasing attention in the research literature but there is much we still need to learn. This is why new insights from research on macroprudential policy - which has gained important impetus in recent years - are so valuable. Featuring contributions on topics such as macroprudential regulation, policy, tools and instruments; governance, systematic risk, monetary policy, and bank leverage, the editors provide a collection of comprehensive research covering the most important issues on macroprudential policy and regulation for the Islamic financial industry. This volume is expected to be a significant contribution to the literature in the field of Islamic finance and evaluation of public policies to promote the development for Islamic financial industry. It is also served as a key text for students, academics, researchers, policy-makers in the field of Islamic finance.