Purpose The halal industry is one of the most growing industries in the world. It refers to the industry in line with Islamic principles and requirements. The emergence of this industry aims to fulfil the requirement of Islamic-compliant products and services. Surprisingly, the industry has been growing in both Muslim and non-Muslim countries. Assessing the performance of the industry will be notable for ensuring that it obtains its objectives. The proper performance measurement should highlight business perspectives and religious aspects. This study aims to explore the current issues and challenges in developing Maqashid Al-Shari’ah-based performance measurement in the halal industry. Design/methodology/approach This is a qualitative research using in-depth interviews, and uses content analysis to interpret and explain the interview result. Interviews were conducted with experts in Maqashid Al-Shari’ah and Islamic capital markets. Findings The existence of the concept of Maqashid Al-Shari’ah is to create maslahah for all human beings. The development of Maqashid Al-Shari’ah performance measurement for the business is very important. It has only been developed for Islamic financial industry. Unfortunately, it is found that the development of Maqashid Al-Shari’ah performance measurement has not been carried out comprehensively in non-financial industry. The main issue is the absence of the applicable measurements. Therefore, collective decision is required to develop the appropriate measurements. Practical implications There is a necessity for regulator to produce standards on Maqashid Al-Shari’ah-based performance measurement. The government policy plays an important role in the development and implementation of Maqashid Al-Shari’ah -based measurement index. Originality/value This paper highlights the issue of the development of Maqashid Al-Shari’ah -based performance measurement in halal business and commerce which has not much discussed in prior studies.

Purpose The purpose of this study is to investigate shari’ah scholars’ views and experiences pertaining the shari’ah issues, challenges and prospects in Islamic derivatives. Specifically, this paper critically examines the criticisms toward conventional derivative instruments and the controversies surrounding underlying contracts and current Islamic derivative products. Design/methodology/approach This study uses qualitative methods to form a deeper understanding of shari’ah scholars’ perception and experience on Islamic derivatives. Semi-structured interviews were conducted with five shari’ah scholars who are currently working in Islamic financial institutions in Malaysia and Singapore. This study used phenomenological techniques for its data analysis. Findings This study has found that shari’ah scholars are aware of the shari’ah issues surrounding Islamic derivatives and have provided comprehensive insight on the solution to these issues. It was found that it is important to take into account the derivatives instruments in Islamic financial industry because of the need for hedging and risk mitigation within Islamic financial institutions. Nonetheless, the study has also found that the use of wa’ad contracts to structure Islamic profit rate swaps and foreign currency exchanges are problematic because of it having features of bay’ al-kali’ bil-kali (the sale of one debt for another). Originality/value This study is one of few studies that highlight the shari’ah issues of Islamic derivatives in Islamic banking and finance industry. This paper is of value in discussing risk management and Islamic derivatives in Islamic financial institutions and how there are many issues under the investigation process, particularly issues related to controversial underlying contracts and products.

Deep sea water (DSW) commonly refers to a body of seawater that is pumped up from a depth of over 200 m. It is usually associated with the following characteristics: low temperature, high purity, and being rich with nutrients, namely, beneficial elements, which include magnesium, calcium, potassium, chromium, selenium, zinc, and vanadium. Less photosynthesis of plant planktons, consumption of nutrients, and organic decomposition have caused lots of nutrients to remain there. Due to this, DSW has potential to become a good source for health. Research has proven that DSW can help overcome health problems especially related to lifestyle-associated diseases such as cardiovascular disease, diabetes, obesity, cancer, and skin problems. This paper reviews the potential health benefits of DSW by referring to the findings from previous researches.

Waqf is a financial charitable endowment established by withholding immovable and movable properties to perpetually spend its revenue on fulfilling public needs, once the property is created as Waqf, it could never be given as gift, inherited, or sold. Traditionally, Waqf was inculcated in Muslims' culture, and has included in all walks of life. When it was the main source for various public services that been provided to communities. Therefore, Muslims in all over the world are exposed to participate in Waqf, the value of giving is one that spans all cultures and religious faiths and is an important means of establishing a social safety net for the poor. Oftentimes, charitable giving is motivated by people's attitude and behavior, religious beliefs, cultures and religious educations. This is a literature review paper that focuses on the strong connection between motives for giving and outcomes of giving. The purpose is to shed light on some of the key expressions of giving in Islam, and the psychology of giving that is quite difficult to determine in most of the studies. Some motives and effects of giving are easy to explain and the wisdom behind them is clear. On the other hand some of these phenomena's are hard to explain. However Islam stresses that giving charity increases our wealth, and makes the mercy of Allah befall on us. The findings of this study signified that the major motives for giving are behavior, attitude, faith (belief), and education. And the outcomes of giving are God blessing, more rewards, and psychological comfort that can be perceived from happiness and joy of giving as well as self-satisfaction. Hence, it is highly advisable to look comprehensively at this topic and introduce an effective framework that can help people to have better understanding on the psychology of giving.

Waqf plays a very important role in Muslim societies. It has been the main source for various public services provided to communities. It has been marginalized as a mere charity, although it has historically been successful in producing sustainable income and reducing poverty levels in Muslim countries. Traditionally, the creation of Waqf is inculcated in Muslims’ culture, and included all walks of life. It has also contributed to the service of man in various areas of development. Nonetheless, in modern times, Waqf has seen a declining role, which raises a number of questions as to what factors actually led to an earlier growth of Waqf, and what was the factor associated with its later decline. This review propagates a historical narrative of Waqf, highlighting the reasons for its decline and the need for reform. The paper concludes that if Muslims have good governments that can manage the funds are transparent, reformulates the laws governing Waqf, and design an integrated network of sciences to monitor issues and problems; they can realistically revive the practice of Waqf. The proper management and disbursement of Waqf can become a great source of revenue for the Ummah.