Purpose This study aims to highlight the importance of intellectual capital (IC) for the operation of waqf (Islamic endowment) institutions, as few studies have discussed this issue in relation to non-profit religious organisations, particularly waqf organisations. Consequently, this study hopes to contribute to the development of waqf institutions in terms of human capital proficiency, the efficiency of operations and the effectiveness and sustainability of performance. Design/methodology/approach The authors reviewed a significant body of relevant studies written on various aspects of IC, to highlight the significance of considering IC in the operation of non-profit organisations (NPOs) and waqf institutions. Findings This study highlights the importance of IC in the operation of waqf institutions. It provides a platform that facilitates understanding of the existing obstacles and challenges in waqf institutions (such as lack of accountability, lack of funding, mismanagement and lack of trained labour, among others) and offers potential solutions through the consideration of knowledge and IC. Research limitations/implications This study is a conceptual analysis of IC in the context of NPOs. Future studies should conduct empirical testing, which will provide more detailed discussion and enriching insights into the issue of IC and the performance of NPOs, particularly in the case of waqf institutions. Practical implications This study provides several important implications for waqf institutions and other NPOs, as it sheds light on the consideration of knowledge and IC in their operations. Originality/value To the best of the authors’ knowledge, this study is the first to discuss the issues of waqf in the light of IC and provide an integrated framework for the operation of waqf institutions.

Purpose The purpose of this study is to propose a contemporary human resource management (HRM) framework by zakat institutions, which collect and manage religious alms, both obligatory (zakat) and voluntary (ṣadaqah), in Malaysia. Design/methodology/approach In doing so, discussions pertaining to the key elements of zakat institutions’ HRM including recruitment, selection, performance appraisal, training and development and compensation are gathered from the existing literature and other sources of information such as zakat institutions’ websites and publications. In addition, zakat officers’ insight on how HRM is practiced at their institutions is gathered through a series of semi-structured interviews and incorporated in the findings of this study. Findings The paper finds that the state government, by virtue of the State Islamic Religious Council (SIRC), which is the sole trustee of all waqf properties in Malaysia, may have significant influence in formulating the human resource strategies and policies in zakat institutions. Research limitations/implications The proposed HRM model can be a useful reference for SIRC in enhancing the current human resource practice in its respective zakat institutions. Originality/value The novelty of this study lies in the proposed HRM model applicable to zakat institutions. The model emphasizes the alignment between the zakat institutions’ HRM practice and their zakat collection and distribution goals, as well as zakat management objectives in general.

PurposeThe purpose of this paper is to investigate whether higher disclosure levels at both Islamic and conventional banks are associated with higher stock price volatility in the member countries of the Gulf Cooperation Council (GCC).Design/methodology/approachTo do this, the authors build a disclosure index (DI) for both types of banks and compare their transparency levels. After that, the authors evaluate the relationship between disclosure and stock price volatility for both conventional and Islamic banks (IBs) and include macro- and bank-level control factors to isolate the effect of disclosure from potentially confounding influences by employing panel data.FindingsThe author find that the significance of the DI on stock price volatility is economically negligible at both types of banks, suggesting that injecting more information into markets would raise stock price volatility only slightly and hence will not have much economically significant effect on stock price volatility in our sample countries. The authors discuss the policy implications of the findings.Originality/valueThe study fills the gap in the literature and assists in formulating appropriate regulation policies for corporate governance disclosure requirements. To the best of our knowledge, this is the first empirical study to investigate the impact of disclosure on reducing stock price volatility in the dual banking system of the GCC countries.

Purpose The purpose of this paper is to investigate the relationship between the sub-components of intellectual capital and organisational performance in waqf institutions in Algeria. Design/methodology/approach Data was collected through structured questionnaires from a sample of 193 waqf employees working in 23 different provinces in Algeria and analysed using partial least squares – structural equation modelling (PLS-SEM) software to test the path modelling and the relationship between the instruments. Findings The results of this research show that human capital, structural capital and spiritual capital have a positive and significant relationship with organisational performance. However, relational capital, social capital and technological capital did not demonstrate any kind of role in the context of waqf institutions in Algeria. Practical implications The findings of this research are of great importance for waqf institutions in Algeria, as they provide a comprehensive screening with regard to organisational performance of these institutions through the lens of intellectual capital. The findings help waqf managers and policy makers consider effective solutions for the weaknesses and challenges impeding the performance of waqf institutions, in the hope of retrieving their role in serving and developing societies. Originality/value In the existing body of literature, there is a lack of research focusing on intellectual capital in the context of religious non-profit organisations particularly waqf institutions. Thus, this research adds to the body of knowledge on intellectual capital while highlighting its role and importance within the waqf industry, particularly in the context of Algeria. This research is considered among the primary attempts to investigate the impact of intellectual capital components on the organisational performance of waqf institutions in Algeria.

Islamic social finance is akin to the conventional social finance but the former is subjected to the established principles of Sharī'ah. In generating positive impacts to the society, the Islamic social finance and its instruments must be utilised in protecting and preserving the Maqāṣid al-Sharī'ah. A critical analysis on the Islamic social finance in relation to the Maqāṣid al-Sharī'ah is provided through this research. By using the doctrinal and qualitative methods, the practices of the Islamic social finance as applied in OIC member states are reviewed and provided as examples. Problems of implementation of Islamic social finance in the OIC countries are listed; while tentative solutions are suggested with a hope of triggering better solutions. At the end of discussion, a list of recommendations for future researches is proposed for considerations.