Microfinance is regarded as an effective technique of poverty alleviation since it provides access to financial resources that can assist in poverty reduction by increasing financial involvement and empowerment. However, despite the fact that microfinance banks account for the vast bulk of the market in Nigeria, with over 800, their contribution to the country’s economy is less than 1%. Additionally, the primary objective of poverty eradication has not been accomplished. Thus, existing research has positioned Islamic microfinance institutions as a viable tool for poverty alleviation in Nigeria. However, Islamic microfinance banks in Nigeria continue to witness minimal development. This research investigates the challenges hindering the development of Islamic microfinance banks in Nigeria. Semi-structured interviews were used to collect data for this study. In addition, data reduction, coding, integration, and visualisation steps are implemented to analyse data effectively. The finding shows that several regulatory issues, such as licence procedures requiring paid-up capital, are some challenges. Likewise, awareness, misconceptions, and acceptance remain significant hindrances faced by IMFBs in Nigeria. Additionally, IMFBs face some in-house challenges, such as a lack of Islamic fintech, convenient access to the unbanked community, and human capital. Consequently, the study recommends that stakeholders in the Nigerian financial system launch public awareness campaigns about the significance of Islamic microfinance banks in promoting financial inclusion and reducing poverty.

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Purpose ― Currently, there is neither a formal zakat system nor a zakat institution in Morocco. However, in recent years, discussions have intensified regarding the establishment of a national zakat fund in the Kingdom. In this regard, the paper attempts to fill the gap by examining the factors determining the intention of Moroccans to pay their zakat obligations to the national zakat fund. Design/Methodology/Approach ― The present study adopts a quantitative research design based on the theory of planned behaviour (TPB). A relevant questionnaire was designed and distributed to zakat believers in Morocco. Structural equation modelling (SEM) was used to analyse the data collected. Findings ― The study found that most of the zakat believers have basic knowledge of zakat as a religious obligation and that there is a need for proper education on zakat. Additionally, among the variables studied, only attitude has a significant positive impact on the intention of Moroccans to pay their zakat obligations to the zakat national fund. Originality/Value ― This study is unique in nature as it is the first study to explore individuals’ intention in Morocco to pay their zakat obligations to a national zakat fund based on the TPB. Research Limitations/Implications ― The primary limitation of this research is its scope. The study focuses on individual contributors only. Further studies might target businesses and Islamic financial institutions as potential donors. Practical Implications ― The paper suggests some recommendations aiming to increase confidence in the zakat fund and building a positive attitude among the muzakkīs (zakat payers).

The paper aim to explore the impact of five challenges on the development of sukuk issuances market in the Kingdom in line with the financial sector development plans within vision 2030 objectives . The study adopted quantitative method by distributing a questionnaire to 115 experts involved in the Saudi sukuk market . The results have been analyzed by Smart PLS 3, and it showed a statistically significant effect on the relationship between the five challenges and the sukuk market development in the Kingdom. At the level of sub-challenges , the results have showed that there was no statistically significant impact between the legal framework regulating sukuk issuance in the Kingdom and sukuk market development. While there was a statistically significant impact of the other four challenges on sukuk market development, namely: (1) Shari'ah governance, (2) secondary market activation, (3) the credit rating (4) yield curve. The research has recommended setting a mandatory framework of Shari'ah governance for sukuk issuance, allowance to retail investors for trading in sukuk , requiring sukuk issuers to credit rating the local sukuk issuance, and finally announcement of the yield curve on Saudi government sukuk and considering it as a benchmark pricing index.

PurposeThe popularity of financial technology (fintech) is rising in society due to fintech's direct benefits to users. This digital-based approach is one of the outputs of the Industrial Revolution 4.0, which transformed the path of human history and resulted in the development of digital transformation strategy innovation, more commonly referred to as digitalisation. Previous literature has predicted that integrating fintech into waqf management will facilitate fintech's growth and expand waqf outreach in Malaysia. Therefore, this paper aims to examine the impact of “Industry 4.0” on the expansion of fintech into cash waqf in Malaysia.Design/methodology/approachThis study uses Rogers' (2003) diffusion of innovation (DOI) model. In addition, a quantitative approach based on structural equation modelling (SEM) was utilised to analyse the relationship between awareness, knowledge, relative advantage, social norms, perceived trust and fintech adoption in waqf institutions by using the tool Analysis of Moment Structures (AMOS) version 23.0 with maximum likelihood estimation.FindingsThe overall indicate that perceived trust and social norms significantly influence the adoption of fintech by Malaysian waqf. At the same time, other factors such as awareness, relative advantage and knowledge do not appear to significantly influence the adoption of fintech amongst Malaysian waqf institutions.Research limitations/implicationsThis study contributes significantly to the current literature concerning the Fourth Industrial Revolution and the wave of technologies. In addition, this study supports relevant theories, including DOI and other technology adoption theories. Aside from this, the study provides empirical contributions to waqf management regarding collecting and distributing waqf, improving the level of regulation of the waqf institutions and enhancing trust between donors, waqf management and beneficiaries. This study is amongst the first in the area of waqf that focus on Malaysian waqf intitutions.Originality/valueThis is important for policy development to support the utilisation of fintech for waqf institutions, which leads to more transparency and efficiency.Peer reviewThe peer review history for this article is available at: https://publons.com/publon/10.1108/IJSE-04-2022-0264