The policymakers and financial industry in Malaysia have actively promoted financial literacy initiatives following the launch of the Financial Sector Blueprint 2022-2026, aimed at elevating the financial well-being of all households as one of their strategic thrusts. Despite these efforts, however, the financial well-being of Malaysian households remains concerningly low. High poverty rates, rising bankruptcy cases, and insufficient retirement savings, especially within these households, highlight the urgency of addressing these issues. The aims of this study are to investigate the role of Islamic financial literacy, with the following objectives: (i) to identify the impact of Islamic financial literacy and the financial well-being of Malaysian households, (ii) to determine the potential mediating effect of financial decision-making between Islamic financial literacy and financial well-being of Malaysian households, (iii) to examine the determining factors that influence the financial well-being of Malaysian households, (iv) to analyse the application of the Theory of Planned Behavior affect the financial well-being among Malaysian households, and (v) to investigate the influence of Social Cognitive Theory on the financial well-being of Malaysian households. By applying the Theory of Planned Behavior and Social Cognitive Theory, this study frames financial well-being as a function of an individual's religious attitudes, community-based social norms, and the self-belief that they can manage their wealth in a manner consistent with Islamic principles. The study employs quantitative methods, with data collected from 402 respondents in the Klang Valley region using a cross-sectional design and questionnaire instruments. The collected data were analyzed using Structural Equation Modeling (SEM) techniques, specifically PLS-SEM 4.0 software and SPSS 26. The results of the survey revealed a significant positive effect between Islamic financial literacy and both financial decision-making and financial well-being among households. Additionally, the study found that financial decision-making partially mediates the relationship between Islamic financial literacy and the financial well-being of Malaysian households. These findings suggest that financial decision-making plays a pivotal role in improving households' financial well-being, emphasizing its potential as a key factor in enhancing overall financial outcomes. The determinants of financial well-being tested in this study namely, financial inclusion, religiosity, perceived behavioral control, and financial self-efficacy within the context of Islamic finance were found to have a statistically significant positive impact on the financial well-being of Malaysian households. These results highlight the multidimensional nature of financial well- being and its strong alignment with Islamic financial principles. This study makes both theoretical and empirical contributions to understanding the role of Islamic financial literacy in enhancing the financial well-being of Malaysians. It emphasizes the need to tailor financial literacy and awareness programs to foster more effective participation in Islamic financial products and services. To address Malaysia's pressing challenges of poverty, bankruptcy, and low retirement savings, which significantly affect financial well-being, the study identifies several solutions through the application of Islamic social finance (ISF), increased government participation, policymakers, practitioners, community engagement and enhanced collaboration with state entities. Additionally, the study outlines potential areas for future research, presenting opportunities to expand knowledge and deepen understanding within this critical field.

This study aims to measure the behavioral intention to adopt Islamic microfinance among small and medium-sized enterprises (SMEs) in Tajikistan. The research problem arises from the lack of behavioral awareness towards Islamic finance, compounded by the scarcity of studies and data on the subject, which hinders the broader adoption of this type of financing. The research employed a mixed-methods approach, collecting quantitative data through surveys to assess awareness and behavioral intention, in addition to qualitative data analysis from official documents. The quantitative analysis revealed that four key factors significantly influence the behavioral intention to adopt Islamic microfinance: trust in Islamic financial institutions, financial decision control, financial knowledge, and income level. The impact of trust in financial institutions was particularly strong, with results showing that individuals and businesses with higher trust in these institutions were more inclined to adopt Islamic finance. Moreover, financial decision control played an important role, as business owners who felt they had greater independence in financial decision-making were more likely to adopt Islamic financial services, which offered them better control over their financial resources. The study also found that financial literacy is a critical factor in adopting Islamic finance. Individuals and businesses with higher levels of financial knowledge were more willing to adopt this type of finance. Conversely, income level was a significant determinant, with lower- and middle-income earners being more likely to adopt Islamic microfinance compared to higher-income earners. In terms of document analysis, official reports highlighted the importance of Islamic microfinance as a tool for enhancing financial inclusion in Tajikistan, particularly for SMEs, which constitute a large part of the national economy. The documents also demonstrated that financial technology played a pivotal role in facilitating access to finance, which bolstered businesses' ability to remain resilient during challenging times. The study recommends strengthening financial education programs to raise awareness of Islamic finance, with a focus on developing flexible and innovative financial products that meet the needs of SMEs. It also suggests increasing cooperation between the government and financial institutions to develop digital infrastructure and expand the reach of Islamic financial services in remote areas, ensuring equitable and inclusive access to these services.

In the dynamic landscape of Islamic banking and finance, the management of intellectual capital in light of Shariah governance within these financial institutions emerges as an essential aspect influencing their long-term financial stability. While the importance of intellectual capital in improving organizational performance has been well documented in conventional banking, its nuanced role and impact in the context of Islamic banks have not yet been studied. To address this issue, the current study has contributed threefold to the examination of the financial stability of Islamic banks. First, this study investigates the impact of intellectual capital efficiency on the financial stability of Islamic banks. Second, it evaluates the impact of Shari'ah governance on the financial stability of Islamic banks. Third, it examines the moderating effect of Shari'ah governance on the relationship between intellectual capital efficiency and the financial stability of Islamic banks. For this, the present research uses a sample of 124 Islamic banks from 24 Muslim countries in Asia during the period from 2012 to 2021. This study employed the 2SYS-GMM estimation technique to evaluate the influence of intellectual capital efficiency and Shariah governance on the financial stability of Islamic banks. The results indicate that structural capital efficiency (SCE) and relational capital efficiency (RCE) have a positive and significant relationship, but human capital efficiency (HCE) has a negative relationship with the financial stability of Islamic banks. Similarly, Shariah board size (SBS), Shariah board education (SBE), and Shariah board professionalism (SBP) have a positive and significant relationship with the financial stability of Islamic banks. The finding highlighted the importance of Shariah governance to attain financial stability in Islamic banks. Thus, in the moderating role of Shariah governance, HCE turned into positive and significant along with other SCE and RCE to attain financial stability in Islamic banks. This remarkable change reflects the influential role of Shariah governance in moderating the relationship between intellectual capital efficiency and the financial stability of Islamic banks. The finding highlighted the importance of robust Shariah governance fostering an environment conducive to optimizing the benefits of human capital investments in Islamic banks. These findings lend support to the resource dependence theory, where Shariah boards were enhancing the intellectual capital efficiency to attain financial stability in Islamic banks. Based on the findings of this study, it is envisaged that this study will benefit the research community, having incorporated different areas of research into one model. This study suggests that management and other regulatory and policymaker bodies must recognize the efficient use of intellectual capital resources, along with Shariah governance, in improving the financial stability of Islamic banks.

This research aims to evaluate the effectiveness of the Salam contract (forward sale) in bridging the agricultural financing gap in Palestine, underscoring its potential as an Islamic finance instrument for supporting development and enhancing financial inclusion. The research problem lies in the persistent widening of the agricultural financing gap despite the liquidity surplus in Islamic financial institutions, and their widespread failure to adopt productive financing tools like Salam. This indicates a profound "Strategic Inertia" resisting innovation within the banking sector. The study employed a Qualitative Approach, utilizing a descriptive-analytical method and an in-depth Case Study of the Al-Reef Microfinance Company's Salam experience. The data collection tools included semi-structured individual interviews with twelve key informants (experts, managers, and farmers), alongside document analysis. The main findings confirm that Salam is highly compatible with farmers' needs and the seasonal nature of agriculture. However, the financing gap is fundamentally a systemic gap rooted in the Strategic Inertia of banks that prioritize low-risk Murabaha over complex production financing. The Al-Reef experience revealed critical challenges: the absence of regulatory endorsement from the Palestinian Monetary Authority, and the lack of essential Shariah-Operational Hedging mechanisms (like parallel Salam) required for microfinance sustainability. The research contribution lies in proposing an analytical framework linking implementation failure to the Strategic Inertia Theory. It advocates for an integrated normative model featuring key recommendations: (1) Regulatory mandate for a minimum percentage of productive financing (Innovation Theory), (2) Establishment of a Takaful Guarantee Fund to share risks (Financial Gap Theory), and (3) Converting the microfinance experience into a strategic partnership with banks for sustainability (Islamic Microfinance Theory)