This anthology brings together selected practitioner-written articles originally published across various platforms, including Islamic Finance News (IFN), between 2012 and 2021. Written in clear and accessible language, the publication offers timely, Malaysia-centric perspectives on the evolving landscape of Islamic banking and finance, bridging theoretical principles with real-world industry applications.

The publication covers four major areas:

• Islamic Banking and Finance, including Islamic home financing structures, commodity murābaḥah, legal documentation, Islamic factoring, mushārakahstandards, recovery practices, and Sharīʿah non-compliant income management.
• Investment and Islamic Capital Market, exploring Sharīʿah risk management, fintech integration, Islamic investment structures, and bayʿal-dayn bi al-silʿah.
• Sharīʿah Governance, discussing the independence and effectiveness of Sharīʿah committees in Islamic financial institutions.
• Islamic Social Finance, examining topics such as cash waqf, zakat distribution, and Value-based Intermediation (VBI).

More than just a collection of articles, this publication reflects RHB Islamic’s commitment to thought leadership, knowledge-sharing, and the advancement of the Islamic finance ecosystem in Malaysia and beyond.

Readers will gain insight into:

• Contemporary issues and practical applications in Islamic banking and finance.
• The development of Sharīʿah governance and regulatory practices in Malaysia.
• Emerging trends in fintech, Islamic capital markets, and Islamic social finance.
• Real-world industry perspectives from experienced practitioners.

This book serves as a valuable reference for students, scholars, regulators, practitioners, researchers, and anyone interested in understanding the progress and future direction of Islamic finance in Malaysia.

Read now for free: Charting Progress Together: Malaysia’s Islamic Finance Through the Years — A Compilation of Published Articles by RHB Islamic – I-FIKR

This publication examines one of the most pressing issues in today’s digital economy: how big data can be understood, governed, and applied in ways consistent with Sharīʿah principles. As Islamic digital banking continues to evolve, the use of data presents significant opportunities for innovation, efficiency, and customer insight, while also raising important questions, particularly from a Shariah perspective, regarding ownership, consent, privacy, ethics, and compliance.

The publication covers four major areas:

• Introduction to Big Data in Islamic Digital Banking, which includes the definition, characteristics, and role of big data in enhancing Islamic digital banking services.
• Data Value, Ownership, and Ethical Sourcing in Islamic Digital Banking, which explores the concept of data as property from a Sharīʿah perspective, digital data ownership, ethical data collection, and permissible data sources.
• Transactions Between Data Providers and Users, which discusses Sharīʿah issues in data sale, leasing, exchange, auction, swapping, privacy rights, consent, and contractual responsibilities.
• Ethical and Sharīʿah Compliance in Data Analytics, which examines data acquisition, storage, processing, modelling, visualisation, decision-making, reporting, and continuous monitoring through an ethical and Sharīʿah-compliant framework.

This timely publication contributes to the growing discourse on Islamic digital finance by highlighting how big data, ethical governance, and Sharīʿah principles can support a more transparent, responsible, and values-driven financial ecosystem.

Readers will gain insight into:

• The role of big data in Islamic digital banking.
• The Sharīʿah perspective on data ownership, privacy, consent, and ethical sourcing.
• Applicable Sharīʿah contracts and responsibilities in data-related transactions.
• Ethical and Sharīʿah-compliant approaches to data analytics and decision-making.
• Practical examples of how Islamic digital banking institutions can transform raw data into meaningful insights.

This book serves as a valuable reference for Islamic finance practitioners, Sharīʿah scholars, regulators, policymakers, researchers, students, fintech practitioners, and professionals involved in digital banking and data governance.

Read now for free: Big Data From A Sharīʿah Lens – I-FIKR

In a discussion centred on advancing business and cross-border linkages among OIC member states, Dato’ Azmi underscored Malaysia’s unique success story in developing a robust and sustainable Islamic finance ecosystem , one that balances vision with pragmatism and inclusivity with innovation.

He highlighted that Malaysia’s progress has been driven by a pragmatic, gradual approach supported by a comprehensive and robust regulatory framework. Malaysia’s experience demonstrates that a thriving Islamic finance industry cannot rely solely on market players; it must also nurture the entire ecosystem, producing not just financiers but also regulators, judges, scholars, and policymakers who understand and uphold Shariah and governance principles.

Dato’ Azmi also emphasised that Malaysia’s success was rooted in strong support from both the public and private sectors, where shared values and mutual trust drive collaboration and long-term commitment. The nation’s journey reflected a broader behavioural shift – one where awareness, understanding, and consistent implementation of Islamic finance principles have transformed the industry from a niche offering into a mainstream driver of sustainable development.

Through its pragmatic model and commitment to continuous learning and reform, Malaysia offers the OIC community a proven roadmap, one that combines Shariah integrity, transparency, and innovation to build investor confidence, enhance economic cooperation, and uplift societies.

Once again, INCEIF University stands at the forefront of this transformation, advancing thought leadership that strengthens Malaysia’s position as a global hub and trusted partner in Islamic finance and sustainable economic growth.

At the heart of LZNK stakeholder engagement model is a mutually beneficial ecosystem where Islamic Financial Institutions (IFls), Takaful operators, Government-Linked Companies (GLCs), government agencies, and various organizations contribute funds through zakat wakalah arrangements and infaq contributions. These financial commitments are strategically deployed by LZNK through targeted programs and interventions designed to uplift the socio­economic status of asnaf, transforming lives through sustainable income generation, skills development, financial inclusion, and community empowerment initiatives.

This collaborative framework creates a win-win paradigm for all stakeholders involved. For Islamic Financial Institutions, partnerships with LZNK provide tangible pathways to fulfill their Value Based Intermediation (VBI) commitments, enabling them to demonstrate positive impact on the economy, community, and environment through direct participation in poverty alleviation and wealth redistribution. Their contributions support financial literacy programs, microfinancing initiatives for asnaf entrepreneurs, and community development projects that align with their institutional missions of creating shared prosperity while maintaining Shariah compliance.

Similarly, Takaful operators find strategic alignment between their engagement with LZNK and the Value-based Intermediation for Takaful (VBiT) framework. Through their contributions and collaborative programs, takaful operators enhance their social impact credentials by supporting protection schemes for vulnerable communities, promoting the principles of mutual assistance (tabarru’), and demonstrating their commitment to holistic stakeholder value creation beyond mere transactional relationships.

For GLCs, government agencies, and corporate partners, collaboration with LZNK offers authentic opportunities to fulfill their ESG commitments, strengthen their social license to operate, and contribute meaningfully to national development priorities related to poverty eradication and inclusive growth. Their support enables LZNK to scale proven interventions, reach more beneficiaries, and create sustainable pathways out of poverty.

Carbon credits are tradeable instruments representing verified reductions or removals of greenhouse gases (GHGs), generally quantified as one metric ton of CO₂ equivalent. These credits are generated through environmental projects and traded in either compliance or voluntary carbon markets. While compliance markets are governed by regulatory obligations, voluntary markets are driven by organisations seeking to fulfil internal sustainability goals or demonstrate climate leadership. As the world pivots toward carbon neutrality, these credits are increasingly seen as vital tools in global efforts to mitigate climate change.

The study begins by analysing the nature, types, and functioning of carbon credits, as well as their historical development since the Kyoto Protocol and the Paris Agreement. Technological advancements, such as blockchain and digital registries, are improving credit traceability and reducing fraud. However, the paper also acknowledges criticisms related to human rights violations and questionable environmental benefits in some offset projects, urging strong governance and ethical safeguards.

A major contribution of the research lies in its legal and Sharīʿah-based classification of carbon credits. Drawing upon diverse global legal interpretations, the authors assert that carbon credits can be treated as intangible financial rights (ḥaqq mālī). Islamic finance generally prohibits elements such as usury (ribā), excessive uncertainty (gharar), and speculation (maysir), and any financial asset must be backed by real value. The paper finds that carbon credits, while intangible, are definable, transferable, and possess economic benefit—satisfying key Sharīʿah criteria for property (māl).

The research then explores whether carbon credit trading aligns with maqāṣid al-Sharīʿah. Although early jurists did not explicitly include environmental preservation among the five classical objectives of Sharīʿah (religion, life, intellect, lineage, and wealth), modern Islamic scholarship views ḥifẓ al-bīʾah as integral to all five. For example, climate change endangers life, health, and livelihoods, making environmental protection an Islamic imperative. Qur’ānic verses and hadiths reinforce the responsibility of humans as stewards (khulafāʾ) of the Earth, encouraging sustainable living and accountability.

A nuanced issue addressed is whether permitting carbon offsetting indirectly condones pollution. The study clarifies that Islam permits necessary harm if it is outweighed by a greater public benefit (maṣlaḥah). Thus, allowing unavoidable emissions to be offset through verified credits is justified when it leads to broader environmental preservation.