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Malaysian small and medium-sized enterprises (SMEs) are facing human capital development issues due to unskilled employees. The institutes of Malaysian education are providing ineffective science, technology, engineering, and mathematics (STEM) education which are generating unskilled graduates as a future workforce. The low capability of Malaysian graduates affect the performance of Malaysian SMEs. Therefore, the main purpose of this study is to examine the effect of STEM education in solving the human capital development issues for the enhancement of Malaysian SMEs performance. The current literature explores the ineffective system of STEM education for Malaysian graduates which result in human capital development issues in Malaysian SMEs. The curriculum of Malaysian education institutions plays a pivotal role in making the university graduates skillful since a teacher should teach the syllabus according to the need of the national curriculum and the student must learn practical knowledge for the sake of the professional employee in future. Hence, this study identified the significance of properly provided STEM education to deal with the human capital development issues faced by Malaysian SMEs. Effective STEM education is important in generating the human capital as it makes the university graduates skilled and capable which enable them to successfully meet the industry needs in future. Likewise, through the development of human capital, the performance of Malaysian SMEs could be improved.

The purpose of this study is to examine the key challenges currently prevalent in the Machinery and Equipment (M&E) sector of Malaysia and to offer an integrative Industry 4.0 strategic roadmap. The Environmental Scan 2016 and 2018 provides a basis for the identification of the challenges in the M&E sector of Malaysia. The study further investigates the challenges by analyzing the responses of four major stakeholders in a Focus Group Discussion. The findings reveal that the M&E sector suffers from very low automation adoption. This study is among the first few to analyze the challenges in the M&E sector and lay out a strategic roadmap encompassing the role of each stakeholder at every phase of the transition toward Industry 4.0. The proposed method of transitioning through targeted incentive schemes will help academics and practitioners in developing concrete and workable action plans to conduct the transition process.

Privatisation which was made popular as a policy instrument in the western economies during the early 1980s has now become a global economic phenomenon. The Malaysian response to it, however, was relatively early. When the Thatcher government in Britain and the Reagan administration in the United States started their economic liberalisation policy during the period, the Malaysian government under the administration of Prime Minister Dr Mahathir Mohamed immediately saw its potential not only in balancing the role of government and the private sector but also as instruments for lessening the national debt burden and attaining national economic restructuring.

The objectives of this paper are two-fold: first, to empirically compare and contrast the salient features of three financial instruments (FIs), namely sustainable and responsible investment (SRI) ṣukūk, social impact bonds (SIBs) and conventional bonds (CBs) and second, to examine the differences between the perceptions of the investors and the developers on the features of the three FIs.

Using a questionnaire survey, 251 completed and useable responses were received, representing a 42.54% response rate. In examining the differences and similarities in the characteristics of the three FIs, the inferential statistical of frequency and percentage were used. Wilcoxon and Mann–Whitney tests were conducted to investigate the differences in the salient features of the three FIs and the differences between the investors and developers' perceptions on the salient features of SRI ṣukūk, SIBs and CBs, respectively.

The results reveal that stakeholders view SRI ṣukūk, SIBs and CBs to be statistically significantly different from each other. This shows that stakeholders do not view SRI ṣukūk as “old wine in a new Sharīʿah-compliant bottle” but instead considered different from SIBs and CBs. Furthermore, stakeholders also differentiate between SIBs and CBs.

The paper provides empirical evidence that Islamic finance (IF) instrument, represented by SRI ṣukūk, is viewed as different instruments to conventional tools, represented by SIBs and CBs. First, it debunks the notion that IF is viewed as similar to its conventional counterpart. Second, SIBs are seen as different from CBs, illustrating the distinct categorisation of impact investing instruments. As such, third, the development of SRI ṣukūk and SIBs can provide diversification to portfolios as it is a unique instrument in the social finance and financial market.

The purpose of this paper is to evaluate Indonesian Muslim millennials’ decision-making process in purchasing halal food by introducing knowledge variable into the theory of planned behavior framework and education level (EL; i.e. low vs high) as the moderating variable.

There were 400 questionnaires that were distributed to obtain responses from Indonesian Muslim millennials consumers. SmartPLS was used as the structural equation modeling approach to perform the multi-group analysis.

EL plays an important role that determines Indonesian Muslim millennials’ decision-making process to purchase halal food.

The EL was distinguished based on the Indonesian formal education system, which excluded the religious education system from the analysis.

The information conveyance of halal food product attributes should be conducted gradually according to the millennial consumers’ EL. Millennial consumers with higher EL are more likely to internalize the credence attributes of halal food compared to the lower EL counterpart.

This study found the significant differences in terms of halal food purchase decision-making between the two groups of lower EL and higher EL.

‘Stans’ is an ancient Persian word meaning land, country or nation. This chapter begins with a review of the historical basis of zakat management in Islamic practice and provides a brief historical account and status of zakat practices in select countries in Central Asia. The section thereafter focuses on benchmark international zakat management models before providing recommendations for the development of an effective zakat management model within Central Asia. The economic shocks resulting from the pandemic have forced many in the region into situational poverty. If left unchecked, this may easily regress into chronic poverty, undoing the significant growth that these countries have experienced over the last decade. Existing social programmes have limited the impact of economic loss. Since the collapse of the Soviet Union, they have an opportunity to revive this history and once again empower their nations with Islamic social finance instruments. Effective zakat management models in Indonesia and Kuwait, for example, provide different dimensions to social impact. The Indonesian model of BAZNAS provides the most comprehensive methodology for governance, risk management and replication. BAZNAS′ strategy for digitalization and collaboration suggests a strong model for development within Central Asia. Through an effective zakat model, it is expected that Central Asian nations will be better protected against economic disruptions and provide a safety net for vulnerable communities in the region. These conclusions and recommendations in this chapter are limited to the information available in the literature. Further study is required through primary research to understand better what the challenges are in zakat modelling. Locals may also be surveyed to determine their levels of zakat knowledge and their concerns for institutional zakat collection and disbursement.

This study aims to explore a sustainable and responsible investment (SRI) sukuk model based on Musharakah that could be implemented to develop waqf properties and assets under the SRI sukuk framework in Malaysia. This includes proposing and designing a potential SRI sukuk model and seeking the opinion of subject-matter experts and industry practitioners on the model, its attractiveness to investors and its feasibility to implement in Malaysia.

The study adopts desk research and semi-structured interview as its methodology. A desk research is where a detailed critical review and analysis of past literature from reports, journals, framework, books and practices are undertaken. To establish a SRI sukuk model, the paper also studies the cases of the first SRI sukuk issued in Malaysia and other waqf-related sukuks that have been structured for the development of waqf property/asset in the past. Following that, the opinion of subject-matter experts and industry practitioners on the proposed SRI sukuk model is sought in a semi-structured interview.

Based on the interviewees’ response, the study proposes the most feasible SRI sukuk model that could be implemented in the Malaysian context for the development of waqf properties/assets, which is a Musharakah-based sukuk model. The model will be elaborated based on the purpose of development, functionality, choice of Shari’ah contract, obligor and return mechanism.

This paper is exploratory in nature. While it explores the structural point of view only, future research could analyse and identify the legal, regulatory, financial and Shari’ah aspects of the proposed model. Further empirical studies can be done to provide more comprehensive idea and knowledge regarding the subject matter.

The study serves great benefit to the government, waqf administrators, regulators, policymakers, foundations, corporations and interested investors to explore SRI sukuk as one of the feasible financial instruments to develop waqf in Malaysia.

This study proposes the use of an innovative financial instrument called SRI sukuk and structures a feasible SRI sukuk model to help realise the true roles of waqf as not only a religious tool but also one of the instruments for human, economic and social developments.

The phenomenon of economic specialization of Malaysians along racial lines was probably the most important colonial legacy that was left behind by the British when the country attained its independence in 1957. At the time of independence, the indigenous Malay people, collectively termed as bumiputeras, were engaged in the declining or at best stagnant peasant sector, while the non‐indigenous communities were engaged in the buoyant plantation and mining sectors, as well as in commerce and industry. The imbalance obvious in this arrangement tended to be self‐perpetuating and cumulative because the Malays had low income and low capacity to accumulate capital to invest in their education or to move to urban areas, where the growth industries were located.

This paper seeks to explore the disclosure of Shariah compliance as reported by the Shariah Committee (SC) in the annual reports of takaful companies in Malaysia. Disclosure of Shariah compliance is important in enhancing and protecting the Islamic identity of takaful operators, thereby providing Muslims with an alternative insurance system. The paper also aims to discuss whether the advisory role constrains the SC members to improve disclosure which can boost consumers' confidence and companies' accountability. Both confidence and accountability on Shariah compliance would also help promote Malaysia as an Islamic financial centre.

Content analysis of the SCs' reports in the 2008/2009 annual reports of seven takaful operators in Malaysia were conducted and the findings discussed with three officers from Bank Negara Malaysia (Central Bank of Malaysia). Subsequent to the discussion, the findings were further clarified and confirmed with a former member of the SC through e‐mail correspondence.

Disclosure of Shariah compliance by the SC reflects high conformance to the Bank Negara Malaysia guidelines. Although the high level of conformance promotes comparability, it does not necessarily fully address disclosure issues such as providing adequate and relevant information. Shariah compliance by takaful companies seems to develop in much the same manner as other disclosure practices, that is, a tendency to comply with rules rather than with principles. Related to the disclosure issue, SC members are constrained by the advisory role and part‐time basis of appointment from fully participating in every stage of product process from its conception to its implementation.

The paper relies heavily on Shariah compliance reported by the SC in the annual reports of takaful companies. Nonetheless, findings were confirmed with three officers from Bank Negara Malaysia and with a former member of the SC to enhance the findings' credibility. In future, interviews can be conducted with other stakeholders such as takaful managers, Islamic academics and members of the SC to better understand the nature of disclosure practices by takaful companies.

Insights drawn from this study suggest the need to enhance disclosure on Shariah compliance in the SC reports and to further strengthen the role of the SC members. As Shariah governance mechanisms, both the SC reports and SC members can be utilised to enhance the identity of Islamic businesses and fulfils the religious obligations.

This paper highlights the need for increased transparency through adequate and relevant disclosure of Shariah compliance information in the SC report of takaful companies. It also raises the concern that the advisory role entrusted to SC members might not be adequate for them to effectively ensure that compliance with Shariah principles are adhered to at all times as expected by Bank Negara Malaysia.