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Factors Driving the Growth of Islamic Bank Financing: Evidence from Malaysia
Full text linkPurpose — This research aims to examine the determinants of growth in Islamic bank financing in Malaysia for the period 2007 to 2023.
Design/Methodology/Approach — The research employed Descriptive Statistics, Correlation Analysis, and Panel Data Regression to examine the impact of internal and external variables on growth in Islamic bank financing in Malaysia. STATA version 17 was used to compute the results.
Findings — The empirical findings show four significant variables among the internal factors, namely, Impaired Financing (IF), Profitability (ROA), Liquidity (LQR), and Deposit Growth (DG), whereas two external factors, Gross Domestic Product (GDP) and Dummy Government Policy (DUMGP), are significant determinants of growth in Islamic bank financing. The research also reveals that Capital (CAP), Inflation (INF), Overnight Policy Rate (OPR), and Foreign Direct Investment (FDI) do not impact growth in Islamic bank financing.
Originality/Value — This research contributes to the existing literature by identifying key factors that drive or hinder growth in Islamic bank financing, thereby enhancing their performance and reinforcing their role in Malaysia’s economy. Unlike most prior studies, which predominantly focus on external macroeconomic variables such as GDP, inflation, unemployment, and OPR, this study addresses a critical gap by examining the influence of foreign direct investment (FDI), a largely overlooked determinant in Islamic banking research. By uncovering the impact of FDI on growth of Islamic bank financing, this study provides new empirical insights that can shape strategic decision-making for Islamic bankers and inform policymakers in crafting policies that foster a more robust Islamic financial system. Ultimately, this research advances the broader objective of positioning Islamic finance as a competitive and sustainable alternative to conventional banking.
Research Limitations/Implications — This research was only conducted for a limited period from 2007 to 2023. Next, the number of Islamic banks considered in this research is relatively small as it focuses solely on Islamic banks operating in Malaysia. Lastly, there is a limitation regarding the selection of variables as the research includes only a restricted number of variables, namely, IF, CAP, ROA, LQR, DG, GDP, INF, OPR, FDI, and DUMGP. Hence, this research omits many other determinant factors of growth in Islamic bank financing, such as corporate governance practices.
Practical Implications — This research offers practical guidance for Islamic bankers and policymakers. It is suggested that Islamic banks strengthen their credit risk management by enhancing due diligence and monitoring credit portfolios to reduce impaired financing and its impact on growth in Islamic bank financing. Implementing Early-Warning Systems (EWS) could be useful in identifying potential defaults so that Islamic banks can take prompt action. They should boost deposit growth through innovative products and maintain a strong liquidity level for efficient financing. Additionally, policymakers should calibrate macroprudential policies to balance financial stability with financing growth, allowing Islamic banks to extend financing effectively without restrictions
Building Family Financial Well-Being: An Analysis of the Role of Sakinah Finance on Behaviour, Financial Literacy, and Financial Experience in Coastal and Urban Areas in Indonesia
Full text linkPurpose — This study aims to analyse the impact of financial stability on the well-being of Muslim families by employing the Sakinah Finance model as an analytical framework. It also seeks to compare families residing in coastal and urban areas to understand how different environmental contexts affect household financial management in Indonesia.
Design/Methodology/Approach — The research adopts a quantitative approach, utilising Partial Least Squares Structural Equation Modeling (PLS-SEM) to examine the relationships between variables related to financial stability and family well-being. Data are collected from Muslim households in both coastal and urban communities in Indonesia, allowing for comparative analysis.
Findings — The study found that financial behaviour based on the Sakinah Finance model significantly influences financial well-being. Individuals who apply Islamic values in managing their finances tend to experience greater well-being, driven by a sense of gratitude. Financial literacy and experience showed no significant effect, yet effective Sharīʿah-based financial management remains essential. Urban and coastal communities in Indonesia exhibit similar financial patterns, prioritising basic needs and income management in line with Islamic principles.
Originality/Value — This study contributes to the growing body of literature on Islamic family finance by integrating the Sakinah Finance model in a quantitative framework and offering a comparative analysis between coastal and urban communities. It provides a unique perspective on how financial well-being is connected to Islamic values and socio-environmental factors.
Research Limitations/Implications — The study is limited by its focus on specific geographic areas, which may affect the generalisability of the findings to other regions or countries. The use of cross-sectional data also limits the ability to observe changes over time or infer causality. Additionally, cultural, institutional, and religious diversity among Muslim communities may introduce contextual biases. Future studies should consider longitudinal data and a broader regional scope to validate and expand upon these findings.
Practical Implications — The findings are expected to offer practical insights for policymakers, community leaders, and financial educators in designing interventions and financial literacy programmes that align with the needs and values of Muslim families, particularly in relation to their living environments
Harnessing Maqāṣid Al-Sharīʿah for Poverty Alleviation and Achieving Sustainable Development Goals: A Systematic Literature Review
Full text linkPurpose — The purpose of this paper is to conduct a systematic literature review (SLR) to examine the relationship between poverty and the Sustainable Development Goals (SDGs), highlighting key barriers such as lack of funding, political instability and environmental challenges. The study also explores how Islamic ethical principles, which draw from maqāṣid al-Sharīʿah (the objectives of Islamic law), can contribute to developing more effective poverty alleviation strategies that align with sustainable development efforts.
Design/Methodology/Approach — An SLR was conducted, analysing findings from 30 empirical studies. The review synthesises the multidimensional nature of poverty and integrates Islamic ethical perspectives, particularly from maqāṣid al-Sharīʿah, to explore new approaches to poverty alleviation and sustainable development.
Findings — The review identifies the critical role of multidimensional poverty in limiting access to essential resources such as educational, healthcare and financial services. It also reveals the need for integrated strategies that combine economic, social and environmental solutions to effectively combat poverty with Islamic principles that offer an additional ethical framework for addressing modern development challenges.
Originality/Value — This study provides a unique contribution by combining the multidimensional aspects of poverty with Islamic ethical principles drawn from maqāṣid al-Sharīʿah, offering new insights into poverty alleviation strategies that can align with both global development goals and Islamic values.
Research Limitations/Implications — This study is based on secondary data from empirical studies, which may limit the scope of the findings. Future research should involve primary data collection to validate these insights across diverse contexts.
Practical Implications — Policymakers and development practitioners can utilise the findings to implement more holistic and inclusive poverty reduction strategies that consider both economic and ethical factors with a particular focus on marginalised groups and sustainable growth
The Parameter on the Obligation of Zakat on the Pledged Asset in Collateralised Commodity Murabahah
Full text linkPurpose — Collateralised Commodity Murābaḥah (CCM) is a product utilised by Islamic banking institutions as a liquidity management instrument to ensure their financial sustainability. One of the key features of this product is the presence of an asset classified as a High-Quality Liquid Asset (HQLA), which is pledged as collateral for the incidental debt of the deferred payment required by the murābaḥah contract between the purchasing bank and the financing bank. Although the asset is pledged as collateral, it remains under the ownership of the purchasing bank. Due to that, following the opinion of the majority of the jurists, the bank, as the asset owner, is obligated to pay zakat. The question posed is: what are the parameters to substantiate this argument? This study therefore explores the Sharīʿah perspective on the obligation to pay zakat on assets pledged as collateral for a debt created by the CCM product. It also discusses the reasoning applied to this fiqh (Islamic jurisprudence) opinion. This is done to propose a parameter applicable to determine the zakatability of pledged assets in the CCM agreement.
Design/Methodology/Approach — This study employed a qualitative research methodology. It collected data through inductive document analysis and semi-structured interviews searching for the views of the fuqahāʾ (Islamic scholars) and relevant respondents with regards to the obligation of zakat on the pledged assets. The collected data was then analysed using a deductive approach by conducting an Islamic juridical analytical process to derive the applicable fiqh opinion for pledged assets used as collateral in the CCM product.
Findings — This research proposes full ownership and growth as two additional parameters to use together with other existing zakat parameters in establishing the zakatability of the pledged asset in the CCM product.
Originality/Value — This research discusses a grey area with respect to zakat obligations of business institutions. It proposes new elements to be taken into account by the institutions as their self-regulatory benchmark to ensure they contribute towards the sustainability of societal progress via the zakat instrument.
Practical Implications — These parameters are applicable as a self-regulatory benchmark for Islamic banks to ensure that they fulfil their responsibility as institutions that uphold Islamic values in their business. The findings also have the potential to be applied by regulators such as Bank Negara Malaysia and religious authorities in Malaysia as additional elements of zakat parameters for the financial institutions under its regulation
Editorial: Demonstrating Originality in Research
Full text link Importance of ‘Originality’ in Journal Articles
In a world where artificial intelligence (AI) has gained prominence and a vast amount of digital resources is within easy reach, demonstrating originality in research has become increasingly challenging. Besides meeting other criteria of good research—such as relevance and significance, clarity and quality in presentation, reliability and rigourousness in methodology, ethicality in research, critical analysis, social and practical implications—originality in research is a key requirement for an article to be considered for publication in an academic journal. Unlike other forms of publication such as a book chapter, which can summarise existing knowledge and present it in a new form, a journal article must demonstrate the following with respect to originality:
· What original contribution does the study make, compared to what is already known in previous literature?
Ensuring Originality in Research
Originality in academic research has different meanings and takes different forms, including originality in the research idea, originality in the research questions, originality in the research approach, and originality in research writing.
First, originality can be in the form of a new idea, new concept, novel theory, or innovative model that addresses an existing research problem, but which has not been discussed in the previous literature on the same topic. By critically examining established theories, practices, frameworks, or models, the researcher must prove the novelty in the research that contributes original findings and advances the specific field of knowledge. The new knowledge created will in turn open doors for other research to explore
Second, researchers can ensure originality by formulating novel research questions for existing research problems. By conducting thorough reviews of the literature, especially published in the last five years, researchers can identify emerging trends in the area of research as well as establish research gaps. This helps researchers to find unexplored or under-explored research topics and accordingly develop research questions that are unique and not previously addressed in the literature. By adopting this approach, researchers can investigate an existing research problem from new angles or perspectives and establish original contributions. This is a common way of designing original research.
Third, employing a novel research approach is another common method utilised by researchers to demonstrate novelty in research. It involves adopting innovative research methods to examine a research problem, using different data collection methods that have not been employed in previous studies, or covering different datasets to examine the topic (e.g., different countries, other variables, historical evidence, or latest data periods). Innovative approaches can also be in the form of exploring interdisciplinary studies to provide new insights and perspectives on an issue.
Fourth, originality should be emphasised in the research writing. Originality under this aspect could have a few meanings:
Avoiding all aspects of plagiarism—whether passing someone else’s work as one’s own; not citing the original author’s work after rephrasing the idea; or self plagiarising one’s work without adding the references. It also requires that sources of references be cited correctly; references should not be omitted, and the findings of past studies should not merely be paraphased; rather, critical thinking should be applied so that the discussion contributes new analysis. Most publishers use plagiarism checking tools such as Turnitin and iThenticate to detect if the research is similar with other published works.
Confirming that the manuscript is one’s own work and has not been previously published. Authors should not submit the same manuscript to more than one journal concurrently to avoid the risk of multiple publication of the same article. Moreover, authors should declare if a substantial part of the article draws from earlier works such as an unpublished PhD dissertation or conference proceedings to explain any similarity which may be apparent due to these works being available on online institutional repositories.
Prior to acceptance of publication, journal articles undergo an additional layer of evaluation through the peer review process, which determines the accuracy, excellence, and novelty in the research before the manuscript is recommended for publication. This process validates the integrity of research and ensures manuscripts recommended for publication make a substantive intellectual contribution to the area of study.
IJIFSD Volume 17 Number 1 March 2025
The journal’s first issue for 2025 comprises seven articles which contribute to the body of knowledge as follows:
‘Examining Factors Affecting the Acceptance of Islamic Mobile Banking Services in Indonesia: Insights into Technology, Customer Behaviour, and Sharīʿah Compliance’ by Abdurrahman Abdurrahman, Mohamad Anton Athaillah, Yadi Janwari and Asti Meiza. Based on a review of past literature, this study uses the Technology Acceptance Model and the Theory of Planned Behaviour to address an existing literature gap: while previous studies have focused on isolated factors that hindered the adoption of Islamic mobile banking services, this study has combined three important dimensions—technology, customer behaviour, and Sharīʿah compliance—to determine how they interact in shaping the utilisation of Islamic mobile banking by Islamic bank customers in the context of Indonesia.
‘The Role of Waqf in Achieving Food Security: A Netnographic Study’ by Lisa Listiana, Yan Putra Timur and Syahyuti. The originality of this research lies in the methodological approach it adopted, notably the netnography method, whereby it gathers data from non-traditional sources, especially Zoom and YouTube, to address the lack of empirical studies available on the subject area and capture the latest developments on waqf’s role in food security, which may not be documented in written literature.
‘Waqf Development Models for Sustainable Development Goals: An Analytic Network Process Approach’ by Aam Slamet Rusydiana, Raditya Sukmana, Nisful Laila and Ririn Riani. The original contribution of this research lies in its novel approach in integrating the waqf concept with maqāṣid al-Sharīʿah and the SDGs to address the practical gap that prevails between waqf practices and modern sustainability goals. The study uses the ANP method to conduct a multi-criteria decision-making analysis to select the most viable waqf model based on experts’ opinions.
‘Constructing Ethnographic Protocols for Zakat Studies in the Muslim Community’ by Hudaifah Ahmad, Wan Norhaniza Wan Hasan and Shereeza Mohamed Saniff. Based on the literature review, this study finds that most existing research on zakat focuses on quantitative approaches, leaving a gap in the exploration of the social and cultural dimensions of zakat. This research thus addresses this underexplored area and constructs ethnographic protocols to provide insights into the social and cultural roles of zakat in the Muslim community.
‘The Parameter on the Obligation of Zakat on the Pledged Asset in Collateralised Commodity Murābaḥah’ by Ahmad Faizol Ismail, Hakimi Mat Salim and Dalfiza Mohd Yusof. This study contributes to the literature by enhancing clarity on a grey area with respect to zakat obligations of businesses. In particular, it sheds light on the parameter applicable to determine whether the purchasing bank, as the asset owner of the pledged asset in a Collateralised Commodity Murābaḥah agreement, is obligated to pay zakat on the asset that is pledged as collateral.
‘The Genesis of Legal Person in the Western Tradition: Its Concept, History and Development’ by Mohd Hilmi Ramli. This research’s originality pertains to the rigorous conceptual and historical analysis it undertakes of the concept of ‘legal person’ in Western literature. It acknowledges the equivalence of this concept in Islamic law known as al-shakhṣ al-iʿtibārī and concludes that further study is required on the nature of man (insān), legal capacity (ahlīyyah) and responsibility (taklīf) to establish the conceptual framework for Muslims.
‘Factors Driving the Growth of Islamic Bank Financing: Evidence from Malaysia’ by Nabilah Wafa’ Mohd Najib, Norazlina Abd Wahab and Noraziah Che Arshad. This study creates novelty by examining a variable that is a largely overlooked determinant in Islamic banking research, notably the influence of foreign direct investment (FDI) on the growth of Islamic bank financing. It also identifies other significant variables among the internal and external factors that are key determinants of growth in Islamic bank financing.
For the information of our readers, we are pleased to inform that following the rebranding of the journal, IJIFSD’s new e-ISSN number has now been duly registered on the ISSN portal. We hope that the journal’s records will now be updated in the Scopus database accordingly. We shall keep you updated on further developments in sha Allah.
Allah (SWT) is the Bestower of success, and He knows best.
Beebee Salma Sairally, PhDManaging Editor, IJIFSDISRA Institute, INCEIF University, Malaysi
Non-linear ESG Impact on Stock Returns: The Role of Sharīʿah Compliance
Full text linkPurpose — This study aims to investigate the non-linear relationship between environmental, social and governance (ESG) practices and stock returns on the Malaysian stock exchange, and to examine how Sharīʿah compliance moderates the threshold effects of ESG and its subcomponents.
Design/Methodology/Approach — This study examines data from 45 publicly traded firms on Bursa Malaysia for the period 2014–2023 using a dynamic panel threshold regression model.
Findings — The results indicate an inverted U-shaped relationship between ESG ratings and stock returns, suggesting that modest levels of ESG participation enhance financial success, while excessive efforts beyond a certain threshold lead to either declining or negative returns. Under optimal impact, disaggregated ESG components, notably environmental (E), social (S), and governance (G) variables, show different thresholds, with environmental activities having the largest positive effect below their tipping point. Especially for companies with high-ESG commitment, the relationship between Sharīʿah compliance and ESG magnifies these impacts, hence highlighting the complementary character of ethical investing approaches.
Originality/Value — This study contributes to the expanding body of research examining the relationship between ESG and stock returns by exploring how ESG can be integrated with Islamic finance. Specifically, it looks at how Sharīʿah might affect the link between ESG and stock returns, which is an area that remains underexplored. It is expected that this study will provide market participants with relevant information about the prospects and effects of combining ESG and Sharīʿah compliance in Islamic finance.
Research Limitations/Implications — The application of self-reported ESG information is vulnerable to biases, as firms may engage in ‘greenwashing’.
Practical Implications — Practically, the study emphasises the possibility of double screening—combining ESG criteria with Islamic ethical guidelines—as a strong foundation for sustainable investment and provides actionable information for investors trying to maximise portfolio returns via ESG integration
Takāful Taʿāwuni Agro: Strengthening Agricultural Resilience through Inclusive and Sustainable Protection among Paddy Farmers in Malaysia
Full text linkPurpose — Agricultural takāful has been introduced as a Sharīʿah-compliant risk-sharing mechanism to support smallholder farmers in managing production and climate-related risks. This study explores the potential of integrating Islamic social finance (ISF) instruments into an agricultural takāful model to enhance agricultural resilience and agrifood system security among paddy farmers in Malaysia.
Design/Methodology/Approach — A mixed-methods approach was employed, combining a structured survey of 385 paddy farmers from three major granary states in Malaysia, notably Kedah, Kelantan, and Selangor, with in-depth interviews involving takāful operators, agricultural agencies, and Islamic finance institutions (IFIs). The survey captured farmers’ demographic profiles, willingness to participate and contribute to agricultural takāful, and their exposure to ISF instruments, while qualitative interviews provided complementary insights into challenges and opportunities for integrating takāful with ISF.
Findings — The findings indicate that the paddy farmers have the intention to participate and contribute to agricultural takāful that predominantly influenced their attitudes and perceived behavioural control. However, affordability, awareness, and Sharīʿah compliance issues remain barriers for their participation. Financial support through zakat and waqf has the potential to enhance acceptance, while pricing remains a critical determinant for uptake. Qualitative evidence further highlights the need for a model that extends beyond risk protection to reflect ethical, inclusive, and sustainability principles.
Originality/Value — This study contributes novel insights through the proposed Takāful Taʿāwuni Agro framework, which integrates takāful with zakat and waqf under a unified model of taʿāwun (mutual cooperation). Taʿāwun is positioned here as a broader guiding value for ISF, enabling collective responsibility, inclusivity, and community resilience.
Research Limitations/Implications — This study is limited by its cross-sectional design and focus on selected granary regions in Malaysia. Future research should apply long-term and pilot-based approaches to empirically test the operationalisation and performance of integrated takāful–ISF models across different agricultural and country contexts.
Practical Implications — The proposed Takāful Taʿāwuni Agro framework brings the spirit of taʿāwun into practice by aligning agricultural takāful with the Value-Based Intermediation Takaful (VBIT) agenda to provide a Sharīʿah-compliant and inclusive risk-sharing solution for vulnerable farmers. The model demonstrates how taʿāwun and VBIT can be applied beyond agriculture to strengthen financial resilience and social protection across other vulnerable sectors of the economy
Climate Resilience and Coffee Farmers’ Welfare in Central Aceh, Indonesia: Adaptation Strategies from the Maqāṣid al-Sharīʿah Perspective
Full text linkPurpose — This study aims to analyse the impact of climate change on the economic welfare of coffee farmers in Central Aceh, Indonesia and identify maqāṣid al-Sharīʿah-based adaptation strategies to improve the sustainability of the coffee sector.
Design/Methodology/Approach — Unlike other studies, a quantitative approach with an explanatory design was employed in this research. A total of 600 coffee farmers in Aceh Tengah district participated in answering the questionnaire. Data were analysed using Structural Equation Modelling (SEM) with R-Lavaan 0.6-19 and tested quantitatively to assess how adaptation practices align with maqāṣid al-Sharīʿah principles.
Findings — Climate change significantly impacts the decline in the economic well-being of coffee farmers in Central Aceh, resulting in an average income decrease of 16.8 per cent, with the dominant indicators being changes in air humidity and rainfall patterns. Meanwhile, implementing a maqāṣid al-Sharīʿah-based adaptation strategy contributed more effectively, resulting in a 36 per cent increase in key well-being indicators. This is achieved through: (i) Islamic financial schemes (productive zakat, qarḍ ḥasan, and green ṣukūk) for capital access; (ii) health services for farmers, especially in facing health risks due to climate change; and (iii) training of the younger generation.
Originality/Value — This is the first study to quantitatively examine the integration of maqāṣid al-Sharīʿah in the context of climate resilience and coffee farmers’ welfare, and provide recommendations based on Islamic and local value systems.
Research Limitations/Implications — The study is limited to small-scale farmers in Central Aceh, Indonesia and does not explicitly accommodate the principles of ḥifẓ al-biʾah (protecting the environment).
Practical Implications — The study highlights increased adaptive capacity of coffee farmers towards climate change through: (i) the integration of Islamic financial instruments; (ii) strengthening rural health services; (iii) multi-stakeholder collaboration for market infrastructure development; and (iv) climate data-driven policies
Attractiveness of Participatory Banks in Morocco: Challenges and Perspectives
Full text linkPurpose ― This study examines the determinants of attractiveness of participatory banks in Morocco, which represent only 2 per cent of total banking assets despite a favourable regulatory framework established in 2017.
Design/Methodology/Approach ― A quantitative approach was employed using a structured questionnaire administered to 384 respondents across six major Moroccan cities. Data were analysed through Exploratory Factor Analysis (EFA) and multiple linear regression.
Findings ― Four factors significantly influence the attractiveness of participatory banks: religious compliance (β = 0.321, p < 0.001), service quality (β = 0.278, p < 0.002), institutional trust (β = 0.249, p < 0.001), and consumer knowledge of Islamic finance (β = 0.187, p < 0.013). These variables explain 64.3 per cent of the variance in perceived attractiveness. Product innovation was not found to be significant in the current context.
Originality/Value ― This study makes three original contributions: First, it empirically tests a comprehensive model of participatory banking attractiveness in Morocco, addressing the scarcity of research on North African Islamic finance. Second, it reveals that innovation, identified as critical in Gulf markets, is not yet significant in nascent markets, challenging existing assumptions. Third, it provides the first quantitative evidence on the relative importance of religious versus functional attributes in Moroccan banking preferences.
Research Limitations/Implications ― The non-probabilistic sampling and cross-sectional design limit generalisability. Longitudinal and qualitative studies are needed to explore evolving perceptions.
Practical Implications ― Participatory banks should prioritise financial education campaigns, enhance service quality, strengthen Sharīʿah governance transparency, and develop targeted communication strategies.
Social Implications ― Enhanced understanding of participatory banking can promote financial inclusion among religiously motivated consumers and provide ethical financial alternatives
Herding Behaviour in Arab Countries: Relationship Between Halal and Non-Halal Products
Full text linkPurpose — The global halal economy has become more manifest in recent decades, and there is an increasing relationship between halal and non-halal products in Muslim countries. This study examines the herding behaviour towards halal products in some Muslim-majority Arab countries.
Design/Methodology/Approach — The study applies the following methods of estimation—quantile regression and Dynamic Conditional Correlation Generalised Autoregressive Conditional Heteroscedasticity (DCC-GARCH) models—over the period ranging from 1 January 2017 to 31 March 2024.
Findings — Using daily data of stock-listed companies for both halal and non-halal products, the results show evidence of asymmetry between downward and upward market conditions, and asymmetry between the periods before and after the COVID-19 pandemic. In addition, it is found that the halal sector herds around the non-halal sector in the sampled Arab countries. When estimating the equation of herding by the DCC-GARCH model, it is concluded that there is evidence of a dynamic conditional correlation in both the short-term and long-term between the dispersion of non-halal products and herding behaviour in halal products in the Muslim-majority Arab countries.
Originality/Value — This paper studies the contextual relationship between halal and non-halal products and their effects on herding behaviour in some Muslim markets. Because of the paucity of research papers that analyse halal or Muslim investors’ behaviour, this study is devoted to the analysis of herding behaviour of Muslim investors in halal products and the impact of non-halal products on this bias.
Research Limitations/Implications — This paper includes some limitations that may affect the accuracy of the findings. First, the results are obtained from seven Arab Muslim countries and may not be generalised to all Arab countries. Second, the sample is dominated by Middle Eastern countries, comprising five out of the seven Arab countries.
Practical Implications — Herding behaviour in the framework of halal and non-halal products can be significant for investors, policymakers, and consumers. The relationship between halal and non-halal products in Muslim countries can have an important contribution to moderate behaviour in the financial markets