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The rapid rise of Islamic crypto assets, underpinned by blockchain technology, has introduced a novel dimension to the Islamic financial landscape, raising questions about their potential as safe havens within emerging Islamic economies. However, the opportunities and challenges associated with this phenomenon remain insufficiently explored. In this context, this study aims to empirically investigate the extent to which blockchain technology can establish Islamic crypto assets as safe havens in equity markets within Islamic economies.

This study addresses the need for rigorous empirical analysis to understand the dynamics between Islamic crypto assets and stock markets in emerging Islamic economies, focusing on the transmission of volatility. While the evolving nature of the Islamic financial sector demands reliable data, the reliance on the most available data offers insights into the expected future trends in this emerging field. The research specifically focuses on three essential assets in the Islamic financial portfolio: OneGram Coin and X8XToken, both backed by gold and MRHB DeFi, an Islamic DeFi asset lacking gold backing. These crypto assets are compared with corresponding assets in seven stock markets of emerging Islamic economies. Using daily log returns of the Islamic crypto assets from various sources and seven Islamic stock indices. The data covers the period from December 27, 2021, to December 28, 2022, capturing the fluctuations in Islamic stocks and cryptocurrency markets during the post-COVID-19 era. This research uses advanced econometric techniques, including pairwise dynamic correlation and the DCC GARCH model.

The findings indicate that Islamic crypto assets exhibit distinct characteristics, with lower volatility and low correlations compared to their conventional counterparts in non-Islamic contexts. This outcome suggests that these Islamic crypto assets could potentially serve as safe havens within Islamic stock markets, offering valuable insights for various stakeholders, including investors, governments and policymakers.

The findings are based on a specific set of Islamic crypto assets and may vary with a different selection. Market dynamics can also influence the relationships observed. Nevertheless, the outcomes provide valuable insights for investors, policymakers and researchers interested in the intersection of Islamic finance, cryptocurrency and technology.

In essence, this research not only unveils the potential of Islamic crypto assets as stabilizing forces but also delineates a trajectory for subsequent research endeavours within the realm of emerging Islamic Fintech, elucidating the challenges, opportunities and benefits that lie therein. With a discerning eye on circumventing the pitfalls entrenched within conventional crypto finance, this study contributes to a heightened comprehension of the transformative role that Islamic crypto assets can assume, ultimately enriching the financial resilience of Islamic economies.

This empirical research examined the factors and conditions that contribute to the success of international strategic learning alliances. The study aimed to provide organisations with evidence-based insights and recommendations that can help them to create more effective and sustainable partnerships and to leverage collaborative learning to drive innovation and growth. The examination is performed using game theory as a mathematical framework to analyse the interaction of the decision-makers, where one alliance's decision is contingent on the decision made by others in the partnership. There are 20 possible games out of 120 outcomes that can be grouped into four different types; each type has been divided into several categories.

The research methodology included secondary and primary data collection using empirical data, the Delphi technique for obtaining qualitative data, a research questionnaire for collecting quantitative data and computer simulation (1,000 cases, network resources and cooperative game theory). The key variables collected and measured when analysing a strategic alliance were identified, grouped and mapped into the developed model.

Most respondents ranked reputation and mutual benefits in Type 1 games relatively high, averaging 4.1 and 3.85 of a possible 5. That is significantly higher than net transfer benefits, ranked at 0.61. The a priori model demonstrate that Type 1 games are the most used in cooperative games and in-game distribution, 40% of all four types of games. This is also confirmed by the random landscape model, approximately 50%. The results of the empirical data in a combination of payoff characteristics for Type 1 games show that joint and reputation benefits are critical for the success of cooperation.

Research on cross-border learning alliances has several implications. Managerial implications can help managers to understand the challenges and benefits of engaging in these activities. They can use this knowledge to develop strategies to improve the effectiveness of their cross-border learning alliances. Practical implications, the development of game theory and cross-border models can be applied in effective decision-making in a variety of complex contexts. Learning alliances have important policy implications, particularly in trade, investment and innovation. Policymakers must consider the potential benefits and risks of these collaborations and develop policies that encourage and support them while mitigating potential negative impacts.

International learning alliances have become a popular strategy for firms seeking to gain access to new knowledge, capabilities and markets in foreign countries. The originality of this research lies in its ability to contribute to the understanding of the dynamics and outcomes of these complex relationships in a novel and meaningful way.

This paper aims to extend the Shapley value (SV) into a discussion of Zakat, a Pillar of Islam. Lloyd Shapley was awarded the Nobel Prize in Economics in 2012. This study shows that their relationship is significant for all nations, that of levelling up. An important but neglected paper by Datta (1939) showed insights provided by the Power Law, or as it is sometimes called, the Pareto distribution, into the role of Zakat in raising the income of all above the subsistence level. The Pareto distribution describes the prevailing tendency. The SV illustrates the interdependence perspective of Zakat with the Pareto distribution, wealth, income and poverty. Payoffs apply equally to both givers and receivers. For this study’s purposes, payoffs are considered as transferable utilities. They are formed by individuals who willingly cooperate in society rather than atomistic individuals who act independently. Zakat represents the recognition that society needs to be cooperative rather than individualistic; people cooperate in groups or societies to create value. SV implications and axioms are evaluated with an illustration.

This study extends Datta’s approach by introducing distribution weights into the SV. The authors set out the concept of weighted Shapley values that retain the elements of randomness and marginal contribution to a coalition contained in pure/true SVs and weights that follow a ley-Pareto distribution. This paper is a viewpoint work that relies primarily on the author’s qualitative interpretation.

The findings indicate that individual members of a coalition make multiple contributions that are often unrewarded. The contribution of one member of a coalition is dependent upon the contribution of others. The measure of contributions is payoffs, which have both monetary and non-monetary aspects; transferable payoffs or utilities are usually assumed. Furthermore, the significant agents in society or an organisation are stakeholders rather than the usual categories: managers, staff, shareholders, etc.

Contextualising these concepts within the Islamic values and principles that guide Zakat administration is crucial to ensure that the distribution of Zakat funds is fair, equitable and meets the needs of all eligible recipients. By applying these concepts appropriately, Zakat administrators can ensure that the Zakat system functions effectively and fulfils its religious obligation.

The novelty of this paper is that it blends the SV and the idea behind Zakat by introducing the idea of alternatives of Shapley weights. The link between the institution of Zakat and SV in terms of equality, poverty elimination and wealth distribution should be at the top of the research agenda.

This conceptual paper examines the need for viable theoretical models of international learning alliances in the light of cooperative games and complexity in two distinguished educational settings. Game theory is used to demonstrate the need for the top managerial executives to acquire a detailed understanding of decision makers' behaviours and trigger the deployment of complex analytical methods. The paper scrutinizes Russia's pursued aggressive approach using shock therapy, also suggest the critical need to reform policy.

Combining the critical analysis of (1) cooperative games and (2) adaptive systems structures, a dependable model is derived, which sets the baseline for determining the role of costs and gains. The analysis is supported using a real-world example of an alliance between British University (the X and Y alliance) and Russian University. It also emphasizes the importance of both internal and external pressure variables closely connected with the cooperative games, adaptive system and shock therapy.

Two features of alliances have been emphasized. The first is the importance of informal relationships in the evolution of partnerships and of cooperation. This is a well-known factor in the success of any relationship. Especially in international partnerships, empathy at the individual level is perhaps necessary to bypass the influence of historical and cultural differences that are barriers at the macro level, preconditions rather than consequences of successful policies and contractual arrangements at the level of organizations and governments. The second feature is interdependence at the cost–benefit level and in the domain of decisions. The cooperation of both partners is required to realize payoffs.

The implication of this paper is a guideline for regulators and policymakers designing worldwide alliances in higher education. In addition, this paper covers an interesting domain that could be of interest to organizations involved in forming strategic alliances, developing and re-engineering policies for strategic coalitions and setting future profitable payoff relationships within the contextual limitations of X and Y.

This paper creates new knowledge by concisely examining the meaning of strategic alliances in the context of the global education industry.

This study examines the intersection of emerging Islamic economies and the digital economy in the context of the United Nations sustainable development goals (UN SDGs). This study aims to investigate the opportunities, challenges and barriers faced by emerging Islamic economies in the context of the digital economy. It specifically focuses on how these economies can contribute to the achievement of UN SDGs established in 2015. In addition, the study explores the prospects of Islamic digital finance and its potential to facilitate the adoption of the UN SDGs.

The following components outline the design, methods and approach of this study, identify and select specific UN SDGs that are relevant to the research aims. These selected goals serve as the basis for evaluating the impact of conventional and Islamic digital financial inclusion, gathered data from credible sources such as Bloomberg and Refinitiv Thomson Reuters to support the analysis. These sources provide comprehensive data on global indicators, progress and targets related to the UN SDGs, compare and evaluate the impact of both conventional and Islamic digital financial inclusion strategies on the selected UN SDGs; the study uses qualitative interpretation of the gathered data, which involves identifying patterns, themes and connections within the data to draw meaningful conclusions.

Results revealed that Islamic digital finance has the potential to contribute significantly to achieving the UN SDGs by promoting financial inclusion, encouraging ethical investments, supporting small and medium enterprises, promoting sustainable investments and leveraging technology to expand access to Islamic financial services and support sustainable investments.

While there are many potential benefits of Islamic digital finance in helping to achieve the UN SDGs, there are also several limitations that should be considered in research, such as limited access to digital infrastructure, regulatory challenges, product offerings, scale, awareness and adoption. Addressing these limitations will be critical to maximizing the potential of Islamic digital finance to contribute to achieving the UN SDGs.

This study points to an important gap in the literature; for practitioners, this study has significant managerial consequences for achieving the UN SDGs in emerging economies by facilitating social impact investments and promoting ethical and sustainable investments.

This study’s uniqueness lies in its exploration of the limited exploration of connecting the implementation of digital financial systems to promote UN SDGs within emerging Islamic economies.

This study aims to examine the implementation of International Financial Reporting Standards (IFRS) in Saudi Arabia. It investigates how the adoption of IFRS has affected four critical areas in the financial statements of publicly listed companies: profit and loss statement, balance sheet, cash flow statement and retained equity statement in Saudi Arabia. The paper also explores the essential factors/drivers that influence the adoption of IFRS and its implication in Saudi Arabia.

Data was obtained from Saudi Stock Exchange (Tadawul) listed companies from eleven industries in Saudi Arabia. This cross-sectional study analyses critical financial data across eleven distinctive industries. To identify the impact of adopting IFRS, the researchers use a paired t-test to evaluate seven key elements of financial statements underlying the critical areas: non-current asset, current asset, total assets, shareholders equity, non-current liability, current liability and total liability. The sample captures cross-sectional data from well-developed global industries in Saudi Arabia, pre- and post-implementation of IFRS. Thus, the analysis of the sample data gives a representative picture of the population of the Saudi Arabian industry.

The results reveal significant differences between GAAP and IFRS reporting standards in the measurement, recognition and classification of non-current assets and liabilities. The differences are expressed in the variance between the GAAP and IFRS. Specifically, the differences between GAAP and IFRS demonstrated by the t-value are significant and reliable (respectively, 5.3 and 4.1). Additionally, the t-value is validated by the p-value, which in both was significant.

The outcomes of this research will benefit accounting information users, practitioners, researchers and regulators. Since Saudi Arabia’s policymakers have mandated the full adoption of IFRS in financial reporting, the study contributes to the adoption of IFRS practices throughout the Saudi industry. Adopting full IFRS standards requires widespread IFRS expertise to cope with the transition.

This study advances research into the perennial issues associated with changes in reporting towards IFRS standards, especially in Saudi Arabia. The contribution to theory and practice enters new and fruitful areas.

This conceptual paper aims to explore portfolio replication to resolve post-COVID pandemic private and public debt. This paper stresses the need to be less dependent on a debt-based system and the emergence Islamic equity market.

This study analyses different types of risks involved in Islamic and conventional portfolios by using risk measures such as relative beta and comparatively examining the systematic and downside risk exposure of Islamic and conventional portfolios. Data was collected monthly from 2016 to 2022.

The findings indicate that the replications of a conventional portfolio into an Islamic portfolio are compatible with the regulatory standard, sharia boundaries and professional practices developed from investment theory. The result shows that Islamic portfolios have lower risk exposure compared with their conventional counterparts in most of the sample years, therefore, become further attractive for debt–equity portfolio swaps and Sharia-compliant investors preferring low-risk preferences. The result confirmed that the Islamic portfolios have a higher return and less risk than conventional portfolios.

The implications of this research are to provide a road map to the regulators, policymakers, governments and the financial industry on how to rearrange some of the public and private debt. A likely remedy is incorporating Islamic financial instrument principles through the equitisation of public and private debt.

This research contributes to investors (particularly those who want to avoid riba [usury] based investment) to make more diversified portfolios by considering Islamic portfolios to reduce risk exposure.

To the best of the authors’ knowledge, this is the first paper to create bivariate debt–equity portfolios swaps composed of Islamic and conventional assets.

Theories of the business cycle can be classified into two main groups, exogenous and endogenous, according to the way they explain economic fluctuations – either as responses of the economy to factors that are external (exogenous shocks) or as upturns and downturns of the economic system internally generated (by endogenous factors). In endogenous theories, investment is generally a key variable to explain the dynamic status of the economy. This essay examines the role of investment in endogenous theories. Two contrasting views on how changes in investment and profitability push the economy towards expansion or contraction are represented by the insights of Kalecki, Keynes, Matthews and Minsky versus those of Marx and Mitchell. Hyman Minsky claimed that investment ‘calls the tune’ to indicate that investment is the only variable not determined by other variables, so that future profits, investment and the dynamic status of the economy are determined by current investment and investment in the near past. However, this hypothesis does not appear to be supported by available empirical data for 251 quarters of the US economy. Statistical evidence rather supports the hypothesis of causality in the direction of profits determining investment and, in this way, leading the economy towards boom or bust.

Organizational studies have been deeply influenced by three separate streams of research: the soft sciences; the hard sciences; and economics. This paper makes a case for an interdisciplinary approach, one that includes not only the social and physical and life sciences, but also methodologies that have a long history in mysticism. It illustrates how the similarities and relationships between depth psychology, in Jung’s theory of archetypes, and the “hard science” notion of complexity theory can reveal critical aspects of competition as expressed through capitalism. It also suggests that a methodology for accessing information about archetypes in general and capitalist competition in particular is through creative imagination.

Competition is viewed as an archetype. Global competition is examined as a closed or narrow version of the archetype, part of a language game that justifies the often ruthless strategies of organizations. More open narratives of competition are discussed. The paper examines the response of individuals to archetypes, the implications for work, and reflects on the foundations of the myth of global competition and the implications for modern business strategy.