The implementation of Sustainable Development Goals (SDGs) proposed by the United Nations has encouraged banks to adopt sustainability practices. Although previous research mainly focuses on the performance implications of SDG adoption, there is little data on the impact of sustainability on the risk of banks, especially in comparison with Islamic and conventional banks. This research fills this gap by making a comparative analysis of the effect of SDG adoption on the risk profile of Islamic and conventional banks in the Asia-Pacific region. SDGs are measured by construction an ESE Index from the indicators proposed by the United Nations. The two-step system GMM (Generalized method of moments) method is used to analyze panel data of Islamic and conventional banks in the Asia-Pacific region to compare the relationship between SDGs and the risk of Islamic and Conventional banks. The results show that SDGs are negatively related to the risk of conventional banks as compared to the Islamic banks, as the conventional counterparts are more mature and have good risk management practices. In contrast, Islamic banks already operate under Shariah principles that emphasize ethical investment, risk sharing, and socially responsible financing, which are already aligned with sustainability goals. The present work is relevant to the sustainable banking literature by providing comparative evidence of the effect of SDG adoption on risk in banking models and by employing it in a dual banking framework. The results give important implications for regulators, policymakers, and banking institutions by highlighting the role of SDGs adoption on the risk mitigation of Islamic and Conventional banks so that the financial stability is enhanced within the banking operations.

Recent developments in behavioral finance have improved understanding of investor decision-making beyond rational choice assumptions; however, existing behavioral models remain insufficient to explain investment behavior in Islamic financial contexts where decisions are shaped not only by cognitive bias but also by religious commitment and ethical objectives. Although prior studies have examined religiosity, Shariah compliance awareness, behavioral bias, and sustainability-oriented investment preference, these determinants are typically analyzed in isolation, resulting in a fragmented explanation of Muslim investor behavior. Addressing this limitation, this study develops a unified conceptual Islamic behavioral finance framework that integrates behavioral bias theory, religiosity, Maqasid al-Shariah orientation, and environmental, social, and governance (ESG) investment preference into a multidimensional explanation of value-based investment decision-making. Drawing on integrative literature analysis across behavioral finance, Islamic economic theory, and sustainable investment research, the proposed framework conceptualizes Muslim investor behavior as the outcome of interaction between psychological tendencies and normative ethical commitments. In particular, the framework positions religiosity as an internal behavioral regulator, operationalizes Maqasid al-Shariah as a higher-order ethical decision driver, and introduces ESG investment preference as a contemporary mechanism through which Islamic values are translated into sustainability-oriented financial participation. The study contributes to the literature by extending behavioral finance beyond cognitive bias explanations toward a value-integrated decision-making structure that reflects the distinctive characteristics of Islamic investment behavior. It further advances Islamic finance research by transforming Maqasid al-Shariah from a normative objective into an analytical behavioral construct and by bridging Islamic ethical investment theory with the global ESG investment discourse. The proposed framework provides a theoretically grounded foundation for future empirical testing of Islamic behavioral finance models in emerging sustainability-oriented financial environments. Keywords: Islamic behavioral finance; Behavioral bias; Maqasid al-Shariah orientation; Religiosity; ESG investment preference

This article proposes the Fuzzy Equitable Fair Domination Integrity (FEFDI) as an optimization framework for investments in the stock market. By representing investor, stock, and market trend relationships as a fuzzy graph, the FEFDI model presents a systematic way of maintaining equitable investment influence across industries while minimizing risk and maximizing return. The theoretical background of this paper consists of the formal definition of FEFDI sets, the fuzzy domination weak integrity function, and some fundamental propositions and theorems explaining the properties of FEFDI in different types of graphs, including complete graphs, path graphs, and trees. Specifically, the paper discusses how fuzzy domination numbers are related to the FEFDI number in connected fuzzy graphs and how monotonic it is in subgraphs. The application of the FEFDI approach to stock market analysis is illustrated using a numerical example, where it is explained how the model assists investors in determining the safest stocks to invest in by reducing over-concentration in certain sectors. The findings indicate that the FEFDI model is able to aid in diversifying the portfolio to optimal levels and in maximizing stable returns, presenting a theoretical as well as practical tool for investors seeking ethical, balanced, and diversified investments.

Introduction: UNICEF is a United Nations agency whose operations rely primarily on voluntary contributions. Financial sustainability depends not only on the quantum of funding but also on its predictability and flexibility. Recent years have witnessed major shifts in the structure of UNICEF’s income coupled with internal discrepancies and ethical challenges. In India, UNICEF made a film actor - Ayushman Khurana brand ambassador to promote voluntary donations. UNICEF hires volunteers also to collect donations by doing house to house visits.Objectives: To examine UNICEF’s financial trends between 2018 and 2022, with a particular focus on changes in revenue composition, payroll funding discrepancies and ethical concerns in investment practices.Methods: A descriptive financial review was conducted using UNICEF’s audited financial statements (2018–2022) and reports of the UN Board of Auditors. Analysis focused on the evolution of revenue sources, discrepancies in payroll allocation and compliance with UNICEF’s ethical investment policies.Results: UNICEF’s total voluntary contributions increased from USD 6.5 billion in 2018 to USD 10.02 billion in 2022 (+54%). Regular resources declined by 19%, while earmarked emergency resources grew by 126%. A payroll discrepancy revealed 4,165 fewer staff in cost allocation records than in payroll, creating risks of under-recovery and budget distortions. Ethical inconsistencies were noted in UNICEF’s external investments, with $4.09 million allocated to alcohol-related companies. Conclusions & Recommendations: While UNICEF’s revenue expanded significantly, declining flexible funds, payroll misalignments, and investment inconsistencies present operational, ethical and reputational challenges. Strengthening financial governance, enhancing transparency, and aligning ethical standards are critical to sustaining UNICEF’s mission.

With fast development and widespread use of Fin-tech currently, as one important part of it, Robo-advisors, which feature in driving asset allocation and portfolio management by algorithm, are applied in practice. At the same time, the symbol of the concept of responsible investment, Environmental,Social and Governance (ESG) investing, has become a mature investing field from a newborn concept. An integration of an investing tool and an investing field has great potential. This paper aims to construct a theoretical integration framework of robo-advisors and ESG investing from four dimensions: data integration, investor preference identification, algorithmic mechanism design, and compliance and transparency, by reviewing existing literature. This integrated model not only enhances the accessibility, personalization, and sustainability of investments, but also faces challenges such as insufficient data standardization, limited algorithm interpretability, and weak market adaptability. In the last, this paper gives a conclusion that the future focus should be on the promotion of the establishment of unified ESG data standards, finding optimization algorithms of intelligent methods for investor preference identification, and the development of explainable artificial intelligence (XAI) to foster the development of transparent, compliant, and efficient ESG-oriented robo-advisory systems.

This study examines the role of Islamic bonds (Sukuk) in advancing financial markets, facilitating trade, and promoting inclusive economic development. Sukuk represent a Shariah-compliant alternative to conventional bonds, providing investment opportunities that adhere to Islamic principles while enabling efficient capital mobilization. The research employs a qualitative approach, analyzing literature, regulatory frameworks, and case studies of prominent Sukuk issuances across different markets. Key findings indicate that Sukuk enhance market liquidity, provide risk-sharing mechanisms, and support infrastructure and trade financing. Additionally, Sukuk contribute to inclusive development by enabling broader participation of investors, including those seeking ethical and Shariah-compliant investment options. However, challenges such as regulatory fragmentation, market standardization, and investor awareness limit their full potential. The study concludes that fostering regulatory harmonization, promoting transparency, and strengthening institutional capacity are critical for maximizing the economic and social impact of Sukuk in global financial markets.

Investor emotions are increasingly recognized as central determinants of financial decision-making, yet the evidence base remains dispersed across behavioral finance, psychology, information systems, and data-driven market analytics. This study maps the intellectual structure, thematic evolution, and emerging research frontiers of scholarship on investor emotions and financial decision-making through a bibliometric investigation of Scopus-indexed publications retrieved using the search string. Also Using performance analysis and science mapping, the study synthesizes annual scientific production, citation dynamics, and source distribution, complemented by co-citation, bibliographic coupling, and keyword co-occurrence networks generated via established bibliometric tools (e.g., VOSviewer and Bibliometrix/Biblioshiny). Results indicate a clear growth trajectory with modest output during 2010–2017, consolidation during 2018–2022, and a sharp expansion during 2023–2025, while average citations per year peak in earlier cohorts, reflecting citation-window effects. The co-citation structure reveals three foundational knowledge bases: (i) behavioral finance and investor psychology, (ii) affective decision science and emotion regulation perspectives, and (iii) digitally mediated sentiment and information effects. Bibliographic coupling identifies active research fronts anchored by highly influential synthesis work and extending into applied bias research and computational sentiment analytics. Keyword co-occurrence further demonstrates three dominant thematic clusters: behavioral finance and investment decision biases; psychological and survey/experimental emotion research; and data-driven sentiment analysis linked to information systems, big data, and electronic trading. Overall, the findings show a field transitioning toward interdisciplinary integration and scalable emotion measurement, with emerging frontiers in social media-driven investing, retail investor psychology, and emotion-aware AI. The study provides a structured roadmap for future theory development, methodological triangulation, and context-specific research in technology-mediated and high-volatility markets.

ABSTRACT Green finance—including environmental, social, and governance investing and sustainable finance regulations—is widespread, but can it substitute for carbon pricing in fighting climate change? In a unified model, I show that (i) when carbon prices reflect the social cost of carbon, green finance should not be used; (ii) when carbon prices are too low, green finance can implement the social optimum if each firm's cost of capital can be set to its sustainable discount rate , which increases with the ratio of carbon emissions to firm value. I provide calibrations, analyze stranded assets, and present implementations through subsidies or preferential financing for green firms.

Purpose This study aims to comprehensively analyse Islamic equities research by synthesising and reviewing previously published research to identify the gaps and provide future research direction. Several classifications are made, including analysing the most productive authors, the most influential journals, as well as collaborations between countries and highly cited articles. Design/methodology/approach This study includes queries such as “Islamic stocks”, “Islamic equity”, “Shariah-compliant stock” and “Shariah-compliant equity” as references in the “Article title, Abstract and Keywords” section, based on Scopus data from January 2000 to February 2025. The search found 560 English-written articles published by Scopus. Three different software programs, RStudio, VOSviewer and Excel, are used to analyse the data that depict, among others, the most impactful authors in the field, the top journals covering Islamic equities research, and the most cited document. Findings This study revealed an upward trend in the publication of Islamic equities from 2013 onwards, among Malaysia’s top ten affiliated institutions. Masih is the most impactful researcher, having 20 published articles. Malaysia is leading in citation count, followed by France and Tunisia. The Pacific Basin Finance Journal ranked highest in publication in this field, and collaboration between countries shows that Tunisia and Saudi Arabia have major collaborations, followed by collaborations among authors from Malaysia, the United Kingdom, Pakistan, Australia and Bangladesh. A thematic map and bibliographic coupling of the results of Islamic equity articles were also included in this paper. Research limitations/implications This study excludes non-Scopus sources and research produced outside of traditional publishing and distribution channels. Originality/value This comprehensive paper examines current research in Islamic equities. The findings of this research benefit practitioners and researchers who wish to research Islamic equities. This paper also discusses the societal and economic impact by providing a comprehensive overview of Islamic equity research trends, identifying knowledge gaps and proposing future research directions that support inclusive financial practices, ethical investing and evidence-based policy development across various jurisdictions.

Financial literacy is vital for the millennial generation of investors to manage personal finances effectively and secure long-term economic stability. This study investigates the effect of financial literacy and religiosity on the investment decision in the stock market of the millennial generation in Bandar Lampung City. Using a quantitative descriptive approach, 96 millennial generation investors were selected through purposive sampling, and data were collected via questionnaires. SmartPLS 4 was employed to test validity, reliability, and hypotheses. Results indicate that both financial literacy and religiosity significantly influence investment decisions on the stock market. Financial literacy contributes 65.2% (p = 0.002 < 0.05), while religiosity shows a stronger effect of 63.9% (p = 0.001 < 0.05). Together, the two variables explain 65.2% of the variance in stock market investment decisions among the millennial generation, indicating a strong explanatory power of the research model. These findings suggest that while financial literacy enhances investors’ technical ability to evaluate and manage investments, religiosity plays a crucial role in shaping ethical considerations, risk awareness, and long-term investment orientation. The study highlights the importance of integrating financial literacy and religiosity for more rational, ethical, and sustainable investment behavior among millennial investors, particularly in Indonesian stock markets.

Waqf, as a perpetual charitable endowment, serves as a cornerstone for promoting social welfare and equitable wealth distribution within Islamic finance. Its integration into modern financial instruments, such as the Amanah Saham Nasional Berhad (ASNB) Wakalah Waqf Unit Trust, reflects a growing trend toward aligning Islamic capital market innovation with Islamic social finance objectives in Malaysia. This study examines the application of institutional theory in understanding the distribution of waqf benefits by ASNB Wakalah, focusing on how institutional pressures shape its governance, implementation, and social outcomes. Employing a qualitative document analysis approach, the research reviews policy documents, Islamic rulings (fatwas), prospectuses, annual reports, academic journals, books, and relevant online sources to evaluate ASNB’s waqf governance and distribution strategies. Despite ASNB’s pioneering role in developing a Wakalah-based waqf model, there remains limited scholarly attention to the institutional forces, such as regulatory frameworks, Shariah governance standards, and societal expectations that influence its operationalisation and impact. The findings reveal that ASNB’s waqf model is deeply embedded within Malaysia’s institutional environment, where compliance, legitimacy, and stakeholder expectations collectively shape its governance and distribution mechanisms. The study contributes to the growing body of knowledge on Islamic social finance and institutional theory. It also offers practical insights for policymakers and Islamic financial institutions to strengthen transparency, governance, and the social impact of waqf‑based investment schemes in line with institutional norms, ethical investment principles and Maqasid al-Shariah (Shariah objectives).

ABSTRACT We investigate how socially responsible investment (SRI) funds respond to different oil-induced price shocks, using Ready's (2018) approach. Using daily data for six SRI indices from March 8, 2016, to November 29, 2024, we apply wavelet coherence and nonlinear causality methods to analyze the time-frequency relationship between oil shocks and SRI fund performance across different market states. Our findings reveal that supply and risk shocks play a significant role in driving the co-movement between oil price dynamics and SRI funds' behavior returns, particularly at medium and lower frequencies, respectively. Risk shocks exhibit a systemic influence, consistently dominating supply and demand shocks, especially in the pre-2021 period and during the COVID-19 pandemic, though their effects fizzle out in stable market conditions. Quantile causality estimates confirm the strong predictive power of risk shocks, particularly at lower quantiles. Our work presents practical implications for ethical investors, dealing with oil-related market risks.

ABSTRACT This study provides an integrative overview of literature on sustainable finances and responsible investments and emphasizes the key role of administration and management and ethical decision-making. By synthesizing the findings of recent empirical and theoretical research of the study, it emphasizes key dimensions, such as the diversity of the Board of Directors, the effectiveness of the audit committee, active ownership, the publication of ESG and the integration of climate. The evidence suggests that gender diversion records and financially literate audit committees increase the reports and responsibility of enterprises. Ethical investment practices, especially those that include active engagement and integration of ESG, are increasingly associated with excellent financial performance and risks alleviation. The review also examines emerging challenges, including the need to adapt the framework of management of public digital transformations, algorithmic decision-making and ESG procedures specific to the region. A study identified critical gaps in geographical representation and methodological approaches. This synthesis contributes to further understanding how the structures of administration and ethical imperative intersect to form the future of sustainable investments.

This introduction to the special issue highlights how the challenges from regulation, digitalization, and sustainability transform banking and finance in the 21st century. Following a short review of the sociology of finance and banking within Swiss economic sociology, it presents the main contributions of the articles of the special issue, which examine changing financial elites in Switzerland, digital platforms’ and cryptocurrencies’ social effects, and the moralization of finance through impact and ethical investing.

Purpose – This study examines how financial attitude, behavior, knowledge, literacy, financial socialization, and subjective norms influence individuals’ intention to invest in gold across Generations X, Y, and Z. Grounded in Islamic Management principles, it positions gold as a Shariah-compliant asset aligned with ethical wealth creation and prudent risk management. This study contributes to Islamic wealth management by exploring how intergenerational dynamics shape ethical investment behavior.Methodology – A quantitative approach was employed using a structured questionnaire distributed to 360 respondents from three generations in Malaysia, with most participants being residents of Indonesia. The data collected were analyzed using partial least squares structural equation modeling (PLS-SEM)Findings – The results indicated that the measurement model met the recommended reliability and validity standards. Financial attitude, behavior, and knowledge positively enhance financial literacy, which, along with financial attitudes, financial knowledge, financial socialization, and subjective norms, significantly shape gold investment intention. Generational differences were evident: Gen Z’s intention was strongly driven by financial knowledge and social expectations; Gen Y was influenced mainly by financial attitude; and Gen X relied more on financial socialization and subjective norms. The overall model demonstrated strong predictive and explanatory power.Implications – This study emphasizes the mediating role of financial literacy and identifies the distinct generational drivers of investment intention. Insights support targeted financial education and tailored strategies to engage each generation, including policy initiatives promoting inclusive gold-based financial instruments.Originality – This study offers a generationally segmented perspective on the determinants of investment intention, underscoring diverse financial decision-making processes and providing practical guidance for policymakers, educators, and the investment industry.

Why do investors prefer sustainability? A bibliometric review and research agenda

By adopting a dual-layered approach that examines both category-level and asset-level dynamics, this study offers fresh insights into how the maturity and moral alignment of cryptocurrencies shape financial contagion, diversification potential, and systemic risk across global markets. We investigate the dynamic interconnectedness among traditional and emerging cryptocurrencies, sin stocks, and socially responsible equities, employing a Time-Varying Parameter Vector Autoregressive (TVP-VAR) model to capture evolving return spillovers across asset classes and regions. Our analysis reveals that traditional cryptocurrencies, particularly BTC , act as dominant net transmitters of shocks to both vice- and virtue-aligned equities. Emerging tokens such as TRUMP also exert significant influence as net transmitter, whereas Pi Coin consistently functions as a net receiver, suggesting lower systemic risk. For ethical investors, TRUMP , as a strong net transmitter, may raise concerns because, although such tokens can offer short-term gains and volatility-based opportunities, they may not align with socially responsible investment goals due to their speculative and politically charged nature. Regional analyses indicate stronger crypto-equity contagion in North America and Latin America, with notably weaker linkages in South Asia and Sub-Saharan Africa. These findings challenge the presumed neutrality of digital assets and offer actionable insights for portfolio reallocation, ethical investing, and regulatory oversight. Our study contributes to the growing discourse on moral finance by revealing the reputational and systemic spillovers embedded in crypto-asset markets.

<div> Islamic Finance 3.0 a new digital paradigm  </div>

This paper examines the impact of Islamic finance on inclusive growth in Pakistan. While financial development is widely recognized as a driver of economic growth, through efficient capital allocation, investment promotion, and expanded credit access, conventional financial systems have often been associated with rising inequality and financial instability. Islamic finance, grounded in principles of risk-sharing, ethical investment, and asset-backed transactions, presents a potentially more inclusive and stable alternative that aligns financial intermediation with real economic activity.

The media landscape has to adapt to the rapid digitalization. Introducing artificial intelligence into the media industry by 2030 has its advantages and risks. The main challenge is to maintain a balance between innovations and traditional values. By analyzing some relevant cases of using artificial intelligence in media space, the author developed a predictive and analytical approach to the matter. The prospects for integrating artificial intelligence into journalism by 2030 include hyperpersonalization, automatization of routine content, and optimization of work processes. The key challenges include inevitable job cuts, ethical dilemmas (biased algorithm, copyright), and disinformation. The future of journalism depends on the symbiosis of technology and human expertise, which requires new ethical standards, laws, and investments in media education. Eventually, journalists will be responsible for critical thinking and expertise rather than routine.