The concept of insurance was discovered several millennia before Christ (BC). Risk shifting or dispersing was a tactic used by traders from China and Babylonia in the Second and Third millennia BC. Insurance currently underpins the economy, but increasing its market share in developing countries is challenging. Big Data, InsurTech, and the Internet of Things have ushered in the fourth revolution in the insurance sector of the industrialized world. To increase insurance and takaful coverage in Kenya, this research examines the issues and potential solutions related to InsurTech. This study conducted a systematic literature review to identify themes and elements pertaining to problems and solutions in adopting InsurTech in Kenyan insurance and takaful businesses. Several keywords were utilized to locate relevant content on Google Scholar. The studies screened were analyzed according to inclusion and exclusion criteria. This paper identifies several barriers to the adoption of InsurTech in Kenya's insurance industry and proposes potential solutions. Policymakers may find the recommendations helpful in enhancing the services provided by the insurance sector.

Keywords: InsurTech, Insurance/takaful Industry, Digital Technologies, Kenya.

This study examines how dividend policy affects the performance of Shariah-compliant (SC) non-financial firms in Pakistan. These firms operate under Islamic law, which restricts interest-based and speculative activities. Because of these rules, their financial structures differ from conventional firms. The study uses data from 2013 to 2023 for all non-financial SC firms listed on the Pakistan Stock Exchange. The screening criteria of Karachi Meezan Index (KMI) were used to identify these firms. A fixed-effects model was applied after conducting the Breusch–Pagan Lagrange Multiplier (BPLM) and Hausman tests. The results show that the dividend payout ratio (DPR) has a significant adverse effect on firm performance. Firm size (FS) and sales growth (SG) have positive, significant effects, while leverage has an adverse, significant effect. Dividend yield (DY) and dividend per share (DPS) were not significant. The findings support the agency, bird-in-hand, and signaling theories. The study contributes to the limited research on Islamic equity markets in Pakistan and shows how dividend policy influences profitability in Shariah-compliant firms. The results can help investors, managers, and policymakers design better dividend policies and strengthen Islamic financial governance in Pakistan.
Keywords: Dividend policy, Firm performance, Shariah-compliant, Dividend payout ratio, Dividend yield, Dividend per share

The conceptualization of money has experienced profound evolution over the course of history, transitioning from physical commodities such as cowrie shells and salt to intangible digital representations, most notably cryptocurrencies. Emerging in response to the global financial crisis of 2007, cryptocurrency represents a decentralized, cryptographically secured form of virtual currency underpinned by blockchain technology. It functions as a form of private money, operating independently of traditional financial authorities such as central banks and governments. This study undertakes a systematic literature review (SLR) to explore the multifaceted challenges and debates surrounding cryptocurrencies, with a focus on four principal themes: regulatory frameworks, Sharīʿah compliance, the ontological nature of cryptocurrencies, and associated social implications. The findings reveal that the absence of regulatory oversight in many jurisdictions contributes to high volatility and opens avenues for misuse, including illicit transactions and tax evasion. These regulatory gaps, coupled with uncertainties in intrinsic value and market behaviour, have led to divergent Sharīʿah opinions regarding the permissibility of cryptocurrencies. Notably, Sharīʿah scholars with a technical understanding of blockchain are more inclined to issue favorable rulings compared to those with solely traditional jurisprudential training. Several scholars have linked the volatility, potential use in illicit transactions, lack of legal recognition, and decentralized nature of cryptocurrencies to the prohibitive elements of riba (usury), gharar (excessive uncertainty), and maysir (gambling) in Sharīʿah. Conversely, other researchers contend that these characteristics are not intrinsic to cryptocurrencies themselves but rather arise from external contextual factors—conditions that, if similarly applied to fiat currencies, would also render them non-compliant with Sharīʿah principles. This underscores the importance of technological literacy in contemporary Islamic legal deliberation. In addition to theological and legal concerns, social dimensions such as limited public awareness, cybersecurity risks, usability challenges, and environmental degradation linked to energy-intensive mining processes are also critically examined. Despite these concerns, the review identifies promising use cases in Islamic social finance—particularly in zakāt distribution, waqf management, financial inclusion, and Sustainable Development Goals (SDG) initiatives. Greater engagement between Sharīʿah scholars and technology experts is essential for articulating a coherent Islamic position on cryptocurrencies and harnessing their potential within Sharīʿah- compliant financial ecosystems.
Keywords: Cryptocurrency; Systematic Literature Review; Islamic Finance; Regulatory issues, Shariah issues; Social issues; Islamic Social Finance.

The purpose of this research is to analyze the amendments and clarifications made by the State Bank of Pakistan (SBP) to the two Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) Shariah Standards and to see whether these changes align with or contradict the principles of Shariah. In view of the study's objective of exploring the SBP's changes to the AAOIFI Shariah standards, in-depth interviews were conducted to examine two aspects: the nature of the changes and their implications. The nature of the SBP's changes to the two AAOIFI-adapted Shariah standards was the subject of the questions. Both clauses have been discussed with the respondents—the original clause of the AAOIFI Shariah standard and the corresponding revised clause by the SBP—and the following opinions have been sought in both cases. If changing is just clarifying, is it a general clarification or a further extension of the AAOIFI clause? On the other hand, if the changes concern amendments to AAOIFI clauses, what is the potential reason behind these amendments? If the potential reason is to meet the requirements of the local industry, then, due to this amendment, is there any contradiction with the general principles of Islamic finance, or not, and what is his/her opinion on it? A key finding of this research is the controversy surrounding certain SBP amendments, particularly those concerning currency transactions and immediate exchanges. Some respondents felt that these changes contradict traditional interpretations of Shariah. However, other respondents noted that these amendments provided clarity and practicality in the contemporary financial context. Research has also emphasized the crucial need for SBP to offer detailed explanations and background on these amendments and clarifications so they can be better understood and applied uniformly, thereby promoting transparency and consistency across the industry.
Keywords: Islamic banking, AAOIFI Shariah Standards, SBP amendment, Currency transactions.

This analogy shows that Indonesia and Morocco are each applying maqasid al- Shariah to the same Islamic financial reforms but differently because of their social, political, legal and religious environments. Indonesia focuses on social justice, financial inclusion and institutional development, whereas Morocco focuses on stability, community trust and wary integration. Nonetheless, the reforms are justified by maqasid that works as an ethical binding force to ensure they adhere to the Islamic mandate. The contribution of maqasid towards shaping the structure of ethical financial systems cannot be overstated, but equally important is fostering a culture of trust and institutional credibility in people. Such comparative studies are beneficial to policymakers and even researchers. The way to Islamic finance reform is not easy. The reforms should represent the local realities. Further studies might also examine the long-term effects of such legal regimes in the context of financial inclusion, protection and contribution to economic development among the consumers. This will bring us a step forward in understanding how Islamic finance can truly be principled and practical as it relates to local situations but is concerned with economic issues in the context of the modern world.
Keywords: Maqasid al-Shariah; Islamic finance; Indonesia; Morocco; Islamic banking law; participatory banking.