Unlike other religions, Islam is complete and all-encompassing. Its principles and precepts permeate all spheres of human endeavor; be it social, economic, financial or someone else. Muslims, right from the prophetic era down to the Nineteenth century, were reported to have complied with the Islamic commercial jurisprudence in undertaking most of their economic and financial dealings. Subsequently, these teachings were replaced with and dominated by western commercial laws due to the establishment of conventional financial institutions. For more than three decades, now, many jurisdictions across the globe including Nigeria, have introduced Islamic financial Institutions which try to achieve compliance with Islamic commercial jurisprudence on their products and services via Shari’ah governance system. This paper is all out to trace the history of the concept of Shari’ah governance in Islam and explain how it functions in the modern Islamic financial institutions. The research methodology adopted by the paper is purely qualitative and library based. The paper finds out that a Shari’ah governance framework that is effective and sound plays great role in making the financial institutions’ products and services Shari’ah compliant. In view of the above, this research work recommends that all institutions offering Islamic financial products and services should make sure that an effective, sound and robust Shari’ah governance system is put in place in order to make their transactions conform to Shari’ah tenets and win public trust and confidence as well.
Keywords: Islamic Financial Principles, Islamic Financial Institutions

The present study is an attempt to critically review the various Waqf management practices in vogue in different countries of the world in order to highlight the need for an effective management of Waqf that can galvanize the process of development and progress across the globe. The study examines the Waqf management practices globally with the help of the socio-legal research methodology to delineate the methods of management. Although some studies have been conducted to understand Waqf management in the context of a specific country, comparisons across countries are very limited. The present research study aims to fill this gap. It draws lessons from several countries, including success stories from Malaysia, to explain the effective Waqf management practices. At the same time, it also sheds light on the problem of moral hazard in Waqf management. Our findings reveal that there is a dearth of uniform standards for an efficient Waqf managerial framework. Given each country’s unique socio-economic and political context, countries generally employ different practices in terms of managing and developing their Waqf. In a nutshell, the study finds that successful Waqf management practices include the supportive role of the independent, authoritative Waqf supervisory body particularly in Kuwait, Egypt, Indonesia, and Sudan. Moreover, a strategic reform approach with appropriate regulatory policies combined with effective monitoring procedures and accountability of Mutawallis by addressing the moral hazard problem will provide a scenario which is conducive for effective Waqf management globally.
Keywords: Waqf; Awqaf; Management; Islamic Philanthropy; Moral Hazard.

Islam has highlighted abundantly the importance of education for the humanity, society and the whole world. In fact, the first word of the revelation is “Iqra” which means to read. On the other side, the economies that have emerged in the past and are ruling now all have one common factor among them i.e. plenty of higher education. For a developing country like Pakistan, higher education plays a very imperative ansd significant role in the economic development. However, one can find a sweeping deterioration in the education while ascending upwards from primary to higher education. Researchers have found out several reasons for this diminutive higher education. Therefore, the aim of this study is to explore the factors that are associated with the continuation of higher education in Pakistan. This study also figures out the need to develop a Shariah -based financing for higher education. Data is collected from university students and professionals through structured questionnaire. Descriptive statistics, factor analysis and multiple regression analysis have been used to analyze the data. Results prove finance shortage as main hurdle against higher education. Besides, parental literacy and gender also have impact on continuation of higher education. Higher education commission of Pakistan and universities is offering insufficient number of scholarships. Respondents would like to opt for Shariah- based finance if provided by Islamic banks in Pakistan. This study tries to bridge the gap between higher education seekers and their finances.
Keywords: Higher Education Finance, Shariah based Islamic Finance, Education loan, Pakistan

This study gives an overview of the legal and operational aspects of an accidental takaful vehicle claim. It highlights the events that include the collision of two vehicles, fixing the responsibility, and managing the repair. It explains the glitches in third party claims and strategies advisable for reducing the financial impact for a client. It revolves around the benefits of taking motor takaful coverage which helps when something goes wrong on the road.
Keywords: Depreciation, Indemnity, Takaful, Third party

Istisna is an Islamic financial contract in which the product is manufactured by the manufacturer and sold to the buyer with stipulated terms and conditions. Istisna financing is widely contributing to the Islamic financial system. Previous studies on Istisna are just based on theoretical backgrounds. Istisna financing is being implemented in other Islamic countries such as Malaysia. However, the main purpose of this study is to explore how Istisna financing could be implemented in Pakistan. To investigate it, we conducted this research that is based on qualitative research methodology using a semi-structured survey to gather comprehensive information that presents a strong opinion of the participants. According to a preliminary survey, including Islamic banks and regulators, the results of this study show that Istisna is considered as a good product in Pakistan with unique features and capabilities.
Keywords: - Istisna financing, Potential application, Islamic Finance, Islamic banking.