Purpose This study aims to investigate the persistent underrepresentation of women in equity investing by examining how socio-cultural norms, religious beliefs and digital environments shape their participation in the UK stock market. It addresses a key gap in existing research, which tends to isolate psychological factors such as risk aversion or confidence, by adopting an intersectional, role-theoretical perspective that integrates structural, cultural and technological influences. Design/methodology/approach A qualitative design was employed, using semi-structured interviews with 23 experienced female investors in the UK. Participants were recruited through purposive and snowball sampling via LinkedIn. Thematic content analysis supported by NVivo was used to identify and interpret patterns in the data. Findings The study reveals that women’s investment behaviours are shaped by a combination of financial literacy, confidence and deeply embedded gendered expectations. Role conflict emerges as a central mechanism as women negotiate traditional family responsibilities, religious norms and aspirations for financial autonomy. The findings also introduce the concept of digital ambivalence, showing that while fintech platforms expand access and reduce reliance on male gatekeepers, concerns about trust, privacy and digital literacy constrain full engagement. Practical implications The findings highlight the need for targeted interventions that go beyond generic financial literacy initiatives. Policymakers and educators should develop culturally sensitive financial education programmes, while fintech providers should prioritise trust-building features, enhanced privacy controls and user-centred platform design to better support women’s diverse needs and constraints. Originality/value This study advances the literature by extending role theory into the domain of financial behaviour and demonstrating how identity, social roles and digital infrastructures interact to shape women’s investment decisions. It conceptualises the UK as a hybrid financial context where advanced market systems coexist with enduring cultural constraints, offering insights relevant to both developed and emerging economies.

It has come to the attention of the publisher that the article Hussain S, Gupta S, Bhardwaj S (2025), “Determinants inhibiting digital payment system adoption: an Indian perspective”. Qualitative Research in Financial Markets, Vol. 17 No. 4, pp. 716–748, doi: Link to the cited article., did not report the details of the ethics approval or informed consent for this research within the body of the manuscript. This research was approved by the Departmental Research Committee for the University of Jammu (TBS/JU/22 / 8529) on 22 June 2022, and it was conducted following the ethical guidelines set forth by the Departmental Research Committee on the Core Principles of Publication Ethics. Prior to commencing data collection, written informed consent was obtained from all participants. Participants were informed of the study’s aims and the right to refuse participation or withdraw from the study at any time, and the authors confirm that the autonomy and confidentiality of the participants were maintained and respected throughout. To account for language differences, interviews were conducted in the participants’ preferred languages (primarily English, Ladakhi and Urdu) and were later transcribed and translated into English by the researcher (a local resident of Ladakh), who is fluent in both languages (Ladakhi and Urdu); to ensure consistency and accuracy, translated transcripts were verified through back-translation and cross-checked by bilingual peers familiar with the research context. Care was taken to preserve meaning, tone and nuance during the translation and analysis process. The authors sincerely apologize for this mistake.

Purpose This study aims to empirically validate a conceptual framework for evaluating crypto assets, specifically addressing their multifaceted challenges concerning Sharī‘ah compliance. The research provides insights into the framework’s applicability and effectiveness in assessing maturity, risk and compliance in the evolving digital economy landscape. Design/methodology/approach A qualitative research approach was used, utilizing semi-structured interviews with experts in the field. The collected data were analyzed to assess expert perspectives on the conceptual framework developed by Mohammed et al. (2024), highlighting its strengths, limitations and practical applications. Findings The experts recognized the framework’s potential to provide a systematic methodology for evaluating crypto assets and to address Sharī‘ah compliance complexities. Their insights were instrumental in optimizing and refining the framework, enhancing its robustness and applicability. Nevertheless, they also identified challenges such as resistance to early adoption, limitations in real-world application and the need for institutional and multidisciplinary support. The findings highlight the importance of independent and well-informed juristic rulings, regulatory oversight and integration into institutional and policy structures to enable effective adoption and long-term sustainability. Originality/value This study contributes to establishing a standardized approach for evaluating Sharī‘ah compliance of crypto assets. The research offers a foundational tool for jurists, institutions and policymakers to address evolving demands in the crypto asset landscape. Future studies could focus on real-world application of the refined framework and assess its viability in keeping pace with the dynamic nature of crypto assets.

Purpose This study aims to identify the differences of opinion among zakat policymakers in Malaysia regarding the implementation of the Microcredit Zakat Fund (MZF) scheme for asnaf entrepreneurs, and to propose a resolution framework based on the principles of ma‘alat (consequential reasoning) and fiqh al-muwazanat (jurisprudence of balance). Design/methodology/approach This qualitative study used both library research and fieldwork. The library research involved an in-depth analysis of books, scholarly articles, statutory instruments and relevant administrative circulars. Fieldwork was conducted through unstructured interviews with five zakat institution officers, five officers from State Mufti Departments and two academic professors specialising in Shariah and zakat studies. The interview data were analysed using content analysis to identify key themes. Findings The study revealed a significant divergence of views on the MZF scheme. Three zakat institutions and three fatwa institutions from the same state supported the scheme, citing khilaf mu‘tabar (recognised juristic disagreement), the scope of ijtihad and contemporary considerations of maslahah (public interest). Conversely, two zakat institutions and two fatwa institutions rejected the scheme based on the principle of tamlik (full ownership), in line with current fatwa positions and contemporary ‘urf (customary practice). They also expressed concerns over potential mafsadah (harms) such as indebtedness among asnaf, fund mismanagement and weak governance. However, the study found that the supporting arguments align more closely with current realities and the objectives of zakat (maqasid al-zakah), while the objections raised by the opposing view could be addressed through conditional implementation and robust regulatory mechanisms. The study thus proposes a resolution approach grounded in fiqh al-ma‘alat, fiqh al-muwazanat, and a dual-fatwa framework that considers local context. Research limitations/implications The study focused solely on zakat and fatwa institutions from a single state. Future research is recommended to expand the scope to other states for a more comprehensive comparative analysis. Practical implications This study offers guidance to policymakers in formulating harmonised approaches to the MZF issue based on local realities and maqasid al-zakah. It also provides a principled framework for justifying either acceptance or rejection of the scheme in accordance with Shariah standards. Social implications A well-structured and controlled MZF scheme has the potential to empower asnaf economically through responsible micro-financing, thereby enhancing their competitiveness and reducing long-term dependence on zakat aid. The scheme could elevate asnaf from recipients to contributors of zakat, contributing to more inclusive and sustainable economic development. Originality/value To the best of the authors’ knowledge, this study is among the first to integrate empirical findings with the principles of ma‘alat and fiqh al-muwazanat in evaluating the feasibility of MZF implementation within the framework of zakat governance and fatwa issuance. It further asserts that harmonisation does not entail unifying all views into a single position, but rather recognising contextual diversity and the need for responsive legal rulings.

Purpose In the aftermath of the Global Financial Crisis calls for the dismantling of too-big-to-fail institutions were widespread. Despite over a decade of regulatory reforms, there is limited empirical evidence regarding the downsizing of big banks in Europe. The purpose of this study is to examine how the spatial organization of banking headquarters in Germany and the UK shapes the finance–space nexus and influences broader patterns of financial resilience and regional development. Design/methodology/approach This paper introduces a novel data set and uses heatmaps to visually represent the spatial distribution of German and British banks’ headquarters. Findings The analysis underscores the significance of banking systems in the finance-space nexus. The German case, characterized by a stable three-tier banking structure, contrasts with the monolithic British banking centered in London. Originality/value This research contributes to understanding the evolving dynamics of European banking landscapes post-financial crisis.

Purpose This study aims to develop an ethical investment framework grounded in the Maqasid Shariah by integrating theological principles with real-world stakeholder insights. It responds to the growing demand for Islamic investments that move beyond formal compliance to address justice, sustainability and social impact, aligning with both Shariah and broader ethical investment imperatives. Design/methodology/approach A qualitative methodology is adopted, utilizing semi-structured interviews with 12 key stakeholders, including Shariah scholars, Islamic economists, Islamic bankers, Islamic fund managers, regulators and investors. The data were analyzed using inductive thematic coding via qualitative content analysis to capture the depth and complexity of interpretations of Maqasid-aligned investment principles. This approach allowed the study to draw upon lived experiences and institutional realities, rather than relying solely on theoretical constructs. Findings The research shows how Islamic finance principles encourage investment practices that correspond to ethical and socially responsible values mandated by Shariah. The Maqasid Shariah is a modern investment guide, establishing priorities for faith and wealth preservation while promoting environmental sustainability and justice. Maslahah represents public interest as a fundamental theme guiding investment strategies. A key insight is the emergence of a “faith premium,” where Muslim investors willingly trade-off financial returns for Shariah-compliant and ethically aligned investments. Participants also identified governance limitations – such as conflicts of interest in Shariah boards – and called for regulatory reforms and third-party Maqasid-based ethical ratings to strengthen credibility and impact. Ultimately, the research proposes a stakeholder-validated framework, where (a) Shariah screening ensures Riba-free investments; (b) Risk mitigation seeks to avoid risky ventures, thereby ensuring financial stability; (c) Sustainability promotes environmental benefits; (d) Social justice fosters equity by encouraging socially responsible enterprises; and (e) Governance improvements employ ethical ratings and transparency to enhance reputation and performance. Originality/value While earlier studies have proposed Maqasid-based investment models, this research provides an empirically grounded, stakeholder-validated framework that bridges the gap between ethical aspiration and operational application. Its originality lies in capturing underexplored dimensions – such as investor behavioral motivations, institutional governance challenges and the need for moral signaling mechanisms like ethical ratings. The framework enhances both academic discourse and practical tools for regulators, fund managers and investors seeking to align faith-driven ethics with sustainable investing.

Purpose This study aims to recognize and analyze factors affecting consumers’ adoption of green banking. These identified factors are organized into a hierarchical structure to establish a contextual interconnectedness between them through the application of the interpretive structural modeling (ISM) technique. Design/methodology/approach Through an extensive review of the literature and experts’ opinions, this study identified 13 influential factors. Using the dual approach of ISM and Matrice d‘Impacts Croisés Multiplication Appliquée à un Classement (MICMAC), this study delves into the interrelationships between these factors in terms of their driving and dependence power. Findings The ISM model highlights customer guilt and attitude as crucial factors with high driving power, which amplify other factors. Behavior intention is positioned at the top of the hierarchy due to its highest dependence power. On the other hand, perceived value, environmental concern and perceived consumer effectiveness are higher-level factors directly impacting customers’ behavior intention toward adopting green banking. Research limitations/implications The results of this research may help banking institutions in strategically allocating their resources toward key areas that can amplify the uptake of green banking among customers. Moreover, it also suggests policymakers to implement incentives to encourage banks and customers to adopt green banking practices. Originality/value To the best of the authors’ knowledge, this study is the first to adopt dual methodological approach to identify the influential factors from literature review and expert opinions and model their impact on green banking adoption using ISM and MICMAC analysis.

Purpose This study aims to critically examine the accountability architectures of centralized crypto asset exchanges (CEXs) in a financial environment marked by rapid innovation and opacity. It probes the extent to which techwashing – where technological rhetoric obscures substantive scrutiny – is embedded in CEX governance, drawing on Critical Dialogic Accountability (CDA) and operationalizing Bovens (2010) dual conceptualization of accountability as virtue and as mechanism. Design/methodology/approach The research adopts an exploratory posture for a totally overlooked field to date and interrogates the top five CEXs by trust score (Binance, OKX, Bybit, Kraken, KuCoin) through a qualitative coding of publicly disclosed documents and interviews with key industry stakeholders. CDA provides the analytical lens, emphasizing inclusivity, reflexivity, dialogue and contextualization as core accountability dimensions. Findings The analysis exposes troubling accountability voids and a systematic deployment of techno-utopian narratives that sanitize risk and veil governance shortcomings. Techwashing emerges as a strategic device, undermining transparency and eroding stakeholder trust. Originality/value This paper makes a dual contribution: theoretically, it sharpens the application of CDA within emerging financial infrastructures, foregrounding how governance mechanisms are co-opted by technological spectacle; practically, it surfaces urgent implications for regulators and industry actors seeking to anchor accountability in a sector prone to hype and evasion. By introducing techwashing as a diagnostic lens for crypto governance, the study pushes accountability research into new terrain – where innovation must be interrogated, not merely admired.

Purpose Over the past two decades, social enterprises have increasingly attracted scholarly attention. Social entrepreneurship leverages business practices to tackle social and environmental issues and is characterized by integrating commercial enterprise models with nonprofit missions. Key factors such as financial sustainability and organizational resilience are crucial for advancing social objectives. Despite the absence of a universally accepted definition, social entrepreneurship involves elements like social innovation (SI), market orientation and social value generation. The purpose of this study is to examine the role of equity crowdfunding as a financing opportunity for social enterprises (SEs). Design/methodology/approach This study uses a multiple case study analysis. Findings This study reveals the potential of equity crowdfunding as a mechanism to foster social innovation and generate positive societal impact. The findings suggest that equity crowdfunding can play a meaningful role in addressing the funding gap faced by social enterprises, thereby supporting the achievement of their social missions. Originality/value This research provides insights into the role of equity crowdfunding in social entrepreneurship, a relatively underexplored area. This study underscores the importance of financial tools in facilitating SI and advancing the missions of SEs.

Purpose This study aims to examine the theories that explain Ghanaian managers’ dividend policy and the factors that influence dividend decisions. The study underscores the role of managers in shaping dividend policies to align corporate financial strategies with stakeholder goals. Design/methodology/approach This study was conducted mainly through questionnaires addressed to the managers of firms in Ghana Club 100 and those listed on the Ghana Stock Exchange. Findings The survey evidence shows support for signalling theory, agency considerations and Lintner’s (1956) partial adjustment model. Additionally, catering theory, the bird-in-hand perspective, maturity hypotheses and residual dividend policy also underpin managerial decision-making in Ghana. The most important factors influencing Ghanaian firms’ dividend policy are liquidity constraints such as availability of cash, level of current earnings, stability of earnings and level of expected future earnings. Overall, the evidence suggests that Ghanaian managers adopt a multifaceted approach to dividend decision-making, integrating various theoretical perspectives to address firm-specific and market conditions. Originality/value The study contributes to the scant evidence on managers’ perspectives on dividend policy in frontier markets. These insights are relevant not only for academics seeking to extend theoretical frameworks to frontier markets but also for policymakers and investors aiming to enhance corporate financial practices and governance in similar contexts.