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The COVID-19 pandemic has had an unimaginable effect on global economies and threatens the efficiency and growth trajectory of the banking sector. The pandemic has disrupted the primary operations of the banking sector, as banks were compelled to close physical branches to adhere to social distancing guidelines. Given the importance of the banking sector to economic development, understanding the consequences of COVID-19 on efficiency and growth trajectory of this sector is crucial for ensuring its sustainability. By drawing data from annual reports of 13 publicly quoted banks in Nigeria from 2019q1 to 2021q2 (pre and post COVID-19), this study investigates the impact of COVID-19 pandemic on efficiency and growth trajectory of the banking sector. The data obtained were mainly analysed using DEA and LGCM. The DEA results show an upward trend in the average scores of technical efficiency, pure technical efficiency, and scale efficiency in both periods. The LGCM results reveal a statistically insignificant difference in banks' growth trajectory (rate of change) in both periods. Overall, our analyses suggest that the outbreak of COVID-19 does not threaten the efficiency and growth trajectory of the banking sector. However, the insignificant difference between the pre and post nationwide lockdown suggests that there is an insignificant improvement in the efficiency of the banking sector during the post nationwide lockdown period. These findings offer practical implications for banks, regulators, and policymakers regarding the unprecedented uncertainty caused by the COVID-19 pandemic. [ABSTRACT FROM AUTHOR]

The presence of a halal mark on a food product serves as an indicator that the food has been certified as halal and is deemed suitable for consumption according to Islamic dietary guidelines and safety standards. However, the increased demand for halal food in the market has led many business owners to exploit this trend by intentionally misleading consumers with false claims of halal certification. To address these issues, the Verify Halal app platform was developed. However, there is a lack of research on the factors contributing to its acceptance. As such, this study explores the factors contributing to the acceptance of Verify Halal app among the Malaysian Muslim consumers. To achieve this objective, survey questionnaires were distributed online and face-to-face to collect data from 250 Muslim respondents in the Klang Valley area of Malaysia. The data collected were analyzed using SPSS. The results indicate that religiosity, perceived ease of use, perceived usefulness, and social influence contribute positively and significantly to the acceptance of the Verify Halal app. However, trust contributes negatively and insignificantly to its acceptance among Malaysian Muslim consumers. The findings of this study have serious implications for several entities, including halal business owners, halal consumers, halal app developers, and government entities. Specifically, halal business owners should ensure that information about their products listed on the app is accurate, current, and in compliance with halal standards. The findings call on halal consumers to frequently use the app to search for and purchase halal-certified products, which could contribute to the development of an effective community for other users. Halal app developers should prioritize user-centric design principles, which will not only increase initial engagement but also generate positive reviews and referrals, thereby contributing to the Verify Halal app's market reputation. Finally, various forms of government incentives, such as grants and collaborations, can be provided to facilitate the advancement of the Verify Halal app. [ABSTRACT FROM AUTHOR]

The concept of interest and profit is as old as the history of commercial transactions because, in Jahiliyyah (ignorant) period, people transact business based on interest and sometimes for profit. These concepts are also not alien to conventional financial practice, except that many people cannot distinguish between interest-based and profit-based transactions. As much as shariah encouraged commercial transactions of common and fair benefit through exchanging commodities and money, it equally emphasised the need for fair play and justice for entire market stakeholders. This study aims to explore and explicates literature on the differences between conventional bank interest rates and the Islamic bank profit rate in financing. The study will describe the contractual pictures of both methodologies to analyse the convergent and divergent features between interest-based loans and profit-based financing. This study uses the Islamic legal maxim theory of "In contracts, the effect is given to intention and meaning and not words and forms" (Al-'ibratu fil uqūdi lil maqāsidi wal ma'ānī lā lil alfāzi wal mabānī) as a fundamental principle in determining shariah compliant profit based in commercial transactions. This study arrived at findings on the distinctive divergent between the interest rate and profit rates in financing. The study identifies issues those convergent trigger concerns among researchers and critiques in contemporary applications can be resolved based on contractual intent and meaning rather than words and forms. This study came up with recommendations for improving the operational status of Islamic financial transactions in the profit rate. [ABSTRACT FROM AUTHOR]