Development of a Digital Islamic Social Stock Exchange: A Legal, Regulatory and Shariah Review


  • Aishath Muneeza INCEIF University, Malaysia
  • Sherin Kunhibava University Malaya, Malaysia
  • Zakariya Mustapha University Malaya, Malaysia
  • Maryam binti Khalid University Malaya, Malaysia



Digital Islamic social stock exchange, Shariah compliant impact investment.


Equity trading through stock markets is a popular avenue for investors to obtain capital gain and profits. However, a much less known stock exchange has also existed in the conventional markets known as the social stock exchange (SSE). Conventional SSE initiatives have been successful among a few conventional economies such as Brazil, Canada, Singapore/Mauritius and recently India. An SSE enables social enterprises that have as their business social and environmental causes to list their projects or instruments for investors to invest in. Unlike for-profit stock exchanges, an SSE’s aim is not monetary gain for the investors but returns in terms of counteracting social upheaval and environmental conservation. In other words, impact investment is the aim of investors. Thus, investors impact the world through their investments in the social enterprises on the exchange. This research examines the prospect of developing a digital Islamic social stock exchange (ISSE) and proposes that Islamic economies can pilot an ISSE to deploy the Shariah vision of philanthropy, investment and sustainability. In expounding this proposal, the research reviewed the SSE of Brazil, Canada, Singapore/Mauritius and India and conducted three in-depth interviews with prominent scholars in this area. While paving the way to enable social enterprises whose goals are social and environmental causes to obtain funding, appropriate exposure and connections, the research neatly situates social stock exchange within the principles of Shariah and ascertains the need for establishing an ISSE. The research accordingly formulated suggestions about requisite legal, regulatory and Shariah elements for establishing a digital ISSE and its operating structures.







How to Cite

Development of a Digital Islamic Social Stock Exchange: A Legal, Regulatory and Shariah Review. (2024). Al Qasimia University Journal of Islamic Economics, 4(1), 117-162.

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