Figure 1. Vakif Bank’s cash waqf model in Turkey Source: Ozdemir (2017) A flow diagram traces the transformation of cash waqf from the Ottoman Empire to Turkish institutions and VakifBank. The flow begins with the Ottoman Empire and all waqfs including cash waqfs. On 2 May 1920, the sequence continues to the Republic of Türkiye, then to the Seriyye and Evkaf Mandate. From this mandate, one branch dated 3 May 1924 leads to the Türkiye Presidency of Religious Affairs. Another branch leads to the Directorate General of Foundations. A further branch leads to Vakif Paralar Mudurlugu, which connects back to the Directorate General of Foundations. Money icons mark several stages involving cash waqf. In 1954, the Directorate General of Foundations connects to VakifBank. More about this image found in Vakif Bank’s cash waqf model in Turkey Source: Ozdemir ...

Figure 2. Waqf fund structure in Malaysia Source: Link to the website of mywakaf. A flow diagram presents the waqf fund structure linking donors, participating Islamic banks, a joint committee, investment and a waqf project. The flow begins with individual and institutional donors. They contribute through R H B Islamic, Bank Muamalat, Bank Islam, Maybank Islamic, Bank Rakyat and Affin Islamic. Each bank then opens its respective collection account. Next, the collected funds are credited to the waqf fund main account at the lead bank. One participating bank is appointed as the lead bank for the waqf fund project and becomes a member of the Joint Management Committee J M C, while the other banks participate in the consortium. Strategic collaboration is then arranged between the consortium and the State Islamic Religious Council S I R C. The J M C oversees the waqf fund main account. From the main account, funds then move towards investment and the waqf project. Investment proceeds then flow to the waqf project. Finally, returns from the investment are channelled back to the waqf project and also used to cover some operating costs. More about this image found in Waqf fund structure in Malaysia Source: Link to the web...

Figure 3. Balance sheet structure Source: Authors’ own A financial structure links assets to an income statement and groups waqf funds, sukuk and equity components under liabilities and equity. The structure divides financial items into assets, liabilities and equity. Assets include cash an... More about this image found in Balance sheet structure Source: Authors’ own A financial structure li...

Figure 4. Proposed cash Waqf Structure for waqf-based bank Source: Authors’ own A flow diagram traces cash waqf through fixed assets and investment returns to waqf beneficiaries, health, education and Muslim economics. The flow begins with cash waqf, which transforms into fixed assets. Next, fixed assets generate a return on investment. The return then passes through investment options comprising business venture, share market, money market and unit trust, and other Sharia compliance investment. These investments then flow to the waqf beneficiary. Finally, the waqf beneficiary connects with health and education on one side and Muslim economics on the other. More about this image found in Proposed cash Waqf Structure for waqf-bas...

Figure 5. Proposed organizational structure of nazhir operations in islamic banks Source: Authors’ own A flow diagram presents a waqf management structure linking B U S governance, operational divisions, investments, waqf assets, partners and beneficiaries. The flow begins with oversight fr... More about this image found in Proposed organizational structure of nazhir operations in islamic banks S...

Figure 6. Proposed governance structure of waqf operations in islamic banks Source: Authors’ own A flowchart links shareholder groups to the C E O, board of director, management team and operation. The flow begins with government entities, quasi government entities and Islamic economic and finance experts, which connect to the shareholder. The shareholder then leads to the C E O. Next, the C E O leads to the board of director. The board of director then leads to the management team. Finally, the management team leads to operation. More about this image found in Proposed governance structure of waqf operations in islami...

Figure 1. Simple line plots of returns Fifteen line graphs compare return fluctuations from 2022 to 2025 for H G T, X 8 X, F T X, S R M, SHIBA, DOGE, POWR, S N C, H L A L, S P U S, K M L M, S P U X, BUZZ, VICE and B E T Z. The fifteen line graphs are arranged in five rows and three columns and... More about this image found in Simple line plots of returns Fifteen line graphs compare return fluctuat...

Figure 2. Simple line plots of volatility Fifteen line graphs track time-varying values for H G T, X 8 X, F T X, S R M, SHIBA, DOGE, P O W R, S N C, H L A L, S P U S, K M L M, S P U X, B U Z Z, V I C E and B E T Z from 2022 to 2025. The 15 line graphs plot Value against Date from 2022 to 2025.... More about this image found in Simple line plots of volatility Fifteen line graphs track time-varying v...

Figure 3. The return spillover from each variable to the system Fifteen time-series graphs compare changing values for H G T, SHIBA, H L A L, B U Z Z, X 8 X, DOGE, S P U S, V I C E, F T X, P O W R, K M L M, S R M, S N C and S P U X from 2022 to 2025. The 15 time-series graphs cover approximate... More about this image found in The return spillover from each variable to the system Fifteen time-serie...

Figure 4. The return spillover from the system to each variable Fifteen time-series graphs compare changing values for H G T, SHIBA, H L A L, BUZZ and 11 other assets from 2022 to 2025. The 15 time-series graphs are arranged in 4 rows and plot values from about 2022 to 2025, with labelled vert... More about this image found in The return spillover from the system to each variable Fifteen time-serie...

Figure 5. The NET return spillover Fifteen time-series graphs present distinct positive and negative value patterns across cryptocurrency assets between 2022 and 2025. The 15 time-series graphs are arranged in 4 rows and plot values from about 2022 to 2025. The vertical scale in each panel e... More about this image found in The NET return spillover Fifteen time-series graphs present distinct p...

Figure 6. The network return spillover plot between cryptocurrencies and ETFs A dense network graph connects 15 labelled assets, with varying node sizes and link thicknesses indicating differing network prominence. The network graph contains 15 labelled nodes arranged around a roughly circular... More about this image found in The network return spillover plot between cryptocurrencies and ETFs A de...

Figure 7. The volatility spillover from each variable to the system Fifteen area charts show distinct shifts, spikes and sustained levels across asset series from 2022 to 2025. The 15 charts are arranged in 4 rows and plot values from about 2022 to 2025, with labelled vertical reference values... More about this image found in The volatility spillover from each variable to the system Fifteen area c...

Figure 8. The volatility spillover from the system to each variable Fifteen area graphs compare changing levels across cryptocurrency-related assets from 2022 to 2025, with several sharp shifts and sustained high values. The 15 area graphs are arranged in 4 rows and cover approximately 2022 to... More about this image found in The volatility spillover from the system to each variable Fifteen area g...

Figure 9. The NET volatility spillovers Fifteen area graphs track positive and negative changes in H G T, SHIBA, H L A L, BUZZ and 11 other series from 2022 to 2025. The 15 area graphs cover approximately 2022 to 2025, with vertical axes ranging from negative 100 to 100 and zero as the centr... More about this image found in The NET volatility spillovers Fifteen area graphs track positive and n...

Figure 10. The network volatility spillover plot between cryptocurrencies and ETFs A network graph connects 15 labelled assets with numerous links of varying thickness and node prominence. The network graph contains 15 labelled nodes connected by a dense web of links with varying thicknesses. ... More about this image found in The network volatility spillover plot between cryptocurrencies and ETFs ...

Figure 11. The total connectedness spillover indices Two time-series area graphs compare return and volatility spillovers from 2022 to 2025, with volatility generally higher. The two area graphs plot spillover values from 2022 to 2025 on vertical scales from 0 to 100. Panel a presents Return s... More about this image found in The total connectedness spillover indices Two time-series area graphs co...