This study intends to investigate the role of social financing in supporting sustainable development and fostering entrepreneurship within small and medium enterprises (SMEs) and its future directions and opportunities in Malaysia and Saudi Arabia. SMEs are increasingly implementing sustainable business models to tackle resource constraints and environmental issues to foster long-term social and environmental impact. A quantitative research design was employed, with data collected through questionnaires distributed to SME owners using purposive sampling. A total of 600 questionnaires were distributed, with 106 valid responses analyzed. The study employed descriptive statistics and Structural Equation Modeling (SEM) using SmartPLS 4.0 to assess the framework. The findings reveal significant positive effects of financial institutions, globalization impact, and access to finance on the role of waqf in SME development, while business obstacles and government support showed no significant influence. According to this study, open innovation is crucial to fostering collaboration between small- and medium-sized enterprises, Islamic endowments, and external stakeholders such as non-profits, government agencies, and community groups. This research adds to the expanding body of knowledge regarding the efficacy of social entrepreneurship and inclusive business models in addressing environmental challenges and assisting SMEs in their long-term growth by facilitating the creation of shared value and the dissemination of sustainable business solutions.

This study aims to assess the reliability and validity of a questionnaire designed to measure the impact of social trust, social networks, and financial innovation on the financial well-being of microentrepreneurs in Malaysia. Employing a descriptive research design and a cross-sectional approach, data were collected from 140 micro-entrepreneurs, with the questionnaire serving as the primary research instrument. The findings reveal strong internal consistency within the factors under investigation, underscoring the robustness of the questionnaire. Additionally, insights into the demographic profile of micro-entrepreneurs offer a valuable understanding of their characteristics and operational dynamics. The implications of this study extend to policymakers, industry stakeholders, and researchers, providing actionable insights to support the sustainability and resilience of micro-entrepreneurs. Overall, this research contributes to advancing knowledge in the areas of social trust, social networks, and financial innovation concerning the financial wellbeing of micro-enterprises. It holds significant implications for fostering economic growth, reducing inequalities, and promoting inclusive development in Malaysia.

Social enterprise is considered as one of the initiatives to eliminate and minimize social issues. While studies on social entrepreneurship have grown in popula Social enterprise is considered as one of the initiatives to eliminate and minimize social issues. While studies on social entrepreneurship have grown in popula

The financial well-being of micro-entrepreneurs is a multifaceted concept that encompasses both financial stability and personal satisfaction with one's financial situation. The pandemic experienced by the country has affected people from all walks of life, including micro-entrepreneurs. These self-employed people not only scored the lowest when it comes to financial behaviors but they are also the most vulnerable in terms of financial well-being. This study intends to fill a gap in the literature by looking at the factors that influence micro-entrepreneurs' financial well-being in Malaysia. A systematic review of reviews was conducted through electronic databases between January 2018 and December 2022 using refined search methods, such as the Boolean operator, phrase searching, truncation, wild card, and field code functions, based on enriched keywords: ("FINANCIAL WELL-BEING*" OR “FINANCIAL WELLBEING) AND ("MICRO-ENTREPRENEUR* OR “MICRO-ENTERPRISE*"). Scopus and Web of Science were selected as the two primary databases to search for relevant articles and materials for the review. The results demonstrate the incorporation of several variables into the proposed framework of financial well-being of micro-entrepreneurs, namely social trust, social networks, financial self-efficacy, and financial innovation as a mediator. The proposed framework is derived from the Social Capital Theory and the Social Cognitive Theory, as well as reviews of past empirical studies.