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Corporate criminal liability in Islamic banks in Malaysia ISRA International Journal of Islamic Finance Pub Date : 2022-11-07 Nur Yusliana Yusoff, Rusni Hassan
Purpose This paper aims to highlight provisions that may attract corporate criminal liability (CCL) in legislation and regulations enacted in Malaysia. Further, this paper identifies gaps or obstacles in the implementation of CCL in Islamic banks (IBs) in Malaysia. Design/methodology/approach This research adopts the qualitative methodology. More specifically, it uses normative legal research by focusing
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Charity account in Islamic financial institutions: creating a defined Sharīʻah standard ISRA International Journal of Islamic Finance Pub Date : 2022-10-12 Salim Ali Al-Ali
Purpose This article seeks to propose a defined set of Sharīʿah standards and guidelines for the charity account in order to provide clear guidance to Islamic financial institutions (IFIs) and eventually create a standardised practice in the management of the charity account by IFIs worldwide. Design/methodology/approach This article is based on a literature review regarding the origin and concept
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Islamic mobile banking smart services adoption and use in Jordan ISRA International Journal of Islamic Finance Pub Date : 2022-09-30 Saad G. Yaseen, Ihab Ali El Qirem, Dima Dajani
Purpose The research identifies the predictors of Islamic mobile banking (IMB) smart services adoption and usage in Jordan. Design/methodology/approach Based on the Unified Theory of the Acceptance and Use of Technology (UTAUT) and the Unified Theory of the Acceptance and Use of Technology 2 (UTAUT2), an extended and modified model that encompasses perceived trust was developed. The sample comprised
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Mind the gap: theories in Islamic accounting and finance, Islamic economics and business management studies ISRA International Journal of Islamic Finance Pub Date : 2022-09-21 Murniati Mukhlisin, Nurizal Ismail, Reza Jamilah Fikri
Purpose This study aims to analyse whether theories and views of classical Islamic scholars are widely adopted as references in Islamic accounting and finance (IAF), Islamic economics (IE) and Islamic business management (IBM) research studies as part of their contribution to solving current economic and financial problems. Design/methodology/approach The research adopts a qualitative meta-analysis
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Micro-takāful scheme for the protection of houses belonging to low-income groups in Malaysia ISRA International Journal of Islamic Finance Pub Date : 2022-09-16 Puteri Nur Farah Naadia Mohd Fauzi, Mohamad Akram Laldin
Purpose This study aims to assess the availability of micro-takāful (micro-Islamic insurance) schemes for the protection of houses belonging to low-income groups in Malaysia. Design/methodology/approach The study is conducted via desk research and interview discussions with representatives from takāful operators and key stakeholders. Findings Findings of the study confirm the importance of micro-takāful
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Experts' views on ḥiyal in Malaysian Islamic banks: the case of tawarruq-based deposit products ISRA International Journal of Islamic Finance Pub Date : 2022-08-19 Muhammad Izzul Syahmi, Mohammad Taqiuddin Mohamad, Mohd Anuar Ramli
Purpose There are two purposes to this study: first, to identify the status of ḥiyal (legal devices) in the offering of deposit products based on the tawarruq contract in the Malaysian Islamic banking industry and second, to identify the reasons for the widespread offering of tawarruq-based deposit products by Malaysian Islamic banks (IBs). Design/methodology/approach The study uses the qualitative
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An empirical comparison of sustainable and responsible investment ṣukūk, social impact bonds and conventional bonds ISRA International Journal of Islamic Finance Pub Date : 2022-07-12 Syed Marwan Mujahid Syed Azman, Suhaiza Ismail, Mohamed Aslam Haneef, Engku Rabiah Adawiah Engku Ali
Purpose The objectives of this paper are two-fold: first, to empirically compare and contrast the salient features of three financial instruments (FIs), namely sustainable and responsible investment (SRI) ṣukūk, social impact bonds (SIBs) and conventional bonds (CBs) and second, to examine the differences between the perceptions of the investors and the developers on the features of the three FIs.
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The cost of constituent-rebalancing of Sharīʿah-compliant indexes: lessons for future crises ISRA International Journal of Islamic Finance Pub Date : 2022-07-01 Ahmed Badreldin
Purpose This study aims to quantify the cost of rebalancing Sharīʿah-compliant indexes, both economically and statistically. Design/methodology/approach An empirical approach is employed where the rebalanced Sharīʿah-compliant index is calculated numerous times with different lags in rebalancing, and the number of stocks and their cost across time are determined in order to identify the optimal rebalancing
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Adoption of the COSO methodology for internal Sharīʿah audit ISRA International Journal of Islamic Finance Pub Date : 2022-06-29 Said Bouheraoua, Fares Djafri
Purpose Islamic financial institutions (IFIs) are required to establish a Shariīʿah Governance Framework (SGF) to strengthen their Sharīʿah-compliance mechanism and ensure that all relevant IFI regulations are in line with Sharīʿah rules and principles. Effective implementation of the Shariīʿah-compliance function will further promote stakeholder confidence, as well as the integrity of IFIs, by reducing
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Who is Homo Islamicus? A Qurʾānic perspective on the economic agent in Islamic economics ISRA International Journal of Islamic Finance Pub Date : 2022-06-23 Hafas Furqani, Abdelghani Echchabi
Purpose This paper aims to explain the nature of the economic agent in Islamic economics. He is commonly referred to as Homo Islamicus. Design/methodology/approach This is done by deriving the concept from the Qurʾān as the primary epistemological source in Islamic economics. The paper, thus, attempts to explore the message of the Qurʾān and internalize its concepts and values in their totality into
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Common conceptual flaws in realizing maqāṣid al-Sharīʿah vis-à-vis Islamic finance ISRA International Journal of Islamic Finance Pub Date : 2022-04-22 Ameen Ahmed Abdullah Qasem Al-Nahari, Abu Talib Mohammad Monawer, Luqman Bin Haji Abdullah, Abdul Karim Bin Ali, Noor Naemah Binti Abdul Rahman, Meguellati Achour
Purpose This paper aims to scrutinize the misconceptions about maqāṣid al-Sharīʿah (objectives of Islamic law) that complicate its actualization, particularly in Islamic finance. Design/methodology/approach This study adopts a qualitative inductive method to identify the flaws in understanding maqāṣid al-Sharīʿah vis-à-vis Islamic finance. It uses the views of classical and modern maqāṣid scholars
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Some thoughts on resetting the roles and functions of Sharīʿah committees of Islamic banks in Malaysia ISRA International Journal of Islamic Finance Pub Date : 2022-02-14 Mansor Isa, Siew-Peng Lee, Obiyathulla Ismath Bacha, Rubi Ahmad
Purpose The purpose of this study is to understand and evaluate the roles and functions of the Sharīʿah committee (SC) of Islamic banks (IBs) in Malaysia and to recommend a resetting of the scope of responsibilities to enable the SC to effectively respond to current market needs. Design/methodology/approach A Likert-type survey questionnaire was developed and distributed to all available SC members
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Legislative provisions for waṣiyyah wājibah in Malaysia and Indonesia: to what extent do they differ in practice? ISRA International Journal of Islamic Finance Pub Date : 2022-01-19 Suhaili Alma'amun, Mohd Khairy Kamarudin, Wan Nadiah Wan Mohd Nasir, Nasrul Hisyam Nor Muhamad, Riayati Ahmad
Purpose This research aims to examine and compare differences in waṣiyyah wājibah (obligatory bequest) (WW) practices in Malaysia and Indonesia. Design/methodology/approach This is an exploratory qualitative research, employing a thematic analysis approach. Six Muslim Wills (State) Enactments [Enakmen Wasiat Orang Islam (Negeri)] in Malaysia, Islamic Law Compilation (Kompilasi Hukum Islam) in Indonesia
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Assessing the effect of organisational commitment on turnover intentions amongst Islamic bank employees ISRA International Journal of Islamic Finance Pub Date : 2022-01-07 Carole Serhan, Nehmeh Nehmeh, Ibrahim Sioufi
Purpose The research aims to test the links amongst Meyer and Allen's three levels of organisational commitment and the commitment's effect on reducing turnover intentions for Islamic bank (IB) employees during the lockdown caused by coronavirus disease (COVID-19). Design/methodology/approach The research follows a variable-centred approach. Primary data are collected through a survey of 324 respondents
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Proposing an organizational framework for the Sharīʿah Secretariat of Islamic banks in Bangladesh ISRA International Journal of Islamic Finance Pub Date : 2022-01-04 Md. Kausar Alam, Abu Umar Faruq Ahmad, Aishath Muneeza, Mosab I. Tabash, Md Adnan Rahman
Purpose Sharīʿah Secretariat plays a significant role in assisting Sharīʿah Supervisory Boards (SSBs) in their role in achieving Sharīʿah compliance in Islamic banks (IBs). The key objective of the study is to develop a organizational framework of the Sharīʿah Secretariat for the IBs in Bangladesh. Design/methodology/approach The study applied qualitative case study research. The data have been collected
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Performance comparison between Islamic and conventional stocks: evidence from Pakistan's equity market ISRA International Journal of Islamic Finance Pub Date : 2021-12-07 Munazza Jabeen, Saba Kausar
Purpose This paper aims to examine the performance of Islamic and conventional stocks listed at the Pakistan Stock Exchange by using both parametric and non-parametric approaches. The motivation is to do risk-return analysis of Islamic stock prices and conventional stock prices. Design/methodology/approach It uses various measures of performance, e.g. Sharpe ratio, Treynor ratio, Jensen's alpha, beta
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Objectives and measures of performance of Islamic microfinance banks in Indonesia: the stakeholders' perspectives ISRA International Journal of Islamic Finance Pub Date : 2021-11-16 Taufik Akbar, A.K. Siti-Nabiha
Purpose This study investigates both internal and external stakeholders' views on the objectives and measures of performance of Indonesian Islamic microfinance banks (IMFBs). Design/methodology/approach This study uses a qualitative approach. In-depth interviews were conducted with a wide range of internal and external stakeholders of IMFBs in Indonesia. The primary stakeholders interviewed comprised
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Sharīʿah governance and agency dynamics of Islamic banking operations in the Kingdom of Saudi Arabia ISRA International Journal of Islamic Finance Pub Date : 2021-11-16 Abul Hassan, M. Sadiq Sohail, Md Mahfuzur Rahaman Munshi
Purpose This study aims to investigate and point out the variations of agency theory in the context of Sharīʿah governance in Islamic banking operations in the Kingdom of Saudi Arabia (KSA). Design/methodology/approach The study followed the approach of quantitative Corporate Governance Index (CGI) by computing the Gov-index (Gompers et al., 2003) and the Gov-score (Brown and Caylor, 2004; Saffieddine
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Factors necessary for effective corporate waqf management for Malaysian public healthcare ISRA International Journal of Islamic Finance Pub Date : 2021-11-11 Raja Aishah binti Raja Adnan, Mahazan Abdul Mutalib, Muhammad Ridhwan Ab Aziz
Purpose This research paper aims to determine the factors needed to propose a platform where waqf (Islamic endowment) organizations can collaborate with government public hospitals to develop corporate waqf hospitals. Consequently, the elements of governance and sustainability are included in the management of corporate waqf hospitals thereby leading to the corporatization of public hospitals. Des
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Islamic finance and economic growth: the Turkish experiment ISRA International Journal of Islamic Finance Pub Date : 2021-11-10 Mohammed Ayoub Ledhem, Mohammed Mekidiche
Purpose This study aims to empirically investigate the connection between Islamic finance and economic growth in Turkey using the endogenous growth model. Design/methodology/approach It applies quantile regression with the Markov chain marginal bootstrap resampling technique by adopting total Islamic financing as the main exogenous explanatory factor in the endogenous growth model, while the gross
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Does the choice of stock selection criteria affect the performance of Sharīʿah-compliant equity portfolios? ISRA International Journal of Islamic Finance Pub Date : 2021-07-26 Muhammad Wajid Raza
Purpose There are a number of differences in the current Sharīʿah screening guidelines formulated by Sharīʿah scholars associated with world-renowned index providers and financial institutions. The purpose of this study is to highlight the consequences of such differences on the portfolio level outcomes for Sharīʿah-compliant investors. This study also investigates the cost of adopting an alternative
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Cash waqf from the millennials' perspective: a case of Indonesia ISRA International Journal of Islamic Finance Pub Date : 2021-09-20 Khaled Nour Aldeen, Inayah Swasti Ratih, Risa Sari Pertiwi
Purpose The purpose of this study is to explore the awareness and willingness level of millennials in Indonesia towards cash waqf (cash endowment). Cash waqf has gained huge attention in Indonesia because of its flexibility, especially after the Majlis Ulama Indonesia (MUI) officially announcing in 2002 that cash waqf practices in the country are Sharīʿah-compliant. Millennials comprise 33.75% of the
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Validity of zakat ratios as Islamic performance indicators in Islamic banking: a congeneric model and confirmatory factor analysis ISRA International Journal of Islamic Finance Pub Date : 2021-08-06 Naji Mansour Nomran, Razali Haron
Purpose There is much debate in the literature about how the performance of Islamic banks (IBs) should be measured. Basically, IBs’ business models are different from that of conventional banks; thus, the performance of IBs should be measured by using a Sharīʿah-based approach. This paper considers zakat (Islamic tax) as an alternative indicator to measure the performance of IBs. This paper aims to
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Developing a ranking methodology for Sharīʿah indices: the case of Borsa Istanbul ISRA International Journal of Islamic Finance Pub Date : 2021-08-05 Zeyneb Hafsa Orhan, Murat Isiker
Purpose This paper aims to develop a ranking methodology for the companies included in the Islamic indices in Turkey. Thus, this paper simplifies the decision-making process for investors with Islamic sensitivities to stock market investment when constructing their investment portfolio. Design/methodology/approach This paper uses a case study of 20 companies listed on Borsa Istanbul, drawing data from
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Establishing zakat on oil and gas in Malaysia: a new insight ISRA International Journal of Islamic Finance Pub Date : 2021-08-04 Pg Mohd Faezul Fikri Ag Omar, Haneffa Muchlis Gazali, Mohd. Nasir Samsulbahri, Nurul Izzati Abd Razak, Norhamiza Ishak
Purpose The purpose of this paper is to deliberate on the establishment of zakat (Islamic alms) on oil and gas in Malaysia. Being one of the five Islamic pillars, zakat contributes significantly to the country’s socio-economic development and prosperity. However, in Malaysia and other Islamic countries, there is not yet a proper mechanism for calculating zakat on extracted minerals. Similar to gold
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Rebate in Islamic sale-based financing contracts: Bank Negara Malaysia guidelines on ibrāʾ versus conventional finance practice ISRA International Journal of Islamic Finance Pub Date : 2021-07-29 Islam Kamal
Purpose This paper aims to compare the rebate computation in Islamic sale-based financing contracts as proposed by Bank Negara Malaysia (BNM) in its guidelines on ibrāʾ (rebate) – with the rebate computation in conventional finance that is applicable to conventional loans, thus examining if there is a significant difference between the two approaches. Design/methodology/approach The paper employs the
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Factors influencing Bumiputera contractors' acceptance of the contractor's all risk takāful product ISRA International Journal of Islamic Finance Pub Date : 2021-07-29 Mohd Azizi Ibrahim, Alias Mat Nor, Raja Rizal Iskandar Raja Hisham
Purpose This research aims to investigate the factors that can influence Bumiputera contractors’ acceptance of the Contractor’s All Risks (CAR) takāful (Islamic insurance) product using the theory of reasoned action (TRA). Design/methodology/approach Using the method of quantitative surveys, 414 questionnaires were collected from targeted Bumiputera contractors in Malaysia (grade G1 to grade G7), except
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A comparative analysis of financial performance of Islamic banks vis-à-vis conventional banks: evidence from Pakistan ISRA International Journal of Islamic Finance Pub Date : 2021-07-29 Muhammad Tariq Majeed, Abida Zainab
Purpose In recent years, the fast growth of Islamic banks (IBs) has generated debates among policymakers and economists about the sustainability and performance of these institutions. This paper aims to undertake a comparative analysis of the financial performance of IBs and conventional banks (CBs) in Pakistan over the period 2008–2019 to evaluate how IBs are faring compared to their conventional
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Determinants of credit risk of Indonesian Sharīʿah rural banks ISRA International Journal of Islamic Finance Pub Date : 2021-07-26 Unggul Priyadi, Kurnia Dwi Sari Utami, Rifqi Muhammad, Peni Nugraheni
Purpose This study aims to examine the influence of internal and external factors on the credit risk (represented by nonperforming financing [NPF]) of Indonesian Sharīʿah rural banks (SRBs) – a type of Islamic bank that provides Islamic financial services especially to small and medium businesses in Indonesia. Internal variables comprise capital adequacy ratio (CAR), financing to deposit ratio (FDR)
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Determinants of cash waqf fund collection in Malaysian Islamic banking institutions: empirical insights from employees’ perspectives ISRA International Journal of Islamic Finance Pub Date : 2021-07-06 Wan Nuraihan Ab Shatar, Jalal Rajeh Hanaysha, Putri Rozita Tahir
Purpose This paper aims to test the main factors that affect cash waqf collection among the employees of Islamic banking institutions (IBIs) in Malaysia. Design/methodology/approach The data was gathered using a survey method from 218 employees of IBIs in Malaysia. The obtained data was analyzed using the Statistical Package for the Social Sciences software and smart partial least squares-structural
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Islamic financial literacy scale: an amendment in the sphere of contemporary financial literacy ISRA International Journal of Islamic Finance Pub Date : 2021-06-21 Yusuf Dinc, Mehmet Çetin, Mehmet Bulut, Rashed Jahangir
Purpose This study aims to develop a valid and reliable Islamic financial literacy (IFL) scale that can capture all the segments of the Islamic financial sectors and which could be considered applicable for all jurisdictions across the globe. Design/methodology/approach To build the measure, this study followed a scale development process by collecting 698 a priori items from 81 respondents. Later
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Developing best practices of Islamic estate planning: a construction based on the perspectives of individuals and estate planning providers ISRA International Journal of Islamic Finance Pub Date : 2021-06-15 Norazlina Abd. Wahab, Selamah Maamor, Zairy Zainol, Suraiya Hashim, Kamarul Azman Mustapha Kamal
Purpose This paper aims to develop the best practices of Islamic estate planning for Muslims. Islamic estate planning is a fixed proposal for the management and outlook of an individual’s assets throughout their life and upon their passing, created by means of existing Islamic estate planning tools, for instance, farāʾiḍ (inheritance), waṣiyyah (will), hibah (gift) and waqf (endowment). Design/methodology/approach
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Determination of organisational essential needs as the basis for developing a maṣlaḥah-based performance measurement ISRA International Journal of Islamic Finance Pub Date : 2021-06-15 Achmad Firdaus
Purpose The purpose of the study is twofold: first, it is to develop each aspect of maṣlaḥah ḍarūriyah (essential needs), i.e. dīn (faith/religion), nafs (soul), ʿaql (intellect), naṣl (descendants) and mal (wealth), into various aspects of organisational essential needs; second, it is to formulate maṣlaḥah-based performance measurement. Design/methodology/approach The research is an exploratory study
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Cash waqf risk management and perpetuity restriction conundrum ISRA International Journal of Islamic Finance Pub Date : 2021-06-07 Azniza Hartini Azrai Azaimi Ambrose, Fadhilah Abdullah Asuhaimi
Purpose The purpose of this paper is to comprehensively discuss the issue of risk vis-à-vis the perpetuity restriction principle inherent in waqf (Islamic endowment). Specifically, it attempts to consolidate the axioms in both conventional and Islamic finance, such as the risk-return trade-off and al-ghunm bi al-ghurm (liability accompanies gain), with the perpetual nature of waqf. Overall, this paper
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Impact of brand equity on purchase intentions: empirical evidence from the health takāful industry of the United Arab Emirates ISRA International Journal of Islamic Finance Pub Date : 2021-05-19 Shahid Rizwan, Husam-Aldin Al-Malkawi, Kamisan Gadar, Ilham Sentosa, Naziruddin Abdullah
Purpose Although 76% of the population of the United Arab Emirates (UAE) is Muslim, takāful (Islamic insurance) has a much smaller share of business in the UAE than conventional insurance does. The purpose of this study is to highlight the importance of brand equity (BE), which is known as the incremental value that provides reason to buy a brand. This study provides useful insights that can help the
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Waqf governance in the Republic of Guinea: legal framework, issues, challenges and way forward ISRA International Journal of Islamic Finance Pub Date : 2021-05-17 Mohamed Al Amine Sano, Salina Kassim
Purpose The purpose of this paper is to seek to establish an effective governance framework for waqf (Islamic endowment) in the Republic of Guinea that would assist in enhancing socio-economic activities and eradicating poverty in the country. Design/methodology/approach It examines key governing features within the said country’s waqf legal framework and undertakes a comparison with other countries’
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Enhancing zakat compliance through good governance: a conceptual framework ISRA International Journal of Islamic Finance Pub Date : 2021-02-15 Abdulsalam Ahmed Sawmar, Mustafa Omar Mohammed
Purpose This paper aims to construct a conceptual framework which explains the relationship between governance of zakat institutions and zakat payment compliance by using the organisational legitimacy theory. Design/methodology/approach This paper adopts content analysis and a review of multidisciplinary literature that primarily relate to zakat institutions, public governance and compliance behaviour
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Islamic banking’s contribution to the Malaysian real economy ISRA International Journal of Islamic Finance Pub Date : 2021-01-06 Ibrahim Musa Gani, Zakaria Bahari
Purpose Malaysia is one of the fastest-growing Asian economies with a properly designed and developed Islamic financial system. This unique feature of the Malaysian economy made it an important case study, and the purpose of this study is to assess for the dynamic contribution of Islamic finance to the growth of the real economy. Design/methodology/approach The study uses a quarterly data set of 20 years
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Capital market and economic growth in Malaysia: the role of ṣukūk and other sub-components ISRA International Journal of Islamic Finance Pub Date : 2021-01-06 Yan-Ling Tan, Roslina Mohamad Shafi
Purpose The purpose of this paper is to explore the effects of the capital market on economic growth by considering the role of ṣukūk (Islamic investment certificates) and other capital market sub-components in Malaysia between 1998 and 2018. Design/methodology/approach The empirical investigation is based on the autoregressive distributed lag (ARDL) cointegration bounds test. Findings The results
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Ṣukūk on blockchain: a legal, regulatory and Sharī’ah review ISRA International Journal of Islamic Finance Pub Date : 2021-01-04 Sherin Kunhibava, Zakariya Mustapha, Aishath Muneeza, Auwal Adam Sa'ad, Mohammad Ershadul Karim
Purpose This paper aims to explore issues arising from ṣukūk (Islamic bonds) on blockchain, including Sharīʾah (Islamic law) and legal matters. Design/methodology/approach A qualitative methodology is used in conducting this research where relevant literature on ṣukūk was reviewed. Through a doctrinal approach, the paper presents analyses on the practice of ṣukūk and ṣukūk on blockchain by discussing
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A bibliometric analysis of quality research papers in Islamic finance: evidence from Web of Science ISRA International Journal of Islamic Finance Pub Date : 2020-12-31 Bashir Tijjani, Murtaza Ashiq, Nadeem Siddique, Muhammad Ajmal Khan, Aamir Rasul
Purpose The purpose of this study is to provide quantitative information on the growth of Islamic finance literature. The study focused on publishing trends, countries producing research on Islamic finance, key authors, major contributing organizations, authorship patterns, keywords and articles with the highest citations. Design/methodology/approach Bibliometric analysis is applied to analyse the
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Role of Islamic microfinance in women’s empowerment: evidence from Rural Development Scheme of Islami Bank Bangladesh Limited ISRA International Journal of Islamic Finance Pub Date : 2020-12-28 Md. Saiful Islam
Purpose The purpose of this study is to investigate the impact of Islamic microfinance services (IMFS) on women’s empowerment in rural Bangladesh. Design/methodology/approach The study is based on a multi-stage sampling technique. The primary data are collected through a face-to-face survey of 389 women respondents who have received IMFS from the Islami Bank Bangladesh Limited. Cronbach’s alpha test
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The Fourth Market theory and interest rate benchmarking in the Islamic finance industry ISRA International Journal of Islamic Finance Pub Date : 2020-12-28 Ahmed Tahiri Jouti
Purpose This paper aims to understand the issue of interest rate benchmarking in Islamic financial institutions (IFIs) from a macro-economic perspective and assessing the relevance of creating a Sharīʿah-compliant profit rate benchmark to solve this issue. This paper also aims at suggesting an Islamic alternative that will handle both the negative economic impact on IFIs as well as on their financial
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Cash waqf model for micro enterprises’ human capital development ISRA International Journal of Islamic Finance Pub Date : 2020-12-23 Mohamed Asmy Mohd Thas Thaker, Md Fouad Amin, Hassanudin Mohd Thas Thaker, Ahmad Khaliq, Anwar Allah Pitchay
Purpose The present paper aims to propose a viable alternative model for human capital development (HCD), termed as the integrated cash waqf micro enterprises investment (ICWME-I) model, which is expected to contribute to the development of micro enterprises in Malaysia. Design/methodology/approach This is a conceptual paper for the development of the ICWME-I model. It is purely qualitative in nature
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Takāful demand: a review of selected literature ISRA International Journal of Islamic Finance Pub Date : 2020-11-23 Maizaitulaidawati Md Husin, Razali Haron
Purpose This paper aims to provide a systematic review of literature on the demand for takāful (Islamic insurance) from articles published from January 2009 to June 2019. The review aims to synthesise and segment previously published research to identify the gaps and provide future research direction. Design/methodology/approach A systematic review of the literature was conducted. Past research was
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Internal control, risk and Sharīʿah non-compliant income in Islamic financial institutions ISRA International Journal of Islamic Finance Pub Date : 2020-11-19 Mustafa Mohd Hanefah, Muhammad Iqmal Hisham Kamaruddin, Supiah Salleh, Zurina Shafii, Nurazalia Zakaria
Purpose The existence of internal control for Sharīʿah-compliance promotes reasonable assurance that the Islamic financial institution’s (IFI’s) objectives are achieved in the following categories, namely, the effectiveness and efficiency of operations, the reliability of financial reporting and the level of compliance with applicable laws and regulations, as well as accounting and auditing standards
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Micro, small and medium enterprises’ competitiveness and micro-takāful adoption ISRA International Journal of Islamic Finance Pub Date : 2020-11-16 Maizaitulaidawati Md Husin, Razali Haron
Purpose This paper aims to attempt to first examine the competitiveness of micro, small and medium-sized enterprises (MSMEs) in the logistics industry; second, to identify the MSMEs’ perception towards takāful (Islamic insurance); third, to recognise the challenges in the adoption of takāful; and fourth, to suggest strategies to enhance the micro-takāful penetration rate. Design/methodology/approach
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A comprehensive appraisal of Sharīʿah governance practices in Malaysian Islamic banks ISRA International Journal of Islamic Finance Pub Date : 2020-11-09 Babak Naysary, Marhanum Che Mohd Salleh, Nurdianawati Irwani Abdullah
Purpose This study aims to empirically investigate the impact of the Sharīʿah Governance Framework (SGF) on improving Sharīʿah governance practices in Islamic banks in Malaysia and in addressing its related issues. Design/methodology/approach Data collection was carried out using a comprehensive questionnaire survey, which was developed primarily based on SGF-2010 and arguments in the literature. The
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Developing a fair currency system ISRA International Journal of Islamic Finance Pub Date : 2020-11-04 Muhammad Hanif
Purpose This study aims to evaluate the role of the prevailing currency systems in achieving (or departing from) the socio-economic objectives of a progressive and just society; i.e. featuring stability and equitable distribution of wealth. Design/methodology/approach After documenting historical developments in currency systems, the study reviews the Islamic perspective on the matter. Features of
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Evaluating ṣukūk investment intentions in Pakistan from a social cognitive perspective ISRA International Journal of Islamic Finance Pub Date : 2020-11-04 Safeer Ullah Khan, Ikram Ullah Khan, Ismail Khan, Saif Ud Din, Abid Ullah Khan
Purpose This study aims to evaluate cognitive, personal and environmental factors affecting investors’ behavioral intentions (BI) to invest in ṣukūk (Islamic investment certificates) in Pakistan. Design/methodology/approach Data from 462 participants were collected through survey-questionnaires by using the convenient sampling technique. Hypothesized proposed relationships among the constructs were
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The impact of economic blockade on the performance of Qatari Islamic and conventional banks: a period-and-group-wise comparison ISRA International Journal of Islamic Finance Pub Date : 2020-10-14 Abdilatif Mao Ali
Purpose This paper aims to empirically assess the performance of Islamic banks (IBs) and conventional banks (CBs) in Qatar before and after the imposition of the economic blockade on Qatar and the significance of the blockade’s subsequent impact. Design/methodology/approach This study focuses only on the domestic commercial banks comprising four IBs and five CBs operating in Qatar. The banks’ financial
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An analysis of the normative parameters of reward and risk in Islamic finance ISRA International Journal of Islamic Finance Pub Date : 2020-09-30 Mohamed Benaicha
Purpose This study aims to define the parameters of the reward-risk principle in Islamic finance as established in the literature and discuss propositions that are presented on how such a principle is to be applied to Islamic banking products. Design/methodology/approach A descriptive approach is used to explore the normative parameters and criticisms of the application of reward-risk in Islamic finance
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Developing Sharīʿah-compliant equity-based crowdfunding framework for entrepreneurship development in Malaysia ISRA International Journal of Islamic Finance Pub Date : 2020-08-05 Maya Puspa Rahman, Mohamed Asmy Mohd Thas Thaker, Jarita Duasa
Crowdfunding has become one of the preferred mechanisms to raise funds by startups and small entrepreneurs. As such, this paper aims to develop an appropriate framework for Sharīʿah-compliant equity-based crowdfunding (SEC) in Malaysia.,The research begins by analyzing the intention of 200 entrepreneurs in Kuala Lumpur and Selangor regarding the use crowdfunding to raise capital. The analysis is based
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Classical waqf, juristic analogy and framework of awqaf doctrines ISRA International Journal of Islamic Finance Pub Date : 2020-08-05 Mohammad Abdullah
This paper aims to analyse the Sharīʿah premises of waqf (Islamic trust), followed by dilating on the nature of argumentation among the classical jurists on its rules and principles. The paper critically analyses the edifice of the applied juristic analogy of different early jurists in deriving various waqf doctrines. The objective of analysing the jurisprudential framework of waqf in its classical
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Survey on Sharīʿah non-compliant events in Islamic banks in the practice of tawarruq financing in Malaysia ISRA International Journal of Islamic Finance Pub Date : 2020-07-31 Mohammad Mahbubi Ali, Rusni Hassan
Tawarruq (Islamic commodity financing) has evolved as the most ubiquitous concept in Malaysia’s Islamic banking industry. Nevertheless, the extensive use of tawarruq has invoked a number of Sharīʿah (Islamic law) concerns in its practice. This study aims to investigate the Sharīʿah non-compliant (SNC) phenomena in the practice of tawarruq financing in Malaysia.,This study adopts qualitative research
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Mudarabah and Musharakah as micro-equity finance: perception of Selangor’s disadvantaged women entrepreneurs ISRA International Journal of Islamic Finance Pub Date : 2020-07-31 Reazul Islam, Rubi Ahmad
This study aims to gain the perception of Selangor’s disadvantaged women on the Shariah (Islamic law) rules on two micro-equity financing instruments, namely, mudarabah (profit sharing) and musharakah (profit-and-loss sharing) (M&M).,A survey was carried out in the rural area of Selangor district in Malaysia by administering a self-generated structured questionnaire. A total of 330 completed questionnaires
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The regulation of Islamic banking and finance in Mauritius ISRA International Journal of Islamic Finance Pub Date : 2020-07-23 Varsha Mooneeram-Chadee
The purpose of this paper is to analyse the main components of the regulatory framework implemented in Mauritius. This small island state of the Indian Ocean aspires to host Islamic banking products while diversifying the range of financial services offered within its hybrid jurisdiction despite having a minority Muslim population. The study also aims at drawing some comparisons with the well-established
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A benchmark modelling for participation-based tax increment financing ISRA International Journal of Islamic Finance Pub Date : 2020-07-23 Yusuf Varli, Gokhan Ovenc
This paper aims to present the theoretical and conceptual framework of a new method in public finance called “participation based tax increment financing (P-TIF)” by combining conventional tax increment financing (TIF) within the Shariah-compliance structure.,This study develops a benchmark model for P-TIF, which offers a participative contract between both lender and borrower. With the help of this
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The effectiveness of technical strategies in Malaysian Shariah vs conventional stocks ISRA International Journal of Islamic Finance Pub Date : 2020-07-16 Pick-Soon Ling, Ruzita Abdul-Rahim, Fathin Faizah Said
This study aims to investigate Malaysian stock market efficiency from the view of Sharīʿah-compliant and conventional stocks based on the effectiveness of technical trading strategies.,This study uses unconventional trading strategies that mix buy recommendations of Bursa Malaysia analysts with sell signals generated from 10 selected technical trading strategies (simple moving average, moving average
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Conceptual framework of internal Sharīʿah audit effectiveness factors in Islamic banks ISRA International Journal of Islamic Finance Pub Date : 2020-07-16 Latifah Algabry, Syed Musa Alhabshi, Younes Soualhi, Omar Alaeddin
The main purpose of this research is to figure out the most effective determinants that play a vital role in enhancing the effectiveness of the internal Sharīʿah audit in the Islamic banking industry.,This paper reviews the existing literature to build comprehensive knowledge that would assist in determining the main factors that impact on the effectiveness of Sharīʿah audit in Islamic banks.,This