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Jump to a point in the index:
Showing results 1 to 20 of 1655
  • Legal_and_compliance_reform_for_Islamic_financial_benchmarking_Aishath.pdf.jpg
  • Chapter in Book


  • Authors: Aishath Muneeza; Zakariya Mustapha (2022)

  • Islamic financial benchmarking is an area that requires research and needs practical solutions to advance the Islamic finance industry to a greater level. From the inception of contemporary Islamic finance, criticisms have been made about the fact that in Islamic finance, financing rates are benchmarked against conventional interest rates. To respond to these criticisms, Sharī ͑ah scholars have given justifications from Sharī ͑ah perspectives and in this regard some scholars ask: “Does consumption of beef suddenly become forbidden if its price were based on the price of pork?” (Alshubaily, 2018).

  • item.jpg
  • Journal Article


  • Authors: Mohammad Ashraful Ferdous Chowdhury; Mohamed Ariff Abdul Kareem; Abul Mansur Mohammed Masih; Izlin Ismail (2022)

  • This study examines the impact of foreign aid on the institutional quality (IQ) of the OIC countries. Using the data of OIC countries for the three-year average period from 1991 to 2016, the system GMM finds that aid in general deteriorates the IQ for the aid recipient countries. However, quantile regression suggests that the negative impact of foreign aid on institutional quality (IQ) is relatively greater in the countries where the existing quality of institution is poor. The findings of the study suggest that improving the existing capacity is essential for reaping the optimum benefit of foreign aid on institutional development.

  • Proposing_an_organization_framework_for_the_Shari'ah_Secretariat_of_Islamic_banks_in_Bangladesh_Aishath et al.pdf.jpg
  • Journal Article


  • Authors: Md. Kausar Alam; Abu Umar Faruq Ahmad; Aishath Muneeza; Mosab I. Tabash; Md Adnan Rahman (2022)

  • Shari'ah Secretariat plays a significant role in assisting Shari'ah Supervisory Boards (SSBs) in their role in achieving Shari'ah compliance in Islamic banks (IBs). The key objective of the study is to develop a demographic framework of the Shari'ah Secretariat for the IBs in Bangladesh. The study applied qualitative case study research. The data have been collected from 17 respondents through semi-structured interviews from IBs and professional experts in Bangladesh. This study proposes a full-time Shari'ah Secretariat and several departments for further enhancement of the Shari'ah functions in IBs in Bangladesh. The framework proposed in this study covers the formation, functions, c...

  • Islamic_banking_in_retrospect_Saiful.pdf.jpg
  • Industry Article


  • Authors: Saiful Azhar Rosly (2022)

  • Much of the modern Islamic banking business was set up in the 1970s, but discussions had been around much earlier, predominantly among Islamic economists. For this reason, it is not surprising to see the concern for economic justice and equity from profit-loss sharing (PLS) arrangements such as mudaraba and musharakah against the evils of riba (usury/interest) which is blamed for the economic injustices that people face. Riba is said to favour the rich class over the working class as the former holds greater command of income and assets. Small businesses and startups stand no chance to compete with big companies for bank loans. In a way, PLS can be the way out to introduce justice int...

  • Product_market_fluidity_and_religious_constraints_Shamsher et al.pdf.jpg
  • Journal Article


  • Authors: Zaheer Anwer; Shamsher Mohamad Ramadili Mohd; Choudhary Wajahat Naeem Azmi; Akram Shavkatovich Hasanov (2022)

  • We use a sample of 5,863 US firms to investigate how religious constraints affect the product market fluidity for Shariah compliant (SC) firms. The study is important as Islamic asset management is emerging as an alternative investment class. We find that SC firms are less exposed to product market threats in relation to Shariah non-compliant (SNC) firms. They are more competitive in the case of less concentrated markets, lower market share, equity multiplier, market/book assets ratio, experience lower asset growth, and spend little on research and development. Their competitive position is strengthened when their return on assets, sales and retained earnings are lower.

  • Alibaba'larin_dunyasina_hazirlik_acik_bankacilik_duzenlemeri_Turalay_Bugra.pdf.jpg
  • Journal Article


  • Authors: Bugra Sabri Usakli; Turalay Kenc (2022)

  • Technological revolution, avalanche-growing financial technology (FinTech) companies, customers waiting for unlimited service, and regulations based on data sharing point to a new era in banking. The new era, open banking, provides an expansion of the scope of banking services offered in a wide geography from European Union countries to China, from the United States to South American countries. In the new period, it is aimed to provide more innovative, inclusive and practical services by sharing the authorized data of customers with FinTech companies. It is seen that the countries show significant differences and similarities in their open banking practices. In this descriptive study,...

  • Islamic_finance_and_the_mission_to_net_zero_Ziyaad.pdf.jpg
  • Newsletter & Bulletin


  • Authors: Ahmad Hafiz Abdul Aziz; Ziyaad Mahomed (2022)

  • The 26th United Nations Climate Change Conference of the Parties (COP26) summit held in Glasgow in November 2021, for the first time, targeted fossil fuels as the key driver of global warming. Over 130 countries committed to a net zero impact on climate within the next 50 years, with India committing to net zero emissions by 2070. This commitment moves the world closer to the key objectives of the summit: secure global net zero by mid-century and keep the average global temperature to 1.5 degrees Celsius within reach; adapt to protect communities and natural habitats; mobilise finance to secure global net zero; and work together to deliver the implementation of the Paris climate agree...

  • PPPs_or_iPPPPs_which_model_provides_greater_infrastructural_social_impact_Ziyaad.pdf.jpg
  • Newsletter & Bulletin


  • Authors: Ziyaad Mahomed (2022)

  • Sub-Saharan Africa (SSA) is made up of West, East, Central and Southern Africa and comprises approximately 48 independent countries. The region contributed just 2.35 per cent to the global GDP in 2020 but accounted for over 14 per cent of the global population during the same period (World Bank, 2021). Data indicates that the global population will increase by 2 billion within the next three decades, half of which will be from the SSA (United Nations, 2019). Unfortunately, SSA economies are classified as fragile, making them vulnerable to economic shocks or health disruptions like pandemics (OECD, 2018). To prevent financial collapse, SSA countries require efficient financial structur...

  • Maldives_Islamic_Bank_expands_operations_to_B_Atoll_Aishath Muneezaa.pdf.jpg
  • Industry Article


  • Authors: Aishath Muneeza (2022)

  • Maldives Islamic Bank (MIB) has expanded its operations to B Atoll, which is the 6th atoll, by launching its 19th ATM at B Eydhafushi on the 6thMarch 2022. MIB has placed an eCRM machine in Eydhafushi and according to MIB, this is the first establishment of its kind based on the digital strategy of the bank.

  • Islamic_finance_in_North_America_Aishath_Kabir_Tahsin.pdf.jpg
  • Journal Article


  • Authors: M. Kabir Hassan; Tahsin Huq; Aishath Muneeza (2022)

  • Islamic finance is an alternative source of financing to the conventional financing that emerged via institutionalization in the 1960s. It has gained popularity in the world irrespective of faith convictions due to the universal and ethical principles adhered in the practice of it. In this regard, North America is not an exception. In the United States and Canada, Islamic finance has been adopted, and there is an established regulatory environment for the operation of it with political support. There is also a wide range of innovative Islamic finance products structured and used in this part of the world that is conducive to the demand of the population and regulatory environment of I...

  • Maldives_Islamic_Bank_declares_dividend_for_the_year_ended_the_31st_December_2021_Aishath.pdf.jpg
  • Industry Article


  • Authors: Aishath Muneeza (2022)

  • Following a meeting held on the 24th April 2022, the Maldives Islamic Bank (MIB), the only fully-fledged Islamic bank in the Maldives, announced in a press release on the 25th April 2022 that its board of directors has recommended a cash dividend of MVR33.48 million (US$2.16 million) equivalent to MVR1.49 (9.6 US cents) per ordinary share for the year ended the 31st December 2021. This dividend recommendation is subject to the final approval of the shareholders at MIB's upcoming 12th annual general meeting (AGM). MIB's 2021 annual report stated that at the 11th AGM of MIB held in 2021, shareholders resolved to declare a final dividend of MVR27.56 million (US$1.78 million), equating to...

  • The_need_to_digitize_sukuk_issuance_amid_Covid-19_crisis_Aishath et al.pdf.jpg
  • Chapter in Book


  • Authors: Sherin Kunhibava; Zakariya Mustapha; Aishath Muneeza; Auwal Adam Sa'ad; Mohammad Ershadul Karim (2022)

  • Covid-19 pandemic was a health crisis that plunged the world into economic turmoil due to its resultant national lockdowns across economies which brought business and market activities to a standstill. In order to adapt to ensuing restrictions owing to the pandemic, forge ahead in a new way of living, work and interactions with one another (new normal), digitizing business and market operations is considered a necessary option. Sukuk is an essential Islamic capital market product whose operations involve multiple parties/intermediaries alongside some technical financial, administrative and legal/shariah processes. On this note, this chapter aims to study and examine the need for digit...

  • Internationalization_of_zakat_to_serve_humanity_in_the_midst_of_Covid-19_Jemilah_Kabir_Aishath.pdf.jpg
  • Chapter in Book


  • Authors: Jemilah Mahmood; M. Kabir Hassan; Aishath Muneeza (2022)

  • Zakat is an effective Islamic social financial tool that could be used to eliminate global poverty. The pandemic has turned back the world's poverty clock and as such, more work is required to bring equitable and shared prosperity to the world. International organizations that serve humanity could be used as intermediaries of zakat to reach out to those categories of legal recipients of zakat who are most deserved of such assistance, but who are unidentified and unreachable by the zakat organizations. This is with the ultimate objective of enhancing the effectivity of zakat as a social finance tool. However, using international organizations as zakat intermediaries is not a straightfo...

  • Waqf_development_in_Malaysia_Akram_Fares.pdf.jpg
  • Chapter in Book


  • Authors: Mohamad Akram Laldin; Sharifah Zubaidah Syed Abdul-Kader; Fares Djafri (2022)

  • The practice of waqf has existed in Malaysia since the coming of Islam to the Malay Archipelago in the 9th century (CE) (Arnold, 1913). The early awqaf properties were in the form of prayer rooms (surau), mosques, cemeteries and subsequently, madrasahs (Dahlan & Kamarudin, 2006). Mahamood divides the history of waqf in Malaysia into three phases, namely, pre-colonial Malaya, colonial Malaya and postindependence Malaya (Mahamood, 2006) but notes that there has not been much research done on the pre-colonial period in order to confirm the first awqaf properties in Malaya. Based on the premise that the earliest awqaf created were in the form of mosques, the earliest official mosque is sa...

  • Impact_of_non_intermediation_activities_of_banks_on_economic_growth_and_volatility_Mansor Ibrahim.pdf.jpg
  • Journal Article


  • Authors: Mohsin Ali; Mansor H. Ibrahim; Mohamed Eskandar Shah Mohd Rasid (2022)

  • This paper investigates the impact of non-intermediation activities of banks on economic growth and volatility of OIC. For the purpose, we utilize LSDVC estimation approach using the sample of Organization of Islamic Countries (OIC) member countries for the period of 2001-2013. We find non-intermediation income to be insignificant for both economic growth and volatility of OIC member countries in general though it reduces volatility of Gulf Cooperation Council (GCC) economies. Intermediation activities are found to be insignificantly related with the growth of OIC member countries, but on the other hand, they are found to reduce volatility in OIC member countries. Our results are robu...

  • Role_of_zakat_in_responding_to_COVID-19_pandemic_Magda Ismail.pdf.jpg
  • Chapter in Book


  • Authors: Randi Swandaru; Magda Ismail Abdel Mohsin (2022)

  • COVID-19 pandemic has impacted global human lives, killing millions and attacking the real economy to its core. United Nations has called for global solidarity to overcome this unprecedented disaster. Having said that, zakat has been utilized to respond to this ongoing suffering in Muslim countries. This chapter explore zakat utilization for COVID-19 under the shariah perspective and discuss the role of zakat to respond to the pandemic in Muslim countries. A qualitative methodology including conceptual and content analysis is applied to conduct this study. The findings show that most sharia scholars agreed to utilize zakat for the COVID-19 pandemic and endorse advance zakat payment. M...

  • New_frontiers_for_cash_waqf_models_for_socio_economic_development_Magda Ismail.pdf.jpg
  • Chapter in Book


  • Authors: Magda Ismail Abdel Mohsin (2022)

  • Waqf is a charitable financial instrument established by withholding immovable and movable properties to perpetually spend its revenue on fulfilling various socio-economic needs, depending on the founder's terms and conditions. Once the property is created as waqf, it can never be given as a gift, inherited or sold. It belongs to Allah (SWT), and the waqf property always remains intact. Only its generated revenue is channeled to the specified need. There are two motives behind the creation of waqf for the founder. The first is to attain righteousness as clearly stated in the following verse from the Qur'an: "By no means shall ye attain righteousness unless ye give (freely) of that whi...

  • Bank_of_Maldives_appoints_new_director_of_Islamic_banking_Aishath Muneeza.pdf.jpg
  • Industry Article


  • Authors: Aishath Muneeza (2022)

  • The Bank of Maldives has announced the appointment of Hassan Kalaam as the new director of Islamic banking in a press release dated the 7th February 2022. Hassan is a licensed Shariah advisor with more than 10 years of experience in the financial services and banking industry. Since joining the bank in 2013, Hassan has played a key role in contributing to the success of the bank's steadily growing Islamic banking arm.

  • item.jpg
  • Chapter in Book


  • Authors: Ziyaad Mahomed (2022)

  • 'Stans' is an ancient Persian word meaning land, country or nation. This chapter begins with a review of the historical basis of zakat management in Islamic practice and provides a brief historical account and status of zakat practices in select countries in Central Asia. The section thereafter focuses on benchmark international zakat management models before providing recommendations for the development of an effective zakat management model within Central Asia. The economic shocks resulting from the pandemic have forced many in the region into situational poverty. If left unchecked, this may easily regress into chronic poverty, undoing the significant growth that these countries hav...

Browsing by Issue Date

Jump to a point in the index:
Showing results 1 to 20 of 1655
  • Legal_and_compliance_reform_for_Islamic_financial_benchmarking_Aishath.pdf.jpg
  • Chapter in Book


  • Authors: Aishath Muneeza; Zakariya Mustapha (2022)

  • Islamic financial benchmarking is an area that requires research and needs practical solutions to advance the Islamic finance industry to a greater level. From the inception of contemporary Islamic finance, criticisms have been made about the fact that in Islamic finance, financing rates are benchmarked against conventional interest rates. To respond to these criticisms, Sharī ͑ah scholars have given justifications from Sharī ͑ah perspectives and in this regard some scholars ask: “Does consumption of beef suddenly become forbidden if its price were based on the price of pork?” (Alshubaily, 2018).

  • item.jpg
  • Journal Article


  • Authors: Mohammad Ashraful Ferdous Chowdhury; Mohamed Ariff Abdul Kareem; Abul Mansur Mohammed Masih; Izlin Ismail (2022)

  • This study examines the impact of foreign aid on the institutional quality (IQ) of the OIC countries. Using the data of OIC countries for the three-year average period from 1991 to 2016, the system GMM finds that aid in general deteriorates the IQ for the aid recipient countries. However, quantile regression suggests that the negative impact of foreign aid on institutional quality (IQ) is relatively greater in the countries where the existing quality of institution is poor. The findings of the study suggest that improving the existing capacity is essential for reaping the optimum benefit of foreign aid on institutional development.

  • Proposing_an_organization_framework_for_the_Shari'ah_Secretariat_of_Islamic_banks_in_Bangladesh_Aishath et al.pdf.jpg
  • Journal Article


  • Authors: Md. Kausar Alam; Abu Umar Faruq Ahmad; Aishath Muneeza; Mosab I. Tabash; Md Adnan Rahman (2022)

  • Shari'ah Secretariat plays a significant role in assisting Shari'ah Supervisory Boards (SSBs) in their role in achieving Shari'ah compliance in Islamic banks (IBs). The key objective of the study is to develop a demographic framework of the Shari'ah Secretariat for the IBs in Bangladesh. The study applied qualitative case study research. The data have been collected from 17 respondents through semi-structured interviews from IBs and professional experts in Bangladesh. This study proposes a full-time Shari'ah Secretariat and several departments for further enhancement of the Shari'ah functions in IBs in Bangladesh. The framework proposed in this study covers the formation, functions, c...

  • Islamic_banking_in_retrospect_Saiful.pdf.jpg
  • Industry Article


  • Authors: Saiful Azhar Rosly (2022)

  • Much of the modern Islamic banking business was set up in the 1970s, but discussions had been around much earlier, predominantly among Islamic economists. For this reason, it is not surprising to see the concern for economic justice and equity from profit-loss sharing (PLS) arrangements such as mudaraba and musharakah against the evils of riba (usury/interest) which is blamed for the economic injustices that people face. Riba is said to favour the rich class over the working class as the former holds greater command of income and assets. Small businesses and startups stand no chance to compete with big companies for bank loans. In a way, PLS can be the way out to introduce justice int...

  • Product_market_fluidity_and_religious_constraints_Shamsher et al.pdf.jpg
  • Journal Article


  • Authors: Zaheer Anwer; Shamsher Mohamad Ramadili Mohd; Choudhary Wajahat Naeem Azmi; Akram Shavkatovich Hasanov (2022)

  • We use a sample of 5,863 US firms to investigate how religious constraints affect the product market fluidity for Shariah compliant (SC) firms. The study is important as Islamic asset management is emerging as an alternative investment class. We find that SC firms are less exposed to product market threats in relation to Shariah non-compliant (SNC) firms. They are more competitive in the case of less concentrated markets, lower market share, equity multiplier, market/book assets ratio, experience lower asset growth, and spend little on research and development. Their competitive position is strengthened when their return on assets, sales and retained earnings are lower.

  • Alibaba'larin_dunyasina_hazirlik_acik_bankacilik_duzenlemeri_Turalay_Bugra.pdf.jpg
  • Journal Article


  • Authors: Bugra Sabri Usakli; Turalay Kenc (2022)

  • Technological revolution, avalanche-growing financial technology (FinTech) companies, customers waiting for unlimited service, and regulations based on data sharing point to a new era in banking. The new era, open banking, provides an expansion of the scope of banking services offered in a wide geography from European Union countries to China, from the United States to South American countries. In the new period, it is aimed to provide more innovative, inclusive and practical services by sharing the authorized data of customers with FinTech companies. It is seen that the countries show significant differences and similarities in their open banking practices. In this descriptive study,...

  • Islamic_finance_and_the_mission_to_net_zero_Ziyaad.pdf.jpg
  • Newsletter & Bulletin


  • Authors: Ahmad Hafiz Abdul Aziz; Ziyaad Mahomed (2022)

  • The 26th United Nations Climate Change Conference of the Parties (COP26) summit held in Glasgow in November 2021, for the first time, targeted fossil fuels as the key driver of global warming. Over 130 countries committed to a net zero impact on climate within the next 50 years, with India committing to net zero emissions by 2070. This commitment moves the world closer to the key objectives of the summit: secure global net zero by mid-century and keep the average global temperature to 1.5 degrees Celsius within reach; adapt to protect communities and natural habitats; mobilise finance to secure global net zero; and work together to deliver the implementation of the Paris climate agree...

  • PPPs_or_iPPPPs_which_model_provides_greater_infrastructural_social_impact_Ziyaad.pdf.jpg
  • Newsletter & Bulletin


  • Authors: Ziyaad Mahomed (2022)

  • Sub-Saharan Africa (SSA) is made up of West, East, Central and Southern Africa and comprises approximately 48 independent countries. The region contributed just 2.35 per cent to the global GDP in 2020 but accounted for over 14 per cent of the global population during the same period (World Bank, 2021). Data indicates that the global population will increase by 2 billion within the next three decades, half of which will be from the SSA (United Nations, 2019). Unfortunately, SSA economies are classified as fragile, making them vulnerable to economic shocks or health disruptions like pandemics (OECD, 2018). To prevent financial collapse, SSA countries require efficient financial structur...

  • Maldives_Islamic_Bank_expands_operations_to_B_Atoll_Aishath Muneezaa.pdf.jpg
  • Industry Article


  • Authors: Aishath Muneeza (2022)

  • Maldives Islamic Bank (MIB) has expanded its operations to B Atoll, which is the 6th atoll, by launching its 19th ATM at B Eydhafushi on the 6thMarch 2022. MIB has placed an eCRM machine in Eydhafushi and according to MIB, this is the first establishment of its kind based on the digital strategy of the bank.

  • Islamic_finance_in_North_America_Aishath_Kabir_Tahsin.pdf.jpg
  • Journal Article


  • Authors: M. Kabir Hassan; Tahsin Huq; Aishath Muneeza (2022)

  • Islamic finance is an alternative source of financing to the conventional financing that emerged via institutionalization in the 1960s. It has gained popularity in the world irrespective of faith convictions due to the universal and ethical principles adhered in the practice of it. In this regard, North America is not an exception. In the United States and Canada, Islamic finance has been adopted, and there is an established regulatory environment for the operation of it with political support. There is also a wide range of innovative Islamic finance products structured and used in this part of the world that is conducive to the demand of the population and regulatory environment of I...

  • Maldives_Islamic_Bank_declares_dividend_for_the_year_ended_the_31st_December_2021_Aishath.pdf.jpg
  • Industry Article


  • Authors: Aishath Muneeza (2022)

  • Following a meeting held on the 24th April 2022, the Maldives Islamic Bank (MIB), the only fully-fledged Islamic bank in the Maldives, announced in a press release on the 25th April 2022 that its board of directors has recommended a cash dividend of MVR33.48 million (US$2.16 million) equivalent to MVR1.49 (9.6 US cents) per ordinary share for the year ended the 31st December 2021. This dividend recommendation is subject to the final approval of the shareholders at MIB's upcoming 12th annual general meeting (AGM). MIB's 2021 annual report stated that at the 11th AGM of MIB held in 2021, shareholders resolved to declare a final dividend of MVR27.56 million (US$1.78 million), equating to...

  • The_need_to_digitize_sukuk_issuance_amid_Covid-19_crisis_Aishath et al.pdf.jpg
  • Chapter in Book


  • Authors: Sherin Kunhibava; Zakariya Mustapha; Aishath Muneeza; Auwal Adam Sa'ad; Mohammad Ershadul Karim (2022)

  • Covid-19 pandemic was a health crisis that plunged the world into economic turmoil due to its resultant national lockdowns across economies which brought business and market activities to a standstill. In order to adapt to ensuing restrictions owing to the pandemic, forge ahead in a new way of living, work and interactions with one another (new normal), digitizing business and market operations is considered a necessary option. Sukuk is an essential Islamic capital market product whose operations involve multiple parties/intermediaries alongside some technical financial, administrative and legal/shariah processes. On this note, this chapter aims to study and examine the need for digit...

  • Internationalization_of_zakat_to_serve_humanity_in_the_midst_of_Covid-19_Jemilah_Kabir_Aishath.pdf.jpg
  • Chapter in Book


  • Authors: Jemilah Mahmood; M. Kabir Hassan; Aishath Muneeza (2022)

  • Zakat is an effective Islamic social financial tool that could be used to eliminate global poverty. The pandemic has turned back the world's poverty clock and as such, more work is required to bring equitable and shared prosperity to the world. International organizations that serve humanity could be used as intermediaries of zakat to reach out to those categories of legal recipients of zakat who are most deserved of such assistance, but who are unidentified and unreachable by the zakat organizations. This is with the ultimate objective of enhancing the effectivity of zakat as a social finance tool. However, using international organizations as zakat intermediaries is not a straightfo...

  • Waqf_development_in_Malaysia_Akram_Fares.pdf.jpg
  • Chapter in Book


  • Authors: Mohamad Akram Laldin; Sharifah Zubaidah Syed Abdul-Kader; Fares Djafri (2022)

  • The practice of waqf has existed in Malaysia since the coming of Islam to the Malay Archipelago in the 9th century (CE) (Arnold, 1913). The early awqaf properties were in the form of prayer rooms (surau), mosques, cemeteries and subsequently, madrasahs (Dahlan & Kamarudin, 2006). Mahamood divides the history of waqf in Malaysia into three phases, namely, pre-colonial Malaya, colonial Malaya and postindependence Malaya (Mahamood, 2006) but notes that there has not been much research done on the pre-colonial period in order to confirm the first awqaf properties in Malaya. Based on the premise that the earliest awqaf created were in the form of mosques, the earliest official mosque is sa...

  • Impact_of_non_intermediation_activities_of_banks_on_economic_growth_and_volatility_Mansor Ibrahim.pdf.jpg
  • Journal Article


  • Authors: Mohsin Ali; Mansor H. Ibrahim; Mohamed Eskandar Shah Mohd Rasid (2022)

  • This paper investigates the impact of non-intermediation activities of banks on economic growth and volatility of OIC. For the purpose, we utilize LSDVC estimation approach using the sample of Organization of Islamic Countries (OIC) member countries for the period of 2001-2013. We find non-intermediation income to be insignificant for both economic growth and volatility of OIC member countries in general though it reduces volatility of Gulf Cooperation Council (GCC) economies. Intermediation activities are found to be insignificantly related with the growth of OIC member countries, but on the other hand, they are found to reduce volatility in OIC member countries. Our results are robu...

  • Role_of_zakat_in_responding_to_COVID-19_pandemic_Magda Ismail.pdf.jpg
  • Chapter in Book


  • Authors: Randi Swandaru; Magda Ismail Abdel Mohsin (2022)

  • COVID-19 pandemic has impacted global human lives, killing millions and attacking the real economy to its core. United Nations has called for global solidarity to overcome this unprecedented disaster. Having said that, zakat has been utilized to respond to this ongoing suffering in Muslim countries. This chapter explore zakat utilization for COVID-19 under the shariah perspective and discuss the role of zakat to respond to the pandemic in Muslim countries. A qualitative methodology including conceptual and content analysis is applied to conduct this study. The findings show that most sharia scholars agreed to utilize zakat for the COVID-19 pandemic and endorse advance zakat payment. M...

  • New_frontiers_for_cash_waqf_models_for_socio_economic_development_Magda Ismail.pdf.jpg
  • Chapter in Book


  • Authors: Magda Ismail Abdel Mohsin (2022)

  • Waqf is a charitable financial instrument established by withholding immovable and movable properties to perpetually spend its revenue on fulfilling various socio-economic needs, depending on the founder's terms and conditions. Once the property is created as waqf, it can never be given as a gift, inherited or sold. It belongs to Allah (SWT), and the waqf property always remains intact. Only its generated revenue is channeled to the specified need. There are two motives behind the creation of waqf for the founder. The first is to attain righteousness as clearly stated in the following verse from the Qur'an: "By no means shall ye attain righteousness unless ye give (freely) of that whi...

  • Bank_of_Maldives_appoints_new_director_of_Islamic_banking_Aishath Muneeza.pdf.jpg
  • Industry Article


  • Authors: Aishath Muneeza (2022)

  • The Bank of Maldives has announced the appointment of Hassan Kalaam as the new director of Islamic banking in a press release dated the 7th February 2022. Hassan is a licensed Shariah advisor with more than 10 years of experience in the financial services and banking industry. Since joining the bank in 2013, Hassan has played a key role in contributing to the success of the bank's steadily growing Islamic banking arm.

  • item.jpg
  • Chapter in Book


  • Authors: Ziyaad Mahomed (2022)

  • 'Stans' is an ancient Persian word meaning land, country or nation. This chapter begins with a review of the historical basis of zakat management in Islamic practice and provides a brief historical account and status of zakat practices in select countries in Central Asia. The section thereafter focuses on benchmark international zakat management models before providing recommendations for the development of an effective zakat management model within Central Asia. The economic shocks resulting from the pandemic have forced many in the region into situational poverty. If left unchecked, this may easily regress into chronic poverty, undoing the significant growth that these countries hav...