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  • A_comparison_of_transactions_in_conventional_and_Islamic_economies_Mabid.pdf.jpg
  • Academic Proceeding


  • Authors : Mahmoud Al-Jarhi, Mabid Ali Mohamed (2000)

  • This paper compares the transactions costs in two economies, one conventional, the other Islamic. The conventional economy is characterized by borrowing to finance some current purchases, while the Islamic economy disallows interest-based lending and operates on the basis of universal banking that mixes commerce and commercial and investment banking. To finance current purchases, it provides customers with credit purchase agreements, which entail that the bank buy the commodities and assets from suppliers and resell them on credit to customers satisfying conditions of creditworthiness similar to those that conventional banks require for borrowers. The paper uses simple calculations to...

  • critical_assessment_of_the_waqf_law_being_prepared_by_IDB_IRTI_and_Quwait_foundation_murat.pdf.jpg
  • Academic Proceeding


  • Authors : Cizakca, Murat (2013)

  • There is a huge need in the Islamic world to revitalize the waqf system. The currently dilapidated state of waqfs in most countries should actually be considered as an opportunity to design a thorough reform taking into consideration not only the classical Islamic waqf law but also the latest practices and norms in the west. It is to be hoped that such a synthesis of the classical Islamic and modern western practices and norms in conformity with the Shariah will lead to an ideal waqf law that can be of vital importance for the restoration of this institution.

  • critical_assessment_of_the_waqf_law_murat.pdf.jpg
  • Chapter in Book


  • Authors : Cizakca, Murat (2014)

  • There is a huge need in the Islamic world to revitalize the waqf system. The currently dilapidated state of waqfs in most countries should actually be considered as an opportunity to design a thorough reform taking into consideration not only the classical Islamic waqf law but also the latest practices and norms in the west. It is to be hoped that such a synthesis of the classical Islamic and modern western practices and norms in conformity with the Shariah will lead to an ideal waqf law that can be of vital importance for the restoration of this institution

  • fiqhi_analysis_tradability_Islamic_securities_ahcene.pdf.jpg
  • Journal Article


  • Authors : Habib, Farrukh; Laldin, Mohamad Akram; Lahsasna, Ahcene (2015)

  • Secondary markets are vital for the development of Islamic capital markets (ICMs) (Aziz, 2007). They facilitate the reselling of securities among investors, thus adding liquidity to these instruments (Mishkin, 2004: 26-27). Besides this basic role, secondary markets assist in reducing average cost of capital; bringing about a rational representation of the pricing of securities in primary as well as secondary markets; facilitating the exchange of investment risks; evaluating the performance of private and public sector, and mitigating information asymmetry (Ahmed, 1995; Al-Eshkar, 1995; El-Gari, 1993; Mishkin, 2004). However, secondary market trading of Islamic securities involves va...

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  • Blog Post


  • Authors : Vicary Abdullah, Daud (2015-09-14)

  • Blog post by INCEIF PCEO Mr. Daud Vicary Abdullah on “A hive of activity“.

  • mini_guide_Islamic_contracts_financial_services_cover.jpg.jpg
  • Book


  • Authors : Lahsasna, Ahcene (2012)

  • The fundamental of Islamic finance industry is where its operations need to comply with syari’ah principles. There is an underlying shari’ah-complaint contract for every product offered by financial institutions. Islamic banking today is dealing with a lot of contracts in daily transactions with regard to the financing, deposit and investment products. A contract can be regarded as the root of an Islamic business as it determines the components of a business transaction ... Available in physical copy only (Call Number: BP 158.7 L184)

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  • Blog Post


  • Authors : Vicary Abdullah, Daud (2015-09-07)

  • Blog post by INCEIF PCEO Mr. Daud Vicary Abdullah on “A new dawn for responsible finance?“.

  • proposed_framework_human_capital_development_islamic_financial_services_industry_natt_etal.pdf.jpg
  • Journal Article


  • Authors : Natt, Agil; Alhabshi, Syed Othman; Zainal, Mohd-Pisal (2009)

  • This paper discusses the challenges in measuring the gaps and developing human capital to cater for the booming of Islamic financial services industry. While the need for highly trained manpower in the Islamic financial services industry is well-acknowledged, the root of the problem is primarily due to skills mismatch within the Islamic finance industry. This paper proposes a holistic approach to human capital development as the fundamental solution to the skills mismatch within the financial services industry, Islamic and conventional alike. The significant contribution of this paper lies in the competency model which is universal in nature. Programmes run by institutions such as INC...

  • risk_sharing_banking_model_obiyathulla_abbas.pdf.jpg
  • Academic Presentation


  • Authors : Bacha, Obiyathulla Ismath; Mirakhor, Abbas (2015)

  • Islamic banking has thus far mimicked conventional banking with the result that the same problems and outcomes have surfaced, even though it is operating within an interest free framework. This apparent "convergence" has led to disaffection both among consumers of Islamic banking services and policy makers. This paper proposes a risk sharing model for Islamic banks that can potentially pull Islamic banking away from this path dependency. Under the proposal an Islamic bank's assets would be securitized by the issuance of sukuk type instruments that have the same underlying contract and average "duration" as customer financing. Small assets may have to be pooled into tranches of similar...

  • rolling_regression_analysis_international_transmission_inflation_malaysia_mansor.pdf.jpg
  • Journal Article


  • Authors : Ibrahim, Mansor H. (2009)

  • The paper assesses the transmission of foreign inflationary disturbances for Malaysia. Using quarterly data from 1971 to 2003, we form a four-variable vector error correction model (VECM) consisting of domestic prices, US prices, Ringgit exchange rate and relative interest rate. Apart from the full-sample analysis, recursive and rolling regressions are adopted to examine potential changes in infl ation transmission from the US to Malaysia. As a basis for inferences, we rely on the speed of adjustments estimates as well as the significance of lagged fi rst-differenced terms of the VECM. The results unequivocally suggest significant spillover of US infl ationary disturbances to Malaysia...

  • a_small_island_aspires_to_introduce_sukuk_aishath.pdf.jpg
  • Industry Article


  • Authors : Muneeza, Aishath (2012)

  • The Maldives has embarked on the huge task of developing Islamic fi nance parallel to its existing conventional finance market. After establishing its very first Islamic bank in March 2011, the country also witnessed the issuance of its first Islamic equity in 2011. The first company in Maldives that was listed as a company issuing Shariah compliant equity was Amana Takaful Maldives. The country is subsequently moving towards the development of a Sukuk market.

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  • Industry Article


  • Authors : Muneeza, Aishath (2017)

  • Microfinance is a new concept in the Maldives. In 2015, the first Islamic microfinance scheme was introduced under the name of �FaseyhaMadadhu� with assistance from Islamic Development Bank. The products developed under this scheme were unique as it was shaped by looking at local needs. This paper will discuss these products and the features of it. It is hard to find literature about the subject matter as this is a newly introduced scheme and the first-hand experience of the author in structuring and implementing the scheme has been relied extensively. It is anticipated that the outcome of this paper will pave the way for those jurisdictions that aim to introduce Islamic microfinance<...

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  • Industry Article


  • Authors : Muneeza, Aishath (2017)

  • Ever heard of an occasion where property has been used to generate revenue to a waqf fund? Well, here�s one. It�s called the Dharul Eeman project and is being tried and tested in the Maldives. We hope that its success story will be an inspiration to other countries who wish to adopt a similar approach to enrich their cash waqf funds. This project is proof that innovation is the key to developing an Islamic economy. This model is unique as the general norm is to develop properties to generate income from waqf lands; but in this case the Ministry of Islamic Affairs is intending to develop a land in order to generate income for a cash waqf fund which will be used to build, repair and mai...

  • absolution_ibra_discretion_regulations_yusuf saleem.pdf.jpg
  • Journal Article


  • Authors : Saleem, Muhammad Yusuf (2016)

  • The paper is a critical examination of the recent judicial and regulatory developments in Malaysia which saw the transition of absolution (ibra') from a discretionary power of the creditor to a mandatory rebate governed by the Central Bank's regulations. It compares and contrasts the Malaysian Regulations on ibra' with the resolutions issued by the Council of the Islamic Fiqh Academy and offers a critical evaluation of juristic opinions on ibra' and da' wata'jjal. The jurisprudential methods of analogy (qiyas) and juristic preference (istihsan) are employed to examine the application of ibra' to long-term home financing contracts. The paper argues that claiming full credit price upon ...

  • accounting_and_auditing_for_islamic_financial_institutions_shahul.pdf.jpg
  • Book


  • Authors : Mohamed Ibrahim, Shahul Hameed (2009)

  • This book covers accounting for murabaha, bay' bi al-thaman al-ajil, mudarabah, musharakah, ijarah, salam, istisna', zakah, sukuk and other investments. This book is not only prescriptive but also critical of current practice, which should challenge students to critically think of improving this new discipline. Available in physical copy only (Call Number: HF 5616 I74 S525)

  • accounting_information_system_knowledge_management_case_study_zulkarnain.pdf.jpg
  • Journal Article


  • Authors : Muhammad Sori, Zulkarnain (2009)

  • This study seeks to examine the use of Accounting Information Systems (AIS) by ZBMS Sdn. Bhd., and it's contribution to the knowledge management and strategic role of the organisation. ZBMS is a company that registered in Kuala Lumpur and operate in construction industry. The company used automated AIS known as Contract Plus Financial & Project Accounting package commercially developed by a private company (ZYXW). Wide variety of people that involve in the company's operation within and outside the organisation uses accounting information generated by this system for decision-making. Based on input provided by operational level managers, the Contract Plus software produces monthly pro...

  • action_acceleration_I-euclidean_hamiltonian_path_integral_belal baaquie.pdf.jpg
  • Journal Article


  • Authors : Baaquie, Belal E. (2013)

  • An action having an acceleration term in addition to the usual velocity term is analyzed. The quantum mechanical system is directly defined for Euclidean time using the path integral. The Euclidean Hamiltonian is shown to yield the acceleration Lagrangian and the path integral with the correct boundary conditions. Due to the acceleration term, the state space depends on both position and velocity, and hence the Euclidean Hamiltonian depends on two degrees of freedom. The Hamiltonian for the acceleration system is non-Hermitian and can be mapped to a Hermitian Hamiltonian using a similarity transformation; the matrix elements of this unbounded transformation is explicitly evaluated. Th...

  • action_acceleration_II_euclide_hamiltonian_jordan_blocks_baaquie.pdf.jpg
  • Journal Article


  • Authors : Baaquie, Belal E. (2013)

  • The Euclidean action with acceleration has been analyzed in Ref. 1, and referred to henceforth as Paper I, for its Hamiltonian and path integral. In this paper, the state space of the Hamiltonian is analyzed for the case when it is pseudo-Hermitian (equivalent to a Hermitian Hamiltonian), as well as the case when it is inequivalent. The propagator is computed using both creation and destruction operators as well as the path integral. A state space calculation of the propagator shows the crucial role played by the dual state vectors that yields a result impossible to obtain from a Hermitian Hamiltonian. When it is not pseudo-Hermitian, the Hamiltonian is shown to be a direct sum of Jor...