Journal Article : [569]

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Collection's Items (Sorted by Submit Date in Descending order): 1 to 20 of 569
  • item.jpg
  • Journal Article


  • Authors: Seho, Mirzet; Bacha, Obiyathulla Ismath; Smolo, Edib (2020)

  • In theory, the cornerstones of Islamic finance are interest avoidance and risk-sharing. In practice, however, Islamic banks seem to be lacking both, particularly the latter. We investigate the interest rate impact on Islamic banks' three most-widely used types of financing instruments - i.e. sale-based, lease-based and risk-sharing-by employing the system GMM estimators on a unique panel data set of 77 Islamic banks from 13 countries over the period 2003-2017. We find that sale- and lease-based financing instruments are negatively correlated with the interest rate and that their exposure is amplified in more developed Islamic banking jurisdictions. Risk-sharing instruments, however, a...

  • item.jpg
  • Journal Article


  • Authors: Saba, Irum; Abdul Kareem, Mohamed Ariff; Mohd Rasid, Mohamed Eskandar Shah (2020)

  • Shari'ah provides the basic tenets of the Islamic finance industry and advocates banks to share their profits and losses with investors. But what it means for a firm to be "Shari'ah-compliant" and what form of connections it can have, even in theory, to either the firm's value or profitability is still an untapped question. This study tries to answer this question. This study aims to find the impact of Shari'ah compliance on firm performance. The results obtained would be useful in helping investors, regulators, companies, government, academicians and practitioners in their decision-making process as to ensure better economic and business gains, both locally and globally. Panel data o...

  • Bilateral_rebate_ibra_mutabadal_Islamic_banking_operation_critical_appraisal_Fairooz.pdf.jpg
  • Journal Article


  • Authors: Abdul Khir, Mohamed Fairooz (2016)

  • This study aims to examine the scholars' views on the legality of bilateral rebate in Islamic financial transactions. It also aims to evaluate the contemporary application of bilateral rebate in Islamic banking operation as an alternative to the conventional mechanism in handling the events of early settlement of debt, early termination of debt facility and early withdrawal of term deposit. The study used deductive and inductive methods to analyze the juristic literature of all the major schools of law on the legality of both bilateral and unilateral rebate in a financial transaction. The study found bilateral rebate (ibra' mutabadal), instead of unilateral rebate, to be the best and ...

  • The_Shari'ah_basis_for_imposition_fees_charges_Islamic_banking_products_services_Fairooz.pdf.jpg
  • Journal Article


  • Authors: Abdul Khir, Mohamed Fairooz (2015)

  • This research is essentially intended to explore relevant Shari'ah principles that may underlie imposition of fees and charges in various lslamic banking products and services (IBPS). It also aims at constructing a Shari'ah parameter for imposition of fees and charges in IBPS. This is a library research in which data has been collected from various materials such as classical fiqh books, regulators' policy guidelines and journal articles. In addition, deductive and inductive rnethods have also been employed to analyze the data critically in search for conclusive findings. The expected outcomes of this research may be in the form of a Shari'ah-compliant guide for practitioners and indu...

  • Critical_appraisal of rahn-based Islamic microcredit facility from Shari’ah_perspective_Fairooz.pdf.jpg
  • Journal Article


  • Authors: Abdul Khir, Mohamed Fairooz; Badri, Mohd Bahroddin; Hussain, Lokmanulhakim (2013)

  • The rahn-based Islamic microcredit facility is currently popular among Islamic financial institutions in Malaysia, essentially because of its commercial features, which make it attractive and competitive with conventional pawnbroking. However, the substance of this product triggers some Shari`ah issues, which are mainly centred on the safekeeping fee the bank charges the customer under the principle of ijarah al-hifz (safekeeping fee) and wadi`ah yad al-damanah (guaranteed safe custody). This paper is primarily intended to examine the key Shari`ah issues associated with the structure that is widely accepted at present. It undertakes a case study of two selected Islamic banks that offe...

  • Accounting_issues_reporting_profit sharing_investment_accounts_Fairooz et al.pdf.jpg
  • Journal Article


  • Authors: Rosman, Romzie; Abdul Khir, Mohamed Fairooz; Mohd Saat, Nur Ashikin; Abdul Rahman, Abdul Rahim (2015)

  • Issues in the reporting of Islamic financial instruments have been discussed since early 2000. Among these issues is the debate about whether the accounting standards promulgated by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) or the International Financial Reporting Standards (IFRS) should be adopted for reporting Islamic financial transactions. Abdel Karim (2001) explained the need to implement the AAOIFI accounting standards as these standards specifically cater for the unique characteristics of the contracts that govern the operations of Islamic banks. The IFRS, on the other hand, do not have any specific reporting standards for the unique c...

  • Actual_costs_fees_and_charges_Islamic_banking_Fairooz.pdf.jpg
  • Journal Article


  • Authors: Abdul Khir, Mohamed Fairooz (2014)

  • A bank is a financial intermediary that generates income from its fund-based and fee-based products and services. As for the former, the bank has to share the profits with parties from whom it sources funds such as depositors and shareholders to provide financing facilities for its customers. Unlike its fund-based products and services, the bank can recognise any profit generated from its fee-based products and services solely as its own income without having to share it with other parties as it does not utilise others' money in offering such products and services.

  • Revisiting_fiqh_characterisations_rahn-based_Islamic_microcredit_product_Fairooz.pdf.jpg
  • Journal Article


  • Authors: Abdul Khir, Mohamed Fairooz (2011)

  • The rahn-based Islamic microcredit product is an increasingly popular financing option among small entrepreneurs, lower income groups and gold traders. However, its Shari'ah structure has been sharply criticised by some Islamic scholars despite its success for those who offer it such as Islamic banks and Islamic pawnshops. Hence, it is undeniable that there are some debatable Shari'ah issues that need further examination and immediate solution. This situation is most likely a result of using the contract of rahn (pledge) in an income-generating product, which obviously contravenes the fundamental purpose of rahn. In fact, rahn is merely a security contract ('aqd al-tawthiq) that serve...

  • The_concept_actual_financial_loss_Fairooz.pdf.jpg
  • Journal Article


  • Authors: Abdul Khir, Mohamed Fairooz (2015)

  • As a financial intermediary, an Islamic financial institution's (IFI) efficiency in liquidity management is determined by its financing to deposit ratio which is calculated as the amount of the respective IFI's financing divided by the amount of its deposits at any given time. The higher the ratio, the more the IFI is said to be utilising the funds and the more the bank is deemed efficient, provided that its cost of operation is managed efficiently. Most deposits need to be paid back to the depositors in a certain period of time, depending upon the types of deposit. To generate assets, an IFI usually provides Islamic financing facilities from these much shorter maturity funds (deposit...

  • item.jpg
  • Journal Article


  • Authors: Chowdhury, Mohammad Ashraful Ferdous; Abdul Kareem, Mohamed Ariff; Mohammed Masih, Abul Mansur; Ismail, Izlin (2020)

  • 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.

  • item.jpg
  • Journal Article


  • Authors: Baaquie, Belal E. (2020)

  • Merton has proposed a model of the contingent claims on a firm as an option on the firms value, and the model is based on a generalization of the Black-Scholes stochastic equation. Merton's model can be used to price any contingent claim on the firm. A risk-sharing oscillator model for the pricing of corporate coupon bonds is proposed that leads to stochastic coupons, with the dynamics of the contingent claims being determined by the quantum oscillator. The oscillator model allows for the exact derivation of many results using quantum mathematics. The price of the risk-sharing coupon bonds and the stochastic coupons is derived exactly using the Feynman path integral.

  • Integration_Islamic_philanthropic_economic_services_alleviation_poverity_case_affordable_housing_Magda et al.pdf.jpg
  • Journal Article


  • Authors: Sadr, Seyed Kazem; Alhabshi, Syed Othman; Ismail Abdel Mohsin, Magda; Shaikh Abdul Razak, Shaikh Hamzah (2020)

  • This paper argues that the goal of poverty alleviation and a decent standard of living is not attainable in Muslim communities unless the economic and social services of the Islamic philanthropic institutes are integrated and a full-fledged collaboration would be resumed among the managing boards. The first part of the paper will examine why Muslims participate in altruistic giving and what are the alternative forms of contributions that are provided by Shariah of Islam. The second part will review the potential and actual contributions of the said Islamic benevolent giving for poverty eradication and well-being of low and vulnerable income families. The third and concluding part will...

  • item.jpg
  • Journal Article


  • Authors: Muneeza, Aishath; Mustapha, Zakariya (2020)

  • This paper aims to examine existing halal certification regime in Maldives and address impediments therein that challenge and inhibit the growth of the country's halal industry in relation to fisheries products. This is qualitative research based on first-hand experiences of the authors in the halal certification process in the Maldives. Doctrinal methodology is used in the analysis of primary sources of data, including Maldivian laws and halal certification regulations to identify issues of practical relevance. This is complemented with content analysis of secondary data sourced from journal articles, books, reports and online databases that were examined in identifying hindrances an...

  • item.jpg
  • Journal Article


  • Authors: Anwer, Zaheer; Naeem Azmi, Choudhari Wajahat; Ramadili Mohd, Shamsher Mohamad; Paltrinieri, Andrea (2020)

  • The aim of this article is to investigate the motivation of CEOs to invest in Corporate Social Responsibility (CSR) activities. To carry out this analysis, we assess a sample of US conventional and Shariah Compliant (SC) firms, from Dow Jones Indices. As SC firms undergo business and financial screening, they are expected to follow different managerial styles and capital structures as compared to conventional firms. This comparison is important in view of the growing size of the Islamic Financial Services Industry that has surpassed total asset values of USD 2.00 Trillion. Existing literature argues that, for conventional firms, CEOs spend on CSR either to promote their private benefi...

  • item.jpg
  • Journal Article


  • Authors: Muneeza, Aishath; Mustapha, Zakariya (2020)

  • The purpose of this paper is to explore the application of kafalah in the practice of Islamic banking in Malaysia generally and ascertain applicable rules governing the application under relevant legislations and Shariah. The study also aims to examine the legislations in the light of Shariah provisions governing kafalah and propose amendments. This is a qualitative research where primary data sources mainly legislations and secondary sources comprising of articles and books on the subject of kafalah were examined. It is an exploratory legal research that primarily focuses on library studies and adopts doctrinal approach for content analysis of data from the identified sources. Kafala...

  • item.jpg
  • Journal Article


  • Authors: Shamsudheen, Shinaj Valangattil; Rosly, Saiful Azhar (2020)

  • This paper aims to develop and validate scale for ethical decision-making model in marketing that confirms religious-humanistic approach with special reference to ethical philosophy in Islam. Synthesized model of Ferrell and Gresham contingency framework for ethical decision-making in marketing and Al-Ghazali's ethical philosophy are considered as theoretical background of this study. Content validity test and factor analysis are used to refine measurement items and define as well as validate the scale, respectively. A total of 362 samples were collected from Islamic banking practitioners in the United Arab Emirates. Item scale of the constructs comprised in the conceptual model defin...

  • item.jpg
  • Journal Article


  • Authors: Mohd Daud, Mohd Ariff; Rosly, Saiful Azhar; Muhamad Sori, Zulkarnain (2020)

  • The purpose of this study is to explore potential fund-raising option that can be developed to attract investment in affordable housing initiatives in Malaysia. In doing so, the study undertakes to discuss the viability of the property trust fund structure as an investment vehicle. The study uses a qualitative design that involves the use of semi-structured questionnaires as a data collection strategy. A total number of ten experts were selected for the interview using critical case sampling scheme based on the purposive sampling strategy. The study discovers that a dynamic fund structure - one that allows for the fund to evolve with changing circumstances and needs - can be adopted. ...

  • item.jpg
  • Journal Article


  • Authors: Hassan, M. Kabir; Karim, Mohammad Sydul; Muneeza, Aishath (2020)

  • The contention surrounding bitcoin's acceptability and usage has an unsettled premise in both conventional and Shari'ah law, although digital and cryptocurrencies reflect a lasting reality. This research analyses this contention by examining the concept of currency and/or money and the underpinning trust reposed on its issuing authority against the notion that cryptocurrencies and fiat money differ only in form but share the same substance and purport. Qualitative methodology provides an analysis from conventional as well as Shari'ah viewpoints to examine the extent cryptocurrencies can gain admittance in contemporary conventional and Islamic finance and economy. The methodology entai...

  • Exploratory _study_possibility_replacing_tawarruq_based_Islamic_banking_products_using other_alternatives_Aishath et al.pdf.jpg
  • Journal Article


  • Authors: Ahmad, Zaki; Zahir, Faathih; Usman, Ahmed Mohamud; Muneeza, Aishath; Mustapha, Zakariya (2020)

  • Tawarruq which is also known as commodity murabahah in Islamic banking is widely practiced in Malaysia to structure different types of Islamic banking products. The widespread use of tawarruq has made Islamic banks to be re-named as "tawarruq banks" and some even call tawarruq as the "magic lamp" of the industry. Shariah scholars have criticised this frequent usage of tawarruq in Islamic banking industry of Malaysia, while the practitioners have replied by saying that if tawarruq is a shariah approved concept, then what is wrong with the usage of it? However, from the shariah perspective, the issue here is not about the shariah compliance of tawarruq transactions per se. It is about t...

  • Application_tawarruq_Islamic_banking_Malaysia_towards_smart_tawarruq_Aishath et al.pdf.jpg
  • Journal Article


  • Authors: Roslan, Muhammad Faruq; Bamahriz, Omar; Muneeza, Aishath; JinZi, Chu; Mustapha, Zakariya; Ahmad, Mohamad Zabidi (2020)

  • The objective of the paper is to discuss the application of tawarruq in Islamic banking generally. The modus operandi of tawarruq in Islamic banking is an essential discussion in jurisdiction like Malaysia, where most Islamic banks use tawarruq to structure Islamic banking products. This paper employs a systematic literature review on best practice models and mechanism of current tawarruq application. The outcome of the research helps to understand the modus operandi of tawarruq transactions practically with a view towards understanding its future prospects in the era of fintech. It is envisaged that this research will assist the growing understanding of the existing application of ta...

Collection's Items (Sorted by Submit Date in Descending order): 1 to 20 of 569

Journal Article : [569]

Follow this collection to receive daily e-mail notification of new additions
Collection's Items (Sorted by Submit Date in Descending order): 1 to 20 of 569
  • item.jpg
  • Journal Article


  • Authors: Seho, Mirzet; Bacha, Obiyathulla Ismath; Smolo, Edib (2020)

  • In theory, the cornerstones of Islamic finance are interest avoidance and risk-sharing. In practice, however, Islamic banks seem to be lacking both, particularly the latter. We investigate the interest rate impact on Islamic banks' three most-widely used types of financing instruments - i.e. sale-based, lease-based and risk-sharing-by employing the system GMM estimators on a unique panel data set of 77 Islamic banks from 13 countries over the period 2003-2017. We find that sale- and lease-based financing instruments are negatively correlated with the interest rate and that their exposure is amplified in more developed Islamic banking jurisdictions. Risk-sharing instruments, however, a...

  • item.jpg
  • Journal Article


  • Authors: Saba, Irum; Abdul Kareem, Mohamed Ariff; Mohd Rasid, Mohamed Eskandar Shah (2020)

  • Shari'ah provides the basic tenets of the Islamic finance industry and advocates banks to share their profits and losses with investors. But what it means for a firm to be "Shari'ah-compliant" and what form of connections it can have, even in theory, to either the firm's value or profitability is still an untapped question. This study tries to answer this question. This study aims to find the impact of Shari'ah compliance on firm performance. The results obtained would be useful in helping investors, regulators, companies, government, academicians and practitioners in their decision-making process as to ensure better economic and business gains, both locally and globally. Panel data o...

  • Bilateral_rebate_ibra_mutabadal_Islamic_banking_operation_critical_appraisal_Fairooz.pdf.jpg
  • Journal Article


  • Authors: Abdul Khir, Mohamed Fairooz (2016)

  • This study aims to examine the scholars' views on the legality of bilateral rebate in Islamic financial transactions. It also aims to evaluate the contemporary application of bilateral rebate in Islamic banking operation as an alternative to the conventional mechanism in handling the events of early settlement of debt, early termination of debt facility and early withdrawal of term deposit. The study used deductive and inductive methods to analyze the juristic literature of all the major schools of law on the legality of both bilateral and unilateral rebate in a financial transaction. The study found bilateral rebate (ibra' mutabadal), instead of unilateral rebate, to be the best and ...

  • The_Shari'ah_basis_for_imposition_fees_charges_Islamic_banking_products_services_Fairooz.pdf.jpg
  • Journal Article


  • Authors: Abdul Khir, Mohamed Fairooz (2015)

  • This research is essentially intended to explore relevant Shari'ah principles that may underlie imposition of fees and charges in various lslamic banking products and services (IBPS). It also aims at constructing a Shari'ah parameter for imposition of fees and charges in IBPS. This is a library research in which data has been collected from various materials such as classical fiqh books, regulators' policy guidelines and journal articles. In addition, deductive and inductive rnethods have also been employed to analyze the data critically in search for conclusive findings. The expected outcomes of this research may be in the form of a Shari'ah-compliant guide for practitioners and indu...

  • Critical_appraisal of rahn-based Islamic microcredit facility from Shari’ah_perspective_Fairooz.pdf.jpg
  • Journal Article


  • Authors: Abdul Khir, Mohamed Fairooz; Badri, Mohd Bahroddin; Hussain, Lokmanulhakim (2013)

  • The rahn-based Islamic microcredit facility is currently popular among Islamic financial institutions in Malaysia, essentially because of its commercial features, which make it attractive and competitive with conventional pawnbroking. However, the substance of this product triggers some Shari`ah issues, which are mainly centred on the safekeeping fee the bank charges the customer under the principle of ijarah al-hifz (safekeeping fee) and wadi`ah yad al-damanah (guaranteed safe custody). This paper is primarily intended to examine the key Shari`ah issues associated with the structure that is widely accepted at present. It undertakes a case study of two selected Islamic banks that offe...

  • Accounting_issues_reporting_profit sharing_investment_accounts_Fairooz et al.pdf.jpg
  • Journal Article


  • Authors: Rosman, Romzie; Abdul Khir, Mohamed Fairooz; Mohd Saat, Nur Ashikin; Abdul Rahman, Abdul Rahim (2015)

  • Issues in the reporting of Islamic financial instruments have been discussed since early 2000. Among these issues is the debate about whether the accounting standards promulgated by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) or the International Financial Reporting Standards (IFRS) should be adopted for reporting Islamic financial transactions. Abdel Karim (2001) explained the need to implement the AAOIFI accounting standards as these standards specifically cater for the unique characteristics of the contracts that govern the operations of Islamic banks. The IFRS, on the other hand, do not have any specific reporting standards for the unique c...

  • Actual_costs_fees_and_charges_Islamic_banking_Fairooz.pdf.jpg
  • Journal Article


  • Authors: Abdul Khir, Mohamed Fairooz (2014)

  • A bank is a financial intermediary that generates income from its fund-based and fee-based products and services. As for the former, the bank has to share the profits with parties from whom it sources funds such as depositors and shareholders to provide financing facilities for its customers. Unlike its fund-based products and services, the bank can recognise any profit generated from its fee-based products and services solely as its own income without having to share it with other parties as it does not utilise others' money in offering such products and services.

  • Revisiting_fiqh_characterisations_rahn-based_Islamic_microcredit_product_Fairooz.pdf.jpg
  • Journal Article


  • Authors: Abdul Khir, Mohamed Fairooz (2011)

  • The rahn-based Islamic microcredit product is an increasingly popular financing option among small entrepreneurs, lower income groups and gold traders. However, its Shari'ah structure has been sharply criticised by some Islamic scholars despite its success for those who offer it such as Islamic banks and Islamic pawnshops. Hence, it is undeniable that there are some debatable Shari'ah issues that need further examination and immediate solution. This situation is most likely a result of using the contract of rahn (pledge) in an income-generating product, which obviously contravenes the fundamental purpose of rahn. In fact, rahn is merely a security contract ('aqd al-tawthiq) that serve...

  • The_concept_actual_financial_loss_Fairooz.pdf.jpg
  • Journal Article


  • Authors: Abdul Khir, Mohamed Fairooz (2015)

  • As a financial intermediary, an Islamic financial institution's (IFI) efficiency in liquidity management is determined by its financing to deposit ratio which is calculated as the amount of the respective IFI's financing divided by the amount of its deposits at any given time. The higher the ratio, the more the IFI is said to be utilising the funds and the more the bank is deemed efficient, provided that its cost of operation is managed efficiently. Most deposits need to be paid back to the depositors in a certain period of time, depending upon the types of deposit. To generate assets, an IFI usually provides Islamic financing facilities from these much shorter maturity funds (deposit...

  • item.jpg
  • Journal Article


  • Authors: Chowdhury, Mohammad Ashraful Ferdous; Abdul Kareem, Mohamed Ariff; Mohammed Masih, Abul Mansur; Ismail, Izlin (2020)

  • 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.

  • item.jpg
  • Journal Article


  • Authors: Baaquie, Belal E. (2020)

  • Merton has proposed a model of the contingent claims on a firm as an option on the firms value, and the model is based on a generalization of the Black-Scholes stochastic equation. Merton's model can be used to price any contingent claim on the firm. A risk-sharing oscillator model for the pricing of corporate coupon bonds is proposed that leads to stochastic coupons, with the dynamics of the contingent claims being determined by the quantum oscillator. The oscillator model allows for the exact derivation of many results using quantum mathematics. The price of the risk-sharing coupon bonds and the stochastic coupons is derived exactly using the Feynman path integral.

  • Integration_Islamic_philanthropic_economic_services_alleviation_poverity_case_affordable_housing_Magda et al.pdf.jpg
  • Journal Article


  • Authors: Sadr, Seyed Kazem; Alhabshi, Syed Othman; Ismail Abdel Mohsin, Magda; Shaikh Abdul Razak, Shaikh Hamzah (2020)

  • This paper argues that the goal of poverty alleviation and a decent standard of living is not attainable in Muslim communities unless the economic and social services of the Islamic philanthropic institutes are integrated and a full-fledged collaboration would be resumed among the managing boards. The first part of the paper will examine why Muslims participate in altruistic giving and what are the alternative forms of contributions that are provided by Shariah of Islam. The second part will review the potential and actual contributions of the said Islamic benevolent giving for poverty eradication and well-being of low and vulnerable income families. The third and concluding part will...

  • item.jpg
  • Journal Article


  • Authors: Muneeza, Aishath; Mustapha, Zakariya (2020)

  • This paper aims to examine existing halal certification regime in Maldives and address impediments therein that challenge and inhibit the growth of the country's halal industry in relation to fisheries products. This is qualitative research based on first-hand experiences of the authors in the halal certification process in the Maldives. Doctrinal methodology is used in the analysis of primary sources of data, including Maldivian laws and halal certification regulations to identify issues of practical relevance. This is complemented with content analysis of secondary data sourced from journal articles, books, reports and online databases that were examined in identifying hindrances an...

  • item.jpg
  • Journal Article


  • Authors: Anwer, Zaheer; Naeem Azmi, Choudhari Wajahat; Ramadili Mohd, Shamsher Mohamad; Paltrinieri, Andrea (2020)

  • The aim of this article is to investigate the motivation of CEOs to invest in Corporate Social Responsibility (CSR) activities. To carry out this analysis, we assess a sample of US conventional and Shariah Compliant (SC) firms, from Dow Jones Indices. As SC firms undergo business and financial screening, they are expected to follow different managerial styles and capital structures as compared to conventional firms. This comparison is important in view of the growing size of the Islamic Financial Services Industry that has surpassed total asset values of USD 2.00 Trillion. Existing literature argues that, for conventional firms, CEOs spend on CSR either to promote their private benefi...

  • item.jpg
  • Journal Article


  • Authors: Muneeza, Aishath; Mustapha, Zakariya (2020)

  • The purpose of this paper is to explore the application of kafalah in the practice of Islamic banking in Malaysia generally and ascertain applicable rules governing the application under relevant legislations and Shariah. The study also aims to examine the legislations in the light of Shariah provisions governing kafalah and propose amendments. This is a qualitative research where primary data sources mainly legislations and secondary sources comprising of articles and books on the subject of kafalah were examined. It is an exploratory legal research that primarily focuses on library studies and adopts doctrinal approach for content analysis of data from the identified sources. Kafala...

  • item.jpg
  • Journal Article


  • Authors: Shamsudheen, Shinaj Valangattil; Rosly, Saiful Azhar (2020)

  • This paper aims to develop and validate scale for ethical decision-making model in marketing that confirms religious-humanistic approach with special reference to ethical philosophy in Islam. Synthesized model of Ferrell and Gresham contingency framework for ethical decision-making in marketing and Al-Ghazali's ethical philosophy are considered as theoretical background of this study. Content validity test and factor analysis are used to refine measurement items and define as well as validate the scale, respectively. A total of 362 samples were collected from Islamic banking practitioners in the United Arab Emirates. Item scale of the constructs comprised in the conceptual model defin...

  • item.jpg
  • Journal Article


  • Authors: Mohd Daud, Mohd Ariff; Rosly, Saiful Azhar; Muhamad Sori, Zulkarnain (2020)

  • The purpose of this study is to explore potential fund-raising option that can be developed to attract investment in affordable housing initiatives in Malaysia. In doing so, the study undertakes to discuss the viability of the property trust fund structure as an investment vehicle. The study uses a qualitative design that involves the use of semi-structured questionnaires as a data collection strategy. A total number of ten experts were selected for the interview using critical case sampling scheme based on the purposive sampling strategy. The study discovers that a dynamic fund structure - one that allows for the fund to evolve with changing circumstances and needs - can be adopted. ...

  • item.jpg
  • Journal Article


  • Authors: Hassan, M. Kabir; Karim, Mohammad Sydul; Muneeza, Aishath (2020)

  • The contention surrounding bitcoin's acceptability and usage has an unsettled premise in both conventional and Shari'ah law, although digital and cryptocurrencies reflect a lasting reality. This research analyses this contention by examining the concept of currency and/or money and the underpinning trust reposed on its issuing authority against the notion that cryptocurrencies and fiat money differ only in form but share the same substance and purport. Qualitative methodology provides an analysis from conventional as well as Shari'ah viewpoints to examine the extent cryptocurrencies can gain admittance in contemporary conventional and Islamic finance and economy. The methodology entai...

  • Exploratory _study_possibility_replacing_tawarruq_based_Islamic_banking_products_using other_alternatives_Aishath et al.pdf.jpg
  • Journal Article


  • Authors: Ahmad, Zaki; Zahir, Faathih; Usman, Ahmed Mohamud; Muneeza, Aishath; Mustapha, Zakariya (2020)

  • Tawarruq which is also known as commodity murabahah in Islamic banking is widely practiced in Malaysia to structure different types of Islamic banking products. The widespread use of tawarruq has made Islamic banks to be re-named as "tawarruq banks" and some even call tawarruq as the "magic lamp" of the industry. Shariah scholars have criticised this frequent usage of tawarruq in Islamic banking industry of Malaysia, while the practitioners have replied by saying that if tawarruq is a shariah approved concept, then what is wrong with the usage of it? However, from the shariah perspective, the issue here is not about the shariah compliance of tawarruq transactions per se. It is about t...

  • Application_tawarruq_Islamic_banking_Malaysia_towards_smart_tawarruq_Aishath et al.pdf.jpg
  • Journal Article


  • Authors: Roslan, Muhammad Faruq; Bamahriz, Omar; Muneeza, Aishath; JinZi, Chu; Mustapha, Zakariya; Ahmad, Mohamad Zabidi (2020)

  • The objective of the paper is to discuss the application of tawarruq in Islamic banking generally. The modus operandi of tawarruq in Islamic banking is an essential discussion in jurisdiction like Malaysia, where most Islamic banks use tawarruq to structure Islamic banking products. This paper employs a systematic literature review on best practice models and mechanism of current tawarruq application. The outcome of the research helps to understand the modus operandi of tawarruq transactions practically with a view towards understanding its future prospects in the era of fintech. It is envisaged that this research will assist the growing understanding of the existing application of ta...

Collection's Items (Sorted by Submit Date in Descending order): 1 to 20 of 569