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Research Monograph The endowment fund as a source of sustainability for higher education in Malaysia: maximising investment returns Authors: Abdul Hamid, Baharom; Hassan, Wiaam; Sowell, Sarafuddin Abdul Syahid (2018) Higher education plays an important role in the human capital development of a country. Investment in higher education generally rises every year, and sustaining the financing of public institutions involved in higher education is becoming economically burdensome upon the state.While the cost for sustaining higher education is rising, the allotment for it in the government budget is eroding. In light of this, governments around the world, including Malaysia, are exploring measures to financially maintain higher education institutions without shifting the burden of ever-increasing university fees onto students and their families.

Research Monograph Islamic Banking and Finance in North Africa: Past Development and Future Potential Authors: Wilson, Rodney (2011) The aim of this report is to assess the state of Islamic banking in North Africa, examine why it has failed to take-off and consider its future potential and how it can contribute to the economic development.

Research Monograph Protecting Takaful Against the Risk of Failure: A Critical Appraisal of the Takaful Benefits Protection System (TBPS) in Malaysia Authors: Abdul Razak, Shaikh Hamzah; Mikail, Said Adekunle; Bouheraoua, Said; Ahmad, Muhammad Ali Jinnah; Abdullah, Nurdianawati Irwani (2014) The establishment of the Takaful and Insurance Benefits Protection System (TIPS) in Malaysia is a statutory requirement. TIPS aims to ensure financial stability, soundness and public confidence. Perbadanan Insurans Deposit Malaysia (PIDM), known internationally as the Malaysia Deposit Insurance Corporation, is the sole regulatory body entrusted with the mandate to regulate deposit insurance across the country. At the outset, its mandate was confined to banking institutions. Since 2010, however, PIDM’s role has been extended to include takaful and conventional insurance institutions. With regard to takaful, the operation of the Takaful Benefits Protection System (TBPS) and the relation...

Research Monograph Benefitting from a loan (qard) contract: an analysis of juristic opinions Authors: Saleem, Muhammad Yusuf; Abozaid, Abdulazeem (2013) In Islam, a loan (qard) is considered a gratuitous contract, and providing a loan to a person in need is a recommended (mandub) act for which a lender is rewarded. The gratuitous nature of the loan contract is emphasised in various hadiths which also prohibit the lender from deriving any stipulated benefit from the loan he has provided. Loans that generate conditional benefit to the lender are considered usurious. The practice of usury (riba) is inextricably tied to the loan and debt where a lender charges the borrower an additional amount. The main focus of this research paper is to provide a critical discussion on the ruling that prohibits the lender from deriving conditional benefi...

Research Monograph Islamic interbank money market products: the Malaysian experience of developing new financing instruments Authors: Lahsasna, Ahcene; Shayad, Faisal (2014) In managing liquidity, conventional banks resort to investing in treasury bills, overdrafts, placements with the central bank or with other conventional banks in order to gain interest, even if the placement is only overnight. However, it is not possible for Islamic banks to use the same instruments because of the numerous Shari'ah violations in them. Furthermore, Islamic banks have alternative financial products that are derived from Islamic jurisprudence. They can use various contracts such as qard hasan (benevolent loan), mudarabah (profit sharing between a capital provider and an entrepreneur who contributes only his labor and expertise), murabahah (mark-up sale), or other Shari'a...