bluuebunny/crossref_metadata_2025 huggingface dataset:
Islamic Finance for Future Entrepreneurs: Exploring Tunisian Business Students‟ Knowledge and Potential Usage of Islamic Financing Products
Authors: Aida Kammoun , Imen Karray
Published: June 2020

In Tunisia, especially after the revolution of 14 January 2011, the economy has experienced a recession that has attracted the new government for its resolution. The topic of Islamic finance can participate in the economic recovery by encouraging firm creation by young people and attracting Islamic foreign investors in Tunisia. With the framework of this paper, we seek to understand empirically, from a questionnaire sent to Tunisian students, the point of view of future entrepreneurs towards the financial Islamic products in order to discern at what level these devices are able to ensure the financial requirements of small or medium firms newly created. Firt, many students think that Islamic finance can be a solution to economic actual crisis of the country by developping products that meet the needs of potential investors. So, it will participate in the job creation and unemployment reduction. We find that a high fraction of respondents consider that the decision to contract with an Islamic bank is founded on both cost and religious conviction. Knowledge of Islamic finance principles is also an important factor favoring the use of Islamic products. Finally, it is found that problems faced when using conventional banks can favor the development of Islamic products of financing especially partnership contracts.
Volatility Transmission Between Dow Jones Stock Index and Emerging Islamic Stock Index: Case of Subprime Financial Crises
Authors: Saadaoui Amir , Boujelbene Younes
Published: June 2020

In the course of the recent global crisis, the stock shocks are distributed and transmitted from their homes in the developed stock market to emerging stock markets. By supporting the development of emerging stock markets, this study aims to see the transmission of volatility between the Dow Jones stock index and the Dow Jones emerging Islamic stock indiex. In this study we have divided the period into three, periods, before, during and after this crisis to demonstrate the resilience of the Islamic market index in response to the global financial crisis. Another aim of this study is to provide a new guide line for investors in emerging stock market before making investment decisions. The data are daily, going from 02/01/2005 until 31/12/2012. To measure the transmission we used bivariate BEKK-GARCH and DCC-GARCH model. The result shows that there is a transmission mainly during the crisis period which means that the crisis affects all the financial assets whether Islamic or not. The same result also shows the preference to invest in both Islamic and classical stock indexes since they are less risky.
Efficiency Change in Pakistan Commercial Banking Sector: A Pre and Post Digital-Restructuring Analysis
Authors: Mustafa Sadaf , Mehmood Bilal
Published: June 2020

In this study we examine the technical efficiency of commercial banking sector of Pakistan. In recent past Pakistan’s commercial banking is making substantial investment and up-gradation in information and communication technology (ICT) in order to keep pace with global banking industry. Due to financial linearization the entry of the foreign banks with advance technology in the commercial banking sector has been increased that inclines other banks to adopt the new technology in order to earn more of market share. To justify the huge investments in computers and related technologies many question arises about the efficiency & productivity growth of the banks due to ICT. Accordingly, this study analyzes the efficiency of a sample of 11 commercial banks for the period 1998 to 2012. Using data envelopment analysis (DEA) we measure the Malmquist productivity index (MPI) to measure total factor productivity (TFP). In this study the time period (1998-2012) has been decomposed into pre-digital reforms (19982005) & post-digital reforms (2006-2012) period, in order to compare the efficiency change after the adaptation of IT by commercial banking sector. The variables are selected under intermediation approach. The results show that technical efficiency has been significantly increased in post-digital reform era and as a result TFP has also been boosted. The results show that MCB has consistently scored the highest efficiency & Malmquist TFP scores.
Sukuk as an Attractive Alternative of Funding and Investment in Tunisia
Authors: Chermi Hajer , Jerbi Yacin
Published: June 2020

During the past decade, the Islamic finance industry has witnessed significant developments, particularly in the field of Sukuk (Islamic bonds). Sukuk represent one of the most successful products in Islamic finance. They have attracted the attention of several investors and become increasingly popular in various markets worldwide. They have gained prominence as financial instruments serving both government funding through the issuance of sovereign sukuk and private sector funding through corporate sukuk. This paper starts by providing a brief overview on the sukuk structuring and on the major developments in the flourishing world Islamic capital market. It then investigates the Malaysian sukuk market, with special focus on the key factors contributing to its successful experience. The paper concludes by explaining the ways through which sukuk represent an attractive alternative of funding and investment for Tunisia, taking into account that Tunisia is preparing for its first issuance of sovereign sukuk in the second term of 2013. The promising potential sukuk is also demonstrated through comparing measures taken by the Tunisian and Malaysian governments.
Theoretizing A New Sustainable Business Event: Extension of Mair and Jago Model
Authors: Zamzuri Norol Hamiza , Awang Khairil Wahidin , Abdul Aziz Yuhanis , Samdin Zaiton
Published: June 2020

The growth of the event sector is underpinned by the demand of organizing a business event.  Thus, it leads to an increase in economic and social impact. However, the problems from the growth of this sector potentially results from the use of several event materials, transportation and infrastructure development.  Organizing a green event is seen as one of the strategies to reduce the environmental impact.  Therefore, the aim of this paper is to explore the issues involved throughout the process of greening an event by applying Mair and Jago Model.  Semi-structured interviews were conducted with event managers from six Malaysia business event companies that encourage green practices during their event.  Findings suggest that impact, initiative, support and performance motivates event organizers in organizing a green event.  It has also been found that knowledge, resources and behaviour are the barriers faced by event organizers throughout the process of organizing a green event.  Based on the findings it appears that two important factors have emerged from the data collection and analysis that showed a deviation from the Mair and Jago Model, namely “impact” for the motivation element and “support” for the barrier element.  The main limitation of this study was the scope of the study; as it only focuses on business events.  However, as the main purpose of this study is to explore the issues of organizing a green event, it has been found that there are other issues need to be explored in other contexts and geographical area.  Apart from this, as this is a case study, it can only replicate according to the circumstances of this case study. However, this study can be generalized in terms of the theory that has emerged from it.  It is suggested that further research should explore more issues in other contexts and geographical areas.
Ageing in Emerging Markets
Authors: English Lady
Published: June 2020

In January 2015, I attended the Emerging Markets Symposium on Ageing, held in Oxford, UK. A group of 50 experts, from 20 countries and a range of relevant disciplines, collaborated to produce recommendations designed to be of practical value to policymakers faced with the challenges of population ageing. The topic is timely because the proportion of the population over age 65 is increasing in Emerging Market countries at an accelerated rate; changes that developed over 150 years in developed countries such as Britain or the USA will occur over a period of 25 years in the Emerging Markets (EMs). This article will highlight the main themes from the Symposium and encourage interested readers to move on to the full report.
Does Work Environment Impact Fertility Rate? A Comparison between Formal and Informal Sectors in Malaysia
Authors: Subramaniam Geetha , Mohd Saleh Nurfarahain
Published: June 2020

The fertility rate of Malaysian women has shown a declining trend from having 3 children per woman in 2000 to 1.98 children per woman in 2015. This is an issue of concern for the labour market because declining fertility rates may lead to a stagnant population with other issues such as an ageing population and declining labour force due to low replacement levels. The main purpose of this study is to examine to what extent work environment has an impact on fertility rates in the formal and informal sectors in Malaysia. The study firstly reviews the current trend of women’s fertility rate in Malaysia. It then further examines the working environment of married women in the formal and informal work environment by comparing two different states in Malaysia. Using self-administered questionnaires, 200 married women from the formal sector of Penang and the informal sector of Kelantan were identified through purposive sampling. Data was analysed using descriptive statistics and cross tabulation. The trend review shows an alarming decline in fertility rates in the last ten years. The empirical findings reveal that younger women, with higher educational level, earning a higher income and living in urban areas are more likely to have less number of children. In terms of working environment, women in the informal working sectors tend to have more children. Policy implications in terms of awareness and better work-environment in terms of family friendly policies are recommendations to encourage women to consider having more than one child because if this trend continues, it will have a serious implication on the quantity and quality of the labour force.
Institutional Determinants Of Tax Buoyancy In Developing Nations
Authors: Sarwar Saima , Ashraf Munnaza
Published: June 2020

This study was conducted to examine the role of institutions on tax buoyancy in a set of developing nations. The analysis of 50 nations from the time period 1996-2013 indicates that mostly institutional factors such as bureaucratic efficiency, rule of law, corruption are affecting negatively to the tax collection in these regions. Revenue from indirect taxes is more sensitive to these non-economic factors in a society. Moreover, the study suggests that nature of relationship between tax buoyancy and institutional characteristics of the system is sensitive to different categories of political regimes i.e. Democracy and Autocracy. Results showed that democracy is affecting positively to the tax collection while autocracy is having negative impact in each case i.e. direct, indirect or total tax revenues. But in autocratic regimes, proportion of indirect and direct taxes in total revenue is more than in case of democracy. Findings help to suggest that efforts should be made to democratize the political system mostly in developing world so that more and more tax revenue generation could be made possible.
Islamic Banking in Nigeria: Issues and Prospects
Authors: Abdullahi Nuruddeen Abba
Published: June 2020

The Nigerian banking reform precipitated the adoption of Islamic banking and finance in 2009 as additional door to banking mechanism in the country. However, the implementation of the Islamic banking or non-interest banking has generated a lot of debate, specifically because its foundations are based on Islamic religion. This paper briefly reviews the concept, the challenges and prospects of Islamic banking in Nigeria. The paper relies on the secondary sources by reviewing and analysing various works on the subject. A reflection on the size of its population and the developmental opportunities indicates that Nigeria has the prospect of becoming the hub centre of Islamic finance in Africa. Yet there are numerous challenges to the development of the Islamic banking system in the country, including misrepresentation of the system, lack of linkages and investment institutions, lack of adequate knowledge, as well as shroud business ethos and corruption, which is endemic in the country. The paper recommends the need for greater public awareness about Islamic banking and creation of enabling environment (i.e. the legal, accounting and taxation systems) for the working of Islamic financial system.
‘Shari’ah’ Based Banking and Green Financing: Evidence from Bangladesh
Authors: Uddin Mohammad Nazim
Published: June 2020

Environmental protection and sustainability is the part of Islamic finance to ensure the fulfilment and establishments of spirit of Islamic tenants. The need to care for the environment and the forms of life that Allah has created on this earth that includes proper usage of natural resources (Al-Fajr: 11-14). Green finance involves the allocation of funds to the environmental friendly projects that help the mankind from any harmful and compliance to the ‘Shari’ah’ rules. The main purpose of the study is to examine the role of ‘Shar’ah’ based banking on green financing in Bangladesh. The study has used the structural questionnaire for primary data that includes various dimensions on green financing of ‘Shari’ah’ based banking in Bangladesh. The study has also used secondary data relevant to articles, journals, books, and conference papers for theoretical development. In order to validate the findings, the necessary statistical measures include 5 point Likert scale, mean, and rank are used in the study. The study revealed that ‘Shari,ah’ based banking have made significant contribution in green financing that promote the preservation of natural resources and the need to respect all living things. The study seems to carry an enormous academic value since a few studies have been undertaken in this area. The results could be useful to the government, Bangladesh Bank, NGOS, Donors, international agency, World Bank, IMF, Academic researchers and national policy makers who have been making endeavor to save the environment in developing countries as well as Bangladesh as a whole.
What Determines Adoption of E-banking Among Nigerians? A Conceptual Approach
Authors: Salimon Maruf Gbadebo , Yusoff Rushami Zien , Mohd Mokhtar Sany Sanuri
Published: June 2020

Extant studies in the field of consumer behavior and information technology acceptance have established that adoption of electronic banking is determined by several factors. While several of these studies emanate from developed nations, few are available in developing countries like Nigeria. Aside, most of these studies concentrate on intention to adopt and failed to find out why customers lack trust and do not satisfy with the services render to them. Hence, this study  looks into issues of trust and satisfaction of e-banking adoption and their relationship with other determinants as this will help to increase the rate of adoption of e-banking that is generally low in Nigeria.
Bangladesh Import Education from New Zealand: Opportunities & Challenges
Authors: Ali Ershad , Peya Arunima Ghosh , Subramaniam Geetha
Published: June 2020

Bangladesh is an emerging economy and has been earning about 7% GDP growth during the last two decades. It has 150 universities which can accommodate 3 million students. Every year, about 5 million young students enter university level education. Therefore, about 2 million young people desire to move overseas for higher education. Existing literature focusses  on the need for young generation to go overseas for higher education but the challenges as well as opportunities for studying overseas have not been addressed. This study aims to investigate the opportunities and challenges for Bangladeshi students in choosing  New Zealand as a study destination.
Bai ‘Al-Tawarruq: Concept Of Islamic Financing?
Authors: Nurhisam Luqman
Published: June 2020

Shariah Committee in Malaysia in his fatwa has legitimized the execution of the contract al-Tawarruq and al-'nah in Islamic banking practices, while the contract is not ratified by the National Sharia Council in Indonesia. This study will discuss the reasons and background differences fatwa, and an aspect ratio of banking products and the legal framework used to legitimize Islamic financial products in Indonesia and Malaysia. Therefore, further research is needed to analyze how the views of the scholars against al-Tawarruq along with proof of his, and the extent to which the contract tawarruq has been applied in Islamic finance, especially in Indonesia and Malaysia. As a result of a comparison of Islamic financial products in general, and the legal framework used by the Sharia Board between Indonesia and Malaysia. The method used is descriptive qualitative analysis. In this study, the research subjects are the scholars of Sharia Council. While the object of research is the view of the scholars of fiqh against al-Tawarruq, aspects of financial products, and the framework of Islamic law. From this study, it was found that the mechanism of al-Tawarruq, can not be regarded as an Islamic financial products, because a lot of flaws in it. Hilah known that there are not good that lead to usury, so this is the reason of the majority of scholars do not technically separated in Indonesia. However, as far as the development of the contract used that alTawarruq al-fiqhi been applied in syariah commodity trading in the Jakarta Futures Exchange. While Malaysia believes that the buying and selling of al-Tawarruq is halal as the basic rule for the legitimacy of the agreement, which has been applied in private financing in Islamic banks, as well as a commodity murabaha on Bursa Malaysia namely Bursa Suq Al-Sila.
The Role of Human Capital Management in Enhancing Engagement and Retention Among Top Talent in Organization: A Critical Literature Revie
Authors: Hassan Roshidi
Published: June 2020

In this challenging global economic, organizations are fighting in the war of talent to remain competitive. It is no doubt that the role of human capital management (HCM) is the upmost important for organization and there are many aspects of HCM that can be applied and used by human capital practitioners. On the other hand, the organization needs to understand the many aspects of HCM and try to link it in order to make employees engage and retain in the organization especially the top talent. Employees who are engaged are said to become more committed to the organization and thus build some emotional link between the employees and employer, which in turn lead to retention. Detailed literature review was undertaken to explore the role of HCM in enhancing engagement and retention among the top talent.  Through the literatures reviewed, it was found that several HCM practices such as creating great work environment, encouraging positive discretionary behaviour, and competitive reward and recognition had actually help in enhancing employee’s engagement. While some HCM practices also such as equitable reward package, continuous training and development program, and fair performance appraisal significantly contributed to employee’s retention. Hence, this paper will focuses on discussing the role of HCM as a vital component to enhance engagement and retention of top talent based on findings and suggestions from reviewing the vast literatures.
The determinants of work position among Gen X:a case of UiTM graduate
Authors: Mohd Rohani , Abdullah Nazlinda , Shuib Adibah , Ishar Nor Irvoni , Abdul Rahim Hasyimah , Noranee Shereen
Published: June 2020

The purpose of this preliminary research is to identify corporate talents’ positioning of the UiTM graduates especially the Generation X, within the industries. At the same time, there is also the need to ascertain the factors that contributed to the success of the UiTM Generation X graduates. Majority of the research which have been conducted on the graduates involved the employability rate. However, none has been carried out in identifying the graduates’ career accomplishment. The sample of this research consisted of 191 UiTM graduates who are born between 1965 until 1985 (known as the Generation X). The responses were obtained via an online survey sent to random groups in UiTM emails. In addition, Facebook was also used as a medium in dissemininating the survey forms to random individuals whom has connections with the Generation X alumni. Rasch Measurement Model was employed by using the software WINSTEP 3.72.3, to measure the reliability and validity of the instrument. SPSS version 21 was used to answer the research objective of the study. The result has produced a fair person reliability at +0.66 while the Cronbach Alpha reliability value was at 0.72 and an excellent item reliability of 0.99. In terms of career positioning, 60% of the Generation- falls within the middle management position. This reflects the success of the Gen-X where most of them were able to obtain posts like lecturers, engineers and managers. As for the factors which contributed to the success of the alumni, it was found that involvement in clubs, soft skills and orientation towards religion play important roles in determining the career position of GenX. These findings validate past research and demonstrate that the pattern continues into the present. Surprisingly, it was found that academic achievement, hard skills and personality traits hardly had any influence on the career positions of the Gen-X. It was also discovered that the success of the Gen-X could be due to other factors which is beyond the horizon of this research. Therefore, it was recommended that students should be encouraged to be actively involved in clubs. This must be balanced with religious values exposure so that they know the limit of their involvement.
Modern research methods: Opportunity knocks
Authors: Alvi Imran
Published: June 2020

As economists are working in an increasing complex environment, it is natural that they take advantage of a wider and more advanced set of tools and skills to deliver meaningful solutions. The financial crisis and the advent of big data have been two key drivers in this direction. Through examination of case studies from the UK, research methods are found to be of key importance in addressing the complexity of today's pressing economic questions. Considerable opportunities present themselves to higher education and national institutions that are able to master the application of up-to-date research methods.
Sharia compliance in the construction industry: Is this something to build upon?
Authors: Annabi Carrie Amani , Husein Ummesalma Mujtaba , Hassan Fatima , Nasir Nouman
Published: June 2020

Sharia principles imply a mode of organising society and its various facets, as well as serving as a guide for the conduct of individuals within the institutional and social context. Accountability to be one of the pillars of environmental ethics within Islam. Another of the most important Islamic concepts is the solidarity of Islamic generations. Thus, the broader environmental dimension related to building is a social concern. Building standards need to take into account this concern for preserving sustainability for future societies. Sharia compliant projects should be permissible business. Prophet Muhammad’s (P.B.U.H.) Hadith hallmarks the significance of adhering to Islamic legislation and highlights Halal and permissible business. Therein permissible/Halal business derives its elaboration from Islamic legislation. Sharia principles are often articulated in broad terms. This has created a license to use discretion on how to apply these principles. Owing to the fact there are different schools of Islamic jurisprudence, interpretation of dicta are not always co-terminus. This paper looks into the various components particular to the discussion on Sharia compliant logistics.  In order to discuss the hypothetical facets involved in the depiction of Sharia compliant logistics for construction, the discussion is broken down to address the values associated with Sharia compliant business and therefore the implications of Sharia compliant construction logistics leads on from there.
The introduction of Islamic finance in Libya: Capturing the opportunities for SMEs development
Authors: Abdulsaleh Abdulaziz M.
Published: June 2020

In most countries, especially the developing ones, SMEs have a dynamic role as engines through which the growth objectives can be accomplished. This is very true in the case of Libya where the economy has been over-reliant on oil and gas as well as inefficient public sector. Unfortunately, SMEs in Libya are not playing their expected role as access to finance remains to be a formidable challenge. While banks remain the major external financier, if not the only one, many studies found that Libyans in general avoid dealing with conventional banks mainly due to religious beliefs. However, the recent introduction of Islamic banking and finance in the country could be a game changer. As such, this paper attempts to assess the opportunities for SMEs development in Libya following the recent introduction of Islamic finance. The study is exploratory; therefore the relevant literature is sourced and reviewed. The review shows that there is a strong demand for Islamic finance products from Libyan businesses including SMEs. Coupled with a strong enabling environment in which political stability and regulatory clarity are maintained Islamic finance is viable and has the ability to significantly contribute to the development of SMEs sector.
The relationship between output growth and unemployment in the Philippines economy (1990-2014):
Authors: Mojica Marlon A. , Tatlonghari Virgilio M.
Published: June 2020

This paper examines the empirical relationship between unemployment and real output in the Philippines utilizing quarterly data from the Labor Force Survey by the Philippine Statistics Authority for the period from 1990-2014. The study employed three variants of Okun’s Law – the “gap” approach, the “first difference” approach, and a dynamic approach.   Findings show that the Okun’s coefficients based on the gap approach are consistent with the theoretical expectation of a negative relationship.  In the ARDL model, labor force participation rate and trade openness were found to be significantly related to unemployment. The result of dummy variable test revealed the presence of structural break following the re-definition of unemployment in the Philippines in 2005. Recursive least squares and rolling regressions show evidence of parameter instability in several sub-periods.
Potential of Islamic finance: A survey of Tunisian Northwest companies
Authors: Ayachi Rym Ammar , Saidane Dhafer , Mansouric Fayçal
Published: June 2020

The present paper aims to assess the Islamic products potential demand for entrepreneurs in the Tunisian Northwest region. In order to do so, we developed a questionnaire which was sent to these entrepreneurs. The survey results show that the latter perceive Islamic Finance as a seductive phenomenon. However, its development appears to be difficult. Indeed, according to the survey results, the lack of knowledge may impede the expansion of Islamic banking in Tunisia. Moreover, the following factors: cost, religious conviction, proximity, flexibility and satisfaction of the needs, may affect the entrepreneurs' choice to deal with Islamic financial institution. In addition, the lack of entrepreneurs' confidence with regard to the compliance of Islamic banking with the Shariah principles has a negative effect on Islamic finance development in the Tunisian Northwest region. For this reason, Tunisian Islamic banks should put more effort to reinforce their competitiveness.
Factors determining Islamic financial literacy among undergraduates
Authors: Abdullah Mohamad Azmi , Wahab Siti Nur Aqilah Ab , Sabar Salehudin , Abu Falah
Published: June 2020

This article is written to provide a deliberation reviews on the current context of Islamic financial literacy among students. A research was conducted through case studies carried out among the students of University Malaysia Sabah Campus W.P. Labuan and Institut Pendidikan Guru (IPG), Kampus Batu Lintang, Sarawak, a teacher training institute. The respondents are candidates to become teachers upon completing their studies. Being knowledgeable and having skill in financial literacy, especially with respect to Islamic financial products, would be a great asset to them. Based on current scenario, financial literacy in Islamic financial products should be enhanced, especially to the academicians. The findings from this research is expected to be able to determine the factors influencing Islamic financial literacy among the students. This study employs a quantitative method using questionnaires distribution for analysis puposes. Data are collected through a survey using a closed ended questionnaire. Overall, the objective of this study is to determine the determinant factors towards Islamic financial literacy among students. The implications and recommendations are provided.
Halal issues in processed food: Misuse of the Halal logo
Authors: Hassan Faridah , Hanif Azlina
Published: June 2020

Professor Dr Faridah Hj Hassan is a professor of Marketing and Strategic Management from Arshad Ayub Graduate Business School, Universiti Teknologi MARA, Shah Alam. She is a prolific writer and researcher in the areas of Halal food marketing and branding, Islamic tourism and strategic management. Her passion in Halal branding lends her an important role as the Director of iHalal Management and Science, FBM, UiTM.

Dr Azlina Hanif is a senior lecturer of Economics from Arshad Ayub Graduate Business School, Universiti Teknologi MARA.  Her research interest is in the areas of International Trade and  Islamic Economics. She is currently doing research on the research performance of universities in South East Asia under the ERASMUS+ program.
The impact of selected macro variables on child labor in Indonesia
Authors: Rahim Shafinah , Bakar Fatin Nur Nadia
Published: June 2020

This study investigates the impact of government expenditure, household expenditure and adult unemployment on child labour in Indonesia between 1985 and 2014. The data from the World Bank Indicators tested using Johansen &Juselius Cointegration (J&J), Vector Error Correction Model (VECM), Granger Causality, Generalized Variance Decomposition (GVDCs) and Generalized Impulse Response Functions (GIRFs) show thatthere are long run and short run relationships between the variables. Hence,the need to improve on policiesrelating to encouraging children to attend school without affecting their family income becomes critical. In addition household consumption pattern and spending decisions may require adjustment with the support of the authorities so as to assist the common man in prioritising their basic development needs, especially education.
Financing infrastructure projects based on risk sharing model: Istisna sukuk
Authors: Manzoor Davood , Karimirizi Majid , Mostafavisani Ali
Published: June 2020

One of the basic needs of developing countries is the economic infrastructure that is the basis of growth and development in other sectors of the economy. The lack of proper response to financing needs in this sector will result in economic development that faces major challenges anddifficulties. Designing an optimal solution to financing these types of projects is thus, a fundamental need. These projects have two main characteristics that should be considered in the financing method. The first is long-term period to constructing and the second is the high cost of implementation. The use of Islamic financial innovations based on Islamic contracts can meet many of these needs.States in developing countries have so far preferred to raise fund based on debt, ignoring the fact that this kind of financing and choice of method will cause many problems for the economy. Financial crises and economic stability, creating a leverage in the economy, budget deficit, inflation and the distribution of risk among economic agents are the issues that affect the structures and models of financing. IstisnaSukukhas the potential to be used for infrastructure project financing and can be combined with other contracts, including Ijarah and Musharakah, for these types of projects. In this paper, various models are presented and examined to show that by adapting the financial flows of state-owned projects with real economy, especially in the field of infrastructure, the macroeconomic imbalances can be avoided. This is most relevant in the "Istisna-Musharakah-Stock" model.
Making sense of fashion involvement among Malaysian Gen Y and its implications
Authors: Teo Boon Chui Carol , Nik Nur Suhaila , Azman Nurul Fatin
Published: June 2020

In keeping pace with globalization of the fashion retail industry, fashion retailers are expanding aggressively across Asia. Malaysia is no exception with clothing market demand expected to double from USD3.6 million in 2011 to USD7 million in 2018. New foreign retail brands have mushroomed to compete alongside local brands to cater to the fashionable aspired yet unique Gen Y. This study dwells into determinants of fashion involvement of Malaysian Gen Y. They appear to have an insatiable appetite for the quick and trendy lines although less interested in logo-centric clothes and want unbranded goods, dressing for self-identity. They have blur distinctions as compared to earlier generations where dressing is seen as a way to fit in. Given their blurring fashion identity, local fashion retailers find it increasingly difficult to understand this ever-evolving customer base. Methodology involved mixed methods with storefront observations and interviews with top local fashion retailer. Using mall intercept approach, Gen Y were sampled via survey questionnaires. Findings were contrary to other studies. Fashion knowledge was the only dominant and significant factor. Local brand confidence, fashion shopping style and patronage behaviour were non-significant predictors. Implications on fashion retailing and theoretical implication on fashion involvement are debated
Impact of exchange rate and oil price on the yield of sovereign bond and sukuk: Evidence from Malaysian capital market
Authors: Arshad Huda , Muda Ruhaini , Osman Ismah
Published: June 2020

This study analyses the impact of exchange rate and oil prices on the yield of sovereign bond and sukuk for Malaysian capital market. This study aims to ascertain the effect of weakening Malaysian Ringgit and declining of crude oil price on the fixed income investors in the emerging capital market. This study utilises daily time series data of Malaysian exchange rate, oil price and the yield of Malaysian sovereign bond and sukuk from year 2006 until 2015. The findings show that the weakening of exchange rate and oil prices contribute different impacts in the short and long run. In the short run, the exchange rate and oil prices does not have a direct relation with the yield of sovereign bond and sukuk. However, in the long run, the result reveals that there is a significant relationship between exchange rate and oil prices on the yield of sovereign bond and sukuk. It is evident that only a unidirectional causality relation is present between exchange rate and oil price towards selected yield of Malaysian sovereign bond and sukuk. This study provides numerical and empirical insights on issues relating to capital market that supports public authorities and private institutions on their decision and policymaking process.
Organisational efficacy and the role of management control system in construction industry
Authors: Mustapha Nur Arfah , Hassan Roshidi
Published: June 2020

Management control system is putatively vital for management to resemble organisational performance.The objective of the study is to understand the role of management control system in organisational efficacy. Management control system has obtained growing attention within both academia and industry as part of OE. As works of literature grow, finding new directions by critically evaluating the research and identifying future trends has become central in advancing knowledge for the field. This paper will review some of the work done in this area of study. Applying management control system as a theoretical lens, we develop a research plan from current OE and management control system literature by offering propositions for future research where management control system may permeate contemporary OE topics. In doing so, we provide an initial foundation for organisational efficacy scholars to both incorporate the role of management control system effects into research and launch new research stream.
The influence of lean six sigma and Kaizen to reduce defect products in automotive industry
Authors: Mahmod Razmah , Mashahadi Faizah , Ashari Nur Amirah
Published: June 2020

The purpose of this study is to measure the influence of Lean Six Sigma (LSS) and Continuous Improvement (KAIZEN) to reduce the defect products in practising Quality Management System (QMS) for the automotive industry. Data were obtained from questionnaires which has been returned from 78 respondents among production operators in assembly section. The data has been analyzed using the Statistical Package for the Social Sciences (SPSS). Result shown that Lean Six Sigma (LSS) and Continuous Improvement (KAIZEN) have positive influence for solving the problem of defect products. The findings of this study will help the industry for giving serious enforcement and attention for these two methods in reducing the defect products thus will reduce the scrap management cost. This study contributes to the advancement of knowledge on methods to reduce defect products for automotive industry.
Macroeconomic essence of Takaful: Exploring the significance and impact of Takaful in macroeconomic context
Authors: Shahid Irfan
Published: June 2020

Takaful is an Islamic concept of modern insurance. It is based on cooperation and mutual understanding. Takaful has a significant position in the financial market. Conventional insurance has also opened the window for takaful in the Middle East and African countries. Takaful is considered one of the lucrative industries in the financial market. Several aspects of Takaful were explained in various books and monographs. There are numerous benefits of Takaful studied in various research, but takaful has some significant aspects in Macroeconomics literature. It helps to grow the economy by enhancing the productivity and economic security. The paper aims to analyse theoretically the impact of Islamic insurance on production, consumption and investment to study the impact of Takaful on Gross Domestic Product of economy.
Causality between VAT and economic growth in Nigeria: An ARDL bounds testing approach
Authors: Yusuf Hammed Agboola , Abidin Irwan Shah Zainal , Bakar Normiza , Musibau Oluwaseyi Hammed
Published: June 2020

Value Added Tax(VAT) is a consumption tax imposed at every stage of consumption level whose burden is burned by final consumer of goods and services. In most developing economies in the world, VAT as a source of revenue to the government that has been notable for its significant role in ensuring economic efficiency. However, VAT revenue has been underutilised in Nigeria due to a high level of corruption in the process of administering the tax. This study examines the impact of VAT, domestic investment and trade openness on economic growth in Nigeria from 1980 to 2016 using ARDL techniques. The research design is time series, and the data were analysed using time series unit root test, error correction model regression, short run and long run ARDL. The result found that VAT, domestic investment and trade openness had a positive and significant impact on real GDP. Also, corruption index is negative also significant in the long run. In the same vein, past value added tax had a negative and weak significant impact on real gross domestic product indicating convergence to long-run causality between economic growths and VAT and economic growth. The Error Correction Model (ECM (-1)) coefficient had a negative and statistically significant sign. This shows that 39 percent can quickly correct short-run deviation. The study, therefore,  recommends that tax administrative loopholes should be plugged for tax revenue to contribute immensely to the development of the economy since past VAT had a significant impact on economic growth.
Positioning Islamic social enterprise (ISE)
Authors: Muhamed Nurul Aini , Kamaruddin Muhammad Iqmal Hisham , Nasruddin Nur Syazwani
Published: June 2020

The Islamic Social Enterprise (ISE) is increasingly gaining attention due to its flexibility to perform trading activities for income generation while at the same time offering societal contributions. The roles of ISE is greatly viewed from value-based perspective, where the ISE’s objective is to support the Islamic third economic sector in easing the needs of those unfortunate and middle class citizens. Involving in trading activities is imperative for this institution given that collections from donations are insufficient as the demand for contribution is very high, as well as there is some cost acquired in its management. In this case, ISE’s sustainability should be taking care of to ensure the continuous contributions can be given to society. There are several perspectives on the definition of ISE since it is normally formatted in different forms, receiving initial and continuous source of collections from different Islamic charitable contracts and running different activities. Therefore, this paper attempts to position the definition and the context of ISE by deliberating its definitions and characteristics. Thus, the paper reviews the existing literature from the area of Islamic third economic sector and Islamic transaction law and inter-relating these aspects in the context of ISE. The focus is given on the aspect of the institution’s objectives, source of capital using the Islamic charitable contracts, its activities and; income generation and distribution. Based on the findings, the distinctive yet flexible definition of ISE expands the new and relevant area of Islamic third economic sector using Islamic charitable contracts. The discussion highlights that ISE should be guided by maqasid shariah, and follow the Islamic principles. This paper points out that not all Islamic charitable contracts are applicable for ISE, which should be comprehended for new established ISE.
Islamic banking opportunities in a non-Islamic economy: Customer perspectives of New Zealand
Authors: Khan Rubaiyet H. , Subramaniam Geetha , Ali Ershad , Parvin Saida
Published: June 2020

New Zealand as a representative of a non-Islamic economy holds some unique characteristics. It is small enough to test a new banking concept without many risks at the same time the results can be replicated effectively in larger economies like Australia, Canada, UK and USA. The current study uses four exploratory interviews and a robust literature review to propose frameworks for future studies in this area of knowledge. The results suggest opportunities of a market that can be a source of effective knowledge for successful market entries for Islamic banks around the world. Finding of this study may be of interest of future researchers in this area as well as managers and bankers looking for future markets of Islamic banks.
Relationship between ownership concentration and financial performance of deposit money banks in Nigeria: Does a turning point exist?
Authors: Kurawa Junaidu Muhammad , Umar Umar Habibu
Published: June 2020

This study seeks to establish a non-linear relationship between ownership concentration and financial performance of the listed Deposit Money Banks (DMBs) in Nigeria. The data were extracted from the annual reports and accounts of six (6) sampled DMBs from 2003 to 2014.  A panel data regression technique was used to analyse the data collected. The study establishes that the relationship between ownership concentration and the financial performance of listed DMBs in Nigeria changes from negative to positive when the ownership concentration reaches 54.94%. This signifies that the relationship between ownership concentration and financial performance is negative if the concentration is below 54.94%. On the other hand, the relationship is positive if it is concentrated above 54.94%.  Hence, it is recommended that the ownership of DMBs should not be concentrated below the cut-off point (54.94%) with the view to earning profits.
THE DYNAMIC OF CACI MULTIFUNCTION IN MANGGARAI ETHNIC NOWADAYS
Authors: Jama Karolus Budiman , Ardika I Wayan , Ardhana I Ketut , Setiawan I Ketut
Published: June 2020

Manggaraian ethnic has a special art named Caci. The art holds and became an identity of the whole of Manggaraian. The art was begun as the ritual of farmer’s land fertility. In its developing, the aesthetic has gone under the multifunction in it show time. The art is not only performing for the shake of the local people culture, but also perform for the political interest as well as the catholic church in Mangggarai.  This research used ethnographic method, data collected through the observation, interview, documentation, and triangulation. The research was done in Manggaraian ethnic of Flores. Every Caci performance has its own unique ideology. The ideology goes behind the cultural Caci performance is the ideology of fertility. The ideology goes behind the government interest of Caci performance is capitalism economy and political power.  The church ideology is inclusivism through the inculturation languages.

Keywords: dynamic, multifunction, caci, ideology, culture identity
POLITICS OF IDENTITY AND THE CASE OF AHOK’S RELIGION BLASPHEMY IN THE 2017 DKI JAKARTA ELECTION
Authors: Dalimunthe Syairal Fahmy , Ardika I Wayan , Putra I Nyoman Darma , Suka Arjawa I Gst. Bagus
Published: June 2020

Identity politics are often used in political contestation. Primordialism in similar religious and ethnic contexts creates the division and color of whose groups and supports whom. The purpose of this study is to understand and explain the politicization of religion and ethnicity in the DKI Jakarta 2017 elections. This study uses a cultural study approach with interpretive analysis techniques. The case of blasphemy by Ahok triggered the politicization of religion and ethnicity in the 2017 DKI Jakarta elections. Mass mobilization in the form of boycotts and the use of holy verses in choosing leaders was very massive carried out during the campaign period to increase the electoral effect. Identity is no longer purely a social movement to fight for a positive change, but rather a tool for the political elite to compartmentalize the masses in an effort to achieve their group goals. The identity politics that was triggered by the case of blasphemy by Ahok created a process of group exclusivity towards other groups on the basis of religion and ethnicity in winning a political battle. 

Keywords: Identity politics, blasphemy of religion, Ahok, primordialism