bluuebunny/crossref_metadata_2025 huggingface dataset:
Macroeconomic and Bank Specific Covariates of Non-Performing Loans (NPLs) in Pakistani Commercial Banks: Panel Data Evidence
Authors: Mehmood Bilal , Younas Zahid Irshad , Ahmed Nisar
Published: June 2020

Non-performing loans has become an important part of commercial banking of a country. This paper empirically tests the macroeconomic and bank-specific covariates of non-performing loans for a panel of 13 commercial banks for period of 2003-2012. Using fixed effects with Driscoll and Kraay standard errors, the influence of macroeconomic and bank-specific covariates is found meaningful. Recommendations include the policy steps to complement the sound financial system with a healthy macroeconomic environment to reduce non-performing loans in commercial banks in Pakistan. Moreover, need is highlighted for a policy approach with emphasis on the apposite credit culture and lending policy designed with pertinent economic and financial factors.
Distributive Justice: A Perspective from Islamic Economics Literature
Authors: Rahim Shafinah
Published: June 2020

This conceptual research paper intends to provide a summative introductory to an important economic concept; distributive justice from a purely Islamic perspective. Despite its relevance to the prevailing socio-economic problems and role in our daily economic activities both at micro and macro levels, most discussions related to distributive justice are often rooted to works of western scholars. The efforts available are normally cursory in nature relative to processes of production and consumption. Justice being central to Islam in general and distribution an aspect that affects the wellbeing of people collectively awards the notion of distributive justice an interesting and significant place as an independent subject matter of analysis.
Development, Growth and Challenges of Islamic Capital Markets: Comparative Insights from the Malaysian, Indonesian, United Arab Emirates and Brunei Markets
Authors: Najeeb Syed Faiq , Vejzagic Mirza
Published: June 2020

Despite initiatives and discussions in many countries to introduce Islamic capital markets, the share of non-banking assets in the global Islamic finance industry remains small. Islamic banking continues to dominate the Islamic finance portfolio with a gigantic 80.9% contribution towards the total Islamic finance assets as at year end 2011. Based on such statistical reality, one may wonder, what are the current growth and development trends of Islamic Capital Markets (ICMs)? To this end, this paper assesses the development, growth and challenges of Islamic Capital Markets in Malaysia, Indonesia, United Arab Emirates, and Brunei and critically analyses the fundamental factors that contribute towards the liquidity, volume and trends of the Islamic Capital Markets in these countries. Using Malaysia as a benchmark, this paper provides a comparative analysis on the performance of the various sectors of Islamic capital markets such as equity markets, debt markets, fund management markets, liquidity markets, etc. amongst the four sample countries. In addition, the paper examines the local authorities? initiatives? and future plans for firmly establishing Islamic Capital Markets in their jurisdictions and further recommends potential policies that could be introduced to maximize economic gains and societal welfare from Islamic Capital Markets for the Muslim population in general. Overall, the findings from the paper are expected to attract significant interest from Islamic finance stakeholders, in particular to understand how local authorities and other players could possibly be instrumental in shaping the development of Islamic Capital Markets.
Livelihood Strategies and Household Income of A Paddy Farming Community in Northwest Selangor, Malaysia
Authors: Saiful Nathan Siti Badariah , Mohamad Mohd Rosli
Published: June 2020

Social, ethical and environmental concerns have been used as important consideration for investment decision by an increasing number of investors. This can be seen by the size and growth of the socially responsible investment (SRI) industry in the developed economies. At the same time, scholars and commentators of Islamic finance have also called for Islamic investment industry to learn from the experience of SRI in incorporating social responsibility issues in the investment process, in line with the ethical principles of Islam and the overall objective of the Shari’ah (Maqasid al-Shari’ah). This would require Islamic investment sector to have a clear understanding of the SRI industry in order to effectively benefit from its experience. This is particularly critical due to the significant diversity of investors and complexity in the issues and strategies adopted in the SRI industry. Hence, this paper adds to the Islamic investment literature by providing an extensive  and systematic survey of SRI industry in terms of its (i) underlying motivations and values; (ii) issues of concerns; (iii) types of investors; and (iv) screening strategies. It then synthesizes these components within the context of the ‘value-based’ investors. This synthesized framework offers a useful tool for Islamic investment practitioners to understand the theoretical and practical aspects of SRI. Subsequently, the paper highlights important implications of the findings for Islamic investment industry in terms of the issues that it needs to consider in emulating SRI practices and a number of lessons that it can learn from the SRI experience.
Leader’s Perceptions on Family-Work Conflict of Subordinates Affecting Nomination and Promotion of Women Employees in Bali
Authors: Marhaeni Agung A. I. N. , Sudibia I. Ketut , Wirathi I. G. A. P. , Rustariyuni Surya Dewi
Published: June 2020

The purposes of this study were to determine the perception of leaders on work-family conflict among subordinates, the influence of the status or condition of subordinates and the influence of leader’s perceptions of work-family conflict experienced by subordinates against superior perceptions on the former nomination and promotion. The research was conducted in Denpasar, Badung, Gianyar, and in the Province of Bali. The respondents were the super-ordinates holding Echelon II, III, and IV both 40 men and women, with each having 1-3 subordinates, totaling 111 people. The method of sampling used was non-probability sampling, and data were collected via questionnaire method and interviews. Statistical analysis technique used was multiple linear regression. The results of the study showed among others that female employee has work-family conflict higher than male, the differing conditions have a significant effect on the perception of leaders on work-family conflict experienced by subordinates and such perceptions significantly influence the nomination and promotion of subordinates. As a result, the recommendations for the study include empowerment for both men and women, staff mobility as an important agenda in terms of the suitability of employees at work. Additionally, there should be active participation of the male-female employee in the domestic affair which can be accomplished jointly with husband-wife cooperation.
Is Islamic Finance, Social Finance?
Authors: Mohamad Saadiah
Published: June 2020

Developments in Islamic Finance and Social Finance and illustrate an increasing interest globally to look at alternative ways of financing and creating value in the society. Islamic Finance and Social Finance are emerging disciplines that challenge and influence the global finance industry and both have similar mandates in terms of their emphasis in ethical business and investment. Islamic Finance is governed by the rules of the shariah that prohibits riba or interest and gharar (uncertainty), sinful business sectors such as pornography and alcohol and unethical practices such as exessive speculation and gambling. These forms of restrictions are similar to the negative screening methodology adopted by the socially responsible investment or SRI which is a rising component of Social Finance.
Hiring Woman As Leader In An Organization A Risk?: A Case of Malaysian Takaful Company
Authors: Ahmad Affiaine , Abdul Rahman Zuriah
Published: June 2020

The main purpose of this paper is to examine the relationship of commitment, management, attitude and risk of hiring women as a leader. This empirical study focuses on Malaysian Takaful Companies. The study utilized a survey approach which involved 150 respondents. The sample for this study was drawn from urban population in Klang Valley. Findings showed that all factors have no significant relationship with the hiring of women. Future studies could include other factors such as cultural, economic circumstances, learning, media and information system as independent variables. The study has provided a basis understanding on women credibility of Malaysian Takaful companies. The findings of this paper also have several implications, which would undoubtedly benefits the Takaful companies to bring innovation management into the organization while at the same time making them to realize the equal potential of workers in Malaysian Takaful companies.
Relationship Between Level of Income and Method of Contribution and Appointment of Islamic Waqf Bank as an Agent in Collecting Waqf Fund
Authors: Ab. Aziz Muhammad Ridhwan , Yusof Mohd Asyraf , Johari Fuadah , Sabri Hisham
Published: June 2020

Receiving a good education helps empower people knowledge, thus making them strong enough to look after themselves in any given situation. It keeps oneself aware of given surrounding as well as the rules and regulations of the society they living in. Moreover, the technology that we use today is a result from the advancement and improvement of education. On the other hand Islamic waqf bank is a special designed financial institution in Islam. This bank will benefit the student and also their parents, due to its unique structure that could finance students‟ education in term of fees and cost of living. Islamic waqf bank uses the concept of cash waqf in terms of funding the education. While cash waqf is a trust fund established with money to support services for mankind‟s benefits in the name of Allah. The objective of this article is to examine the relationship between level of income and contribution method of cash waqf fund in Islamic waqf bank as well as the appointment of an agent in collecting waqf fund in Islamic waqf bank. The methodology of this research is a quantitative research towards 287 respondents among Muslim public in this country. The general finding of this article shows that, with proper contribution method and the appointment of Islamic waqf bank as an agent in collecting the cash waqf fund, there is a strong tendency that the Islamic waqf bank‟s operation will be run effectively.
Trading in Islam: Shari‟ah Rules and Contemporary Applications in Islamic Financial Transactions
Authors: Najeeb Syed Faiq
Published: June 2020

This paper attempts to comprehensively highlight the various Islamic laws and guidelines which govern contracts of exchange involving selling of goods and trading of debts. Muslim jurists have extensively researched, reasoned and deliberated over centuries in order to compile a comprehensive framework of principles Muslims are required to adhere to when engaging in selling of goods and trading of debts. This compilation is based on the rulings derived from the Quran and Sunnah and other secondary sources of Islamic law. The paper introduces the readers to various categories of exchange contracts and examines the elements which may render them valid or void along with details on the general conditions and prohibitions in Islam when it comes to trading. More importantly, the paper discusses the contemporary applications of these contracts in the modern Islamic financial industry and apprises the readers of the current Shari‟ah issues and challenges being faced by the Islamic financial institutions. The paper also highlights critical issues which the Islamic financial industry needs to overcome to sustain its tremendous growth along with a few recommendations for the industry to improve its practices in future.
Governance and Information & Communication Technology in Islamic Countries: A Generalized Method of Moments Inference
Authors: Mehmood Bilal , Haider Rizvi Syed Husnain , Haider Rizvi Syed Sajjad
Published: June 2020

Role of governance is undisputedly pivotal in managing the resources of a nation. Its importance for a better society and economy has been widely discussed in literature (North, 1990; Kaufmann et al., 2000; La Porta et al., 1999). Moreover, the 21st century has brought novel changes such as advent of information and communication technology (ICT). Information revolution has reformed societies and economies around the globe. Accordingly, this paper combines the two above-mentioned phenomena in this paper and puts forward a hypothesis that ICT has a positive influence on governance. In addition to ICT, Human Development Index (HDI) is also expected to have positive influence on governance. To conduct rigorous statistical analysis of the relevant variables, we use a widely used robust estimation technique, known as Generalized Method of Moments (GMM). This statistical technique has the ability to cope with endogeneity and heteroskedasticity in the presence of instrumental variables. In addition, Granger causality has been applied to test the causality between the two governance and ICT. Recommendation on the basis of findings are made after the statistical analysis is conducted.
Islamic Financial Development and Economic Growth-- Empirical Evidence from United Arab Emirates
Authors: Tabash Mosab I. , Dhankar Raj S.
Published: June 2020

This paper analyzes empirically the relationship between the development of Islamic finance system and growth of the economy in the United Arab Emirates (UAE). To document the relationship between development of Islamic finance and economic growth, time series data from 1990 to 2010 were used. We use Islamic banks’ financing credited to private sector through modes of financing as a proxy for the development of Islamic finance system and Gross Domestic Product (GDP), Gross Fixed Capital Formation (GFCF), as proxies for real economic growth. For the analysis, the unit root test, cointegration test and Granger Causality tests were done. Our empirical results show that there is a strong positive association between Islamic banks’ financing and economic growth in the UAE, which reinforces the idea that a well-functioning banking system promotes economic growth. However, our results indicate that a causal relationship happens only in one direction, i.e., from Islamic banks’ financing to economic growth, which supports Schumpeter’s supply-leading theory. In this case, the development in the Islamic financial sector acts as supply, leading to transfer of resources from the traditional, low-growth sectors to the modern high-growth sectors, and to promote and stimulate an entrepreneurial response in these modern sectors. Furthermore, the results show that Islamic Banks’ financing has contributed to the increase of investment in UAE in the long term and in a positive way.
The Overview of Asean Rice Trade Toward Asean Integrated Food Security (AIFS)
Authors: Julitasari Evi Nurifah
Published: June 2020

ASEAN takes serious effort to address the challenge of Food Security, within the region of Southeast Asia. Especially for rice trade among ASEAN country was taken place a long ago. In 2015 we would be integragted market. The aims of study are (1) to analysys the potential of rice supply and demand (2) the effect of trade restriction (export and import restriction). The models were constructed by econometric simulation analysis with time series data from 1984-2007. The results shows: (1) the trend of ASEAN paddy production was increasing. The average increase of the ASEAN paddy production was 130,46 MT/year with the rate 2,84 percent/year (2) the effect of export restriction will be increase an export price more than 10 percent, and the effect of import restriction will be increase an import price in all importer countries.
A Nexus of Stigliz‟s and Islamic Concepts in Creating a Learning Society
Authors: Abu Samah Siti Akmar
Published: June 2020

Even a layman will find this talk by Joseph Stigliz worth noting. The talk took place late last year, meant for fellow researchers, economists, academicians and thinkers held in Scotland on this holistic topic “Creating a Learning Society”. In finding a nexus between the thoughts of a Nobel Laureate and Islam, such a propagation has well been documented more than fourteen hundred years ago when the Quran states in Surah Al Mujadilah 58:11 that “Allah will exalt those of you who believe, and those who are given knowledge, in high degrees; and Allah is Aware of what you do”. Also, the Hadith states as narrated by Anas bin Mâlik: The Messenger of Allah said “Seeking knowledge is a duty upon every Muslim” (Sunan Ibn e Majah, Book of Sunnah, Hadith no 224, Classified as Sahih By Allama Albani). Indeed, this is a principle to adhere to for all mankind to be in the wealth of knowledge, in order to transform a society.
In Bourgeoisie We Trust, But Which One? Islamism, Development, And The “Finance Curse”
Authors: Demiralp Seda
Published: June 2020

The rise of Islamic financial institutions in the past decades stimulated studies that investigated their link to Islamic parties.  Some perspectives viewed them as the financial wing of Islamic extremism. Others argued that the rise of an Islamic bourgeoisie, especially if integrated into the global economy, promotes moderation and liberalization among Islamic groups.  This study investigates the relationship between the type of Islamic capital and Islamic moderation.  In addition, it analyzes how state institutions can shape the trajectories of Islamic movements through economic policies. In this regard we compare and contrast production based capitalism which empowers industrial actors versus finance based capitalism which may not support the industry but strengthen financial elites.  We find that production based development is more likely to promote mutual wins among Islamic and other actors and facilitate moderation than finance based economies which may promote zero-sum games and polarization.
Can Values of Honesty, Hard Work, Loyalty and Discipline Predict Entrepreneurial Orientation of Muslim Owner Managers?
Authors: Mohd Rohani , Kamaruddin Badrul Hisham , Yahya Khulida Kirana , Sanidas Elias
Published: June 2020

The purpose of the present study is twofold: first, to investigate the true values of Muslim owner managers; second, to examine the impact of these values on entrepreneurial orientations of Muslim small-scale entrepreneurs. 850 Muslim owner managers were selected randomly using the sampling frame provided by MajlisAmanah Rakyat Malaysia (MARA). 162 completed questionnaires were collected and analyzed. For this paper only two dimensions of entrepreneurial orientations were analyzed: proactive orientation and innovative orientation. Interestingly, the findings revealed that Muslim businessmen/women are honest, loyal, disciplined and hard working. Loyalty and honesty are positively related to proactive orientation, while discipline and hard-work are positively related to innovative orientation. The findings provide implications for existing relevant theories, policy makers, practitioners and learning institutions.
A Preview on the Conceptualization of Contemporary Knowledge from Islamic Knowledge Management Perspective
Authors: Othman Khatijah , Yaakub Muhamadul Bakir , Yousif Ahmad F.
Published: June 2020

The philosophy of knowledge is known as an established discipline both from Islamic perspective and Western viewpoint. Generally, it can be understood as a source of economy, power and prosperity. With the knowledge as a source of provider, the economic development, political power, business transaction and networking; rapid development in telecommunication and technology, with various other developments in human engineering and education plus, etc.‟s; human civilization flourishes.  Focusing on the philosophy of knowledge and comparing its traditional sense with modern practice might lead us to discover some ways in which knowledge should be realized, managed and applied. Obviously, the issue and criteria that determine what constitutes knowledge is indeed crucial. Therefore, this paper highlights general concept of knowledge management from Islamic perspective and its significant contribution to human development.
Consumers‟ Acceptance of „Halal‟ Credit Card Services: An Empirical Analysis
Authors: Johan Zaimy Johana , Putit Lennora
Published: June 2020

Many past researches have been carried out in an attempt to continuously understand individuals‟ consumption behaviour. This study was conducted to investigate key factors influencing consumers‟ potential acceptance of halal (or permissible) financial credit card services. Specifically, it anticipated the influence of attitude, social influences and perceived control on consumers‟ behavioural intention to accept such services. In addition, factors such as religiosity and product knowledge were also postulated to affect consumers‟ attitude towards the act of using halal credit cards for any retail or business transactions. Using non-probability sampling approach, a total of 500 survey questionnaires was distributed to targeted respondents in a developing nation but only 220 usable feedbacks were received for subsequent data analysis. Regression results revealed that religiosity and product knowledge significantly influence consumers‟ attitude toward using halal credit card services.  Attitude in turn, subsequently has a significant impact on consumers‟ intention to accept halal financial credit card services. Several theoretical and managerial contributions were observed in this study.
Regenerative Medicine : A Promising Approach In Overcoming Diabetes As An Increasing Economic Health Burden
Authors: Mohd Ismail Nafeeza , Agarwal Renu
Published: June 2020

Diabetes mellitus is a serious public health issue, particularly in developing nations due to the cost associated with its management and its debilitating complications. Patients with diabetes mellitus type 1 are insulin-dependent due to complete loss of insulin producing beta cells in the pancreas and require a well-balanced regimen of insulin injections for life-time. The patients with diabetes mellitus type 2 also require insulin therapy in later stages of disease. In these patients insulin helps by correcting the insulin deficiency, however, the root cause of the disease still persists. Regenerative therapy is now offering solutions and hope to people with insulin-dependent diabetes. This paper gives an outline of the currently used methods in regenerative medicine that aim to re-establish the functional beta cells and restore the body’s original ability to regulate blood glucose levels.
Shari‟ah Compliant Liquid Commodity Market: {An Expositional Study on Bursa Suq al-Sil‟ah in Malaysia}
Authors: Olayemi Abdul Azeez Maruf , Hasan Aznan , Ibrahim Uzaimah , Buang Ahmad Hidayat , Ansary Riaz
Published: June 2020

One of the major challenges before  the emerging Islamic financial Institutions is the dearth of Shariah compliant money market platform for the management of their liquidity. However, a viable panacea to the problem has been developed in Malaysia. One of the measures that were taken for the solving of the problem in the country was the creation of Bursa Suq al-Sil'ah which is a Shariah compliant liquidity commodity market. The market is tremendously efficient and it can form a model for other countries. This paper submits that the creation of a similar commodity market in the emerging jurisdictions will mitigate the problem of Shariah compliant liquidity management to a great extent. The study adopts Shariah method in its analysis in view of buttressing the mechanism of Bursa Suq al-Sil‟ah as a model for the emerging jurisdiction.
Tertiary Educated Muslim Women's Work Decision
Authors: Tan Peck Leong , Zia Ahmad Kusair Muhammad Adidinizar , Abdul Hamid Norlida
Published: June 2020

The participation of women in the labour force has been steadily rising over the years, especially with tremendous human capital investment in educating more women at tertiary levels. However, the tertiary educated women labour participation remains low, particularly among Muslim women. Therefore, this paper explores how tertiary educated Muslim women make their decision to work. This study surveyed 139 tertiary educated women and found their decisions to work are affected by their families’ needs and/or responsibilities, and may not be due to their lives’ goals and dreams. The majority of them work for the sake of money and hence will work if offered jobs meet their expectations in term of salary and position. Furthermore, they will leave the workforce if they need to fulfil their responsibilities at home. Therefore, to retain or to encourage more women especially those with high qualifications to be in the labour market, stakeholders must provide family-friendly jobs and suitable work environment such as flexible working arrangements. More importantly, stakeholders must be able to convince the family members of tertiary educated women to release them to the labour market.
Halal Beef Handling in Nigeria: The Abattoir Workers‟ Perspective
Authors: Annabi Carrie Amani , Ahmed Jinadu Lolade
Published: June 2020

Despite Nigeria‟s large Muslim population of 77.3 million citizens, very little research has been carried out in terms of addressing Halal needs in Nigeria. This study reviewed the perspective of abattoir workers‟ involved with Halal beef in two abattoirs in Abuja. The research made use of primary data gathered by conducting telephone interviews, using semi-structured interview questions. Although the National Agency for Food and Drugs Administration Control (NAFDAC) guidelines which govern Halal beef handling in Nigeria proved to have commonalities with those recommended by the Jurisdiction of Department of Islamic Development in Malaysia, (JAKIM), the findings revealed that there was a general lack of awareness about either of those guidelines amongst the abattoir workers interviewed. The abattoir workers that participated indicated that their perception of what constitutes Halal beef handling best practice was based on personal opinion. Thus, there is the need to create better awareness on the current guidelines for Halal beef handling provided by NAFDAC. Furthermore there is a need for Halal beef handling training for the abattoir workers in Nigeria.  This was evidenced in the fact that additional Halal beef logistics activities such as packaging, storage and transportation were found to be carried out by third party logistics (3PLs) organizations which made it difficult to ascertain the Halal integrity of the Halal beef supply chain.
Inspiring Best Business Practices
Authors: Mustafa Basil
Published: June 2020

The people of Turkey ought to be congratulated for their hard work in achieving a sustained record of economic stability with growth over the last decade or more. Unemployment rate, particularly given the continuous growth of workforce, and inflation, remain the significant challenges. Nevertheless, Turkey maintained its Gross Domestic Product (purchasing power parity) share of the world’s total and improved its GDP’s percentage on exports of goods and services. Turkey’s exports to the UK have been growing steadily from about $2billion in 2001 to about $8billion in 2010 with the exception of 2009. Turkish industries in various sectors have been producing quality goods. In view of the growing popularity of the oriental drink Turkish “coffee” and that of coffee houses in England, one of the most innovative products of Turkey is the coffeemaker.
Determinants of FDI inflow in Asia
Authors: Hasli Anita , Ho Catherine S F , Ibrahim Nurhani Aba
Published: June 2020

The research analyses the determinants of FDI inflow in Asia for the period 1993-2013 and is based on the fixed effect model. The macroeconomic factors included are lending rate, GDP per capita, trade openness, debt, exchange rate, money supply and unemployment rate. The country specific factors included are adult literacy rate, gross fixed capital formation, domestic credit provided by the financial sector, environmental pollution and natural resources rents. The study applies panel unit root tests, panel cointegration analysis and panel regression analysis based on the fixed effect model to ascertain the significance of macroeconomic and country specific factors on FDI inflow in Asia. The study found that lending rate, trade openness and money supply have a positive significance to FDI per capita whereas debt, unemployment rate and environmental pollution have a negative significance to FDI per capita.
Choice Between Economic Reforms And Political Reforms: An Empirical Analysis For Financial Development
Authors: Sarwar Saima , Akhter Azka Jamil
Published: June 2020

The purpose of this study is to investigate the impact of economic and political reforms on the decisions related to Financial Sector development both in developed and developing nations. Panel of sixty nations divided almost equally in both sections for the time period 1990-2012 has been used. Using Discroll-Kraay Fixed Effect estimation technique, results revealed that in all cases either for whole panels or for separate developing and developed nations, process of economic reforms is playing most important role in the development of this sector among all other variables and this becomes more prominent in case of developed nations. While among political factors, role of Governance has been observed positive and strongly  significant in its impact on the development of this sector for all cases. But Democracy showed positive effect only for developed nations not for developing nations which highlights this fact that consistency is the most required ingredient in case of economic development overall. Overall findings of the study helps in concluding that in case of developing countries, economic reforms are proving to be more fruitful and swift in their outcomes than political reforms.
Reducing Apathy in the Face of Corrupt Behaviour: Whistleblowing as an Act of ‘Amr bi-l-ma’ruf wa-nahy ‘an al-munkar
Authors: Khalid Haniza , Abd. Samad Khairunnisa , Kayadibi Saim
Published: June 2020

Islam promotes ‘‘amr bi-l-ma’ruf wa-nahy ‘an al-munkar” or ‘enjoining good and forbidding wrong’ as the underlying basis of human social, political and economic interactions and core precursor in maximizing human welfare. However, in the business realm today, individuals tend to operate under the rational (i.e. maximizing welfare) mode, only that the welfare maximized is his alone. To curb this tendency, whistle-blowing provisions have been introduced by more and more institutions as one possible mechanism to deter wrongdoings or corrupt behaviour and guide formal investigations of wrongdoings in corporate or public institutions. Whistle-blowing has an undeniable value within the framework of ‘‘amr bi-l-ma’ruf wa-nahy ‘an al-munkar” in institutional governance, alongside other educational and spiritual enhancement efforts. Many of the problems in private and public institutions in Muslim countries can be prevented if people had acted on their suspicions and prompted the authorities to intervene.  While many studies have established the importance of cultural and ethical background in determining whistle-blowing motivations and system, very few specifically whistle-blowing within the Islamic doctrine of ‘‘amr bi-l-ma’ruf wa-nahy ‘an al-munkar” and its implications on whistleblowing systems. This paper attempts to fill this void by drawing from elements of the Islamic hisbah system as outlined by Imam al-Ghazali (d. 505H) specifically that can be used to guide drafting of whistle-blowing systems generally. An implication for modern-day managers is that additional investment should ideally be made to leverage on religious feelings and God-consciousness with respect to individual role in enjoining good and forbidding wrong.
Off-Balance Sheet Income Activities For Islamic And Conventional Banks
Authors: Misni Latifah Syaqirah , Ma'in Masturah , Mat Isa Siti Sarah
Published: June 2020

The aim of this study is to investigate the determinants of off-balanced sheet income activities, considering the bankspecific and macroeconomic factors as independent variables in Islamic and conventional banks in Malaysia. This study utilizes 16 Islamic banks and 14 conventonal banks panel data from 2008-2013 and 2002-2013 respectively. The result shows that the determinants of off-balance sheet activities in Islamic banks in Malaysia are bank’s size (TA), bank’s profitability (NP), and interest rate (INT). While, the determinants of off-balance sheet activities in conventional banks are bank’s size (TA), bank’s profitability (NP) and the Real Gross Domestic Product (RGDP).
Why Islamic finance is different? A Short Review of Islamic Jurisprudential Interpretation about Usury, Ambiguity (Gharar), Gambling (Maysir) and Exploitative Commercial Arbitrage (Talaqi alRukban)
Authors: Chowdhury Mohammad Ashraful Ferdous
Published: June 2020

Unlike the traditional Finance, Islamic finance must observe the teachings of Shari’ah whose basic teaching cannot be violated at any point in time. These basic teachings constitute the core element of the faiths that are best described as maqasid al-shari’ah. While prohibiting Riba, Gharar, Maysir, Islam promotes maslahah by protecting the interests and benefits of all parties involved in the market. This paper emphasizes on the main underlying causes (‘Illah) for the prohibition of these on the basis of Islamic and socio-economic point of views. This is paper is based on secondary sources such as classical books, articles etc. There is no difference of opinion among scholars that Riba, Gharar, Maysir is clearly prohibited by both Quran and the Sunnah. However, Questions continue to be raised about their meanings and implications because of the diverse applications in commercial transactions (Mu’malat). This paper is a humble attempt to clarify the meaning and implications of these terms.
Global Financial Crisis (GFC) And Islamic Banks Profitability: Evidence From MENA Countries
Authors: Mongid Abdul
Published: June 2020

This  paper investigate the determinant of profitability of Islamic banks from the MENA region and how Global Financial Crisis (GFC) impacts on their performance. The study covers 117 banks for periods of  2003 to 2011. To examine the determinant of Islamic banking profitability (ROA), we apply a balanced and dynamic panel data regression model. We  conclude that the profitability of Islamic banks in the MENA countries is determined positively by asset size,  equity to total asset, liquidity risk and negatively by capital adequacy ratio, innovation  and global financial crisis. Positive and significant of asset size underlines the viability of economies of scale and scope.  Foremost, Dummy for crisis is negative and significant indicating Islamic banks are not immune to the crisis. Innovation should be performed with caution, especially on Off-balancesheet activities.
Predictors of Bankruptcy Probability among Malaysian Civil Servants : Examining the Subjective Measurement
Authors: Nair Yashota , Paim Laily , Sabri Mohd.Fazli , Abdul Rahim Husniyah
Published: June 2020

Bankruptcy and its impact on the quality of life among Malaysian civil servants has received considerable attention from many authorities. The purpose of this study is to examine the determinant factors of civil servants’ bankruptcy probability in Malaysia. The results of this study can be used to predict the possibility of bankruptcy. The knowledge of this early warning model may help to prevent the consequences or reduce the possibility of bankruptcy among Malaysian civil servants. It can be also used for a better understanding of the relationship on bankruptcy probability by highlighting the determinant factors such as asset ownership, attitude towards debt, and financial management practices. Samples were selected by using multi-stage cluster sampling technique among civil servants in public sectors. A total of 399 completed questionnaires were analysed using logistic regression to identify the probability of bankruptcy among the civil servants. The results identified that the possibility of bankruptcy is significantly determined by asset ownership, attitude towards debt, and financial management practices.
The Cost of Sharia Investing: Comparative Empirical Study in Indonesian Stock Market
Authors: Rifqi Muhammad
Published: June 2020

This study attempts to investigate the financial performance of Jakarta Islamic Index (JII) in comparison with more widely known Jakarta Composite Index (JCI). Using historical data from January 2004 to May 2015, we comprehensively measure returns and risk properties of the indices using mean returns, standard deviation, Sharpe ratio, Treynor ratio, Jensen Alpha, and Value-at-Risk, and evaluate their results. We also perform portfolio simulation to assess the diversification capability of JII from strategic asset allocation perspective. Our findings indicate that despite JII outperforms JCI during pre-crisis in terms of raw and risk-adjusted returns, it underperforms JCI in all other sub-periods. Meanwhile, in terms of risk characteristics, we find that JII is a clear inferior to JCI. Thus, in overall we argue that there is a substantial cost associated with Sharia investing in Indonesian Stock Market. Nevertheless, simulation results indicate that JII could serve as a valuable portfolio diversification tool, in which it succeeds in lowering the risk of the whole portfolio.
Does Islamic Finance Industry Lack a Certain Degree of Credibility?
Authors: Khorshid Aly
Published: June 2020

Islamic banking and finance sector risks losing a golden opportunity to demonstrate an alternative system that could prevent a future credit crunch and share risks. With the conventional banking sector slowly coming to terms with its high-profile collapses and bailouts, the Islamic sector  has suffered  only mild aftershocks. The question  that comes to mind is: why are savers and investors not flocking to shariahcompliant banking? Could Islamic finance lack a certain degree of credibility? And if so, why?
Modelling the Return of Shariah with Underlying Indices of National Stock Exchange of India: A Case of 3SLS and GMM Estimation
Authors: Siddiqui Saif , Sheikh Safika Praveen
Published: June 2020

Shariah indices can be used to construct socially reliable investment products that are attractive for those, who do not wish to invest in undesired business. National Stock Exchange of India introduced Nifty 50 Shariah and Nifty 500 Shariah indices to provide alternative i The study is an attempt to reveal the relationship between Nifty 50 Shariah and Nifty 500 Shariah with their underlying indices, Nifty 50 and Nifty 500.For this purpose a period of 01/01/2007 to 31/12/2015 is taken. Based on various objectives, techniques like Descriptive statistics, Correlation, Co 3SLS and GMM estimation are used. It is concluded that return of Shariah Indices are better and risk is lesser, than underlying indices. These indices are the better option for portfolios.
Halal Pharmaceutical Industry in Nigeria: A bitter pill to swallow
Authors: Annabi Carrie Amani , Wada Suhayr Mustapha
Published: June 2020

Notwithstanding Nigeria’s large Muslim population of 89.25 million citizens, very little research has been carried out in terms of addressing Halal needs in Nigeria. This qualitative case study reviewed the perspective of 32 respondents, (15 patients, 15 doctors and two pharmacists), in a medical centre in Abuja, Nigeria on their perceptions on and awareness of Halal pharmaceuticals. The interview data were collected through telephone interviews. Data analysis and findings were examined against the literature reviewed in this study. Findings concluded that there was a lack of awareness of Halal medicine products within Nigeria and that this was the primary reason why the respondents felt that there was a dearth of Halal pharmaceuticals. There were also secondary concerns from the patients about the risk of counterfeit medicine and the doctors were worried at the potential cost of providing Halal pharmaceutical options in case it deterred patients from buying the (Halal) medicaments prescribed. The pharmacists were supportive of Halal pharmaceuticals in principle but highlighted issues surrounding both the efficacy of alternatives and the effectiveness of some current ingredients that might be deemed unacceptable in Halal preparations.
Bridging the Supply Gap in Islamic Finance Education: Current Landscape and Future Marketability of Talents
Authors: Mohd Yusof Rosylin , Maamor Selamah , Al-Aidaros Al-Hasan
Published: June 2020

Consistent with the government’s effort to further promote Malaysia as the International Islamic Finance Education Hub, this article highlights the supply gap in Islamic finance education and identifies issues for future marketability of Islamic Finance Talents. Specifically, this article focuses the number, nature and nomenclature of programs offered by existing public and private universities in Malaysia and assesses whether the graduates meet the demand of the industry players. This study covers eleven (11) public universities and three (3) private institutions which offer MIF programs both at undergraduate and graduate levels. Based on the survey on existing programs and student enrolment in Muamalat and Islamic Finance (MIF) programs offered by these institutions, the findings reveal that there are 89 Islamic finance programs offered at the various Malaysian institutions. Out of these, 21 are PhD, 36 Masters, 27 Bachelors and 5 Diploma programs. The survey also found that programs with banking and finance focus are the majority constituting at least 37%. These are followed by Muamalat (Shariah and Law) focused programs to the tune of 25%. Others are Islamic economics (20%), Islamic Management (15%) and Islamic accounting (3%). The analysis was also done to critically re-define Islamic Finance education into five domains that is Muamalat (Shariah and Law), Islamic Finance, Islamic Economics, Islamic Accounting and Islamic management and abbreviated as MIF. The study further recommends that Ministry of Education and MQA need to facilitate the approval of new programs in Islamic accounting, Islamic economics and Islamic management. Universities that offer MIF programs should also diversify their programs based on the five domains. Hence, there is a dire need for policy ramifications to include a balance of students’ enrolments in all the five domains to achieve the government target of 54,000 Islamic Finance talents in 2020.
Complexities of Waqf Development in Bangladesh
Authors: Hasan Rashedul , Siraj Siti Alawiah
Published: June 2020

Bangladesh is coping with the problem of poverty since its independence. Recent success stories of the country in alleviating poverty have been the outcome of the efforts of several public and private initiatives. As a Muslimmajority country, Bangladesh is yet to incorporate Islamic vehicles of poverty reduction in the national development strategies. Waqf has been sidelined as a mere charity even though it has historical success in producing continuous income and thus reducing poverty levels in the Muslim countries. This paper is divided into three sections. In the first part, it provides a historical overview of Waqf in Bangladesh followed by a brief description of Waqf institutions that are responsible for managing Waqf in Bangladesh. The final section discusses contemporary issues that are affecting the efficient management of Waqf funds towards making its mark in alleviating poverty from Bangladesh. In describing various problems, issues concerning governance and information disclosure were addressed that provide significant insight for different stakeholders. Information gathered through systematic literature review process indicated that Waqf institutions in Bangladesh are lacking appropriate governance mechanisms that are resulting in information asymmetry. Future research on the governance mechanisms applied by Waqf institutions and their impact on the extent and quality of information disclosure will provide further insight for the need of reform in this voluntary sector to ensure their sustainable future and contribution towards economic development in Bangladesh.
Public Acceptance and Preference Towards Rainwater Harvesting in Klang Valley, Malaysia
Authors: Asmuni Shahariah , Baah Ruzita , Yusoff Sabariah , Ahmad Ridzuan FatinNabilah Sofea
Published: June 2020

This study explored the public acceptance and preference towards rainwater harvesting (RWH) in the area of Klang Valley. Self-administered questionnaires were used to obtain data from 109 respondents. An interview was also conducted on an individual representing a household with a RWH system. Respondents generally accepted that rainwater could be collected and reused for non-potable uses such as washing the porch and vehicles and watering the garden. While suggested WTP values of non-owners of the system fall below RM500, actual interview showed a homeowner spending a much higher amount for the system’s installation. Among the attributes of a RWH system preferred by respondents were affordability, safety and convenience. Added feature of a system preferred would be having a unit subsidized by the government. These findings may assist policymakers in finding ways to promote the development and use of RWH systems in the country.
Examining Market Efficiency and Integration of the Islamic Stock Indices
Authors: Ahmad Noryati
Published: June 2020

The question of whether the stock market is efficient has been an ongoing debate among researchers. Generally, empirical evidence indicates that most conventional stock indices for developed countries are weak form efficient while inconclusive results are discovered for developing countries. With the growing importance of the Islamic capital markets that run parallel to the conventional stock markets, similar question arises as to whether these new Islamic capital markets are also efficient. Hence this paper aims to examine the weak form efficiency of the Islamic stock indices. Autocorrelation Function (ACF) test and Variance Ratio (VR) test are used to test the market efficiency of the Islamic stock indices from China, India, South Africa, Malaysia, Dubai, Qatar and Japan. The study uses daily data covering the year 2008 until 2012. In addition, this paper attempts to unveil the dynamic causal relationships among the Islamic capital markets. Bivariate Granger Causality test is employed to achieve the objectives. Interestingly only the Islamic stock indices for Malaysia and India are weak form efficient while the results of the Islamic stock indices for Qatar and Kuwait are not. The results of the other Islamic stock indices studied are inconclusive. Johansen multivariate cointegration tests reveal no long-term relationship among the Islamic stock indices. On the other hand, bivariate Granger Causality tests report short run co-movements between Islamic stock indices of Muslim countries and non-Muslim countries, an indication of growing interest of the Islamic financial markets among investors.