Search results for: Islamic finance practices

Authors: Nisful Laila, Fatin Fadhilah Hasib, Puji Sucia Sukmaningrum, Achsania Hendratmi

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The purpose of this study is to determine and comparing the level of efficiency of Islamic Banks in Indonesia and United Kingdom during eurozone sovereign debt crisis. This study using a quantitative non-parametric approach with Data Envelopment Analysis (DEA) VRS assumption, and a statistical tool Mann-Whitney U-Test. The samples are 11 Islamic Banks in Indonesia and 4 Islamic Banks in England. This research used mediating approach. Input variable consists of total deposit, asset, and the cost of labour. Output variable consists of financing and profit/loss. This study shows that the efficiency of Islamic Bank in Indonesia and United Kingdom are varied and fluctuated during the observation period. There is no significant different the efficiency performance of Islamic Banks in Indonesia and United Kingdom.

Keywords: data envelopment analysis, efficiency, eurozone crisis, islamic bank

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Authors: Ibrahim Malik, Vita Fathimah Silondae, Askoning

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The liberalization of Islamic thought is not only an impact on the views of Muslim community regarding worldview, but has touched the stage reconstruction of contemporary science. It can be seen from the emergence of Western and Eastern intellectual movements that try to reconstruct contemporary science arguing that scientific culture is not currently able to deliver audiences to change the order of the better society. Such Islamic thought liberalization has a huge influence on the multi-dimensional crisis in various sectors such as the economic, culture, politic, ecology, and other sectors. Therefore, this paper examines the effects of the liberalization of contemporary Islamic thought towards on the development of modern science. The method used in this paper is based on textual study of Al-Qur'an, Hadith (prophetic tradition), and the history of contemporary Islamic thought and comparing it with the reality of the development of science today. So, the influence of Islamic thought liberalization has created a crisis and stagnation of the development of scientific disciplines can be found.

Keywords: liberalization, science, Islam, development of science

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Authors: Saeed Seyed Agha Banihashemi

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The history of mathematics as one of the trends in the field of mathematics has special importance and in most of the important universities of the world, this trend in the field of mathematics is taught and researched. In teaching the history of mathematics and mathematics books, special attention is paid to the scientific works of the four Greek-Indian-Islamic and European civilizations, although the history of mathematics in China and East Asia is a special category due to its ancient civilization. In this article, while examining mathematics in the Islamic empire, the factors of the scientific rise and fall of the Islamic empire, which can include mathematics, have been studied. In this article, according to my own research and other sources mentioned s, It is believed the factors of scientific rise and fall in the Islamic Empire.

Keywords: history of mathematics, alkandi, cryptology, manuscripts

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Authors: Suprihatin Soewarto

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The background of writing this paper is to assess the truth of rejection of some Muslim scholars who develop Islamic economics on the concept of consumer satisfaction and replace it with the concept of maslahah. In the perspective of Islamic law, this rejection attitude needs to be verified in order to know the accuracy of the replacement of this concept of satisfaction with maslahah as part of consumer behavior. This is done so that replacement of rejection of the term satisfaction with maslahah is objective. This objective replacement of the term will surely be more enlightening and more just than the subjective substitution. Therefore the writing of this paper aims to get an answer whether the concept of satisfaction needs to be replaced? is it possible for Islamic law to confirm the theory of consumer satisfaction? The method of writing this paper using the method of literature with a critical analysis approach. The results of this study is an explanation of the similarities and differences of consumer satisfaction theory and consumer theory maslahah according to Islamic law. disclosure of the concept of consumer gratitude according to Islamic law and its implementation in Muslim consumer demand theory.

Keywords: consumer's gratitude, islamic law, confirmation, satisfaction consumer's

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Authors: Trisiladi Supriyanto

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This study aims to establish a concept of rate of profit on Islamic banking that can create economic justice and stability in the Islamic Financial Market (Banking and Capital Markets). A rate of profit that creates economic justice and stability can be achieved through its role in maintaining the stability of the financial system in which there is an equitable distribution of income and wealth. To determine the role of the rate of profit as the basis of the profit sharing system implemented in the Islamic financial system, we can see the connection of rate of profit in creating financial stability, especially in the asset-liability management of financial institutions that generate a stable net margin or the rate of profit that is not affected by the ups and downs of the market risk factors, including indirect effect on interest rates. Furthermore, Islamic financial stability can be seen from the role of the rate of profit on the stability of the Islamic financial assets value that are measured from the Islamic financial asset price volatility in the Islamic Bond Market in the Capital Market.

Keywords: economic justice, equitable distribution of income, equitable distribution of wealth, rate of profit, stability in the financial system

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Authors: Maulana Ayoub Ali, Pradeep Kulshrestha

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Laws of any given secular state have a huge contribution in the growth of the Islamic banking system because the system uses conventional laws to govern its activities. Therefore, the former should be ready to accommodate the latter in order to make the Islamic banking system work properly without affecting the current conventional banking system and therefore without affecting its system. Islamic financial rules have been practiced since the birth of Islam. Following the recent world economic challenges in the financial sector, a quick rebirth of the contemporary Islamic ethical banking system took place. The coming of the Islamic banking system is due to various reasons including but not limited to the failure of the interest based economy in solving financial problems around the globe. Therefore, the Islamic banking system has been adopted as an alternative banking system in order to recover the highly damaged global financial sector. But the Islamic banking system has been facing a number of challenges which hinder its smooth operation in different parts of the world. It has not been the aim of this paper to discuss other challenges rather than the legal ones, but the same was partly discussed when it was justified that it was proper to do so. Generally, there are so many things which have been discovered in the course of writing this paper. The most important part is the issue of the regulatory and supervisory framework for the Islamic banking system in Tanzania and in other nations is considered to be a crucial part for the development of the Islamic banking industry. This paper analyses what has been observed in the study on that area and recommends for necessary actions to be taken on board in a bid to make Islamic banking system reach its climax of serving the larger community by providing ethical, equitable, affordable, interest-free and society cantered banking system around the globe.

Keywords: Islamic banking, interest free banking, ethical banking, legal framework

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Authors: Jungeun Cho

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Social finance has received increasing attention as a means to promote the growth of regional economies. Despite the plenty of research discussed their critical role and functions in regional economic development such as the financing and promotion of co-operatives or social enterprises and the offering credit to the financially excluded in the region, however, rarely are efforts made to measure the contribution of social finance in the regional economy. It is essential to establish an evaluation model in order to encourage social finance institutions to perform their supposed role and functions on regional economic development. The objective of this paper is to formulate an evaluation model of the contribution of social finance to the regional economy through an analytic hierarchy process (AHP) approach. This study is expected to provide useful guidelines for social finance institutions’ strategies and the policies of local or central government regarding social finance.

Keywords: social finance, regional economy, social economy, policies of local or central government

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Authors: Andri Ottesen, Sam Toglaw, Mirna Safa

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Entrepreneurial companies on their developing path from an idea to a corporation go through a similar six-step process. Each of these six development steps is supported by a distinctive financing path. This paper explores the Kuwait model for Entrepreneurial Finance and Development through in-depth interviews with ten successful Kuwaiti entrepreneurs. This paper offers insight into the development and financing of entrepreneurial companies in this oil-rich, predominantly Islamic country that are in many ways different from the steps. Western entrepreneurial companies go through. This model could be used to understand the commonalities and the difference between entrepreneurial development and financing and could be used to bridge the gap.

Keywords: entrepreneurial-financing, entrepreneurial-developing, Kuwait, Vancouver school

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Authors: Muhammad Ilham Agus Salim

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The liberalization of Islamic thought is not only an impact on the views of Muslim community regarding worldview, but has touched the stage reconstruction of contemporary general science. It can be seen from the emergence of Western and Eastern intellectual movements that try to reconstruct contemporary science arguing that scientific culture is not currently able to deliver audiences to change the order of the better society. Such Islamic thought liberalization has a huge influence on the multidimensional crisis in various sectors such as the economic, culture, politic, ecology, and other sectors. Therefore, this paper examines the effects of the liberalization of contemporary Islamic thought towards on the development of modern science. The method used in this paper is based on textual study of Al -Qur'an, Hadith (prophetic tradition), and the history of contemporary Islamic thought and comparing it with the reality of the development of science today. So the influence of Islamic thought liberalization has created a crisis and stagnation of the development of scientific disciplines can be found.

Keywords: liberalization, science, Islam, al-Qur’an textual studies

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Authors: Trisiladi Supriyanto

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Although much research has been done on the pricing benchmark both in terms of fiqh or Islamic economic perspective, but no substitution for the concept of interest (rate of interest) up to now in the application of Islamic Banking because some of the jurists from the middle east even allow the use of a benchmark rate such as LIBOR (London Interbank Offered Rate) as a measure of Islamic financial asset prices, so in other words, they equate the concept of rate of interest with the concept of rate of profit, which is the core reason (raison detre) for the replacement of usury as instructed in the Quran. This study aims to find the concept of rate of profit on Islamic banking that can create economic justice and stability in Islamic Banking and Capital market. Rate of profit that creates economic justice and stability can be achieved through its role in maintaining the stability of the financial system in which there is an equitable distribution of income and wealth. To determine the role of the rate of profit as the basis of the sharing system implemented in the Islamic financial system, we can see the connection of rate of profit in creating financial stability, especially in the asset-liability management of financial institutions that generate a stable net margin or the rate of profit that is not affected by the ups and downs of the market risk factors including indirect effect on interest rates. Furthermore, Islamic financial stability can be seen from the role of the rate of profit on the stability of the Islamic financial assets that are measured from the Islamic financial asset price volatility in Islamic Bond Market in Capital Market.

Keywords: Rate of profit, economic justice, stability, equitable distribution of income, equitable distribution of wealth

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Authors: Pradeep Kulshrestha, Maulana Ayoub Ali

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The concept of financial inclusion has been tabled in the whole world where practitioners, academicians, policy makers and economists are working hard to look for the best possible opportunities in order to enable the whole society to be in the banking cycle. The Islamic banking system is considered to be one of the said opportunities. Countries like the United Kingdom, United States of America, Malaysia, Saudi Arabia, the whole of the United Arab Emirates and many African countries have accommodated the aspect of Islamic banking in the conventional banking system as one of the financial inclusion strategies. This paper tries to analyse the current state of affairs of the Islamic Banking system in Tanzania in order to understand the improvement of the provision of Islamic banking products and services in the said country. The paper discusses the historical background of the banking system in Tanzania, the level of penetration of banking products and services and the coming of the Islamic banking system in the country. Furthermore, the paper discusses banking regulatory bodies, legal instruments governing banking operations as well as number of legal challenges facing Islamic banking operations in the country. Following a critical literature review, the paper discovered that there is no legal instrument which talks about the introduction and provision of Islamic banking system in Tanzania. Furthermore, the Islamic banking system was considered as a banking product which is absolutely incorrect because Islamic banking is considered to be as a banking system of its own. In addition to that, it has been discovered that lack of a proper regulatory system and legal instruments to harmonize the conventional and Islamic banking systems has resulted in the closure of one Islamic window in the country, which in the end affects the credibility of the newly introduced banking system. In its conclusive remarks, the paper suggests that Tanzania should work on all legal challenges affecting the smooth operations of the Islamic banking system. This can be in a way of adopting various Islamic banking legal models which are used in countries like Malaysia and others, or a borrowing legal harmonization process which has been adopted by the UK, Uganda, Nigeria and Kenya.

Keywords: Islamic banking, Islamic windows, regulations, banks

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Authors: Aqeel Akhtar

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One of prevailing modes of finance in emerging Islamic banking system is Murabah’a; a financial transaction in which cost and profit both must be recognized by buyer. Otherwise the transaction would become invalid. In this mainstream, import Murabah’a transaction is divergent in such a way that the cost is not recognized and identified due to execution of import transaction in foreign currency i.e. US Dollar and the next transaction of Murabaha’a with the client is executed in local currency. Since this transaction is executed in dual currency i.e. bank pays supplier in foreign currency and executes Murabah’a with its client in local currency and it is not allowed in according to Islamic Injunctions as mentioned in hadith narrated by Hazrat Ibn-e-Umar (May Allah be pleased with them) used to sell his camels with Dirhams and take dinars instead and vice versa. Upon revealing before the Prophet (SAW), he was advised that it must not be contingent in the agreement and the ready rate would be applied and possession of one of the consideration is compulsory. The solution in this regard is that the import Murabah’a transaction should be in single currency, however, other currency can be paid in payment at the time of payment in a very indispensable situation provided that ready rate would be applied. Moreover, some of other solutions have also been given in this regard.

Keywords: shariah compliance, import murabaha, islamic banking, product development

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Authors: Rishabh Garg

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Traditionally, business parties build trust with a centralized operating mechanism, such as payment by letter of credit. However, the increase in cyber-attacks and malicious hacking has jeopardized business operations and finance practices. Emerging markets, owing to their higher banking risks and bigger presence of digital financing, are looking forward to technology-driven solutions, financial inclusion and innovative working paradigms. Blockchain has the potential to enhance transaction transparency and supply chain traceability. It has captured a vast landscape with 200 million crypto users worldwide. Fintech and blockchain products are popping up across brokerage, digital wallets, exchanges, post-trade clearance, settlement, middleware, infrastructure, and base protocols.

Keywords: blockchain, distributed ledger technology, decentralized applications, ethereum, smart contracts, trade finance

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Authors: Mohd Adib Abd Muin, Shuhairimi Abdullah, Azizan Bahari

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Problem: The research problem is lacking of model on social entrepreneurship that focus on Islamic perspective. Objective: The objective of this paper is to analyse the existing model on social entrepreneurship and to identify the research gap on Islamic perspective from existing models. Research Methodology: The research method used in this study is literature review and comparative analysis from 6 existing models of social entrepreneurship. Finding: The research finding shows that 6 existing models on social entrepreneurship has been analysed and it shows that the existing models on social entrepreneurship do not emphasize on Islamic perspective.

Keywords: social entrepreneurship, Islamic perspective, research gap, business management

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Authors: Djehich Mohamed Yousri

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This research deals with an important issue in Islamic political thought, which is the relationship of ethics to the Islamic political system. This is done by following the legal politics books and analyzing their texts in order to reach the moral values on which the political system in Islam is based, starting from the concept of politics to the political principles and conditions of the ruler and the reasons for his removal and the conditions of those authorized to choose him, and ending with the ruler’s relationship with his people, and the relationship of the Islamic state with other countries. The research concluded that moral values are the basis of the political system in Islam, and the reason for this is due to the fact that Islam is a religion and a global and realistic human system that embraces morals and higher values in order to preserve its lofty message and calls for brotherhood, love, and justice and does not harm human morals. And if the reality of politics in the Islamic world today is not related to the moral values and the lofty message of Islam, this research tries to show the origins of political theory in Islam, and the purpose of the Islamic political system, towards the morality of politics.

Keywords: moral, politics, islam, political system, islamic political system

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Authors: Khan Shahid, Shahid Zakia

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This article explores the fields of Theology and Islamic Philosophy in alignment with the SOUL (Sincere act, Optimization efforts, Ultimate goal, Law compliance) framework. It examines their historical development and demonstrates how embracing sincerity, optimization, ultimate goals, and law compliance enhances these disciplines within the Islamic context. By emphasizing the importance of Sincere acts, Optimization efforts, Ultimate goal, and Law compliance, this article provides a framework for enriching Theology and Islamic Philosophy.

Keywords: SOUL framework, Theology, Islamic Philosophy, Sincerity act, Optimization effort, Ultimate goal, Law compliance

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Authors: Dwi Wijiastutik, Tarjo, Yuni Rimawati

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The purpose of this empirical study is to analyse how to the market reaction and the conservative degree changes on the adoption of International Financial Reporting Standart (IFRS) through Jakarta Islamic Index. The study also has given others additional analysis on the profitability, capital structure and size company toward IFRS adoption. The data collection methods used in this study reveals as secondary data and deep analysis to the company’s annual report and daily price stock at yahoo finance. We analyse 40 companies listed on Jakarta Islamic Index from 2010 to 2014. The result of the study concluded that IFRS has given a different on the depth analysis to the two of variance analysis: Moderated Regression Analysis and Wilcoxon Signed Rank to test developed hypotheses. Our result on the regression analysis shows that market response and conservatism principle is not significantly after IFRS Adoption in Jakarta Islamic Index. Furthermore, in addition, analysis on profitability, capital structure, and company size show that significantly after IFRS adoption. The findings of our study help investor by showing the impact of IFRS for making decided investment.

Keywords: IFRS, earnings response coefficient, conservatism principle

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Authors: Muhammad Bahrul Ilmi

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The purpose of this research is to analyze the influence of Islamic financing and work relation founding simultaneously and partially towards non-performing financing in Islamic banks. This research was regression quantitative field research, and had been done in Muammalat Indonesia Bank and Islamic Danamon Bank in 3 months. The populations of this research were 15 account officers of Muammalat Indonesia Bank and Islamic Danamon Bank in Surakarta, Indonesia. The techniques of collecting data used in this research were documentation, questionnaire, literary study and interview. Regression analysis result shows that Islamic financing and work relation founding simultaneously has positive and significant effect towards non performing financing of two Islamic Banks. It is obtained with probability value 0.003 which is less than 0.05 and F value 9.584. The analysis result of Islamic financing regression towards non performing financing shows the significant effect. It is supported by double linear regression analysis with probability value 0.001 which is less than 0.05. The regression analysis of work relation founding effect towards non-performing financing shows insignificant effect. This is shown in the double linear regression analysis with probability value 0.161 which is bigger than 0.05.

Keywords: Syariah financing, work relation founding, non-performing financing (NPF), Islamic Bank

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Authors: Ahmad Dahlan, Aries Indrianto

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Conceptually, mudarabah is the practice of fiqh (jurisprudence) in the bank institutions business that became the basis of the economic development model of modern Islamic financial system. In mudarabah, profit and loss sharing mechanism are integrated between mudarabah on liability side (funding) with mudarabah on the asset side (financing). Islamic (Sharia) Bank is positioned as an intermediary institution like investment manager, although the bank is also involved in direct investment based on bank equity. In practice, mudarabah cannot be done as much as effective at financing because the dominance of debt-financing products. This is a major criticism among experts and Islamic banks practitioners. Ironically, the criticism gets less attention by practitioners of Islamic banks due to many factors. The epistemologies of Islamic banks prioritize shareholder values than stakeholder values, and social culture that has not been ready with the mudarabah totally.

Keywords: two tier mudarabah, intermediary institution, shareholder value, stakeholder value

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Authors: Ridzuan Hussin, Mohd Zaihidee Arshad

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The creativity of earlier artists and sculptors in designing geometric is extraordinary provided with only a compass. Indeed, geometric in Islamic art and design are unique and have their own aesthetic values. In order to further understand geometric, self-learning with the approach of hands on would be appropriate. For this study, Islamic themed geometric designed and created, concerning only; i. The Square Repetition Unit and √2, ii. The Hexagonal Repetition Unit and √3 and iii. Double Hexagon. The aim of this research is to evaluate the creativity of Islamic geometric pattern artworks, through Fundamental Arts and Gestalt theory. Data was collected using specific tasks, and this research intends to identify the difference of Islamic geometric between 21 untitled selected geometric artworks (conventional design method), and 25 digital untitled geometric pattern artworks method. The evaluation of creativity, colors, layout, pattern and unity is known to be of utmost importance, although there are differences in the conventional or the digital approach.

Keywords: Islamic geometric design, Gestalt, fundamentals of art, patterns

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Authors: Elmamy Ahmedsalem

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The world has witnessed the collapse of many corporate giants as a result of unethical behavior in recent decades. This has induced a series of questions by the global community on why such occurrences could happen, even with corporate governance in place. This paper attempts to propose a philosophical approach from an Islamic perspective to be consolidated with current corporate governance in order to confront contemporary dilemmas. In this paper, ethical theories are presented as a discussion followed by their applications to modern cases of financial collapses. Virtue ethics by Aristotle, justice and fairness by John Rawls, deontology by Immanuel Kant, and utilitarianism by John Stuart Mill, are the four theories which can then be contrasted with the paradigm of Muslim scholars. Despite the differences between the fundamental principles of Islamic and Western worldviews, their ethical theories are aimed at making right decisions and solving ethical dilemmas based on what is good for society. Therefore, Islamic principles should be synthesized with Western philosophy to form a more coherent framework. The integration of Islamic and western ethical theories into business is important for sound corporate governance.

Keywords: business ethics, Islamic philosophy, western philosophy, Western and Islamic worldview of ethics

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Authors: Syahruddin Sumardi, Indra Fajar Alamsyah, Junaidah Hashim

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This study attempts to explore and presents a proposed recruitment model in Islamic university which aligned with holistic role. It is a conceptual paper in nature. In turn, this study is designed to utilize exploratory approach. Literature and document review that related to this topic are used as the methods to analyse the content found. Recruitment for any organization is fundamental to achieve its goal effectively. Staffing in universities is vital due to the importance role of lecturers. Currently, Islamic universities still adopt the common process of recruitment for their academic staffs. Whereas, they have own characteristics which are embedded in their institutions. Furthermore, the FCWC (Foundation, Capability, Worldview and Commitment) model of recruitment proposes to suit the holistic character of Islamic university. Further studies are required to empirically validate the concept through systematic investigations. Additionally, measuring this model by a designed means is appreciated. The model provides the map and alternative tool of recruitment for Islamic universities to determine the process of recruitment which can appropriate their institutions. In addition, it also allows stakeholders and policy makers to consider regarding Islamic values that should inculcate in the Islamic higher learning institutions. This study initiates a foundational contribution for an early sequence of research.

Keywords: academic staff, Islamic values, recruitment model, university

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Authors: Fatai O. Bakare

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This paper x-rays the liquidity problems exposed to by Islamic banks in terms of challenges in managing surplus as well as deficit liquidity positions and the attendant effects in the contemporary system of Islamic banking. Effective liquidity management is understood to be a cardinal consideration for sustainability of Islamic/non-interest banking in Nigeria and the world over. While a background is laid by considering the general situations at a global scale, a particular attention is devoted to the peculiar circumstances of the non-interest banking in Nigeria. In bring home the points various efforts of major notable supra-national institutions in bridging liquidity management gap in Islamic banks are presented. While it is believed that a good lesson could be learnt from the developmental phases of Malaysian Islamic banking system and the approaches to meeting its liquidity management problems, much emphasis is laid in maintaining that, although in the absence of political will to provide systemic support for non-interest banking in Nigeria, the challenge of liquidity management is not unsurmountable.

Keywords: deficit, liquidity management, non-interest, surplus

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Authors: Y. Karbhari, A. Benamraoui, A. Fahmi Sheikh Hassan

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The study applies role theory to investigate the quality of the compliance review in Malaysia, which is perceived to have the most advanced Islamic banking governance framework in the Islamic world. Drawing from the questionnaire survey and semi-structured interviews, our study reveals the existence of a well-established structure for compliance reviews which is found to be regulatory driven and contingent upon the level of commercial activity of individual Islamic bank’s. However, the compliance review process was found to be ceremonial and inadequately undertaken by some SBs with greater prominence placed on its advisory role. In particular, the study provides evidence of a lack of understanding on accounting issues when undertaking the compliance review. Problems in communication between SBs, board of directors and management were also reported to exist. Our findings raise concern over the quality and thus the credibility of the religious compliance assurance communicated in Islamic Banks annual reports.

Keywords: Islamic banks, religious compliance, Sharia board assurance, role theory

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Authors: Sabur Mollah, Asma Mobarek

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This study aims to explore the endogenous relationship between Shari’ah governance and board governance for Islamic banks to identify complementary or substituting relationship between these governance parameters. By using a sample of 161 Islamic Banks from 24 countries for the period of 2005-2013, we show an endogenous relationship between Shari’ah Supervisory Board (SSB) and Board of Directors (BoD). In this relationship, SSB and BoD complement each other. We also show that this complementary relationship between SSB and BoD helps enhance both management and asset quality, but mitigates capital adequacy, earnings, and liquidity in Islamic banks. The study has important implications for financial stability in the Islamic banking system.

Keywords: Shari’ah Supervisory Board, Boards of Directors, Islamic banking, financial stability

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Authors: Sutan Emir Hidayat, Latifa Hassan Al-Qassab

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The purpose of this study is to examine depositors’ awareness on the pursuit of corporate social responsibilities (CSR) conducted by Islamic retail banks in the Kingdom of Bahrain according to the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) standards. The outcome of the paper is the extent to which the depositors knew about the banks’ CSR activities in promoting the welfare of the society beyond their business objectives. The study covered all Islamic retail banks in the Kingdom of Bahrain where a survey questionnaire was distributed to a total of 200 Islamic banks' depositors. The results of the survey show that the level of depositors’ awareness is limited on the pursuit of corporate social responsibilities by the banks as indicated by the small number of statements in the survey questionnaire which the respondents agreed to or of which they had satisfactory knowledge. The significant statistical difference in the respondents' answers to the survey questionnaire when they are grouped according to their respective banks prove that the level of depositors’ awareness on the pursuit of corporate social responsibilities varies considerably among the six Islamic retail banks in the kingdom. The findings of the study might be used to assist the policy makers in the field of CSR of Islamic financial institutions in formulation of better CSR activities and in delivering better services for the public welfare. The study also might help Islamic banks in the kingdom to set up strategy in order to increase the level of depositors’ awareness on their CSR activities.

Keywords: corporate social responsibilities, awareness, Islamic banks, Bahrain

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Authors: Fahad Ahmed Qureshi

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There were abundant renowned financial markets in Pre-Islamic Arabs. Most of those were patterned and settled during pre-particularized sunshine. Those markets were classified either as vernacular markets helping the neighboring clans, or habitual markets that people sojourned to from all articulations of the Arabian Peninsula, such as Okaz near Mecca. Some of those markets had leading significance due to their geographical positions, such as Prime market of Eden, because of their entanglement in international trade i.e. with the markets of Sub-Continent, Abyssinia, Persia and China. Other markets such as Market of Yamamah annex its gist from being situated on the caravan crossroads. Islamic worldview and Islamic epistemology base of Financial Market’s realistic theory, pragmatic model and operative approach is moderately constrained in terms of its growth. The existent situation only parasol the form of accommodative-modification and splendid-methodologies, which due to depleted and decorous endeavor in explaining Islamic financial market theoretically. This is the demand of time that particular studies should be conduct to magnify the devours in developing theoretical framework for Islamic Financial Market.

Keywords: Islam, financial market, history, research, product development

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Authors: Yunusa Odiba

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Islam, from its root is a divine religion and it does not exercise anything except within the scope of its divinity-its culture, tradition morality, and the like. The damage done to the legacies, traditions, culture, morality, viability, continued existence and relevance of the Islamic religious way of life by the prevalent western secular education system in the Muslim world has become a thing of interest to many scholars especially, the Muslim scholars, hence, advocating the integration of Islamic education with the western circular educational system. The aim is to produce a new generation of dedicated Muslims whose education has prepared them for the challenges of contemporary materialistic circulation alongside real Islamic knowledge. This paper, however, examines the process of integrating Islamic schools with the contemporary western based schools that would under-take the unification which should function as basic organ of Muslim ideological revivalism, cultural retention, identity formation, socio-economic development, and scientific and ecological inventiveness.

Keywords: challenges, integrating, Islamic education, secular system, Igalaland

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Authors: Abolfazl Alishahi Ghalehjoughi

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Economic independence and security of Islamic world is the top priority. Economic dependence of Muslim countries on economies of non-Muslim imperialist countries results in political and cultural dependencies, and such dependencies will jeopardize the noble Islamic culture; because the will of a dependent country to implements the noble teachings of Islam would be faced with challenges. Solidarity of Muslim countries to achieve a uniformed and resistive economy-based Islamic economic system can improve ability of Islamic world to resist and counteract economic shocks produced by imperialists. Islam is the most complete religion in every aspect, from ideological and epistemological, to legislative and ethical, and economic aspect is no exception. Islam provides solutions to develop a flourishing economy for the whole Islamic nation. Knowledge of such solutions and identification of mechanisms to operationalise them in Islamic communities can highly contributed to establishment of the superior Islamic economy. Encourage of hard working, achievement and knowledge production, correction of consumption patterns, optimized management of import and export, avoiding Islamically prohibited income, economic discipline and equity, and promotion of interest free loan and the like are among the most important solutions to realize such resistive economy.

Keywords: resistive economy, cultural independence, Islam, solidarity

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Authors: Mina Dousti

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Like many women worldwide, and especially those living in the Middle East, Iranian women are struggling to have equal rights as men. The Islamic Republic regime, established in 1979, made this path even more difficult for Iranian women. Media and the Islamic Republic's powerful propaganda are the main factors and advertisers in omitting women's social rights and civic activities. Also, the hijab (veil), which became obligatory immediately after the revolution based on the Qur'an and religious Hadiths, was another way of suppressing women. Since the Islamic Republic Revolution and the following Iran-Iraq war (1980-1988), the Iranian female community has been experiencing different social and legal challenges. Aside from the Islamic regime's role in ignoring women, their families have also contributed to this limitation via unreasonable zeals and religious prejudices. Subsequently, all these factors led to pushing Iranian women to the corner and public dormancy. During the eight-year war, many Iranian women directly participated in the war front line. Although they became martyred, the regime intentionally ignored their public presence employing Islamic justifications and Sharia as an excuse. The government did these actions to justify censorship and unfairness toward women.

Keywords: Iranian women, Islamic Republic Regime, hijab, revolution, Iran-Iraq war, Martyr

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