Measuring the sharīʿah-compliance achievement of Islamic banks is important because the bank products should follow sharīʿah principles. Although some studies have formulated measurement models, most of the models are still conceptual or empirical research but with the partial approach employing only part of sharīʿah- compliance variables such as a contract or maqāṣid al-sharīʿah alone.
{"title":"Measuring Sharīʿah Compliance Model: Evidence from Islamic Banks in Indonesia","authors":"Ardiansyah Rakhmadi Ardiansyah Rakhmadi","doi":"10.4197/islec.35-1.2","DOIUrl":"https://doi.org/10.4197/islec.35-1.2","url":null,"abstract":"Measuring the sharīʿah-compliance achievement of Islamic banks is important because the bank products should follow sharīʿah principles. Although some studies have formulated measurement models, most of the models are still conceptual or empirical research but with the partial approach employing only part of sharīʿah- compliance variables such as a contract or maqāṣid al-sharīʿah alone.","PeriodicalId":39159,"journal":{"name":"Journal of King Abdulaziz University, Islamic Economics","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"90298098","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Ahmad Fahme Mohd Alia, W.A. Amir Zalb, Nurhanan Ab. Hami Ahmad Fahme Mohd Alia, W.A. Amir Zalb, Nurhanan Ab
The main objective of this paper is to study the moderating effect of zakāh distribution on the family structure and the economic well-being of the poor in the state of Kelantan in Malaysia. The state of Kelantan was selected for the survey because it has the highest incidence of poverty in Peninsular Malaysia. The analysis of this study is based on Variance Based Structural Equation Modelling (VB-SEM) technique, while the data mining process, descriptive statistics and demographic data of this study were conducted using SPSS software.
{"title":"The Moderating Effect of zakāh Distribution on the Economic Well-being of the Poor: An Analysis in Kelantan, Malaysia","authors":"Ahmad Fahme Mohd Alia, W.A. Amir Zalb, Nurhanan Ab. Hami Ahmad Fahme Mohd Alia, W.A. Amir Zalb, Nurhanan Ab","doi":"10.4197/islec.35-1.5","DOIUrl":"https://doi.org/10.4197/islec.35-1.5","url":null,"abstract":"The main objective of this paper is to study the moderating effect of zakāh distribution on the family structure and the economic well-being of the poor in the state of Kelantan in Malaysia. The state of Kelantan was selected for the survey because it has the highest incidence of poverty in Peninsular Malaysia. The analysis of this study is based on Variance Based Structural Equation Modelling (VB-SEM) technique, while the data mining process, descriptive statistics and demographic data of this study were conducted using SPSS software.","PeriodicalId":39159,"journal":{"name":"Journal of King Abdulaziz University, Islamic Economics","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"80719188","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
In October 2020, the Indonesian government launched a Waqf-linked Islamic certificate called Cash Waqf Linked Ṣukūk (CWLS) that targeted retail investors. The CWLS SWR001 series for individuals is presented as a commitment by the government to support the national waqf movement and foster the development of social investment and productive waqf in Indonesia.
{"title":"Factors Influencing the Success of Retail Cash Waqf Linked Ṣukūk (CWLS) Issuance: A Lesson from Indonesia","authors":"Rindawati Maulina Rindawati Maulina","doi":"10.4197/islec.35-1.4","DOIUrl":"https://doi.org/10.4197/islec.35-1.4","url":null,"abstract":"In October 2020, the Indonesian government launched a Waqf-linked Islamic certificate called Cash Waqf Linked Ṣukūk (CWLS) that targeted retail investors. The CWLS SWR001 series for individuals is presented as a commitment by the government to support the national waqf movement and foster the development of social investment and productive waqf in Indonesia.","PeriodicalId":39159,"journal":{"name":"Journal of King Abdulaziz University, Islamic Economics","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"84509669","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This study aims to explore and understand whether the determinants of credit facilities are different in Islamic commercial banks as compared with conventional banks. Seven groups of determinants of granting credit facilities are tested in both types of Omani banks. The sample of the study comprises the credit managers of six conventional banks and six Islamic banks (including four Islamic windows) in Oman.
{"title":"Are the Determinants of Credit Facilities of Islamic Banks different from Conventional Commercial Banks? An Omani Perspective","authors":"Mawih Kareem Al Ani Mawih Kareem Al Ani","doi":"10.4197/islec.34-1.3","DOIUrl":"https://doi.org/10.4197/islec.34-1.3","url":null,"abstract":"This study aims to explore and understand whether the determinants of credit facilities are different in Islamic commercial banks as compared with conventional banks. Seven groups of determinants of granting credit facilities are tested in both types of Omani banks. The sample of the study comprises the credit managers of six conventional banks and six Islamic banks (including four Islamic windows) in Oman.","PeriodicalId":39159,"journal":{"name":"Journal of King Abdulaziz University, Islamic Economics","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"75039825","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
At the time of publication of this article, we are in the middle of the second wave of the COVID-19 pandemic with increased restrictions on travel and sizes of meetings across the globe. At this point in time, we can only speculate what the impact of the pandemic will be on the global economy. Although history does not repeat itself, there are certain elements and trends that recur. This article contributes to the discussion forum of the journal through the consideration of what we can learn from past pandemics and how this can assist in forecasting what the likely effect will be on the global economy, in general, and the financial services industry in particular.
{"title":"Financial Services After a Pandemic – Lessons from History","authors":"Natalie Schoon Natalie Schoon","doi":"10.4197/islec.34-1.7","DOIUrl":"https://doi.org/10.4197/islec.34-1.7","url":null,"abstract":"At the time of publication of this article, we are in the middle of the second wave of the COVID-19 pandemic with increased restrictions on travel and sizes of meetings across the globe. At this point in time, we can only speculate what the impact of the pandemic will be on the global economy. Although history does not repeat itself, there are certain elements and trends that recur. This article contributes to the discussion forum of the journal through the consideration of what we can learn from past pandemics and how this can assist in forecasting what the likely effect will be on the global economy, in general, and the financial services industry in particular.","PeriodicalId":39159,"journal":{"name":"Journal of King Abdulaziz University, Islamic Economics","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"82010947","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The purpose of this study is to investigate the influence of governance practices of the formal zakāh authority in Saudi Arabia, the GAZT (General Authority of Zakat and Tax), on zakāh payment compliance. It employs a quantitative approach using a questionnaire survey of actual zakāh payers in Saudi Arabia. The analysis of one hundred and twenty-five usable questionnaires collected through random sampling from al-Madinah region was done using the PLS (Partial Least Squares) - SEM (Structural Equation Models) technique.
{"title":"How Governance Practices Influence Mandatory Zakāh Payment in Saudi Arabia","authors":"Abdulsalam Ahmed Sawmar Abdulsalam Ahmed Sawmar","doi":"10.4197/islec.34-1.1","DOIUrl":"https://doi.org/10.4197/islec.34-1.1","url":null,"abstract":"The purpose of this study is to investigate the influence of governance practices of the formal zakāh authority in Saudi Arabia, the GAZT (General Authority of Zakat and Tax), on zakāh payment compliance. It employs a quantitative approach using a questionnaire survey of actual zakāh payers in Saudi Arabia. The analysis of one hundred and twenty-five usable questionnaires collected through random sampling from al-Madinah region was done using the PLS (Partial Least Squares) - SEM (Structural Equation Models) technique.","PeriodicalId":39159,"journal":{"name":"Journal of King Abdulaziz University, Islamic Economics","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"86354830","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
COVID-19 has brought unprecedented challenges to the world economy that have never been experienced before, including a sharp decline in economic output and substantial increase in the level of unemployment. The aim of this paper is to critically discuss the effects caused by COVID-19 on the world economy and financial markets, the actions taken by the governments and corporations to withstand these effects, and what Islamic economics and finance can offer to improve the resilience of the economy while the pandemic is still ongoing. To address this aim, we adopt both deductive and inductive research philosophical approaches as this enables us to understand the economic implications brought about by COVID-19 systematically. We base our analysis on various data sources including government reports, reports published by international organizations, such as the IMF (International Monetary Fund), OECD (Organization for Economic Co-operation and Development), the World Bank, and other relevant secondary data sources. Our analysis shows that the pandemic has contributed to a sharp fall in economic output, to substantial increase in unemployment, to rise in markets’ volatility, and to the deterioration in the financial status of corporations, particularly in certain industries such as airline, hospitality, tourism, and energy. The review of the governments’ actions taken across the globe in response to these effects indicate a variation in the monetary and fiscal measures introduced in terms of their scale and scope. The same applies to the decisions made at corporate level. The analysis reveals that Islamic finance and economics provides a number of solutions to the COVID-19 economic effects through its key principles and investment vehicles, including profit and loss sharing, takāful, and waqf.
{"title":"The World Economy and Islamic Economics in the Time of COVID-19","authors":"Abdelhafid Benamraoui","doi":"10.4197/ISLEC.34-1","DOIUrl":"https://doi.org/10.4197/ISLEC.34-1","url":null,"abstract":"COVID-19 has brought unprecedented challenges to the world economy that have never been experienced before, including a sharp decline in economic output and substantial increase in the level of unemployment. The aim of this paper is to critically discuss the effects caused by COVID-19 on the world economy and financial markets, the actions taken by the governments and corporations to withstand these effects, and what Islamic economics and finance can offer to improve the resilience of the economy while the pandemic is still ongoing. To address this aim, we adopt both deductive and inductive research philosophical approaches as this enables us to understand the economic implications brought about by COVID-19 systematically. We base our analysis on various data sources including government reports, reports published by international organizations, such as the IMF (International Monetary Fund), OECD (Organization for Economic Co-operation and Development), the World Bank, and other relevant secondary data sources. Our analysis shows that the pandemic has contributed to a sharp fall in economic output, to substantial increase in unemployment, to rise in markets’ volatility, and to the deterioration in the financial status of corporations, particularly in certain industries such as airline, hospitality, tourism, and energy. The review of the governments’ actions taken across the globe in response to these effects indicate a variation in the monetary and fiscal measures introduced in terms of their scale and scope. The same applies to the decisions made at corporate level. The analysis reveals that Islamic finance and economics provides a number of solutions to the COVID-19 economic effects through its key principles and investment vehicles, including profit and loss sharing, takāful, and waqf.","PeriodicalId":39159,"journal":{"name":"Journal of King Abdulaziz University, Islamic Economics","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"73902698","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Ṣukūk is an innovative financial instrument with a flexible structure based on Sharīʿah, unlike a bond which is based on an interest-based structure. With the notion that ṣukūk contracts are significantly different from ordinary bonds, it is in high demand especially in Muslim countries to overcome liquidity problems. Ṣukūk has a key importance in the financial market, and literature is lacking on how to predict the trend and volatility of ṣukūk in the case of Pakistan, where debt instruments are high in demand.
{"title":"The Risk Analysis of Ṣukūk: An Empirical Evidence from Pakistan","authors":"Ejaz Aslam Ejaz Aslam","doi":"10.4197/islec.34-1.2","DOIUrl":"https://doi.org/10.4197/islec.34-1.2","url":null,"abstract":"Ṣukūk is an innovative financial instrument with a flexible structure based on Sharīʿah, unlike a bond which is based on an interest-based structure. With the notion that ṣukūk contracts are significantly different from ordinary bonds, it is in high demand especially in Muslim countries to overcome liquidity problems. Ṣukūk has a key importance in the financial market, and literature is lacking on how to predict the trend and volatility of ṣukūk in the case of Pakistan, where debt instruments are high in demand.","PeriodicalId":39159,"journal":{"name":"Journal of King Abdulaziz University, Islamic Economics","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89726477","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This brief comment begins in section 1 by making some observations on the lead paper, highlighting the need to have some comparative data with regards to the impact of COVID-19 on OIC countries and to have analyses to see if there were any similarities or differences in countries that had Islamic economics and finance reforms. Section 2 of the paper discusses the need to re-think the approach taken in presenting Islamic economics and the possible impact this would have in dealing with the post COVID-19 economy.
{"title":"COVID-19: An Opportunity to Re-Think Islamic Economics","authors":"Mohamed Aslam Haneef Mohamed Aslam Haneef","doi":"10.4197/islec.34-1.6","DOIUrl":"https://doi.org/10.4197/islec.34-1.6","url":null,"abstract":"This brief comment begins in section 1 by making some observations on the lead paper, highlighting the need to have some comparative data with regards to the impact of COVID-19 on OIC countries and to have analyses to see if there were any similarities or differences in countries that had Islamic economics and finance reforms. Section 2 of the paper discusses the need to re-think the approach taken in presenting Islamic economics and the possible impact this would have in dealing with the post COVID-19 economy.","PeriodicalId":39159,"journal":{"name":"Journal of King Abdulaziz University, Islamic Economics","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"74464070","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The current market-driven international system of affairs is neither health- friendly nor conducive of holistic peace. It commercializes not only the human needs but also the human susceptibilities. COVID-19 pandemic is only one of several big killers caused by viruses in the last 100-120 years; the others being Swine Flu, HIV/AIDS, HPV, Rabies and Hepatitis B. The factors responsible for these include, among others, sexual malpractices, alcohol, drugs, and consumption of wild animals like penguins, snakes, and bats. Obviously, these and other harmful practices have been prohibited in Islam. But each one of them is a big business today.
{"title":"Economic Fundamentalism Facilitator of Pandemics and their\u0000Economic Consequences: The Way Out in Islam","authors":"Javed Jamil Javed Jamil","doi":"10.4197/islec.34-1.8","DOIUrl":"https://doi.org/10.4197/islec.34-1.8","url":null,"abstract":"The current market-driven international system of affairs is neither health- friendly nor conducive of holistic peace. It commercializes not only the human needs but also the human susceptibilities. COVID-19 pandemic is only one of several big killers caused by viruses in the last 100-120 years; the others being Swine Flu, HIV/AIDS, HPV, Rabies and Hepatitis B. The factors responsible for these include, among others, sexual malpractices, alcohol, drugs, and consumption of wild animals like penguins, snakes, and bats. Obviously, these and other harmful practices have been prohibited in Islam. But each one of them is a big business today.","PeriodicalId":39159,"journal":{"name":"Journal of King Abdulaziz University, Islamic Economics","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"75869329","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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