Pub Date : 2018-10-22DOI: 10.1108/978-1-78756-283-720181002
Nor Aini Binti Ali, W. Ahmad, Suhaili Sarif, N. Kamri, Raihanah Azahari
Abstract Purpose – This chapter examines the application of the concept of maslahah in household debt management. Methodology/approach – A combination of quantitative and qualitative approaches is employed. Questionnaires were used for data collection. Findings – Malaysian Muslims become indebted for four main purposes: buying their first car, their first home, helping family members, and financing their studies. Thus, Muslims principally borrow funds to fulfil their dharuriyyat (essentials) and hajiyyat (complementary) needs, and in some cases, they borrow for tahsiniyyat (luxury) purposes. Research limitation/implications – The respondents of this research are working Muslims in the Klang Valley, Kuala Lumpur, Malaysia. Practical implication – This study helps Islamic finance institutions to develop better products to offer customers. Its results can also give a real picture about borrowing activities to the Credit Counselling and Debt Management Agency. Originality/value – Prior studies have mainly examined household debt management. This study surveys local Muslims’ household borrowing pattern to understand the nature of personal debt management and then analyses these data against the concept of maslahah. This will enrich the currently available literature.
{"title":"Application of the Concept of Maslahah in Household Debt Management","authors":"Nor Aini Binti Ali, W. Ahmad, Suhaili Sarif, N. Kamri, Raihanah Azahari","doi":"10.1108/978-1-78756-283-720181002","DOIUrl":"https://doi.org/10.1108/978-1-78756-283-720181002","url":null,"abstract":"Abstract \u0000Purpose – This chapter examines the application of the concept of maslahah in household debt management. \u0000 \u0000Methodology/approach – A combination of quantitative and qualitative approaches is employed. Questionnaires were used for data collection. \u0000 \u0000Findings – Malaysian Muslims become indebted for four main purposes: buying their first car, their first home, helping family members, and financing their studies. Thus, Muslims principally borrow funds to fulfil their dharuriyyat (essentials) and hajiyyat (complementary) needs, and in some cases, they borrow for tahsiniyyat (luxury) purposes. \u0000 \u0000Research limitation/implications – The respondents of this research are working Muslims in the Klang Valley, Kuala Lumpur, Malaysia. \u0000 \u0000Practical implication – This study helps Islamic finance institutions to develop better products to offer customers. Its results can also give a real picture about borrowing activities to the Credit Counselling and Debt Management Agency. \u0000 \u0000Originality/value – Prior studies have mainly examined household debt management. This study surveys local Muslims’ household borrowing pattern to understand the nature of personal debt management and then analyses these data against the concept of maslahah. This will enrich the currently available literature.","PeriodicalId":419416,"journal":{"name":"New Developments in Islamic Economics","volume":"12 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-10-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115422246","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}
Pub Date : 2018-10-22DOI: 10.1108/978-1-78756-283-720181013
Mohammad Taqiuddin bin Mohamad, Siti Aisyah Hashim
Abstract Purpose – This research analyses the stability of a number of banks operating in Malaysia by using descriptive statistical analysis based on internal variables. These include the characteristics of the bank, capital adequacy ratio, ratio of profitability, liquidity ratio and the ratio of bank operations. Methodology/approach – Each bank’s stability is studied using z-score analysis. Data are sourced from the balance sheets and income statements of the banks from 2000 to 2011. Findings – The results indicate that characteristics of a bank do influence a bank’s performance. There are significant differences in financial ratios between Islamic and conventional banking. Islamic banks provide a lower loan loss of capital to cover impaired loans than conventional banks. This provides high capital based on the mean value obtained. The capital ratio allows both sets of banks to meet the capital adequacy ratio set by the Central Bank of Malaysia. Meanwhile, in profitability ratios, conventional banks have higher returns on higher assets, whereas Islamic Banking has higher returns on higher equity. Only 8 Islamic banks and 11 conventional banks are highly stable banking institutions in Malaysia. Originality/value – Islamic and conventional banking systems in Malaysia need further improvement to deal with unexpected economics crises and increased competition between the two. Hence, Islamic banking must be refined, especially for improving their stability to attract more investments for further development and performance.
{"title":"Islamic Versus Conventional Banking: Characteristics and Stability Analysis of the Malaysian Banking Sector","authors":"Mohammad Taqiuddin bin Mohamad, Siti Aisyah Hashim","doi":"10.1108/978-1-78756-283-720181013","DOIUrl":"https://doi.org/10.1108/978-1-78756-283-720181013","url":null,"abstract":"Abstract \u0000Purpose – This research analyses the stability of a number of banks operating in Malaysia by using descriptive statistical analysis based on internal variables. These include the characteristics of the bank, capital adequacy ratio, ratio of profitability, liquidity ratio and the ratio of bank operations. \u0000 \u0000Methodology/approach – Each bank’s stability is studied using z-score analysis. Data are sourced from the balance sheets and income statements of the banks from 2000 to 2011. \u0000 \u0000Findings – The results indicate that characteristics of a bank do influence a bank’s performance. There are significant differences in financial ratios between Islamic and conventional banking. Islamic banks provide a lower loan loss of capital to cover impaired loans than conventional banks. This provides high capital based on the mean value obtained. The capital ratio allows both sets of banks to meet the capital adequacy ratio set by the Central Bank of Malaysia. Meanwhile, in profitability ratios, conventional banks have higher returns on higher assets, whereas Islamic Banking has higher returns on higher equity. Only 8 Islamic banks and 11 conventional banks are highly stable banking institutions in Malaysia. \u0000 \u0000Originality/value – Islamic and conventional banking systems in Malaysia need further improvement to deal with unexpected economics crises and increased competition between the two. Hence, Islamic banking must be refined, especially for improving their stability to attract more investments for further development and performance.","PeriodicalId":419416,"journal":{"name":"New Developments in Islamic Economics","volume":"96 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-10-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125398596","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}
Pub Date : 2018-10-22DOI: 10.1108/978-1-78756-283-720181011
Mohd Izuwan Mahyudin, Azizi Che Seman
Abstract Purpose – A study of Islamic banking products, especially bay’ al-tawarruq transactions, demonstrates that the purpose of these transactions is to provide liquidity to the customer, such as personal financing, working capital expenditure, cash lines and credit cards. However, as the industry expands, the industry is innovating to extend products to include an investment and deposit instrument that provides a fixed return to the customer. As the second fully-fledged Islamic bank in Malaysia, Bank Muamalat Malaysia Berhad (BMMB) offers products based on the bay’ al-tawarruq concept. Methodology/approach – This study investigates the original principles of the bay’ al-tawarruq contract and its current applications in BMMB. Findings – The study found that the bay’ al-tawarruq contract is being adopted as an alternative to the bay’ al-‘inah contract, especially for financing-based products offered by BMMB. Originality/value – This is an attempt to study the application of Tawarruq contract in Bank Muamalat’s product offerings based on the process and mechanism of Bursa Suq al-Sila’ (BSAS).
{"title":"The Application of Bay’ Al-Tawarruq in Islamic Banking Institutions in Malaysia: A Study of Bank Muamalat Malaysia Berhad","authors":"Mohd Izuwan Mahyudin, Azizi Che Seman","doi":"10.1108/978-1-78756-283-720181011","DOIUrl":"https://doi.org/10.1108/978-1-78756-283-720181011","url":null,"abstract":"Abstract \u0000Purpose – A study of Islamic banking products, especially bay’ al-tawarruq transactions, demonstrates that the purpose of these transactions is to provide liquidity to the customer, such as personal financing, working capital expenditure, cash lines and credit cards. However, as the industry expands, the industry is innovating to extend products to include an investment and deposit instrument that provides a fixed return to the customer. As the second fully-fledged Islamic bank in Malaysia, Bank Muamalat Malaysia Berhad (BMMB) offers products based on the bay’ al-tawarruq concept. \u0000 \u0000Methodology/approach – This study investigates the original principles of the bay’ al-tawarruq contract and its current applications in BMMB. \u0000 \u0000Findings – The study found that the bay’ al-tawarruq contract is being adopted as an alternative to the bay’ al-‘inah contract, especially for financing-based products offered by BMMB. \u0000 \u0000Originality/value – This is an attempt to study the application of Tawarruq contract in Bank Muamalat’s product offerings based on the process and mechanism of Bursa Suq al-Sila’ (BSAS).","PeriodicalId":419416,"journal":{"name":"New Developments in Islamic Economics","volume":"95 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-10-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133181879","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}
Pub Date : 2018-10-22DOI: 10.1108/978-1-78756-283-720181005
Siti Mariam Che Hassan, A. Rahman
Abstract Purpose – This study analyses the potential of cash waqf for the socio-economic development of Kelantan state. A cash waqf scheme was established by the Kelantan Islamic Religious Council (Majlis Agama Islam Kelantan or MAIK) in an effort to contribute to the socio-economic development of the Muslim community in that state. Methodology/approach – A qualitative method of data acquisition through interviews. Among the informants interviewed were persons well versed with waqf and Islamic affairs, and several relevant public persons in Kelantan. Findings – The results indicate that the people of Kelantan are optimistic about the success of cash waqf, although the implementation of this instrument is still in its infancy there. The socio-economic development factors of the economy, education, well-being, agriculture, health and religious affairs can be improved with the implementation of cash waqf. Originality/value – This chapter is the first attempt to discuss the potential of cash waqf in Kelantan.
摘要目的:本研究分析吉兰丹州现金流对社会经济发展的潜力。吉兰丹伊斯兰宗教理事会(Majlis Agama Islam Kelantan或MAIK)制定了一项现金waqf计划，以促进该州穆斯林社区的社会经济发展。方法论/方法-通过访谈获得数据的定性方法。在接受采访的举报人中，有精通伊斯兰教和伊斯兰教事务的人士，以及吉兰丹的一些相关公众人士。调查结果-结果表明，吉兰丹人民对现金waqf的成功持乐观态度，尽管该工具的实施仍处于起步阶段。经济、教育、福利、农业、卫生和宗教事务等社会经济发展因素可以随着现金流动的实施而得到改善。原创性/价值-本章是第一次尝试讨论吉兰丹州现金流的潜力。
{"title":"The Potential of Cash Waqf in the Socio-economic Development of Society in Kelantan","authors":"Siti Mariam Che Hassan, A. Rahman","doi":"10.1108/978-1-78756-283-720181005","DOIUrl":"https://doi.org/10.1108/978-1-78756-283-720181005","url":null,"abstract":"Abstract \u0000Purpose – This study analyses the potential of cash waqf for the socio-economic development of Kelantan state. A cash waqf scheme was established by the Kelantan Islamic Religious Council (Majlis Agama Islam Kelantan or MAIK) in an effort to contribute to the socio-economic development of the Muslim community in that state. \u0000 \u0000Methodology/approach – A qualitative method of data acquisition through interviews. Among the informants interviewed were persons well versed with waqf and Islamic affairs, and several relevant public persons in Kelantan. \u0000 \u0000Findings – The results indicate that the people of Kelantan are optimistic about the success of cash waqf, although the implementation of this instrument is still in its infancy there. The socio-economic development factors of the economy, education, well-being, agriculture, health and religious affairs can be improved with the implementation of cash waqf. \u0000 \u0000Originality/value – This chapter is the first attempt to discuss the potential of cash waqf in Kelantan.","PeriodicalId":419416,"journal":{"name":"New Developments in Islamic Economics","volume":"314 3-4","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-10-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114047065","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}
Pub Date : 2018-10-22DOI: 10.1108/978-1-78756-283-720181010
Mirwanee Ha, A. Rahman, Azizi Che Seman
Originality/value – This is the first empirical study of takaful in Thailand. It was conducted to determine the level of understanding of family takaful in the Muslim communities of southern Thailand and to compare the levels of understanding of family takaful between those who have participated in it and those who have not.
{"title":"Society’s Understanding of Family Takaful: A Study in Southern Thailand","authors":"Mirwanee Ha, A. Rahman, Azizi Che Seman","doi":"10.1108/978-1-78756-283-720181010","DOIUrl":"https://doi.org/10.1108/978-1-78756-283-720181010","url":null,"abstract":"Originality/value – This is the first empirical study of takaful in Thailand. It was conducted to determine the level of understanding of family takaful in the Muslim communities of southern Thailand and to compare the levels of understanding of family takaful between those who have participated in it and those who have not.","PeriodicalId":419416,"journal":{"name":"New Developments in Islamic Economics","volume":"12 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-10-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133919304","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}
Pub Date : 2018-10-22DOI: 10.1108/978-1-78756-283-720181001
Akilu Aliyu Shinkafi, Nor Aini Binti Ali
Originality/value –The chapter is original in its form and arrangement having emerged as a novel attempt and the first of its kind. The chapter has a pearl of value to the Islamic economists, entrepreneurs, academic circle, and all those who may consider it relevant for application in their desirable business and cherish the value of its standing.
{"title":"Entrepreneurship Development in Islamic Economics","authors":"Akilu Aliyu Shinkafi, Nor Aini Binti Ali","doi":"10.1108/978-1-78756-283-720181001","DOIUrl":"https://doi.org/10.1108/978-1-78756-283-720181001","url":null,"abstract":"Originality/value –The chapter is original in its form and arrangement having emerged as a novel attempt and the first of its kind. The chapter has a pearl of value to the Islamic economists, entrepreneurs, academic circle, and all those who may consider it relevant for application in their desirable business and cherish the value of its standing.","PeriodicalId":419416,"journal":{"name":"New Developments in Islamic Economics","volume":"12 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-10-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123116611","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}
Pub Date : 2018-10-22DOI: 10.1108/978-1-78756-283-720181007
Rafiza Zuliani, A. Rahman
Abstract Purpose – The purpose of this study is to review the responses of low-income earners to micro-takaful and its implementation in Banda Aceh. Methodology/approach – The data for the study were obtained by interviewing three parties. These parties were practitioners, academic experts and low-income earners selected by purposive sampling in each zone of Banda Aceh. Findings – The study found that there is a potential for micro-takaful to be offered in Banda Aceh due to the needs of low-income groups for it; however, there are many challenges which need to be overcome for successful implementation. Research limitations – The study is limited to the potential implementation of micro-takaful in Banda Aceh. Therefore, the study involves only its residents. Originality/value – This study makes a positive contribution to stakeholders by ensuring that they can provide micro-takaful schemes for the benefit of low-income earners. The study also adds to the literature on the concept of micro-takaful.
{"title":"Micro-Takafulin Aceh: Does Society Need It?","authors":"Rafiza Zuliani, A. Rahman","doi":"10.1108/978-1-78756-283-720181007","DOIUrl":"https://doi.org/10.1108/978-1-78756-283-720181007","url":null,"abstract":"Abstract \u0000Purpose – The purpose of this study is to review the responses of low-income earners to micro-takaful and its implementation in Banda Aceh. \u0000 \u0000Methodology/approach – The data for the study were obtained by interviewing three parties. These parties were practitioners, academic experts and low-income earners selected by purposive sampling in each zone of Banda Aceh. \u0000 \u0000Findings – The study found that there is a potential for micro-takaful to be offered in Banda Aceh due to the needs of low-income groups for it; however, there are many challenges which need to be overcome for successful implementation. \u0000 \u0000Research limitations – The study is limited to the potential implementation of micro-takaful in Banda Aceh. Therefore, the study involves only its residents. \u0000 \u0000Originality/value – This study makes a positive contribution to stakeholders by ensuring that they can provide micro-takaful schemes for the benefit of low-income earners. The study also adds to the literature on the concept of micro-takaful.","PeriodicalId":419416,"journal":{"name":"New Developments in Islamic Economics","volume":"40 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-10-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122901088","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}
Pub Date : 2018-10-22DOI: 10.1108/978-1-78756-283-720181008
Nuurshiraathal Firdaws Abd Rani, A. Rahman
Abstract Purpose – Women are more susceptible to specific health risks such as breast cancer, cervical cancer, and risk during pregnancy and childbirth. These can affect women’s well-being and also need to be managed to avoid financial loss. Takaful operators in Malaysia have been offering special takaful products for women. Women can mitigate exposure to these risks through insurance. This study examines the risks faced by Malaysian women and the coverage they are offered by Islamic insurance. Methodology/approach – The study used a qualitative methodology involving documentary evidence and interviews with four Islamic insurance agents and four product development officers from four Islamic insurance providers in Malaysia. Findings – Among the risks faced by women are female-specific illnesses, the cost of expensive treatments, crime-related accidents or loss, social or career risks and privatisation policy. Due to these risks, women are in need of female-specific takaful products to reduce risk and protect themselves. Originality/value – Specific takaful products for women are crucial to protect them from risks, improving their well-being and increasing their participation in the nation’s economic and social development.
{"title":"Women and Risk: Does Takaful Have the Solution?","authors":"Nuurshiraathal Firdaws Abd Rani, A. Rahman","doi":"10.1108/978-1-78756-283-720181008","DOIUrl":"https://doi.org/10.1108/978-1-78756-283-720181008","url":null,"abstract":"Abstract \u0000Purpose – Women are more susceptible to specific health risks such as breast cancer, cervical cancer, and risk during pregnancy and childbirth. These can affect women’s well-being and also need to be managed to avoid financial loss. Takaful operators in Malaysia have been offering special takaful products for women. Women can mitigate exposure to these risks through insurance. This study examines the risks faced by Malaysian women and the coverage they are offered by Islamic insurance. \u0000 \u0000Methodology/approach – The study used a qualitative methodology involving documentary evidence and interviews with four Islamic insurance agents and four product development officers from four Islamic insurance providers in Malaysia. \u0000 \u0000Findings – Among the risks faced by women are female-specific illnesses, the cost of expensive treatments, crime-related accidents or loss, social or career risks and privatisation policy. Due to these risks, women are in need of female-specific takaful products to reduce risk and protect themselves. \u0000 \u0000Originality/value – Specific takaful products for women are crucial to protect them from risks, improving their well-being and increasing their participation in the nation’s economic and social development.","PeriodicalId":419416,"journal":{"name":"New Developments in Islamic Economics","volume":"63 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-10-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126872675","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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