Imtiaz Sifat, Azhar Mohamad and Zarinah Hamid
Magnet effect entails a hypothesis in market microstructure entailing a systemic likelihood of prices being sucked toward the theoretical threshold. The purpose of this paper is…
Abstract
Purpose
Magnet effect entails a hypothesis in market microstructure entailing a systemic likelihood of prices being sucked toward the theoretical threshold. The purpose of this paper is to investigate the existence of magnet effect in Bursa Malaysia via overnight returns.
Design/methodology/approach
This study investigates the existence of magnet effect via overnight returns in Bursa Malaysia by utilizing historical daily price data from 1994 to 2017 by probabilistic regression approaches. The authors divide the study period into three distinct regimes based on regulatory limit mechanisms.
Findings
Based on demarcated regimes, the authors find evidence of magnet effect in Bursa Malaysia throughout all regimes, with a heightened magnitude detected between 2002 and 2013. Moreover, upper limit scenarios exhibit a greater propensity for magnet effect. The authors end the paper with implications of the findings for portfolio managers, intraday traders, and policymakers.
Originality/value
The research is the first of its kind in attempting to measure the magnet effect in Malaysia via overnight jumps.
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Muhammad Sholihin, Nurus Shalihin and Apria Putra
The article examines Sheikh Ahmad Khatib Al-Minangkabauwi's initial concept of paper money, which in the early 20th century wrote Risala Raf'u Al-Iltibas.
Abstract
Purpose
The article examines Sheikh Ahmad Khatib Al-Minangkabauwi's initial concept of paper money, which in the early 20th century wrote Risala Raf'u Al-Iltibas.
Design/methodology/approach
This paper uses a qualitative approach based on the critical extraction analysis that can reveal a set of concepts related to the thoughts of Sheikh Ahmad Khatib Al-Minangkabauwi on paper money.
Findings
Through an attentive reading of Sheikh Ahmad Khatib Al-Minangkabawi, the authors can formulate several significant results: First, Ahmad Khatib Al-Minangkabawi applies two methods in studying critically on paper money, namely, the comparative law method and qiyas. Second, Ahmad Khatib believes that paper money has similarities with dinars and dirhams, namely its nominal value function. It is just that the existence of these values is different. Briefly, there are set law consequences for those who used paper money in economic activities, i.e. payment of zakāt on paper money applies when used as business capital.
Research limitations/implications
Sheikh Ahmad Khatib Al-Minangkabawi's work related to paper money is written heavily from the perspective of fiqh. Briefly, it is challenging to describe legal reasoning from work. As a result, articles are also thicker with fiqh analysis.
Practical implications
Sheikh Ahmad Khatib Al-Minangkabawi's view regarding paper money becomes the foundation for the theory of the value of money in Islam. However, it is rarely disclosed. In this regard, this paper can serve as the foundation of the value for money offered by scholars from Indonesia in the early 20th century.
Social implications
Money is not a commodity. Still, it must be positioned as capital to be productive. It finally becomes why trade is compelling and becomes the most practical reason for paying out zakāt.
Originality/value
It is not easy finding out articles that attempt to reveal the concept of classical ulemas or clerics from Indonesia relating to paper money. This article manages to identify that, and at the same time, becomes a novelty.
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The purpose of this study is to illustrate that Reformism dominates much of Arab thought, and it has continued to be a major source of inspiration for contemporary Islamic…
Abstract
Purpose
The purpose of this study is to illustrate that Reformism dominates much of Arab thought, and it has continued to be a major source of inspiration for contemporary Islamic philosophy. Thereafter, it shows that Amin Elkholy was a pioneer of reformism whose innovative thinking led Abd-el-Jabaar Elrefa’I and others to recognize him as the first hermeneuticist in the history of Islam.
Design/methodology/approach
The research traces Islamic Reformism's rise and development, evaluates its status in the map of modern Arab/Islamic thought and determines its main figures until arriving at Amin Elkholy. Then, it shows that through evolutionism and a comprehensive evolutionistic approach, Elkholy undertook renewal in Islamic reformism as a multidimensional innovation. So, the interaction between traditional renovation and Western evolutionism produced a highly fruitful philosophy of innovation and progress.
Findings
First, Islamic Reformism contains potential for continuous advancement and development. Second, Amin Elkholy has introduced a model of Islamic Reformism and achieved the situation of authenticity/modernization in a way that seems very compatible with our postmodernism era and postmodernist philosophy.
Research limitations/implications
The research framework has been Modern Arab Thought and Contemporary Islamic Philosophy since the beginning of the 19th Century. The approach entails some future expectations.
Practical implications
The approach entails some future expectations and suggests topics for further research.
Originality/value
To the best of the author’s knowledge, it is the first time to notice some compatibility between Islamic Reformism and postmodernism.
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Anwar Allah Pitchay, Mohamed Asmy Mohd Thas Thaker, Al Amin Mydin, Zubir Azhar and Abdul Rais Abdul Latiff
Waqf (Islamic endowment) in the form of cash is important to address the problem of developing idle waqf lands. Although there are various existing models of cash waqf, there is…
Abstract
Purpose
Waqf (Islamic endowment) in the form of cash is important to address the problem of developing idle waqf lands. Although there are various existing models of cash waqf, there is still a need for innovative cash waqf models. This paper aims to offer an alternative mode of financing for developing idle waqf lands using the concepts of cooperatives and waqf.
Design/methodology/approach
The present study first evaluates relevant literature on financing issues faced by waqf institutions in developing idle waqf lands as well as existing models of cash waqf. Based on the prevailing gap in cash waqf models, the study proposes a hybrid model of cooperative-waqf to finance idle waqf lands in Malaysia.
Findings
The proposed model is unique owing to the new dimension of membership being embedded into the waqf project. It considers donors as members of the waqf project, which is funded through the cash waqf collected, and thus, donors are given the privilege to receive benefits from the commercialised projects that are developed on the waqf lands. The existing models of cash waqf use traditional methods in which donors merely contribute cash waqf without any awareness of how the contributions are utilised. Usually, this problem occurs due to the lack of reciprocal communication between cash waqf donors and waqf institutions.
Research limitations/implications
The present study examines the case of waqf land development in the context of Malaysia only. Secondly, the paper does not contain any empirical analysis, and the development of the paper is based on existing literature that discusses various models of cash waqf practised in Muslim-majority and -minority countries. Future research can conduct surveys of donors and other stakeholders on the practicality of the model.
Practical implications
It is expected that the proposed cooperative-waqf model will be able to create a synchronised relationship between cash waqf donors and waqf institutions and hence boost participation in developing waqf lands.
Originality/value
The present study adds to the existing literature in the area of waqf and cash waqf models, especially the application of this instrument in the context of Malaysia. It also offers a new hybrid model to the State Islamic Religious Councils (SIRCs) – Malaysia’s sole trustee of waqf assets management – such that the implementation of the proposed model could boost the collection of cash waqf in developing commercial projects on idle waqf lands.
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Mohammad Mahbubi Ali and Rusni Hassan
Tawarruq (Islamic commodity financing) has evolved as the most ubiquitous concept in Malaysia’s Islamic banking industry. Nevertheless, the extensive use of tawarruq has invoked a…
Abstract
Purpose
Tawarruq (Islamic commodity financing) has evolved as the most ubiquitous concept in Malaysia’s Islamic banking industry. Nevertheless, the extensive use of tawarruq has invoked a number of Sharīʿah (Islamic law) concerns in its practice. This study aims to investigate the Sharīʿah non-compliant (SNC) phenomena in the practice of tawarruq financing in Malaysia.
Design/methodology/approach
This study adopts qualitative research methodology, combining both descriptive and content analysis. A self-administered questionnaire was distributed to 16 Malaysian Islamic commercial banks to unveil the Sharīʿah non-compliance issues in the application of tawarruq in Islamic banks (IBs) in Malaysia.
Findings
The study found that some practices of tawarruq in Malaysia might not comply with the Sharīʿah, mainly due to the improper sequencing of contracts. The study also discovered that IBs adopt different approaches in dealing with SNC events and the income derived therefrom. Finally, the study noted the influence of board of director/management on certain Sharīʿah decisions particularly on the treatment of non-ḥalāl (impermissible) income.
Practical implications
The findings of the study serve as a reference to industry players and regulators in formulating a Sharīʿah non-compliance risk management framework for tawarruq practices.
Originality/value
The survey on SNC issues in tawarruq practice constitutes the first of its kind in the existing literature.
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Nur Hanisfatin Rushami Zien, Nurul Azma Abu Bakar and Rohaizah Saad
The concept of lifelong learning and learning culture in education generally refers to the continuous acquisition of knowledge and skills throughout one's life, extending beyond…
Abstract
Purpose
The concept of lifelong learning and learning culture in education generally refers to the continuous acquisition of knowledge and skills throughout one's life, extending beyond formal education while learning culture is the creation of learning opportunities, resources and support systems that empower individuals to continuously enhance their knowledge and skills. Lifelong learning and a learning culture contribute significantly to the realization of SDG 4 by promoting inclusive, equitable and quality education that prepares individuals for a lifetime of learning and adaptation in a changing world. This paper aims to identify the level of understanding of school’s community regarding these concepts and measuring the implementation level and readiness of primary schools across Malaysia.
Design/methodology/approach
Employing a mixed-methods approach, the initial qualitative phase involved interviewing teachers to know their level of understanding regarding the concept of lifelong learning and learning culture. The subsequent quantitative phase assessed the readiness and implementation level of 35 primary schools across Malaysia.
Findings
An interview that been done has successfully collected the viewpoints of teachers about lifelong learning and learning culture. A survey administered to primary schools affiliated with the MUSLEH organization affirmed the readiness and implementation level of schools in which it was found that most of the schools has high degree of awareness and understanding regarding the significance of the concepts to be implemented in the education system.
Originality/value
This study's contributions extend beyond academia, offering insights for educators and policymakers alike. The findings can inform education ministries, curriculum developers and stakeholders, aiding them in providing substantial support to educators aligning with the principles of the Sustainable Development Goals (SDG).
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Andrew Ebekozien, Clinton Aigbavboa, Mohamad Shaharudin Samsurijan, Noor Alyani Nor Azazi and Okechukwu Dominic Saviour Duru
Studies show that building information modelling (BIM) technology can improve construction productivity regarding the design, construction and maintenance of a project life cycle…
Abstract
Purpose
Studies show that building information modelling (BIM) technology can improve construction productivity regarding the design, construction and maintenance of a project life cycle in the 21st century. Revit has been identified as a frequently used tool for delivering BIM in the built environment. Studies about BIM technology via Revit are scarce in training middle-level workforce higher education institutions. Thus, this study aims to investigate the relevance of BIM technology and offer measures to promote digitalisation in Nigeria’s built environment polytechnic undergraduates via Revit.
Design/methodology/approach
Given the unexplored nature of training the middle-level workforce in Nigeria, 37 semi-structured virtual interviews were conducted across Nigeria, and saturation was achieved. The participants were knowledgeable about construction-related BIM. The researchers used a thematic analysis for the collected data and honed them with secondary sources.
Findings
Improved visualisation of design, effective and efficient work productivity, automatic design and quantification, improved database management and collaboration and data storage in the centrally coordinated model, among others, emerged as BIM’s benefits. BIM technology via Revit is challenging, especially in Nigeria’s polytechnic education curriculum. The 24 perceived issues were grouped into government/regulatory agencies-related, polytechnic management-related and polytechnic undergraduate students-related hindrances in Nigeria’s built environment.
Research limitations/implications
This study is limited to BIM implications for Nigeria’s built environment polytechnic undergraduates.
Originality/value
This study contributes to the literature paucity in attempting to uncover perceived issues hindering the implementation of BIM technology via Revit in training Nigeria’s built environment polytechnic undergraduates via a qualitative approach.