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Article
Publication date: 19 February 2024

Hanudin Amin, Faizah Panggi, Imran Mehboob Shaikh and Muhamad Abduh

The purpose of this study is to develop a new framework to measure waqif preference of waqf-based qardhul hassan financing in Malaysia.

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Abstract

Purpose

The purpose of this study is to develop a new framework to measure waqif preference of waqf-based qardhul hassan financing in Malaysia.

Design/methodology/approach

Using a maqāṣid approach, this study’s data were drawn from 286 valid usable questionnaires to examine the effects of consumer, family, ummah and humanity factors on the preference.

Findings

The study found that the said factors sourced from Attia’s maqāṣid al-Shariah were instrumental in determining waqif preference to donate in waqf-based qardhul hassan financing.

Research limitations/implications

Like others, this study’s findings are limited in terms of their generalisations and applications. The theory, context and variables used should be expanded in future works.

Practical implications

The results obtained are useful as a yardstick to enable the offered waqf-based qardhul hassan financing for improved mutual well-being among different classes of the wealth of societal groups in Malaysia. Furthermore, the results provide valuable insights into the direction for practitioners mainly managers involved in introducing waqf-based qardhul hassan financing as a new Islamic social financial instrument for poor and needy folks, at best.

Originality/value

This study is novel in terms of the proposed conceptual framework, where the waqif perspective comes into play.

Details

Journal of Islamic Accounting and Business Research, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1759-0817

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Article
Publication date: 8 August 2023

Hanudin Amin, M. Kabir Hassan and Imran Mehboob Shaikh

The purpose of this study is to examine donors’ or waqifs’ desire for waqf-based qardhul hassan financing in Malaysia using a maqasid method, where a pragmatic approach is used.

493

Abstract

Purpose

The purpose of this study is to examine donors’ or waqifs’ desire for waqf-based qardhul hassan financing in Malaysia using a maqasid method, where a pragmatic approach is used.

Design/methodology/approach

Using judgemental sampling, a total of 275 waqifs participated in this work to identify their preference in donating their money to the facility should it is introduced. Using the developed waqf-based qardhul hassan scale (WAQASCALE), this study examined the preference accordingly. Data were analysed using IBM SPSS 27.

Findings

The results obtained were as follows: the first factor considered by the waqifs in donating money was perceived household well-being, followed by perceived recipients’ welfare, perceived mankind benevolence and perceived Muslims’ community security.

Research limitations/implications

The authors developed construct items that had generalisability issues as they were at the infancy stage of development among social finance scientists along with the narrow geographical constraint where the actual survey was conducted.

Practical implications

The results were useful in giving new guidance to state governments and Islamic banks (IBs) in Malaysia to explore further this sort of facility for the improved well-being of those affected by COVID-19. Besides, sustainable development goals (SDGs), such as poverty, hunger and responsible consumption, among others can be addressed effectively for the mutual well-being of those affected by the health crisis in an effort of combating financial hardships in the meeting of basic needs, at least. The partnership between the state government and IBs could lead to the offered qardhul hassan financing-sourced funding from waqf for reduced financial hardships by needy and poor folks.

Originality/value

This study introduced a new WAQASCALE in the context of qardhul hassan financing in Malaysia.

Details

International Journal of Ethics and Systems, vol. 40 no. 3
Type: Research Article
ISSN: 2514-9369

Keywords

Available. Open Access. Open Access
Article
Publication date: 16 March 2021

Haithem Kader

This study argues that in order to address the problems associated with the modern market economy at their core, such as persistent poverty, growing inequality and environmental…

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Abstract

Purpose

This study argues that in order to address the problems associated with the modern market economy at their core, such as persistent poverty, growing inequality and environmental degradation, it is imperative to re-assess the well-being and moral philosophy underpinning economic thinking. The author attempts to offer a preliminary way forward with reference to the Islamic intellectual tradition.

Design/methodology/approach

This study employs content analysis of classical and contemporary Islamic texts on human well-being and economic ethics to derive a conceptual well-being model. The paper is structured in four sections: section one provides an overview of relevant secondary literature on moral economic approaches; section two outlines the main well-being frameworks; section three discusses the concept of human well-being in Islam informed by the Islamic worldview of tawḥīd, the Islamic philosophy of saʿādah, and the higher objectives of Islamic Law (maqās.id al-Sharīʿah); and finally, section four discusses policy implications and next steps forward.

Findings

A conceptual model of human well-being from an Islamic perspective is developed by integrating philosophical insights of happiness (saʿādah) with an objective list of five essential goods: religion (Dīn), self (Nafs), intellect ('Aql), progeny (Nasl) and wealth (Māl) that correspond to spiritual, physical and psychological, intellectual, familial and social, and material well-being, respectively.

Research limitations/implications

Further research is needed to translate this conceptual model into a composite well-being index to inform policy and practice.

Practical implications

This model can be used to review the performance of the Islamic finance sector, not solely in terms of growth and profitability, but in terms of realising human necessities, needs and refinements. It can also provide the basis for the Organisation of Islamic Co-operation (OIC) countries to jointly develop a well-being index to guide national and regional co-operation. More generally, this study highlights the need for research in Islamic economics to be more firmly rooted within Islamic ontology and epistemology, while simultaneously engaging in productive dialogue with other moral schools of economic thought to offer practical solutions to contemporary challenges.

Originality/value

This study offers three aspects of originality. First, by outlining well-being frameworks, it highlights key differences between the utilitarian understanding of well-being underpinning modern economic theory and virtue-based understandings, such as the Aristotelian, Christian and Islamic approaches. Second, it provides a well-being model from an Islamic perspective by integrating the Islamic worldview of tawḥīd, the Islamic philosophy of saʿādah, and the higher objectives of Islamic Law (maqāṣid al-Sharīʿah). Third, it proposes an ethical framework for informing economic policy and practice.

Details

Islamic Economic Studies, vol. 28 no. 2
Type: Research Article
ISSN: 1319-1616

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Article
Publication date: 8 October 2020

Ahmad Baehaqi, M. Nur A. Birton and Fahmi Ali Hudaefi

This paper aims to critically analyse the application of present value (PV) practised in the concept of time value of money (TVM) from the perspective of maqāṣid al-Sharī‘ah…

1381

Abstract

Purpose

This paper aims to critically analyse the application of present value (PV) practised in the concept of time value of money (TVM) from the perspective of maqāṣid al-Sharī‘ah (objective of Islamic law) explained by Ibn ‘Ashur. The analysis is important as this concept has been adopted in the practice of Islamic accounting measurement.

Design/methodology/approach

This paper uses qualitative research approach. The authors first review literature related to TVM in Islamic perspective to understand the extent to which the scholarly articles have been discussing this topic. Furthermore, the authors conduct face-to-face interviews with the experts to comprehend the means of TVM application in the recent Islamic accounting practices. The tawhid (monotheistic) paradigm is further used with special reference to the concept of maqāṣid al-Sharī‘ah of Ibn ‘Ashur to critically analyse the practice of TVM in Islamic accounting measurement.

Findings

This study identifies the opposing views among the experts on the topic of TVM from the Islamic perspective. That is, the experts’ opinion on this issue can be classified into two. Firstly, a view that rejects TVM and proposes the concept of economic value of time. Secondly, an opinion that recognises TVM with the basis of bay’ al-mu’ajjal (deferred sale). This paper further critically analyses these two opposing opinions. The discussion is established based on the theory of maqāṣid al-Sharī‘ah as explained by Ibn ‘Ashur and the excerpts from interviewing the experts. This work draws a conclusion that such PV-based measurement of TVM does not meet the Islamic principles explained in the theory of Ibn ‘Ashur’s maqāṣid al-Sharī‘ah. Thus, the practice of PV measurement in Islamic accounting is debatable.

Research limitations/implications

This study does not establish a positivism discussion. It is thus the generalisation of this work is not applicable to the Islamic perspective in general. Rather, it is limited to Ibn ‘Ashur’s maqāṣid al-Sharī‘ah.

Practical implications

An analysis of PV measurement adoption in Islamic accounting from maqāṣid al-Sharī‘ah perspective is practically important to raise the awareness that such practice is debatable in Islamic principles. That is, such debate opens new arena for academics, industry professionals and other related stakeholders to further discuss an ideal practice of Islamic accounting.

Originality/value

This paper is among the pioneers that analyses the concept of TVM, in particular relation to PV measurement in Islamic accounting practice from the perspective of Ibn ‘Ashur’s maqāṣid al-Sharī‘ah.

Details

Journal of Islamic Accounting and Business Research, vol. 11 no. 10
Type: Research Article
ISSN: 1759-0817

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Book part
Publication date: 26 August 2019

Raja Madihah Raja Alias, Norhashimah Mohd Yasin, Badruddin Hj Ibrahim and Mohd Yazid Zul Kepli

Money laundering and terrorism financing are financial crimes which affect the economic stability and integrity of the country. In this respect, the relevant regulator has a duty…

Abstract

Money laundering and terrorism financing are financial crimes which affect the economic stability and integrity of the country. In this respect, the relevant regulator has a duty to preserve and protect the financial stability of the country. This duty is in line with the concept of the protection of wealth (hifz al-mal) under the maqāsid al-Sharīʿah or higher objectives of Islamic law framework. The objective of this chapter is to examine the protection of wealth vis-á-vis money laundering and terrorism financing from the maqāsid al-Sharīʿah perspective. This study analyses the primary and secondary legal sources on the laws and regulations on anti-money laundering and counter financing of terrorism while also considering the primary and secondary sources of Islamic law. This study is significant as it makes an exploration of the maqāsid al-Sharīʿah perspectives and discusses the position of unlawful wealth that is acquired from the illicit gain of property from the abuse of money laundering and the financing of terrorist activities. This chapter suggests that Islamic law emphasises on the lawful ownership of wealth and prohibits a person from acquiring illicit wealth. This study will contribute towards the study on the deployment of maqāsid al-Sharīʿah, which is beneficial in safeguarding an individual action as well as the country’s commitment against abuse and misuse of wealth for financial crimes.

Details

Emerging Issues in Islamic Finance Law and Practice in Malaysia
Type: Book
ISBN: 978-1-78973-546-8

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Article
Publication date: 21 December 2021

Abu Talib Mohammad Monawer, Noor Naemah Abdul Rahman, Ameen Ahmed Abdullah Qasem Al-‎Nahari, Luqman Haji Abdullah, Abdul Karim Ali and Achour Meguellati

This paper aims to formulate a conceptual framework that will facilitate the actualization of maqāṣid al-Sharīʿah in product design and consumption within Islamic financial…

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Abstract

Purpose

This paper aims to formulate a conceptual framework that will facilitate the actualization of maqāṣid al-Sharīʿah in product design and consumption within Islamic financial institutions (IFIs).

Design/methodology/approach

This paper relies on the classical and contemporary literature on maqāṣid al-Sharīʿah and Islamic finance and adopts a qualitative content analysis method and an inductive approach to outline the constituent elements that formulate the framework.

Findings

This study determines six vital constituents of maqāṣid al-Sharīʿah, namely, parameters of maqāṣid, particular objectives, appropriate means, micro provisions, level of need and legal maxims to develop a conceptual framework of actualizing maqāṣid al-Sharīʿah in Islamic finance. The framework covers the following three stages: identification of maqāṣid, operationalization of maqāṣid in product design and consumption based on maqāṣid.

Research limitations/implications

This paper proposes a conceptual framework without investigating the practice of any particular industry or products. Further research would focus on formulating a practical framework based on a focus group discussion with industry experts, elaborating the parameters of maqāṣid, scrutinizing the maqāṣid available in the literature by the parameters of maqāṣid and assessing the IFIs’ products and services using the proposed framework.

Practical implications

This paper provides insights into the importance of maqāṣid elements and the effects of overlooking them on IFIs and customers’ product consumption. Furthermore, a major implication of the proposed framework is to learn how to use the maqāṣid approach as the baseline for designing new financial products.

Originality/value

The novelty of this paper lies in its pioneering attempt of harmonizing all essential maqāṣid elements and using them as constituents to formulate a comprehensive framework that actualizes maqāṣid al-Sharīʿah in the Islamic finance industry.

Details

International Journal of Islamic and Middle Eastern Finance and Management, vol. 15 no. 5
Type: Research Article
ISSN: 1753-8394

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Article
Publication date: 4 March 2022

Wan A'tirah Mahyudin and Romzie Rosman

This study aims to systematically explore the approaches used by previous studies in measuring the performance of Islamic banks based on maqāṣid al-Sharīʿah.

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Abstract

Purpose

This study aims to systematically explore the approaches used by previous studies in measuring the performance of Islamic banks based on maqāṣid al-Sharīʿah.

Design/methodology/approach

The data obtained in this study were derived from a review of empirical literature based on 15 articles published between 2012 and 2019. The sample articles on the performance of Islamic banks based on maqāṣid al-Sharīʿah were located by searching keywords in the most relevant social science research databases such as Scopus, Web of Science and EBSCOhost.

Findings

The emerging trend in measuring the performance of Islamic banks from the maqāṣid perspective highlighted that there is insufficient research on the determinants of Islamic bank performance.

Practical implications

The reviews undertaken in this paper will resolve the literature gaps in the area of maqāṣid al-Sharīʿah and Islamic banks, as this study serves as a reference for scholars, academicians and interested researchers in Islamic banking and finance studies to pursue more research in this area.

Social implications

Performance measurement based on maqāṣid al-Sharīʿah enhances society’s confidence in supporting Islamic banking practices, particularly among the Muslim community. Islamic banks can also be exemplary financial intermediaries supporting fair and equitable financial systems for the entire community.

Originality/value

This paper is original in its nature, considering that understanding the relationship between maqāṣid al-Sharīʿah and the performance of Islamic banks is limited. This paper reveals a literature gap that can be explored by future studies theoretically and practically.

Details

Journal of Islamic Accounting and Business Research, vol. 13 no. 4
Type: Research Article
ISSN: 1759-0817

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Article
Publication date: 8 January 2018

Mohammad Abdullah

This paper attempts to contextualise the potential role of waqf (plural; awqaf, Islamic perpetual trust) in the contemporary world, particularly, in the developmental arena. The…

4762

Abstract

Purpose

This paper attempts to contextualise the potential role of waqf (plural; awqaf, Islamic perpetual trust) in the contemporary world, particularly, in the developmental arena. The purpose of this paper is to provide a framework for awqaf to maintain its convergence with some of the fundamental goals of the SDGs which are also congruent with the maqasid al-shariah (the higher objectives of shariah).

Design/methodology/approach

This paper is based on a desk-based research, and it adopts the qualitative research paradigm for the analysis of the available literature.

Findings

This paper finds that most of the 17 developmental goals of the SDGs comfortably match with the long-term objectives of shariah and there is good scope for the stakeholders of awqaf to develop waqf-based development plan in line with the framework of SDGs. Additionally, it finds that the global awqaf enjoy sufficient financial capacity to help muslim majority countries to realise some of the most relevant and urgent maqasid-oriented SDGs in a timely manner.

Research limitations/implications

The scope of this paper is limited to analyse the potential role of global awqaf in realising some of the most urgent maqasid-based development objectives in congruence with SDGs. For the purpose of maintaining the coherence in the focus of the study, this paper does not undertake any comparison between the waqf and other forms of endowments/charities in fulfilling the similar objectives.

Practical implications

This paper provides a framework for maqasid-oriented waqf-based development plan followed by provision of some critical recommendations on how the global awqaf can potentially spearhead the initiative of Islamic charities in realising the maqasid-oriented SDGs among muslim majority countries.

Originality/value

This paper adds original value to the available literature on the potential of waqf in the arena of development. The paper analyses the role of waqf in achieving the most urgent maqasid-based SDGs, and thus, it fills the existing gap of a systematic research on the possible collaboration of global awqaf and SDGs.

Details

International Journal of Social Economics, vol. 45 no. 1
Type: Research Article
ISSN: 0306-8293

Keywords

Available. Open Access. Open Access
Article
Publication date: 22 April 2022

Ameen Ahmed Abdullah Qasem Al-Nahari, Abu Talib Mohammad Monawer, Luqman Bin Haji Abdullah, Abdul Karim Bin Ali, Noor Naemah Binti Abdul Rahman and Meguellati Achour

This paper aims to scrutinize the misconceptions about maqāṣid al-Sharīʿah (objectives of Islamic law) that complicate its actualization, particularly in Islamic finance.

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Abstract

Purpose

This paper aims to scrutinize the misconceptions about maqāṣid al-Sharīʿah (objectives of Islamic law) that complicate its actualization, particularly in Islamic finance.

Design/methodology/approach

This study adopts a qualitative inductive method to identify the flaws in understanding maqāṣid al-Sharīʿah vis-à-vis Islamic finance. It uses the views of classical and modern maqāṣid scholars to critically examine the flaws.

Findings

This study concludes that the five objectives of the Sharīʿah constitute the framework of maṣlaḥah (well-being). The levels of maṣlaḥah ― namely ḍarūriyyāt (essentials), ḥājiyyāt (needs) and taḥsīniyyāt (embellishments) ― are the categories of the means to ends. The demand for financial products falls under the ḥājiyyāt and taḥsīniyyāt categories, not ḍarūriyyāt. The maqāṣid (objectives) are derived from aḥkām (provisions) being verified by the parameters, while aḥkām are guided by maqāṣid.

Research limitations/implications

This study recommends further research to theorize the concepts of ḍarūriyyāt, ḥājiyyāt, taḥsīniyyat and mukammilāt (complements); to harmonize the maqāṣid with their essential elements and to formulate a conceptual framework for actualizing maqāṣid al-Sharīʿah in Islamic finance.

Practical implications

This paper will improve perceptions and bridge gaps between the understanding of maqāṣid theory and existing practices. It suggests that instead of ḍarūriyyāt, Islamic financial institutions (IFIs) should refer to ḥājiyyāt and taḥsīniyyāt.

Originality/value

This paper identifies and clarifies the misconceptions about maqāṣid al-Sharīʿah vis-à-vis Islamic finance in the existing literature. The findings align with the views of leading maqāṣid scholars in understanding the idea.

Details

ISRA International Journal of Islamic Finance, vol. 14 no. 2
Type: Research Article
ISSN: 0128-1976

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Article
Publication date: 17 July 2019

Upeksha Hansini Madanayake and Charles Egbu

The purpose of this paper is to identify the gaps and potential future research avenues in the big data research specifically in the construction industry.

891

Abstract

Purpose

The purpose of this paper is to identify the gaps and potential future research avenues in the big data research specifically in the construction industry.

Design/methodology/approach

The paper adopts systematic literature review (SLR) approach to observe and understand trends and extant patterns/themes in the big data analytics (BDA) research area particularly in construction-specific literature.

Findings

A significant rise in construction big data research is identified with an increasing trend in number of yearly articles. The main themes discussed were big data as a concept, big data analytical methods/techniques, big data opportunities – challenges and big data application. The paper emphasises “the implication of big data in to overall sustainability” as a gap that needs to be addressed. These implications are categorised as social, economic and environmental aspects.

Research limitations/implications

The SLR is carried out for construction technology and management research for the time period of 2007–2017 in Scopus and emerald databases only.

Practical implications

The paper enables practitioners to explore the key themes discussed around big data research as well as the practical applicability of big data techniques. The advances in existing big data research inform practitioners the current social, economic and environmental implications of big data which would ultimately help them to incorporate into their strategies to pursue competitive advantage. Identification of knowledge gaps helps keep the academic research move forward for a continuously evolving body of knowledge. The suggested new research avenues will inform future researchers for potential trending and untouched areas for research.

Social implications

Identification of knowledge gaps helps keep the academic research move forward for continuous improvement while learning. The continuously evolving body of knowledge is an asset to the society in terms of revealing the truth about emerging technologies.

Originality/value

There is currently no comprehensive review that addresses social, economic and environmental implications of big data in construction literature. Through this paper, these gaps are identified and filled in an understandable way. This paper establishes these gaps as key issues to consider for the continuous future improvement of big data research in the context of the construction industry.

Details

Built Environment Project and Asset Management, vol. 9 no. 4
Type: Research Article
ISSN: 2044-124X

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