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Article
Publication date: 18 September 2020

Abdul-Jalil Ibrahim and Monzer Kahf

This paper aims to explore how Sharīʿah-compliant instruments can be used to protect investments and attract investors to Islamic venture capital (IVC). Equity investments in…

394

Abstract

Purpose

This paper aims to explore how Sharīʿah-compliant instruments can be used to protect investments and attract investors to Islamic venture capital (IVC). Equity investments in Islamic finance are trailing behind their potential value. This is partly due to the limited instruments available to protect investors, as most of the tools used in conventional venture capital (VC) are deemed Sharīʿah non-compliant.

Design/methodology/approach

The research amends and uses Wright Robbie’s (1998) VC structure and how it can be used to finance small and medium-sized enterprises (SMEs). The study uses secondary data reported in the literature and the expertise of the Sharīʿah scholarship.

Findings

There are Sharīʿah-compliant instruments available for IVC that can be used to protect investments and incentivize potential investors to promote investments in SMEs. At the various stages of the IVC process, preference shares, perpetual mudharabah, diminishing musharakah, musharakah with murabahah, musharakah with qard, negligence clauses, liquidation preference, warrants and supermajority clauses can all be used with appropriate conditions to protect investors and offer incentives for them to invest in IVC.

Practical implications

The research provides a method for screening and evaluating potential deals for SMEs using an amended VC called an IVC scheme with a focus on Sharīʿah-compliant investment protection instruments. The method can promote SMEs and entrepreneurship and financial inclusion for Sharīʿah-compliant investors.

Originality/value

This study contributes new ideas to how IVC can be structured, taking into consideration Sharīʿah constraints. The paper addresses investors’ protection and incentives to attract Sharīʿah-compliant investors, which have been lacking in the literature.

Details

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

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Article
Publication date: 18 April 2017

Shazmin Shareena Ab. Azis, Ibrahim Sipan, Maimunah Sapri, Rohaya Abdul Jalil and Izran Sarrazin Mohammad

The purpose of this paper is to identify green envelope building components of residential buildings applicable under hot and humid climates and to analyze the effect of these…

2144

Abstract

Purpose

The purpose of this paper is to identify green envelope building components of residential buildings applicable under hot and humid climates and to analyze the effect of these components on building value.

Design/methodology/approach

The authors place an emphasis on green envelope components that influence building value and which are derived based on their integration into a building envelope structure that is applicable under hot and humid climates. This is performed through identification of green benefits of each green envelope component based on literature reviews and in relation to green criteria listed by the Malaysia Green Building Index (GBI). Consequently, a quantitative analysis has been conducted to determine the effect of these green envelope components on building value by means of a questionnaire distribution among 550 property valuation practitioners in Malaysia. However, in order to certify respondents’ credibility, the authors analyzed questionnaires answered by property valuation practitioners with experience in green valuation.

Findings

The findings show that there are ten green envelope components currently certified under GBI Malaysia and applicable for hot and humid climates. There are three green envelope components that can increase property values, specifically: solar photovoltaic, green living wall and green roof. However, eight of the green envelope components have no effect on building value.

Research limitations/implications

Due to the relative immaturity of the green building market in Malaysia, the authors were unable to analyze the actual percentage of increment on building value as conveyed by each green envelope component.

Originality/value

This paper aims to provide understanding of the effect of individual green envelope components on building value rather than merely the value of green buildings in general. It proves that green building envelope components do in fact contribute to an increase in green building values. As the green building market in Malaysia is still in its infancy, this study is significant in that it prepares the Malaysian green building market to attain a new level by providing valuation practitioners with awareness of green building values and new knowledge concerning the effect of individual green components on building values. Hence, it is anticipated that this study can assist property valuation practitioners in conducting valuations of green buildings in the future.

Details

Property Management, vol. 35 no. 2
Type: Research Article
ISSN: 0263-7472

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Article
Publication date: 9 October 2017

Syed Nazim Ali

With the increasing instances of malfeasance and frauds coming to light in the financial services industry, trust has become a key concern for customers. Fortunately, in the case…

1618

Abstract

Purpose

With the increasing instances of malfeasance and frauds coming to light in the financial services industry, trust has become a key concern for customers. Fortunately, in the case of Islamic Finance, trust is a central tenet, and its importance can be seen through the emphasis of Amanah or trustworthiness that should be present in every financial transaction. However, it has been argued that the principle of trust has not been truly realized in Islamic Finance, or that there are still issues of distrust regarding anything which is obtrusively branded as “Islamic”. In this paper, the author will analyze the reasons for gaps between the expectations and reality of the finance industry today by looking at the main factors contributing to distrust among the different stakeholders and the perceived impact of the distrust on the industry and the general public. It then focuses on the past and ongoing efforts by academia to bridge these gaps between the different stake holder groups with the help of illustrative case studies as well as recommends future steps to be taken to ensure a stronger foundation of trust within the Islamic Finance community.

Details

Society and Business Review, vol. 12 no. 3
Type: Research Article
ISSN: 1746-5680

Keywords

Available. Open Access. Open Access
Article
Publication date: 22 September 2023

Tasruma Sharmeen Chowdhury and S.M. Kalbin Salema

This study aims to identify the factors that influence the willingness of Bangladeshi retail investors to invest in ṣukūk.

2279

Abstract

Purpose

This study aims to identify the factors that influence the willingness of Bangladeshi retail investors to invest in ṣukūk.

Design/methodology/approach

The authors surveyed Bangladeshi retail investors using a structured questionnaire to understand their perspectives on potential investment in ṣukūk. The authors considered the behavioral aspects of retail investors and the desired ṣukūk features to analyze the demand side. Factors and regression analyses were performed to identify the persuading factors.

Findings

The results indicate that investor awareness is a fundamental factor in potential investments in ṣukūk. Investors perceive the security represented by government and third-party guarantees as a persuasive feature of ṣukūk. The tradability and tenor of ṣukūk also affect the investment intention. Sharīʿah consciousness of the investors also plays a significant role in their investment decisions.

Research limitations/implications

One limitation of this study is that it incorporates potential individual investors only, and precludes institutional investors. In the future, there is scope for research to explore the demand factors impacting institutional investors of ṣukūk in Bangladesh.

Practical implications

The authors expect that the study will aid policymakers and ṣukūk issuers in crafting strategies to cater to the needs of Bangladeshi retail investors.

Originality/value

This study is the earliest research conducted in Bangladesh to determine the factors impacting the willingness of individual investors to make their potential investments in ṣukūk. To the best of the authors' knowledge, no study has analyzed the desired ṣukūk features from the perspective of Bangladeshi retail investors.

Details

Islamic Economic Studies, vol. 31 no. 1/2
Type: Research Article
ISSN: 1319-1616

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Article
Publication date: 6 April 2022

AbdurRaheem A. Yakub, Kamalahasan Achu, Hishamuddin Mohd Ali and Rohaya Abdul Jalil

There are a plethora of putative influencing variables available in the literature for modelling real estate prices using AI. Their choice tends to differ from one researcher to…

293

Abstract

Purpose

There are a plethora of putative influencing variables available in the literature for modelling real estate prices using AI. Their choice tends to differ from one researcher to the other, consequently leading to subjectivity in the selection process. Thus, there is a need to seek the viewpoint of practitioners on the applicability and level of significance of these academically established variables.

Design/methodology/approach

Using the Delphi technique, this study collated and structured the 35 underlying micro- and macroeconomic parameters derived from literature and eight variables suggested by 11 selected real estate experts. The experts ranked these variables in order of influence using a seven-point Likert scale with a reasonable consensus during the fourth round (Kendall's W = 0.7418).

Findings

The study discovered that 16 variables are very influential with seven being extremely influential. These extremely influential variables include flexibility, adaptability of design, accessibility to the building, the size of office spaces, quality of construction, state of repairs, expected capital growth and proximity to volatile areas.

Practical implications

The results of this study improve the quality of data available to valuers towards a fortified price prediction for investors, and thereby, restoring the valuers' credibility and integrity.

Originality/value

The “volatility level of an area”, which was revealed as a distinct factor in the survey is used to add to current knowledge concerning office price. Hence, this study offers real estate practitioners and researchers valuable knowledge on the critical variables that must be considered in AI-based price modelling.

Details

Property Management, vol. 40 no. 5
Type: Research Article
ISSN: 0263-7472

Keywords

Available. Content available
Article
Publication date: 8 February 2022

Awad Elsayed Awad Ibrahim and Khaled Hussainey

810

Abstract

Details

Accounting Research Journal, vol. 35 no. 1
Type: Research Article
ISSN: 1030-9616

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Article
Publication date: 3 April 2017

Zul-Atfi Ismail

Conventional methods practiced by the Development and Facilities Management Unit (UPPF) have faced issues due to management deficiencies and incompetent staff members who were…

797

Abstract

Purpose

Conventional methods practiced by the Development and Facilities Management Unit (UPPF) have faced issues due to management deficiencies and incompetent staff members who were unable to handle facilities management assessment processes at Malaysian Polytechnics. The paper aims to discuss this issue.

Design/methodology/approach

The prime objective of this paper is to improve the conventional methods which tend to be both cumbersome and ineffective in the UPPF Maintenance Management Systems (MMSs) at Malaysian Polytechnics. Primary data were gathered through interviews to develop the proposed system. Eight Polytechnics were selected based on major problems arising from using conventional methods. A comparison was then conducted to investigate the maintenance management practices at each Polytechnic. There are around 32 Polytechnics in Malaysia and most are using conventional methods.

Findings

The major conclusion drawn from the interview results was that comprehensive MMSs are lacking, specifically those that integrate operation and maintenance (O&M) processes of facilities management and software programming that provides guidelines for decision-making processes. The interview results also revealed irregularities within the Malaysian Polytechnics’ maintenance management database. This paper explores the concepts of Electronic Form Defect Assessment (E-Form Defect Assessment), relational databases and online customer complaints to adapt their role as dynamic maintenance management tools.

Originality/value

The paper concludes that the developed system is able to accommodate recording of data, such as complaints and specific items needed for maintenance, through the internet and intranet. MMSs potentially transform facilities management O&M processes into one of the most sophisticated technologies by providing access to all information published by each Malaysian Polytechnic institution. This technology was established in order to foster financial cooperation with the idea being that Polytechnics which compete with one another become financially interdependent with the goal of promoting successful facilities management in the construction of new facilities and infrastructure.

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Article
Publication date: 29 June 2022

Adeel Nasir, Umar Farooq, Kanwal Iqbal Khan and Ather Azim Khan

This study aims to explain the Sukuk structures individually by highlighting the key differences and commonalities in their influential aspects. It also compares the core aspects…

385

Abstract

Purpose

This study aims to explain the Sukuk structures individually by highlighting the key differences and commonalities in their influential aspects. It also compares the core aspects of Sukuk literature with conventional bonds and suggests the point of differences between them.

Design/methodology/approach

This study uses a quali-quantitative approach with the help of segmented bibliometric analysis to describe core differences and commonalities in various Sukuk structures in terms of core authors, countries, sources, affiliation, documents and keywords. In addition, it deploys “biblioshiny” from R-package “bibliometrix 3.0” to identify key influential aspects of different Sukuk instruments.

Findings

Results reported that Malaysia is the core contributing country in Sukuk publications and the center of author correspondence. There is a structural difference among various Sukuk instruments. The significant literature commonalities in Ijarah, Mudarabah, Musharakah and Murabahah Sukuk affiliations and globally cited journal articles are also found. However, the influential aspects of Sukuk compared with conventional bonds are different from other Sukuk literature. It also conducted a keyword analysis to report significant themes in the literature.

Originality/value

This study contributes to the existing body of knowledge as it helps investors to understand the shariah permissibility and investment supremacy of various Sukuk alternatives. Investors, policymakers, scholars and researchers should understand the dynamics of multiple Sukuk structures and their Shari’ah permissibility. This study significantly elaborates on this objective.

Details

International Journal of Islamic and Middle Eastern Finance and Management, vol. 16 no. 2
Type: Research Article
ISSN: 1753-8394

Keywords

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Article
Publication date: 6 November 2018

Saman Sheikhesmaeili and Sana Hazbavi

The purpose of this paper is to determine the impact of food-related lifestyle (FRL) and food-related personality traits (FRPTs) on customer satisfaction and loyalty so that…

739

Abstract

Purpose

The purpose of this paper is to determine the impact of food-related lifestyle (FRL) and food-related personality traits (FRPTs) on customer satisfaction and loyalty so that sufficient evidence for forming a new pattern of predictors of customer satisfaction and loyalty can be explored.

Design/methodology/approach

The research method in this study was the descriptive type and was based on the goal of the applied research methods. Data were collected from 384 sample group consumers of chain stores in the city of Tehran. The hypothesized relationships were tested using structural equation modeling (SEM).

Findings

Final results of study showed the significant effects of FRL and FRPT on satisfaction and loyalty of consumers. This indicates that aforementioned variables can create customer satisfaction and loyalty toward food. The research conceptual model was confirmed with goodness of fit.

Research limitations/implications

First, the sample consisted of customers who use a wide range of food despite diverse motives and interests. While knowing that costumers’ specific traits about food would have provided a more detailed and comprehensive understanding, conducting research in a set of general food consumer without considering special foods category could be a limitation. Second, and more importantly, since the customer behavior in consumption choices is an unconscious and cognitive process, other factors and domain that are linked to customer satisfaction and loyalty would have been missed.

Practical implications

This study shows that understanding the behavioral aspects of food consumption can help food producing companies to adjust their production and specially to foresee changes. Marketers are advised to investigate customer traits to promote customer satisfaction and loyalty effectively. This paper contributes to the body of knowledge in food marketing.

Originality/value

The present study offers a unique and valuable insight into a customer’s behavior and deepens customer satisfaction and loyalty by incorporating FRL, food neophobia scale and food involvement scale as independent variables to contribute knowledge in the context of food marketing, and throws some light upon the predictive power of mentioned variables on customer behaviors.

Details

British Food Journal, vol. 121 no. 1
Type: Research Article
ISSN: 0007-070X

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Article
Publication date: 9 November 2022

Muhammad Iqmal Hisham Kamaruddin and Sofiah Md. Auzair

This study aims to examine the role of financial management practices, which consist of financial disclosure, internal control, financial planning and budgeting and financial…

709

Abstract

Purpose

This study aims to examine the role of financial management practices, which consist of financial disclosure, internal control, financial planning and budgeting and financial performance on Islamic social enterprises’ (ISEs) accountability.

Design/methodology/approach

Questionnaires were administered to financial officers of 102 Malaysian ISEs. Findings were analysed using Smart-PLS to examine the relationships between financial management practices and accountability.

Findings

Results of this study indicate a direct relationship exists between internal control and accountability. Relationships between other financial management practices and accountability are indirect through internal control. Hence, the data demonstrates that internal control has a mediating role on other financial management practices, which are financial disclosure and financial performance management with the accountability of ISEs.

Research limitations/implications

This study has implicated the significant role of financial management practices in ISEs in the pursuance of their accountability especially internal control to achieve public trust.

Practical implications

Appropriate financial management practices, especially internal control, are essential for the ISEs to achieve good accountability.

Originality/value

This study contributes to the field of management and social accounting by providing empirical evidence on ISE practices specifically on financial management practices and accountability. This framework thus presents among the early attempts in studying accountability issues in ISEs.

Details

International Journal of Islamic and Middle Eastern Finance and Management, vol. 16 no. 4
Type: Research Article
ISSN: 1753-8394

Keywords

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