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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

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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: 6 January 2025

Hanudin Amin and Faizah Panggi

This study investigated drivers that explain qardhul hassan financing acceptance in Malaysia involving staff of two universities namely A in East Malaysia and B in West Malaysia.

8

Abstract

Purpose

This study investigated drivers that explain qardhul hassan financing acceptance in Malaysia involving staff of two universities namely A in East Malaysia and B in West Malaysia.

Design/methodology/approach

The attitude-social influence-self-efficacy (ASE) model was tested to examine 422 respondents’ acceptance using SPSS 27.

Findings

The study confirmed the significance of all tested hypotheses, with attitude playing a key mediating role. Further, this study uncovered significant results of relative advantage and Islamic debt collection policy, offering novel contributions to this discipline.

Research limitations/implications

The generalisation of the findings generated was limited to the context concerned and the limited variables tested.

Practical implications

The results offer a directive for universities to offer qardhul hassan in the future to attract demand and acceptance.

Originality/value

This study introduced a modified ASE called the QH-ASE framework to analyse its adoption, adaptability and impact on qardhul hassan financing usefulness.

Details

Management & Sustainability: An Arab Review, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 2752-9819

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Article
Publication date: 10 May 2013

Rifki Ismal

This paper attempts to construct Islamic gracious monetary instruments namely Qardh hassan, Waqf and Gift central bank certificates. The certificates do not only function as…

1016

Abstract

Purpose

This paper attempts to construct Islamic gracious monetary instruments namely Qardh hassan, Waqf and Gift central bank certificates. The certificates do not only function as monetary instruments per se, but also give economic and social benefit for the public such as the needy. However, the central bank and its counterparts still need to manage the funds professionally to produce profit, maintain the values of the funds and prevent business losses. As such, this theoretical study aims to offer alternative Islamic monetary instruments for the central bank to manage liquidity and especially to improve the welfare of the people.

Design/methodology/approach

The paper exercises three Islamic gracious monetary instruments (Qardh hassan, Waqf and Gift central bank certificates) for both investment based (Mudarabah and Musharakah) financing and trading based (Ijarah and Murabahah) financing. Every instrument is elaborated mathematically to analyze its economic impact, treatment of profit and loss coming from the business and status of the funds. Finally, the paper compares every gracious certificate and explains the terms and conditions to use them optimally.

Findings

The exercises find unique characteristics, operations and contribution of every Islamic gracious monetary instrument to the economy. Based on economic impact, nature of the contracts and management of the funds, the central bank can now have alternative Islamic monetary instruments to be offered to the generous depositors to improve the welfare of the people particularly the needy.

Research limitations/implications

The paper only assesses the feasibility of three Islamic gracious monetary instruments. There might be more alternatives of Islamic gracious monetary instruments to be considered and elaborated.

Originality/value

To the best of author's knowledge, this is the first paper to try to exercise the alternative of the Islamic gracious monetary instruments.

Details

Journal of Economic and Administrative Sciences, vol. 29 no. 1
Type: Research Article
ISSN: 2054-6238

Keywords

Available. Content available
Book part
Publication date: 14 December 2018

Abstract

Details

Management of Islamic Finance: Principle, Practice, and Performance
Type: Book
ISBN: 978-1-78756-403-9

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Article
Publication date: 1 February 2004

M.K. HASSAN, A. AL‐SHARKAS and A. SAMAD

The paper investigates relative efficiency of the banking industry in Bahrain by employing a panel of 31 banks for the years 1998 and 2000. We employ non‐parametric (Data…

484

Abstract

The paper investigates relative efficiency of the banking industry in Bahrain by employing a panel of 31 banks for the years 1998 and 2000. We employ non‐parametric (Data Envelopment Analysis) to examine five efficiency measures, namely, cost, allocative, technical, pure technical and scale efficiency scores. We also investigate the conventional accounting measures of performance, and correlate them with five measures of efficiency to investigate whether higher accounting performance impact the bank cost efficiency. Our results show that, on the average, the banking industry in Bahrain is profitable with average ROE and ROA being 10.36% 1.622% in 1998 while 13.49% and 2.097% in 2000 respectively. The average allocative efficiency (inefficiency) is about 73% (37%), whereas the average technical efficiency (inefficiency) is about 56% (78%). This indicates that the dominant source of inefficiency in Bahrain banks is due to technical inefficiency rather than allocative inefficiency, which is mainly attributed to diseconomies in scale. Overall, average scale efficiency (inefficiency) is about 79% (26%), and average pure technical efficiency (inefficiency) is about 71% (41%), suggesting that the major source of the total technical inefficiency for Bahrain banks is pure technical inefficiency (input related) and not scale inefficiency (output related). The results also indicate that all banks have improved their efficiency levels and experienced some gains in productivity. Finally, regression analysis is used to investigate the determinants of the overall efficiency scores. We find that larger and profitable banks are more likely to operate at a higher level of efficiency. Also, another finding reveals that market power plays an important role in cost and technical efficiencies. Notably, banks with greater contribution from shareholders tend to be more technical efficient

Details

Studies in Economics and Finance, vol. 22 no. 2
Type: Research Article
ISSN: 1086-7376

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Book part
Publication date: 7 November 2022

Priyakrushna Mohanty, Anukrati Sharma, James Kennell and Azizul Hassan

Abstract

Details

The Emerald Handbook of Destination Recovery in Tourism and Hospitality
Type: Book
ISBN: 978-1-80262-073-3

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Article
Publication date: 11 August 2023

Kala Nisha Gopinathan, Punniyamoorthy Murugesan and Joshua Jebaraj Jeyaraj

This study aims to provide the best estimate of a stock's next day's closing price for a given day with the help of the hidden Markov model–Gaussian mixture model (HMM-GMM). The…

233

Abstract

Purpose

This study aims to provide the best estimate of a stock's next day's closing price for a given day with the help of the hidden Markov model–Gaussian mixture model (HMM-GMM). The results were compared with Hassan and Nath’s (2005) study using HMM and artificial neural network (ANN).

Design/methodology/approach

The study adopted an initialization approach wherein the hidden states of the HMM are modelled as GMM using two different approaches. Training of the HMM-GMM model is carried out using two methods. The prediction was performed by taking the closest closing price (having a log-likelihood within the tolerance range) to that of the present one as the closing price for the next day. Mean absolute percentage error (MAPE) has been used to compare the proposed GMM-HMM model against the models of the research study (Hassan and Nath, 2005).

Findings

Comparing this study with Hassan and Nath (2005) reveals that the proposed model outperformed in 66 out of the 72 different test cases. The results affirm that the model can be used for more accurate time series prediction. Further, compared with the results of the ANN model from Hassan's study, the proposed HMM model outperformed 24 of the 36 test cases.

Originality/value

The study introduced a novel initialization and two training/prediction approaches for the HMM-GMM model. It is to be noted that the study has introduced a GMM-HMM-based closing price estimator for stock price prediction. The proposed method of forecasting the stock prices using GMM-HMM is explainable and has a solid statistical foundation.

Details

International Journal of Intelligent Computing and Cybernetics, vol. 17 no. 1
Type: Research Article
ISSN: 1756-378X

Keywords

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Book part
Publication date: 20 January 2022

Majid Pireh

Islamic social finance assists in achieving social good and economic justice in societies by closing the gap between rich and poor in a Shariah compliant framework. COVID-19…

Abstract

Islamic social finance assists in achieving social good and economic justice in societies by closing the gap between rich and poor in a Shariah compliant framework. COVID-19 pandemic has created the opportunity to experience the untapped potential of Islamic social finance in many of the countries. This chapter sheds light on the use of Islamic social finance in Iran in the midst of the pandemic with the objective of sharing some Shariah compliant financial solutions for reducing undesirable consequences of the COVID-19. Iran is a country that has a unique Islamic financial system. Currently, it is the country where constitutionally and statutorily practices only shariah-compliant financing activities. This chapter reveals that tradability of justice shares, introduction of Shariah-compliant crowdfunding platforms, provision of Islamic microfinance vehicles in the form of Al-Qard Al-Hassan loans, payment facilities to factories damaged by COVID-19, low-profit rate Murabaha facilities for housing sector are some Shariah-compliant social finance products which were provided in Iran in the midst of the pandemic to provide financial solutions to fulfil the need of the society in a convenient and effective manner.

Available. Open Access. Open Access
Article
Publication date: 26 November 2020

Mahmud Hassan and Rumman Hassan

Waiting is associated with pain and stress that leads to frustration. However, consumer narratives may help cope with the stress associated with such waiting. This study aims to…

2336

Abstract

Purpose

Waiting is associated with pain and stress that leads to frustration. However, consumer narratives may help cope with the stress associated with such waiting. This study aims to understand consumer waiting behaviours within online communities.

Design/methodology/approach

Data was gathered following a netnographic approach from a Facebook brand community (FBC) by downloading and archiving the threads related to members’ waiting behaviours. This resulted in 91 pages of data, with 438 individual comments and 179 distinct threads.

Findings

The data revealed that members of the sampled FBC exercised waiting behaviour. The authors confirm that waiting for a product is associated with both negative outcomes (frustration, boredom, etc.), but positive ones (create stronger ties with the brand and fellow members, etc.). Members of the FBC exhibited reduced consumer anxiety and stress during the waiting period.

Research limitations/implications

This study found 13 waiting behaviours within the FBC and supports the idea that new value-creating behaviours are noticed within the context of FBCs.

Originality/value

This study focuses on waiting within a goods-based context (waiting to be served has been examined predominantly within the service sector). The study explored the behaviours of consumers who use social media to complain about extended waiting periods to receive the product along with other consumer reactions to these waiting crowds to reduce the emotional pain associated with such delays.

Propósito

La espera se asocia con el dolor y el estrés, lo que lleva a la frustración. Sin embargo, el relato de otros consumidores puede ayudar a hacer frente al estrés asociado a dicha espera. Este trabajo busca entender el comportamiento de espera de los consumidores dentro de las comunidades online.

Diseño/metodología/enfoque

Los datos fueron recopilados siguiendo un enfoque netnográfico de una comunidad de marca en Facebook (CMF) mediante la descarga de mensajes; sólo los hilos relacionados con los comportamientos de espera de los miembros fueron descargados y archivados. Esto resultó en 91 páginas de datos con 438 comentarios individuales y 179 hilos distintos.

Hallazgos

Los datos revelan que en Facebook se dan comportamientos de espera. Confirmamos que la espera de un producto no sólo está asociada a resultados negativos (frustración, aburrimiento, etc.), sino también a resultados positivos (crear lazos más fuertes con la marca y los compañeros). Además, se comprueba que los miembros de la CMF reducen la ansiedad y el estrés del consumidor durante el período de espera.

Limitaciones/implicaciones de la investigación

Este trabajo encuentra 13 comportamientos de espera dentro de una CMF

Originalidad/valor

Este trabajo se centra en la espera dentro del contexto basado en los bienes (la espera para ser atendido ha sido examinada principalmente dentro del sector de servicios). Además, no sólo nos centramos en los consumidores que utilizan los medios sociales para quejarse de una espera más larga en la recepción del producto, sino también en la reacción de otros consumidores a estas esperas para reducir el dolor emocional asociado a dicho retraso.

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