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Article
Publication date: 17 May 2011

Ismail Wisham, Aishath Muneeza and Rusni Hassan

The purpose of this paper is to theoretically assess the legal position of the Islamic doctrine of wa'd (or pledge) in relation to 'aqd (within the sphere of Islamic finance), and…

3161

Abstract

Purpose

The purpose of this paper is to theoretically assess the legal position of the Islamic doctrine of wa'd (or pledge) in relation to 'aqd (within the sphere of Islamic finance), and compare it with the conventional viewpoint, while discussing the several modes/means/usages in terms of applied Shariah.

Design/methodology/approach

The paper utilizes a doctrinal approach to focus on the theoretical aspect of the concept while attempting to suggest practical adaptation and structuring, enabling smoother and more efficient use. The status quo was dependent on the wa'd being an operational instrument in today's world and further development in terms of bridging the understanding was the approach.

Findings

Before invoking the legal validity of wa'd in a court, it is important to view the practice of wa'd to be a dominant ideology utilized in Islamic finance. The first advocate who called for the practice of the binding promise in commutative financial contracts was probably Sheikh Mustafa Al‐Zarqa who adopted the position that if it was admissible, for the unilateral promise (wa'd) to be binding in donations, then, in his view, it was even more justifiable for the wa'd to be binding in commutative contracts. According to the preponderant opinion among Maliki scholars, a unilateral promise is as binding as a contract if the reason was mentioned in it or the contract was initiated based on the promise, a view shared by scholars such as Imam Bukhari. The other point of view, according to contemporary jurists such as Al‐Syntiqi and Dr Muhamed Sulaiman opine that a unilateral promise would not create any liability upon the promisor and it also does not confer any right to the promisee, although from religion point of view, it is recommended to fulfill it.

Practical implications

Fully understanding the modus operandi of a wa'd in key as today, wa'd has established itself within the domain of several transactions under Islamic banking and finance, such as replicating conventional short selling, structuring FOREX markets option and even operating in a double wa'd structure.

Originality/value

The paper would prove useful and informative on the theoratical aspect of the concept especially to students starting out in Islamic finance. For those already well versed or immersed in the field, the paper would certainly provide ideas and exploratory suggestions into the development of the concept in terms of enhancement.

Details

International Journal of Law and Management, vol. 53 no. 3
Type: Research Article
ISSN: 1754-243X

Keywords

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Article
Publication date: 17 May 2011

466

Abstract

Details

International Journal of Law and Management, vol. 53 no. 3
Type: Research Article
ISSN: 1754-243X

Available. Open Access. Open Access
Article
Publication date: 2 May 2023

Muhammad Sholihin, Catur Sugiyanto and Akhmad Akbar Susamto

This paper aims to systematically review the concept of homo Islamicus discussed in the existing literature. The second objective is to offer a set of criticisms of the…

1908

Abstract

Purpose

This paper aims to systematically review the concept of homo Islamicus discussed in the existing literature. The second objective is to offer a set of criticisms of the descriptions of homo Islamicus.

Design/methodology/approach

In this paper prespecified eligibility criteria are applied to select articles that are indexed in Scopus and ProQuest, or published by two major publishers, ScienceDirect and Emerald, or appear on ResearchGate. A set of books related to homo Islamicus was also used as secondary sources to support the selected articles. As a result, this paper systematically reviews 53 articles and four books to synthesize the homo Islamicus.

Findings

There are four notions of homo Islamicus: Firstly, homo Islamicus as the kind of economic agent that is required to achieve Islamic economic objectives. Secondly, homo Islamicus as a defining factor that makes the difference between Islamic and conventional economics. Thirdly, homo Islamicus as an economic agent whose characteristics are something Islamic economics aims to realize. Lastly, homo Islamicus as an economic agent representing the fundamental assumption in Islamic economics.

Practical implications

Mapping homo Islamicus can be helpful for future researchers to conduct analyses related to homo Islamicus, especially in the context of empirical studies of the existence of homo Islamicus in economic reality. This literature review can help other researchers to understand the development of literature related to homo Islamicus.

Originality/value

This paper seems to be the first to systematically identify, select and synthesize the description of homo Islamicus in the literature.

Details

Islamic Economic Studies, vol. 30 no. 2
Type: Research Article
ISSN: 1319-1616

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Article
Publication date: 17 December 2024

Muhammad Sholihin and Arna Asna Annisa

This study aims to analyze the definition and contextual variations of homo islamicus in literature across disciplines, including beyond Islamic economics, and to explore their…

16

Abstract

Purpose

This study aims to analyze the definition and contextual variations of homo islamicus in literature across disciplines, including beyond Islamic economics, and to explore their implications for Islamic economic agents.

Design/methodology/approach

Using a machine learning-based text analysis approach, 61 articles will be examined to classify definitions and identify contextual clusters for homo islamicus.

Findings

This study reveals eight classifications of homo islamicus definitions and three distinct contexts. These findings suggest significant divergence between the concept of homo islamicus in Islamic economic tradition and its interpretation by non-Islamic scholars, attributable to underlying values and ideologies rather than methodological differences.

Research limitations/implications

This study focuses solely on textual analysis of articles using the term “homo islamicus” across disciplines, precluding the formulation of epistemological and ontological frameworks. Future research could expand on these aspects.

Practical implications

By presenting diverse perspectives on homo islamicus, this paper facilitates a more comprehensive understanding among scholars of Islamic economics, aiding in the resolution of disagreements within the field.

Originality/value

This study introduces novel classifications of homo islamicus definitions and contextualizes them, providing insights into their implications for Islamic economic agents.

Details

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

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Article
Publication date: 13 May 2020

Md Akther Uddin and Abu Umar Faruq Ahmad

This paper aims to compare and contrast the concept of conventional futures contract from the Islamic law of contract perspectives. The underlying theory and practice of Islamic…

1140

Abstract

Purpose

This paper aims to compare and contrast the concept of conventional futures contract from the Islamic law of contract perspectives. The underlying theory and practice of Islamic finance is based on the principles of Islamic law of contract. Although the necessity of derivative instruments such as the case with futures contract is essential for developments in Islamic finance, the permissibility of using these instruments still remains a debatable issue.

Design/methodology/approach

The paper discusses arguments for and against using derivative instruments as in futures, for example, in light with the Qur’an and Sunnah (the Prophet’s traditions), as well as the views of classical scholars, jurists and contemporary researchers. Arguments for and against are analysed systematically to derive a logical conclusion.

Findings

The study finds that majority scholars consider futures contracts as non-compliant with the Islamic law due to the fact that selling something that does not exist, deferment in the both counter values, gharar or ambiguity and excessive risk taking, pure speculation and sale of one debt for another.

Research limitations/implications

The study focuses narrowly on conventional futures contract. Analysing other financial derivative contracts could be a future research endeavour.

Practical implications

The study has so far found the verdict of impermissibility of conventional futures contract in its current form as has been argued by majority scholars in the premise that they do not comply with the Islamic law. Policymakers and industry practitioners need to take this opinion of majority scholars while developing new Islamic financial derivatives.

Originality/value

To the best of the author's knowledge, the present research is the first attempt so far that explained the validity of conventional futures by analysing arguments of classical and contemporary jurists, scholars and researchers.

Details

International Journal of Law and Management, vol. 62 no. 4
Type: Research Article
ISSN: 1754-243X

Keywords

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Article
Publication date: 13 November 2017

Hanudin Amin

The purpose of this study is to examine the contributing factors that affect consumer behaviour of Islamic home financing in Malaysia. The effects of perceived religiosity on…

3317

Abstract

Purpose

The purpose of this study is to examine the contributing factors that affect consumer behaviour of Islamic home financing in Malaysia. The effects of perceived religiosity on property, perceived Islamic debt principle and perceived maqasid on homeownership on consumer behaviour are examined. Furthermore, the effects of perceived religiosity and consumer behaviour on religious satisfaction are also investigated.

Design/methodology/approach

Using the theory of Islamic consumer behaviour (TiCB) as a baseline theory identified from the literature, this study proposes a conceptual model of consumer behaviour of Islamic home financing in Malaysia. Data from the 205 usable questionnaires are analysed using partial least squares (PLS).

Findings

The PLS results suggest that perceived religiosity on property, perceived Islamic debt principle and perceived maqasid on homeownership are instrumental in determining consumer behaviour, thus revealing these factors as “Islamic factors” that represent the TiCB. Furthermore, the effect of consumer behaviour on religious satisfaction is also significant, implying that good behaviour makes people happier – seeking pleasure for doing well that is blessed and approved by Allah (S.W.T).

Research limitations/implications

Two limitations are available for future studies. First, this study included only Malaysians in East Malaysia, suggesting that further testing of the proposed model should be conducted across different geographies to determine the generalisability of this study’s findings. Second, this study’s contributions are narrowed down to the factors examined. These limitations, however, provide directions for further future research.

Practical implications

The results provide directions to bank managers to effectively manage Islamic home financing services for the benefit of their customers. Islamic home financing products tend to be used by consumers if the patronage factors investigated are considered more profoundly.

Originality/value

This study examines the behaviour of consumers of Islamic home financing using the proposed framework derived from TiCB.

Details

Humanomics, vol. 33 no. 4
Type: Research Article
ISSN: 0828-8666

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Article
Publication date: 16 January 2017

Hanudin Amin, Abdul Rahim Abdul Rahman, Dzuljastri Abdul Razak and Hamid Rizal

The purpose of this study is to investigate the effects of service quality, product choice and Islamic debt policy on consumer attitude within the context of Islamic mortgage…

3115

Abstract

Purpose

The purpose of this study is to investigate the effects of service quality, product choice and Islamic debt policy on consumer attitude within the context of Islamic mortgage sector in Malaysia. The present study also examines the effect of attitudinal-behaviour on consumer preference towards preference of Islamic mortgage selection.

Design/methodology/approach

The study is based on questionnaire survey. Data are collected using sample from customers of Islamic banks in Malaysia. The study collects 351 respondents. Data are analysed using partial least squares (PLS).

Findings

The results indicate that service quality, product choice and Islamic debt policy significantly influence consumer attitude, in turn, affecting the Islamic home financing preference. Consumer attitude also mediates the effects of service quality, product choice and Islamic debt policy on the Islamic home financing preference.

Research limitations/implications

Several limitations warrant future research. First, this study considers only a specific user group in one public university. Second, this study does not consider attitude as a moderator. Third, this study suffers from the limited number of factors used. These limitations, however, provide directions for future research.

Practical implications

Our results will add value to the consumer preference topic for Islamic home financing literature. The present study provides bank managers with valuable insights into better planning of Islamic home financing services in Malaysia.

Originality/value

This study is a pioneering effort at exploring consumer attitude and preference from the context of Islamic mortgage sector in Malaysia. The use of PLS analysis provides another important contribution to the literature in this area.

Details

Management Research Review, vol. 40 no. 1
Type: Research Article
ISSN: 2040-8269

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