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Article
Publication date: 19 November 2020

Mustafa Mohd Hanefah, Muhammad Iqmal Hisham Kamaruddin, Supiah Salleh, Zurina Shafii and Nurazalia Zakaria

The existence of internal control for Sharīʿah-compliance promotes reasonable assurance that the Islamic financial institution’s (IFI’s) objectives are achieved in the following…

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Abstract

Purpose

The existence of internal control for Sharīʿah-compliance promotes reasonable assurance that the Islamic financial institution’s (IFI’s) objectives are achieved in the following categories, namely, the effectiveness and efficiency of operations, the reliability of financial reporting and the level of compliance with applicable laws and regulations, as well as accounting and auditing standards. Sharīʿah non-compliant income (SNCI) is an important issue in IFIs’ operations. Thus, the purpose of this paper is to identify issues related to governance and internal control of SNCI in selected IFIs in Malaysia.

Design/methodology/approach

This research uses a case study approach to gather data on the measures of governance and risk management in relation to the internal control for SNCI in IFIs. Interviews were conducted with officers of the Sharīʿah and internal audit departments on internal control practices regarding SNCI.

Findings

Regulator’s guidelines on SNCI are simple and brief, lacking rigour in terms of governance, risk management and audit procedures. The section on SNCI is only a brief statement within the Bank Negara Malaysia’s Guidelines on Financial Reporting for Islamic Banking Institutions and also in the Operational Risk Integrated Online Network system operated by IFIs. Most of the respondents in the interviews suggested that there should be a proper guideline in determining the classification of SNCI. Second, although IFIs have established the purification account to manage SNCI, the real practice varies from one IFI to another. Third, although there are supposedly documented procedures established in relation to management and administration of SNCI, the following events still occur in practice, namely, no authorisation from the Sharīʿah Committee (SC) on various types of income channelled to the SNCI account; unauthorised use of SNCI for other purposes; SNCI not being reported in the annual financial reports; and distribution of SNCI prior to obtaining the SC’s consent. Fourth, there is an absence of Sharīʿah risk assessment conducted on operational risk by IFIs to identify any potential Sharīʿah non-compliant event.

Research limitations/implications

This research contributes to the importance of Islamic corporate governance theory and Sharīʿah risk management, as well as strengthening the case for reporting SNCI to shareholders. It also contributes to the body of knowledge on the capability of the management in managing the internal control system of IFIs’ SNCI.

Originality/value

A new internal control assessment matrix is proposed for Sharīʿah-compliance in IFIs.

Details

ISRA International Journal of Islamic Finance, vol. 12 no. 3
Type: Research Article
ISSN: 0128-1976

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Article
Publication date: 1 August 2002

M.B. Shafii, A. Faghri and Yuwen Zhang

An advanced heat transfer model for both unlooped and looped Pulsating Heat Pipes (PHPs) with multiple liquid slugs and vapor plugs has been developed. The thin film evaporation…

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Abstract

An advanced heat transfer model for both unlooped and looped Pulsating Heat Pipes (PHPs) with multiple liquid slugs and vapor plugs has been developed. The thin film evaporation and condensation models have been incorporated with the model to predict the behavior of vapor plugs and liquid slugs in the PHP. The results show that heat transfer in both looped and unlooped PHPs is due mainly to the exchange of sensible heat. Higher surface tension results in a slight increase in the total heat transfer. The diameter, heating wall temperature, and charging ratio have significant effects on the performance of the PHP. Total heat transfer significantly decreased with a decrease in the heating wall temperature. Increasing the diameter of the tube resulted in higher total heat transfer. The results also showed that the PHP could not operate for higher charge ratios.

Details

International Journal of Numerical Methods for Heat & Fluid Flow, vol. 12 no. 5
Type: Research Article
ISSN: 0961-5539

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Book part
Publication date: 20 May 2019

Noor Aimi Mohd Puad and Zurina Shafii

Shari'ah governance is a vital aspect that ensures internal shari'ah compliance function in Islamic financial industry, including the takaful industry. Shari'ah audit is a…

Abstract

Shari'ah governance is a vital aspect that ensures internal shari'ah compliance function in Islamic financial industry, including the takaful industry. Shari'ah audit is a component of shari'ah governance in any Islamic institution as it independently attests the state of shari'ah compliance. Besides, it contributes towards shari'ah non-compliance risk management and enhances the quality of internal shari'ah audit function. The main aim for this chapter is to discuss the scopes and processes of shari'ah audit function in takaful operation. In addition, a discussion on applicable key controls in takaful operation is also provided. This chapter provides an insight into shari'ah audit implementation in a takaful operator, based on the information solicited from an interview session with its shari'ah auditor. This chapter provides fundamental aspects of shari'ah audit exercise in takaful operation and raises takaful operator's views on the challenges and adequacy of guidelines on shari'ah audit for its effective implementation.

Details

Research in Corporate and Shari’ah Governance in the Muslim World: Theory and Practice
Type: Book
ISBN: 978-1-78973-007-4

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Article
Publication date: 28 March 2023

Muhammad Iqmal Hisham Kamaruddin, Zurina Shafii, Mustafa Mohammed Hanefah, Supiah Salleh and Nurazalia Zakaria

This study aims to explore the current Shariah audit practices in zakat and waqf institutions in Malaysia.

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Abstract

Purpose

This study aims to explore the current Shariah audit practices in zakat and waqf institutions in Malaysia.

Design/methodology/approach

A focus group discussion (FGD) with 38 zakat and waqf officers from 17 different zakat and waqf institutions in Malaysia was conducted. For reporting purposes, this study used a single-case study approach. The FGD was conducted and completed at the end of June 2021 via an online approach through Microsoft Teams.

Findings

The finding highlights the existing Shariah governance practices especially in terms of Shariah supervision roles, Shariah audit implementation in terms of Shariah audit scopes and common findings, Shariah audit competency, Shariah audit effectiveness especially the need for external Shariah audit function and Shariah audit issues and challenges faced in the implementation of Shariah audit practices.

Practical implications

The study findings and recommendations are useful for zakat and waqf institutions as well as the State Islamic Religious Councils to enhance Shariah audit practices in Malaysia.

Originality/value

This study is among the pioneer studies that explore Shariah audit practices in zakat and waqf institutions in Malaysia.

Details

Journal of Islamic Accounting and Business Research, vol. 15 no. 3
Type: Research Article
ISSN: 1759-0817

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Article
Publication date: 10 August 2021

Zehba Raizah and Abdelraheem M. Aly

The purpose of this paper is to perform numerical simulations based on the incompressible smoothed particle hydrodynamics (ISPH) method for thermo-diffusion convection in a…

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Abstract

Purpose

The purpose of this paper is to perform numerical simulations based on the incompressible smoothed particle hydrodynamics (ISPH) method for thermo-diffusion convection in a hexagonal-shaped cavity saturated by a porous medium and suspended by a nano-encapsulated phase change material (NEPCM). Here, the solid particles are inserted into a phase change material to enhance its thermal performance.

Design/methodology/approach

Superellipse rotated shapes with variable lengths are embedded inside a hexagonal-shaped cavity. These inner shapes are rotated around their center by a uniform circular velocity and their conditions are positioned at high temperature and concentration. The controlling equations in a non-dimensional form were analyzed by using the ISPH method. At first, the validation of the ISPH results is performed. Afterward, the implications of a fusion temperature, lengths/types of the superellipse shapes, nanoparticles parameter and time parameter on the phase change heat transfer, isotherms, isoconcentration and streamlines were addressed.

Findings

The achieved simulations indicated that the excess in the length of an inner superellipse shape augments the temperature, concentration and maximum of the streamlines in a hexagonal-shaped cavity. The largest values of mean Nusselt number are attained at the inner rhombus shape with convex (n = 1.5) and the largest values of mean Sherwood number are attained at the inner rectangle shape with rounded corners (n = 4).

Originality/value

The ISPH method is developed to emulate the influences of the uniform rotation of the novel geometry shapes on heat/mass transport inside a hexagonal-shaped cavity suspended by NEPCM and saturated by porous media.

Details

International Journal of Numerical Methods for Heat & Fluid Flow, vol. 32 no. 3
Type: Research Article
ISSN: 0961-5539

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Article
Publication date: 4 April 2022

Saleh F.A. Khatib, Dewi Fariha Abdullah, Hamzeh Al Amosh, Ayman Hassan Bazhair and Ali Shariff Kabara

This study aims to present a detailed investigation of Shariah audit research based on a systematic literature review.

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Abstract

Purpose

This study aims to present a detailed investigation of Shariah audit research based on a systematic literature review.

Design/methodology/approach

A total of 53 studies were collected from the Scopus and Web of Science databases following a systematic methodology. These studies were analyzed and evaluated based on the theoretical perspective, geographical distribution, research settings and themes background.

Findings

The findings indicate an increase in the literature on Shariah auditing over time, especially in the Malaysian context, with a dearth of research in other contexts and institutions (Takaful). It has been also revealed that the existing literature is still unclear about the effectiveness and consequences of effective Shariah auditing, pointing the need for more work on these areas. The authors outline opportunities for future Shariah auditing research.

Originality/value

The synthesized findings are helpful for policymakers and managers to understand better how research in Shariah auditing is developing and how to translate research findings into practice. To the best of the authors’ knowledge, this is the first research to comprehensively synthesize the literature on this topic and identify the potential opportunities for future research directions.

Details

Journal of Islamic Accounting and Business Research, vol. 13 no. 5
Type: Research Article
ISSN: 1759-0817

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Article
Publication date: 6 November 2017

Sumit Gupta and Kalpna Sharma

The purpose of this study is to analyze magnetohydrodynamic three-dimensional flow of Casson nanofluid over a stretching sheet in presence of thermophoresis and Brownian motion…

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Abstract

Purpose

The purpose of this study is to analyze magnetohydrodynamic three-dimensional flow of Casson nanofluid over a stretching sheet in presence of thermophoresis and Brownian motion effects. In contrast, the convective surface boundary conditions with the effects of radiation are applied.

Design/methodology/approach

The governing partial differential equations are transformed into highly nonlinear coupled ordinary differential equations consisting of the momentum, energy and nanoparticle concentration via suitable similarity transformations, which are then solved the using optimal homotopy analysis method (OHAM) a Mathematica Package BVPh2.0.

Findings

The influence of emerging physical flow parameters on fluid velocity component, temperature distribution and nanoparticle concentration are discussed in detail. Also, an OHAM solution demonstrates very good correlation with those obtained in the previously published results. It is noticed that OHAM can overcome the earlier restriction, assumptions and limitation of traditional perturbation method. The main advantage of this method is that OHAM can be applied directly to nonlinear differential equations without using linearization and round-off errors, and therefore, it cannot be affected by error associated to discretization.

Originality/value

Here the approximate solutions are compared with the numerical results published in earlier work.

Details

Engineering Computations, vol. 34 no. 8
Type: Research Article
ISSN: 0264-4401

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Article
Publication date: 18 May 2021

Mojtaba Sepehrnia, Hossein Khorasanizadeh and Mohammad Behshad Shafii

This paper aims to study the thermal and thermo-hydraulic performances of ferro-nanofluid flow in a three-dimensional trapezoidal microchannel heat sink (TMCHS) under uniform heat…

203

Abstract

Purpose

This paper aims to study the thermal and thermo-hydraulic performances of ferro-nanofluid flow in a three-dimensional trapezoidal microchannel heat sink (TMCHS) under uniform heat flux and magnetic fields.

Design/methodology/approach

To investigate the effect of direction of Lorentz force the magnetic field has been applied: transversely in the x direction (Case I);transversely in the y direction (Case II); and parallel in the z direction (Case III). The three-dimensional governing equations with the associated boundary conditions for ferro-nanofluid flow and heat transfer have been solved by using an element-based finite volume method. The coupled algorithm has been used to solve the velocity and pressure fields. The convergence is reached when the accuracy of solutions attains 10–6 for the continuity and momentum equations and 10–9 for the energy equation.

Findings

According to thermal indicators the Case III has the best performance, but according to performance evaluation criterion (PEC) the Case II is the best. The simulation results show by increasing the Hartmann number from 0 to 12, there is an increase for PEC between 845.01% and 2997.39%, for thermal resistance between 155.91% and 262.35% and ratio of the maximum electronic chip temperature difference to heat flux between 155.16% and 289.59%. Also, the best thermo-hydraulic performance occurs at Hartmann number of 12, pressure drop of 10 kPa and volume fraction of 2%.

Research limitations/implications

The embedded electronic chip on the base plate generates heat flux of 60 kW/m2. Simulations have been performed for ferro-nanofluid with volume fractions of 1%, 2% and 3%, pressure drops of 10, 20 and 30 kPa and Hartmann numbers of 0, 3, 6, 9 and 12.

Practical implications

The authors obtained interesting results, which can be used as a design tool for magnetohydrodynamics micro pumps, microelectronic devices, micro heat exchanger and micro scale cooling systems.

Originality/value

Review of the literature indicated that there has been no study on the effects of magnetic field on thermal and thermo-hydraulic performances of ferro-nanofluid flow in a TMCHS, so far. In this three dimensional study, flow of ferro-nanofluid through a trapezoidal heat sink with five trapezoidal microchannels has been considered. In all of previous studies, in which the effect of magnetic field has been investigated, the magnetic field has been applied only in one direction. So as another innovation of the present research, the effect of applying magnetic field direction (transverse and parallel) on thermo-hydraulic behavior of TMCHS is investigated.

Details

International Journal of Numerical Methods for Heat & Fluid Flow, vol. 31 no. 7
Type: Research Article
ISSN: 0961-5539

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Book part
Publication date: 20 January 2022

Nor Asila Binti Nazmi, Rusni Hassan and Abdul Rahim Abdul Rahman

An Islamic social finance ecosystem has its specific instruments in terms of funding and investment that are in line with Shariah (Islamic law) principles. These include waqf

Abstract

An Islamic social finance ecosystem has its specific instruments in terms of funding and investment that are in line with Shariah (Islamic law) principles. These include waqf (Islamic endowment), zakat (compulsory alms), ṣadaqah (donation), qarḍ ḥasan (benevolent loan) and others. In this context, the Islamic financial institutions can be considered as Islamic social finance institutions since it has the elements of Islamic social finance concepts. The uniqueness of these two types of institutions is that they operate with the absence of riba, maysir, gharar and thus the requirement of Shariah governance comes into existence. The practice of Shariah governance in Islamic financial institutions needs to be extensively examined by using a comprehensive measurement. Therefore, this chapter attempts to discuss on the needs of Shariah Governance Practices Index (SGPi) as a comprehensive measurement to measure the Shariah governance practices. In conclusion, it is proposed to have a comprehensive index to measure the Shariah governance practices which consider few components of Shariah governance such as the board of directors, the management, Shariah Committee and Shariah compliance functions.

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Article
Publication date: 1 November 2021

Hamed Jafari, Mohammad Goharkhah and Alireza Mahdavi Nejad

This paper aims to analyze the accuracy of the single and two-phase numerical methods for calculation of ferrofluid convective heat transfer in the presence of a magnetic field…

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Abstract

Purpose

This paper aims to analyze the accuracy of the single and two-phase numerical methods for calculation of ferrofluid convective heat transfer in the presence of a magnetic field. The findings of current study are compared with previous single-phase numerical results and experimental data. Accordingly, the effect of various parameters including nanoparticles concentration, Reynolds number and magnetic field strength on the performance of the single and two-phase models are evaluated.

Design/methodology/approach

A two-phase mixture numerical study is carried out to investigate the influence of four U-shaped electromagnets on the hydrodynamic and thermal characteristics of Fe3O4/Water ferrofluid flowing inside a heated channel.

Findings

It is observed that the applied external magnetic field signifies the convective heat transfer from the channel surface, despite local reduction at a few locations. The maximum heat transfer enhancement is predicted as 23% and 25% using single and two-phase models, respectively. The difference between the results of the two models is mainly attributed to the slip velocity effect which is accounted for in the two-phase model. The magnetic field gradient leads to a significant increase in the slip velocity which in turn causes a slight difference in velocity and temperature profiles obtained by the single and two-phase models in the magnetic field region. According to percentage error calculation, the two-phase method is generally more accurate than the single-phase method. However, the percentage error of both models improves by decreasing either magnetic field intensity or Reynolds number.

Originality/value

For the first time in the literature, to the best of the authors’ knowledge, the current work analyzes the accuracy of the single and two phase numerical methods for calculation of ferrofluid convective heat transfer in the presence of a magnetic field.

Details

International Journal of Numerical Methods for Heat & Fluid Flow, vol. 32 no. 7
Type: Research Article
ISSN: 0961-5539

Keywords

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