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The purpose of this paper is to investigate the role of standard‐setting bodies and rating agencies which compete for authority in Islamic finance. It does so through a consideration of a recent debate over the permissibility of sukuk financing.

The methods used are a combination of archival and bibliographic research, coupled with the author's previous research on Islamic banking and finance.

While the debate over sukuk hinged on whether the structures are shari'a compliant in form only, not in substance, the role of sukuk in neoliberal reform and the privatization of state resources reveal a deeper potential conflict between Islamic standard‐setting bodies and global neoliberal projects more broadly.

The implications are significant for other Islamic finance contractual forms and modes of finance. They are also significant in light of the global financial crisis, and the recent debt crisis in Dubai. The research limitations have to do with the fact that this is a fast‐moving field and the global financial crisis has destabilized many institutions – both conventional and Islamic – in structured finance.

Few scholars have considered sukuk's legitimacy, or the competition between Islamic standard‐setting bodies and non‐Islamic global rating agencies.

The main objective of the study is to test a model of e‐learning effectiveness. The data were collected from 125 subjects enrolled in the Institute of Banking Studies (IBS) at the State of Kuwait. The study results indicate that attitudes toward e‐learning systems explained a significant portion of variance in satisfaction with the systems. The results indicate also, that both attitudes toward and satisfaction with the e‐learning systems explain a significant portion of the variance in organization and individual performance. The current results indicate the special potency of the attitude toward the e‐learning systems flexibility and relevance in predicting both satisfaction with the systems and performance. The study indicated the need to test causal models and included a discussion of the implications and directions of future research.

This paper aims to delve in an aspect of monetary economics, addressing its Islamic wing in general and dinar advocates in particular.

The paper argues that calls to reinstitution of dinar currencies are not only anachronistic and unnecessary but also counter-productive and potentially un-Islamic.

The paper further posits that regardless of the nature of economy, legal tender fiat money and bank money are of the same genus, and treating them otherwise is not consistent with Islamic jurisprudential precepts.

The study also highlights that mismanagement, avarice and human follies are to blame for financial maladies; regression to metallic currency is a panacea to neither the conundrums nor Islamic.

This paper aims to discuss the methodology of mainstream Islamic economics and also gives an alternative approach which is yet not very much taught in the different academic institutions, i.e. Tawhidi methodology. From the curriculum of the different academic institutions and also from the literature, it is observed that mainstream Islamic economics is the imitation of the conventional economics and mainly neoclassical economics. Maqasid-i-Shari’ah is not matching with the Tawhidi one.

It is based on the self-observations of the authors where they taught during their academic career.

This study found that the mainstream Islamic economics could not be able to solve the local and global issues because it is the replica of the conventional economics only there are some injunctions of Shari’ah.

This study gives the guideline to the student of Islamic economics that how they will be able to understand the methodology of Islamic economics and finance.

It provides the guidance to the academicians and policymakers, especially those belonging to the Muslim countries.

It also provides the glimpses to the social scientist about the solutions of the social and economic issues at the local and global levels.

It is an original effort.

Recent calls by prominent Islamic scholars to shift the focus of Islamic finance away from bond‐like sukuk have been met with great unease by bankers in the industry. Islamic Financial Institutions, which hold the majority of all sukuk issued, face deposit side constraints on the types of returns they distribute, due to a need to match returns to market‐based deposit interest rates. Hence, it is in their interest to hold assets that provide stable benchmark‐based returns. The purpose of this paper is to provide an outline of an incentive‐based regulatory mechanism to encourage Islamic banks to reconcile their intended normative structure (profit and loss sharing) with the operational and pragmatic realities within which Islamic banks exist.

The paper traces the regulatory infrastructure and in particular Islamic Financial Services Board regulations on Capital Adequacy for Islamic Banks and provides recommendations for technical improvements to particular aspects of the regulations.

The paper provides practical regulatory recommendations on the capital adequacy regime implemented by central banks that could potentially align more effectively with the intended form of Islamic bank's operational structure, either as an investment bank or as a commercial bank.

By aligning the activities of Islamic banks with their intended operational structure through the implementation of a system of regulatory incentives as recommended in this paper, may help in quelling the increasing tide of criticisms of the current Islamic banking model which has deviated from its intended form. More importantly, if such regulation is implemented, it could also lead to enhanced systemic stability, since Islamic banks will be more resistant to economic shocks that affect the system.

While there are studies that research the effect of the capital adequacy ratio, none really provide practically implementable recommendations that align the Islamic bank business model with its intended objectives.

The purpose of this paper is to examine the nature and structure of Islamic investment funds and evaluate their governance.

The methodology employed is the conceptual framework of Islamic economics.

It is found that Islamic investment funds have grown rapidly this decade: in Malaysia alone, the number of shari'a‐compliant funds has grown from 17 in 2000 to 149 in 2008, and at a global level there are 650 funds in operation. However, the industry has developed in a particular way, by focusing on negative screens, and removing from investments those activities deemed to be unacceptable to Islamic precepts, rather than pursuing as well the implementation of other aspects of the Islamic ethos.

The conclusion reached is that, if the Islamic investment fund industry is to provide more completely for the religious and financial aspirations of investors, it needs to go beyond the negatives and to also accentuate the positive and, drawing upon Islamic governance guidelines, actively seek out investments that have a positive impact on society and the environment and promote the welfare of the community. These issues hitherto have been largely unexplored.

The purpose of this study is to examine the academic polemics, stakeholder perceptions and publishing prospects for Islamic economics and finance (IEF) research.

This study adopts both quantitative and qualitative methods with a view to understanding the aforementioned aspects of published IEF research. The main part of the study constitutes searching through selected databases to identify leading journals and publishing outlets for IEF research. To supplement and support the main part, the study also conducted a survey of IEF experts and interviewed major stakeholders with a view to understanding the current trends and future perspectives of IEF research. The study also attempts to bring to the fore less explored aspects of IEF research, which has the potential of shaping the future trends in both the academia and the industry.

Apart from challenges such as inadequate funding opportunities, differences in worldview, among others, the field is still in need of improvement in the quality of research despite the increasing interest in IEF research and the level of research output over the past three decades. The study also finds that IEF has yet to establish core IEF journals reporting the research findings, which creates a perception among IEF researchers that non-IEF journals have a greater academic standing than IEF journals.

It must be highlighted that the study has been limited to specific well-known research databases; therefore, future studies may explore other leading databases such as Web of Science and examine the quality of IEF research published in journals indexed in such databases.

It is expected that mainstream journals in economics and finance will publish more of IEF research, which has been facilitated recently by the increasing trends of special issues of such journals dedicated to IEF research.

The study brings to the fore a less explored aspect of Islamic economics and finance, which has the potential of shaping future trends in both the academia and the industry.

A family takaful certificate is subscribed by a takaful participant for the purpose of preparing financial support for his dependants after his death. The takaful benefits could then be made payable to a nominee named as the beneficiary under conditional hibah (gift). In this respect, the participant is free to decide to whom the benefits are to be given since the law is silent as to the criteria of the beneficiary. This situation gives rise to the issue on whether such a practice fulfils the objectives of Sharīʿah, especially when the nominated beneficiary is not the sole dependant of the deceased participant. Therefore, this research aims to evaluate the status of family takaful benefits, analyse the rules of conditional hibah from the Sharīʿah perspective and propose solutions whenever necessary. The research adopts doctrinal analysis by examining existing primary and secondary materials including statutory provisions and other legal and non-legal literatures. The study predicates that the application of conditional hibah to the whole benefits does not reflect the objectives of Sharīʿah if determination on the status of the benefits is solely based on the nomination made by the participant. It is observed that takaful benefits payable from the Participant’s Account should be considered as the deceased’s estate and must be distributed according to fara’id or Islamic law of inheritance. Conversely, the sum covered payable from the Participant’s Special Account may be paid to the deceased’s dependants whose criteria are determined by the Sharīʿah Advisory Council as the highest authority in Islamic financial matters.

The purpose of this paper is to examine the impact of religious sect on the Lebanese consumer’s perception of controversial product advertisements.

The study used a quantitative survey that was administered to a purposive representative sample of respondents from the two main Muslim sects in the country, namely, Sunni and Shiite Muslims.

The results indicated significant differences in perceptions between Sunni and Shiite Muslims with regards to the offensiveness of the advertising of controversial products. Briefly, Sunni Muslims found the advertising of social and political as well as health and care products more offensive, whereas Shiite Muslims found the advertising of gender and sex-related products more offensive, and no significant difference in offensiveness perception between the two sects was found with regards to the advertising of addictive products.

Two main limitations faced the researchers: the fact that the respondents were not shown examples of offensive product advertisements; and that religiosity was not measured for the respondents, which could also be a factor in offensiveness perception.

The study indicates that a consumer’s religious sect can play a determining role in how he/she perceives product advertisement, thus encouraging marketers to consider the differences between these sects while advertising to ensure no potential consumers are alienated.

Although research has looked into the impact of religiosity and religion on the perception of offensive product advertisements, minimal research exists on the impact of religious sects on the perception of offensive product advertisement. The results of this study provide some insights into the consumer behavior differences between the two sects.