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1 – 5 of 5Mohd Shahid Mohd Noh, Suffian Haqiem Nor Azelan and Muhammad Izzul Syahmi Zulkepli
This study aims to systematically review the literature on modern Islamic finance transactions pertaining to Gharar dimensions. Gharar is defined as uncertainty that potentially…
Abstract
Purpose
This study aims to systematically review the literature on modern Islamic finance transactions pertaining to Gharar dimensions. Gharar is defined as uncertainty that potentially leads to ambiguities and conflicts in contracts.
Design/methodology/approach
The articles reviewed in this study consisted of 13 articles related to Gharar published between 2013 and 2022. All selected articles were empirically and descriptively searched using specific keywords and strings. The main sources for this study were Scopus and Web of Science (WoS), whereas Google Scholar was a supportive database.
Findings
The review found that the dimensions that discussed previous research were trying their best to elaborating Gharar in modern financial transactions. They also demonstrate that rigorous study and deployment of the definition remain in the context defined by jurisprudence scholars. The focus of recent studies pertaining to Gharar is derivatives products that indicate high possibility of uncertainty in its operation.
Research limitations/implications
This method relies heavily on the accessed database, namely, Scopus and WoS, also referred to the articles as recommended by the databases. Furthermore, the criteria of inclusion and exclusion of papers outlined by the authors deemed as an intrinsic limitation in writing systematic literature review.
Originality/value
To the best of the authors’ knowledge, this paper is original in its nature whereby the scholars had different comprehension on how Gharar exists in transaction but they still centred in its original meaning of uncertainty. As a result, this paper also realized how Gharar were interpreted differently relied on the contract’s nature and behaviour. In addition, this paper is expected to contribute to understand how Gharar been interpreted in modern finance transactions and finally reached to the point that further research is needed in establishing Gharar parameter for each contract in Islamic commercial law.
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Abu Talib Mohammad Monawer, Noor Naemah Abdul Rahman, Ameen Ahmed Abdullah Qasem Al-Nahari, Luqman Haji Abdullah, Abdul Karim Ali and Achour Meguellati
This paper aims to formulate a conceptual framework that will facilitate the actualization of maqāṣid al-Sharīʿah in product design and consumption within Islamic financial…
Abstract
Purpose
This paper aims to formulate a conceptual framework that will facilitate the actualization of maqāṣid al-Sharīʿah in product design and consumption within Islamic financial institutions (IFIs).
Design/methodology/approach
This paper relies on the classical and contemporary literature on maqāṣid al-Sharīʿah and Islamic finance and adopts a qualitative content analysis method and an inductive approach to outline the constituent elements that formulate the framework.
Findings
This study determines six vital constituents of maqāṣid al-Sharīʿah, namely, parameters of maqāṣid, particular objectives, appropriate means, micro provisions, level of need and legal maxims to develop a conceptual framework of actualizing maqāṣid al-Sharīʿah in Islamic finance. The framework covers the following three stages: identification of maqāṣid, operationalization of maqāṣid in product design and consumption based on maqāṣid.
Research limitations/implications
This paper proposes a conceptual framework without investigating the practice of any particular industry or products. Further research would focus on formulating a practical framework based on a focus group discussion with industry experts, elaborating the parameters of maqāṣid, scrutinizing the maqāṣid available in the literature by the parameters of maqāṣid and assessing the IFIs’ products and services using the proposed framework.
Practical implications
This paper provides insights into the importance of maqāṣid elements and the effects of overlooking them on IFIs and customers’ product consumption. Furthermore, a major implication of the proposed framework is to learn how to use the maqāṣid approach as the baseline for designing new financial products.
Originality/value
The novelty of this paper lies in its pioneering attempt of harmonizing all essential maqāṣid elements and using them as constituents to formulate a comprehensive framework that actualizes maqāṣid al-Sharīʿah in the Islamic finance industry.
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Balkis Kasmon, Siti Sara Ibrahim, Dalila Daud, Raja Rizal Iskandar Raja Hisham and Ririn Tri Ratnasari
This paper aims to explore the impact of digitalisation on waqf activities, focussing on blockchain, crowdfunding and artificial intelligence to predict future trends in…
Abstract
Purpose
This paper aims to explore the impact of digitalisation on waqf activities, focussing on blockchain, crowdfunding and artificial intelligence to predict future trends in digitalisation within waqf activities.
Design/methodology/approach
The study used a quantitative approach to combine the Unified Theory of Acceptance and Use of Technology (UTAUT) and Diffusion of Innovation Theory (DIT) to comprehensively analyze the elements that affect the adoption of digital technology. SmartPLS software conducted the data analysis after collecting the data using SPSS. In this study, 310 respondents comprising Muslims who contribute to waqf were collected.
Findings
This research provides important insights into the elements influencing future behavior and can help policymakers promote and facilitate the digitalisation of waqf activities, not only in Malaysia but also in similar situations worldwide.
Research limitations/implications
Analysis indicated that four hypotheses were validated, implying that effort expectancy, compatibility, observability and trialability are significant determinants affecting intention. The findings suggest significant potential for further research. This paper delineates numerous methodological challenges and concerns while proposing recommendations for further research. Future research could use additional search phrases and engines not incorporated in this study to provide a more comprehensive overview. This study primarily concentrates on the applications of waqf development, digitalisation, blockchain, crowdfunding and artificial intelligence.
Practical implications
The four hypotheses regarding facilitating condition, performance expectation, relative advantage and social influence were not supported as they were found to have no significant impact on intention. For practitioners, based on the findings, it can give some insight into digitalisation’s influence on the intention of contributing to waqf in society. As for the researchers, there could be some ideas to study other than the factors mentioned in this study, as well as the supporting literature for their studies.
Originality/value
This paper provides useful insights on how emerging technology can potentially disrupt the traditional waqf landscape. It emphasizes the unique contributions of digitalization in improving transparency and accessibility, blockchain in ensuring security and trust, crowdfunding in mobilizing resources and artificial intelligence in optimizing decision-making processes.
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This paper aims to review 69 studies related to Muslim consumer behavior and determine the relationship between these topics and Islamic rationality. In addition, this paper…
Abstract
Purpose
This paper aims to review 69 studies related to Muslim consumer behavior and determine the relationship between these topics and Islamic rationality. In addition, this paper elaborates on Al-Ghazali’s Islamic rationality model.
Design/methodology/approach
A text analytics approach is used to map 69 studies on Muslim consumer behavior. In addition, the historical-critical and inductive approach is used to identify Muslim scholars’ concepts and opinions regarding Islamic rationality, especially Al-Ghazali.
Findings
This study confirms that Muslim consumer behavior is in line with the concept of Islamic rationality proposed by Al-Ghazali. This is evidenced by a strong awareness of Islamic morals and values, which fosters a high commitment to halal products.
Practical implications
The findings of this study will provide essential benefits in the development of Islamic rationality theory, which can then be used as an alternative in explaining Muslim consumer behavior and also can be used as a reference for stakeholders in the industry to mainstream halalfication on products offered in the Muslim market.
Originality/value
The value of originality in this study lies in identifying the relation between Islamic rationality and Muslim consumer behavior, and this effort was confirmed through 69 selected studies related to Muslim consumer behavior.
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Alessandro Bove, Fulvio Lieske, Flaviana Calignano and Luca Iuliano
Material extrusion (MEX) is one of the most known techniques in the additive manufacturing (AM) sector to produce components with a wide range of polymeric and composite…
Abstract
Purpose
Material extrusion (MEX) is one of the most known techniques in the additive manufacturing (AM) sector to produce components with a wide range of polymeric and composite materials. Moisture causes alterations in material properties and for filaments strongly hygroscopic like nylon-based composites this means greater ease of deterioration. Drying the filament to reduce the moisture content may not be sufficient if the humidity is not controlled during printing. The purpose of this study is to achieve the recovery of a commercial nylon-based composite filament by applying process optimization using an open source MEX machine.
Design/methodology/approach
A statistical approach based on Taguchi’s method allowed to achieve an ultimate tensile strength (UTS). A verification of the geometrical capabilities of the process has been performed according to the standard ISO/ASTM 52902-2019. Chemical tests were also carried out to test the resistance to corrosion in acid and basic solutions.
Findings
An UTS of 71.37 MPa was obtained, significantly higher than the value declared by the filament’s manufacturer (Stratasys Inc., USA). The best configuration of process parameters leads to good geometrical deviations for flat surfaces, in a range of 0.01 and 0.38 for flatness, while cylindrical faces showed more important deviations from the nominal values. The good applicability of the material in corrosive environments has been confirmed.
Originality/value
This study examined the performance restoration potential of a nylon composite filament that was significantly affected by storage conditions. For the filament manufacturer, if the material remains in ambient air for an hour or idle in the machine for more than 24 h, the material may no longer be suitable for printing. The study highlighted that the drying of the filament must not be temporary but constant to guarantee printability, and, by acting on the process parameters, it is possible to obtain better mechanical properties than declared by the manufacturer.
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