Search results

1 – 10 of 107
Per page
102050
Citations:
Loading...
Access Restricted. View access options
Article
Publication date: 20 July 2021

Muhammad Qiyas, Saleem Abdullah and Muhammad Naeem

The aim of this research is to establish a new type of aggregation operator based on Hamacher operational law of spherical uncertain linguistic numbers (SULNs).

125

Abstract

Purpose

The aim of this research is to establish a new type of aggregation operator based on Hamacher operational law of spherical uncertain linguistic numbers (SULNs).

Design/methodology/approach

First, the authors define spherical uncertain linguistic sets and develop some operational laws of SULNs. Furthermore, the authors extended these operational laws to the aggregation operator and developed spherical uncertain linguistic Hamacher averaging and geometric aggregation operators.

Findings

The authors were limited in achieving a consistent opinion on the fusion in group decision-making problem with the SULN information.

Originality/value

In order to give an application of the introduced operators, the authors first constrict a system of multi-attribute decision-making algorithm.

Details

International Journal of Intelligent Computing and Cybernetics, vol. 14 no. 4
Type: Research Article
ISSN: 1756-378X

Keywords

Access Restricted. View access options
Article
Publication date: 10 November 2020

Muhammad Qiyas, Muhammad Ali Khan, Saifullah Khan and Saleem Abdullah

The aim of this study as to find out an approach for emergency program selection.

191

Abstract

Purpose

The aim of this study as to find out an approach for emergency program selection.

Design/methodology/approach

The authors have generated six aggregation operators (AOs), namely picture fuzzy Yager weighted average (PFYWA), picture fuzzy Yager ordered weighted average, picture fuzzy Yager hybrid weighted average, picture fuzzy Yager weighted geometric (PFYWG), picture fuzzy Yager ordered weighted geometric and picture fuzzy Yager hybrid weighted geometric aggregations operators.

Findings

First of all, the authors defined the score and accuracy function for picture fuzzy set (FS), and some fundamental operational laws for picture FS using the Yager aggregation operation. After that, using the developed operational laws, developed some AOs, namely PFYWA, picture fuzzy Yager ordered weighted average, picture fuzzy Yager hybrid weighted average, PFYWG, picture fuzzy Yager ordered weighted geometric and picture fuzzy Yager hybrid weighted geometric aggregations operators, have been proposed along with their desirable properties. A decision-making (DM) approach based on these operators has also been presented. An illustrative example has been given for demonstrating the approach. Finally, discussed the comparison of the proposed method with the other existing methods and write the conclusion of the article.

Originality/value

To find the best alternative for emergency program selection.

Details

International Journal of Intelligent Computing and Cybernetics, vol. 13 no. 4
Type: Research Article
ISSN: 1756-378X

Keywords

Available. Open Access. Open Access
Article
Publication date: 25 May 2021

Muhammad Sholihin, Nurus Shalihin and Apria Putra

The article examines Sheikh Ahmad Khatib Al-Minangkabauwi's initial concept of paper money, which in the early 20th century wrote Risala Raf'u Al-Iltibas.

2279

Abstract

Purpose

The article examines Sheikh Ahmad Khatib Al-Minangkabauwi's initial concept of paper money, which in the early 20th century wrote Risala Raf'u Al-Iltibas.

Design/methodology/approach

This paper uses a qualitative approach based on the critical extraction analysis that can reveal a set of concepts related to the thoughts of Sheikh Ahmad Khatib Al-Minangkabauwi on paper money.

Findings

Through an attentive reading of Sheikh Ahmad Khatib Al-Minangkabawi, the authors can formulate several significant results: First, Ahmad Khatib Al-Minangkabawi applies two methods in studying critically on paper money, namely, the comparative law method and qiyas. Second, Ahmad Khatib believes that paper money has similarities with dinars and dirhams, namely its nominal value function. It is just that the existence of these values is different. Briefly, there are set law consequences for those who used paper money in economic activities, i.e. payment of zakāt on paper money applies when used as business capital.

Research limitations/implications

Sheikh Ahmad Khatib Al-Minangkabawi's work related to paper money is written heavily from the perspective of fiqh. Briefly, it is challenging to describe legal reasoning from work. As a result, articles are also thicker with fiqh analysis.

Practical implications

Sheikh Ahmad Khatib Al-Minangkabawi's view regarding paper money becomes the foundation for the theory of the value of money in Islam. However, it is rarely disclosed. In this regard, this paper can serve as the foundation of the value for money offered by scholars from Indonesia in the early 20th century.

Social implications

Money is not a commodity. Still, it must be positioned as capital to be productive. It finally becomes why trade is compelling and becomes the most practical reason for paying out zakāt.

Originality/value

It is not easy finding out articles that attempt to reveal the concept of classical ulemas or clerics from Indonesia relating to paper money. This article manages to identify that, and at the same time, becomes a novelty.

Details

Islamic Economic Studies, vol. 29 no. 1
Type: Research Article
ISSN: 1319-1616

Keywords

Access Restricted. View access options
Article
Publication date: 23 September 2019

Hechem Ajmi, Hassaneddeen Abd Aziz, Salina Kassim and Walid Mansour

The purpose of this paper is to determine the optimal profit-and-loss sharing (PLS)-based contract when market frictions occur.

927

Abstract

Purpose

The purpose of this paper is to determine the optimal profit-and-loss sharing (PLS)-based contract when market frictions occur.

Design/methodology/approach

This paper opts for an adverse selection analysis and Monte Carlo simulation to assess the less risky contract for the principal and the agent when musharakah, mudarabah and venture capital financings are used in imperfect markets. Furthermore, this framework enables us to capture the level of market frictions that the principal can bear and the level of audit that he/she may undertake to mitigate bankruptcy.

Findings

The simulation results reveal that Musharakah is the less risky contract for the principal compared to Mudarabah and venture capital when the shock is low and high. Furthermore, our findings indicate that the increase of market frictions engender higher audit cost and profit-sharing ratios. The increase of the safety index in the case of high shock is most likely attributed to the increase of the audit parameter for all contracts to mitigate the selfish behavior of the agent. Accordingly, the principal tends to require a higher profit-sharing ratio to compensate for the severer information asymmetry.

Research limitations/implications

This paper has two main limits. First, the results were not compared to real data because the latter are not available. Second, this paper is a general framework to determine the less risky contract for the principal and does not consider the firm and sectoral characteristics. However, it can be extended in various ways where stress can be put on conflicts of interest between the principal and the agent with the aim to determine the contract that aligns their interests. In addition, the examination of firm dynamics in the case of equity and debt financing can provide further arguments for economic agents regarding the value of the firm, the growth rate and the lifetime of the project when information is asymmetrically distributed.

Practical implications

The findings shed some light on the necessity of the Islamic finance experts to re-think of the promotion of Musharakah because it dominates the two other contracts when market frictions occur.

Social implications

Although Maghrabi and Mirakhor (2015), Alanzi and Lone (2015) and Lone and Ahmad (2017) among others showed that profit and loss sharing can ensure economic growth, findings may motivate economic players to consider Musharakah financing with the aim to reach financial inclusion and social, which is in line with Shari’ah requirements and Islamic values.

Originality/value

Although several papers highlighted the financial contracting theory from Shari’ah perspective, they ignored the financial issues that are associated to adverse selection. This paper provides theoretical evidence regarding the selection of the less risky financing mode in case of equity financing using Monte Carlo simulation.

Details

International Journal of Islamic and Middle Eastern Finance and Management, vol. 12 no. 4
Type: Research Article
ISSN: 1753-8394

Keywords

Access Restricted. View access options
Article
Publication date: 25 November 2024

Fathullah Asni, Mohamad Ihsan Zulkifli and Yusairi Yusli

This paper aims to examine the acceptance of Zakat institutions in Malaysia towards Micro Credit-Qard Hasan Financing through Zakat Fund (MCZF) for post-pandemic asnaf…

72

Abstract

Purpose

This paper aims to examine the acceptance of Zakat institutions in Malaysia towards Micro Credit-Qard Hasan Financing through Zakat Fund (MCZF) for post-pandemic asnaf entrepreneurs. The study is motivated by the declining trend in Zakat collection and the increasing number of asnaf individuals in the post-pandemic period. This necessitates alternative initiatives such as the MCZF scheme by Zakat institutions. However, the reception of the MCZF scheme in Malaysia is unfavourable, despite studies suggesting its suitability for Zakat institutions and asnaf entrepreneurs.

Design/methodology/approach

This study adopts a qualitative methodology involving library and field research as data collection methods. The library research encompasses reviewing relevant books, articles, statutes and circulars. In terms of the field study, semi-structured interviews were conducted with five selected Zakat management officers from Zakat institutions and two proficient academics specialising in Shariah and Zakat management. The interview data generated several themes analysed using the content analysis method. Consequently, the snowball method was employed to determine the sample size of Zakat institutions, ensuring comprehensive coverage of their acceptance of the MCZF scheme.

Findings

The study’s findings reveal that three Zakat institutions accept the MCZF scheme for implementation, justifying it as a matter of differing opinions (khilaf) that allows room for ijtihad based on the current needs and well-being (maslahah). However, one of the Zakat institutions expresses unpreparedness to implement the scheme due to obstacles posed by an official fatwa. Additionally, the study demonstrates that two Zakat institutions reject the MCZF scheme, citing reasons such as the principle of direct ownership (tamlik) in giving Zakat funds, the prohibition specified by the official state fatwa, and the prevailing societal expectation of direct Zakat distribution without loans.

Research limitations/implications

This study focuses solely on five Zakat institutions in Malaysia, all of which have specific fatwas concerning the MCZF scheme. Future research may explore Zakat institutions in other states. Furthermore, this study specifically concentrates on asnaf entrepreneurs. Hence, further research could investigate the applicability of the MCZF scheme for other asnaf groups, such as asnaf students.

Practical implications

This study examines the acceptance of Zakat institutions towards the MCZF scheme and the justifications provided by Zakat institutions for its implementation. The findings of this study can guide Zakat institutions in Malaysia in accepting and implementing the MCZF scheme. It can significantly impact these institutions by assisting asnaf entrepreneurs in securing capital and expanding their businesses.

Social implications

This study has substantial implications for society, particularly for asnaf entrepreneurs, as loans provided through Zakat funds can help boost their business capital. Consequently, this can elevate the asnaf group from being recipients of Zakat to becoming contributors. Furthermore, when Zakat funds are provided as debt to asnaf entrepreneurs, they can be motivated to grow their businesses since they commit to repaying the debt through instalments.

Originality/value

This study analyses the acceptance of the MCZF scheme by Zakat institutions in Malaysia as an alternative initiative to support asnaf entrepreneurs after the pandemic.

Details

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

Keywords

Access Restricted. View access options
Book part
Publication date: 7 November 2024

Edib Smolo

Islamic economic ideology has exerted a profound influence on the evolution of the open market, particularly in the domains of individual property rights, unobstructed commerce…

Abstract

Islamic economic ideology has exerted a profound influence on the evolution of the open market, particularly in the domains of individual property rights, unobstructed commerce, and restrained governmental interference. The Islamic doctrine pertaining to individual property rights underscores the entitlement of individuals to possess and exercise dominion over their possessions, and this fundamental doctrine has played a pivotal role in shaping the unrestrained market. Islamic economic philosophy also champions free trade, affording individuals the freedom to exchange commodities and services devoid of governmental constraints. This doctrine has contributed to the creation of a more efficient and prosperous economic milieu. Ultimately, Islamic economic thought propagates the concept of delimited governmental involvement in economic affairs. This principle affords enterprises the latitude to undertake risks, while empowering entrepreneurs to establish novel companies, both of which are integral to economic expansion. The undeniable contributions of Islamic economic thought to the maturation of the open market are incontestable. These principles have been instrumental in the establishment of a more efficient, flourishing, and vibrant economic landscape. As our world becomes progressively intertwined, it remains imperative to retain the insights gleaned from Islamic economic thought and persist in the pursuit of an equitable and free market system.

Details

The Future of Islamic Finance
Type: Book
ISBN: 978-1-83549-907-8

Keywords

Access Restricted. View access options

Abstract

Details

Monetary Policy, Islamic Finance, and Islamic Corporate Governance: An International Overview
Type: Book
ISBN: 978-1-80043-786-9

Access Restricted. View access options
Article
Publication date: 4 May 2012

Siti Faridah Abdul Jabbar

The purpose of this paper is to examine whether insider dealing is fraud from the perspective of Islam.

2292

Abstract

Purpose

The purpose of this paper is to examine whether insider dealing is fraud from the perspective of Islam.

Design/methodology/approach

The paper uses analogy (qiyas) of the injunctions in the Qur'an and Sunnah and critical analysis of literature on Islam.

Findings

The paper finds that insider dealing is fraud (taghrir) in Islam and the defrauded party has the option to rescind the transaction for fraud (khiyar al‐tadlis) as well as for latent defect (khiyar al‐‘aib).

Practical implications

The paper is practical as a source of reference in legislating laws relating to insider dealing particularly where Shari'ah is the principal source of law.

Originality/value

The paper presents a novel attempt in establishing that insider dealing is fraud from the perspective of Islam.

Details

Journal of Financial Crime, vol. 19 no. 2
Type: Research Article
ISSN: 1359-0790

Keywords

Access Restricted. View access options
Article
Publication date: 1 February 1989

Masudul Alam Choudhury

A view of Islam as a comprehensive way of life for its adherents ispresented. The spiritual and ethical reconstruction of individuals,societies and the world order are given in a…

660

Abstract

A view of Islam as a comprehensive way of life for its adherents is presented. The spiritual and ethical reconstruction of individuals, societies and the world order are given in a socio‐economic framework. The principles of Islam and brotherhood, with reference to the Quran, are explained in some detail.

Details

International Journal of Social Economics, vol. 16 no. 2
Type: Research Article
ISSN: 0306-8293

Keywords

Available. Open Access. Open Access
Article
Publication date: 2 December 2019

Suheyib Eldersevi and Razali Haron

This study aims to examine the resolutions issued by the Sharīʿah Advisory Council of Bank Negara Malaysia (SAC-BNM), which have recognized maṣlaḥah (public interest) as the basis…

4424

Abstract

Purpose

This study aims to examine the resolutions issued by the Sharīʿah Advisory Council of Bank Negara Malaysia (SAC-BNM), which have recognized maṣlaḥah (public interest) as the basis of ruling to see the extent of its usefulness to the public and the extent of its adherence to the maṣlaḥah parameters. The study will also look into the opposing opinion to identify the basis of rejection and overall implication on Islamic finance based on opposing opinions of SAC-BNM and other bodies of collective ijtihād (juristic interpretation).

Design/methodology/approach

The study uses a qualitative approach by analyzing the SAC-BNM resolutions, which have been resolved based on maṣlaḥah. The study also applies the comparative approach by comparing the fatwa (Sharīʿah pronouncement) issuing bodies of Malaysia and the Gulf Cooperation Council countries. Furthermore, the secondary data is obtained from sources such as uṣūl al-fiqh (theory of Islamic jurisprudence) books, papers and relevant internet sources.

Findings

The study found that SAC-BNM’s resolutions are in line with some of the major maṣlaḥah parameters mentioned in the uṣūl al-fiqh sources i.e. must not contradict with the Qurʾān and the Sunnah. While looking at the other two criteria of being in line with ijmāʿ (consensus) and having a general impact, such resolutions might not fulfill the criteria of valid maṣlaḥah considering, respectively, the stand of collective ijtihād or the impact on the group of customers and institutions.

Originality/value

Most available shari’ah (Islamic law) research considers the perspective of fiqh (Islamic jurisprudence) while analyzing the issue of maṣlaḥah. This study aims to conduct analysis based on uṣūl al-fiqh. Moreover, maṣlaḥah itself is a broad concept, which can be abused. Hence, this study discusses the parameters of maṣlaḥah to understand the validity of an important juristic tool in Sharīʿah.

Details

ISRA International Journal of Islamic Finance, vol. 12 no. 1
Type: Research Article
ISSN: 0128-1976

Keywords

1 – 10 of 107
Per page
102050