Muhammad Azim bin Azizi, Ahmad Kamal Ariffin bin Mohd Ihsan and Nik Abdullah bin Nik Mohamed
The purpose of this paper is to establish a peridynamic method in predicting viscoelastic creep behaviour with recovery stage and to find the suitable numerical parameters of…
Abstract
Purpose
The purpose of this paper is to establish a peridynamic method in predicting viscoelastic creep behaviour with recovery stage and to find the suitable numerical parameters of peridynamic method.
Design/methodology/approach
A rheological viscoelastic creep constitutive equation including recovery and an elastic peridynamic equation (with integral basis) are examined and used. The elasticity equation within the peridynamic equation is replaced by the viscoelastic equation. A new peridynamic method with two time parameters, i.e. numerical time and viscoelastic real time is designed. The two parameters of peridynamic method, horizon radius and number of nodes per unit volume are studied to get their optimal values. In validating this peridynamic method, comparisons are made between numerical and analytical result and between numerical and experimental data.
Findings
The new peridynamic method for viscoelastic creep behaviour is approved by the good matching in numerical-analytical data comparison with difference of < 0.1 per cent and in numerical-experimental data comparison with difference of 4-6 per cent. It can be used for further creep test which may include non-linear viscoelastic behaviour and creep rupture. From this paper, the variation of constants in Burger’s viscoelastic model is also studied and groups of constants values that can simulate solid, fluid and solid-fluid viscoelastic behaviours were obtained. In addition, the numerical peridynamic parameters were also manipulated and examined to achieve the optimal values of the parameters.
Research limitations/implications
The peridynamic model of viscoelastic creep behaviour preferably should have only one time parameter. This can only be done by solving the unstable fluctuation of dynamic results, which is not discussed in this paper. Another limitation is the tertiary region and creep rupture are not included in this paper.
Practical implications
The viscoelastic peridynamic model in this paper can serve as an alternative for conventional numerical simulations in viscoelastic area. This model also is the initial step of developing peridynamic model of viscoelastic creep rupture properties (crack initiation, crack propagation, crack branching, etc.), where this future model has high potential in predicting failure behaviours of any components, tools or structures, and hence increase safety and reduce loss.
Originality/value
The application of viscoelastic creep constitutive model on peridynamic formulation, effect of peridynamic parameters manipulation on numerical result, and optimization of constants of viscoelastic model in simulating three types of viscoelastic creep behaviours.
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Islamic finance and Halal product sectors are thriving successfully. This chapter is a general review of the perception of Asian consumers on Islamic finance and Halal sectors in…
Abstract
Purpose
Islamic finance and Halal product sectors are thriving successfully. This chapter is a general review of the perception of Asian consumers on Islamic finance and Halal sectors in the global Halal economy.
Methodology/approach
The first section will briefly describe the Halal concept in both Islamic finance and Halal industries, and the growth of both sectors in Asian countries. The second part highlights the review of Asian consumers’ perception towards Islamic finance products and Halal products.
Findings
The review found that the consumers’ perception towards the Islamic finance products and Halal products is distinctive. This is due to the diversity of Asian countries in terms of geography, religion, culture, ethnic, school of thoughts (madzahib), income per capita and government’s involvement.
Originality/value
The third part of the chapter concentrates on planning towards Halal marketing, which involves the move and future challenges in different layers of industries to gear up and strengthen the Halal economy.
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Nazhatulzalkis Jamaludin, Siti Zubaidah Binti Hashim, Intan Bayani Bin Zakaria, Nadira Binti Ahzahar and Mior Alhadi Mior Ahmad Ridzuan
Sustainability issues have become crucial to mitigate urban heat islands (UHIs) and reduce the global warming effect. The climate change news is frequently heard lately due to the…
Abstract
Sustainability issues have become crucial to mitigate urban heat islands (UHIs) and reduce the global warming effect. The climate change news is frequently heard lately due to the extreme weather to the extent that the increasing earth’s temperature often causes disaster and loss of property and life. New adaptation needs to new climate context and limits the on-going effects. One of the ways is adopting green roofs on buildings. Implementing sustainable practices such as green roofs will help mitigate this adverse effect in urban areas. Green roofs provide many benefits such as enhancing the aesthetical quality of the built environment, reduce UHIs, reduce energy consumption, improve storm-water attenuation, roof longevity, and reduce noise pollution. However, only a few buildings in Malaysia have considering green roofs as a main green feature element. There is barely number of buildings that have green roof design even though it offers benefits to the community and environment. This chapter has emphasised the types of green roof systems that are potentially suitable in Malaysia climate and obstacles associated with the green roof system. The study found the barriers to implementing green roofs in Malaysia, especially during the stage of building operation in maintaining the green roof system. The survey has been done, which revealed nine factors that hinder the green roof application. This study also highlights the challenges to overcome the barriers of implementing green roofs in Malaysia.
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Nik Abdul Rahim Nik Abdul Ghani
The purpose of this paper is to critically study the application of beneficial ownership in sukuk ijarah by analysing the fiqh interpretation on the concept of beneficial…
Abstract
Purpose
The purpose of this paper is to critically study the application of beneficial ownership in sukuk ijarah by analysing the fiqh interpretation on the concept of beneficial ownership.
Design/methodology/approach
This is a theoretical paper using content analysis approach that delves into the works of Islamic scholars on the concept of ownership and evaluates the concept of beneficial ownership in sukuk ijarah from the Islamic perspective.
Findings
The paper concludes that the beneficial ownership should be considered as true ownership because Shari’ah has allowed the transfer of ownership by a sole basis of contract (offer and acceptance). Although the sukuk holders are not registered as the legal owners in the Land Office, the documentations and agreements have clearly specified the owners and their liabilities.
Research limitations/implications
Empirical investigations into how sukuk holders are responsible for the underlying assets in sukuk ijarah.
Practical implications
It is therefore important to develop parameters for beneficial ownership to govern the use of the concept in Islamic finance.
Originality/value
The paper shows the fiqh interpretation on the beneficial ownership in sukuk ijarah while considering all the constraints and challenges in the implementation of sukuk.
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Muhammad Zarunnaim Bin Haji Wahab, Asmadi Mohamed Naim and Mohamad Hanif Abu Hassan
The practices of sustainable and responsible investment (SRI) among Islamic financial institutions (IFIs) nowadays still rely on the existing environmental, social and governance…
Abstract
Purpose
The practices of sustainable and responsible investment (SRI) among Islamic financial institutions (IFIs) nowadays still rely on the existing environmental, social and governance (ESG) criteria. However, based on observation, some of the existing criteria listed by the reports of certain authorities and organizations do not seem to be aligned with Shariah principles. Therefore, this study aims to investigate those criteria to help develop Islamic-SRI (i-SRI) criteria based on the ESG concept.
Design/methodology/approach
This study adopted the qualitative method via content analysis of documents and interviews with experts.
Findings
Based on the analysis, a set of i-SRI criteria is developed based on the ESG concept, of which 33 elements are environmental, 50 elements are social and 26 elements are governance issues. Overall, this study finds that there is no obvious contradiction with the Islamic philosophy in the existing ESG criteria, with the exception of four criteria, i.e. promoting human rights, freedom of expression, freedom of censorship and freedom of association under social criteria. These four existing criteria are not aligned with Islamic teaching and not appropriate with Islamic ESG criteria.
Practical implications
The creation of Islamic ESG criteria can assist relevant authorities to improve the current ESG criteria and to embed an Islamic perspective within it.
Originality/value
This study developed a set of i-SRI criteria, which may be suitable as a source of reference to relevant parties.
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Nagwan Abdulwahab AlQershi, Roselina Binti Ahmad Saufi, Nik Maheran Nik Muhammad, Mohd Nor Hakimin Bin Yusoff and Ramayah Thurasamy
This paper examines the effect of green creativity (GC) on the business sustainability (BS) of large manufacturing firms (LMFs) in Malaysia and investigates the mediating effect…
Abstract
Purpose
This paper examines the effect of green creativity (GC) on the business sustainability (BS) of large manufacturing firms (LMFs) in Malaysia and investigates the mediating effect of total quality management (TQM) on this relationship.
Design/Methodology/Approach
A quantitative approach was adopted, using a sample of 206 LMFs; the formulated hypotheses were analysed using partial least squares structural equation modeling.
Findings
The findings revealed a significant positive effect of GC on the TQM and BS of LMFs and a significant positive effect of TQM on their BS. TQM also has a full mediating effect on the relationship between GC and BS.
Research Limitations/Implications
One of the limitations of this study is its focus on Malaysian LMFs. It nevertheless contributes to the literature by extending knowledge concerning their TQM, GC and multi-faceted perspectives. This is largely ignored in literature and, as such, the study paves the way for additional research.
Practical Implications
The findings of this study may be used as guidelines for CEOs, particularly on the way TQM and GC can be developed for enhanced BS, in the context of South Asian countries.
Originality/Value
This study is the first to test the influence of GC on Malaysian LMFs’ BS and the first worldwide to investigate the mediating effect of TQM on their GC-BS relationship.
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Syaima Adznan, Soliha Sanusi, Hafizah Omar Zaki, Mohamed Mahees Raheem and Edib Smolo
Digital transformation has made enormous changes in the banking domain, where financial technology (fintech) is the salient driving force inside it. For Islamic banking…
Abstract
Digital transformation has made enormous changes in the banking domain, where financial technology (fintech) is the salient driving force inside it. For Islamic banking, artificial intelligence (AI) is one of the most innovative technologies that has shifted banks into the entire virtual environment. In this context, the main objectives of this chapter are to discuss the current application of AI in the Islamic banking industry, to identify the challenges faced by the banks in adapting AI while ensuring Shari’ah compliant in their operations, and to shed light on the future of banking and how it will influence Islamic banks in this digital era. This chapter also provides several examples of the application of several Shari’ah robo-advisors used by Islamic banks. Robo advisors are mainly an advanced AI tool involved in investment and portfolio management. The unique value of AI for Islamic banks lies within its own-Shari’ah AI framework that is used to fulfill Shari’ah-related matters, which requires active collaboration between Shari’ah scholars, regulatory bodies, and Islamic banks. Despite all the challenges, AI holds immense potential for Islamic banking to improve efficiency, accessibility, and risk management. Finally, the chapter paves the way for further discussion on building a responsible and innovative Islamic financial system in the era of AI.
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Muhamad Firdaus Ab Rahman, Hussein ‘Azeemi Abdullah Thaidi, Farhana Mohamad Suhaimi and Siti Farahiyah Ab Rahim
This study aims to propose a temporary waqf model for family waqf by establishing its application parameters, which may facilitate the management of family waqf in Malaysia and…
Abstract
Purpose
This study aims to propose a temporary waqf model for family waqf by establishing its application parameters, which may facilitate the management of family waqf in Malaysia and encourage new donors to establish waqf.
Design/methodology/approach
A qualitative methodology was employed to analyse the data through deductive and field research methods. For field research, this study conducted semi-structured interviews with the Waqf Corporations and Mufti's Department in the selected states within Malaysia.
Findings
Results drawn from the interview's findings are that creating family waqf in Malaysia is hindered by several obstacles, including family waqfs not serving the public interest but rather their descendants, and family waqfs have been practised in perpetuity. Besides, inefficient management of family waqf and a lack of an effective mechanism and parameter exists. Therefore, this study presented a conceptual framework for a temporary cash waqf model for family waqf along with the parameters that can be used to implement it. The temporary waqf is a strategy to develop waqf property and the interests of creators, beneficiaries and trustees. Temporary waqf merged into the family waqf yields benefits to the family waqf.
Research limitations/implications
Because of Malaysia's Waqf Regulation and Administration, this study was confined to selected states. This study has broadened the scope of temporary family waqf, including moveable, immovable property and cash waqf.
Practical implications
This study presented a temporary waqf model for family waqf as a realistic mechanism and criterion for its practical implementation in Malaysia.
Social implications
This study could encourage new donors to establish waqf.
Originality/value
This study’s novelty lies in its attempt to highlight the importance of the temporary waqf model as a practical mechanism with holistic principles for its implementation in Malaysia to benefit the donors, their families and trustees. In addition to family waqf, numerous temporary waqfs may be established, in which the income or usufruct is shared proportionally, such as charitable waqf (waqf khairi), private waqf (waqf khas) and joint waqf (waqf mushtarak).
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Muhammad Usman and Asmak Ab Rahman
This paper aims to highlight the importance of waqf in financing higher educational institutions (HEIs) and its potential as an alternative source of generating additional funds…
Abstract
Purpose
This paper aims to highlight the importance of waqf in financing higher educational institutions (HEIs) and its potential as an alternative source of generating additional funds for the HEIs, and discourses on waqf practice, fundraising, waqf management and utilisation of waqf income for the development of higher education in Malaysia.
Design/methodology/approach
This paper is based on the information gathered through interviews with 12 participants who are actively engaged in waqf in different capacities. The participants can easily be classified into three expert groups; personnel of waqf-based universities, personnel of the respective State Islamic Religious Councils (SIRCs) and waqf practitioners. In addition, archival records, relevant documents and library sources have been used in the research.
Findings
The study learnt that waqf in Malaysia is centralised and exclusively controlled by the SIRCs, which are, as a rule, sole trustees of all categories of awqaf in the respective states; hence, any form of private trusteeship is considered illegal. It is a prerequisite for the establishment of a waqf fund to obtain permission from the respective SIRCs, and bring it under the purview of the council prior to setting up a waqf. The ministry of higher education has taken some initiatives to encourage HEIs to use waqf as an alternative source of generating funds. Subsequently, numerous public universities have set up waqf funds and developed a comprehensive mechanism for raising the fund through traditional and modern methods and technologies. A major chunk of the waqf funds is collected in the form of cash, but the amount falls short of reaching critical mass to enable the waqf to become self-sustaining. The study found that the universities also involved themselves in various social welfare programmes, especially in health care, and some income-generating projects besides seeking support from the waqf fund for their academic and educational activities.
Practical implications
The paper brings out the fact that waqf offers the best features as an alternative fiscal instrument to finance projects of public good, including higher education at three selected waqf-based universities in Malaysia.
Social implications
The study’s findings will be helpful to the ummah in general and Malaysia in particular. It can help policymakers, legislators and academicians in formulating new strategies for the common good and sensitize the countries facing a huge fiscal deficit and lack of development to the viability and potential of waqf as a catalyst for progress and economic activity.
Originality/value
The paper shares the experience of Malaysia’s waqf-based universities, waqf fundraising, management and income utilisation. It accentuates the fact that waqf can help finance academic activities at universities and sheds light on some useful examples of waqf-based universities founded in earlier periods of Islamic civilisation.
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Muhammad Usman and Asmak Ab Rahman
This paper aims to study waqf practice in Pakistan with regard to its utilisation in funding for higher educational institutions (HEIs) and investigates waqf raising, waqf…
Abstract
Purpose
This paper aims to study waqf practice in Pakistan with regard to its utilisation in funding for higher educational institutions (HEIs) and investigates waqf raising, waqf management and waqf income utilisation.
Design/methodology/approach
The paper is based on the views of 11 participants who are actively involved in the waqf, its raising, management and income utilisation, and is divided into three subcategories: personnel of higher educational waqf institution, personnel of waqf regulatory bodies and Shari’ah and legal experts as well as archival records, documents and library sources.
Findings
In Pakistan, both public and private awqaf are existing, but the role of private awqaf is greater in higher education funding. However, due to lack of legal supervision private awqaf is considered as a part of the not-for-profit sector and legitimately registered as a society, foundation, trust or a private limited company. Waqf in Pakistan is more focusing on internal financial sources and waqf income. In terms of waqf management, they have firm guidelines for investing in real estate, the Islamic financial sector and various halal businesses. Waqf uses the income for developmental and operational expenditure, and supports academic activities for students and staff. Waqfs are also supporting some other HEIs and research agencies. Thus, it can be revealed that a waqf can cater a sufficient amount for funding higher educational institutions.
Research limitations/implications
In Pakistan, both public and private awqaf are equally serving society in different sectors, but the role of private awqaf is much greater in funding higher education. Nevertheless, the government treats private awqaf as a part of not-for-profit sector in the absence of a specific legal framework and registers such organisations as society, foundation, trust or private limited company. The waqf in Pakistan mostly relies on internal financial resources and income from waqf assets. As the waqf managers have over the time evolved firm guidelines for investment in real estate, Islamic financial sector and various other halal businesses, and utilisation of waqf income on developmental and operational expenditures, academic activities of students and educational staff, other HEIs and research agencies, it can be proved that the waqf can potentially generate sufficient amount for funding HEIs.
Practical implications
The study presents the waqf as a social finance institution and the best alternative fiscal instrument for funding works of public good, including higher education, with the help of three selected waqf cases. Hence, the paper’s findings offer some generalisations, both for the ummah at large and Pakistan.
Social implications
The paper makes several policy recommendations for policymakers, legislators and academicians, especially the government. As an Islamic social finance institution, the waqf can help finance higher education anywhere around the world in view of the fact that most countries grapple with huge fiscal deficits and are hence financially constrained to meet growing needs of HEIs.
Originality/value
The study confirms that the waqf can be an alternative source for funding higher education institutions whether it is managed by the government or is privately controlled.