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Article
Publication date: 2 August 2024

Shahed Mustafa, Darryl John Newport, Clare Rigg and Md Shahidul Islam

The purpose of this study is to explore the impacts of aid in the form of food, cash, and agricultural inputs on internal migration following a series of cyclones in the southern…

250

Abstract

Purpose

The purpose of this study is to explore the impacts of aid in the form of food, cash, and agricultural inputs on internal migration following a series of cyclones in the southern coastal areas of Bangladesh. The impacts of sources of aid, such as institutional or social network sources, were also analysed. With the increasing frequency of extreme climatic events, it becomes crucial to understand the impacts of different post-cyclonic aid on human mobility.

Design/methodology/approach

A total of 472 households across 16 blocks (moujas) in the Patharghata sub-district of Barguna district were selected for participation using a stratified sampling strategy. Data were captured via a survey which included individual and household-level demographics, migration and aid-receipt following cyclones. Data were analysed using a mixture of descriptive and inferential statistical methods.

Findings

The analysis revealed that migration was significantly higher among households which did not receive institutional food aid. More specifically, non-receipt of food aid and cash aid after a cyclone, different sources of income, non-availability of alternative sources of income, lack of land ownership and severity of cyclones up to a certain level increased migration among the households where a minority of household members migrated. In contrast, the absence of food aid and the severity of cyclones were found to be significant factors in increasing migration among the households where a majority of household members migrated. The authors argue that the decision to migrate from the households where most members migrated increased with the rise in cyclone severity.

Originality/value

The contribution of this research in the field of aid and migration is unique. To the best of the authors’ knowledge, no research was conducted before on the impacts of distribution and type of aid on internal migration following a cyclone.

Details

International Journal of Climate Change Strategies and Management, vol. 16 no. 4
Type: Research Article
ISSN: 1756-8692

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Article
Publication date: 21 December 2021

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…

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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.

Details

International Journal of Islamic and Middle Eastern Finance and Management, vol. 15 no. 5
Type: Research Article
ISSN: 1753-8394

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Article
Publication date: 20 August 2020

Md. Kausar Alam

The study aims to explore the case study method with the formation of questions, data collection procedures and analysis, followed by how and on which position the saturation is…

17445

Abstract

Purpose

The study aims to explore the case study method with the formation of questions, data collection procedures and analysis, followed by how and on which position the saturation is achieved in developing a centralized Shariah governance framework for Islamic banks in Bangladesh.

Design/methodology/approach

Using purposive and snowball sampling procedures, data have been collected from 17 respondents who are working in the central bank and Islamic banks of Bangladesh through face-to-face and semi-structured interviews.

Findings

The study claims that researchers can form the research questions by using “what” question mark in qualitative research. Besides, the qualitative research and case study could explore the answers of “what” questions along with the “why” and “how” more broadly, descriptively and extensively about a phenomenon. Similarly, saturation can be considered attaining the ultimate point of data collection by the researchers without adding anything in the databank. Overall, this study proposes three stages of saturation: First, information redundancy. Second, referring the respondents (already considered in the study) without knowing anything about the data collection and their responses. Third, through the NVivo open coding process due to the decrease of reference or quotes in a certain position or in the saturation position as a result of fewer outcomes or insufficient information. The saturation is thus achieved in the diversified positions, i.e. three respondents for regulatory, nine for Shariah scholars and officers and five for the experts concerning the responses and respondents.

Research limitations/implications

The study has potential implications on the qualitative research method, including the case study, saturation process and points, NVivo analysis and qualitative questions formation.

Originality/value

This research defines a case study with the inclusion of “what” and illustrates the saturation process in diverse positions. The qualitative research questions can also be formed with “what” in addition “why” and “how”.

Details

Qualitative Research in Organizations and Management: An International Journal, vol. 16 no. 1
Type: Research Article
ISSN: 1746-5648

Keywords

Available. Open Access. Open Access
Article
Publication date: 28 June 2022

Md. Kausar Alam, Mohammad Shofiqul Islam, Fakir Tajul Islam, Mosab I. Tabash, Mohammad Sahabuddin and Muhammad Alauddin

The study aims to investigate the reasons behind the growing diverse practices of Shariah governance (SG) among Islamic banks in Bangladesh.

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Abstract

Purpose

The study aims to investigate the reasons behind the growing diverse practices of Shariah governance (SG) among Islamic banks in Bangladesh.

Design/methodology/approach

Data has been collected through a semi-structured interview process from the concerned authorities (Shariah supervisory board members, Shariah department officers, central bank executives and banking professional experts) related to SG and Islamic banks in Bangladesh. The data has been analyzed by NVivo software.

Findings

The results of the study show that SG mechanisms are different due to the lack of unique comprehensive SG guidelines and the absence of a Centralized Shariah Supervisory Board (CSSB) under the Central Bank. The self-developed practices, the diversified opinions and viewpoints of the Board of Directors (BOD), banks' policies, business motivations and profit intention are also responsible for diversified SG practices. The diverse understandings and explanations of Shariah, Madhab (school of thought) and rulings are also responsible for the different practices of SG in Bangladesh.

Research limitations/implications

The study has unique implications for the regulatory authorities and Islamic banks in Bangladesh. The study explored the diverse reasons for numerous applications of SG guidelines which will be beneficial for the central bank and regulators to resolve the issues by outlying unique SG guidelines.

Originality/value

This study outlines the reasons for dissimilar practices of SG by the Islamic banks in Bangladesh, which will be beneficial for Islamic banks and the central bank of Bangladesh.

Details

Asian Journal of Accounting Research, vol. 7 no. 3
Type: Research Article
ISSN: 2443-4175

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Article
Publication date: 22 March 2023

Md. Kausar Alam, Abu Umar Faruq Ahmad, Mezbah Uddin Ahmed and Md. Salah Uddin

The study explores the existing Shariah audit practice of Islamic banks (IBs) in Bangladesh aiming at providing suggestions for improvements on the detected shortfalls in the…

333

Abstract

Purpose

The study explores the existing Shariah audit practice of Islamic banks (IBs) in Bangladesh aiming at providing suggestions for improvements on the detected shortfalls in the relevant areas.

Design/methodology/approach

This research applied a qualitative method, and data were collected through conducting semi-structured interviews in Bangladesh. A total of 17 interviews were conducted for accomplishing the research objectives.

Findings

The study finds that there is no comprehensive Shariah audit manual in the current operation for IBs in Bangladesh, and as such, the requirements of their Shariah compliance remain a big question. Although the Shariah audit is conducted within IBs, and the Shariah audit officers or Shariah officers inspect necessary documents while conducting the Shariah audit, they only cover 10–20% of total investments and transactions. Based on the findings of this study, it is recommended that the Shariah auditing tasks should broadly cover at least 80% of the investment portfolios, documents and financial contracts and activities.

Research limitations/implications

The findings of this research are expected to significantly contribute to the regulatory authorities concerned in Bangladesh and beyond, which include the suggestions that IBs can adopt to strengthen their Shariah governance system. The study also pinpoints that in the current system, Shariah auditors' roles are somehow limited in examining and checking the investment sides with a minimal portion (10–20%), for which they are unable to perform their responsibilities in a befitting manner to provide assurance services and overall Shariah compliance of IBs activities.

Practical implications

This study explores the current Shariah audit systems and provides recommendations to improve the existing systems which will be beneficial for Islamic banks of Bangladesh.

Originality/value

To the researchers' knowledge, perhaps this is the first research of its kind which seeks to explore the current Shariah audit practice in Bangladesh qualitatively, and it provides some practical suggestions for making the necessary developments of the current audit process of IBs. In addition, there are no empirical studies in the entire Emerald insight publishers and Scopus database regarding Shariah audit practices. The study contributes to the agency, stakeholder and legitimacy theories by exploring the Shariah audit of IBs.

Details

Journal of Applied Accounting Research, vol. 24 no. 5
Type: Research Article
ISSN: 0967-5426

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Article
Publication date: 17 December 2021

Md. Kausar Alam

The purpose of this study is to propose a centralized Shariah governance framework (CSGF) for the Islamic banks and Shariah governance in Bangladesh as such, the existence and…

417

Abstract

Purpose

The purpose of this study is to propose a centralized Shariah governance framework (CSGF) for the Islamic banks and Shariah governance in Bangladesh as such, the existence and practices of the Shariah governance framework (SGF) are decentralized and diversified.

Design/methodology/approach

The paper implements a qualitative case study approach to develop a CSGF for the Islamic banks in Bangladesh. The data has been collected from 17 respondents through semi-structured interviews with a combination of regulators, Shariah supervisory board members, Shariah department executives and Shariah experts from the central bank and Islamic banks in Bangladesh.

Findings

This study proposes a CSGF which is comprising two-tier Shariah supervisory boards (SSBs), i.e. institutional SSB and centralized Shariah supervisory board (CSSB) under the central bank to monitor the overall functions of SG. The study recommends the setting up of four departments under the central bank to enhance the functions of CSSB. Besides, the central bank can introduce Shariah rating, external Shariah audit and external Shariah review through Islamic rating agencies and Islamic Chartered Accountant Firms for transparency and quality compliance which are more desired from the public and other stakeholders.

Research limitations/implications

The study significantly contributed to the national and global regulatory bodies by providing a structural CSGF for the Islamic banks to perform their functions and activities smoothly.

Practical implications

The study outlines a CSGF for the Islamic banks in Bangladesh as the existing practices are diversified and decentralized. Therefore, this framework would be helpful for the central bank and Islamic banks in Bangladesh to promote unique practices of the SGF.

Originality/value

This is the first research that provides a structure of CSGF for Islamic banks in Bangladesh, while the central bank of Malaysia developed the first SGF. There is no study concerning the demographic figure of CSGF of Islamic banks in the entire literature.

Details

Journal of Islamic Accounting and Business Research, vol. 13 no. 2
Type: Research Article
ISSN: 1759-0817

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Article
Publication date: 10 February 2021

Md. Kausar Alam, Suhaimi Ab Rahman, Mosab I. Tabash, Oli Ahad Thakur and Sharif Hosen

The main aim of this research is to ascertain the expected duties and performed roles and functions of the Shariah supervisory boards (SSBs) of Islamic banks in Bangladesh.

567

Abstract

Purpose

The main aim of this research is to ascertain the expected duties and performed roles and functions of the Shariah supervisory boards (SSBs) of Islamic banks in Bangladesh.

Design/methodology/approach

A semistructured face-to-face interview was applied to accomplish the research objectives. In total, data was collected from 17 respondents with a combination of regulators, SSBs, Shariah department executives and experts from the central bank and Islamic banks in Bangladesh.

Findings

This study finds that the expectations of Islamic banks toward SSB members are to provide opinions on Shariah issues, guidelines and decisions regarding the modern banking, practices and delivering of fatwas on the contemporary issues offered by the management to fulfill the demand of the numerous stakeholders. In addition, they can develop Shariah governance (SG) policies and implement those guidelines, approve and develop new products, observe and monitor banking functions, identify problems and outline solutions as well as they should ensure Shariah principles and compliance. The SSBs members perform roles and functions in monitoring and reviewing overall banking activities and functions; reviewing products, services and contracts; preparing SG guidelines; ensuring Shariah principles and compliance; providing opinions on existing SG practices and finally, delivering Shariah resolutions on the overall functions.

Research limitations/implications

This study significantly contributed to the national regulatory bodies by providing suggestions that the existing SG system should be improved to enhance the overall monitoring of SSB and ensure more Shariah compliance in the overall operations of the Islamic banks in Bangladesh.

Originality/value

This is the first research to the best of authors’ knowledge that explores the expected duties and performed roles and functions of the Islamic banks concerning Bangladesh. This study also contributes to the agency, legitimacy and stakeholder theories by outlining the expected and performed roles of SSBs to the Islamic banks and stakeholders.

Details

Journal of Islamic Accounting and Business Research, vol. 12 no. 2
Type: Research Article
ISSN: 1759-0817

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Article
Publication date: 12 July 2021

Md. Kausar Alam, Md. Mizanur Rahman, Fakir Tajul Islam, Babatunji Samuel Adedeji, Md. Abdul Mannan and Mohammad Sahabuddin

The purpose of this study is to explore the practices of Shariah governance (SG) systems in terms of their guidelines, current operational procedures, internbal policies and…

432

Abstract

Purpose

The purpose of this study is to explore the practices of Shariah governance (SG) systems in terms of their guidelines, current operational procedures, internbal policies and structures and regulatory framework of Islamic banks in Bangladesh from the viewpoints of Shariah, Tawhidic approach/ontological approach and Shuratic process of Islamic corporate governance and institutional theory.

Design/methodology/approach

A semi-structured interview tactic has been applied to attain the objective. Overall, data has been collected from the regulators, Shariah supervisory board members, Shariah department executives and experts from the central bank and Islamic banks of Bangladesh.

Findings

The study finds that Islamic banks do not follow complete Shariah principles in all aspects of SG nor violate them fully in their overall functions due to less accountability, which contradicts the concept of the Tawhidi epistemological process of Islamic corporate governance. Islamic banks announce that they are following Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) guidelines, but in practice, they do not follow the instructions accurately because all of the standards and policies of AAOIFI and the Islamic Financial Services Board are not applicable in Bangladesh due to its cultural, legal and regulatory structures. It is found that Islamic banks in Bangladesh have a lower practice of maqasid as-Shariah and Tawhidic approach and Shuratic process.

Research limitations/implications

The study significantly contributed to the central bank of Bangladesh and Islamic banks by exploring the SG systems for their further enhancement. The research provides some suggestions for improving existing SG systems and enhancing more application of SG guidelines and Shariah principles in the overall operations of the Islamic banks in Bangladesh.

Originality/value

This research extends the literature regarding the Islamic banks’ SG practices in Bangladesh. The study also contributes to Shariah, Tawhidic approach/ontological approach and Shuratic process of Islamic corporate governance and institutional theory by exploring the Islamic banks’ existing SG practices in Bangladesh.

Details

Pacific Accounting Review, vol. 33 no. 4
Type: Research Article
ISSN: 0114-0582

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Article
Publication date: 28 January 2021

Md. Kausar Alam and Muhammad Shahin Miah

The main objective of the study is to ascertain the level of independence and the effectiveness of the Shariah Supervisory Board (SSB) members of Islamic banks in Bangladesh. This…

963

Abstract

Purpose

The main objective of the study is to ascertain the level of independence and the effectiveness of the Shariah Supervisory Board (SSB) members of Islamic banks in Bangladesh. This is because only SSB members are empowered to oversee and certify the overall business functions of Islamic banks.

Design/methodology/approach

This paper implements qualitative case research approach to explore the research objective in the context of Bangladesh. We applied purposeful and snowball sampling tactics for selecting respondents. By using a semi-structured questionnaire and face-to-face interviews, we collect data from SSB members, central bank executives and experts in Islamic banking and Shariah governance.

Findings

The study finds that majority Islamic banks' SSB's positions are similar to the Board of Directors (BOD) of the banks. Next, this study finds that in recruiting/selecting SSB members, some banks do not follow the guidelines of the central bank. This study finds mixed evidence regarding the independence of the members of the SSB. Most of the respondents opined that SSBs do not have power; in some cases, members of SSB are not independent and seeming powerless as BOD selects and recruits them. In contrast, they are dependent on management in respect of strategy implementation.

Research limitations/implications

The study significantly contributed to the national and global regulatory bodies by identifying an important governance determinant of Islamic banks that is the independence of SSB members, which is highly important for both Shariah functions, and to enhance the trust level of the stakeholders. This study makes a theoretical contribution by documenting the violation of stakeholder theory and agency theory in recruiting SSB members by BOD's choice. The lack of SSB members' independence has an impact on Shariah legitimacy of the Islamic banks which is contradictory with the notion of legitimacy theory. This study recommends the central bank to ensure the independence of the SSB and central bank should take initiatives to develop an environment for the Islamic banking sector.

Originality/value

This study extends the literature of corporate governance relating to Islamic banking and financial institutions. More specifically, this paper explores the necessity of independence of members of the monitoring body (here SSB), an important constituent of governance, to ensure high-quality governance and transparency in reporting to increase diverse stakeholders' trust/confidence. The absence of independence of SSB in performing their functions contradicts with the agency, stakeholder and legitimacy theory, which is inconsistent with global evidence, that demands further investigations.

Details

Asian Review of Accounting, vol. 29 no. 2
Type: Research Article
ISSN: 1321-7348

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Article
Publication date: 2 March 2020

Md. Kausar Alam, Muhammad Shahin Miah, Md. Naim Siddiquii and Mohammad Imtiaz Hossain

The purpose of this paper is to investigate the influence of board of directors (BODs) and management in the decision-making of Shariah supervisory board (SSB) and implementation…

712

Abstract

Purpose

The purpose of this paper is to investigate the influence of board of directors (BODs) and management in the decision-making of Shariah supervisory board (SSB) and implementation of their decisions.

Design/methodology/approach

The paper implements qualitative case research to explore the influences of BODs and management in the context of Bangladesh. To accomplish the research objective, we collected data from the 17 respondents from the regulators, Shariah supervisory boards, Shariah department executives and Shariah experts from the central bank and Islamic banks of Bangladesh.

Findings

This study found that management of Islamic banks indirectly influences the practices and functions of SSB, their decision-making and other activities. However, from either ethical or moral ground, management cannot influence SSB; management does not have legitimate power to control over their activities. Sometimes the BODs and management use the SSB and Shariah executives as a showcase and rubber stamp to accomplish their goals and to maximize profit in either partially or fully. Management assumes that Shariah officers are accomplishing and minimizing their income and hindering business functions without any contributions.

Research limitations/implications

The study significantly contributed to the national and global regulatory bodies by providing suggestions that regulatory bodies should be more concerned with the independence of SSB and Shariah executive officers. Besides, the BODs and management should be careful in handling Shariah issues as they were committed to do Islamic banking as per Shariah law. The study has theoretical contributions regarding the stakeholder and legitimacy theories.

Originality/value

This is the first research which extends the literature of the Islamic banking and Shariah governance mechanisms in perspective of Bangladesh concerning the influence of BODs and management in the decision-making of SSB and implementation of their decisions.

Details

Journal of Islamic Accounting and Business Research, vol. 11 no. 9
Type: Research Article
ISSN: 1759-0817

Keywords

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