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This study analyzes financial preparation for retirement of American men and women, using the 2013 Survey of Consumer Finances (SCF). The purpose of this paper is to research the adequacy of retirement preparation for men and women in their positive savings periods.

This research uses probit analysis and multiple regression models to observe the statistical significance of several independent variables on retirement savings. The specific variables of analysis are socio-demographic, work related, financial assets, and attitudes about saving and investing for a sub-sample of individuals aged 35–45, 46–59, and 60–67.

For retirement preparation, income is a significant factor for both men and women aged 35–45. Excellent health is significant for both men and women aged 46–59, whereas the number of weeks worked per year was significant for men and women aged 60–67. In addition, health has significant positive effects on the amount of financial wealth invested in stocks while age has significant negative effects.

This research uses data from the 2013 SCF to analyze factors affecting retirement preparation for men and women in their positive savings periods. The findings from this study can aid policy makers in designing retirement saving programs that can effectively incentivize individuals for adequately prepare for retirement.

Previous studies have focused on the effect of factors such as age, health, marital status, work history, education, income, family/household composition, and occupation on retirement savings over an individual’s lifetime. This study focuses specifically on retirement preparation or adequacy for men and women who are in their positive savings periods.

This study aims to explore and assess the key Sharīʿah governance factors that may have an influence on the internal Sharīʿah audit structure and its practices in Islamic financial Institutions in Yemen, particularly in the Islamic banking sector.

To do so, the study adopts a qualitative approach employing case study analysis, and both primary and secondary data are used to formulate the appropriate interview questions and achieve the objectives of the study.

The authors observed that the key factors that help in assessing the internal Sharīʿah audit structure and its practices are Sharīʿah auditor charter, audit plan and audit manual. In addition, the authors observed that, in general, internal Sharīʿah audit tends to be subjective in Yemeni banks because they depend on the internal Sharīʿah auditor’s qualifications and experience more than formal guidelines and regulations. This is because there are no detailed internal Sharīʿah audit plans or detailed audit manual. Moreover, the internal Sharīʿah auditor charter is not comprehensive in explaining the duties required of the internal Sharīʿah auditor, and it is mixed with the Sharīʿah Supervisory Board (SSB) duties. This means the internal Sharīʿah auditor lacks the critical tools that enable him to achieve the desired audit manual objectives where the effectiveness of internal Sharīʿah audit can be measured.

One of the important implications of this study is providing very important guidance about enhancing the areas where shortfalls are found within the Sharīʿah governance process in the Yemeni banking system. This enhancement process of the internal factors of Sharīʿah governance can be achieved by increasing the awareness of the enhancing internal Sharīʿah audit structure as it reflects ultimately on the internal Sharīʿah auditor’s role and his practices.

Understanding the effectiveness of internal Sharīʿah audit structure among internal auditors will improve the Sharīʿah audit framework standards, enhance the Sharīʿah knowledge among internal auditors and provide general guidelines to design audit programmes for Sharīʿah governance auditing process.

This paper aims to address the financial reporting dimensions of intangible assets with specific reference to International Accounting Standards (IAS) 38 as well as relevant International Financial Reporting Standards (IAS 38 exclusion) that are embedded within intangible assets. These have implications for Islamic financial assets with identifiable and measurable intangible components.

The study uses the qualitative research method by way of interviews followed by focus group discussions with professional accountants/accounting academics and Sharīʿah scholars/advisors from academia, the industry and regulatory bodies. Analysis of relevant literature is made to understand the subject matter and Sharīʿah-related issues.

The study observes that the accounting dimensions of tangible assets are generally consistent with Sharīʿah requirements. However, significant variation arises when the dimensions of intangible assets are represented in financial assets.

The paper presents an exploratory in-depth analysis within the context of intangible assets as specified in IAS 38.

The paper elucidates the comparative accounting dimensions and Sharīʿah requirements in reporting financial assets.

The purpose of this paper is to examine the Shariah view on the legitimacy of requiring the entrepreneur to prove that he/she has complied with all business requirements in case the actual profit was below the expected profit in trust-based contracts such as mudarabah and musharakah.

This paper is part of the research which applies qualitative research approaches, including among others, content analysis, interviews, observations and descriptive analysis using fiqh muqaran (comparative analysis of jurists’ arguments) in few phases.

The study found that shifting the burden of proof to the fiduciary is the weightier view and necessary to ensure that both sides are protected. The considerations of protecting people’s wealth (ḥifẓ amwāl al-nās) and mitigating widespread greed (ṭamaʿ) are among the reasons for allowing elements such as ʿurf, tuhmah and dalālat al-ḥāl to be treated as bayyinah in trust-based contracts when the fiduciary is obliged to defend himself from litigation.

The study is meant to strengthen the practices of Islamic banks world wide.

Few protections can be applied for capital provider.

This study is meant to give solution in dealing with moral hazard of both parties, and to provide solution to the regulator for policy drafting and to increase confidence to the industry.

The finding is important in assisting the regulators in drafting the policy to protect both parties without neglecting the essence of trust-based contracts.

The Islamic financial institutions (IFIs) maintain better control over their transactions than conventional financial institutions (CFIs) through the existence of Shari'a Supervisory Board (SSB) and Shari'a Control Department (SCD). The purpose of this paper is to highlight the superiority of Shari'a supervision over external audit and Shari'a audit over internal audit. The study identifies five independent variables that affect the SSB control: ex‐ante Shari'a audit; ex‐post Shari'a audit; SCD reporting to the SSB; corrective actions of SSB towards the management violations; and the number of SSB members.

The variables are articulated in five hypotheses, which are tested by ordinary least square regression. The data are collected via a questionnaire which was sent to the SSB members of 219 IFIs in the Gulf Cooperation Council (GCC) countries.

The results indicate that ex‐ante Shari'a audit, ex‐post Shari'a audit, and reporting of SCD are significantly related to the SSB control, whereas corrective actions and the number of SSB members have insignificant relation.

The research is focused on internal factors only, without considering other external factors such as stakeholders and regulators. Also, the research covered the GCC region alone.

The research recommends testing the hypotheses in other geographies to generalize the results, and including external factors as well as shareholders and board of directors.

The research provides practical implications for the SCD role and calls for merging the SCD with the traditional internal audit department to reduce the excessive work of controlling.

The paper contributes to the literature gap about the SSB. It is believed to be one of few studies that provide empirical evidence about the SSB control in the IFIs of the GCC region.

This paper aims to examine whether the Sharīʿah indices outperform the conventional indices as evident from Dhaka Stock Exchange (DSE). To achieve the objective, the study, first, assesses the risk adjusted returns of the Sharīʿah and conventional indices and compares the same between the two indices. Second, it examines the short-run and long-run associations between the two indices.

The DSEX Sharīʿah index and DSE broad index of the DSE are used as representatives of the Sharīʿah and conventional indices, respectively. The study uses monthly data for the period 2014–2018 and applies a number of techniques such as risk adjusted returns, Johansen’s cointegration test, vector error correction model, Granger causality test, forecast error variance decomposition and impulse response functions techniques.

The study reveals that albeit there is no significant difference in simple mean between the two indices, the Sharīʿah index outperforms its conventional counterpart based on the risk adjusted returns. The two indices are associated only in the long-run, while no causal relationship is spotted between them. The overall results show that the Sharīʿah index has dominance over the conventional index in Bangladesh.

The study could use more pairs of indices, including additional variables such as financial crisis and macroeconomic variables.

The study has important implications to investors, especially the religious Muslims and ethical ones, who are suggested to invest their funds in the Sharīʿah index without sacrificing returns, rather be monetarily more benefited. Moreover, the other investors can generate diversification benefits by adding both Sharīʿah and conventional indices in their portfolios in the short-run.

Unlike previous studies, this study endeavors to use a comprehensive methodology to conduct its analysis. Moreover, this is supposedly the first ever effort to conduct such a study in the context of Bangladesh.

The purpose of this study is to identify the relation between the conflicts of interest in the Shari'a Supervisory Board (SSB) in the Islamic financial institutions (IFIs) and six independent variables: the SSB executive position, the SSB remuneration, the relation between the SSB members and the Board of Directors (BoD), and the multiple memberships in Islamic funds, issuers of Islamic bonds (Sukuk), and companies trading in capital markets.

The variables are articulated in six hypotheses and tested by ordinary least square regression. The data were collected via a questionnaire which was sent to the shareholders, the BoD, and the SSB members of all of the IFIs in the Gulf Cooperation Council (GCC) countries.

The results indicate that the SSB executive position, the relation between the SSB members and the BoDs, and the membership in Islamic funds and issuers of Islamic bonds are significantly related to the conflicts of interest, whereas remuneration and membership in companies trading in capital markets have insignificant relation.

The paper does not address the impact of SSB ownership in the IFIs, or the relation between the SSB and the shareholders, or the impact of the corporate governance codes on the relationship between the IFI and the SSB.

The study recommends testing the hypotheses in other geographies to generalize the results, and measuring the impact of the SSB ownership on the conflicts of interest as well as its relation with shareholders, regulators, and clients.

The paper provides practical implications to the SSB members and the BoD in the IFIs and calls for setting a maximum number of SSBs for each SSB member.

This study contributes to the literature gap of the SSB role in the governance of IFIs. It is believed to be one of first studies that provide empirical evidence about the SSB conflicts of interest in the IFIs of the GCC region.

The purpose of this study is to determine the effect of board effectiveness (BE) on financial performance and operational risk (OR) disclosure and the interaction effect of a bank’s Sharia Supervisory Board quality (SSB) with religious and ethical principles.

The data were collected from the annual financial reports of 25 Islamic banks (IBs) in the Gulf Cooperation Council countries over 2008-2017. The OR disclosure, the SSB quality and BE were measured using self-developed indices. The Tawhidi string relation methodology was used to establish the circular causal model. The moderating effect of the SSB quality on the performance, OR disclosure and board structure relationship was examined using the hierarchical regression analysis.

The main finding of this study is related to the positive moderating effect of SSB quality on the relationship between performance, OR disclosure and BE. This result seems to indicate that at a high level of SSB quality, even when the performance increase the IBs engage in complying with OR disclosure to inform the stakeholders on the real situation of the bank.

The finding of this research would be of great support to stakeholders and policymakers to make more pressure on IBs to improve the quality of their SSB structure and show more compliance with the governance recommendations. As an extension to this research, further study can examine other Islamic governance mechanisms such as Sharīʿah-compliant banks.

The present study provides a new addition to the prior literature by investigating the relationship between performance, BE, OR disclosure and the interaction effect of SSB quality. From an Islamic ethical, this research can also contribute to the growing discussion on SSB quality and performance.

This paper aims to analyse the implementation of Islamic principles and values within the budgetary management of one of Indonesia’s local governments, that of Aceh provincial government. The authors investigate the extent of Islamic teachings in Aceh’s public budgeting to gain an understanding of the challenges in implementing such ideas in practice.

To investigate these issues, the authors used a qualitative interpretive approach in this study, gathering written materials related to the budgeting process and conducting 19 interviews with local government officials, politicians, scholars and a corruption watchdog. Data was manually coded and thematically analysed.

In this study, the authors find that the budgetary management problems Aceh provincial government faces (including poor resource allocation, budget delays and poor accountability and transparency) indicate unsatisfactory performance in incorporating Islamic principles and values into government. The authors argue that a key challenge to a more complete implementation is that the Acehnese’ perspectives of Sharī’ah and its enactment remain limited to particular aspects, such as criminal law, rituals and symbols, and are not extended to wider governance and budgetary practices.

The findings are likely to be of interest to policymakers and those who hold them to account, in a region/country where Islamic values and principles largely influence the government and social affairs. They indicate that a broader conception of Sharī’ah would facilitate a more thorough implementation of Islamic principles and values within public budgeting.

This study is one of a handful of studies exploring Islamic public budgeting, with its originality lying in the investigation of the challenges faced in implementing Islamic principles in government budgeting.

The aim of this paper is to show that there is need for revitalization of the normative branch of political economy. The first part of this paper will deal with some methodological reservations against a participation of economists in a rational discussion of normative issues. The second and third parts will outline the approaches and problems of two unconventional schools of thought in present‐day economics which make attempts to strive for a reconciliation of positive and normative economics.