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Article
Publication date: 1 April 1995

Sharif N. Ahkam

While economic exposure is an important issue for the management of a multinational financial system, few models have been developed to measure this risk. The major challenge to…

377

Abstract

While economic exposure is an important issue for the management of a multinational financial system, few models have been developed to measure this risk. The major challenge to measuring economic exposure is the interdependence of affiliate performances vis‐a‐vis changes in currency values. In this paper, a model has been developed that not only measures the sensitivity of the value of the firm to changes in currency values, but also recognizes the interdependence among the affiliates. The model takes a global view of the problem and also leads to guidelines for managing economic exposure. While the discussion focuses on geographically diversified multinational companies, the content of the paper is equally applicable to domestic companies.

Details

Managerial Finance, vol. 21 no. 4
Type: Research Article
ISSN: 0307-4358

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Article
Publication date: 9 May 2016

Muhammad Junaid Khawaja, Fareed Sharif Farooqi and Toseef Azid

It is consensus among Muslim social scientists that religion as an informal institution plays a very important role in building the socio-economic structure of an Islamic state…

252

Abstract

Purpose

It is consensus among Muslim social scientists that religion as an informal institution plays a very important role in building the socio-economic structure of an Islamic state. The transmission of religiosity across generations has important economic implications for a family in particular and a society in general. The Tawhidi methodology is applied for a theoretical model and for the development of the model. The purpose of this study is to determine the transmission of religious capital in an Islamic society.

Design/methodology/approach

This study by using an index of religiosity for both parents and their offspring has explored the causal relationship between the religiosity across generations. By using three-tier analytical strategies, i.e. zero-order regression, model with control variables and model with mediating variables, this study has regressed two models for each control and mediating variable.

Findings

The findings for the core variable in all models confirmed the hypothesis of the study that parental religious traits are important determinants of the religiosity of their offspring. For the model of control variables, the variables of area, gender and age of the respondent along with the parental religious index are found to be significant with appropriate signs. For the model with mediating variables, only the variable of parental sharing of religious values along with the parental religious index are found to impact the religiosity of the offspring. Therefore, the nutshell of the findings is that the religious orientation of an offspring is highly influenced by the religious denominations of the parents. The formation of the religious capital is a continuous process and the ultimate result of divine knowledge.

Research limitations/implications

Data at the national level are not collected for this purpose by governmental organizations in a country like Pakistan because of shortage of funds. Therefore, data are collected by the authors.

Practical implications

This study will provide guidance to policy-makers for the formulation of their policies.

Social implications

Intergenerational transmission of religious capital plays a very important role in the moral development of an ideal society.

Originality/value

This is an original effort and is conducted for the first time in Pakistan.

Details

Humanomics, vol. 32 no. 2
Type: Research Article
ISSN: 0828-8666

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Article
Publication date: 9 May 2016

Adam Abdullah

The purpose of this research is to present an Islamic monetary theory of value by analyzing real prices and real money in terms of gold and silver in Egypt from 696 to 1517, a…

1406

Abstract

Purpose

The purpose of this research is to present an Islamic monetary theory of value by analyzing real prices and real money in terms of gold and silver in Egypt from 696 to 1517, a period of 821 years from the Umayyads to the Abbasids.

Design/methodology/approach

This paper adopts a quantitative empirical investigation derived from a full population of secondary data to deductively evaluate the measure and store of value functions of money, to affirm an Islamic monetary theory of value, which is also inductively researched through a qualitative interpretation of documentary and content analysis of Islamic and numismatic literature.

Findings

The Islamic monetary theory of value leads to an Islamic equation of exchange that reconfirms the outcome of this research, where a high value of money ensures low constant real prices over the long term.

Research limitations/implications

The findings are based on an empirical investigation involving a single price of wheat series as a reasonable proxy for changes in wholesale commodity prices generally, which was successfully adopted by other studies.

Practical implications

The significance for modern monetary policy is that monetary authorities should adopt an Islamic monetary theory of value to achieve genuine monetary and price stability.

Social implications

Through an Islamic equation of exchange, price stability would ensure real economic growth that protects wealth for holders of money due to a stable purchasing power, and combined with Islamic equity finance, more efficiency in allocating investible resources to increase gross domestic product and employment.

Originality/value

The Islamic monetary theory of value ensures that there is no transfer or confiscation of wealth through inflation, which would impart gains to the issuer due to the excessive supply of money in relation to demand.

Details

Humanomics, vol. 32 no. 2
Type: Research Article
ISSN: 0828-8666

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Article
Publication date: 27 September 2019

Saheed Abdullahi Busari, Akhtarzaite AbdulAziz, Luqman Zakariyah and Muhammad Amanullah

This study aims to analyse the facts of the case in the judgement made by the High Court of Justice, England, UK, in the case of Dana Gas Public Joint Stock Company (PJSC) v. Dana

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Abstract

Purpose

This study aims to analyse the facts of the case in the judgement made by the High Court of Justice, England, UK, in the case of Dana Gas Public Joint Stock Company (PJSC) v. Dana Gas Sukuk Limited (Ltd.) and Ors.

Design/methodology/approach

This study uses descriptive and juristic analysis to explain the factual terms in the case of Dana Gas sukuk default. It also uses juristic opinions to analyse the underpinning argument in the Dana Gas court case between the decision of Sharjah Court, UAE, and the English Court, UK.

Findings

The study concluded that despite the position of Dana Gas PJSC that specific element of the muḍārabah sukuk is non-Sharī’ah-compliant, the English court decision which established the enforceability of the purchase undertaking seems to be fair based on the Islamic maxims such as “Difficult situation cannot violate the right of other” and “The conditional matters among Muslims are binding.”

Research limitations/implications

The impact of this study is that Dana Gas sukuk default has thought stakeholders of Sukuk investment lessons on the importance of documentation and consideration of tighter clauses to ensure its bindingness in the law court. Hence, this study is expected to be a contribution towards the call for standardization of the role of Sharī’ah scholars across the globe.

Originality/value

This study illustrates the fact in the case of Dana Gas sukuk default and analyses the court’s decision from a fiqh perspective.

Details

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

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Article
Publication date: 16 August 2021

Fathullah Asni

This paper aims to investigate the differences in the practice of tawarruq munazzam contracts based on personal financing products. The researcher will then analyse the said…

1012

Abstract

Purpose

This paper aims to investigate the differences in the practice of tawarruq munazzam contracts based on personal financing products. The researcher will then analyse the said differences based on the potential for risk to occur and risk from a Shariah perspective.

Design/methodology/approach

This study’s methodology is qualitative, in which the data are collected through library research and field studies. The library research is conducted by examining books, articles, statutes and related circulars. From the practical aspect, field studies were conducted in an unstructured interview method with officers used in Islamic banks. The snowball method was used to determine the number of Islamic banks to be studied until no new information was obtained on the different practices of tawarruq munazzam contracts based on personal financing products.

Findings

The results show that there are differences in the practice of tawarruq munazzam contracts based on personal financing products practised by the Islamic banks studied. These differences have brought significant influence in determining the level of Shariah risk potentials and Shariah risks, respectively. The results also show that the highest number of the Shariah risk potential and Shariah risk in the Islamic financial institutions (IFIs) studied is 10 i.e. covering the issues of customer engagement, wa’ad (promise), commodity asset, gharar (uncertainty), wakalah (representative), ta’wid and gharamah, the willing but not an able debtor, qalb dayn and two prices in a transaction. Meanwhile, the least amount of the Shariah risk potential and Shariah risk in the IFIs studied is four, i.e. covering the issues of customer engagement, wakalah, the willing but not an able debtor and two prices in a transaction. Findings prove that there are opportunities for IFIs to minimise Shariah risk potential and risk in the personal financing products offered.

Research limitations/implications

This study is limited to the practice of tawarruq munazzam contracts based on personal financing products practised by IFIs in Malaysia.

Practical implications

The differences in the tawarruq munazzam contract practice show the distinctive elements in both Shariah risk potential and Shariah risk. Therefore, the findings of this study can be a guideline for IFIs to improve the practice of tawarruq munazzam contracts, especially in personal financing products in minimising Shariah risk potential and Shariah risk.

Social implications

The public confidence in Islamic banking is increasing as Islamic banks can minimise the Shariah risk potential and Shariah risk in tawarruq munazzam contracts based on the personal financing products offered.

Originality/value

This study analyses the differences in the practice of tawarruq munazzam contracts based on personal financing products by IFIs in Malaysia, which can impact Shariah risk potential and Shariah risk.

Details

Qualitative Research in Financial Markets, vol. 14 no. 1
Type: Research Article
ISSN: 1755-4179

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Article
Publication date: 25 November 2013

Mohamad Akram Laldin and Hafas Furqani

The paper aims to investigate the dimensions of maqasid al-Shari'ah in Islamic finance by exploring the ends (maqasid) and the means (wasa'il). Those would clarify the nature and…

4383

Abstract

Purpose

The paper aims to investigate the dimensions of maqasid al-Shari'ah in Islamic finance by exploring the ends (maqasid) and the means (wasa'il). Those would clarify the nature and goals of Islamic finance as well as its directional development.

Design/methodology/approach

Using literature in English and Arabic sources in the area of maqasid al-Shari'ah, as well as from the reading of the primary sources (the Qur'anic texts/nusus), the paper attempts to delineate the dimensions that would constitute the ends (maqasid) and the means (wasa'il) in Islamic finance.

Findings

The paper explicates three specific ends (maqasid) in Islamic finance, namely wealth circulation, fair and transparent financial practices and justice at the micro- and macro-level. To achieve those ends, the Shari'ah provides means (wasa'il) such as facilitating financial contracts, establishing values and standards and instituting social responsibility.

Research limitations/implications

The paper is a conceptual paper that explores the dimensions of maqasid al-Shari'ah in Islamic finance.

Practical implications

The findings of this paper will give insights on the ends (maqasid) and the means (wasa'il) in Islamic finance based on the maqasid al-Shari'ah discourse. It could be used as a reference in understanding the nature of Islamic finance and in developing a sound and solid Islamic finance based on the Shari'ah.

Originality/value

The paper proposes the ends-and-means criteria in Islamic finance, developed on the basis of the maqasid al-Shari'ah discourse as well as from direct reading of the texts (nusus), which is lacking in the Islamic finance literature.

Details

International Journal of Islamic and Middle Eastern Finance and Management, vol. 6 no. 4
Type: Research Article
ISSN: 1753-8394

Keywords

Available. Open Access. Open Access
Article
Publication date: 28 September 2023

Ahmad Alrazni Alshammari, Othman Altwijry and Andul-Hamid Abdul-Wahab

From 1979 to 2023, the takaful structure has been adopted in many jurisdictions, making the documenting of its early days of establishment relatively difficult and somewhat…

3651

Abstract

Purpose

From 1979 to 2023, the takaful structure has been adopted in many jurisdictions, making the documenting of its early days of establishment relatively difficult and somewhat unreliable. This is unlike conventional insurance, where the history and legislation are well documented and archived in various research (Hellwege, 2016; Marano and Siri, 2017). The purpose of this paper is to provide a chronology for the establishment and development of takaful via the takaful establishment in each jurisdiction, documenting its first takaful operator and first takaful regulation.

Design/methodology/approach

This paper has used a qualitative method in the form of reviewing literature and available data such as journals, books and official resources. The data is thoroughly analysed in order to build the chronology for takaful. It adopted an exploratory research design, which is deemed suitable in situations where few works of literature have examined the subject (Neuman, 2014). The paper explores the establishment and non-establishment of takaful in 57 countries. The paper categorises the countries into seven regions starting with the GCC, Levant, Asia, Central Asia, Africa, Europe and Others.

Findings

The takaful chronology presented in this paper shows that takaful operations exist in 47 jurisdictions, starting from Sudan and the UAE in 1979, with the most recent adopters being Morocco and Iran in December 2021. It is found that 22 jurisdictions do not have takaful regulations, and the Takaful Act 1984, issued in Malaysia, is considered the first takaful regulation that sets the basis for other regulations that follow.

Originality/value

The paper contributes to the literature by providing a comprehensive chronology of takaful, especially as the few existing timelines have been found to be incomplete and consist of contradictory information.

Details

PSU Research Review, vol. 8 no. 3
Type: Research Article
ISSN: 2399-1747

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Article
Publication date: 15 June 2015

Mohammad Abdullah

This paper aims to explore the moral aspect of qard (loan) from shariah perspective, and attempts to examine whether each interest-free qard is qualified for the Quranic term qard…

1454

Abstract

Purpose

This paper aims to explore the moral aspect of qard (loan) from shariah perspective, and attempts to examine whether each interest-free qard is qualified for the Quranic term qard hasan (loan par excellence)? Also, the study attempts to establish the key constituents of qard hasan in the light of the primary sources of shariah, and seeks to define the legal status of the interest-free qard which fails to qualify for the “term” qard hasan.

Design/methodology/approach

This study uses both the primary and secondary sources of shariah to examine the desired character of qard hasan. It employs pure qualitative paradigm to analyse and interpret the data.

Findings

This study finds that in between the qard hasan and qard ribawi, there exists a third category of qard too, which neither qualifies for the former nor does fit under the definition of later.

Originality/value

The findings presented in this paper illuminate the blurred line of contemporary understanding of qard hasan. The study adds original value to the corpus of contemporary literature on qard; as it collects and enumerates the ten vital conditions of qard hasan, without which, even an interest-free qard holds no virtuous sanctity in the sight of shariah.

Details

International Journal of Islamic and Middle Eastern Finance and Management, vol. 8 no. 2
Type: Research Article
ISSN: 1753-8394

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Article
Publication date: 13 April 2015

Ilhaamie Abdul Ghani Azmi

– This paper aims to assess the relationship between Islamic human resource practices and organizational performance.

2188

Abstract

Purpose

This paper aims to assess the relationship between Islamic human resource practices and organizational performance.

Design/methodology/approach

The simple random technique on 300 Islamic organizations in Malaysia was used. In all, 120 completed questionnaires were returned, but only 114 were usable.

Findings

There are some positive and significant relationships between Islamic human resource practices and organizational performance. Basically, there is only one Islamic human resource practice, namely, training and development practice, that is positively and significantly related to organizational performance.

Research limitations/implications

This study is only limited to the Islamic organizations that are implementing Islamic human resource practices in total. Thus, the findings could only be generalized to this type of institution.

Practical implications

Thus, the Islamic organizations should emphasize on this practice to obtain higher organizational performance.

Social implications

Islamic human resource practices emphasize on the instillation of Islamic values in the practices that are universal in this world. Thus, through its implementation, the betterment of the society will be obtained in terms of psychology, moral and spiritual aspects. Cooperation, teamwork and harmony could also be steadfast not only in the organizations but also in the society.

Originality/value

There are few studies done on finding the relationship of Islamic human resource practices and organizational performance. Thus, this paper provides some empirical findings on this matter.

Details

Journal of Islamic Accounting and Business Research, vol. 6 no. 1
Type: Research Article
ISSN: 1759-0817

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Article
Publication date: 13 March 2024

Zaid Al-Aifari, Mehmet Bulut and Monzer Kahf

The face value of nonowner-occupied real estate and business fixed assets is excluded from Zakah, according to most Fiqh scholars who argue that it has not been explicitly ordered…

105

Abstract

Purpose

The face value of nonowner-occupied real estate and business fixed assets is excluded from Zakah, according to most Fiqh scholars who argue that it has not been explicitly ordered during the lifetime of Prophet Muhammad (sas). This study aims to test the hypothesis that the role of these properties in the early Islamic economy was insignificant and, therefore, differed from today.

Design/methodology/approach

A qualitative historical analysis of primary Islamic sources and narrations from early Muslim historiography has been conducted to understand real estate sales and rent, construction costs and the number and size of houses owned by the Sahabah. In addition, inheritance reports and land gift records have been examined to obtain relevant information about the value of real estate. As for business fixed assets, the type, number and wealth of craftspeople as well as their tools have been analyzed to reveal their significance in comparison with today.

Findings

The findings of this study confirm the hypothesis that real estate for investment purposes and business fixed assets were quasi-non-existent during the lifetime of the Prophet (sas) and, therefore, irrelevant from a Zakah perspective.

Originality/value

This study intends to be a catalyst for the reconsideration of Zakah on these items of wealth and contributes to the Fiqhi discourse.

Details

International Journal of Islamic and Middle Eastern Finance and Management, vol. 17 no. 2
Type: Research Article
ISSN: 1753-8394

Keywords

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