Index

Monetary Policy, Islamic Finance, and Islamic Corporate Governance: An International Overview

ISBN: 978-1-80043-787-6, eISBN: 978-1-80043-786-9

Publication date: 16 June 2021

This content is currently only available as a PDF

Citation

(2021), "Index", Azid, T., Mukhlisin, M., Akbar, N. and Tahir, M. (Ed.) Monetary Policy, Islamic Finance, and Islamic Corporate Governance: An International Overview, Emerald Publishing Limited, Bingley, pp. 329-341. https://doi.org/10.1108/978-1-80043-786-920211019

Publisher

:

Emerald Publishing Limited

Copyright © 2021 Emerald Publishing Limited


INDEX

Accountability
, 4, 37

Accounting of IFIs
, 57

standards
, 183

Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI)
, 49, 181, 188, 190, 193–194

Adalah
, 21

Adjusted R2 statistics
, 241

Adl
, 22–23

Advances
, 42–43

AGC
, 51–52

Agency theory and ICG
, 26

ahādith, 169n3

Aksi Cepat Tanggap (ACT)
, 297

Al-qimār
, 169

Alternative Islamic instruments
, 116

Amendment of Laws
, 42

American Economic Development Council (AEDC)
, 166

Annual reports (ARs)
, 201

Anti-Money Laundering Act (AMLA)
, 272

Asset pricing
, 101

Audit Committee (AC)
, 51, 282

Auditing of IFIs
, 57

Axiomatic framework
, 18

Axioms
, 20

Bad governance
, 312–313

Badan Usaha Milik Masyarakat (BUMMAS)
, 299

by Rumah Zakat
, 299–300

Bai al ’Inah
, 43

Bai mu’ajjal
, 171

Bai Salam
, 171

Banca Takaful through Islamic Banks
, 57–58

Bangladesh

Bangladesh Bank Guidelines for Islamic banks
, 285–286

BIBA
, 286

Central Shari’ah Board for Islamic Banks in Bangladesh
, 287

CG in context of
, 281–282

Islamic Banks Consultative Forum
, 287

Shari’ah governance in
, 284

Shari’ah Supervisory Committee
, 286

structure of Bangladesh Banking Industry
, 285

Bangladesh Bank guidelines
, 281

Bangladesh Bank Order (1972)
, 283

Bangladesh Islamic Bankers Association (BIBA)
, 284, 286

Bank Companies Act (1991)
, 283

Bank Indonesia Shari’ah certificate (SBIS)
, 144

Bank Indonesia Shari’ah Deposit facility (FASBIS)
, 144

Bank Islam
, 263

board activities and meetings
, 268–269

business model
, 265–266

governance
, 267

Malaysia Berhad
, 256

performance
, 267, 270

risks
, 267

strategy
, 263–265

Bank Muamalat
, 270–271

business model
, 272–274

governance
, 274–275

Malaysia Berhad
, 256

performance
, 275–276

risks
, 275

strategy
, 271–272

Bank profitability
, 235

Breusch–Pagan Test
, 252

data description
, 238

descriptive statistics
, 240–241

determinants of
, 238

empirical results
, 241–246

histogram and kernel density plot
, 251

Jarque–Bera Test
, 251

literature review
, 236–237

OLS technique
, 236

Ramsey’s RESET Test
, 253

research method
, 238–240

robustness check
, 247

scatter plot
, 251

White Test
, 253

Bank RM Index (see Risk management Index (RMI))

Bank Wakaf Mikro (BWM)
, 293

by financial services authority
, 302–304

Banking Companies Ordinance (1962)
, 42

Banking sector
, 235

Banking Tribunals Ordinance
, 43

Banks
, 147, 235

Basel Committee on Banking Supervision (BCBS)
, 280

Bay muajjal
, 6

BFS Ordinance
, 42

Board of Directors (BOD)
, 38–39, 47, 280

AGC for IFIs
, 51–52

BOD’s Audit Committee (BAC)
, 54

Breusch–Pagan test
, 241, 252

BRI Syariah TBK (BRIS)
, 79

BUMMAS by Rumah Zakat
, 299–300

Business model
, 265–266, 272–274

CAMEL factors
, 148

Capital Issues (Continuance of Control) Act (1947)
, 42

Capital loss
, 79–80

Capital to asset ratio (CAR)
, 150

Cash flow channel
, 114

Cash waqf
, 75

Central banks
, 1–3, 42, 114

monetary policy
, 147

Central Shari’ah Board for Islamic Banks of Bangladesh (CSBIB)
, 284, 287

Central Shari’ah Supervisory Board (CSSB)
, 284

Certificate of Musharika (COMs)
, 132, 145

CG Index (CGI)
, 205

Chief executive officers (CEOs)
, 280

duality
, 280

Circular causation (CC)
, 88

estimation and simulation of
, 102

regression analysis
, 103–107

relations
, 102

SDA Rresults
, 108

system
, 85–86

theory
, 88

Collectivism
, 184

Colonization
, 42

Commercial banks
, 42

Commercial Papers-i
, 145

Community empowerment, poverty alleviation with
, 69–70

Community Group
, 297

Companies Act (1913)
, 42

Companies Ordinance (1984)
, 42

Company law
, 281

Complementarity
, 88

Conceptual framework
, 65

Conservatism
, 185–186, 188–189

Content analysis
, 203

Contract approach
, 2

Control variables
, 189

Cooperation and Shari’ah governance
, 7–8

Cooperative banks
, 42–43

Corporate and socially responsible (CSR)
, 266

Corporate governance (CG), 1, 3–5, 13, 37–39, 148, 201, 279–280 (see also Governance; Shari’ah governance (SG))

bank level
, 207

basis of Shari’ah pronouncements
, 40–41

CG framework for Islamic finance sector in Pakistan
, 42

CG framework in Islamic finance perspective
, 39–40

comparing CG models
, 27–32

in context of Bangladesh
, 281–282

country level
, 207–209

in financial sector
, 280–281

findings on CG disclosure
, 206

IFIs
, 282–284

and Iranian Islamic Bank’s stability
, 153–159

monetary policy and
, 5–7

recent practices of Shari’ah governance in Bangladesh
, 287–288

SECP’s Shari’ah governance regulations 2018
, 44–52

SGF of SBP
, 2015, 52–58

Shari’ah governance in Bangladesh
, 284–287

Shari’ah review
, 41

strategic priorities
, 262

structure
, 219, 222

variables
, 159

Corporate Governance Guidelines (CGG)
, 282

Corporate social responsibility (CSR)
, 62, 65

Zakat and CSR as independent variables
, 66–67

Corporation 20/20
, 256

Correlation matrix
, 117, 123

Costly deposit ratio (CDR)
, 150

Country RM Index
, 205

Credit
, 42

card arrangement
, 174

Cultural model
, 187

Culture
, 181

conservatism and secrecy
, 185–186

control variables
, 189

cultural values and EM from Islamic approach
, 181–183

culture and changes in EM post-accounting standards
, 183

data
, 186

dependent variable
, 187

descriptive analysis
, 189–190

and EM
, 183

EM and accounting standards
, 183

hypotheses development
, 184

independent variables
, 187

individualism vs. collectivism
, 184

LTO vs. STO
, 185

masculinity vs. femininity
, 184–185

regression analysis
, 190–191

research models
, 187–189

robustness analysis
, 190–196

UA
, 185

values
, 188

Data collection technique
, 67

DataStream database
, 186

Debentures
, 42

Degree of uncertainty, 87n2

Deposit Facility of Bank Indonesia Shari’ah (FASBIS)
, 134

Descriptive analysis
, 189–190

Digital Transformation
, 264–265

Dimension index
, 205

Directorate General of New and Renewable Energy and Energy Conservation (DJEBTKE)
, 301

Disciplined Balance Sheet Management
, 263–264

Disclosure approach
, 201–202

Disclosure index
, 203

Discount rate
, 114

Distributive equity
, 18

Dividend policy

evidence of internal governance elements affecting
, 224–228

past studies on governance structure affecting
, 222–224

Donors
, 302–304

Dual monetary systems
, 127

Dynamic model
, 117

Early settlement arrangement
, 174

Earnings management (EM)
, 181

and accounting standards
, 183

culture and
, 183

from Islamic approach
, 181–183

Econometric analysis
, 159–161

Economic activity in Islam
, 168–171

Economic development
, 166

Economic principles
, 15

Economic stabilization
, 89

Economic theory
, 88

Economy with endogenous induction of technology
, 99–102

Employee value proposition
, 266

Empowerment of Islamic social finance for MSMEs in Indonesia
, 294

BUMMAS by Rumah Zakat
, 299–300

BWM by financial services authority
, 302–304

Micro Hydro Power Plant in Jambi Province
, 300–302

PUSYAR Kota Mojokerto in East Java Province
, 294–297

Warung Wakaf by Global Wakaf-ACT
, 297–299

Endogenous causation
, 89

Endogenous variables
, 136

Entrepreneurship and MSMEs
, 291

Environment, Social and Governance (ESG)
, 273

Equity (ROE)
, 235

Establishment of the Federal Bank for Cooperatives and Regulation of Cooperative Banking Act (1979)
, 42

Ethicality
, 201

Evolutionary equilibrium
, 89

Exchange rate effects on net exports
, 114

Executive government
, 1

Executive management (EM)
, 52

Exploratory data analysis of stability in Iranian Islamic Banks
, 150–153

Extended quantity theory
, 89

External Shari’ah audit of companies
, 48–49

F-test statistics
, 241

Fard
, 19, 23

Fard ’ala al-ain (individual responsibility)
, 19

Fard ’ala al-kifayah (collective responsibility)
, 19

Fatwa of Indonesian Ulama Council
, 78

Felicity
, 18

Femininity
, 184–185

Finance approach
, 15

Financial crisis
, 219, 238, 255

Financial instability hypothesis
, 1, 147

Financial institutions
, 51

Financial market
, 219

Financial reporting
, 255

Financial sector

CG in
, 280–281

in Pakistan
, 42

Financial Services Authority (OJK)
, 296, 302–304

Financial stability
, 2, 5

Financial vulnerability
, 280

Financing instruments
, 5

Firm
, 219–220

firm-specific factors
, 203

Fiscal complementarities
, 85–86

Fiscal policy mechanisms
, 86

Fiscal regimes
, 85

Fiscalism
, 85

Fisher Exact test
, 153

Fixed Deposit Rate Arrangement (FDR Arrangement)
, 173

Flexible Work Arrangement (FWA)
, 274

Food poverty line (GKM)
, 67

Frequent Asked Questions (FAQs)
, 272

Geographical Information System (GIS), 108n7

Gharar
, 282

transactions based on
, 169–170

Global Alliance for Banking on Values (GABV), 270–271, 271n3

Global financial crisis
, 280

Global Reporting Initiative (GRI)
, 257, 270

Global Wakaf
, 297

Global Wakaf Corporation (GWC)
, 298, 300

Good corporate governance
, 148

Good governance
, 312–313

practice
, 219

Governance
, 267, 274–275

of businesses
, 279

evidence of internal governance elements affecting dividend policy
, 224–228

firm
, 219–220

governance practice among Malaysia financial institutions
, 220–222

past studies on governance structure affecting dividend policy
, 222–224

structure affecting dividend policy in Malaysia
, 219

Government management of fiscalism
, 89

Green Tech financing portfolio scheme
, 266

Gross domestic products (GDP)
, 237, 291

Haram
, 282

Helix concept
, 291–293

Hifz al mal
, 256

Hire Purchase Under Shirkatul Milk (HPSM)
, 172

Histogram
, 241, 251

Homoeconomicus
, 18

Homoislamicus
, 18

Ihsan
, 21

Ijara
, 6

Ijārah
, 172, 282

Ijma
, 167

Ikhtiyar
, 19, 23

Income purification and charity account
, 51

Income Tax Ordinance (1979)
, 42

Income Tax Ordinance (1984)
, 283

Independence
, 4

Independent Directors (ID)
, 282

Index
, 204–205

Indian Companies Consolidation Act (1913)
, 42

Individualism
, 184, 187

Indonesia

analysis on contribution of Shari’ah monetary instrument on inflation control in
, 141–144

coordination of inflation control in
, 128

empowerment of Islamic social finance for MSMEs in
, 294–304

Shari’ah monetary control instruments in
, 132–134

Shari’ah monetary instrument analysis in
, 144–145

Shari’ah monetary instruments partially contribution on M2 and inflation control in
, 139–141

stock Waqf practices in
, 75–77

Indonesia Financial Services Authority
, 73

Indonesia Stock Exchange (IDX)
, 76

Indonesian social economy
, 73

Indonesian Waqf Board (BWI)
, 75, 81

Inflation control
, 130

Inflation targeting
, 114, 117

Inflation targeting framework (ITF)
, 127

Innovation
, 291–292

Institute of Chartered Accountants Pakistan (ICAP)
, 56

Institutional investors
, 37

Institutional structure
, 165

Integrated reporting (IR)
, 255–256

aim and objectives
, 257

correlation of IR and Maqasid Shari’ah
, 261–262

guiding principles and content elements
, 258–260

IIRC
, 256–257

international integrated reporting framework
, 257–258

Intellectual property rights
, 75

Interest
, 282

interest-based conventional monetary policy theory
, 113

Interest rates
, 114

interest rates-based monetary policy instruments
, 114

and monetary transmission mechanism
, 115

Intermediate targets
, 114

Internal Audit Department
, 54

Internal governance (see also Corporate governance (CG))

elements affecting dividend policy
, 224–228

mechanisms
, 222

Internal Shari’ah audit in companies
, 47–48

Internal Shari’ah Audit Unit (ISAU)
, 54

International Chamber of Commerce (ICC)
, 37

International Integrated Reporting Committee (IIRC)
, 256–25

International integrated reporting framework
, 257–260

Investment Account (IA)
, 266

Investment Account Platform (IAP)
, 266

Investment decision
, 255

Investor
, 76

Iqamah al-’adl
, 6

Iranian Islamic Banks

corporate governance and Iranian Islamic Bank’s stability
, 153

description of corporate governance variables
, 154

exploratory data analysis of stability in
, 150–153

effect of monetary policy and corporate governance on Bank’s stability
, 155–159

Islam
, 39

Islami Bank Bangladesh Ltd (IBBL)
, 282

Islamic bank dummy (dIB)
, 244

Islamic banking
, 166

credit card arrangement
, 174

early settlement arrangement
, 174

empirical evidences
, 173

FDR Arrangement
, 173

history of Islamic banking development
, 168

Islamic finance products in transaction cost
, 171–172

Islamic institutional structure of economics vis-à-vis impact on transaction cost
, 172–173

Sharī’ah
, 167–168

stability index
, 148

transaction cost theory
, 165

transaction cost theory application in Islamic finance
, 174–176

in Turkey
, 236

underlying philosophy of economic activity in Islam
, 168–171

Islamic banking and finance (IBF)
, 14

social failure of ICG and
, 24–25

Islamic banking institutions (IBIs)
, 52

SGF and
, 53–55

structure and duties of IBIs’ SBs and management
, 55–56

Islamic banks (IBs)
, 14, 201–202, 255

Banca Takaful through
, 57–58

Bangladesh Bank Guidelines for
, 285–286

constructing CG Index
, 205

constructing RM Index
, 205–206

descriptive empirical findings on disclosure performance
, 206

exploring impact of individual dimensions on CGI and RMI performance
, 212

findings on CG disclosure
, 206–209

findings on RM disclosure
, 209–212

literature review
, 202–203

in Malaysia
, 255–262

qualifying statements
, 203–204

regression model
, 212–213

regression results for CGI
, 213–214

regression results for RM
, 214–

research methodology and empirical process
, 203

scale of disclosure
, 206

Islamic Banks Consultative Forum (IBCF)
, 284, 287

Islamic Capital Market
, 46–47, 75

Islamic Corporate Governance (ICG)
, 13, 20

agency theory and
, 26

CG
, 13–15

comparing CG models
, 27–32

conceptual definition
, 21

ICG
, 20–26

IME foundations of
, 15–20

IME foundations of ICG
, 15–20

locating ICG within moral and political economy of Islam
, 21–24

rationale for
, 21

Shari’ah governance as part of
, 26

Shari’ah governance as part of ICG
, 26

social failure of IBF and
, 24–25

stakeholders theory and
, 25

Islamic economics (IE)
, 13, 18

development
, 16

system
, 5

Islamic epistemology
, 5

Islamic finance
, 27, 166, 282

CG framework for
, 42

higher transaction cost of
, 172–173

lower transaction cost of
, 173

products in transaction cost
, 171–172

regulatory framework in Pakistan
, 43–44

sector in Pakistan
, 59

State Bank
, 42–43

system
, 166

transaction cost theory application in
, 174–176

Islamic Financial Accounting Standards (IFAS)
, 49+

Islamic Financial Institutions (IFIs)
, 282–284

accounting and auditing of
, 57

Islamic financial instruments
, 5

Islamic financial system
, 6

Islamic framework

good or bad governance
, 312–313

Islamic point of view
, 313–315

monetary policy
, 311–315

Islamic Helix Approach
, 304–306

Islamic microfinance institutions (IMFIs)
, 293

Islamic monetary economics
, 6

Islamic monetary policy
, 7, 115–116

Islamic monetary system
, 115–116

Islamic moral economy (IME)
, 13, 17–18

foundations of ICG
, 15–20

structure of IME/IPE
, 18–20

Islamic political economy
, 17

Islamic social finance
, 291

empowerment of Islamic social finance for MSMEs in Indonesia
, 294–304

literature review
, 293–294

partnership models for MSMEs
, 292

IS–LM policy-induction method
, 89

Issuer
, 76

Ististna
, 6

Jalb al-mashalah
, 6

Jarque–Bera Test
, 251

Jawa Pos Institute of Pro-Otonomi (JPIP)
, 296

Justice
, 313

k-means clustering method
, 149, 151

Kernel Density Estimation (KDE)
, 241

Kernel density plot
, 251

Keynesianism
, 86, 89

Khilafah
, 19, 23

Knowledge
, 86–87

Law Perseroan Terbatas
, 62–63

Lease rights
, 75

Legality of stock Waqf
, 74–75

Linear model
, 117

Loan to asset ratio (LAR)
, 150

Loans
, 42

Long-term orientation (LTO)
, 182, 185, 188

Macroeconomic policies
, 235

Malaysia, Islamic Banks in
, 255

aim and objectives
, 257

correlation of IR and Maqasid Shari’ah
, 261–262

guiding principles and content elements
, 258–260

IIRC
, 256–257

international integrated reporting framework
, 257–258

IR
, 255–256

Managed money
, 114

Managers
, 280

Managing Risks and Compliance for Stable Growth
, 264

Mandatory disclosures
, 202

Maqasid Shari’ah
, 256, 271

Bank Islam
, 263–269

Bank Muamalat
, 270–276

correlation of IR and
, 261

VBI
, 262

Maqasid-al-shari’ah
, 20, 23

Maqasid-ul-Shari’ah (see Shari’ah)

Masculinity
, 184–185, 187

Maysir
, 169

Medan City Legislative Assessment
, 63

Media
, 3

Micro Hydro Power Plant in Jambi Province
, 300–302

Micro small and medium enterprises (MSMEs)
, 291

empowerment of Islamic social finance for MSMEs in Indonesia
, 294–304

entrepreneurship and
, 291

Islamic social finance partnership models for
, 292

Micro Small and Medium Enterprises (UMKM)
, 63

MNC securities
, 75–76

Modern waqf practice
, 74

Monetarism
, 85–87, 89

Monetary complementarities
, 85–86

Monetary Contractive Policy
, 134

Monetary control in Islamic economic system
, 127–128

Monetary Expansive Policy
, 134

Monetary policy
, 1, 113, 130

cooperation and Shari’ah governance
, 7–8

and corporate governance
, 5–7

corporate governance and Iranian Islamic Bank’s stability
, 153–159

correlation matrix
, 123

econometric analysis
, 159–161

empirical results
, 117–120

exploratory data analysis of stability in Iranian Islamic Banks
, 150–153

GDP trend of 14 largest OIC countries
, 124

indicators
, 116

Islamic banking industry
, 148–149

literature review
, 114–116

mechanisms
, 86

methodology
, 116–117

monetary transmission and corporate governance
, 3–5

role of Central Bank
, 1–3

stability analysis
, 147

variables
, 125–126

Monetary regimes
, 85

Monetary targeting control
, 127

Monetary transmission
, 3–5

mechanism
, 114

Monetary-base targeting
, 114

Money
, 75, 114

demand function
, 116

forms of
, 75

growth
, 2

money–fiscal endogenous relations
, 90–91

Money, finance, spending, and real economy model (MFSRE model)
, 86, 90

circular causation relations
, 91–92

diagram on complementarities
, 95–96

economy with endogenous induction of technology
, 99–102

endogenous growth effect on technological advancement and price–output stability
, 96–99

formulating
, 91

inter-variable relations
, 94–95

price–output stability
, 93

technological change
, 92

“Mudaraba Companies and Mudaraba Rules 1981”
, 42

Mudaraba Ordinance
, 42

Mudārabah
, 171, 282

Mudharabah
, 5

Murabaha
, 5

Murābahah
, 171

Musharakah
, 5

National Family Planning Coordinating Board (BKKBN)
, 67

National Program for Community Empowerment (PNPM)
, 64

Net Interest Margin (NIM)
, 235, 237

Net Liquid Assets
, 50

Non-bank financial sector
, 42

Non-banking companies, Shari’ah review in
, 47

Non-banking finance companies (NBFCs)
, 44

Non-food poverty line (GKNM)
, 67

Non-inflationary economic growth
, 85

Open market operation (OMO)
, 114, 127

Optimizing values
, 263

Ordinary least square (OLS)
, 136

estimator
, 238

technique
, 236

Organisation Islamic Cooperation (OIC)
, 166

Organization for Economic Cooperation and Development
, 38

Participation Bank (PB)
, 235

Participation Term Certificate (PTCs)
, 42

Partnership Act (1932)
, 42

Partnership CSR Funding
, 63

People’s Republic of China (PRC), 202n2

PERDA CSR
, 63

Permodalan Kelantan Berhad (PKB)
, 272

Perturbations
, 88

Pesantren
, 302–304

Policymakers
, 280

Post-crisis period
, 117

Post-crisis scenario
, 117

Poverty
, 64

according to Central Bureau of Statistics
, 67

alleviation with community empowerment
, 69–70

closely linked to unemployment
, 68–69

version BKKBN
, 67–68

Zakat overcoming
, 64–65

Power distance (PD)
, 181, 184

Power distance
, 187

Pre-crisis period
, 117

Precious metal
, 75

Price stability
, 2, 85

Price–output stability, endogenous growth effect on
, 96–99

Principles for Corporate Design
, 256

Private firms
, 5

Profit maximization
, 40

Profit-sharing ratio (PSR)
, 43

Project Ar-Rahnu
, 272

Promissory FX Contract-i
, 145

Property rights
, 25, 165

PT Hydro Perdana Retailindo
, 297–298

PUSYAR Kota Mojokerto in East Java Province
, 294–297

Qadar
, 182

Quadruple Helix Model
, 292–294

Quantitative credit distribution control
, 130

Quantity theory, 87n2

Qur’an
, 167

Random effects’ models
, 116

Randomness
, 88

Real economy (RE)
, 101

estimation and simulation of circular causation relations in money and
, 102–108

Recursive model
, 136

Reductionist approach
, 117

Registration Act (1908)
, 42

Regression analysis
, 103–107, 190–192, 201, 212–217

Regression Specification Error Test (RESET)
, 241

Religion
, 181

Reporting
, 215

Research equation model
, 135–136

Resident Shari’ah Board members (RSBM)
, 52

Resource allocation
, 255

Return on asset (ROA)
, 150, 235–238

Return on Average Assets (ROAA)
, 236–238, 241–246

Return on Equity (ROE)
, 237

Reverse Repo Shari’ah securities (RR-SBSN)
, 144–145

Riba
, 113, 282

Ribā-based transactions
, 169

Risk appetite
, 267

Risk governance
, 267

Risk management (RM)
, 201, 217

bank level
, 209–211

control
, 215

country level
, 211–212

findings on RM disclosure
, 209

framework
, 267

Risk management index (RMI)
, 205

Robo-Advisory Investment Platform
, 265

Robustness analysis
, 190–196

Ronal Coase’s Theorem
, 172

Rububiyyah
, 19, 21, 23

Rupiah stability
, 127

Salam
, 6

Scatter plot
, 251

SECP’s screening criteria
, 49–50

Secrecy
, 185–186, 188–189

Securities
, 42, 75

Securities and Exchange Commission (SEC)
, 281

Securities and Exchange Commission Act (1993)
, 283

Securities and Exchange Commission of Pakistan (SECP)
, 39

BOD’s AGC for IFIs
, 51–52

disclosure requirements of companies
, 51

external Shari’ah audit of companies
, 48–49

income purification and charity account
, 51

internal Shari’ah audit in companies
, 47–48

SCC
, 44–45

SCO
, 48

SECP’s screening criteria
, 49–50

Shari’ah advisors and functions for Islamic capital market
, 46–47

Shari’ah governance regulations 2018
, 44

Shari’ah review in non-banking companies
, 47

Securities Commission (SC)
, 255–256, 262

Malaysia
, 221

Security laws
, 279

Shareholder
, 219–220

Shari’ah
, 6, 113, 167, 181, 313

based transaction
, 172

Business Financing
, 294

compliant asset-based transaction
, 172

principles
, 26

pronouncements
, 40–41

Shari’ah-compliant institutions
, 304

sources of
, 167

Shari’ah Board (SB)
, 40

Shari’ah compliance certificate (SCC)
, 45

Shari’ah Compliance Department (SCD)
, 52

Shari’ah compliance officer (SCO)
, 48

Shari’ah governance (SG), 1, 14, 284 (see also Corporate governance (CG))

in Bangladesh
, 284–287

cooperation and
, 7–8

as part of ICG
, 26

recent practices of Shari’ah governance in Bangladesh
, 287–288

Shari’ah Governance Framework (SGF)
, 39

and IBIs
, 53–55

of SBP
, 2015, 52–58

Shari’ah monetary instrument
, 128, 136–137

analysis in Indonesia
, 144–145

analysis on contribution of Shari’ah monetary instrument on inflation control
, 141–144

application in several countries
, 131–132

coordination of inflation control in Indonesia
, 128

data variables and operational definitions
, 134

FASBIS
, 139

GWMS
, 137–138

instruments of Shari’ah monetary control
, 130–131

literature review
, 128

monetary control in Islamic economic system
, 127–128

previous research
, 129

research analysis
, 136

research characteristics
, 134

research equation model
, 135–136

research hypotheses
, 136

result
, 136

Shari’ah monetary control instruments in Indonesia
, 132–134

Shari’ah monetary instruments partially contribution on M2 and inflation control
, 139–141

state of art
, 128

theoretical framework
, 130

Shari’ah review
, 41

in non-banking companies
, 47

procedures and stages
, 41

Shari’ah Supervisory Board (SSB)
, 26, 287

Shari’ah Supervisory Committee (SSC)
, 284, 286

Short Messages Service (SMS)
, 265

Short-term orientation (STO)
, 185

Signaling theory
, 220

Small Medium Enterprise (SME)
, 264

Social cost theory (see Theory of transaction cost economics)

Social failure of IBF and ICG
, 24–25

Socioeconomic sustainability

estimation and simulation of circular causation relations
, 102–108

formulating MFSRE model
, 91–102

monetary and fiscal complementarities
, 85–86

other references on money–fiscal endogenous relations
, 90–91

review of literature
, 86–90

Solidarity
, 18

South Sea Bubble
, 279

Spatial domain analysis (SDA), 108n7

Speculation
, 171, 182

Stability analysis
, 147

Stability variables
, 159

Staff awareness initiatives
, 272

Stakeholders
, 38, 148, 219

theory and ICG
, 25

Standard deviation (SD)
, 240

State Bank
, 42–43

State Bank of Pakistan (SBP)
, 39

accounting and auditing of IFIs
, 57

Banca Takaful through Islamic Banks
, 57–58

SGF and IBIs
, 53–55

SGF of
, 52

Shari’ah advisory committee of SBP
, 53

structure and duties of IBIs’ SBs and management
, 55–56

transparency and disclosure
, 56–57

State Bank of Pakistan Act (1956)
, 42

Static model
, 117

Statutory liquidity requirement (SLR)
, 283

Stock
, 73

price
, 220

Stock Waqf
, 73

capital loss
, 79–80

legality of
, 74–75

permissible to donate conventional stock
, 77–78

practices of stock Waqf in Indonesia
, 75–77

principle of
, 78–79

Stock Waqf product of Indonesian Securities Company
, 77

Strategic Business Plan
, 271

Stringency
, 203

Sukuk
, 6, 282

Sunnah
, 169

Supplementary Islamic financing instruments
, 6

Sustainability
, 255

Sustainable Development Goals (SDG)
, 263

Tahzib al-fard
, 6

Target policies
, 114

Targeting nominal GDP
, 114

Tawhid
, 18–19, 21–22

Tazkiyah
, 19, 21, 23

Technology
, 3

Theoretical framework (see Conceptual framework)

Theory of transaction cost economics
, 165

Transaction cost

Islamic finance products in
, 171–172

Islamic institutional structure of economics vis-à-vis impact on
, 172–173

theory application in Islamic finance
, 165, 174–176

Transactions based on gharar
, 169–170

Transparency
, 2, 4, 37

Tribunals Ordinance
, 42

Triple Helix Model
, 292–294

Trust
, 37

Turkish market
, 235

Ultimate targets
, 114

Uncertainty
, 88

Uncertainty avoidance (UA)
, 182, 185, 188

Unconventional monetary policy instruments
, 114

Unemployment
, 117–119

Unemployment, poverty closely linked to
, 68–69

United Nations Development Programme (UNDP)
, 300–301

United Nations’ Sustainable Development Goals (SDGs)
, 59

Value Based Intermediation (VBI)
, 262, 266

Value creation
, 255

Value-driven progress
, 263

Variance Inflation Factor (VIF)
, 241

Vehicles
, 75

Volatility
, 88

Voluntary disclosures
, 202

Wadia
, 6

“Wakaf Selangor Muamalat” scheme
, 272

Waqf House Financing
, 266

Warung Wakaf by Global Wakaf-ACT
, 297–299

Wealth Tax Act (1963)
, 42

White Test
, 253

Zakah
, 282

Zakat
, 61–62

conceptual framework
, 65–66

data collection technique
, 67

overcoming poverty
, 64–65

poverty according to Central Bureau of Statistics
, 67

poverty alleviation with community empowerment
, 69–70

poverty as dependent variable
, 66

poverty closely linked to unemployment
, 68–69

poverty version BKKBN
, 67–68

research variable
, 66

types of research
, 66

Zakat and CSR as independent variables
, 66–67

Zakat, infaq, shadaqa, waqf (ZISW)
, 291

Zawia database
, 186

Prelims
Chapter 1: Monetary Policy, Islamic Finance, and Islamic Corporate Governance: An Introductory Note
Part I: Theoretical Underpinnings
Chapter 2: Constituting Islamic Corporate Governance Theory through Islamic Moral Economy
Chapter 3: The Corporate Governance for Islamic Financial Institutions in Pakistan: Need for Dynamic Regulatory Policies
Chapter 4: Implementation of Zakat Through Corporate Social Responsibility (CSR) Partnership in Overcoming Poverty
Chapter 5: Reviewing Stock Waqf Product of Indonesian Securities Company
Part II: Governance and Monetary Policy
Chapter 6: Monetary and Fiscal Complementarities in Socioeconomic Sustainability
Chapter 7: Is Interest Rate Suitable as a Monetary Policy Instrument for OIC Countries?
Chapter 8: Contribution of Shari’ah Monetary Instrument to Control Inflation in Indonesia
Chapter 9: The Effects of Monetary Policy on the Stability of Islamic Banks with Different Governance Models: Case of Islamic Republic of Iran
Chapter 10: Is Transaction Cost Higher or Lower in Islamic Banking?
Part III: Corporate Governance and Islamic Banks
Chapter 11: Does Culture Moderate the Relationship Between AAOIFI Adoption and Earnings Management? Evidence from Islamic Banks
Chapter 12: Exploring the Corporate Governance and Risk Management Disclosure Performance Nexus in Islamic Banks: An Empirical Analysis
Chapter 13: Governance Structure Affecting Dividend Policy in Malaysia: Theoretical Perspectives
Chapter 14: What Determines Bank Profitability? Empirical Evidence from Turkish Banking Sector
Chapter 15: Embracing Maqasid Shari’ah via Integrated Reporting: The Case of Islamic Banks in Malaysia
Chapter 16: Governance of Islamic Financial Institutions: The Case of Bangladesh
Chapter 17: Islamic Helix Approach, The Islamic Social Finance Partnership Models for MSMEs: Lesson Learned from Indonesia
Chapter 18: Monetary Policy and Good Governance in Islamic Framework: A Concluding Note
Index