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, Leeds, 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