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Open Access
Article
Publication date: 3 April 2019

Aznan Hasan, Rusni Hassan, Engku Rabiah Adawiah Engku Ali, Engku Muhammad Tajuddin Engku Ali, Muhamad Abduh and Nazrul Hazizi Noordin

The purpose of this study is to propose a contemporary human resource management (HRM) framework by zakat institutions, which collect and manage religious alms, both…

8058

Abstract

Purpose

The purpose of this study is to propose a contemporary human resource management (HRM) framework by zakat institutions, which collect and manage religious alms, both obligatory (zakat) and voluntary (ṣadaqah), in Malaysia.

Design/methodology/approach

In doing so, discussions pertaining to the key elements of zakat institutions’ HRM including recruitment, selection, performance appraisal, training and development and compensation are gathered from the existing literature and other sources of information such as zakat institutions’ websites and publications. In addition, zakat officers’ insight on how HRM is practiced at their institutions is gathered through a series of semi-structured interviews and incorporated in the findings of this study.

Findings

The paper finds that the state government, by virtue of the State Islamic Religious Council (SIRC), which is the sole trustee of all waqf properties in Malaysia, may have significant influence in formulating the human resource strategies and policies in zakat institutions.

Research limitations/implications

The proposed HRM model can be a useful reference for SIRC in enhancing the current human resource practice in its respective zakat institutions.

Originality/value

The novelty of this study lies in the proposed HRM model applicable to zakat institutions. The model emphasizes the alignment between the zakat institutions’ HRM practice and their zakat collection and distribution goals, as well as zakat management objectives in general.

Details

ISRA International Journal of Islamic Finance, vol. 11 no. 1
Type: Research Article
ISSN: 0128-1976

Keywords

Article
Publication date: 11 September 2017

Engku Rabiah Adawiah Engku Ali and Umar A. Oseni

In propelling Malaysia to become a high value-added and high-income economy by 2020, the Central Bank of Malaysia has consistently emphasized the need for a new trajectory…

2203

Abstract

Purpose

In propelling Malaysia to become a high value-added and high-income economy by 2020, the Central Bank of Malaysia has consistently emphasized the need for a new trajectory of transformation and growth which will leverage on a robust legal framework that for enhancing Islamic financial transactions. This paper aims to examine the latest major policy initiatives and legal reforms introduced to promote both local and cross-border transactions that seek to project Malaysia as a hub for Islamic financial transactions.

Design/methodology/approach

While adopting an analytical approach in analysing the relevant issues, the study relies on doctrinal legal method in highlighting major reforms introduced to enhance the legal and regulatory framework of Islamic finance.

Findings

The study finds that the importance of law reforms in strengthening the financial system cannot be overemphasized, particularly when it comes to the need for an end-to-end Sharīʿah compliance framework and consumer protection.

Practical implications

Other emerging jurisdictions aspiring to adopt Islamic finance products can learn from the Malaysia’s pioneering role in introducing an effective legal and regulatory framework.

Originality/value

Though there are a number of studies on Malaysia’s leading role in the law and regulation of Islamic finance, this study is one of the earliest attempts to explore the role of the Central Bank of Malaysia in enhancing the legal framework for Islamic financial transactions through the introduction of the Islamic Financial Services Act 2013 and other relevant policy regulations.

Details

International Journal of Law and Management, vol. 59 no. 5
Type: Research Article
ISSN: 1754-243X

Keywords

Open Access
Article
Publication date: 27 March 2020

Abdelkader Laallam, Salina Kassim, Engku Rabiah Adawiah Engku Ali and Buerhan Saiti

This study aims to highlight the importance of intellectual capital (IC) for the operation of waqf (Islamic endowment) institutions, as few studies have discussed this…

2539

Abstract

Purpose

This study aims to highlight the importance of intellectual capital (IC) for the operation of waqf (Islamic endowment) institutions, as few studies have discussed this issue in relation to non-profit religious organisations, particularly waqf organisations. Consequently, this study hopes to contribute to the development of waqf institutions in terms of human capital proficiency, the efficiency of operations and the effectiveness and sustainability of performance.

Design/methodology/approach

The authors reviewed a significant body of relevant studies written on various aspects of IC, to highlight the significance of considering IC in the operation of non-profit organisations (NPOs) and waqf institutions.

Findings

This study highlights the importance of IC in the operation of waqf institutions. It provides a platform that facilitates understanding of the existing obstacles and challenges in waqf institutions (such as lack of accountability, lack of funding, mismanagement and lack of trained labour, among others) and offers potential solutions through the consideration of knowledge and IC.

Research limitations/implications

This study is a conceptual analysis of IC in the context of NPOs. Future studies should conduct empirical testing, which will provide more detailed discussion and enriching insights into the issue of IC and the performance of NPOs, particularly in the case of waqf institutions.

Practical implications

This study provides several important implications for waqf institutions and other NPOs, as it sheds light on the consideration of knowledge and IC in their operations.

Originality/value

To the best of the authors’ knowledge, this study is the first to discuss the issues of waqf in the light of IC and provide an integrated framework for the operation of waqf institutions.

Details

ISRA International Journal of Islamic Finance, vol. 12 no. 1
Type: Research Article
ISSN: 0128-1976

Keywords

Article
Publication date: 27 May 2022

Abdelkader Laallam, Burhan Uluyol, Salina Kassim and Engku Rabiah Adawiah Engku Ali

The purpose of this paper is to investigate the relationship between the sub-components of intellectual capital and organisational performance in waqf institutions in Algeria.

Abstract

Purpose

The purpose of this paper is to investigate the relationship between the sub-components of intellectual capital and organisational performance in waqf institutions in Algeria.

Design/methodology/approach

Data was collected through structured questionnaires from a sample of 193 waqf employees working in 23 different provinces in Algeria and analysed using partial least squares – structural equation modelling (PLS-SEM) software to test the path modelling and the relationship between the instruments.

Findings

The results of this research show that human capital, structural capital and spiritual capital have a positive and significant relationship with organisational performance. However, relational capital, social capital and technological capital did not demonstrate any kind of role in the context of waqf institutions in Algeria.

Practical implications

The findings of this research are of great importance for waqf institutions in Algeria, as they provide a comprehensive screening with regard to organisational performance of these institutions through the lens of intellectual capital. The findings help waqf managers and policy makers consider effective solutions for the weaknesses and challenges impeding the performance of waqf institutions, in the hope of retrieving their role in serving and developing societies.

Originality/value

In the existing body of literature, there is a lack of research focusing on intellectual capital in the context of religious non-profit organisations particularly waqf institutions. Thus, this research adds to the body of knowledge on intellectual capital while highlighting its role and importance within the waqf industry, particularly in the context of Algeria. This research is considered among the primary attempts to investigate the impact of intellectual capital components on the organisational performance of waqf institutions in Algeria.

Details

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

Keywords

Article
Publication date: 11 August 2020

Tawfik Azrak, Buerhan Saiti, Ali Kutan and Engku Rabiah Adawiah Engku Ali

The purpose of this paper is to investigate whether higher disclosure levels at both Islamic and conventional banks are associated with higher stock price volatility in…

Abstract

Purpose

The purpose of this paper is to investigate whether higher disclosure levels at both Islamic and conventional banks are associated with higher stock price volatility in the member countries of the Gulf Cooperation Council (GCC).

Design/methodology/approach

To do this, the authors build a disclosure index (DI) for both types of banks and compare their transparency levels. After that, the authors evaluate the relationship between disclosure and stock price volatility for both conventional and Islamic banks (IBs) and include macro- and bank-level control factors to isolate the effect of disclosure from potentially confounding influences by employing panel data.

Findings

The author find that the significance of the DI on stock price volatility is economically negligible at both types of banks, suggesting that injecting more information into markets would raise stock price volatility only slightly and hence will not have much economically significant effect on stock price volatility in our sample countries. The authors discuss the policy implications of the findings.

Originality/value

The study fills the gap in the literature and assists in formulating appropriate regulation policies for corporate governance disclosure requirements. To the best of our knowledge, this is the first empirical study to investigate the impact of disclosure on reducing stock price volatility in the dual banking system of the GCC countries.

Details

International Journal of Emerging Markets, vol. 16 no. 8
Type: Research Article
ISSN: 1746-8809

Keywords

Article
Publication date: 14 June 2013

Tahani Coolen‐Maturi

This paper aims to examine empirically whether there is a real demand for takaful products among Muslims in the UK, and to assess the awareness about takaful insurance and…

4902

Abstract

Purpose

This paper aims to examine empirically whether there is a real demand for takaful products among Muslims in the UK, and to assess the awareness about takaful insurance and its main principles among UK Muslim communities.

Design/methodology/approach

The paper uses empirical data collected via an online questionnaire.

Findings

The study shows that the survey respondents are likely to buy car, health, home and home contents insurance if the same cover is offered as conventional insurance and if prices are competitive. The paper also shows that there is quite a lack of awareness about takaful insurance and its main principles among UK Muslim communities, and that most respondents are only aware of the riba and maysir concepts. It also showed that about half the respondents are not sure whether takaful insurance is in accordance with Islam. The majority of the respondents prefer to get takaful products via banking channels rather than from independent takaful institutions. Not surprisingly, the majority of respondents agreed to the use of Arabic terms for the Islamic insurance to show that these are Islamic products and to differentiate them from conventional alternatives in order to attract more Muslim participants.

Practical implications

This findings presented in this paper would encourage more banks in the UK to develop takaful products to target the rapid increase in Muslim populations in the UK and increase the demand for Islamic insurance products. Some promotion strategies may be needed to increase the customers' awareness of the existing takaful products and, more importantly, to their compliance to the Shariah law. Despite the fact that there is an obvious preference among the survey participants towards using Arabic terms in takaful products, one could argue for the financial benefits of introducing these Islamic insurance products to non‐Muslim customers where Arabic terms are avoided but with the explanations of the main concept of takaful products.

Originality/value

The paper examines empirically (via an online questionnaire) whether there is a real demand for takaful products among Muslims in the UK.

Details

International Journal of Islamic and Middle Eastern Finance and Management, vol. 6 no. 2
Type: Research Article
ISSN: 1753-8394

Keywords

Open Access
Article
Publication date: 10 June 2019

Beebee Salma Sairally

550

Abstract

Details

ISRA International Journal of Islamic Finance, vol. 11 no. 1
Type: Research Article
ISSN: 0128-1976

Open Access
Article
Publication date: 25 June 2020

Beebee Salma Sairally

239

Abstract

Details

ISRA International Journal of Islamic Finance, vol. 12 no. 1
Type: Research Article
ISSN: 0128-1976

Article
Publication date: 11 November 2014

Nasrun Mohamad and Asmak Ab Rahman

This paper aims to present the results of a comprehensive literature review with regard to the application of Tawarruq in the Islamic banking system covering the period…

3511

Abstract

Purpose

This paper aims to present the results of a comprehensive literature review with regard to the application of Tawarruq in the Islamic banking system covering the period between 2011 and before. The review aims to synthesize the previous research, capsulize the structural overview inasmuch as future research might be oriented and identify the gaps and direction for future research.

Design/methodology/approach

A range of published and unpublished documents was collated and filtered based on the defined rules to identify the determinants of the writing. The documents were then be classified into few segments in which content analysis was conducted to capsulize the essence of the subject matter described in the literature.

Findings

The analysis demonstrates that most of the studies discussed the fundamental theories which concerning the area of jurisprudence, while a few of them did discuss the application aspect in the banking environment. However, none of the operational process is discussed in-depth, whereas the risk of Shari’ah non-compliance might arise in the detail transaction.

Research limitations/implications

The databases used in the search might not contain all the documents that could be relevant for the review. Furthermore, the defined-rule for document searching and selection excluded the out-of-scope documents that might be relevant.

Originality/value

This paper identifies the gaps that become apparent in the literature in assisting researchers to ascertain the interesting areas as well as the direction for future research.

Details

International Journal of Islamic and Middle Eastern Finance and Management, vol. 7 no. 4
Type: Research Article
ISSN: 1753-8394

Keywords

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