Search results

This study aims to investigate and propose the potential practice of hibah al-ʿumra as a Shari‘ah-compliant policy that would encompass the disbursement of death benefits and facilitate their smooth distribution among the projected beneficiaries of the family Takāful.

This study uses a qualitative approach. It conducts semi-structured interviews with different Takāful practitioners in Malaysia. This study also consulted a few Shari‘ah scholars regarding their opinions on the application of hibah al-ʿumra in disbursing family Takāful benefits. The thematic analysis is carried out to analyse qualitative data.

From both Shari‘ah and the relevant industry perspectives, the notion of hibah al-ʿumra has a great potential to disburse the family Takāful benefits to the Takāful participants or nominated beneficiaries. Given the conditional nature of hibah in Takāful, it is argued that there is a scope for imposing some conditions to make hibah al-ʿumra a life grant gift. This is expected to play a significant role in resolving the issues relating to the disbursement of family Takāful benefits among the beneficiaries, where it becomes irrevocable.

In the current practice of family Takāful, in the event of the recipient’s death or divorce, the application of absolute hibah results in the disbursement of Takāful benefits among undesirable beneficiaries. In contrast, in hibah al-ʿumra, it is expected that subject to a condition of withdrawal, its practice would help manage any unwanted situation if other potential beneficiaries are nominated upon signing the agreement at the outset.

This study is expected to contribute to help channel the family Takāful benefits into the desired beneficiaries being the proposed hibah al-ʿumra as a form of conditional hibah. Besides, this type of hiba can be treated as a solution in any adverse situation.

Islamic crowdfunding, an alternative way to finance social projects, is a new development in Malaysia. Little is known about its operation. This study aims to explore the practice of Nusa Kapital, the first Islamic crowdfunding platform in Malaysia.

This study adopted a descriptive approach. The data was collected through document analysis and interviews with two officials of Nusa Kapital. The data gathered was analyzed through the thematic analysis technique.

This research discovered that Nusa Kapital was established considering the financing needs of the growing number of small medium enterprises (SMEs) in Malaysia. It uses the murabahah concept to make financing arrangements for entrepreneurs. Murabahah is a debt-based concept where the investors, instead of giving cash to the entrepreneurs, purchase an asset and sell it to them at a cost-plus profit. The Securities Commission Malaysia (SCM) regulates the crowdfunding operation of Nusa Kapital, which sets guidelines for the different types of investors, entrepreneurs and platforms. Nusa Kapital conducts an extensive background check of the company for its creditworthiness and takes the necessary measures for the transparency of the project's operation.

This study has unique implications for the regulatory authorities and practitioners in Malaysia and global industries. The study explored the practical scenario of the crowdfunding institution, which will be beneficial for similar industries within and outside of the country.

While previous literature provides a theoretical discussion of Islamic crowdfunding, this study contributes to the body of knowledge by demonstrating its practice.

The objective of the chapter is to discuss the role of wa’d (promise) to mitigate risk in different Islamic banking products. The chapter will illustrate the element of wa’d in different Islamic banking products in Malaysia.

The study has adopted the document review method to get information on different banking products. Moreover, it conducted semi-structured interviews with bankers to get in-depth information.

The study finds out that wa’d plays a vital role in structuring several products including retail products, trade financing products, and treasury products. Along with the unilateral wa’d there is a usage of double wa’d (wa’dan) in some product structures. In most of the products, wa’d is included as a risk mitigation instrument along with other major underlying Shari’ah contracts. Some Shari’ah issues are involved with these products namely the Shari’ah rulings related to wa’dan, “form over substance,” etc.

This is an in-depth field study which adds new knowledge on wa’d-based products. The experience of Malaysia might be a lesson for other countries to minimize risk in their Islamic banking products.

Considering the popularity of the premium savings certificate (PSC) of the National Savings Bank of Malaysia (Bank Simpanan Nasional (BSN)) the paper aims to justify the Shari'ah compliancy of this product by analyzing its underlying contracts and to propose a Shari'ah compliant savings certificate, if the current practice is invalid in the Shari'ah.

Inductive methodology is first used to obtain a basic understanding of this product and the characteristics of Shari'ah approved contracts as well as the views of the jurists. Interviewing method is also used to acquire first‐hand information when the inductive method is not sufficient. Afterwards, an analytical approach is adopted to justify the validity of this contract with the Shari'ah principles. Finally, an innovative methodology is used to propose a Shari'ah compliant savings certificate.

The paper argues that the underlying contract used in PSC violates the conditions of wadi'ah contract, as in wadi'ah, the bank is not allowed to spend the money for investment, but in practice, BSN uses the money for investment. Therefore, the underlying contract in PSC turns into qard (loan) contract. Since the scholars unanimously declare that giving any kind of benefit like prizes to the creditor is riba, then PSC is considered as invalid according to the Shari'ah. On the other hand, although PSC might seem like gambling, it is different from gambling as the prizes given to PSC are from a third party. The paper proposes implementing mudarabah contract in PSC where the bank is allowed to invest according to its interest and the depositors share the profit and loss but the huge fluctuation of profit and loss could be shrunk by a special fund method.

In particular, it attracts the attention of BSN management to change their product's features. In general, it discovers a non‐Shari'ah compliant feature of savings certificates and outlines the feature of a Shari'ah compliant saving certificate for the practitioners of Islamic banking all over the world.

The purpose of this paper is to analyze the human capital theory from an Islamic perspective. It studies the primary sources of Islam to discover its contribution towards human capital development.

The paper adopts inductive and analytical method to interpret Islamic viewpoints towards human capital development. It studies the classical and modern sources of Islamic law and analyzes scholars' opinions.

In fact, human capital theory has a different understanding in Islam, due to its different objectives. However, it resembles the conventional theory in the way that it urges the development of human beings in education, skills and abilities. Islamic teachings contribute a lot to foster development among the individuals in every aspect of their lives. The way Islam gives incentive to development is unique; because, with the improvement of education, good skills, work and production, physical health and perfection, it is concerned about the moral and ethical development of employees, which is no doubt having a great effect in the development of the organization. Moreover, Islamic society plays an important role in nurturing enthusiastic and competent individuals.

It is expected that the paper would be of interest to Muslim authorities, as a means to motivate their employees, as well as to share ideas across the academic disciplines.

The study aims to consider wa’dan-based products in Islamic banks in Malaysia and discuss the validity of wa’dan in those products from the perspective of Shari’ah.

Case studies were conducted of three Islamic banks in Malaysia. Semi-structured interviews were carried out with bankers as well as Shari’ah scholars. The document analysis method was adopted to strengthen the findings.

The study shows that three Islamic banking products: Musyarakah Mutanaqisah (MM) home and property financing; Al-Ijarah Thumma Al-Bai’ (AITAB) vehicle financing; and Ijarah rental swap (IRS) use wa’dan in their product structures. After discussing the different views of the scholars, the study concludes that wa’dan should be allowed in the above-mentioned products because it is different from muwa’adah. In wa’dan, every single wa’d is separate from each other, as every one of them is related to different types of events. With regard to the issue of Shari’ah in MM home and property financing, it was concluded that wa’d from the customer to purchase the bank’s share is not a capital guarantee. Moreover, IRS is not a form of gambling but is in line with Maqasid al-Shari’ah.

The study is limited to three Islamic banks in Malaysia that focus on retail and commercial banking products. Therefore, the study excludes application of wa’dan in sukuk and some other Islamic derivatives that are not the practice of these three banks.

This empirical study adds new knowledge by developing the concept and practice of wa’dan. Wa’dan as an innovative tool for product development to overcome Shari’ah issues in conventional banking may be of interest to practitioners all around the world.

In this study, supervision and control of the possible problems among people over a large area with a limited number of drone cameras and security staff is established.

These drones, namely unmanned aerial vehicles (UAVs) will be adaptively and automatically distributed over the crowds to control and track the communities by the proposed system. Since crowds are mobile, the design of the drone clusters will be simultaneously re-organized according to densities and distributions of people. An adaptive and dynamic distribution and routing mechanism of UAV fleets for crowds is implemented to control a specific given region. The nine popular clustering algorithms have been used and tested in the presented mechanism to gain better performance.

The nine popular clustering algorithms have been used and tested in the presented mechanism to gain better performance. An outperformed clustering performance from the aggregated model has been received when compared with a singular clustering method over five different test cases about crowds of human distributions. This study has three basic components. The first one is to divide the human crowds into clusters. The second one is to determine an optimum route of UAVs over clusters. The last one is to direct the most appropriate security personnel to the events that occurred.

This study has three basic components. The first one is to divide the human crowds into clusters. The second one is to determine an optimum route of UAVs over clusters. The last one is to direct the most appropriate security personnel to the events that occurred.

The sustainable development goals (SDGs) are introduced to guide achieving the sustainable goals and tackle the global problems. United Nations members may perform activities to achieve the predetermined goals and report on their SDG activities. The comprehension and commitment of several stakeholders are essential for the effective implementation of the SDGs. Countries encourage their stakeholders to perform and report their activities to meet the SDGs. The purpose of this study is to investigate the extent to which corporations’ annual reports address the SDGs to assess and comprehend their level of commitment to, priority of and integration of SDGs within their reporting structure. This research makes it easier to evaluate corporations’ sustainability performance and contributions to global sustainability goals by looking at the extent to which they address the SDGs.

In the study, it is revealed to what extent the reports meet the SDGs with the multilabel text classification approach. The SDG classification is carried out by examining the report with the help of a text analysis tool based on an enhanced version of gradient boosting. The implementation of a machine learning-based model allowed it to determine which SDGs are associated with the company’s operations without the requirement for the report’s authors to perform so. Therefore, instead of reading the texts to seek for “SDG” evidence as typically occurs in the literature, SDG proof was searched in relevant texts.

To show the feasibility of the study, the annual reports of the leading companies in Turkey are examined, and the results are interpreted. The study produced results including insights into the sustainable practices of businesses, priority SDG selection, benchmarking and business comparison, gaps and improvement opportunities identification and representation of the SDGs’ importance.

The findings of the analysis of annual reports indicate which SDGs they are concerned about. A gap in the literature can be noticed in the analysis of annual reports of companies that fall under a particular framework. In addition, it has sparked the idea of conducting research on a global scale and in a time series. With the aid of this research, decision-making procedures can be guided, and advancements toward the SDGs can be achieved.