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The purpose of this paper is to examine volatility and the weak-form efficient market hypothesis (random walk) of world spot crude oil market.

The study uses the generalized autoregressive conditional heteroskedasticity (GARCH-M), exponential generalized autoregressive conditional heteroskedasticity (EGARCH), and threshold GARCH (TGARCH) models. The data are selected from three markets: Dubai Vetch (DV), West Texas Intermediate, and Europe Brent Spot Price.

The weak-form efficient market (random walk) hypothesis was rejected for all estimated GARCH-M, EGARCH, and TGARCH models, indicating that these markets are inefficient and predictable. For daily data, the empirical results showed the presence of asymmetric effects, and the conditional variance process was found to be highly persistent.

This study is unique in its nature as it examines three markets on three continents. In addition, one of these markets (DV) was not carried out by the previous study. This work takes into account the market location.

This paper aims to formulate a conceptual framework that will facilitate the actualization of maqāṣid al-Sharīʿah in product design and consumption within Islamic financial institutions (IFIs).

This paper relies on the classical and contemporary literature on maqāṣid al-Sharīʿah and Islamic finance and adopts a qualitative content analysis method and an inductive approach to outline the constituent elements that formulate the framework.

This study determines six vital constituents of maqāṣid al-Sharīʿah, namely, parameters of maqāṣid, particular objectives, appropriate means, micro provisions, level of need and legal maxims to develop a conceptual framework of actualizing maqāṣid al-Sharīʿah in Islamic finance. The framework covers the following three stages: identification of maqāṣid, operationalization of maqāṣid in product design and consumption based on maqāṣid.

This paper proposes a conceptual framework without investigating the practice of any particular industry or products. Further research would focus on formulating a practical framework based on a focus group discussion with industry experts, elaborating the parameters of maqāṣid, scrutinizing the maqāṣid available in the literature by the parameters of maqāṣid and assessing the IFIs’ products and services using the proposed framework.

This paper provides insights into the importance of maqāṣid elements and the effects of overlooking them on IFIs and customers’ product consumption. Furthermore, a major implication of the proposed framework is to learn how to use the maqāṣid approach as the baseline for designing new financial products.

The novelty of this paper lies in its pioneering attempt of harmonizing all essential maqāṣid elements and using them as constituents to formulate a comprehensive framework that actualizes maqāṣid al-Sharīʿah in the Islamic finance industry.

The purpose of this study is to synthesize the existing research on Islam and advertising with the perspective of the Salafi authority of Saudi Arabia. This study is an exploration of the impact of the conservative interpretation of Islam on advertising.

This study critically reviews the literature on advertising in Islam, specifically in the context of the conservative religious Saudi Arabia, Islam and advertising and its connection with the interpretations of the religiously conservative segment of Saudi Arabian society. This systematic review covered 42 studies in Islamic advertising and Salafist/Hanbali jurisprudence, ranging from 1980 to 2014. These studies were validated through data triangulation using a meta-synthesis of 39 articles with 5 articles on Salafism and 5 Hanbali juristic texts.

The investigation concludes that there are several factors to be considered when developing advertising messages and content for the conservative segment of Islam. The considerations are as follows: (C1) avoidance of Islamic creedal taboos and displays of immorality; (C2) avoiding usage of musical instruments and taboo entertainment; (C3) women must be dressed appropriately, and gender roles must be in conjunction with Islamic texts; and (C4) avoiding deceptive marketing, defaming competition, and ambiguous transactions. Although there was a general consensus on C1 and C3, few studies discussed C2 and C4. Hanbali jurisprudence, the official school of thought in Saudi Arabia, was found to be in agreement with all four considerations. Additionally, the study synthesizes previous studies and contributes more knowledge to the few existing literature on the topic of Islam and advertising. A better understanding of the conservative interpretation of Islam can contribute to scholarship in the field of Islamic marketing.

This paper was limited to the Salafist/Wahhabist interpretation of Islam based on Hanbali jurisprudence found in Saudi Arabia. The findings of this paper can be extended and validated through studying the attitudes of Salafists in different regions toward advertising messages and content.

This paper was limited to the Salafist/Wahhabist interpretation of Islam based on Hanbali jurisprudence found in Saudi Arabia. The findings of this paper can be extended and validated through studying the attitudes of Salafists in different regions toward advertising messages and content.

This study adds to the limited research on Islamic attitudes and challenges toward advertising in the Middle East. The study reviews existing research and utilizes religious rulings to research the conservative Islamic perspective of advertising.

Four main strategies required for firms to be able to achieve their main objectives in organizations under the unified theory of the firm are technological advance, intellectual development, spirituality conducts and customer satisfaction concern. This study aims to explore the inclination of firms to adopt all these strategies in, factors that contribute to the adoption of all these strategies and significant relationship between these strategies of firms in the context of Malaysian firms.

Using primary data from the survey on a sample of firms in the financial sector of Malaysia, the study adopts several methods of analysis such as t-test for dependent sample, t-test for independent sample and correlation. Furthermore, ordinary least squares regressions are estimated to determine factors that have an impact on a particular strategy.

It is found that the strategies of the unified theory of the firm significantly contributed to the education level of managers. Highly educated managers tend to adopt strategies most of the time. It is also found that scores of customer satisfaction concern are highly related to scores of intellectual development and spirituality conduct. The correlation coefficient is also high between spirituality conduct and intellectual development.

The study analyzes the adoption of important strategies of a unified theory of firm among several firms using first-hand data (primary data) collected from the survey.