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Open Access
Article
Publication date: 4 August 2020

Maya Puspa Rahman, Mohamed Asmy Mohd Thas Thaker and Jarita Duasa

Crowdfunding has become one of the preferred mechanisms to raise funds by startups and small entrepreneurs. As such, this paper aims to develop an appropriate framework…

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Abstract

Purpose

Crowdfunding has become one of the preferred mechanisms to raise funds by startups and small entrepreneurs. As such, this paper aims to develop an appropriate framework for Sharīʿah-compliant equity-based crowdfunding (SEC) for entrepreneurship development in Malaysia.

Design/methodology/approach

The research begins by analyzing the intention of 200 entrepreneurs in Kuala Lumpur and Selangor regarding the use of crowdfunding to raise capital. The analysis is based on the theory of reasoned action (TRA), which is also associated with the technology acceptance model (TAM) and is effected by using structural equation modeling (SEM).

Findings

The entrepreneurs agree on the ease of use of crowdfunding in raising capital, although it appeared that they are quite reluctant to share their business ideas online. Subsequently, an SEC framework is proposed, to further enhance entrepreneurship development in Malaysia particularly in meeting the need for raising funds in line with Sharīʿah (Islamic law) principles.

Practical implications

This paper aims to contribute more to the development of a blueprint for an SEC platform for market players and regulators in Malaysia.

Social implications

This paper also aims to highlight the growing needs of entrepreneurs, particularly in Malaysia to have a Sharīʿah-compliant alternative to raise funds via crowdfunding.

Originality/value

This paper makes two main contributions. First, it provides evidence on Malaysian entrepreneurs’ intention to use crowdfunding for fundraising through TAM and SEM analysis. Second, it proposes an SEC framework for the development of entrepreneurs in Malaysia.

Details

ISRA International Journal of Islamic Finance, vol. 12 no. 2
Type: Research Article
ISSN: 0128-1976

Keywords

Article
Publication date: 14 December 2021

Meri Indri Hapsari, Mohamed Asmy Bin Mohd Thas Thaker, Mustafa Omar Mohammed and Jarita Duasa

This paper aims to inquire about the opinions and recommendations of various experts on the crowdfunding waqf model (CWM), particularly in terms of its suitability…

Abstract

Purpose

This paper aims to inquire about the opinions and recommendations of various experts on the crowdfunding waqf model (CWM), particularly in terms of its suitability, applicability and prospect in the market.

Design/methodology/approach

This paper used primary data which are collected from semi-structured interviews conducted with several experts from various backgrounds. For examining the data, this paper has used thematic analysis.

Findings

The experts support the suitability of CWM in providing financing resource to develop waqf lands. They highlight the importance of establishing, managing and operating CWM under the aegis of the State Islamic Religious Council in Malaysia and supervising by the Wakaf, Zakat or Hajj Department (JAWHAR). They further point out that the donors or crowdfunders, interesting project, promotion and regulation are key factors that influence the sustainability of CWM.

Originality/value

This paper adds to the literature on waqf land and crowdfunding, especially from the Malaysian context. This paper validates the CWM in terms of its suitability, applicability and prospect in the market by interviewing experts from various backgrounds.

Details

Journal of Islamic Accounting and Business Research, vol. 13 no. 3
Type: Research Article
ISSN: 1759-0817

Keywords

Open Access
Article
Publication date: 2 June 2020

Jarita Duasa and Nur Hidayah Zainal

The purpose of this study is to adopt quantile regression to investigate the impact of several factors on per capita income of participants of micro-financing scheme…

1005

Abstract

Purpose

The purpose of this study is to adopt quantile regression to investigate the impact of several factors on per capita income of participants of micro-financing scheme (Amanah Ikhtiar Malaysia [AIM]), who are mostly women at different point on the income distributions.

Design/methodology/approach

This study uses data collected from a survey on respondents who are the participants of AIM program using convenience sampling in Perak and Kelantan.

Findings

The empirical results show that the value of asset, value of loan, household size, ratio of spending to income and dummy state are consistently giving similar impacts on per capita income of participants at different quantiles.

Originality/value

However, age negatively and significantly affects per capita income only at middle and lower quantiles but not at higher quantile of per capita income.

Details

Ecofeminism and Climate Change, vol. 1 no. 1
Type: Research Article
ISSN: 2633-4062

Keywords

Article
Publication date: 2 March 2022

Meri Indri Hapsari, Mohamed Asmy Bin Mohd Thas Thaker, Mustafa Omar Mohammed and Jarita Duasa

This paper investigates the probability that people (prospective donors) would be willing to use the crowdfunding-Waqf model (CWM), depending on certain variables and…

Abstract

Purpose

This paper investigates the probability that people (prospective donors) would be willing to use the crowdfunding-Waqf model (CWM), depending on certain variables and characteristics. This study aims to develop an alternative financial model to address Malaysia’s Waqf land financing problem.

Design/methodology/approach

A survey study was conducted to assess the probability that people would be willing to use the CWM. This study used descriptive analysis and the logistic regression model as analytical tools. Descriptive analysis was conducted using frequencies, which means the number of respondents for each variable or item, such as demographic variables. The logistic regression model was used to obtain the probability that individuals would be willing to use the CWM, based on certain variables.

Findings

This study found that perceived usefulness, perceived ease of use, gender and Waqf knowledge positively affected the likelihood that people would willingly use the CWM for developing Waqf land. In contrast, other factors such as age group, marital status, income level, internet usage, perceived risk of crowdfunding and Waqf perception did not affect this likelihood. Further investigation indicated that being of middle-income level and possessing crowdfunding knowledge positively affected the likelihood that people were willing to use the CWM. The highest probability of the willingness to use the CWM was identified among middle-income males who knew about Waqf and perceived the CWM as useful and easy to use.

Research limitations/implications

The results of this study and other key findings are expected to be implemented by Waqf institutions in Malaysia to develop policies related to Waqf land in general or to the CWM in particular. The findings are also expected to benefit individuals, organisations and countries, and they could also be adapted and validated in other nations.

Originality/value

This study focused on developing a better chance of finding people with specific characteristics and factors that lead them to intentionally use the CWM. The probability of willingness to use the CWM based on certain variables has not yet been evaluated. Recognising how higher probabilities can be identified using every factor and characteristic will enable future CWM users to be better mapped, which is expected to increase the effectiveness of developing the CWM.

Details

International Journal of Ethics and Systems, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 2514-9369

Keywords

Article
Publication date: 25 June 2021

Jarita Duasa, Afifah Muhamad Husin, Mohamed Asmy Mohd Thas Thaker and Maya Puspa Rahman

The sources of collagens and gelatins are recently being questioned because it sourced from porcine or non-halal slaughtered animals. There are also concerns regarding the…

Abstract

Purpose

The sources of collagens and gelatins are recently being questioned because it sourced from porcine or non-halal slaughtered animals. There are also concerns regarding the transfer of diseases from animal sources of collagen to human users. This study aims to propose an alternative source of collagen using recombinant collagen-like protein (halal-based) and to analyze factors contribute to the probability of using this alternative source of collagen among consumers in Malaysia.

Design/methodology/approach

Survey data collected are tested empirically using statistical tools and logistic regression.

Findings

This study finds two important inferences. First, the probability consumers opt for the alternative source of collagen is significantly determined by age of consumers and the level of their incomes. The likelihood of the consumers to opt for this alternative source of collagen is higher among elderly and lower income consumers. Second, the probability of using this alternative source of collagen with the purpose to protect the marine life is higher among young and lower income consumers. Thus, marketing variations of a product using this alternative source of collagen that is targeted to high age bracket and low income group of consumers often sees as a good strategy as compared with a more generalized marketing strategy. The younger consumers are also among potential consumers whose concern is more on health without endangering marine species or biodiversity.

Research limitations/implications

The scope of areas in this study is limited to Klang Valley (Selangor and Kuala Lumpur, Malaysia). The respondents are those staying and working in these areas regardless of citizenship and ethnicity.

Originality/value

This study is proposing a new and promising way for mass production of collagen using recombinant collagen-like protein. Collagen-like protein was found in bacteria, and it may represent an alternative biosynthetic collagen material which is expected to be an alternative of the existing sources which are non-halal and endanger biodiversity and ecosystem.

Details

Journal of Islamic Marketing, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1759-0833

Keywords

Article
Publication date: 29 January 2020

Jarita Duasa, Suhaimi Mhd Sarif and Nur Arfifah Abdul Sabian

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…

Abstract

Purpose

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.

Design/methodology/approach

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.

Findings

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.

Originality/value

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.

Details

Journal of Islamic Accounting and Business Research, vol. 11 no. 7
Type: Research Article
ISSN: 1759-0817

Keywords

Article
Publication date: 3 December 2018

Hassanudin Mohd Thas Thaker, Azhar Mohamad, Nazrol Kamil Mustaffa Kamil and Jarita Duasa

This study aims to document the influence of information content and the informativeness of analyst reports towards cumulative abnormal return in the Malaysian market.

Abstract

Purpose

This study aims to document the influence of information content and the informativeness of analyst reports towards cumulative abnormal return in the Malaysian market.

Design/methodology/approach

Samples of analyst reports for the period 4th January 2010 until 24th December 2015 were collected from the Bursa Malaysia’s repository system for daily basis information. The study uses market-adjusted method for the calculation of cumulative abnormal return and panel regression to test the research objective. In addition, diagnostic tests, which include the variance inflation factor (VIF), correlation analysis, heteroscedasticity tests, serial auto-correlation and the Hausman test, were also performed to ensure the validity and reliability of the data.

Findings

Result from the unbalanced panel data reveals that not all information contained in the analyst reports is able to detect stock returns movement. Only five variables are shown to have a strong association with the returns, and these are target price, earnings forecast, return on equity, cash flows to price and sales to price ratio. The R-square value has also been shown to be relatively low (0.79 per cent), indicating the low predictive power of information content and the informativeness of the analyst report in explaining stock returns. To support the findings based on the knowledge obtained, a descriptive analysis on whether the analyst reports were able to predict the recommendation accurately was performed. Result from the descriptive analysis shows that only 57 per cent of the recommendations are accurate, evidenced by the differing target price and ending price. This outcome appears to contradict the theory of signalling hypothesis. Hence, it can be concluded that analyst reports have less informational role among investors.

Originality/value

This paper has, thus, provided insight into how information disclosed in the analyst report influence the return of stocks, further extending the limited research on analyst report in the context of the Malaysian markets. The paper has also added to the existing literature by providing several implications to practitioners and researchers alike.

Details

Journal of Financial Reporting and Accounting, vol. 16 no. 4
Type: Research Article
ISSN: 1985-2517

Keywords

Article
Publication date: 29 January 2020

Hassanudin Mohd Thas Thaker, Azhar Mohamad, Nazrol Kamil Mustaffa Kamil and Jarita Duasa

This paper aims to investigate the value of information content and informativeness of the analyst report for Sharīʿah-compliant shares in Malaysia.

Abstract

Purpose

This paper aims to investigate the value of information content and informativeness of the analyst report for Sharīʿah-compliant shares in Malaysia.

Design/methodology/approach

The authors use a sample of 657 daily published analyst reports on Sharīʿah-compliant shares from 2010 to 2015, which were downloaded from Bursa Malaysia’s repository system. The method was quantitative in nature and panel regression analysis was used. Diagnostics tests including the variance inflation factor, correlation analysis, heteroskedasticity test, serial auto-correlation and the Hausman test were performed to ensure validity and reliability of data. The significance of the variables indicated whether the analyst reports contained valuable information on Shariah compliancy.

Findings

Results obtained from the FEM-Robust model revealed that the R2 value was equivalent to 0.79 per cent, suggesting that the power of return explained by the information content and informativeness was less for Sharīʿah-compliant shares. The F-statistics were statistically significant for all models, postulating that the data used were reliable and fit for the purpose of analysis. The findings showed that the information content of target price and earnings forecasts significantly influenced the returns of Sharīʿah-compliant shares. In terms of informativeness, return on equity, sales to price ratio and cash flow to price were associated with the returns of the shares.

Practical implications

The outcome from this finding confirmed that the analyst report retained its position as a good source of reference when making investment decisions. However, the disclosure of information in the form of qualitative information together with fundamental information should be enhanced for Sharīʿah-compliant share so that investors would have adequate information when making an investment decision.

Originality/value

This study will supply more insights into the matter of information content and informativeness of the analyst report in Malaysia by focussing on Sharīʿah-compliant shares, which is practically an underexplored research area in Malaysia.

Details

Journal of Islamic Accounting and Business Research, vol. 11 no. 4
Type: Research Article
ISSN: 1759-0817

Keywords

Article
Publication date: 5 September 2016

Mohamed Asmy Bin Mohd Thas Thaker, Mustafa Omar Mohammed, Jarita Duasa and Moha Asri Abdullah

This paper aims to attempt to offer a viable alternative model of source of financing which is known as integrated cash waqf micro enterprises investment (ICWME-I) model…

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Abstract

Purpose

This paper aims to attempt to offer a viable alternative model of source of financing which is known as integrated cash waqf micro enterprises investment (ICWME-I) model for micro enterprises in Malaysia.

Design/methodology/approach

The literature on the issues of accessing to finance faced by micro enterprises and cash waqf are reviewed critically and used in the attempt of proposing an alternative model.

Findings

The paper has developed ICWME-I model as a source of financing for micro enterprises. This model is expected to provide financial services by using cash waqf fund and involved the participatory contract between non-profit organization and micro enterprises. In addition, with the proposed model, there will be no collateral requirement, interest rate and other stringent requirements which usually imposed by existing conventional financial institutions.

Research limitations/implications

The paper is based on conceptual explorations of literature in the area of micro enterprises and cash waqf. This is a conceptual paper, so it did not use any empirical analysis.

Practical implications

The findings of this paper will provide micro enterprises with an alternative source of financing to start-up or expand their business by using cash waqf fund. The present study also has implications for government and policy makers. With the involvement of non-profit organization that is proposed in this model, it helps the government to reduce its expenses for the development of micro enterprises.

Originality/value

This paper offers an additional literature on cash waqf especially from the Malaysian context. Furthermore, this paper adds to the literature on waqf and cash waqf. The paper proposes a viable alternative model for micro enterprises as a source of financing by using cash waqf fund. This model incorporates Musharakah Mutanaqisah (diminishing partnership) as a financial arrangement between non-profit organization and micro enterprises.

Details

Journal of Islamic Accounting and Business Research, vol. 7 no. 4
Type: Research Article
ISSN: 1759-0817

Keywords

Article
Publication date: 2 September 2014

Lama Tarek Al-Kayed, Sharifah Raihan Syed Mohd Zain and Jarita Duasa

This paper aims to examine the effect of capital structure on Islamic banks’ (IBs) performance to provide guidance to finance managers for raising capital funds. As…

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Abstract

Purpose

This paper aims to examine the effect of capital structure on Islamic banks’ (IBs) performance to provide guidance to finance managers for raising capital funds. As newcomers to the markets, IBs are facing a trade-off. They can either use high capital ratios which increase the soundness and safety of the bank and lower the required return by investors, or depend on deposits and Islamic bonds which are considered cheaper sources of funds due to their tax rebate. An IB’s management must carefully decide the appropriate mix of debt and equity, i.e. capital structure, to maximize the value of the bank.

Design/methodology/approach

Using a sample of 85 IBs covering banking systems in 19 countries, the study uses a two-stage least squares method to examine the performance determinants of IBs to control the reverse causality from performance to capital structure.

Findings

After control of the macroeconomic environment, financial market structure and taxation, results indicate that IBs’ performance (profitability) responds positively to an increase in equity (capital ratio). The result is consistent with the signaling theory which predicts that banks expected to have better performance credibly transmit this information through higher capital. Optimal capital structure results of the IBs found a non-monotonic U-shaped relationship between the capital-asset ratio and profitability, supporting the efficiency risk and franchise value hypotheses.

Research limitations/implications

Due to limitations for market data, the study uses book accounting ratios. Future research where market data are available could use performance measures, such as Tobin’s Q in performance determinants models.

Practical implications

The non-monotonic relationship found between IBs’ return on equity and capital ratios suggests that equity issuances for IBs’ with low capital ratios (lower than the turning point of 37.41 per cent) are expensive and have a negative effect on their profitability. On the other hand, managers of well-capitalized IBs (banks with capital ratios beyond 37.41 per cent) are advised to rely on equity when faced by a decision to raise capital, as the capital ratio starts to affect their profitability positively.

Originality/value

Islamic banking literature has been silent on IBs’ capital structure and its relevance; this study will try to fill in the existent gap.

Details

Journal of Islamic Accounting and Business Research, vol. 5 no. 2
Type: Research Article
ISSN: 1759-0817

Keywords

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