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Open Access
Article
Publication date: 4 January 2021

Sherin Kunhibava, Zakariya Mustapha, Aishath Muneeza, Auwal Adam Sa'ad and Mohammad Ershadul Karim

This paper aims to explore issues arising from ṣukūk (Islamic bonds) on blockchain, including Sharīʾah (Islamic law) and legal matters.

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Abstract

Purpose

This paper aims to explore issues arising from ṣukūk (Islamic bonds) on blockchain, including Sharīʾah (Islamic law) and legal matters.

Design/methodology/approach

A qualitative methodology is used in conducting this research where relevant literature on ṣukūk was reviewed. Through a doctrinal approach, the paper presents analyses on the practice of ṣukūk and ṣukūk on blockchain by discussing its legal, Sharīʾah and regulatory issues. This culminates in a conceptual analysis of blockchain ṣukūk and its peculiar challenges.

Findings

This paper reveals that digitizing ṣukūk issuance through blockchain remedies certain inefficiencies associated with ṣukūk transactions. Indeed, structuring ṣukūk on a blockchain platform can increase transparency of underlying ṣukūk assets and cash flows in addition to reducing costs and the number of intermediaries in ṣukūk transactions. The paper likewise brings to light legal, regulatory, Sharīʾah and cyber risks associated with ṣukūk on blockchain that confront investors, practitioners and regulators. This calls for deeper collaboration in research among Sharīʾah scholars, lawyers, regulators and information technology experts.

Research limitations/implications

As a pioneering subject, the paper notes the prospects of blockchain ṣukūk and the current dearth of literature on it. The paper would assist relevant Islamic capital market entities and authorities to determine the potential and impact of blockchain ṣukūk in their respective businesses and the financial system.

Practical implications

Blockchain ṣukūk will assist in addressing issues inherent in classical ṣukūk and in paving the way to innovative solutions that will facilitate and enhance the quality of ṣukūk transactions. For that, ṣukūk would require appropriate regulatory technology to address its governance and regulation peculiarities.

Originality/value

Integrating ṣukūk with blockchain technology will add value to it. The paper advances the idea that blockchain ṣukūk revolutionises ṣukūk and enhances its practice against known inadequacies.

Details

ISRA International Journal of Islamic Finance, vol. 13 no. 1
Type: Research Article
ISSN: 0128-1976

Keywords

Article
Publication date: 18 October 2021

Khotso Dithebe, Wellington Didibhuku Didibhuku Thwala, Clinton Ohis Aigbavboa, David J. Edwards, Susan Hayhow and Saeed Talebi

The purpose of this paper is to introduce the use of critical success factors (CSFs) of stakeholder management as a possible solution to reduce disputes experienced because of…

Abstract

Purpose

The purpose of this paper is to introduce the use of critical success factors (CSFs) of stakeholder management as a possible solution to reduce disputes experienced because of legal and regulatory issues in public–private partnership (PPP) projects.

Design/methodology/approach

This paper’s epistemological positioning adopted positivism and deductive reasoning to investigate the dispute phenomena on PPP projects. A survey strategy was adopted using a structured questionnaire and closed-ended Likert scales to collate primary data. Questionnaires were distributed to South African construction professionals using both purposive and snowballing non-probability sampling techniques. Data was analysed using summary statistical analysis of the CSFs identified from literature.

Findings

This study revealed that among the 19 CSFs identified, five factors were highlighted that could contribute to the alleviation of disputes between stakeholders in PPP projects, namely, adequate project planning and control; effective leadership; appropriate strategies for the management of stakeholders; confirmation of clear goals and objectives of the project; and effective communication.

Originality/value

The strength of this study lies in the evaluation and use of CSFs of stakeholder management as a possible solution to minimise or even avoid disputes as a result of legal and regulatory issues in PPP projects. By integrating the CSFs, the legal and contractual misconceptions of the PPP initiative are clarified. Such work represents a novel contribution to procurement practice in South Africa and maybe to other countries internationally who are grappling with similar issues.

Details

Journal of Engineering, Design and Technology , vol. 21 no. 2
Type: Research Article
ISSN: 1726-0531

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 of…

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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

Article
Publication date: 12 November 2020

Zakariya Mustapha, Sherin Binti Kunhibava and Aishath Muneeza

The purpose of this paper is to review the literature on Islamic finance vis-à-vis legal and Sharīʿah non-compliance risks in its transactions and judicial dispute resolution in…

Abstract

Purpose

The purpose of this paper is to review the literature on Islamic finance vis-à-vis legal and Sharīʿah non-compliance risks in its transactions and judicial dispute resolution in Nigeria. This is with a view to putting forward direction for future studies on the duo of legal and Sharīʿah non-compliance risks and their impact in Islamic finance.

Design/methodology/approach

This review is designed as an exploratory study and qualitative methodology is used in examining relevant literature comprising of primary and secondary data while identifying legal risk and Sharīʿah non-compliance risks of Nigeria’s Islamic finance industry. Using the doctrinal approach together with content analysis, relevant Nigerian laws and judicial precedents applicable to Islamic finance practice and related publications were examined in determining the identified risks.

Findings

Undeveloped laws, the uncertainty of Sharīʿah governance and enforceability issues are identified as legal gaps for Islamic finance under the Nigerian legal system. The gaps are inimical to and undermine investor confidence in Nigeria’s Islamic finance industry. The review reveals the necessity of tailor-made Sharīʿah-based regulations in addition to corresponding governance and oversight for a legally safe and Sharīʿah-compliant Islamic finance practice. It brings to light the imperative for mitigating the legal and Sharīʿah non-compliance risks associated with Islamic finance operations as crucial for Islamic finance businesses, Islamic finance institutions and their sustainable development.

Research limitations/implications

Based on content analysis, the review is wholly doctrinal and does not involve empirical data. Legal safety and Sharīʿah compliance are not to be compromised in Islamic finance operations. The review would assist relevant regulators and investors in Islamic financial enterprises to understand and determine the impact and potential ramifications of legal safety and Sharīʿah non-compliance on Islamic Finance Institutions.

Practical implications

This study provides an insight into the dimensions and ramifications of legal and Sharīʿah non-compliance risks of Nigeria’s Islamic finance industry. This study is premised on the imperative for research studies whose outcome would inform regulations that strike a balance between establishing Islamic financial institution/business and ensuring legal certainty and Sharīʿah compliance of their operations. This study paves way for this kind of research studies.

Originality/value

The findings and discussions provide a guide for regulators and researchers on the identification and mitigation of legal and Sharīʿah non-compliance risks in Islamic finance via a literature review. This study, the first of its kind in Nigeria, advances the idea that research into legal and Sharīʿah non-compliance risks of Islamic financial entities is key to mitigating the risks and fostering the entities and their businesses.

Details

International Journal of Law and Management, vol. 63 no. 2
Type: Research Article
ISSN: 1754-243X

Keywords

Article
Publication date: 20 November 2009

Abu Umar Faruq Ahmad and M. Kabir Hassan

The purpose of this paper is to contribute to the existing body of work in the area of Islamic finance by examining the regulation of Islamic finance in Australia.

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Abstract

Purpose

The purpose of this paper is to contribute to the existing body of work in the area of Islamic finance by examining the regulation of Islamic finance in Australia.

Design/methodology/approach

The method employed in this paper is a mixture of direct observation from legal and regulatory perspectives and authors' personal experience, curiosity, and association with this industry.

Findings

In Australia, where Muslims are minorities and full‐fledged Islamic banks are absent, it is expected that regulatory authorities would ensure there is a level playing field, so that neither Islamic financial services providers (IFSPs) nor conventional financial institutions are disadvantaged. They have also been expected to approve and monitor Islamic financial products, including those offered by Islamic managed funds.

Research limitations/implications

The study is undertaken through the Shari'ah, where law, finance, economics, and business form a single dimension only, even though a very significant one. No attempt is made to evaluate the economic efficiency and profitability or otherwise, of IFSPs in Australia. Also, the approach for the study is not supplemented by any empirical work (e.g. by quantitative analysis of data or by survey or other qualitative methodologies).

Practical implications

The paper practically examines: the impact of banking and financial services regulation on Islamic banking and financing practice in Australia; and what further legislative measures and changes are needed to accommodate Islamic financing practice into Australian society to make it a truly viable alternative system of financing for Muslims in Australia.

Originality/value

Examination of the issues of the study is originally undertaken through one of the authors' personal expertise and working experience with some IFSPs in Australia, aiming at developing the relevant regulations by the Australian regulatory regime to make Islamic finance a viable alternative system of financing for Muslims in Australia.

Details

International Journal of Islamic and Middle Eastern Finance and Management, vol. 2 no. 4
Type: Research Article
ISSN: 1753-8394

Keywords

Article
Publication date: 21 November 2008

Andreas Jobst, Peter Kunzel, Paul Mills and Amadou Sy

The most popular form of Islamic finance is commonly referred to as sukuk – wholesale, asset‐based capital market securities. The purpose of this paper is to enhance the general…

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Abstract

Purpose

The most popular form of Islamic finance is commonly referred to as sukuk – wholesale, asset‐based capital market securities. The purpose of this paper is to enhance the general understanding of essential policy considerations in the creation and development of sukuk markets.

Design/methodology/approach

This policy paper reviews the key developments in the sukuk market and informs a debate about challenges and opportunities going forward. The paper presents a qualitative analysis of economic, regulatory and legal issues that warrant consideration.

Findings

The paper finds that while the sukuk market continues to generate strong interest by new issuers in Muslim and non‐Muslim countries alike, some critical constraints arising from continued legal uncertainty and regulatory divergences still need to be overcome. As issuers weigh the costs and benefits of sukuk issuance in a broad policy context, continued efforts will be required to overcome a series of economic, legal and regulatory issues.

Originality/value

The paper presents, for the first time, a structured analysis of sukuk markets aimed at identifying key considerations for sovereign debt managers, especially in non‐Muslim countries.

Details

International Journal of Islamic and Middle Eastern Finance and Management, vol. 1 no. 4
Type: Research Article
ISSN: 1753-8394

Keywords

Article
Publication date: 4 September 2017

Jeremy C. Wells and Lucas Lixinski

Existing regulatory frameworks for identifying and treating historic buildings and places reflect deference to expert rule, which privileges the values of a small number of…

Abstract

Purpose

Existing regulatory frameworks for identifying and treating historic buildings and places reflect deference to expert rule, which privileges the values of a small number of heritage experts over the values of the majority of people who visit, work, and reside in historic environments. The purpose of this paper is to explore a fundamental shift in how US federal and local preservation laws address built heritage by suggesting a dynamic, adaptive regulatory framework that incorporates heterodox approaches to heritage and therefore is capable of accommodating contemporary sociocultural values.

Design/methodology/approach

The overall approach used is a comparative literature review from the fields of heterodox/orthodox heritage, heterodox/orthodox law, adaptive management, and participatory methods to inform the creation of a dynamic, adaptive regulatory framework.

Findings

Tools such as dialogical democracy and participatory action research are sufficiently pragmatic in implementation to envision how an adaptive regulatory framework could be implemented. This new framework would likely require heterodox definitions of law that move beyond justice as a primary purpose and broaden the nature of legal goods that can be protected while addressing discourses of power to benefit a larger group of stakeholders.

Practical implications

The authors suggest that an adaptive regulatory framework would be particularly beneficial for architectural and urban conservation planning, as it foregrounds considerations other than property rights in decision-making processes. While such a goal appears to be theoretically possible, the challenge will be to translate the theory of an adaptive regulatory framework into practice as there does not appear to be any precedent for its implementation. There will be issues with the need for increased resources to implement this framework.

Originality/value

To date, there have been few, if any, attempts to address critical heritage studies theory in the context of the regulatory environment. This paper appears to be the first such investigation in the literature.

Details

Journal of Cultural Heritage Management and Sustainable Development, vol. 7 no. 3
Type: Research Article
ISSN: 2044-1266

Keywords

Article
Publication date: 1 August 2001

Judith W. Spain, Carolyn F. Siegel and Rosemary P. Ramsey

The online distribution of prescription‐only pharmaceutical products raises serious legal and regulatory issues, including how governments, agencies, or organizations will…

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Abstract

The online distribution of prescription‐only pharmaceutical products raises serious legal and regulatory issues, including how governments, agencies, or organizations will regulate and monitor such activities, particularly when the distributors are offshore Web sites. This paper discusses the current regulatory environment for marketing prescription‐only drugs online and distributing them across national borders, along with product liability issues. Four hypothetical scenarios focus on key legal and regulatory issues.

Details

International Marketing Review, vol. 18 no. 4
Type: Research Article
ISSN: 0265-1335

Keywords

Article
Publication date: 12 September 2008

Michael Strug

This paper aims to broadly discuss the consequences of EU enlargement on the Polish banking sector and the issues arising from it.

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Abstract

Purpose

This paper aims to broadly discuss the consequences of EU enlargement on the Polish banking sector and the issues arising from it.

Design/methodology/approach

There are two broad objectives of the paper – first, to discuss the scope and evolution of banking and regulatory reforms since Poland's accession to the EU and second, to examine some of the specific legal and regulatory issues that have arisen from the implementation of third capital adequacy directive (CAD3) in the Polish banking sector.

Findings

Implications of CAD3 implementation in Poland include: Poland's capability of co‐operating within the EU financial sphere; making the Polish financial sector internationally competitive; opportunity for growth for the Polish banking sector; and a major overhaul of capital adequacy laws and institutions. A proposed mode of CAD3 implementation as an example of integrating Poland into the EU include: understanding the historical transformation process that the state underwent; using international experiences in regulating the corresponding sector; and taking into account factors specific to emerging economies where the integration takes place. Examples include: social banking and the need to create a regulatory body first then implementing and enforcing regulations.

Originality/value

This paper explores the integration of Poland with the European Union on the example of banking regulatory reforms and CAD3 implementation. It makes a case for the implementation of the CAD3 rather than looking at the methods, modes and rules governing the implementation of CAD3.

Details

International Journal of Law and Management, vol. 50 no. 5
Type: Research Article
ISSN: 1754-243X

Keywords

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