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1 – 10 of 19Hanudin Amin, Faizah Panggi, Imran Mehboob Shaikh and Muhamad Abduh
The purpose of this study is to develop a new framework to measure waqif preference of waqf-based qardhul hassan financing in Malaysia.
Abstract
Purpose
The purpose of this study is to develop a new framework to measure waqif preference of waqf-based qardhul hassan financing in Malaysia.
Design/methodology/approach
Using a maqāṣid approach, this study’s data were drawn from 286 valid usable questionnaires to examine the effects of consumer, family, ummah and humanity factors on the preference.
Findings
The study found that the said factors sourced from Attia’s maqāṣid al-Shariah were instrumental in determining waqif preference to donate in waqf-based qardhul hassan financing.
Research limitations/implications
Like others, this study’s findings are limited in terms of their generalisations and applications. The theory, context and variables used should be expanded in future works.
Practical implications
The results obtained are useful as a yardstick to enable the offered waqf-based qardhul hassan financing for improved mutual well-being among different classes of the wealth of societal groups in Malaysia. Furthermore, the results provide valuable insights into the direction for practitioners mainly managers involved in introducing waqf-based qardhul hassan financing as a new Islamic social financial instrument for poor and needy folks, at best.
Originality/value
This study is novel in terms of the proposed conceptual framework, where the waqif perspective comes into play.
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Hanudin Amin, M. Kabir Hassan and Imran Mehboob Shaikh
The purpose of this study is to examine donors’ or waqifs’ desire for waqf-based qardhul hassan financing in Malaysia using a maqasid method, where a pragmatic approach is used.
Abstract
Purpose
The purpose of this study is to examine donors’ or waqifs’ desire for waqf-based qardhul hassan financing in Malaysia using a maqasid method, where a pragmatic approach is used.
Design/methodology/approach
Using judgemental sampling, a total of 275 waqifs participated in this work to identify their preference in donating their money to the facility should it is introduced. Using the developed waqf-based qardhul hassan scale (WAQASCALE), this study examined the preference accordingly. Data were analysed using IBM SPSS 27.
Findings
The results obtained were as follows: the first factor considered by the waqifs in donating money was perceived household well-being, followed by perceived recipients’ welfare, perceived mankind benevolence and perceived Muslims’ community security.
Research limitations/implications
The authors developed construct items that had generalisability issues as they were at the infancy stage of development among social finance scientists along with the narrow geographical constraint where the actual survey was conducted.
Practical implications
The results were useful in giving new guidance to state governments and Islamic banks (IBs) in Malaysia to explore further this sort of facility for the improved well-being of those affected by COVID-19. Besides, sustainable development goals (SDGs), such as poverty, hunger and responsible consumption, among others can be addressed effectively for the mutual well-being of those affected by the health crisis in an effort of combating financial hardships in the meeting of basic needs, at least. The partnership between the state government and IBs could lead to the offered qardhul hassan financing-sourced funding from waqf for reduced financial hardships by needy and poor folks.
Originality/value
This study introduced a new WAQASCALE in the context of qardhul hassan financing in Malaysia.
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Ahmad Alrazni Alshammari, Othman Altwijry and Andul-Hamid Abdul-Wahab
From 1979 to 2023, the takaful structure has been adopted in many jurisdictions, making the documenting of its early days of establishment relatively difficult and somewhat…
Abstract
Purpose
From 1979 to 2023, the takaful structure has been adopted in many jurisdictions, making the documenting of its early days of establishment relatively difficult and somewhat unreliable. This is unlike conventional insurance, where the history and legislation are well documented and archived in various research (Hellwege, 2016; Marano and Siri, 2017). The purpose of this paper is to provide a chronology for the establishment and development of takaful via the takaful establishment in each jurisdiction, documenting its first takaful operator and first takaful regulation.
Design/methodology/approach
This paper has used a qualitative method in the form of reviewing literature and available data such as journals, books and official resources. The data is thoroughly analysed in order to build the chronology for takaful. It adopted an exploratory research design, which is deemed suitable in situations where few works of literature have examined the subject (Neuman, 2014). The paper explores the establishment and non-establishment of takaful in 57 countries. The paper categorises the countries into seven regions starting with the GCC, Levant, Asia, Central Asia, Africa, Europe and Others.
Findings
The takaful chronology presented in this paper shows that takaful operations exist in 47 jurisdictions, starting from Sudan and the UAE in 1979, with the most recent adopters being Morocco and Iran in December 2021. It is found that 22 jurisdictions do not have takaful regulations, and the Takaful Act 1984, issued in Malaysia, is considered the first takaful regulation that sets the basis for other regulations that follow.
Originality/value
The paper contributes to the literature by providing a comprehensive chronology of takaful, especially as the few existing timelines have been found to be incomplete and consist of contradictory information.
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Yunice Karina Tumewang, Herlina Rahmawati Dewi and Hanudin Amin
The purpose of this paper is to build a relationship between the quantitative and structural indicators of maqashid sharia studies produced from bibliometric analysis and the…
Abstract
Purpose
The purpose of this paper is to build a relationship between the quantitative and structural indicators of maqashid sharia studies produced from bibliometric analysis and the conceptual discussion developed through a thorough review of selected key literature.
Design/methodology/approach
The study uses bibliometric analysis, collecting information drawn from 219 articles published in 68 journals during the period of 2006–2022. This study uses VOSviewer, RStudio, Microsoft Excel, and an examination of research time periods using the Scopus database to illustrate the citation analysis and keyword map. It is also strengthened by content analysis of selected studies.
Findings
The main research theme found in this study is the application of maqashid sharia in Islamic banks, with Islamic banks and Islamic finance among the most frequently used keywords. Meanwhile, the geographical spread of maqashid sharia research has reflected its universal acceptance, as it has spread across both Muslim-dominant and non-Muslim-dominant countries. Besides, maqashid sharia is found to be an extremely important subject for ensuring the ethical dimension of Islamic finance products and services, a more inclusive human development index, and contributing to the international agenda of Sustainable Development Goals. Lastly, future research is expected to broaden it into a multi-dimensional horizon, with several recommendations offered to enrich the understanding of maqashid sharia.
Practical implications
The findings of this study can be beneficial to multiple stakeholders in Islamic finance industry, including the management of Islamic banks, who can enhance the values of maqashid sharia in designing their products/services, and the regulators, who can formulate regulatory frameworks which are reflective of maqashid sharia principles.
Social implications
This study will assist future scholars in this field to formulate and design exciting research ideas and models to address the deficiencies found in the current implementation of maqashid sharia within Islamic finance industry.
Originality/value
The primary contribution of this study is to provide comprehensive review and discussion of selected significant literature on maqashid sharia and give direction for future research. In addition, this study also extends and incorporates the results of bibliometrics using the recent maqashid sharia studies published at the end of 2022.
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Hamdy Abdullah, Fahru Azwa Md Zain, Sheikh Ahmad Faiz Sheikh Ahmad Tajuddin, Nik Hazimi Mohammed Foziah and Muhammad Shahrul Ifwat Ishak
Many scholars have primarily disregarded employee motivation in the context of Western and Islamic ideas. To better understand employee motivation, this paper aims to explore a…
Abstract
Purpose
Many scholars have primarily disregarded employee motivation in the context of Western and Islamic ideas. To better understand employee motivation, this paper aims to explore a novel approach of fusing McClelland’s needs theory (i.e. achievement, power and affiliation) with Maqasid Shariah.
Design/methodology/approach
This study adopts a theoretical research design. There will be a thorough literature study of McClelland’s theory, Maqasid Shariah, and employee motivation. Qualitative content analysis is used to examine and compile pertinent ideas. To give a thorough framework for comprehending employee motivation from both Western and Islamic ethical viewpoints, McClelland’s theory and Maqasid Shariah are integrated.
Findings
This paper has conceptualized the integration of Maqasid Shariah’s five requirements with McClelland’s need theory. It is suggested that Maqasid Shariah and McClelland’s need theory be combined to understand employee motivation. For employees, the integration of McClelland’s need theory and Maqasid Shariah entails developing a work environment that attends to their many needs, is consistent with Islamic principles, encourages justice and equity, supports both professional and personal development and promotes social responsibility. By combining McClelland’s need theory and Maqasid Shariah, 15 propositions are developed to explain employee motivation. The study offers a measurement index to explain employee motivation based on the two theories.
Research limitations/implications
The integration of McClelland’s theory of need and Maqasid Shariah offers expected positive implications. By considering the cultural and religious context in Islamic societies, researchers can adopt a more sensitive approach to studying motivation. This blend provides a holistic understanding of motivation, incorporating individual needs and broader ethical dimensions. Studies may explore the impact on prosocial behavior, organizational values, leadership practices and employee well-being. Understanding the alignment between personal motives and ethical principles can benefit organizations in diverse workplaces, emphasizing long-term sustainability and fostering employee engagement and commitment.
Practical implications
The integration of McClelland’s theory and Maqasid Shariah shows the potential implications to increase employee motivation. This study contributes significantly to Maqasid Shariah theory in business research by guiding ethical decision-making aligned with Islamic values, fostering inclusive workplaces and offering strategies for boosting employee morale. It emphasizes ethical practices, legal compliance and community engagement, while also encouraging sustainable business models that consider societal well-being and the environment.
Originality/value
This paper provides its unique value by being among the first to integrate McClelland’s theory and Maqasid Shariah and providing an innovative approach in developing a new measurement index in the context of employee motivation.
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Abdur Rahman, Abu Umar Faruq Ahmad, Saeed Awadh Bin-Nashwan, Aishath Muneeza, Asma Hakimah Abdul Halim and Ruzian Markom
Green Sukuk (GS) is a recent innovation that has the potential to serve humankind in sustainable development. However, its potential can only be achieved if the proceeds of GS are…
Abstract
Purpose
Green Sukuk (GS) is a recent innovation that has the potential to serve humankind in sustainable development. However, its potential can only be achieved if the proceeds of GS are used for the priority areas needed. Therefore, the purpose of this study is to find out, using selected GS issued to determine whether the proceeds of GS are actually given to the needed areas.
Design/methodology/approach
This is qualitative research utilizing case studies where the “priorities given” areas are observed through information collected from the library that consists of primary and secondary sources, such as statutes, books, articles and internet sources, while “priorities needed to issue GS” areas are determined through information collected from Al-Quran and Hadiths to derive conclusions.
Findings
The outcome of this study reveals some untouched areas that needed immediate attention where GS can be implemented. This study recommends implementing GS for the plant, agriculture, forests, road, water, animal and others. One example in this regard is to create “forest sukuk,” which is a tool for financing forest preservation.
Originality/value
It is anticipated that, via the outcome of this research, GS issuance frameworks can be enhanced, especially in revising the areas in which Sukuk proceeds can be used, and it will provide guidance to the potential GS issuers to choose financing projects.
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Imran Mehboob Shaikh and Hanudin Amin
This paper aims to examine the determinants that influence acceptance towards e-wallet apps by extending the technology acceptance model (TAM) among (asnaf), a term used for…
Abstract
Purpose
This paper aims to examine the determinants that influence acceptance towards e-wallet apps by extending the technology acceptance model (TAM) among (asnaf), a term used for charity or gift receivers from alms tax distribution institutions also known as donee.
Design/methodology/approach
The review of literature and structural equation modelling approach using judgemental sampling on extended TAM and determinants of e-wallet apps’ acceptance related to asnaf (donee) were conducted in a bid to contribute to the factors that are instrumental in determining acceptance of e-wallet services among asnaf.
Findings
The findings indicate that the e-wallet app’s service acceptance is determined not only by perceived usefulness, consumer maqasid index and consumer innovativeness but also by subjective norms. On the contrary, consumer maqasid index and perceived ease of use do not lend themselves to be the factor of asnafs’ e-wallet acceptance. The authors extend the TAM model to determine the factors that may be influential in predicting the e-wallet app acceptance by asnaf.
Research limitations/implications
In assessing future outcomes when different sampling techniques are opted for and geographic coverage is expanded, this study should be considered in terms of the limited scope.
Practical implications
This study is intended to serve as a reference for making a significant contribution related to user acceptance factors related to alms tax-based e-wallet apps in asnafs’ context in Malaysia in terms of both theory and practice.
Originality/value
TAM is extended in the context of e-wallet app acceptance among asnafs’. A variable, namely, consumer innovativeness, is tested using the extended TAM model. To the best of the authors’ knowledge, consumer innovativeness in the context of asnafs’ acceptance of e-wallet apps is yet to be tested. Therefore, this paper will be a useful reference for policymakers, technologists, academicians and future researchers.
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Rafikul Islam, Kazi Md. Tarique and Siti Salwani Razali
The Takāful (Islamic insurance) industry operates on the principles of Maqāṣid al-Sharī’ah, and of late, the industry has witnessed significant market growth. The purpose of this…
Abstract
Purpose
The Takāful (Islamic insurance) industry operates on the principles of Maqāṣid al-Sharī’ah, and of late, the industry has witnessed significant market growth. The purpose of this study is to develop a performance measurement model based on Maqāṣid al-Sharī’ah to evaluate the performance of Takāful firms.
Design/methodology/approach
A mixed-method research approach was adopted to conduct the present study. Priorities were assigned to various dimensions of the Maqāṣid model using analytic hierarchy process and by taking inputs from 18 Takāful experts. On the contrary, six experts were involved in identifying the elements and measures for the operationalization of the Maqāṣid dimensions.
Findings
Maṣlaḥa (0.359) was found to possess the highest priority, followed by Justice (0.345) and Educating Individuals (0.295). Furthermore, under Necessity, protection of religion (0.398) and protection of life (0.388) are assigned almost similar priorities. These two are followed by the protection of progeny (0.107), protection of wealth (0.058) and protection of intellect (0.047). The final outcome of this study is a hierarchical model for the evaluation of performance of Takāful firms.
Practical implications
The application of the performance evaluation model will provide information to the management of Takāful firms on where they stand in terms of fulfilling Maqāṣid al-Sharī’ah principles. If any firms are found to have a deficiency in a certain part of Maqāṣid components, then proper and adequate measures can be taken to ameliorate the situation.
Originality/value
It is necessary to have a performance evaluation model based upon Maqāṣid al-Sharī’ah to evaluate the performance of Takāful firms as these firms operate on the principles of Maqāṣid al-Sharī’ah. Because there does not exist any such model, this study fills up this gap. Details of the measures that can be used to evaluate the performance of Takāful firms are also provided.
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Rihab Grassa, Hichem Khlif and Imen Khelil
This paper aims to examine the development of Islamic accounting education and discuss the main challenges facing this specific type of accounting education in the United Arab…
Abstract
Purpose
This paper aims to examine the development of Islamic accounting education and discuss the main challenges facing this specific type of accounting education in the United Arab Emirates (UAE).
Design/methodology/approach
The paper uses institutional theory to analyze the development of Islamic accounting education in the UAE. The collection of information in this study is based on secondary data available from published sources and websites.
Findings
This study identifies three types of institutional pressures. First, coercive pressures that were directed by the government, the UAE's Central Bank and other professional bodies [e.g. Accounting and Auditing Organization of Islamic Financial Institutions (AAOIFI)] involved in the Islamic banking industry have contributed to the development of Islamic accounting education in the UAE. Second, mimetic pressures exerted by other countries that have already established Islamic accounting training and programs (e.g. Indonesia, Iran, Kingdom of Saudi Arabia and Pakistan) have incentivized the UAE business schools to implement Islamic accounting training and programs to meet Emirati Islamic banking industry expectations. Third, normative pressures are exerted by Big 4 auditors who have an active position as faculty members, influencing status in AAOIFI and a dominant position in the Islamic banking industry’s audit market. The paper also discusses the main challenges facing Islamic accounting education in this country.
Originality/value
This paper contributes to accounting literature in general and accounting education literature in particular in the following two ways. First, this study applies an institutional analysis to Islamic accounting education in the UAE to gain more understanding about the current status of the development of Islamic accounting education in the UAE. Second, by identifying the factors that may constrain the development of Islamic accounting education in the UAE, this study provides recommendations to financial and higher education authorities to undertake proactive actions to position the UAE as a leading center in Islamic accounting education and training.
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The purpose of this paper is to review and analyze assumptions and the appropriateness of the most dominant strategic decision-making theories within the Islamic cultural context…
Abstract
Purpose
The purpose of this paper is to review and analyze assumptions and the appropriateness of the most dominant strategic decision-making theories within the Islamic cultural context as an attempt to develop an Islamic decision-making framework.
Design/methodology/approach
This paper adopted the integrative literature review approach as a research method (Torraco, 2005). This method allows the researcher to evaluate and syndicate the relevant literature to, critically, review and expand on the theoretical foundation of the topic and, hence, develop new theoretical perspectives and views.
Findings
Based on the critical review of the decision-making theories from an Islamic perspective, Islamic culture confirms the behavioural decision theory as the most appropriate approach to make strategic decisions in organizations. In addition, the study reveals that mutual consultation and consultative decision-making (Shura), based on knowledge and Islamic ethics, is the principal Islamic approach to strategic decision-making.
Practical implications
The developed Islamic decision-making framework will, significantly, assist management practitioners, managers and policy makers in both private and governmental organizations to improve their decision-making skills through adopting the Shura approach in decision-making.
Originality/value
The paper expands the boundaries of knowledge in managerial decision-making through developing an Islamic decision-making framework. This theoretical framework brings new insights and open new opportunities of thinking on Islamic decision-making among business scholars and represents fundamental grounds for future research in cross-cultural management in the area of managerial decision-making from an Islamic perspective, which is rare among scholars of management.
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