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Article
Publication date: 18 September 2019

Muhammad Hafiz Yaakub and Zainal Abidin Mohamed

The purpose of this paper is to propose a comprehensive model using balanced scorecard (BSC) approach instead of the current ranking system to measure the performance of private…

Abstract

Purpose

The purpose of this paper is to propose a comprehensive model using balanced scorecard (BSC) approach instead of the current ranking system to measure the performance of private higher education institutions (PHEIs) in Malaysia as the ranking system is deemed inaccurate and certain items in the system are redundant.

Design/methodology/approach

A cross-sectional survey was conducted involving 105 academicians from seven PHEIs in Malaysia. The data were analyzed for factor analysis using Principal Axis method with Promax rotation in IBM SPSS Statistics Version 20.

Findings

The result demonstrates that 22 items were successfully extracted into four dimensions that suited the BSC approach with acceptable range of composite reliability and factor loading values.

Research limitations/implications

The paper reveals the issues of ranking system of the current method in measuring performance of PHEIs. The proposed BSC model should be tested on more PHEIs to increase its validity and reliability.

Practical implications

This research analyzes the performance of PHEIs from academicians’ perspectives based on the four BSC perspectives. It can be considered as an alternative model for PHEIs’ managers to measure performance of PHEIs in Malaysia rather than the current ranking system.

Social implications

In the midst of intense competition in private higher education industry in Malaysia, it is crucial to understand that a high performance PHEI is expected to deliver quality tertiary education. This research assists the society to evaluate the strength of a particular PHEI in Malaysia, and further enable them to make a deliberate choice on which PHEI to enter.

Originality/value

A growing concern for sustainability of PHEIs requires a method to be undertaken by the authority to measure PHEIs’ performance. This paper addresses this concern by offering 22 items to measure PHEIs’ performance and dictating the need to manage PHEIs in a strategic manner, not by ranking system per se.

Details

Journal of Applied Research in Higher Education, vol. 12 no. 3
Type: Research Article
ISSN: 2050-7003

Keywords

Article
Publication date: 14 November 2016

Nazrul Hazizi Noordin, Muhammad Issyam Ismail, Muhammad Abd Hadi Abd Rahman, Siti Nurah Haron and Adam Abdullah

This paper aims to re-evaluate and thus recommends possible ways in improving the current practice of hibah trust in Malaysia.

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Abstract

Purpose

This paper aims to re-evaluate and thus recommends possible ways in improving the current practice of hibah trust in Malaysia.

Design/methodology/approach

This study conducts a thorough and critical review on relevant literature on Islamic wealth management and estate distribution. Besides, the current practice and application of hibah trust by the Malaysian trustee companies such as Amanah Raya Berhad and As-Salihin Trustee Berhad is analyzed based on information gathered from their publications and direct consultation.

Findings

Based on the comparison made between hibah trust and its conventional counterpart, living trust, this study found that that the hibah trust product mirrors the conventional living trust, which provides a high degree of freedom to the benefactor to decide on the distribution of his wealth without taking into consideration the interest of the eligible heirs under farai’d. Nevertheless, it is undeniable that the practice of hibah trust would be able to expedite the lengthy and complex procedures of inheritance, reduce administrative costs and avoid legal impediments and inheritance tax.

Practical implications

This paper proposes a comprehensive framework for an improved asset distribution under hibah trust within the Malaysian Islamic wealth management industry by highlighting the significance of fara’id and wasiyyah rules. This proposed framework of hibah trust would become a useful reference for the policy makers in designing a dedicated regulation or legal provisions in the established laws that will govern the practice of hibah trust in Malaysia.

Originality/value

The novelty of this paper lies in highlighting the importance of adhering to the law of Islamic inheritance rules as ordained by Allah s.w.t in structuring contemporary Islamic estate planning instruments such as hibah trust, which is not evident in the current practice.

Details

Humanomics, vol. 32 no. 4
Type: Research Article
ISSN: 0828-8666

Keywords

Article
Publication date: 14 November 2016

Adam Abdullah

This paper aims to analyze the legal interpretation of three Islamic financing products considered for approval by US authorities, from the United Bank of Kuwait and Guidance…

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Abstract

Purpose

This paper aims to analyze the legal interpretation of three Islamic financing products considered for approval by US authorities, from the United Bank of Kuwait and Guidance Residential, even though the USA has not enacted any Shari’ah legislation in relation to the Islamic law of transactions (fiqh mu’amalat).

Design/methodology/approach

This paper primarily adopted qualitative document and content analysis, supported by quantitative numerical analysis, in reviewing legal interpretive letters from the US Office of the Comptroller of Currency and National Administrator of Banks (OCC) and the US Department of Revenue.

Findings

The research found that in assessing economic substance over legal form, each of the three products involved risk-free transactions and interest.

Research limitations/implications

The research had access to published OCC, Department of Revenue and US Patent Office material that fully disclosed the mechanics of each of the selected products.

Practical implications

The implication for the Islamic financial institutions involves Shari’ah compliance risk. When tested against the Islamic normative theory of lawful profit, it confirms that the products are non-compliant.

Social implications

The social implication is customer awareness of Shari’ah non-compliance in the USA and the impact for other jurisdictions carrying the same products.

Originality/value

The significance of this research for Islamic banking product design and development is that it enhances the ability to block the legal means to an unlawful outcome (sadd al-dhara’i), thereby avoiding harm (al-darar) attributed to usury (riba), and upholding what is in the public interest (maslahah), to fulfil one of the objectives of the Shari’ah (maqasid al-Shari’ah), which is to protect wealth (hafiz al-mal).

Details

International Journal of Islamic and Middle Eastern Finance and Management, vol. 9 no. 4
Type: Research Article
ISSN: 1753-8394

Keywords

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