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The study aims to consider wa’dan-based products in Islamic banks in Malaysia and discuss the validity of wa’dan in those products from the perspective of Shari’ah.

Case studies were conducted of three Islamic banks in Malaysia. Semi-structured interviews were carried out with bankers as well as Shari’ah scholars. The document analysis method was adopted to strengthen the findings.

The study shows that three Islamic banking products: Musyarakah Mutanaqisah (MM) home and property financing; Al-Ijarah Thumma Al-Bai’ (AITAB) vehicle financing; and Ijarah rental swap (IRS) use wa’dan in their product structures. After discussing the different views of the scholars, the study concludes that wa’dan should be allowed in the above-mentioned products because it is different from muwa’adah. In wa’dan, every single wa’d is separate from each other, as every one of them is related to different types of events. With regard to the issue of Shari’ah in MM home and property financing, it was concluded that wa’d from the customer to purchase the bank’s share is not a capital guarantee. Moreover, IRS is not a form of gambling but is in line with Maqasid al-Shari’ah.

The study is limited to three Islamic banks in Malaysia that focus on retail and commercial banking products. Therefore, the study excludes application of wa’dan in sukuk and some other Islamic derivatives that are not the practice of these three banks.

This empirical study adds new knowledge by developing the concept and practice of wa’dan. Wa’dan as an innovative tool for product development to overcome Shari’ah issues in conventional banking may be of interest to practitioners all around the world.

This paper aims to measure the financial sustainability and vulnerability of state-managed waqf institutions in Malaysia.

The study mainly applied the commonly used Tuckman and Chang’s (1991) model to measure the financial health of non-profits. Content and ratio analysis of the 2014 audited reports of seven institutions were used to determine their equity balance, revenue concentration, administrative costs and operating margin ratios.

The results indicate that only one waqf institution was financially sustainable in all the four components.

Because the data used are not the latest and focussed only on a single year, the findings may not be necessarily true, currently. Second, the study focussed only on Malaysia. Thus, the results may not be generalisable to other waqfs in other countries or to privately managed waqf institutions. Accordingly, future research should address these limitations.

The findings provide useful insights into the financial sustainability of waqf institutions and highlight the need for policymakers in Malaysia and other Muslim countries to give due attention to the holistic accountability of waqf institutions to ensure waqf’s systematic revival.

The paper, being the first to investigate the financial sustainability and vulnerability of state waqf institutions in Malaysia, serves as a reference for future researchers.

This paper aims to investigate the relationship between Islam and economic underdevelopment that characterizes many Muslim societies. It examines the Weberian thesis regarding Islam and development, assessing the role of Islamic law, in addition to the concepts of rationality and fatalism.

The paper reviews the major theses regarding the link between Islam and development and makes an attempt at explaining economic underdevelopment by engaging the most prominent arguments in this regard.

Lack of development in most Muslim societies is a multidimensional problem, and it would not help to rely on explanations that are culturally deterministic or sociologically reductionist.

Development requires improvements at various regulatory, economic, educational, and social levels. It also requires a significant transformation in people’s value systems that guide their actions. This requires a process of self-examination, not only looking at exogenous factors to explain failures, but also to focus on one’s own responsibility to alleviate crisis situations.

This paper challenges many of the for-granted theses regarding the purported link between Islam and development. While not dispelling the need for internal reflection for Muslim societies, it puts some of the popular arguments regarding this link in proper perspective.

This paper aims to investigate the differences in the practice of tawarruq munazzam contracts based on personal financing products. The researcher will then analyse the said differences based on the potential for risk to occur and risk from a Shariah perspective.

This study’s methodology is qualitative, in which the data are collected through library research and field studies. The library research is conducted by examining books, articles, statutes and related circulars. From the practical aspect, field studies were conducted in an unstructured interview method with officers used in Islamic banks. The snowball method was used to determine the number of Islamic banks to be studied until no new information was obtained on the different practices of tawarruq munazzam contracts based on personal financing products.

The results show that there are differences in the practice of tawarruq munazzam contracts based on personal financing products practised by the Islamic banks studied. These differences have brought significant influence in determining the level of Shariah risk potentials and Shariah risks, respectively. The results also show that the highest number of the Shariah risk potential and Shariah risk in the Islamic financial institutions (IFIs) studied is 10 i.e. covering the issues of customer engagement, wa’ad (promise), commodity asset, gharar (uncertainty), wakalah (representative), ta’wid and gharamah, the willing but not an able debtor, qalb dayn and two prices in a transaction. Meanwhile, the least amount of the Shariah risk potential and Shariah risk in the IFIs studied is four, i.e. covering the issues of customer engagement, wakalah, the willing but not an able debtor and two prices in a transaction. Findings prove that there are opportunities for IFIs to minimise Shariah risk potential and risk in the personal financing products offered.

This study is limited to the practice of tawarruq munazzam contracts based on personal financing products practised by IFIs in Malaysia.

The differences in the tawarruq munazzam contract practice show the distinctive elements in both Shariah risk potential and Shariah risk. Therefore, the findings of this study can be a guideline for IFIs to improve the practice of tawarruq munazzam contracts, especially in personal financing products in minimising Shariah risk potential and Shariah risk.

The public confidence in Islamic banking is increasing as Islamic banks can minimise the Shariah risk potential and Shariah risk in tawarruq munazzam contracts based on the personal financing products offered.

This study analyses the differences in the practice of tawarruq munazzam contracts based on personal financing products by IFIs in Malaysia, which can impact Shariah risk potential and Shariah risk.

This paper aims to confront some of the many facets of academic freedom as a whole, including the shared concerns with Western academia, its relationship to the politics of Arab society and the relevance of these issues within local political domains. It attempts to profile the problems hindering societal progress beyond the seemingly defined truth. While this subject has many facets, this article only examines academic freedom within the scope of knowledge and inquiry derived from the revered text of the Qur'ãn, including its relation to democracy and radicalism. It is an effort to refocus Arab intellectual dialogue on its ailing academia. It also argues for Arab society to reclaim its core culture of Islam as an enabler of learning aside from the Eurocentric perspective of academic freedom.

This paper uses an expository and persuasive format in its novel perspective. This expository form sets out the argument of academic freedom as being indigenous to Arab-Islamic heritage and pursues a persuasive statement for its resolution. This format outlines the main familiar aspects of academic freedom and lays out its components within Arab-Islamic history.

This paper provides insights and arguments supporting its main theory. It suggests that Arabs must judiciously consider what their education will look like and accomplish in the next 100 years, considering the sociopolitical status quo and the chances of changing it. It argues that academic freedom is indigenous to Arab-Islamic early history, academia and knowledge governance. Therefore, Arab academia must not ignore its heritage to examine what hinders education and intellectualism. It concludes with the point that reinstalling a culture of knowledge will create a relevant democracy.

The implications for research, practice and society are vast. Further academic freedom research would redefine terms of processes, change the role of academic leadership, debunk locally dominated politics, introduce learning-first policies, balance inequalities in gender, abolish academic tribalism and move past colonialist ideas and predominance. For researchers, this point of view would open doors for new scholastic approaches.

This paper includes practical implications that stem from an approach that would provoke practical possibilities and call for more academic conversations. Further conversations should explore and debate the gaps in Arab-Islamic knowledge history. The Global South of the Arab World or the Middle East and Northern Africa/Southwest Asia North Africa region could consider drafting a contemporary MENA account of a Magna Charta Libertatis Academicae or a Magna Charta Universitatum that is galvanized by Arab revivable heritage. Moreover, It would be productive if Western universities that operate in the Arab World would also take an active role in denouncing undemocratic practices and not merely operate as commercial enterprises.

Realizing academic freedom in Arab institutions will have a positive spillover effect on Arab society, including thriving and free media, freedom of speech and gender issues. Academic freedom is one of the main elements in structuring free political culture that adhere to the principles of tolerance. Academic freedom is necessary for showing all contesting ideas in a better light and, ultimately, achieving a form of intellectual equipoise.

This paper concerns academic freedom in the Arab-Islamic World. The majority of academic freedom scholarship today assumes a Western democratic context in discussing or even arguing against it. The paper's focus is a novel expansion of that literature.

This chapter explores the concept of corporate social responsibility (CSR) from an Islamic Shari'ah-compliant perspective. It provides a comprehensive literature review on CSR with an explicit focus on the Islamic perspective of CSR, Islamic models of CSR, CSR practices in conventional and Islamic banks, and the consequences of CSR to Islamic banks. This chapter's main contribution lies in considering the current CSR literature from a Shari'ah perspective. Likewise, it identifies gaps in the current literature and suggests potential areas for future research. This chapter attempts to improve the understanding of how Islamic banks integrate social responsibility into their operations. The insights from this chapter are helpful to practitioners and academic scholars in Islamic finance, accounting, and CSR. This chapter emphasizes the importance of incorporating Islamic values and principles into CSR practices and encourages further research and investigation in this area.

The purpose of this paper is to explore the tendencies of liquid consumption in Muslim communities and analyse its impact on Muslims’ consumption practices from the holistic perspective. Liquid consumption refers to a transient and less-materialised mode of consumption that requires both minimal attachment to possessions and hybrid ownership.

This is a conceptual paper that is based on the distinction between Islam as a holistic perspective and Islamic practice as it is applied in different contexts and situations. The Continual Drift Adjustment (CDA) framework of Muslim consumers’ behaviour is developed to be deployed as an analysis framework.

The CDA framework maintains that some problematic cases of Muslim consumption behaviours indicate the drift towards disbalance. Depending on their nature, liquid consumption practices can have different impacts on the drift. Liquid consumption practices underscored by instrumental dissemblance, intellectual insecurity and spiritual scepticism intensify the drift, whereas the incorporation of spiritual sincerity, faithful submission and existential gratefulness into practices and behaviour helps to attenuate the drift.

This research contributes to the theory of liquid consumption by incorporating the religious perspective. Liquid consumption in Islam is a complex area of research, specifically considering the ambivalent meanings of liquidity in Islamic thought.

Marketers of liquid consumption solutions must be aware of these offerings’ double-edged impact on the well-being of Muslim communities. Muslim consumers should be guided towards spiritual sincerity, faithful submission and existential gratefulness in the best way possible, although it must be noted that the customary techniques of marketing would lean towards stimulating the disbalance.

This research is unique because it deals with a topic that has not been researched in the Islamic marketing discipline to this date.

This paper aims to investigate the motivations behind Muslim consumers’ boycotting of foreign products. The act of boycotting foreign products has become increasingly common among Muslim consumers. Products from different countries-of-origin are their boycott targets.

The study adopted semi-structured in-depth interviews and focus-group discussions for data collection. A total of 36 Indonesian subjects participated in the study, representing the “university student” and “non-university student” samples. Leximancer, a qualitative analytical tool, was used to identify important motivations for boycotting behaviour among Muslim consumers.

Contrary to previous findings, this study found that Muslim consumers do not boycott solely for religious reasons. For example, most participants reported they boycotted Chinese products because they would like to protect their local products, along with the religious-based motivation of rejecting uncertainty about the halal certification of the products. Thus, the motivations identified from this study were not related exclusively to religion.

The present study offers new insights into the religious and secular motivations of Muslim consumers’ boycotts. Foreign products should adopt localised strategies such as repeatedly reminding consumers of the true halal nature of their products and their contribution to the local people.

This study contributes to the recognition of new insights into Muslim motivation to boycott product. The results develop important concepts surrounding the issue of boycotting foreign products. A concept map has been produced to offer a more comprehensive picture of Muslim’s boycotting behaviour.

To explore the outer reaches of buying, selling, property rights in an Islamic context.

Philosophical, applying legal analysis, critique to the work of Richard Epstein.

That there are no exceptions to the general rule that, under full free enterprise, anything must be allowed to be purchased, sold or given away.

To attain a system of laissez‐faire capitalism, the law should be changed so as to recognize voluntary slave contracts.

There would be very few or none in an advanced wealthy society. However, there might be some in the underdeveloped world.

It advances one's knowledge of the marketplace, law and contracts.