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The purpose of this study is to examine the legal paradigm of multiple Sharia' board directorship practice from the Sharia' law concept of Maslahah Al-Mursalah (public interest).

It uses a doctrinal research method that relies on the commonly referred sources of Quran and Sunnah, with a specific focus on Maslahah Al-Mursalah and, where applicable, commentaries by contemporary scholars, academics and practitioners as well as translations of classical book of Fiqh. This study scrutinises the polarity of views concerning the distinct Masyaqqah (necessity) surrounding the practice in discussion: the Masyaqqah that encourages and one that discourages the application of the practice.

This study is keen to suggest the industry to adopt a cautious approach and consider exploring a corporate governance framework that appraises the theoretical and practical Sharia' issues concerning its application in cognisance of its adversarial influence towards the sustainability of Islamic banking industry.

Since Murat Unal’s study of multiple Sharia' board directorships in 2009 and 2011, empirical works that scrutinise the practice from the Sharia' law perspective have remained limited or almost non-existent. It is aspired that this study may assist fellow readers and future researchers alike in evaluating and appreciating the divergent views surrounding the application of this practice in Islamic banking.

Islamic finance and Halal product sectors are thriving successfully. This chapter is a general review of the perception of Asian consumers on Islamic finance and Halal sectors in the global Halal economy.

The first section will briefly describe the Halal concept in both Islamic finance and Halal industries, and the growth of both sectors in Asian countries. The second part highlights the review of Asian consumers’ perception towards Islamic finance products and Halal products.

The review found that the consumers’ perception towards the Islamic finance products and Halal products is distinctive. This is due to the diversity of Asian countries in terms of geography, religion, culture, ethnic, school of thoughts (madzahib), income per capita and government’s involvement.

The third part of the chapter concentrates on planning towards Halal marketing, which involves the move and future challenges in different layers of industries to gear up and strengthen the Halal economy.

The purpose of this study was identifying factors that encourage property tax payment among property owners, specifically from the residential property segment within the Malaysian context. This aim is derived from existing evidence which clearly indicates a steady annual increase in property tax arrears from non-complying property owners as reported by the local governments (LGs).

This research was conducted using a survey method where a questionnaire was used as the research instrument in garnering the necessary study data. The collected data was analyzed through quantitative means towards gleaning study findings to fulfil the set objectives. The analyses used within this study were reliability analysis, descriptive analysis and factor analysis.

Research findings indicate that there are five factors that encourage property tax payment, namely, the proactive action capability of LGs; stimulation of payment; quality of staff and service; reliable tax foundation and governance; and smart expenditure. The identification of these factors has the potential to act as a mitigation mechanism for LGs to alleviate the issue of property tax arrears.

The findings of this study may be used by LGs in developing a comprehensive action plan to encourage property owners to pay taxes. The study findings are exploratory in nature, based on the locality of the LG selected in this study, the Penang Island City Council (MBPP). As such, the findings may not be considered as a generalization of the property tax situation throughout Malaysia as study data was only collected from the administrative region of MBPP. However, these findings can still be used as a basis in establishing similar studies within other LGs which demonstrate similar characteristics with MBPP.

In the Malaysian scenario, the focus of the previous studies on property tax arrears revolves around actions that have been taken by LGs to encourage the payment of property tax. However, in this study, the determination of encouraging factors is no longer referred to LG perspectives but was investigated from the taxpayer dimension. This approach allows new mitigating ideas to be developed and adds value in the context of a different perspective towards establishing a more practicable action plan in reducing property tax arrears.

Because of chronic financial crises experienced during past several decades repeatedly and a failure to protect investors’ rights as a result, the world is looking for an alternative form of stock market for quite some time so that interests of all relevant stakeholders can be safeguarded. At the same time, from the perspectives of devout Muslims, the current form of stock market restricts a Muslim to make investments in the market because of several unsatisfying provisions from the viewpoint of the Islamic law known as Shariah. This study aims to provide the criteria under which conditions of the Islamic Shariah permit making investments in the stock market. Hand in hand with that primary discussion, it has been eluded briefly why the Islamic Shariah principles offer a better alternative against conventional practices of the stock market.

This is a descriptive study based on the literature review.

This study explores the basic Islamic principles of investment in the stock market by revisiting the norms laid down by Shariah and current global practices of Islamic stock market and indexes.

This study will work as a guideline for investors and market authorities to understand the original Shariah rulings and the benchmark rulings for investment or establishing full-fledged Islamic stock markets, indexes and mutual funds.

The purpose of this paper is to formulate a model for waqf financing of public goods and mixed public goods in Malaysia which constitute the country’s federal government expenditures. The model is built on the basis of understanding the concept of waqf, learning from waqf institutions of the past and present and addressing specific Malaysian waqf issues.

This study uses both primary and secondary data. The primary data originate from semi-structured interviews of waqf academicians from the Islamic economics and Islamic finance fields, waqf government officials and private sector institutions that are involved in waqf management. The secondary data come from the Malaysian Federal Constitution, law enactments, books, e-books, bulletins, journals, conference proceedings, government reports and websites.

By synthesizing the data, it is found that return from cash waqf investment in unit trust can be used to finance 11 items of federal government expenditures. The overall process can be managed by Yayasan Waqaf Malaysia through a collaboration with an Islamic unit trust firm.

This research shows how waqf can practically assist the Malaysian federal government in financing public goods and mixed public goods. It indirectly shows an alternative source of financing for these goods. Other economies can also learn and adapt from the model developed in this paper.

This paper attempts to revive the function of waqf as a provider of public goods and mixed public goods from Islamic history. Inadvertently, this paper also introduces waqf as a possible fiscal tool.

The purpose of this paper is to provide a critical, historical, and legal account and analysis of how money, an inexorable lubricant of all economies, evolved from metallic origins to acceptance in paper form in Muslim traditions.

This paper underlines flaws, points of objections, corollaries and counter-points, and it ends with a thematic discussion on the way forward for Muslim nations with respect to various political and regulatory implications for implementations of potential paper money alternatives

After undergoing experimentation and customary use of various objects as money (such as sea shells, gold, silver, stones, tobacco, etc.), the world has finally settled down by embracing paper money as an official medium of exchange.

Paper money also endured many financial crises and initial oppositions to its premise. From an Islamic standpoint, paper money poses certain flaws and limitations that can make it unacceptable from legal perspectives.

This paper aims to analyse the Sharīʿah premises of waqf (Islamic endowment), followed by dilating on the nature of argumentation among the classical jurists on its rules and principles. The paper critically analyses the edifice of the applied juristic analogy of different early jurists in deriving various waqf doctrines. The objective of analysing the jurisprudential framework of waqf in its classical mould is to conceptualise the methods, mechanism and nature of juristic analogies in deriving the waqf principles. This analysis is critical to understand the scope of jurisprudential flexibility in modern awqāf.

The paper is an outcome of a library-based research. It uses the classical jurisprudential treatises of waqf with an aim to analyse the Sharīʿah basis of the institution, the premises of its key principles and the applied juristic analogy to derive the same. The paper covers the classical waqf books and treatises from the four Sunni schools of jurisprudence and uses a textual analysis method.

The paper finds that in its initial phase, the conceptual framework of waqf was not unanimously agreed by all jurists, rather its Sharīʿah permissibility remained critically disputed among them for a while. Though, the opinion of those jurists who approved the Sharīʿah-validity of waqf was to prevail in the later stage, disagreement persisted with reference to its necessary features and defining criteria. It is found that in the classical waqf literature, two most disputed aspects of waqf jurisprudence constituted the requirements for completion of a waqf and its ownership status.

This study neither covers the historical contribution of waqf among the Muslim societies nor touches on the empirical aspects of modern waqf. Rather, the focus of the study is limited to analysing the classical jurisprudential discourse of waqf and distillation process of its rulings.

The objective of analysing the classical juristic discourse of waqf is to underline the premises of classical juristic analogy in determining the framework of fiqh al-awqāf (jurisprudence of waqf) in its classical permutations and to learn how to adopt a similar approach for deduction of new waqf rulings.

This paper adds original value to the body of waqf literature for analysing the classical waqf rulings distillation process along with examining the methods and mechanism of juristic analogy.

The paper seeks to examine the cultural factors that shaped the creation of one of the earliest Islamic banks, discussing the tensions that arise between religious and economic aims.

The paper is a case study of a historically significant institution. The information on which the paper is based was obtained through interviews with participants in the process being analysed, review of archived documents, and observation. Edgar Schein's theory of organisational culture and leadership is employed to provide theoretical structure for the analysis.

The paper shows that creating a new type of organisation – an Islamic bank – in Jordan required special legislation. A study of the development of this legislation reveals that the bank's founder needed to convince both the religious and political authorities and potential investors that the bank would comply with Shari'a principles while at the same time generating profitable business. The outcome was to validate transactions that were Shari'a‐compliant in form but similar in substance to those of conventional banks.

The paper examined one bank, and the findings are not necessarily representative of the experience of other Islamic financial institutions.

The research highlights the problems faced in establishing businesses that seek to follow the moral and economic teachings of Islam. The paper contributes to the ongoing debate about whether it is possible to establish genuinely Islamic businesses within a conventional economy.

This is the first detailed academic study of the creation of an Islamic financial institution to make use of a wide range of documentary and oral evidence, including interviews with insiders.

This paper aims to provide a systematic review of the academic literature on the determinants, processes and impacts of indigenous entrepreneurship (IE), highlights its contribution to current knowledge and identifies research gaps to guide future research.

Databases used in this study included Scopus, ABI, Business Source Complete, ProQuest and Emerald Insight. In total, 84 articles were included in the review.

The findings revealed that 33 studies were qualitative, 12 used a survey-based approach, 25 were conceptual and 14 used mixed approaches. The focus on theory-building research underlines the fact that more theory-testing research is needed in the future. In total, 38 studies were conducted in developed countries and 43 in developing countries. The findings indicated that IE was driven by many determinants such as family and clan ties, patriarchy and social stratification, government support and conducive entrepreneurial ecosystems. Processes related to policies, IE development programs, partnerships, expenditure mechanisms, equitable distribution of benefits and resource mobilization. The outcomes of IE included economic development, sustainability, increased indigenous economic participation, enhanced quality of life, self-determination and preserving cultural heritage.

The current paper has some limitations. Firstly, it focuses only on academic journals and excludes conferences, books and working papers. Secondly, it includes only English language academic articles. However, while the current systematic literature review (SLR) has these limitations, it presents a thorough view of the determinants, processes and impacts of IE. Future studies may consider other sources beyond academic journals and also include non-English publications, and this approach may identify interesting areas for future research.

Existing reviews of IE take a narrow perspective and fail to present a comprehensive view of the IE phenomenon. The current study aims to fill this gap in the literature and provides a SLR pertaining to IE’s determinants, processes and impacts. The review is both timely and relevant because it identifies gaps and serves as a springboard to guide future research.