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Article
Publication date: 26 January 2023

Md. Mahmudul Alam, Muhammad Nazmul Hoque and Ruhaini Muda

The Maqāṣid (objective) hierarchy is a triple-tiered conceptualisation of individual and social needs that is grounded in the five objectives of Sharīʿah (Islamic Law)…

Abstract

Purpose

The Maqāṣid (objective) hierarchy is a triple-tiered conceptualisation of individual and social needs that is grounded in the five objectives of Sharīʿah (Islamic Law). Managerialism is the ideological representation of human interaction based on managerial doctrines and practices. This paper aims to explore the tension between the Maqāṣid hierarchy and managerialism by evaluating the Sharīʿah requirements in the Islamic Financial Services Act (IFSA) 2013 of Malaysia from the Maqāṣid al-Sharīʿah perspective.

Design/methodology/approach

This qualitative study uses an inductive approach to review the sources of Sharīʿah and classical literature of Islamic jurists to present Sharīʿah rulings on managerialism and Maqāṣid al-Sharīʿah.

Findings

The Maqāṣid hierarchy promotes a vision of human life that is the opposite of managerialism. In the case of IFSA 2013, the Maqāṣid hierarchy, which is supposed to be the bedrock for Islamic finance, is replaced by a managerial hierarchy closer to Maslow’s hierarchy than it is to Imam Shatibi’s concept of human life. A process of fitting the Maqāṣid hierarchy into a narrow managerial mould occurs in IFSA 2013, meaning that many of the unique aspects of the Maqāṣid al-Sharīʿah are lost.

Social implications

This study will assist Sharīʿah scholars, policymakers and Islamic financial institutions to develop the financial system and to implement the Maqāṣid al-Sharīʿah to improve macro policy and shaping Islamic institutions.

Originality/value

This is a pioneer study that develops a bridge between the Islamic Maqāṣid and conventional managerial hierarchies, which will encourage academics and practitioners to enrich the literature by conducting more in-depth studies on this topic.

Details

Journal of Islamic Accounting and Business Research, vol. 14 no. 8
Type: Research Article
ISSN: 1759-0817

Keywords

Article
Publication date: 14 May 2018

Rahayu Abdul Rahman, Normah Hj Omar, Asheq Rahman and Ruhaini Muda

This paper aims to study the roles of Muslim CEO, Muslim Chairman and Muslim board of directors in mitigating earnings management via real activities manipulation.

Abstract

Purpose

This paper aims to study the roles of Muslim CEO, Muslim Chairman and Muslim board of directors in mitigating earnings management via real activities manipulation.

Design/methodology/approach

In total, 656 firm year-observations from 2007 to 2014 of Malaysian Top 100 firms listed on Bursa Malaysia is used to examine the relationship between real earnings management (REM) and the religious ethical values of Muslim top leadership of the firms.

Findings

The study provides evidence that there was no significant relationship between ethical values and REM measures among Muslim top corporate leaders. However, through additional analysis on sub-sample firms, this study finds that Muslim CEO and Muslim Chairman have a significant and negative association with proxies of REM: RCFO and RPC.

Research limitations/implications

The results show that Muslim CEO and Muslim Chairman are the actors that contribute more control in limiting REM especially in family-owned firms in Malaysia.

Originality/value

This is the first published paper that focuses on Islamic ethical values of corporate top leadership and REM in Malaysia, as previous studies have focused more on accruals earnings management.

Details

International Journal of Law and Management, vol. 60 no. 3
Type: Research Article
ISSN: 1754-243X

Keywords

Article
Publication date: 31 March 2023

Ismah Osman, Sharifah Faigah Syed Alwi, Mohsin Abdur Rehman, Ruhaini Muda, Faridah Hassan, Rohail Hassan and Hasni Abdullah

This study aims to empirically investigate the pathway to financial management behavioural intentions (FMBI) from Islamic perspectives, through dimensions of Islamic financial…

Abstract

Purpose

This study aims to empirically investigate the pathway to financial management behavioural intentions (FMBI) from Islamic perspectives, through dimensions of Islamic financial literacy (IFL; Islamic financial knowledge [IFK], financial skills [FS] and self-efficacy [SE]) based on an extension to the theory of planned behaviour (TPB) model.

Design/methodology/approach

Data was collected via a self-administered questionnaire by 300 millennials (Muslims) working in Malaysia. Structural equation modelling was used for data analysis purposes by using SmartPLS.

Findings

The results present the positive and significant influence of IFK on financial attitude (FA), FS on the elements of FA, subjective norm (SN), perceived behavioural control (PBC) and perceived moral obligation (PMO), SE on FA, FS on the elements of FA, SN and PBC. Furthermore, PBC and PMO were strong predictors of FMBI from an Islamic standpoint.

Originality/value

The findings successfully contribute to the theoretical extension of the TPB model via dimensions of IFL (IFK, FS and SE) as predictors of FA, SNs, PBC and PMO. Besides, this study provides some new insights of millennial Muslims concerning IFL and financial management from Islamic beliefs.

Details

Journal of Islamic Marketing, vol. 15 no. 1
Type: Research Article
ISSN: 1759-0833

Keywords

Article
Publication date: 22 July 2021

Ibrahim Abiodun Oladapo, Manal Mohammed Hamoudah, Md. Mahmudul Alam, Olawale Rafiu Olaopa and Ruhaini Muda

This paper aims to compare perceptions of Islamic bank customers concerning FinTech services in Malaysia and Saudi Arabia. It also investigates the level to which customers are…

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Abstract

Purpose

This paper aims to compare perceptions of Islamic bank customers concerning FinTech services in Malaysia and Saudi Arabia. It also investigates the level to which customers are willing to adapt FinTech services.

Design/methodology/approach

Primary data was collected from May to September 2019 using a questionnaire to survey 102 Islamic bank customers in Malaysia and 147 in Saudi Arabia. The data are analyzed based on Structural Equation Modelling using the partial least squares approach.

Findings

The findings show that knowledge, attitude and subjective norms are the highly significant determining factors that influence customers’ opinions on adapting to new technology, but awareness demonstrates only a moderately positive effect. Moreover, the impact of these factors on the intention to adopt FinTech services significantly differs between Malaysian and Saudi Arabian customers.

Originality/value

This is an original study based on primary data on customers of Islamic banking in Malaysia and Saudi Arabia. It provides some novel insights into how the banking industry can boost customers’ confidence and enhance their patronage by adopting FinTech in their business operation model. These findings should be of value to senior management, policymakers and regulators in the banking industry in both Muslim and non-Muslim countries.

Details

Journal of Modelling in Management, vol. 17 no. 4
Type: Research Article
ISSN: 1746-5664

Keywords

Article
Publication date: 6 March 2019

Ibrahim Abiodun Oladapo, Roshayani Arshad, Ruhaini Muda and Manal Mohammed Hamoudah

The perception of different stakeholder groups on governance dimensions, such as transparency, accountability and ethics, in the Islamic banking sector is examined, given the…

Abstract

Purpose

The perception of different stakeholder groups on governance dimensions, such as transparency, accountability and ethics, in the Islamic banking sector is examined, given the global growth of Islamic banking and its purpose of enhancing economic growth and development through Shari’ah-compliant instruments. The purpose of this paper is to determine whether the stakeholders in Nigeria perceive each dimension differently.

Design/methodology/approach

The data for the study were collected using a survey questionnaire. Simple random sampling was used to select the respondents. The respondents are customers, employees and shareholders of the Islamic banking sector in Nigeria.

Findings

Findings show that ethics is highly perceived as the key dimension in governance for the Islamic banking sector, whilst a positive and significant relationship is observed between the variables. Based on the variance analysis, there were statistically significant differences in perception between the stakeholders groups in the Islamic banking system. However, similar positive perceptions are accorded towards the overall governance dimensions across stakeholder groups namely, customers, employees and shareholders.

Originality/value

This study will extend the current body of knowledge in the field of Islamic finance by providing insights into policy makers, operators and regulators of the Islamic banking sector in Nigeria on the prospective stakeholders’ level of perception of the governance dimension, which could form part of the solutions to many contemporary issues in the banking system. This contribution is important, considering the clear relationship among governance dimensions which should be viewed in light of Islamic ideals.

Details

International Journal of Emerging Markets, vol. 14 no. 4
Type: Research Article
ISSN: 1746-8809

Keywords

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