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The purpose of this study is to explore the practices of Shariah governance (SG) systems in terms of their guidelines, current operational procedures, internbal policies and structures and regulatory framework of Islamic banks in Bangladesh from the viewpoints of Shariah, Tawhidic approach/ontological approach and Shuratic process of Islamic corporate governance and institutional theory.

A semi-structured interview tactic has been applied to attain the objective. Overall, data has been collected from the regulators, Shariah supervisory board members, Shariah department executives and experts from the central bank and Islamic banks of Bangladesh.

The study finds that Islamic banks do not follow complete Shariah principles in all aspects of SG nor violate them fully in their overall functions due to less accountability, which contradicts the concept of the Tawhidi epistemological process of Islamic corporate governance. Islamic banks announce that they are following Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) guidelines, but in practice, they do not follow the instructions accurately because all of the standards and policies of AAOIFI and the Islamic Financial Services Board are not applicable in Bangladesh due to its cultural, legal and regulatory structures. It is found that Islamic banks in Bangladesh have a lower practice of maqasid as-Shariah and Tawhidic approach and Shuratic process.

The study significantly contributed to the central bank of Bangladesh and Islamic banks by exploring the SG systems for their further enhancement. The research provides some suggestions for improving existing SG systems and enhancing more application of SG guidelines and Shariah principles in the overall operations of the Islamic banks in Bangladesh.

This research extends the literature regarding the Islamic banks’ SG practices in Bangladesh. The study also contributes to Shariah, Tawhidic approach/ontological approach and Shuratic process of Islamic corporate governance and institutional theory by exploring the Islamic banks’ existing SG practices in Bangladesh.

Research on Islamic entrepreneurship (IE) is growing but with difficulty. After reviewing six IE models, several problematic inconsistencies were identified, which can be categorized into three: sporadic objectives of IE, diverging core components and inconsistent levels of analysis. This study aims to articulate a synthesized IE model.

An Islamic critical realist synthesis is used by combining six IE models and situating them within an Islamic system of governance. Specifically, the Islamic governance conceptual matrix is used to offer an objective template.

A synthesized model of IE within an Islamic system of governance comprises the following: the objectives of IE are not to be confined to only financial sustainability, but to achieve all five Maqās.id of the Sharī’ah (i.e. preservation and promotion of faith, life, intellect, posterity and wealth); models of IE should cover the individual, group, organizational, societal, state and international levels for comprehensiveness; tawhīd is crucial to distinguish between IE and conventional entrepreneurship; halal IE activities can be further categorized into obligatory, recommended, permissible and reprehensible; Islamic values are to be differentiated from cultural values; and both Islamic and cultural values shape IE and vice versa.

Limited number of models of IE were included in this synthesis. Although the resulting synthesized model is extensive, additional models of IE can be built to extend or even challenge it.

A novel model of IE within an Islamic system of governance is presented.

The purpose of this article is to highlight the importance of waqf in financing higher education. Nowadays, higher education is costly and this has prevented students, especially those who are self-financed, from accessing such learning environments. This paper offer an alternative solution to relieve such a situation, namely, through the application of an endowment-based or waqf educational institution. The study suggests a way to establish an endowment university by concentrating the discussion on the concept and principles of its establishment, as well as sharing the experiences of the Malaysian waqf universities and the Turkish Foundation Universities/Vakif Üniversitesi in financing their universities using waqf, i.e. a pious endowment instrument.

The empirical data were mainly collected using in-depth interviews with the universities’ higher management authorities and some of the members of the board of trustees.

The findings show that the role of waqf or pious endowment is significant in providing financial assistance to their communities as well as strengthening their academic quality. In addition, tawhidic epistemology together with morality and ethics have influenced waqf donors or founders to donate their wealth and property to enrich and sustain universities and higher education.

This article provides the experiences of the Malaysian Waqf Universities and the Turkish Foundation Universities/Vakif Üniversitesi in financing their universities using waqf. It also contains some good examples from the experience of several earlier Islamic civilizations, in particular those of the Ottoman Empire and the Mamluk Sultanate of Egypt. In addition, examples of the implementation of waqf and endowment-based universities in the UK and USA as well as the Al-Azhar University of Egypt is also included.

Four main strategies required for firms to be able to achieve their main objectives in organizations under the unified theory of the firm are technological advance, intellectual development, spirituality conducts and customer satisfaction concern. This study aims to explore the inclination of firms to adopt all these strategies in, factors that contribute to the adoption of all these strategies and significant relationship between these strategies of firms in the context of Malaysian firms.

Using primary data from the survey on a sample of firms in the financial sector of Malaysia, the study adopts several methods of analysis such as t-test for dependent sample, t-test for independent sample and correlation. Furthermore, ordinary least squares regressions are estimated to determine factors that have an impact on a particular strategy.

It is found that the strategies of the unified theory of the firm significantly contributed to the education level of managers. Highly educated managers tend to adopt strategies most of the time. It is also found that scores of customer satisfaction concern are highly related to scores of intellectual development and spirituality conduct. The correlation coefficient is also high between spirituality conduct and intellectual development.

The study analyzes the adoption of important strategies of a unified theory of firm among several firms using first-hand data (primary data) collected from the survey.

The purpose of this paper is to attempt to investigate the conceptual foundations of methodological inquiry in Islamic economics. The paper aims to develop criteria of acceptance and rejection of a theory and providing rationalizations and guidelines in the process of theory appraisal and evaluation.

The literature on Islamic economics especially in the area of methodology of Islamic economics, both in English and Arabic, is reviewed critically and used in the attempt of constructing the criteria of theory appraisal in Islamic economics.

The paper explicates two criteria of theory appraisal in Islamic economics, namely the internal‐integrity (doctrinal integrity, logical integrity and factual integrity) and relational‐unity (of doctrine and practical realities, ideals/goals and factual experiences, values and facts, normative and positive dimensions, a priori and a posteriori).

The paper is based on conceptual explorations of literature in the area of methodology of Islamic economics. This is a conceptual paper, so it did not employ any empirical analysis.

The findings of this paper will give insights of the criteria to distinguish truth over false notions in theories, between valid theories and invalid ones as well as the acceptance or rejection of theory in Islamic economics theory appraisal. With those criteria of theory, a unified discipline of Islamic economics, which is based on doctrinal, logical on testable foundations in a real typical Muslim society can be produced.

The paper proposes criteria and purpose of theory appraisal in Islamic economics which is lacking in the discussion of methodology of Islamic economics literature. Those criteria and purpose in theory appraisal and evaluation in a methodological unity of Islamic economics suggest a new approach in dealing with revelation, intellectual reasoning and facts observation in order to produce a coherent Islamic economic theory.

This paper attempts to investigate the conceptual foundations of methodological inquiry in Islamic economics. The paper aims to develop criteria of acceptance and rejection of a theory and providing rationalizations and guidelines in the process of theory appraisal and evaluation.

The literature on Islamic economics especially in the area of methodology of Islamic economics, both in English and Arabic, is reviewed critically and used in the attempt of constructing the criteria of theory appraisal in Islamic economics.

The paper explicates two criteria of theory appraisal in Islamic economics, namely the internal‐integrity (doctrinal integrity, logical integrity and factual integrity) and relational‐unity (of doctrine and practical realities, ideals/goals and factual experiences, values and facts, normative and positive dimensions, a priori and a posteriori).

The paper is based on conceptual explorations of literature in the area of methodology of Islamic economics. This is a conceptual paper, so it did not employ any empirical analysis.

The findings of this paper will give insights of the criteria to distinguish truth over false notions in theories, between valid theories and invalid ones as well as the acceptance or rejection of theory in Islamic economics theory appraisal. With those criteria of theory, a unified discipline of Islamic economics, which is based on doctrinal, logical on testable foundations in a real typical Muslim society can be produced.

The paper proposes criteria and purpose of theory appraisal in Islamic economics which is lacking in the discussion of methodology of Islamic economics literature. Those criteria and purpose in theory appraisal and evaluation in a methodological unity of Islamic economics suggest a new approach in dealing with revelation, intellectual reasoning and facts observation in order to produce a coherent Islamic economic theory.

University students are known to face many challenges in achieving high financial literacy. The purpose of this paper is to examine the level of financial literacy among Malaysian Muslim undergraduates as explained through sociocultural variables. Furthermore, this paper explores a few additional Islamic measurements as part of assessing the level of financial literacy among the students.

The questionnaires were drafted based on a multi-dimensional financial literacy model and distributed conveniently to 330 respondents. Post-interviews were also conducted with selected students to further comprehend the sociocultural context.

The findings suggest that exposing students to financial education and practices influence their financial literacy scores. Students who attended muamalat-related courses demonstrated better financial literacy scores. Meanwhile, post-interview results indicate that the students’ social environment and interactions also play important roles in enhancing their financial literacy. Hence, it is believed that it is essential to embed Islamic-based measurements to equip students with financial literacy in tandem with their pedagogic development. The results thus extend previous studies by confirming the importance of Islamic-based finance- and business-related knowledge for all tertiary students. Furthermore, the curricula should be made compatible to their studying environment and attuned to their values and cultures.

The findings suggest the introduction of personal financial and muamalat-based knowledge and practices relative to their Islamic programme orientation. This should take place during the students’ academic years and across all academic programmes’ orientation. The study also highlights the importance of developing special measurements of Islamic financial literacy for Muslims congruent to their distinct Islamic identity.

The study indicates the importance of high financial literacy among tertiary students for them to have a financially stable future.

The research is original in its use of several measurements of financial literacy that embedded Islamic teachings concomitant to the Muslim respondents.

The purpose of this study is to examine the contributing factors that affect consumer behaviour of Islamic home financing in Malaysia. The effects of perceived religiosity on property, perceived Islamic debt principle and perceived maqasid on homeownership on consumer behaviour are examined. Furthermore, the effects of perceived religiosity and consumer behaviour on religious satisfaction are also investigated.

Using the theory of Islamic consumer behaviour (TiCB) as a baseline theory identified from the literature, this study proposes a conceptual model of consumer behaviour of Islamic home financing in Malaysia. Data from the 205 usable questionnaires are analysed using partial least squares (PLS).

The PLS results suggest that perceived religiosity on property, perceived Islamic debt principle and perceived maqasid on homeownership are instrumental in determining consumer behaviour, thus revealing these factors as “Islamic factors” that represent the TiCB. Furthermore, the effect of consumer behaviour on religious satisfaction is also significant, implying that good behaviour makes people happier – seeking pleasure for doing well that is blessed and approved by Allah (S.W.T).

Two limitations are available for future studies. First, this study included only Malaysians in East Malaysia, suggesting that further testing of the proposed model should be conducted across different geographies to determine the generalisability of this study’s findings. Second, this study’s contributions are narrowed down to the factors examined. These limitations, however, provide directions for further future research.

The results provide directions to bank managers to effectively manage Islamic home financing services for the benefit of their customers. Islamic home financing products tend to be used by consumers if the patronage factors investigated are considered more profoundly.

This study examines the behaviour of consumers of Islamic home financing using the proposed framework derived from TiCB.

This paper aims to provide analysis on the state of Islamic finance through critical appraisal on its current form and practices. This paper argues that the current form of Islamic finance practices is due to its legalistic approach and hence requires value-oriented reform. In this regard, Shari’ah governance system can be one of the mechanisms toward such reformation.

This paper uses case study research method and comparative studies of other’s works to develop understanding on the extent of Islamic finance practices. The study utilizes descriptive, comparative and critical analysis approaches in extracting and analyzing the information.

The literature has indicated the growing frustration of scholars and proponents of Islamic economics on the failure of Islamic finance in addressing the real economic and ethical issues beyond the legal realm of Shari’ah compliance. Legalism leads to a narrow understanding and ignores certain dimensions of Islamic finance practices. Considering all factors and through critical observation, this paper argues that the current form of Islamic finance practices is due to its legalistic approach and hence requires value-oriented reform. At this juncture, the paper suggests that Shari’ah governance system can be one of the mechanisms toward such reformation.

This paper provides valuable discussion and fresh and recent information on Islamic finance practices, including Shari’ah governance practices of Islamic financial institutions (IFIs) through case studies. The study shares experience of Malaysia in developing its Islamic finance framework and practices from legalistic toward value-oriented approach.

Human fulfilments are linked to human needs. The magnitude as well as the diversity of needs determines the probability of needs being fulfilled or unfulfilled. The degree of accomplishments also hinges on the time and the socio‐economic environments made available to satisfy the desired needs. Of the two factors ‐ time and environments used as a proxy for opportunities, the former being the most crucial factor is controlled by the creator and the latter by the creation. Here comes the role of the creator in so far as the human need fulfilments are concerned. Therefore, none, not even the nihilist can deny the presence of a super power, call it the God, the Almighty or the Nature that is in full control of time factor even though many of us tend to believe in the power of the creation to make use of time and environments in the way he likes.