2022-12-03
Puteri Nur Farah Naadia Mohd Fauzi, Mohamad Akram Laldin
Purpose This study aims to assess the availability of micro- takāful (micro-Islamic insurance) schemes for the protection of houses belonging to low-income groups in Malaysia. Design/methodology/approach The study is conducted via desk research and interview discussions with representatives from takāful operators and key stakeholders. Findings Findings of the study confirm the importance of micro- takāful as a scheme for the protection of low-income groups. Micro- takāful schemes in Malaysia are, however, skewed towards the protection of health, life and family. The study finds little industry interest in the provision of micro- takāful schemes for the protection of houses for low-income groups. This represents another important area that takāful operators should take into consideration in their planning. Research limitations/implications The paper will help the Majlis Agama Islam Negeri-Negeri (MAINs), the regulator, takāful operators and government agencies such as Jabatan Wakaf, Zakat dan Haji (JAWHAR) to generate awareness and promote the offering of micro- takāful schemes for the protection of houses belonging to low-income groups in Malaysia. Practical implications In light of the limited availability of micro- takāful schemes for the protection of houses for low-income groups, this study argues that takāful operators should offer and promote them. Social implications The study is significant for fulfilling the need of low-income groups in Malaysia to protect their houses in the event of catastrophes so that they will not suffer significant losses. Rather, micro- takāful will assist them in improving their standard of living. Originality/value This study promotes the idea that it is essential to facilitate the low-income groups with appropriate coverage made available to them; micro- takāful schemes in protecting their houses and home contents, should any defined calamities occur. The outcomes are necessary for further development of micro- takāful models, specifically for the protection of properties. The developed model shall be proposed for application in the Malaysian takāful and housing industry to facilitate low-income groups to obtain protection for their household and home contents. DOI: https://doi.org/10.1108/IJIF-05-2021-0090
2022-12-03
Murniati Mukhlisin, Nurizal Ismail, Reza Jamilah Fikri
Purpose This study aims to analyse whether theories and views of classical Islamic scholars are widely adopted as references in Islamic accounting and finance (IAF), Islamic economics (IE) and Islamic business management (IBM) research studies as part of their contribution to solving current economic and financial problems. Design/methodology/approach The research adopts a qualitative meta-analysis methodology using NVivo 12 with selected data from 474 international journal articles published between 1981 and 2021. The study considers 172 IAF articles, 111 IE articles and 191 IBM articles. Findings The results of the study show that the use of theories and views of classical Islamic scholars is not widespread among the examined research papers. The findings show that 90% of researchers tend to acquire modern economics, management, psychological and sociological theories instead of classical theories. Both modern and classical theories have been discussed in the studied articles namely agency theory, stakeholders' theory, ḥisbah (accountability), maqāṣid al-Sharīʿah (objectives of Islamic law) and waʿd (unilateral promise). The gaps prevail not only in the taxonomy of terms but also in the choice of paradigm references. It is found that 66% of the 474 journal articles adopt a positivist paradigm, followed by interpretivism (19%), post-structuralism (9%) and critical orientation (6%). Research limitations/implications This paper considers only ABS ranking journal articles. Future research may consider other journal articles from different ranking groups such as Scopus or Thomson & Reuters. Practical implications The paper sheds light on how Islamic educational institutions can develop strategies for the Integration of Knowledge (IOK) in their curriculum. Social implications This paper helps to shape the Muslims' way of thinking within an Islamic worldview which will lead to an Islamic way of expressing knowledge, skill and behaviour. Originality/value This paper contributes to the model of IOK that has been deliberated among Islamic universities, especially those that develop IAF, IE and IBM studies. DOI: https://doi.org/10.1108/IJIF-11-2019-0175
2022-12-03
Syed Marwan Mujahid Syed Azman, Suhaiza Ismail, Mohamed Aslam Haneef, Engku Rabiah Adawiah Engku Ali
Purpose The objectives of this paper are two-fold: first, to empirically compare and contrast the salient features of three financial instruments (FIs), namely sustainable and responsible investment (SRI) ṣukūk , social impact bonds (SIBs) and conventional bonds (CBs) and second, to examine the differences between the perceptions of the investors and the developers on the features of the three FIs. Design/methodology/approach Using a questionnaire survey, 251 completed and useable responses were received, representing a 42.54% response rate. In examining the differences and similarities in the characteristics of the three FIs, the inferential statistical of frequency and percentage were used. Wilcoxon and Mann–Whitney tests were conducted to investigate the differences in the salient features of the three FIs and the differences between the investors and developers' perceptions on the salient features of SRI ṣukūk , SIBs and CBs, respectively. Findings The results reveal that stakeholders view SRI ṣukūk , SIBs and CBs to be statistically significantly different from each other. This shows that stakeholders do not view SRI ṣukūk as “old wine in a new Sharīʿah-compliant bottle” but instead considered different from SIBs and CBs. Furthermore, stakeholders also differentiate between SIBs and CBs. Originality/value The paper provides empirical evidence that Islamic finance (IF) instrument, represented by SRI ṣukūk , is viewed as different instruments to conventional tools, represented by SIBs and CBs. First, it debunks the notion that IF is viewed as similar to its conventional counterpart. Second, SIBs are seen as different from CBs, illustrating the distinct categorisation of impact investing instruments. As such, third, the development of SRI ṣukūk and SIBs can provide diversification to portfolios as it is a unique instrument in the social finance and financial market. DOI: https://doi.org/10.1108/IJIF-04-2021-0074
2022-12-03
Nur Yusliana Yusoff, Rusni Hassan
Purpose This paper aims to highlight provisions that may attract corporate criminal liability (CCL) in legislation and regulations enacted in Malaysia. Further, this paper identifies gaps or obstacles in the implementation of CCL in Islamic banks (IBs) in Malaysia. Design/methodology/approach This research adopts the qualitative methodology. More specifically, it uses normative legal research by focusing on primary and secondary data obtained from legislation, regulations, decided case laws, guidelines, law textbooks and bank annual reports in relation to CCL provisions. It also conducts semi-structured interviews with different categories of experts, including legal practitioners (lawyers), regulators from Bank Negara Malaysia (BNM) and Securities Commission Malaysia, officers of the Attorney General's Chambers and officers from legal departments in IBs. Findings The results conclude that IBs should implement the law on CCL because they are considered corporations. It is also found that not all IBs complied with CCL provisions brought corporate offenders before the court. Research limitations/implications This research is restricted by its specialisation in CCL in IBs in Malaysia. Practical implications The CCL provision has to be implemented effectively by IBs to achieve the benefit. However, not all IBs implement CCL provision properly. The understanding created by the interview data illuminates the challenges in implementing CCL provisions. Thus, this paper seeks to change the approach in the implementation of CCL provisions by IBs in Malaysia. Originality/value The paper touches upon a new area, notably CCL in IBs, which is not well researched in past literature. Although there is a vast research on CCL, corporate crime in IBs in Malaysia is still an unexplored area. This study gives light on the implementation of CCL provisions in IBs. DOI : https://doi.org/10.1108/IJIF-04-2021-0067
2022-11-03
Saad G. Yaseen, Ihab Ali El Qirem, Dima Dajani
Purpose The research identifies the predictors of Islamic mobile banking (IMB) smart services adoption and usage in Jordan. Design/methodology/approach Based on the Unified Theory of the Acceptance and Use of Technology (UTAUT) and the Unified Theory of the Acceptance and Use of Technology 2 (UTAUT2), an extended and modified model that encompasses perceived trust was developed. The sample comprised 358 customers from Islamic banks (IBs) in Jordan, and structural equation modelling was applied to examine data drawn from the sample. Findings The research framework presented 0.728% of the behavioural intention variance and 0.455% of the use behaviour. Results discovered that performance expectancy, perceived trust and hedonic motivation have significant relations with behavioural intention. The finding that effort expectancy has an insignificant effect and that social influence has a significant negative influence on behavioural intention was unexpected. Research limitations/implications The research has successfully verified the effect of performance expectancy, perceived trust and hedonic motivation on the customer's intention to use IMB smart services. However, the research data findings are based on the cross-sectional design. Practical implications The outcomes hold implications for marketing strategy makers who are responsible for promoting IMB smart services in IBs. Originality/value This research presents a deeper insight into IMB adoption and use. The research employed UTAUT and UTAUT2 as the baseline model and incorporates perceived trust to estimate behavioural intention. To the best of the authors' knowledge, this could be the first inquiry that examines IMB smart services adoption and use in Jordan. DOI: https://doi.org/10.1108/IJIF-04-2021-0065