Suchergebnisse

Law and regulation are becoming increasingly important in any discourse involving the Islamic financial services industry. This important aspect comprises both the legal and Sharīah aspects from the pre-contract stage up to the post-execution phase, and even post-contract termination phase.Emerging Issues in Islamic Finance Law and Practice in Malaysia focuses on emerging legal, Sharī'ah and regulatory issues in the Islamic finance industry in Malaysia. Through the lens of the Malaysian legal framework, financial experts Umar A. Oseni, M. Kabir Hassan, and Rusni Hassan and their expert contributors raise and discuss issues that cut across borders and, as such, can be transposed to other Islamic finance jurisdictions. With the different perspectives and approaches adopted by various chapters, Emerging Issues is specifically designed to meet the needs of academics and practitioners of Islamic finance law to provide general legal and Sharīah guidance on the emerging issues identified. In Emerging Issues, Oseni, Hassan and Hassan provide rigorous research for curious minds who seek to ascertain the position of Islamic law on certain new issues, such as the application of Fintech in Islamic finance and the regulation of digital currencies. Readers will also benefit from the case studies included, which are based on the Malaysian legal and Sharīah framework since Malaysia is generally considered a model for other Islamic finance jurisdictions.

Purpose–With the advent of Islamic banking, a new species was added to the banking system which was then, only dominated by the conventional banking. Islamic banking expanded in the world within the last decade and as a result, Islamic finance emerged as an alternative to the conventional finance. This created Islamic companies and Islamic financial institutions which operate based on the principles of Shari'ah or Islamic Law. These Islamic corporate bodies, like the conventional corporate bodies do need good governance rules. In other words, they also need a good, sophisticated "Shari'ah Governance Code" which would be based on the principle of Islamic Law. This is mainly because the objective of the conventional and the Islamic Corporate governance is different as conventional corporate governance structure is more focused on the protection of the rights of the stakeholders; while Islamic corporate governance focus on retaining the Islamicity of whole corporation. The objective of this research is, as the title suggests, proposing the reasons why a special governance Code for Shari'ah corporate bodies are needed. This paper would suggest a proper governance structure to the Islamic companies and will also discuss why the conventional corporate governance Codes are unsuitable for the Islamic companies.Design/methodology/approach–This research which is primarily library based, is an exploratory legal research in nature.Findings–In the course of this research, it is found that there is a need to enact a Shari'ah Corporate Governance Code due to the widespread establishment of shari'ah compliant companies in the world. Hence, the authors had discussed the potential content of such a Code in this paper.Originality/value–This research will complement the knowledge based on shari'ah corporate governance and is targeted to the existing and prospective shari'ah compliant companies.

Turkey has a long history in Islamic civilisation. However, there is still lack of research to examine participatory banks in Turkey. This is despite the fact that the legacy of strong Islamic law, the majority Muslim population, and the strategic location of the country have failed to serve as catalyst to boost market share of participation banks in the country. This study is aimed at developing priority ranking of SWOT factors and strategies on the participatory bank development in Turkey. Data are collected from experts and practitioners of Participation (Islamic) bank in Turkey. Analytic Network Process (ANP) is used as the methods of analysis. The finding shows that the aspects of participatory banks in Turkey are derived from strengths, opportunities, weakness and threats factors. Sharia board is the main strength of this study, while inadequate competitive product is the main weakness. In the future, government support stands as the first priority from opportunity aspect. Islamic bank in Turkey also needs to aware on the absence of separate law as the main priority of threats aspect. Another finding shows that separated law and regulation is the main strategies of the study. Concomitantly, the study suggests separate law and regulation as the main strategy to enhance banks participation in Turkey. This study could serve as reference point for the regulator in formulating appropriate policy strategies to increase market share of participatory banks in Turkey.

Purpose: The purpose of this study is to propose a contemporary human resource management (HRM) framework by zakat institutions, which collect and manage religious alms, both obligatory (zakat) and voluntary (sadaqah), in Malaysia. Design/methodology/approach - In doing so, discussions pertaining to the key elements of zakat institutions' HRM including recruitment, selection, performance appraisal, training and development and compensation are gathered from the existing literature and other sources of information such as zakat institutions' websites and publications. In addition, zakat officers' insight on how HRM is practiced at their institutions is gathered through a series of semi-structured interviews and incorporated in the findings of this study. Findings - The paper finds that the state government, by virtue of the State Islamic Religious Council (SIRC), which is the sole trustee of all waqf properties in Malaysia, may have significant influence in formulating the human resource strategies and policies in zakat institutions. Research limitations/implications - The proposed HRM model can be a useful reference for SIRC in enhancing the current human resource practice in its respective zakat institutions. Originality/value - The novelty of this study lies in the proposed HRM model applicable to zakat institutions. The model emphasizes the alignment between the zakat institutions' HRM practice and their zakat collection and distribution goals, as well as zakat management objectives in general.

Purpose — This study intends to examine the legal aspects and the actual practices of Shariah governance in Sri Lanka's IFIs. Further, it examines the law and regulations on Shariah governance as well as identifies the macro and micro level application of Shariah governance in Sri Lanka.Research method — The literature observation and document analysis were applied to explore the relevant domestic and international regulation on Shariah governance in the country. As a qualitative study, the data were gathered through the primary sources such as the information derived from the interview with experts, legislations, international Shariah standards, annual reports and other institutional documents from the IFIs; and supported by the secondary data available in the literatures such as articles in journals, books, newspaper reports, the IFIs websites, and other sources.Result — The findings of this study indicate that there is no legislation in Sri Lanka that legally enforces on Shariah governance framework at macro level. But, each IFIs has setup Shariah governance institutionally at micro level.Recommendation — The recommendations are put forward to fill the gap found and to improve the legal status of Shariah governance in Sri Lankan Islamic financial industries.

The primary objective of this study is to investigate the views of zakat professionals on the factors affecting the performance of zakat administration in Malaysia. This study started with library research to critically review previous literature on zakat administration, followed by the analytical hierarchy process (AHP). This study finds that the provisions of zakat law and collection mechanism are viewed as the most critical factors influencing the performance of zakat collection and distribution mechanism and public perception are viewed as the two main factors affecting the performance of zakat distribution administration in Malaysia. This study hopes to shed some light on how to improve the administration of zakat collection and distribution, especially the importance of having a standardized legislation and regulatory frameworks for zakat administration to be applied in all states in Malaysia.