Journal of King Abdulaziz University, Islamic Economics最新文献

{"title":"Customer Satisfaction Comparison between Islamic and\u0000Conventional Banks: Case Study of Qatari Banks","authors":"Omnia Ahmed Omnia Ahmed","doi":"10.4197/islec.31-2.2","DOIUrl":"https://doi.org/10.4197/islec.31-2.2","url":null,"abstract":"This paper examines customer satisfaction in Islamic banks in Qatar in\u0000comparison with their conventional counterpart. It is an attempt to investigate whether\u0000Islamic banks have overcome the obstacle of being relatively new; whether they have\u0000started providing satisfying services to their customers or whether they act as taking\u0000advantage of their customers’ needs for Islamic finance products and treat them as\u0000captive clients who resort to Islamic banks for religious reasons. The research queries\u0000needed to be answered by the bank’s customers themselves to test their view of the\u0000services they get. A comprehensive comparative questionnaire was formulated.\u0000Responses from the questionnaire and other data collected from banks’ websites,\u0000personal interviews, etc., were analyzed. The paper conducted cross-sector\u0000comparisons of Islamic and conventional banking as well as individual comparisons\u0000between banks. Analysis of these results, computing averages and comparing them at\u0000the level of each bank as well as at the sectoral level between Islamic banks and\u0000conventional banks, was conducted. Through this, the paper attempts to uncover banks’\u0000performance and find out all areas of improvements that the Islamic and conventional\u0000banks need to work on.","PeriodicalId":39159,"journal":{"name":"Journal of King Abdulaziz University, Islamic Economics","volume":"98 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2018-07-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"80837770","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The Humanomic Structure of Islamic Economic Theory: A Critical Review of Literature in Normative and Positive Economics","authors":"M. Choudhury","doi":"10.4197/ISLEC.2-1.3","DOIUrl":"https://doi.org/10.4197/ISLEC.2-1.3","url":null,"abstract":"The author reviews earlier attempts at formulating a humanistic political economy. Then a principle of Ethical Endogeneity is established which shows that society maximizes its social welfare through consensus among decision-makers with the choice of goals and policy variables. In the Islamic economy these goals and policies are uniquely set by the shari'ah. The principle of tawheed and brotherhood, of work and production and that of distributive equity characterize the Islamic economy which realises these goals through zakah, abolition of interest and profit-sharing.","PeriodicalId":39159,"journal":{"name":"Journal of King Abdulaziz University, Islamic Economics","volume":"11 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2018-01-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"82559048","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Interest-Free Microfinance in India: A Case Study of the Al-Khair Cooperative Credit Society","authors":"Wasiullah Shaik Mohammed, K. Waheed","doi":"10.4197/islec.31-1.3","DOIUrl":"https://doi.org/10.4197/islec.31-1.3","url":null,"abstract":"Interest-free microfinance institutions are providing efficient services around the globe including in India. The current paper is a case study research of Al-Khair – a well-known interest-free credit cooperative society in India. In this paper, the authors try to understand the modus operandi of the selected institution. The selected institution has also been evaluated in terms of various parameters such as its current status, outreach, beneficiaries, growth, and financial health. In conclusion, the authors highlight the potential challenges facing this institution and make a few recommendations for its further growth and development.","PeriodicalId":39159,"journal":{"name":"Journal of King Abdulaziz University, Islamic Economics","volume":"12 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2018-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"83463720","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"صكوك المشاركة التفضيلية في الإيراد (Preference Sukuk to Share Revenue)","authors":"Muhammad Zarqa, Mohammad Al-Suhaibani, Nader Naifar","doi":"10.2139/ssrn.4278265","DOIUrl":"https://doi.org/10.2139/ssrn.4278265","url":null,"abstract":"<b>Arabic Abstract:</b> إن صيغ المشاركة في الإيراد (المبيعات أو الناتج) هي امتدادٌ لعقود المزارعة والمساقاة والمغارسة المطبقة من قديم في الفقه الإسلامي. وعلى الرغم من دورها الكامن في تمويل مشروعات البنية الأساسية المدرة للدخل إلا أنها لم تطبق حتى الآن للقيام بهذا الدور المهم في التمويل الإسلامي. يستعرض البحث بإيجاز الكتابات في الاقتصاد التقليدي عن المشاركة في الإيراد، وتطبيقاتها الحديثة في مجال الشراكة بين القطاعين العام والخاص لتمويل إنشاء وتشغيل مشروعات البنية الأساسية. ويقترح البحث نموذجًا جديدًا للصكوك يستند على صيغة المشاركة في الإيراد، مع مرونة إضافية تسمح بتفضيل أحد الشريكين على الآخر في معدل المشاركة في الإيراد و/أو التكاليف، مما يتيح للمشروع الواحد اجتذاب أطراف يختلفون في ميلهم لتحمل الخطر، وفي توقعاتهم لعوائد المشروع. ويجلي البحث حقيقة مهمة هي أن صيغ المشاركة في الإيراد عمومًا، والنموذج المقترح خصوصًا، تقلل تفاوت المعلومات بين الطرفين، ومن ثم تخفض الحاجة إلى الرقابة وتكاليفها، مقارنة بصيغ المشاركة في الربح. ثم يعرض البحث تطبيقات تلك الحقيقة ومزاياها، والإشكالات الفقهية والاقتصادية العديدة التي تثيرها وتحتاج إلى دراسات مستقبلية مستقلة. <br><br><b>English Abstract:</b> Revenue Sharing (RS) or output sharing financing contracts are extensions to some contracts known in Islamic fiqh and practiced from antiquity, such as muzara'a (sharecropping), musaqah (financing and management of a fruit orchard) and mugarasah (plantation in return for a share of the trees). In spite of their promising potential in financing income generating infrastructure projects, RS contracts have yet to be applied in Islamic Finance. This paper briefly reviews literature in conventional economics on RS and their modern application to Public–Private Partnership (PPP) in infrastructure projects. The paper suggests a novel Shari’ah compliant sukuk structure based on RS, with extra flexibility through giving preference to one party over another in sharing revenue and/or bearing certain costs. This permit attracting to the same project parties having different risk appetites and expectations about the project’s returns. The paper highlights the significance and potential applications of the fact that RS in general, and the suggested sukuk structure in particular, reduce information asymmetry; and thus, minimize the need for agent monitoring and associated costs, as compared to profit sharing contracts. Certain economic and Sharia issues arising in such potential applications are outlined for further research.<br>","PeriodicalId":39159,"journal":{"name":"Journal of King Abdulaziz University, Islamic Economics","volume":"169 1-4 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2018-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"83439543","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Exploring Awqāf Governance: Preliminary Evidence of Governance Practices and Disclosure of Two Malaysian Awqāf Institutions","authors":"N. Awaludin, H. S. Nahar, Hisham Yaacob, N. Bakar","doi":"10.4197/islec.31-1.9","DOIUrl":"https://doi.org/10.4197/islec.31-1.9","url":null,"abstract":"Sustainable awqaf practices and operations of its managing institutions are primarily influenced by the mutawalli’s (awqaf manager’s) accountability created in the environment of good governance. The essences of governance, accountability and sustainability are even more central in the Islamic charitable environment like awqaf as it plays a unique role as a religious and social-based strategic support device to the existing economy. This paper presents empirical evidence on governance disclosure and practices of two separate Malaysian awqaf institutions with different operational setup (corporatized vs. government platform) by using multiple research techniques comprising interviews and documentation reviews. The findings indicate that essences of governance are observable in both entities. However, huge potential for improvement still remains. Exploiting the different operational setup provides indications of measured responses and indirectly suggests the benefits of running waqf operations on a corporatized platform. The results also provide an appropriate basis for a reality check on the mutawalli’s governance disclosure and practices. الاستدامة في ممارسة الأوقاف وعمليات مؤسساتها الإدارية تكون متأثرة على الدرجة الأولى بعدد من العوامل، أهمها مسؤولية المتولي (مدير الأوقاف) التي نشأت من بيئة الحوكمة الرشيدة. ويكون الجوهر في موضوع الحوكمة والمسؤولية والاستدامة أكثر تركيزا في المجالات الخيرية الإسلامية مثل الأوقاف لكونها دورة فريدة للمجتمع. وذلك كالجهاز الدعمي للاستراتيجية الأساسية للدين والمجتمع في الاقتصاد القائم. استنادا على ذلك، يقدم هذا البحث الأدلة التجريبية الأولية عن اكتشافات الحوكمة والممارسات في مؤسستين مختلفتين للأوقاف في ماليزيا كلاهما في مختلف الإعداد التشغيلي (المؤسسة الأهلية مقابلة المؤسسة الحكومية). ويقام تحليل البيانات التجريبية من تعدد مناهج البحث التي تشتمل على المقابلة الشخصية وعرض الوثائق المتعلقة بها. فنتائج البحث تشير إلى أن الجواهر الحوكمية تبدو موجودة في كلا الكيانين مع فرص كبيرة للتحسين. ويقترح الاستغلال بالإعداد التشغيلي المختلف على أن عملية الوقف في المؤسسة الأهلية أكثر فعالة من المؤسسة الحكومية. وفي الخلاصة، توفر نتيجة البحث أساسا ملائما للتحقيق الواقعي في حوكمة المتولي واستدامتها المستقبلية.","PeriodicalId":39159,"journal":{"name":"Journal of King Abdulaziz University, Islamic Economics","volume":"25 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2018-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"81055326","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The Islamic Banking Spin-Off: Lessons from Indonesian Islamic Banking Experiences","authors":"M. A. Al Arif, N. Nachrowi, M. Nasution, T. M. Mahmud","doi":"10.4197/ISLEC.30-2.11","DOIUrl":"https://doi.org/10.4197/ISLEC.30-2.11","url":null,"abstract":"The Indonesian Islamic Banking Act of 2008 requires conventional banks to spin-off their Shariah business units if they fulfill the spin-off criteria, which is achieving 50% of the parent’s assets or 15 years after this Act was established. This will allow some Shariah business units to transform into fully-fledged Islamic banks. Some Shariah business units have already undertaken the spin-off process although they did not fulfill the spin-off criteria. The purpose of this paper is to analyze these spin-off banks and compare their performance before and after the spin-off, while also examining the type of spin-off and its effect on the bank’s performance. This study uses difference in difference analysis to conduct this analysis. Assets, financing, and deposit funds are used as performance measures. The findings show that the spin-off policy should be re-evaluated for various reasons. Most important among them is that it is highly unlikely that Islamic banks in Indonesia can achieve 50% of the parent bank’s assets. The results also show that the spin-off did not have any significant impact upon assets and deposit funds, although total financing was found to be significantly improved. Lastly, the results show that the spin-off type did not have an impact on the bank’s performance. يفرض قانون المصرفية الإسلامية الإندونيسي لعام 2008م على البنوك التقليدية أن تفصل وحدات أعمالها الشرعية إذا توافرت الشروط المطلوبة، وهي أن يصل حجم أصولها إلى خمسين في المائة (50?) من أصول البنوك الأم أو بلغ عمرها خمسة عشر عاما بعد دخول القانون في حيز التطبيق. مما يتيح المجال لبعض الوحدات الشرعية أن تتحول إلى مصارف إسلامية مستقلة. وقد قامت بعض وحدات الأعمال الشرعية بعملية الفصل علي الرغم من أنھا لم تستوف الشروط المذكورة في القانون. تهدف هذه الورقة إلى تحليل هذه المصارف المنفصلة ومقارنة أدائها قبل وبعد عملية الفصل، كما تفحص الورقة أيضا أنواع عمليات الفصل ومدى تأثير كل نوع على أداء المصارف. ولتقييم الأداء ترتكز الورقة على ثلاثة أشكال من المؤشرات، وهي: الأصول، والتمويل، وصناديق الإيداع. وتشير النتائج إلى ضرورة إعادة النظر في سياسة الفصل لأسباب عدة، من أهمها أنه من المستبعد جدا أن المصارف الإسلامية في إندونيسيا يمكن أن تحقق 50? من أصول البنوك الأم. وتبين أيضا أن عملية الفصل لم تؤثر كثيرا على نسبة الأصول وصناديق الودائع في هذه البنوك على الرغم من أن التمويل الإجمالي قد شهد تحسنا كبيرا. كما تظهر أن نوع الفصل لم يكن له تأثير فعال على أداء المصارف.","PeriodicalId":39159,"journal":{"name":"Journal of King Abdulaziz University, Islamic Economics","volume":"557 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2017-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"85723476","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"A Study of Accountability Practice in Dompet Dhuafa Waqf of Indonesia","authors":"H. Ihsan, Maliah Sulaiman, Norhayati Mohammad Alwi, Muhammad Adnan","doi":"10.4197/ISLEC.30-2.2","DOIUrl":"https://doi.org/10.4197/ISLEC.30-2.2","url":null,"abstract":"The aim of this study is to address the issue of accountability practice in a waqf institution. Specifically, the focus of this study is to provide insights into how accountability is perceived and discharged by the mutawallī (waqf trustee) in managing a waqf. In so doing, a case study of one Indonesian waqf institution, that is, Dompet Dhuafa is undertaken. To achieve the stated objectives of the study, the researchers used various techniques of data collection that mainly comprises: interviews, observations and reviews of documents. The findings reveal that the belief in dual accountability – to Allah and human beings – has strengthened the mutawallī’s perception concerning the importance of accountability. Moreover, in showing its accountability in managing a waqf to stakeholders, the mutawallī uses various mechanisms. In addition, the mutawallī is also liable to discerning accountability to himself/herself. Hence, this study concludes that the holistic accountability practiced by Dompet Dhuafa is an integrative process. It does not only encompass fulfilling upward and downward accountabilities, but also involves the commitment to preserve organizational values.","PeriodicalId":39159,"journal":{"name":"Journal of King Abdulaziz University, Islamic Economics","volume":"113 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2017-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78963402","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The Notion of Risk in Economics Revisited in the Light of Arab-Muslim Classical Literature","authors":"A. Belabes","doi":"10.4197/ISLEC.30-2.1","DOIUrl":"https://doi.org/10.4197/ISLEC.30-2.1","url":null,"abstract":"The aim of this study is to show how Arab-Muslim societies, from Indonesia to Andalusia, did not wait for the modern era in order to learn how to live with risk. Rather, they developed codes of conduct, modes of thinking and moral values. At first sight, the main issue of the notion of risk that emerged in the light of classical Arab-Muslim literature lies in distinguishing between two types of risk: that associated with the real economy and linked to common goods and trade; and that which is associated with gambling and speculation. Taking risk is generally encouraged if it is bound to serve the productive economy from which everyone will benefit. It is, however, prohibited to take such a risk should it feed a game where a person’s gain is obtained at the expense of another. From our analysis, it appears that the notion of risk is not confined to the legal approach or the question of a probabilistic computation of uncertainty which characterizes the modernist approach to risk. This broader definition of risk opens-up the perspective to field studies incorporating notions such as vulnerability developed by some Muslim travelers. Our analysis also emphasizes the importance of studying historical manuscripts to explore alternative notions of risk.","PeriodicalId":39159,"journal":{"name":"Journal of King Abdulaziz University, Islamic Economics","volume":"221 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2017-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"77784369","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Challenges and Problems Facing the Application of Temporary Waqf in Selected States of Malaysia: New Issues and their Guiding Rules التحديات والإشكالات التي تواجه تطبيق صيغة الوقف المؤقت في ولايات مختارة في ماليزيا: الصور المستحدثة وضوابطها","authors":"Muhamad Firdaus Bin Abdul Rahman محمد فردوس بن عبدالرحمن, Muhammad Amanullah محمد أمان الله","doi":"10.4197/ISLEC.30-3.12","DOIUrl":"https://doi.org/10.4197/ISLEC.30-3.12","url":null,"abstract":"This paper aims to critically examine challenges of the application of temporary waqf in selected states of Malaysia, to establish principles and to suggest new approaches for its implementation. A qualitative methodology was employed to analyse the data through inductive, deductive and field research methods. As for the field research, this study has conducted semi-structured interviews with the Waqf Corporations and Mufti`s Department in the selected states of Malaysia, namely; Selangor, Malacca, Negeri Sembilan and Johor. The result shows that inappropriate procedures of fatwa issuance, unproductive current waqf assets and legal perspective issues are among the challenges in implementing temporary waqf in Malaysia. Thus, this paper proposes that every State’s Waqf Corporations in Malaysia should reassess the existing legal framework of temporary waqf in order to realize its application as an effective solution for the current waqf properties. Finally, the study proposes to establish holistic principles of temporary waqf implementation in Malaysia. هدفت الورقة إلى بيان التحديات التي تواجه تطبيق صيغة الوقف المؤقت في ولايات مختارة في ماليزيا وتحليلها، ثم اقتراح ضوابط شاملة وبعض الصور المستحدثة. اعتمدت الدراسة على المنهج الاستقرائي والمنهج التحليلي، وكذلك الدراسة الميدانية بإجراء مقابلات شخصية بطريقة المقابلة غير المقننة مع ناظري الأوقاف والمفتين في الولايات المختارة وهي: ولاية سلانجور، وولاية ملاقا، وولاية نيجري سيمبيلان، وولاية جوهر. من أهم النتائج التي توصل إليها البحث أن التحديات التي تواجه تطبيق صيغة الوقف المؤقت في الولايات المختارة تتكون من: تحدي المذهب المعتمد، وتحدي القانون المعمول به، وكذلك تحدي ظروف الأموال الموقوفة. تقترح الورقة تشجيع هيئات الأوقاف لكل ولاية في ماليزيا على تطبيق الوقف المؤقت لأنه قد يكون حلا فعالا لمشكلة اقتصار الوقف على الوقف العام، وتوصي بتحديد ضوابط شاملة لتفعيل الوقف المؤقت في هذا البلد.","PeriodicalId":39159,"journal":{"name":"Journal of King Abdulaziz University, Islamic Economics","volume":"32 1","pages":"291-314"},"PeriodicalIF":0.0,"publicationDate":"2017-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"82994113","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The Role of Money in Financial Instability and Possibilities of Reformation within an Islamic Financial System","authors":"Abdelrahman Ahmad","doi":"10.4197/islec.30-3.7","DOIUrl":"https://doi.org/10.4197/islec.30-3.7","url":null,"abstract":"","PeriodicalId":39159,"journal":{"name":"Journal of King Abdulaziz University, Islamic Economics","volume":"83 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2017-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"77661754","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}