Journal of Islamic Accounting and Business Research最新文献

{"title":"Sukuk structure and risk exposures: evidence from an originator perspective","authors":"Salah Alhammadi, Simon Archer, Dalal Aloumi","doi":"10.1108/jiabr-10-2023-0343","DOIUrl":"https://doi.org/10.1108/jiabr-10-2023-0343","url":null,"abstract":"<h3>Purpose</h3>\u0000<p>Despite the growing prevalence of Sukuk issuances, there remains a significant knowledge gap concerning their specific risk exposures to originators of issuances rather than to investors, particularly compared to conventional bonds, and the implications of this for the corporate governance (CG) of originators. This study aims to examine the risks faced by originators and sponsors of Sukuk issuances, drawing insights from unique Sukuk case studies. The distinct characteristics of Sukuk include legal intricacies and Shari’ah compliance, which pose particular challenges to originators. Effective risk management is a key issue for CG in these areas.</p><!--/ Abstract__block -->\u0000<h3>Design/methodology/approach</h3>\u0000<p>A sequential explanatory case study method is employed, utilising the content analysis approach to extract information from various articles, reports and Sukuk case studies, including Tamweel Residential Mortgage Backed Sukuk and Tamweel Sukuk Limited.</p><!--/ Abstract__block -->\u0000<h3>Findings</h3>\u0000<p>The findings underscore the critical issues for originators in navigating risks within Sukuk structures, particularly concerning Shari’ah non-compliance and default risk. This highlights the importance of managing risks inherent in Sukuk structures, considering both Shari’ah compliance obligations and the sustainability of Sukuk in terms of default risk. Default scenarios raise unique questions regarding stakeholders' interests, specifically those of shareholders, investors and creditors, contingent on the Sukuk issuance's structure and contractual basis of the Sukuk issuance.</p><!--/ Abstract__block -->\u0000<h3>Practical implications</h3>\u0000<p>The need for a CG framework conducive to the effective management of these risks, thereby ensuring both Shari’ah compliance and long-term viability, which is crucial for the sustainable growth of Sukuk in the financial landscape.</p><!--/ Abstract__block -->\u0000<h3>Originality/value</h3>\u0000<p>This study offers a unique perspective by focusing on the risks faced by originators of Sukuk issuances, a largely unexplored area, and underscores the importance of effective risk management for CG and sustainability of Sukuk issuances.</p><!--/ Abstract__block -->","PeriodicalId":46046,"journal":{"name":"Journal of Islamic Accounting and Business Research","volume":"1 1","pages":""},"PeriodicalIF":2.2,"publicationDate":"2024-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141872503","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":"Arbitrage outcome between conventional and Islamic finance of yield and forward rates in bond market","authors":"Mohd Yaziz Bin Mohd Isa, Mahalakshmi Suppiah","doi":"10.1108/jiabr-04-2024-0119","DOIUrl":"https://doi.org/10.1108/jiabr-04-2024-0119","url":null,"abstract":"&lt;h3&gt;Purpose&lt;/h3&gt;\u0000&lt;p&gt;In this research, arbitrage opportunity is tested between the yield rates computed by the NSS model, and the computed forward rates between conventional and Islamic finance to see any arbitrage opportunity. The research questions are the conventional and Islamic finance yields at the same level and equal to each other to avoid arbitrage? Whether conventional and Islamic forward rates differ significantly and thus create any arbitrage opportunity. This study aims to find the presence or absence of arbitrage between conventional and Islamic finance yield rates.&lt;/p&gt;&lt;!--/ Abstract__block --&gt;\u0000&lt;h3&gt;Design/methodology/approach&lt;/h3&gt;\u0000&lt;p&gt;The NSS model is the latest model in calculating yield and forward rates. In the method the error level is minimized so expected yield rate and given yield rate both converged (Vahidin and Anastasios, 2020). When they converged it gives the researchers all six months’ yield rates. For the Nelson Siegal method, all the six months’ yield rates are available and these yield rates can be used to compute the forward rates.&lt;/p&gt;&lt;!--/ Abstract__block --&gt;\u0000&lt;h3&gt;Findings&lt;/h3&gt;\u0000&lt;p&gt;The authors concluded there is a significant difference between the conventional yield rate and the Islamic yield rate. It suggests that because there are significant differences, its suggest arbitrage is possible. So anyone interested in making a guaranteed profit. The conventional yield rates are lower; hence, anyone can borrow from the conventional finance system and invest the money in the Islamic financial system because investments are getting higher rates of income in the form of yield rate in Islamic Finance. So, one can make money because of this difference. Statistically, it is possible to make money, but practically, the authors observed the difference, however it is very meager. The arbitrage opportunity between Islamic finance and conventional finance will not affect the economy because the significant difference is too small. The disturbance in the arbitrage opportunity due to the values is very meager and insignificant.&lt;/p&gt;&lt;!--/ Abstract__block --&gt;\u0000&lt;h3&gt;Research limitations/implications&lt;/h3&gt;\u0000&lt;p&gt;This research does not address the derivative contracts’ role in risk management; future researchers could take up this as another research.&lt;/p&gt;&lt;!--/ Abstract__block --&gt;\u0000&lt;h3&gt;Practical implications&lt;/h3&gt;\u0000&lt;p&gt;This research will be beneficial for financial institutions, especially institutional investors. Besides, this research will help the regulators and investment bankers in assisting where and future losses especially bond portfolios in conventional finance and Islamic finance. This study will also contribute and help the asset manager of mutual funds in the mutual fund industries.&lt;/p&gt;&lt;!--/ Abstract__block --&gt;\u0000&lt;h3&gt;Social implications&lt;/h3&gt;\u0000&lt;p&gt;In effect, this research will strengthen the financial system, capital market and bond market, derivative contracts such as options contracts, futures contracts, swap contracts and forward contracts w","PeriodicalId":46046,"journal":{"name":"Journal of Islamic Accounting and Business Research","volume":"165 1","pages":""},"PeriodicalIF":2.2,"publicationDate":"2024-07-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141872531","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":"Dynamic leverage policy in Islamic and conventional banks during crises in the OIC countries: a procyclicality and prospect-theory analysis","authors":"Ibnu Qizam, Najwa Khairina, Novita Betriasinta","doi":"10.1108/jiabr-10-2023-0331","DOIUrl":"https://doi.org/10.1108/jiabr-10-2023-0331","url":null,"abstract":"&lt;h3&gt;Purpose&lt;/h3&gt;\u0000&lt;p&gt;The purpose of this study is to investigate and compare the dynamic leverage policies of Islamic and conventional banks within selected Organization of Islamic Cooperation (OIC) countries. The study specifically focuses on the concepts of leverage procyclicality and prospect theory.&lt;/p&gt;&lt;!--/ Abstract__block --&gt;\u0000&lt;h3&gt;Design/methodology/approach&lt;/h3&gt;\u0000&lt;p&gt;To achieve the research objectives, the study uses data from three distinct periods: Crisis I (2007–2009), Crisis II (2011–2012) and Crisis III (2020). The analysis uses dynamic panel-data regression, using the generalized method of moments (GMM) technique.&lt;/p&gt;&lt;!--/ Abstract__block --&gt;\u0000&lt;h3&gt;Findings&lt;/h3&gt;\u0000&lt;p&gt;The research findings indicate that both Islamic and conventional banks demonstrate leverage procyclicality. Interestingly, Islamic banks exhibit weaker leverage procyclicality during normal conditions but display stronger procyclicality during crises compared to their conventional counterparts. The application of prospect theory reveals that both bank types exhibit risk-taking or risk-averse behavior through leverage under certain financial and market performance measures as the first-level domain of the gain-vs-loss condition. Furthermore, during crises (as the second-level domain of the normal-vs-crisis condition), both Islamic and conventional banks experience heightened leverage. Notably, Islamic banks, owing to their lower risk exposure and greater shock resilience, demonstrate lesser risk-taking behavior through leverage than conventional banks, both during periods of underperformance and worsening conditions amid crises. These findings validate the extension of prospect theory's applicability in a two-level domain perspective. The dynamic nature of leverage policy, being procyclical and adhering to prospect theory, also varies following different crises specifically.&lt;/p&gt;&lt;!--/ Abstract__block --&gt;\u0000&lt;h3&gt;Research limitations/implications&lt;/h3&gt;\u0000&lt;p&gt;The study's limitations include the unequal crisis periods (Crises I, II and III), leading to an imbalanced examination of their effects, certain financial and market performance metrics that fail to corroborate the expected hypotheses and the limited generalizability of findings beyond the selected OIC countries.&lt;/p&gt;&lt;!--/ Abstract__block --&gt;\u0000&lt;h3&gt;Practical implications&lt;/h3&gt;\u0000&lt;p&gt;Understanding the intricate dynamics and behavioral aspects of leverage policy for both Islamic and conventional banks, particularly during crisis scenarios, proves crucial for reviewing banking regulations, making informed financial decisions and managing risks effectively.&lt;/p&gt;&lt;!--/ Abstract__block --&gt;\u0000&lt;h3&gt;Originality/value&lt;/h3&gt;\u0000&lt;p&gt;This study enriches the current knowledge by presenting two key points. First, it highlights the dynamic nature of leverage procyclicality in Islamic banks, showing a change from weaker procyclicality in normal conditions to stronger procyclicality during crises compared to conventional banks. Second, it expands the application of pr","PeriodicalId":46046,"journal":{"name":"Journal of Islamic Accounting and Business Research","volume":"80 1","pages":""},"PeriodicalIF":2.2,"publicationDate":"2024-07-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141770083","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":"Impacts of climate for change, process of change and openness towards change on employees’ readiness to transform conventional banking into Islamic banking system in Libya","authors":"Mahmoud A. S. Abusloum, Rafikul Islam, Sardar Md Humayun Kabir","doi":"10.1108/jiabr-06-2023-0187","DOIUrl":"https://doi.org/10.1108/jiabr-06-2023-0187","url":null,"abstract":"<h3>Purpose</h3>\u0000<p>This study aims to investigate the determinants of employees’ readiness to adapt to the change from the conventional banking system to the Islamic banking system in Libya. The determinants identified by this research include supervisors’ support, trust in leadership, participatory management, employees’ involvement in the change, the attitude of top management towards the change, openness towards the change and nature of change.</p><!--/ Abstract__block -->\u0000<h3>Design/methodology/approach</h3>\u0000<p>The study adopted a quantitative approach by using a self-administered questionnaire survey where a total of 482 sets of questionnaires were distributed manually of which 316 completed questionnaires were found to be usable. The structural equation modelling techniques were used to test and validate the proposed model.</p><!--/ Abstract__block -->\u0000<h3>Findings</h3>\u0000<p>Statistically, the study found that supervisor support, employees’ involvement in the change process and openness towards change showed significant relationships on employees’ readiness to perform their jobs in Libyan banks where the conventional financial system had been changed to the Islamic banking system. However, on the contrary, trust in leadership, participatory management and the attitude of top management towards the change process were found to have no significant relationship towards employees’ readiness. In addition, a significant moderation effect of the nature of change has been found on the relationship between openness to change and employees’ readiness for change.</p><!--/ Abstract__block -->\u0000<h3>Practical implications</h3>\u0000<p>Determinants of employees’ readiness for the transformation process identified in the present study can be used in assessing the employees’ readiness before implementing any change. In fact, openness and willingness towards change were found to be significant factors in employees’ readiness in the transformation process. Therefore, banks can use this information as one of the important criteria in recruiting employees. Open-minded and receptive attitudes towards change could be the quality of employees that banks should look for.</p><!--/ Abstract__block -->\u0000<h3>Originality/value</h3>\u0000<p>Overall, this study can be considered as novel because its findings will prompt other researchers to conduct and expand similar research in this field. Specifically, the findings of this research could facilitate the Central Bank of Libya in identifying their readiness gaps and organisational obstacles that stalled the move of conventional banks in Libya to migrate into the Islamic banking system.</p><!--/ Abstract__block -->","PeriodicalId":46046,"journal":{"name":"Journal of Islamic Accounting and Business Research","volume":"61 1","pages":""},"PeriodicalIF":2.2,"publicationDate":"2024-07-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141770085","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":"Developing Islamic-sustainable and responsible investment (i-SRI) criteria based on the environmental, social and governance (ESG) concept","authors":"Muhammad Zarunnaim Bin Haji Wahab, Asmadi Mohamed Naim, Mohamad Hanif Abu Hassan","doi":"10.1108/jiabr-12-2021-0311","DOIUrl":"https://doi.org/10.1108/jiabr-12-2021-0311","url":null,"abstract":"<h3>Purpose</h3>\u0000<p>The practices of sustainable and responsible investment (SRI) among Islamic financial institutions (IFIs) nowadays still rely on the existing environmental, social and governance (ESG) criteria. However, based on observation, some of the existing criteria listed by the reports of certain authorities and organizations do not seem to be aligned with Shariah principles. Therefore, this study aims to investigate those criteria to help develop Islamic-SRI (i-SRI) criteria based on the ESG concept.</p><!--/ Abstract__block -->\u0000<h3>Design/methodology/approach</h3>\u0000<p>This study adopted the qualitative method via content analysis of documents and interviews with experts.</p><!--/ Abstract__block -->\u0000<h3>Findings</h3>\u0000<p>Based on the analysis, a set of i-SRI criteria is developed based on the ESG concept, of which 33 elements are environmental, 50 elements are social and 26 elements are governance issues. Overall, this study finds that there is no obvious contradiction with the Islamic philosophy in the existing ESG criteria, with the exception of four criteria, i.e. promoting human rights, freedom of expression, freedom of censorship and freedom of association under social criteria. These four existing criteria are not aligned with Islamic teaching and not appropriate with Islamic ESG criteria.</p><!--/ Abstract__block -->\u0000<h3>Practical implications</h3>\u0000<p>The creation of Islamic ESG criteria can assist relevant authorities to improve the current ESG criteria and to embed an Islamic perspective within it.</p><!--/ Abstract__block -->\u0000<h3>Originality/value</h3>\u0000<p>This study developed a set of i-SRI criteria, which may be suitable as a source of reference to relevant parties.</p><!--/ Abstract__block -->","PeriodicalId":46046,"journal":{"name":"Journal of Islamic Accounting and Business Research","volume":"347 1","pages":""},"PeriodicalIF":2.2,"publicationDate":"2024-07-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141770084","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":"Shariah governance and Islamic banks: a systematic literature review","authors":"Mustanir Hussain Wasim, Muhammad Bilal Zafar","doi":"10.1108/jiabr-11-2023-0386","DOIUrl":"https://doi.org/10.1108/jiabr-11-2023-0386","url":null,"abstract":"<h3>Purpose</h3>\u0000<p>The purpose of this paper is to provide a systematic literature review on Shariah governance and Islamic banks.</p><!--/ Abstract__block -->\u0000<h3>Design/methodology/approach</h3>\u0000<p>The literature was searched from Scopus and Web of Science using various queries related to Shariah governance and Islamic banks. Through a screening process, 93 articles were considered fit for the systematic literature review.</p><!--/ Abstract__block -->\u0000<h3>Findings</h3>\u0000<p>The paper provides a systematic review based on different themes, including measurement of Shariah governance in Islamic banks, disclosure of Shariah governance and its determinants, the impact of Shariah governance on performance, risk management and other outcomes of Islamic banks. Finally, issues and challenges of Shariah governance in Islamic banks are discussed, followed by conclusions and recommendations related to future research.</p><!--/ Abstract__block -->\u0000<h3>Originality/value</h3>\u0000<p>This study is the first of its kind, to the authors’ knowledge, to provide a comprehensive systematic literature on Shariah governance and Islamic banks by exploring different themes and highlighting multiple future avenues of research.</p><!--/ Abstract__block -->","PeriodicalId":46046,"journal":{"name":"Journal of Islamic Accounting and Business Research","volume":"30 1","pages":""},"PeriodicalIF":2.2,"publicationDate":"2024-07-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141739627","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 impact of geopolitical risk and COVID-19 pandemic stringency on Sukuk issuance in Malaysia","authors":"Nor Balkish Zakaria, Kazi Musa, Mohammad Rokibul Kabir, Farid A. Sobhani, Muhammad Rasyid Abdillah","doi":"10.1108/jiabr-06-2023-0190","DOIUrl":"https://doi.org/10.1108/jiabr-06-2023-0190","url":null,"abstract":"<h3>Purpose</h3>\u0000<p>This study aims to examine the impacts of global geopolitical risks (GPRs) and COVID-19 pandemic stringency on the size of Sukuk issuance in Malaysia.</p><!--/ Abstract__block -->\u0000<h3>Design/methodology/approach</h3>\u0000<p>To examine the issue, this paper collected yearly data for the Sukuk issuance from the DataStream, and the rest of the variables, including the control variables from the World Bank, were from 2018 to 2022. Several econometric approaches have been used, that is, ordinary least square (OLS), two-stage least squares (2SLS) and generalized method of moment (GMM) with fixed effects and random effects in examining the impacts.</p><!--/ Abstract__block -->\u0000<h3>Findings</h3>\u0000<p>The results demonstrate that global GPRs negatively impact the size of Sukuk issuance due to the investment risk during the high global geopolitical conflicts, war and rampant terrorism. Besides, the COVID-19 pandemic-related stringency also similarly affects the country's Sukuk issuance market because of the long-time lockdown measures, border closures, travel restrictions and low access to the market. The control variables also demonstrate similar results except for the gross domestic products, which shows positive and significant impacts on the Sukuk market of Malaysia.</p><!--/ Abstract__block -->\u0000<h3>Originality/value</h3>\u0000<p>The study's policy implications for Sukuk investors and issuers stress the importance of disclosing risk mitigation procedures, strengthening the regulatory framework and raising investor knowledge to attract and protect investors in the Sukuk sector.</p><!--/ Abstract__block -->","PeriodicalId":46046,"journal":{"name":"Journal of Islamic Accounting and Business Research","volume":"45 1","pages":""},"PeriodicalIF":2.2,"publicationDate":"2024-07-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141567336","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":"Ethical discourse of ethical (Islamic) finance: a systematic literature review (1988–2022) and the way forward","authors":"Shinaj Valangattil Shamsudheen, Shamsher Mohamad, Aishath Muneeza, Ziyaad Mahomed","doi":"10.1108/jiabr-11-2022-0315","DOIUrl":"https://doi.org/10.1108/jiabr-11-2022-0315","url":null,"abstract":"<h3>Purpose</h3>\u0000<p>This paper aims to portray the publication pattern, key themes, study trends and future directions for the studies on ethics in Islamic finance. A total of 194 published documents that includes journal articles, books and book chapters and conference proceedings were screened for the period 1988 to August 2022 and categorized based on designated sectors of the Islamic finance industry. This paper also highlights the change in research trends in all three sectors of Islamic finance and suggests possible areas for future research.</p><!--/ Abstract__block -->\u0000<h3>Design/methodology/approach</h3>\u0000<p>A comprehensive systematic literature review was conducted using the “advanced search” function of “google scholar” by using the option “find articles” with the keywords “Ethic (s/al)”, “Islamic banks”, “Islamic banking”, “Islamic finance”, “Islamic capital markets” Takaful, Islamic insurance without restricting the time frame, author list and the platform. Furthermore, the search for relevant articles was conducted on other mainstream index databases such as “Web of Science” and “Scopus”.</p><!--/ Abstract__block -->\u0000<h3>Findings</h3>\u0000<p>Among the highlights of the findings were an increase in publications on ethical issues after the global financial crisis and an increase in publications in high-impact mainstream business and finance journals. A higher number of studies were documented in the area of Islamic banking and finance followed by Islamic capital markets and Islamic insurance/Takaful. Although a greater number of empirical studies were published than conceptual studies, dominance was resulted due to the replication of the studies in various jurisdictions based on the same concepts or models rather than applying diversified concepts in various jurisdictions.</p><!--/ Abstract__block -->\u0000<h3>Originality/value</h3>\u0000<p>This study contributes to the growing literature on ethical and/or Islamic finance as a guide for researchers to identify research gaps and provides a systematic direction for future studies in the area of ethics in Islamic finance.</p><!--/ Abstract__block -->","PeriodicalId":46046,"journal":{"name":"Journal of Islamic Accounting and Business Research","volume":"37 1","pages":""},"PeriodicalIF":2.2,"publicationDate":"2024-07-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141567334","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":"Quantitative framework for shariah-compliant multi-period fuzzy portfolio optimization: a sustainable approach to ethical investing","authors":"Moad El Kharrim","doi":"10.1108/jiabr-02-2024-0052","DOIUrl":"https://doi.org/10.1108/jiabr-02-2024-0052","url":null,"abstract":"<h3>Purpose</h3>\u0000<p>This paper aims to propose a Shariah-compliant multi-period fuzzy portfolio optimization model that accounts for Shariah compliance through purification processes and incorporates various Shariah constraints, including sustainability constraints. This model aims to ensure both ethical alignment and robust portfolio management while navigating modern financial complexities and fostering responsible and sustainable investment practices.</p><!--/ Abstract__block -->\u0000<h3>Design/methodology/approach</h3>\u0000<p>The methodology involves a dynamic programming method to solve the proposed program, with returns of the assets assumed to be trapezoidal fuzzy variables. This approach allows for the quantification of portfolio return and risk by the possibilistic mean and semivariance of the fuzzy returns, respectively. A numerical study based on real stock market data tests the efficiency of the proposed algorithm.</p><!--/ Abstract__block -->\u0000<h3>Findings</h3>\u0000<p>The research showcases the model’s effectiveness in managing Shariah-compliant portfolios under financial uncertainties and supports the importance of incorporating ethical and sustainability constraints in investment decisions. It highlights the capability of the proposed model to offer a structured approach to ethical investing within the Islamic finance framework.</p><!--/ Abstract__block -->\u0000<h3>Research limitations/implications</h3>\u0000<p>While the paper provides a solid foundation for Shariah-compliant portfolio optimization, it acknowledges the complexity and computational demands of the model. Future research could explore simplifying the model without compromising its ethical and Shariah-compliant principles.</p><!--/ Abstract__block -->\u0000<h3>Originality/value</h3>\u0000<p>This work introduces a novel integration of Shariah compliance with fuzzy portfolio optimization techniques, addressing the need for dynamic, ethical investment strategies in Islamic finance. The incorporation of purification processes and sustainability constraints into a fuzzy portfolio optimization model represents a unique contribution to the field.</p><!--/ Abstract__block -->","PeriodicalId":46046,"journal":{"name":"Journal of Islamic Accounting and Business Research","volume":"2018 1","pages":""},"PeriodicalIF":2.2,"publicationDate":"2024-07-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141567335","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 tie strength framework for improving the poor asnaf students’ normative commitment and behaviour","authors":"Aishah Binti Tamby Omar, Rasidah Arshad, Rosmah Mat Isa","doi":"10.1108/jiabr-07-2022-0185","DOIUrl":"https://doi.org/10.1108/jiabr-07-2022-0185","url":null,"abstract":"<h3>Purpose</h3>\u0000<p>This study aims to examine the relationship between tie strength and poor asnaf student’s normative commitment and its impact on behaviour.</p><!--/ Abstract__block -->\u0000<h3>Design/methodology/approach</h3>\u0000<p>A sample of 129 poor asnaf students participated in this study. SMART-PLS 3.2.8 was used to analyse the data.</p><!--/ Abstract__block -->\u0000<h3>Findings</h3>\u0000<p>The findings show that the tie strength dimension (trust, emotional intensity, mutual confiding and relational exchange) positively relates to poor asnaf student’s normative commitment. Also, the result shows that poor asnaf students’ normative commitment is positively related to recipient behaviour.</p><!--/ Abstract__block -->\u0000<h3>Research limitations/implications</h3>\u0000<p>This study focuses on poor asnaf students receiving zakat financial education aid.</p><!--/ Abstract__block -->\u0000<h3>Practical implications</h3>\u0000<p>The findings provide valuable information on the factors that encourage poor asnaf students’ normative commitment. Related parties, such as the zakat institution, could use these findings to plan further action to enhance the poor asnaf student’s normative commitment and behaviour.</p><!--/ Abstract__block -->\u0000<h3>Originality/value</h3>\u0000<p>The study showed that the social tie strength framework could be used to determine the variables affecting poor asnaf student’s normative commitment and behaviour.</p><!--/ Abstract__block -->","PeriodicalId":46046,"journal":{"name":"Journal of Islamic Accounting and Business Research","volume":"29 1","pages":""},"PeriodicalIF":2.2,"publicationDate":"2024-07-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141547934","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}