Journal of the International Institute of Islamic Thought and Civilization, 2019
With the introduction of Sustainable Development Goals or SDGs in 2015, the notion of sustainabil... more With the introduction of Sustainable Development Goals or SDGs in 2015, the notion of sustainability and impactful services give an inspiration to the dual financial services industries in Malaysia. The approaches that are taken by both of Islamic financial services industry (IFSI) and its counterpart conventional financial services industry (CFSI) are almost similar. However, a distinguished approach is introduced by the Central Bank of Malaysia towards IFSI. While Sharīʽah provides holistic objectives in comparison to SDGs, the approach of value-based intermediation (VBI) opens a new pragmatic dimension for IFSI in providing impactful and beneficial services to the public at large. The end results of VBI are placed to reach the holistic objectives of Sharīʽah and in achieving complete sustainability of IFSI. This paper investigates the approach of VBI and its proposed implementation from Sharīʽah perspective. Depending on qualitative investigation, this paper also explores the pra...
Higher education in Malaysia is facing many challenges including rising costs, low repayment rate... more Higher education in Malaysia is facing many challenges including rising costs, low repayment rates of the National Higher Education Fund (Perbadanan Tabung Pendidikan Tinggi Nasional, PTPTN), and the need to continuously improve educational quality. In addressing these challenges, the Malaysian Ministry of Higher Education (MOHE) has focused on efforts to achieve “financial sustainability” of higher learning institutions (HLIs) (Ministry of Education Malaysia, 2015). This effort is one of the ten main shifts outlined in the Malaysian Education Blueprint 2015-2025. To achieve this, the blueprint highlights three key initiatives: to link government funding to performance; to reform existing student financing mechanisms; and to encourage HLIs to diversify funding sources. This study is part of the effort to address the issue of achieving financial sustainability of HLIs. In doing so, the International Shari’ah Research Academy for Islamic Finance (ISRA), in collaboration with the Insti...
The present exploratory research attempts to study the traditional roles of Malay head villagers ... more The present exploratory research attempts to study the traditional roles of Malay head villagers or Penghulu in achieving resolution of disputes among their subjects. A comparative perspective is appreciated by looking into two different countries from two different provinces. Whilst, province of Pasir Mas, Kelantan was selected to represent Malaysia; province of Indragiri Hilir, Riau was chosen from many territories of Indonesia. Based on qualitative research method, proximately ten exclusive interviews are done with the selected head villagers. The respondents are well-known head villagers and participate actively in resolution of disputes among their subjects. Through the in-depth interviews, the practicality of dispute resolution by Penghulu in their traditional roles is investigated. With a view in finding concrete evidences on advantages of such dispute resolution processes, validation of the said practices with the established legal systems of both countries is affirmed.
Social finance is an approach to managing investments that generate financial returns while inclu... more Social finance is an approach to managing investments that generate financial returns while including measurable positive social and environmental impact. practice, social finance typically involves investments in some forms of socially sensible equity or debt financing, microfinance, and social impact bonds.
Disruption of technology continues to change the global market and economy today. Simultaneously,... more Disruption of technology continues to change the global market and economy today. Simultaneously, Islamic social finance and its mechanisms are continued to gain spotlights due to their viability and sustainability nature. They are not only offering chances to achieve Sustainable Development Goals (SDGs) but also beyond such goals. Looking into application of Waqf as one of Islamic social finance’s instruments, this continuous charitable giving is preferred due its features that are perpetual, irrevocable, and inalienable. In Thailand, reviving and sustaining Waqf properties are still limited due to the lack of funds. However, with the existence of new technology called crowdfunding platform, the revival of Waqf can be made possible. Such revival of Waqf is essential for the society at large, especially for the Muslim community. The revival of Waqf may provide essential assistance in alleviating poverty and gives an equal opportunity for an economic participation. By using a qualita...
Reaching towards 2018, the modern world sees the worst of refugees’ crisis after the War World II... more Reaching towards 2018, the modern world sees the worst of refugees’ crisis after the War World II. With massive movement of refugees caused by war and genocide, these refugees are facing starvation and deprivation of human rights beyond imagination. This research explores the understanding on sustainable development goals in facing the refugee crisis and the potentials of Sukuk as alternative financing in overcoming it. Based on the collected secondary data and qualitative approach, the researchers analysed the potentials of Sukuk in financing refugees to overcome their state of incapability. The researchers found that the Sukuk has high potentials to be used as alternative financing in overcoming refugee crisis. It is also a practical instrument in eliminating the refugee crisis. In this study, the researchers proposed certain structures of Sukuk that can be adopted in financing humanitarian aids to overcome the refugee crisis.
Justly balanced or wasatiyyah is not a new concept in Islam, but already exists alongside Islam i... more Justly balanced or wasatiyyah is not a new concept in Islam, but already exists alongside Islam itself. this is proven from the jurisprudential aspect of Islamic legal system itself where Islamic jurisprudence or Usul al-Fiqh is the backbone. Justly balanced is an important consideration in formulating the legal rules and laws. Such formulation of legal rules and laws can be done through the application of methods as developed under Islamic jurisprudence. In relation to such aspect, the notion of justice should be monitored where without fail; concept of justly balanced has to be present. the presence of co-related concepts of justly balanced and justice are essential in the correct application and appreciation of the legal rules or laws. Simultaneously, without fail, the sanctity of Shariah can be preserved and it is also important as to avoid legal rules or laws from leading towards injustices.
Waqf is an Islamic philanthropy instrument created by the Waqif for the sake of Allah Almighty. I... more Waqf is an Islamic philanthropy instrument created by the Waqif for the sake of Allah Almighty. It celebrates the elements of perpetuality and charitability. The emergence of disputes relating to Waqf may disturb its potentials to be utilized at its full capacity. This research analyses the dispute resolution management relating to Waqf, with a specific study relating to Tanah Wakaf Abdul Cauder, Pulau Pinang. Depending on the qualitative research methodology, this research uses the library-based research and secondary database in the construction of evaluation and findings. In resolving and managing dispute involving Waqf, it is pertinent to consider the existing laws and relevant jurisdictions. All the relevant stakeholders must cooperate to reach a proper dispute resolution and ultimately uphold the position of Shariah as high as it should be. Moreover, awareness and understanding of the stakeholders concerning to Waqf are needed to appreciate the rights relating to it. This rese...
Dokumen merupakan instrumen penting dalam kehidupan seharian. Bukan semata-mata sebagai suatu rek... more Dokumen merupakan instrumen penting dalam kehidupan seharian. Bukan semata-mata sebagai suatu rekod, dokumen juga mempunyai nilai yang tersendiri dan boleh mengandungi pelbagai kepentingan di mata manusia. Apabila menglibatkan rahsia sesebuah negara, dokumen yang mengandungi kerahsiaan tersebut perlu dijaga dengan sebaik-baiknya daripada segi keselamatan dan juga simpanan. Oleh yang demikian, kajian ini memberikan ulasan berkaitan keselamatan dokumen, fungsi-fungsinya, risiko-risiko yang terlibat, dan keselamatan dokumen dari perspektif Islam.
Journal of the International Institute of Islamic Thought and Civilization, 2019
Disruption of technology continues to change the global market and economy today. Simultaneously,... more Disruption of technology continues to change the global market and economy today. Simultaneously, Islamic social finance and its mechanisms has continued to gain spotlights due to their viability and sustainability nature. They are not only offering chances to achieve Sustainable Development Goals (SDGs) but also beyond such goals. Looking into the application of waqf as one of Islamic social finance's instruments, this continuous charitable giving is preferred due to its features that are perpetual, irrevocable, and inalienable. In Thailand, reviving and sustaining waqf properties are still limited due to the lack of funds. However, with the existence of new technology called crowdfunding platform, the revival of waqf can be made possible. Such revival of waqf is essential for the society at large, especially for the Muslim community. The revival of waqf may provide essential assistance in alleviating poverty and gives an equal opportunity for economic participation. By using a...
The increasing usage of blockchain technology in digital investment, cryptocurrency, and financia... more The increasing usage of blockchain technology in digital investment, cryptocurrency, and financial technology (FinTech) has led the global financial market to a new innovation of concluded contract. Instead of depending on legally drafted documents, smart contract is concluded through the computerized algorithm. Based on the smart contract, the legal relationship between the involved parties are completed online without being limited to time and space. Thus, the application of smart contract needs to be explored from both Common Law and Sharī‘ah perspectives. By adopting qualitative research design and doctrinal legal analysis, this research evaluates the best practices of the selected Commonwealth countries in accepting the application of smart contract. The majority of the selected Commonwealth countries are from Muslim countries. The evaluation of smart contract from Sharī‘ah perspective is done by investigating the views of the four main Islamic schools of legal thought i.e. Mālikī’s, Ḥanafī’s, Shāfiʿī’s, and Ḥanbalī’s. A comparative legal approach is considered in analyzing similarities and differences between the perspectives of Common Law and Sharī‘ah relating to the smart contract. These approaches are necessary to be carried out in ensuring the workability of smart contracts in blockchain for Sharī‘ah-compliant start-ups. This is essential especially to those Muslim countries that come with Common Law background. As a part of the findings, the researchers found that as long as the smart contract fulfil the required legal elements as required under both of Common Law and principles of Sharī‘ah, it can be used and referred to by the concluding parties
Triggered by the progressive development of global Islamic financial services industry, a rapid e... more Triggered by the progressive development of global Islamic financial services industry, a rapid expansion of Islamic capital market can be detected worldwide. Sukuk as one of sub-components in the Islamic capital market has captured interests from both of issuers and investors. Learning from the experience of conventional bonds, new innovations of sukuk can be traced. In catching up with economic and social factors, innovations of sukuk are progressively done. While sukuk is equipped with Shariah-compliant financing, greater flexibility in its operation and versatile forms of Islamic instruments for investors, some considerations must not be overlooked. This research qualitatively investigates the existence of innovations of sukuk in the global finance market and their importance to the modern societies. Additionally, some considerations in regards to the innovations of sukuk are presented. This research also looks into the best practices of Securities Commission Malaysia (SCM) in c...
Good governance is important for the sustainability of Waqf institutions in Malaysia. As a part o... more Good governance is important for the sustainability of Waqf institutions in Malaysia. As a part of good governance, the evaluation of internal control and its components are essential to be considered. While reaching the Maqāṣid al-Sharī‘ah (the objectives of the Lawgiver), the appreciation of Wasaṭiyyah approach can be utilised in the evaluation of internal control in the Waqf institutions. Based on qualitative research method, this research explores the internal control and its components in Waqf institutions. The conceptual study on Wasaṭiyyah approach is provided in brief, and the appreciation of Wasaṭiyyah approach in relation to internal control and its components are provided. It is found that Wasaṭiyyah approach can be used in the evaluation of internal control of Waqf institutions in improving their good governance. ********************************************************* Tadbir urus yang baik adalah penting untuk kelestarian institusi Waqfdi Malaysia. Sebagai sebahagian d...
Journal of the International Institute of Islamic Thought and Civilization, 2015
The recent groundbreaking reforms in the legal and regulatory framework for Islamic banking and f... more The recent groundbreaking reforms in the legal and regulatory framework for Islamic banking and finance in Malaysia usher in a new phase in the modern history of this hitherto niche market. As part of these latest reforms, a major paradigm shift in the process of dispute resolution has taken place through the introduction of the financial ombudsman scheme (FOS) that typifies the classical muḥtasib model in Islamic law. Against this backdrop, this paper provides a theoretical framework of dispute resolution mechanisms in the Islamic banking and finance industry in Malaysia with special reference to the Islamic legal paradigm. While adopting an analytical approach in examining the relevant issues, the paper argues that effective dispute resolution mechanisms that are annexed to the traditional litigation process, based on the Islamic legal paradigm, will enhance the grievance redress system. It therefore proposes an Islamic-based multi-tiered process of dispute resolution that does no...
In 2017, the global Blockchain technology market was predicted to reach 339.5 million U.S. dollar... more In 2017, the global Blockchain technology market was predicted to reach 339.5 million U.S. dollars in size and is forecasted to grow to 2.3 billion U.S. dollars by 2021. The smart contract has an increasing role in governing the legal relationship between the interested parties. This research explores the current position of smart contracts in Malaysia and the viability of the Malaysian framework in handling the latest development. This research adopts the qualitative and doctrinal legal approaches in analysing the current legal practice, the relevant statutes and the viability of the Malaysian legal framework. These approaches are necessary to be carried out in ensuring the workability of smart contracts in Blockchain. Additionally, the practices of smart contracts from international experiences are collected as case studies in this research. As a part of the findings, the researchers found that smart contracts are more or less similar to traditional contracts. Therefore, the requi...
With the enactment of the Islamic Financial Services Act 2013 (IFSA 2013) in Malaysia, the disput... more With the enactment of the Islamic Financial Services Act 2013 (IFSA 2013) in Malaysia, the dispute resolution landscape has been transformed to reflect more on effective dispute settlement that would ensure consumer protection without prejudicing the interests of the financial service providers. The Central Bank of Malaysia, as the main regulatory body for the Islamic financial services industry in Malaysia, indicates that the Financial Mediation Bureau (FMB) is in the process of implementing the Financial Ombudsman Scheme (FOS). In analysing this statutory by-product of IFSA 2013, this paper examines the transformation of FMB as a structured statutory body in resolving Islamic finance disputes. In addition, the disputeresolution structure of FMB under the FOS is evaluated and appreciated. A comparative legal analysis is provided in a separate section by examining the structures of other financial ombudsmen as available in other jurisdictions. The examples are taken from other finan...
Islamic banks have developed into a competitive type of intermediation with quite a few well-know... more Islamic banks have developed into a competitive type of intermediation with quite a few well-known conventional players currently entering the Islamic finance industry, ensuing in additional diverse Islamic financial institutions with a wide variety of product range. This research stands with two main objectives that look into (i) the relevancy of Sustainable Development Goals (SDGs) in Islamic financial services industry (IFSI), with a special focus on the financial intermediary roles of Islamic banks, and (ii) the positive impacts of Sustainable Development Goals (SDGs) in expanding the financial intermediary roles of Islamic banks. After the discussion on the United Nations’ SDGs, the financial intermediary role of Islamic banks is discussed. The researchers found that the SDGs in Islamic banks are closely related to their faith-based principles that closely related to prohibition of interest, excessive ambiguity, and gambling. It is recommended for Islamic banks to implement SDG...
The purpose of this chapter is to analyse the measures taken by Malaysian stakeholders in manifes... more The purpose of this chapter is to analyse the measures taken by Malaysian stakeholders in manifesting the concept of Islamic wealth management (IWM) throughout their Islamic financial services industry (IFSI) and the latest development in the Malaysian Islamic capital market (ICM). The analysis is made through a Maqāṣid based perspective. This is a conceptual research that depends on Islamic jurisprudential principles and legal doctrinal method where the legal sources are appreciated. At the same time, the reality of the IWM is traced throughout the IFSI and ICM in Malaysia. The research proposes that IWM needs to have holistic guidelines and policies which are consistent with the Maqāṣid-based perspective. This is important to ensure that the IWM is achieving the Sharī‘ah compliance in the wealth creation, wealth enhancement, wealth protection and wealth distribution. It is identified that the Malaysian regulator authorities in IFSI and ICM are efficient in promoting IWM. This is d...
Advances in Finance, Accounting, and Economics, 2020
The disruption of innovations in the banking sector continues to indicate a positive trend among ... more The disruption of innovations in the banking sector continues to indicate a positive trend among bankers and customers. The innovations of technology that stand with speediness and fast track transaction effectively support the spread in using banking system without barriers. Recently, the financial services industry continues to be surprised by the latest technology's innovation that is known as artificial intelligence. By looking into the ecosystem for the future sustainability of Islamic banking and finance in Southeast Asia, Islamic financial services may learn and adopt several best practices of A.I. from global banking practices. With a focus on the Islamic financial services industry in Southeast Asia, an exploration on the readiness of such industry and advantages of artificial intelligence are made. This research depends on the qualitative investigation from documentary materials. The leadership of Islamic banks shows their readiness in accepting artificial intelligence.
Handbook of Research on Islamic Social Finance and Economic Recovery After a Global Health Crisis, 2021
This research explores the potential of cash waqf in generating capital revenue in carrying out s... more This research explores the potential of cash waqf in generating capital revenue in carrying out social-based investment through social enterprises. Looking closely into two different concepts (i.e., social enterprises and waqf), this research appreciates the understanding on the modern business model of social enterprise and the innovative version of religious social finance (i.e., cash waqf). Depending on qualitative methodology and analytical review, the discussion of this research is developed. These approaches are considered suitable and pragmatic for the suggested business model of social enterprise. Here, an innovative business model with a combination of social enterprise operation and cash waqf is introduced. It has the potential to stimulate further research to innovate religious social finance instruments to current and modern business models. This research proposes a business model of social enterprise that combines cash waqf in its operation for sake of generating capita...
Journal of the International Institute of Islamic Thought and Civilization, 2019
With the introduction of Sustainable Development Goals or SDGs in 2015, the notion of sustainabil... more With the introduction of Sustainable Development Goals or SDGs in 2015, the notion of sustainability and impactful services give an inspiration to the dual financial services industries in Malaysia. The approaches that are taken by both of Islamic financial services industry (IFSI) and its counterpart conventional financial services industry (CFSI) are almost similar. However, a distinguished approach is introduced by the Central Bank of Malaysia towards IFSI. While Sharīʽah provides holistic objectives in comparison to SDGs, the approach of value-based intermediation (VBI) opens a new pragmatic dimension for IFSI in providing impactful and beneficial services to the public at large. The end results of VBI are placed to reach the holistic objectives of Sharīʽah and in achieving complete sustainability of IFSI. This paper investigates the approach of VBI and its proposed implementation from Sharīʽah perspective. Depending on qualitative investigation, this paper also explores the pra...
Higher education in Malaysia is facing many challenges including rising costs, low repayment rate... more Higher education in Malaysia is facing many challenges including rising costs, low repayment rates of the National Higher Education Fund (Perbadanan Tabung Pendidikan Tinggi Nasional, PTPTN), and the need to continuously improve educational quality. In addressing these challenges, the Malaysian Ministry of Higher Education (MOHE) has focused on efforts to achieve “financial sustainability” of higher learning institutions (HLIs) (Ministry of Education Malaysia, 2015). This effort is one of the ten main shifts outlined in the Malaysian Education Blueprint 2015-2025. To achieve this, the blueprint highlights three key initiatives: to link government funding to performance; to reform existing student financing mechanisms; and to encourage HLIs to diversify funding sources. This study is part of the effort to address the issue of achieving financial sustainability of HLIs. In doing so, the International Shari’ah Research Academy for Islamic Finance (ISRA), in collaboration with the Insti...
The present exploratory research attempts to study the traditional roles of Malay head villagers ... more The present exploratory research attempts to study the traditional roles of Malay head villagers or Penghulu in achieving resolution of disputes among their subjects. A comparative perspective is appreciated by looking into two different countries from two different provinces. Whilst, province of Pasir Mas, Kelantan was selected to represent Malaysia; province of Indragiri Hilir, Riau was chosen from many territories of Indonesia. Based on qualitative research method, proximately ten exclusive interviews are done with the selected head villagers. The respondents are well-known head villagers and participate actively in resolution of disputes among their subjects. Through the in-depth interviews, the practicality of dispute resolution by Penghulu in their traditional roles is investigated. With a view in finding concrete evidences on advantages of such dispute resolution processes, validation of the said practices with the established legal systems of both countries is affirmed.
Social finance is an approach to managing investments that generate financial returns while inclu... more Social finance is an approach to managing investments that generate financial returns while including measurable positive social and environmental impact. practice, social finance typically involves investments in some forms of socially sensible equity or debt financing, microfinance, and social impact bonds.
Disruption of technology continues to change the global market and economy today. Simultaneously,... more Disruption of technology continues to change the global market and economy today. Simultaneously, Islamic social finance and its mechanisms are continued to gain spotlights due to their viability and sustainability nature. They are not only offering chances to achieve Sustainable Development Goals (SDGs) but also beyond such goals. Looking into application of Waqf as one of Islamic social finance’s instruments, this continuous charitable giving is preferred due its features that are perpetual, irrevocable, and inalienable. In Thailand, reviving and sustaining Waqf properties are still limited due to the lack of funds. However, with the existence of new technology called crowdfunding platform, the revival of Waqf can be made possible. Such revival of Waqf is essential for the society at large, especially for the Muslim community. The revival of Waqf may provide essential assistance in alleviating poverty and gives an equal opportunity for an economic participation. By using a qualita...
Reaching towards 2018, the modern world sees the worst of refugees’ crisis after the War World II... more Reaching towards 2018, the modern world sees the worst of refugees’ crisis after the War World II. With massive movement of refugees caused by war and genocide, these refugees are facing starvation and deprivation of human rights beyond imagination. This research explores the understanding on sustainable development goals in facing the refugee crisis and the potentials of Sukuk as alternative financing in overcoming it. Based on the collected secondary data and qualitative approach, the researchers analysed the potentials of Sukuk in financing refugees to overcome their state of incapability. The researchers found that the Sukuk has high potentials to be used as alternative financing in overcoming refugee crisis. It is also a practical instrument in eliminating the refugee crisis. In this study, the researchers proposed certain structures of Sukuk that can be adopted in financing humanitarian aids to overcome the refugee crisis.
Justly balanced or wasatiyyah is not a new concept in Islam, but already exists alongside Islam i... more Justly balanced or wasatiyyah is not a new concept in Islam, but already exists alongside Islam itself. this is proven from the jurisprudential aspect of Islamic legal system itself where Islamic jurisprudence or Usul al-Fiqh is the backbone. Justly balanced is an important consideration in formulating the legal rules and laws. Such formulation of legal rules and laws can be done through the application of methods as developed under Islamic jurisprudence. In relation to such aspect, the notion of justice should be monitored where without fail; concept of justly balanced has to be present. the presence of co-related concepts of justly balanced and justice are essential in the correct application and appreciation of the legal rules or laws. Simultaneously, without fail, the sanctity of Shariah can be preserved and it is also important as to avoid legal rules or laws from leading towards injustices.
Waqf is an Islamic philanthropy instrument created by the Waqif for the sake of Allah Almighty. I... more Waqf is an Islamic philanthropy instrument created by the Waqif for the sake of Allah Almighty. It celebrates the elements of perpetuality and charitability. The emergence of disputes relating to Waqf may disturb its potentials to be utilized at its full capacity. This research analyses the dispute resolution management relating to Waqf, with a specific study relating to Tanah Wakaf Abdul Cauder, Pulau Pinang. Depending on the qualitative research methodology, this research uses the library-based research and secondary database in the construction of evaluation and findings. In resolving and managing dispute involving Waqf, it is pertinent to consider the existing laws and relevant jurisdictions. All the relevant stakeholders must cooperate to reach a proper dispute resolution and ultimately uphold the position of Shariah as high as it should be. Moreover, awareness and understanding of the stakeholders concerning to Waqf are needed to appreciate the rights relating to it. This rese...
Dokumen merupakan instrumen penting dalam kehidupan seharian. Bukan semata-mata sebagai suatu rek... more Dokumen merupakan instrumen penting dalam kehidupan seharian. Bukan semata-mata sebagai suatu rekod, dokumen juga mempunyai nilai yang tersendiri dan boleh mengandungi pelbagai kepentingan di mata manusia. Apabila menglibatkan rahsia sesebuah negara, dokumen yang mengandungi kerahsiaan tersebut perlu dijaga dengan sebaik-baiknya daripada segi keselamatan dan juga simpanan. Oleh yang demikian, kajian ini memberikan ulasan berkaitan keselamatan dokumen, fungsi-fungsinya, risiko-risiko yang terlibat, dan keselamatan dokumen dari perspektif Islam.
Journal of the International Institute of Islamic Thought and Civilization, 2019
Disruption of technology continues to change the global market and economy today. Simultaneously,... more Disruption of technology continues to change the global market and economy today. Simultaneously, Islamic social finance and its mechanisms has continued to gain spotlights due to their viability and sustainability nature. They are not only offering chances to achieve Sustainable Development Goals (SDGs) but also beyond such goals. Looking into the application of waqf as one of Islamic social finance's instruments, this continuous charitable giving is preferred due to its features that are perpetual, irrevocable, and inalienable. In Thailand, reviving and sustaining waqf properties are still limited due to the lack of funds. However, with the existence of new technology called crowdfunding platform, the revival of waqf can be made possible. Such revival of waqf is essential for the society at large, especially for the Muslim community. The revival of waqf may provide essential assistance in alleviating poverty and gives an equal opportunity for economic participation. By using a...
The increasing usage of blockchain technology in digital investment, cryptocurrency, and financia... more The increasing usage of blockchain technology in digital investment, cryptocurrency, and financial technology (FinTech) has led the global financial market to a new innovation of concluded contract. Instead of depending on legally drafted documents, smart contract is concluded through the computerized algorithm. Based on the smart contract, the legal relationship between the involved parties are completed online without being limited to time and space. Thus, the application of smart contract needs to be explored from both Common Law and Sharī‘ah perspectives. By adopting qualitative research design and doctrinal legal analysis, this research evaluates the best practices of the selected Commonwealth countries in accepting the application of smart contract. The majority of the selected Commonwealth countries are from Muslim countries. The evaluation of smart contract from Sharī‘ah perspective is done by investigating the views of the four main Islamic schools of legal thought i.e. Mālikī’s, Ḥanafī’s, Shāfiʿī’s, and Ḥanbalī’s. A comparative legal approach is considered in analyzing similarities and differences between the perspectives of Common Law and Sharī‘ah relating to the smart contract. These approaches are necessary to be carried out in ensuring the workability of smart contracts in blockchain for Sharī‘ah-compliant start-ups. This is essential especially to those Muslim countries that come with Common Law background. As a part of the findings, the researchers found that as long as the smart contract fulfil the required legal elements as required under both of Common Law and principles of Sharī‘ah, it can be used and referred to by the concluding parties
Triggered by the progressive development of global Islamic financial services industry, a rapid e... more Triggered by the progressive development of global Islamic financial services industry, a rapid expansion of Islamic capital market can be detected worldwide. Sukuk as one of sub-components in the Islamic capital market has captured interests from both of issuers and investors. Learning from the experience of conventional bonds, new innovations of sukuk can be traced. In catching up with economic and social factors, innovations of sukuk are progressively done. While sukuk is equipped with Shariah-compliant financing, greater flexibility in its operation and versatile forms of Islamic instruments for investors, some considerations must not be overlooked. This research qualitatively investigates the existence of innovations of sukuk in the global finance market and their importance to the modern societies. Additionally, some considerations in regards to the innovations of sukuk are presented. This research also looks into the best practices of Securities Commission Malaysia (SCM) in c...
Good governance is important for the sustainability of Waqf institutions in Malaysia. As a part o... more Good governance is important for the sustainability of Waqf institutions in Malaysia. As a part of good governance, the evaluation of internal control and its components are essential to be considered. While reaching the Maqāṣid al-Sharī‘ah (the objectives of the Lawgiver), the appreciation of Wasaṭiyyah approach can be utilised in the evaluation of internal control in the Waqf institutions. Based on qualitative research method, this research explores the internal control and its components in Waqf institutions. The conceptual study on Wasaṭiyyah approach is provided in brief, and the appreciation of Wasaṭiyyah approach in relation to internal control and its components are provided. It is found that Wasaṭiyyah approach can be used in the evaluation of internal control of Waqf institutions in improving their good governance. ********************************************************* Tadbir urus yang baik adalah penting untuk kelestarian institusi Waqfdi Malaysia. Sebagai sebahagian d...
Journal of the International Institute of Islamic Thought and Civilization, 2015
The recent groundbreaking reforms in the legal and regulatory framework for Islamic banking and f... more The recent groundbreaking reforms in the legal and regulatory framework for Islamic banking and finance in Malaysia usher in a new phase in the modern history of this hitherto niche market. As part of these latest reforms, a major paradigm shift in the process of dispute resolution has taken place through the introduction of the financial ombudsman scheme (FOS) that typifies the classical muḥtasib model in Islamic law. Against this backdrop, this paper provides a theoretical framework of dispute resolution mechanisms in the Islamic banking and finance industry in Malaysia with special reference to the Islamic legal paradigm. While adopting an analytical approach in examining the relevant issues, the paper argues that effective dispute resolution mechanisms that are annexed to the traditional litigation process, based on the Islamic legal paradigm, will enhance the grievance redress system. It therefore proposes an Islamic-based multi-tiered process of dispute resolution that does no...
In 2017, the global Blockchain technology market was predicted to reach 339.5 million U.S. dollar... more In 2017, the global Blockchain technology market was predicted to reach 339.5 million U.S. dollars in size and is forecasted to grow to 2.3 billion U.S. dollars by 2021. The smart contract has an increasing role in governing the legal relationship between the interested parties. This research explores the current position of smart contracts in Malaysia and the viability of the Malaysian framework in handling the latest development. This research adopts the qualitative and doctrinal legal approaches in analysing the current legal practice, the relevant statutes and the viability of the Malaysian legal framework. These approaches are necessary to be carried out in ensuring the workability of smart contracts in Blockchain. Additionally, the practices of smart contracts from international experiences are collected as case studies in this research. As a part of the findings, the researchers found that smart contracts are more or less similar to traditional contracts. Therefore, the requi...
With the enactment of the Islamic Financial Services Act 2013 (IFSA 2013) in Malaysia, the disput... more With the enactment of the Islamic Financial Services Act 2013 (IFSA 2013) in Malaysia, the dispute resolution landscape has been transformed to reflect more on effective dispute settlement that would ensure consumer protection without prejudicing the interests of the financial service providers. The Central Bank of Malaysia, as the main regulatory body for the Islamic financial services industry in Malaysia, indicates that the Financial Mediation Bureau (FMB) is in the process of implementing the Financial Ombudsman Scheme (FOS). In analysing this statutory by-product of IFSA 2013, this paper examines the transformation of FMB as a structured statutory body in resolving Islamic finance disputes. In addition, the disputeresolution structure of FMB under the FOS is evaluated and appreciated. A comparative legal analysis is provided in a separate section by examining the structures of other financial ombudsmen as available in other jurisdictions. The examples are taken from other finan...
Islamic banks have developed into a competitive type of intermediation with quite a few well-know... more Islamic banks have developed into a competitive type of intermediation with quite a few well-known conventional players currently entering the Islamic finance industry, ensuing in additional diverse Islamic financial institutions with a wide variety of product range. This research stands with two main objectives that look into (i) the relevancy of Sustainable Development Goals (SDGs) in Islamic financial services industry (IFSI), with a special focus on the financial intermediary roles of Islamic banks, and (ii) the positive impacts of Sustainable Development Goals (SDGs) in expanding the financial intermediary roles of Islamic banks. After the discussion on the United Nations’ SDGs, the financial intermediary role of Islamic banks is discussed. The researchers found that the SDGs in Islamic banks are closely related to their faith-based principles that closely related to prohibition of interest, excessive ambiguity, and gambling. It is recommended for Islamic banks to implement SDG...
The purpose of this chapter is to analyse the measures taken by Malaysian stakeholders in manifes... more The purpose of this chapter is to analyse the measures taken by Malaysian stakeholders in manifesting the concept of Islamic wealth management (IWM) throughout their Islamic financial services industry (IFSI) and the latest development in the Malaysian Islamic capital market (ICM). The analysis is made through a Maqāṣid based perspective. This is a conceptual research that depends on Islamic jurisprudential principles and legal doctrinal method where the legal sources are appreciated. At the same time, the reality of the IWM is traced throughout the IFSI and ICM in Malaysia. The research proposes that IWM needs to have holistic guidelines and policies which are consistent with the Maqāṣid-based perspective. This is important to ensure that the IWM is achieving the Sharī‘ah compliance in the wealth creation, wealth enhancement, wealth protection and wealth distribution. It is identified that the Malaysian regulator authorities in IFSI and ICM are efficient in promoting IWM. This is d...
Advances in Finance, Accounting, and Economics, 2020
The disruption of innovations in the banking sector continues to indicate a positive trend among ... more The disruption of innovations in the banking sector continues to indicate a positive trend among bankers and customers. The innovations of technology that stand with speediness and fast track transaction effectively support the spread in using banking system without barriers. Recently, the financial services industry continues to be surprised by the latest technology's innovation that is known as artificial intelligence. By looking into the ecosystem for the future sustainability of Islamic banking and finance in Southeast Asia, Islamic financial services may learn and adopt several best practices of A.I. from global banking practices. With a focus on the Islamic financial services industry in Southeast Asia, an exploration on the readiness of such industry and advantages of artificial intelligence are made. This research depends on the qualitative investigation from documentary materials. The leadership of Islamic banks shows their readiness in accepting artificial intelligence.
Handbook of Research on Islamic Social Finance and Economic Recovery After a Global Health Crisis, 2021
This research explores the potential of cash waqf in generating capital revenue in carrying out s... more This research explores the potential of cash waqf in generating capital revenue in carrying out social-based investment through social enterprises. Looking closely into two different concepts (i.e., social enterprises and waqf), this research appreciates the understanding on the modern business model of social enterprise and the innovative version of religious social finance (i.e., cash waqf). Depending on qualitative methodology and analytical review, the discussion of this research is developed. These approaches are considered suitable and pragmatic for the suggested business model of social enterprise. Here, an innovative business model with a combination of social enterprise operation and cash waqf is introduced. It has the potential to stimulate further research to innovate religious social finance instruments to current and modern business models. This research proposes a business model of social enterprise that combines cash waqf in its operation for sake of generating capita...
A critical appraisal is presented in this paper concerning to comparative legal research in the d... more A critical appraisal is presented in this paper concerning to comparative legal research in the development of laws within the legal system of a particular country. The emphasis is given on the essential roles of comparative legal research from different aspects of legal branches which co-related to one another. This is closely connected with acceptance of Comparative Law as a legal subject. The analysis is done by viewing the importance of comparative legal research from five (5) main different legal angles of those who involved directly or indirectly with the development of the legal system itself. Such different perspectives are listed as: (i) legal education, (ii) legal scholarship, (iii) legal practice, (iv) practice of the judiciary, and (v) practice of the legislature. Several examples of practices in relation to comparative legal research are taken into account for references, such as from Malaysia, Japan and European countries.
The quality education is set to be the 4th Sustainable Development Goals (SDG) and it is consiste... more The quality education is set to be the 4th Sustainable Development Goals (SDG) and it is consistent with the educational system of United Nations member countries. Looking closely into educational institutions that pioneering in Islamic financial services in Southeast Asia, the process of Islamization of financial services continuously done through international linkage and exchange of knowledge between universities. Creating a sustainability and stability in achieving quality education while developing talents in the region, International Islamic University Malaysia (IIUM) through their IIUM Institute of Islamic Banking (IIiBF) is leading the way by having a pragmatic role of Raḥmatan li’l-‘Ālamīn . Such pragmatic role can be traced from the success of ASEAN Universities International Conference on Islamic Finance (AICIF). Depending on the qualitative investigation, the researchers investigate the impacts of AICIF in improving the quality education of Islamic financial services throughout Southeast Asia. Reaching towards a decade, the findings indicate that AICIF managed to boost the Islamization of financial services in Southeast Asia, developing talents, and place IIUM through their IIiBF as a leading higher learning institution. Through AICIF also, IIUM through their IIiBF gives a modern perspective of Raḥmatan li’l-‘Ālamīn in sustainability of quality education.
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