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Journal of Islamic Finance
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This is an Open Access Journal

Open Access journal
ISSN (Print) 2289-2117
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A Systematic Literature Review on Zakat
- Authors: Nurul ‘Iffah M A Zaaba, Rusni Hassan
  Pages: 101 - 111
  Abstract: Although zakat is an extremely studied topic in Islamic Social Finance, a systematic, comprehensive, and diverse review in the domain of zakat is lacking. This paper attempts to conduct a systematic review on the status of zakat literature, taking Malaysia as a case study. The article searched on the Scopus database and identified sixty-three (63) related studies. However, only thirty-one (31) studies throughout 2009-2020 met the criteria set for the study. This study examined several aspects of literature review which include research type, research approach and subject area. The outcome of this article is to provide direction for future studies.
  PubDate: 2021-12-31
  Issue No: Vol. 10, No. 2 (2021)
The Theory of Product Innovation and Its Application in Islamic Banking
- Authors: Mohamad Syafiqe Abdul Rahim, Ahmad Hidayat Buang
  Pages: 112 - 123
  Abstract: The success of banking institution depends on continuous innovation and improvement of the product offering to increase profitability and marketability. Product innovation is also one of the important aspects for Islamic banking institution, but it requires attention in observing Shariah requirements. This article will analyze the principles of innovation and development and its application in Islamic banking product. The analysis is based on qualitative research approach where reference will be made to primary and secondary sources gathered through library research. The discussion will study several literature on the concept of product innovation and analyze the applicable Shariah principles in the aspect of innovation of Islamic banking product. From the study, it is concluded that the general concept of product innovation in conventional banking can be applied in the context of Islamic banking. This is because Islamic banking is still within the framework of banking which is also subject to similar commercial aspects but with the requirement to uphold Shariah principles. Product innovation in Islamic banking involves the role of creativity and the concept of reform in Shariah as well as the approach in the construction of Shariah ruling. Therefore, continuous product innovation is significant for Islamic banking institution to remain competitive with other financial institutions in the industry.
  PubDate: 2021-12-31
  Issue No: Vol. 10, No. 2 (2021)
How Middle-Low Income Muslim Group Financially Reacts in Pandemic Crisis
- Authors: Nurlaili, Putri Swastika
  Pages: 124 - 133
  Abstract: The purpose of this study is to determine factors constituting financial behavior of middle - low income group living in the sub-urbs area in Indonesia during a pandemic. This paper employs Structural Equation Modeling Partial Least Square (SEM-PLS), with a selection of 150 respondents that meet the criteria, based on: jobs, income, and house location (purposive sampling). The findings indicate that Islamic financial literacy, locus of control, and attitudes affect positively and significantly the financial behavior of this segment. While locus of control serves the highest factor, it is pertinent to emphasize the findings that Islamic financial literacy shows the lowest value than other variables. This situation has a real implication, essentially for policymakers and religious scholars, to create a continuous program targeting on improvements of Islamic financial literacy in general aiming on building a responsible financial behavior for middle-low income Muslim groups particularly during the pandemic crisis.
  PubDate: 2021-12-31
  Issue No: Vol. 10, No. 2 (2021)
Conceptual Framework for the Adoption of General Takaful Among MSME
Owner-Managers in North-West Nigeria: The Role of MSME Owner-Manager
Characteristics
- Authors: Nurudeen Abdulkadir, Safeza Mohd Sapian, Norhazlina Ibrahim, Syadiyah Abdul Shukor
  Pages: 134 - 147
  Abstract: The ability to manage risk is especially important to Micro, Small and Medium-sized enterprises (MSMEs) which constitute more than 90% of all businesses in Nigeria. One of the mitigating techniques in minimizing risk is through insurance and Nigeria being a Muslim-majority country, takaful is the alternative to conventional insurance. Despite their fragile nature and their exposure to various threats, MSMEs are the least segment utilizing insurance cover. Based on the reports from the country’s financial regulators it shows that majority of these businesses do not participate in any insurance scheme. Furthermore, there are less studies that examined takaful adoption by MSMEs, especially in Nigeria. These past studies are also inconclusive on the significant factors influencing adoption especially from the behavioral perspective. This paper aims to propose a conceptual framework to study the factors that influence general takaful adoption among MSMEs owner-managers’ in North-West Nigeria. An integrated framework based on the Diffusion of Innovation Theory (
  DOI ) and the Unified Theory of Acceptance and the Use of Technology (UTAUT) was developed to examine what motivates MSMEs owner-managers to adopt general takaful. Furthermore, the proposed model incorporates MSME owner-manager’s personal and demographic characteristics (age, gender, education, prior loss experience and religiosity) as potential moderators in the study to enhance the predictive power of the model. Validating the conceptual framework of this research will be useful to takaful operators, financial regulators and policy makers in Nigeria to devise appropriate strategies that will increase the adoption rate of general takaful scheme among MSMEs.
  PubDate: 2021-12-31
  Issue No: Vol. 10, No. 2 (2021)
The External Environment Driving Internal Organizational Change: Empirical
Evidence from Commercial Banks’ Adoption of Islamic Financial
Transactions in Libya
- Authors: Salwa Abdel Gader Khalleefah Bin Idrees, Syed Musa Alhabshi, Ashurov Sharofiddin, Anwar Hasan Abdullah Othman
  Pages: 148 - 161
  Abstract: This paper examines the Libyan commercial banks’ adoption of Islamic financial transactions to achieve a real value for stakeholders related to internal environmental adaptation. Accordingly, a questionnaire was designed and distributed to 14 commercial banks in Libya. Structural Equation Modelling (SEM) has been employed for testing the hypotheses. In the context of hypothesized modelling, the conceptual framework portrayed the constructs of the variables employed in the study to be Libyan commercial banks’ adoption of financial transactions as the dependent variable and the external environment as factors driving organizational change as the independent variable. The adaptation of the commercial banks’ internal environment acts as a mediating variable. The Confirmatory Factor Analysis (CFA) is applied to the relationship between measures of constructs and indicators. The results showed that the estimations of maximum likelihood (ML) were satisfactory. The results of SEM showed that commercial banks’ adoption of Islamic financial transactions is more related to their capability of adapting their internal environment than achieving an economic and social value of stakeholders. Finally, the article provides future research directions on commercial banks’ ability to adapt to their internal environment to drive change and commercial banks’ adoption of Islamic financial transactions.
  PubDate: 2021-12-31
  Issue No: Vol. 10, No. 2 (2021)

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