Subjects -> RELIGION AND THEOLOGY (Total: 768 journals)
    - BUDDHIST (14 journals)
    - EASTERN ORTHODOX (1 journals)
    - HINDU (6 journals)
    - ISLAMIC (164 journals)
    - JUDAIC (22 journals)
    - PROTESTANT (22 journals)
    - RELIGION AND THEOLOGY (503 journals)
    - ROMAN CATHOLIC (32 journals)

ISLAMIC (164 journals)                     

Showing 1 - 148 of 148 Journals sorted alphabetically
Afkaruna : Indonesian Interdisciplinary Journal of Islamic Studies     Open Access  
Ahkam : Jurnal Hukum Islam     Open Access  
Ahkam : Jurnal Ilmu Syariah     Open Access  
AJIS : Academic Journal of Islamic Studies     Open Access  
Al 'Adalah : Jurnal Hukum Islam     Open Access  
AL QUDS : Jurnal Studi Alquran dan Hadis     Open Access  
Al-Albab     Open Access   (Followers: 1)
Al-Banjari : Jurnal Ilmiah Ilmu-Ilmu Keislaman     Open Access   (Followers: 1)
Al-Burhan : Journal of Qur’an and Sunnah Studies     Open Access  
Al-Dzikra : Jurnal Studi Ilmu al-Qur'an dan al-Hadits     Open Access  
Al-Fikra     Open Access   (Followers: 1)
Al-Hikmah     Open Access  
Al-Iqtishad : Journal of Islamic Economics     Open Access   (Followers: 2)
Al-Jami'ah : Journal of Islamic Studies     Open Access   (Followers: 5)
Al-Mabsut : Jurnal Studi Islam dan Sosial     Open Access  
Al-Maslahah Jurnal Ilmu Syariah     Open Access  
AL-QANTARA     Open Access   (Followers: 3)
Al-Risalah : Journal of Islamic Revealed Knowledge and Human Sciences     Open Access  
Al-Shajarah : Journal of the International Institute of Islamic Thought and Civilization (ISTAC)     Full-text available via subscription   (Followers: 5)
Al-Tadzkiyyah : Jurnal Pendidikan Islam     Open Access  
Al-Tahrir     Open Access  
Al-Tijary : Jurnal Ekonomi dan Bisnis Islam     Open Access   (Followers: 1)
Al-Ulum     Open Access   (Followers: 1)
An-Nisbah : Jurnal Ekonomi Syariah     Open Access   (Followers: 1)
Analisis : Jurnal Studi Keislaman     Open Access  
Annida'     Open Access  
Ar-Raniry : International Journal of Islamic Studies     Open Access   (Followers: 2)
ASAS : Jurnal Hukum dan Ekonomi Islam     Open Access   (Followers: 1)
Asian Journal of Middle Eastern and Islamic Studies     Hybrid Journal   (Followers: 1)
Asy-Syir'ah : Jurnal Ilmu Syari'ah dan Hukum     Open Access  
At-Ta'dib Jurnal Kependidikan Islam     Open Access  
At-Tabsyir : Jurnal Komunikasi Penyiaran Islam     Open Access  
at-Tajdid     Open Access  
At-Taqaddum     Open Access  
at-turas : Jurnal Studi Keislaman     Open Access  
At-Turats     Open Access  
Attarbiyah : Journal of Islamic Culture and Education     Open Access  
BELAJEA : Jurnal Pendidikan Islam     Open Access  
Berkeley Journal of Middle Eastern & Islamic Law     Open Access  
Bina' Al-Ummah     Open Access  
Cakrawala : Jurnal Studi Islam     Open Access  
Dauliyah Journal of Islamic and International Affairs     Open Access   (Followers: 1)
De Jure: Jurnal Hukum dan Syar'iah     Open Access   (Followers: 1)
Dimas : Jurnal Pemikiran Agama untuk Pemberdayaan     Open Access  
Dirāsāt : Jurnal Manajemen dan Pendidikan Islam     Open Access  
Economica : Jurnal Ekonomi Islam     Open Access   (Followers: 1)
Edukasi : Jurnal Pendidikan Islam     Open Access  
edureligia : Pendidikan Agama Islam i     Open Access  
El-Harakah     Open Access  
Episteme : Jurnal Pengembangan Ilmu Keislaman     Open Access  
Fenomena : Journal of Islamic Studies     Open Access  
Fikr-o Nazar     Open Access  
FOKUS : Jurnal Kajian Keislaman dan Kemasyarakatan     Open Access  
Hakam : Jurnal Kajian Hukum Islam dan Hukum Ekonomi Islam     Open Access  
Hayula : Indonesian Journal of Multidisciplinary Islamic Studies     Open Access  
Hikma : Journal of Islamic Theology and Religious Education     Hybrid Journal  
History of Islam and Iran     Open Access   (Followers: 3)
HONAI : International Journal for Educational, Social, Political & Cultural Studies     Open Access  
Hukum Islam     Open Access  
IBDA' : Jurnal Kebudayaan Islam     Open Access  
Ijtimaiyya : Jurnal Pengembangan Masyarakat Islam     Open Access  
Ikonomika : Jurnal Ekonomi dan Bisnis Islam     Open Access  
Indonesian Journal of Islam and Muslim Societies     Open Access   (Followers: 1)
INSANCITA : Journal of Islamic Studies in Indonesia and Southeast Asia     Open Access  
Insaniyat : Journal of Islam and Humanities     Open Access   (Followers: 1)
Intellectual Discourse     Open Access   (Followers: 2)
International Journal of Islamic Economics and Finance Studies     Open Access   (Followers: 3)
International Journal of Islamic Marketing and Branding     Hybrid Journal   (Followers: 5)
International Journal of Nusantara Islam     Open Access   (Followers: 1)
International Journal of Zakat     Open Access  
Intiqad : Jurnal Agama dan Pendidikan Islam     Open Access  
Intizar     Open Access  
Iqtishoduna : Jurnal Ekonomi Islam     Open Access  
İslâm Araştırmaları Dergisi     Open Access  
Islamic Africa     Full-text available via subscription   (Followers: 3)
Islamic Sciences     Open Access  
Islamic Studies     Open Access   (Followers: 1)
Islamika Indonesiana     Open Access   (Followers: 1)
ISRA International Journal of Islamic Finance     Open Access   (Followers: 2)
Istawa : Journal of Islamic Education     Open Access  
JAWI     Open Access  
JICSA : Journal of Islamic Civilization in Southeast Asia     Open Access  
Journal of Arabic and Islamic Studies     Open Access   (Followers: 4)
Journal of Indonesian Islam     Open Access  
Journal of Islam in Asia     Open Access   (Followers: 3)
Journal of Islamic and Near Eastern Law     Open Access   (Followers: 3)
Journal of Islamic Education     Open Access   (Followers: 1)
Journal of Islamic Finance     Open Access   (Followers: 1)
Journal of Islamic Philosophy     Full-text available via subscription   (Followers: 6)
Journal of Islamicjerusalem Studies     Open Access   (Followers: 1)
Journal of Malay Islamic Studies     Open Access  
Journal of Muslim Mental Health     Open Access   (Followers: 7)
Journal of Shi'a Islamic Studies     Full-text available via subscription   (Followers: 3)
Juris (Jurnal Ilmiah Syariah)     Open Access  
Jurisdictie Jurnal Hukum dan Syariah     Open Access   (Followers: 1)
Jurnal Ekonomi dan Bisnis Islam (Journal of Islamic Economics and Business)     Open Access  
Jurnal Living Hadis     Open Access  
Jurnal Pendidikan Islam     Open Access   (Followers: 2)
Jurnal Studi Al-Qur'an     Open Access  
Jurnal Theologia     Open Access  
Jurnal Ushuluddin     Open Access  
Kader     Open Access  
KALAM     Open Access  
KARSA : Jurnal Sosial dan Budaya Keislaman     Open Access   (Followers: 2)
Kodifikasia     Open Access  
Komunika: Jurnal Dakwah dan Komunikasi     Open Access  
Kontemplasi : Jurnal Ilmu-Ilmu Ushuluddin     Open Access  
Les cahiers de l'Islam     Free   (Followers: 1)
Madania : Jurnal Ilmu-Ilmu Keislaman     Open Access  
Medina-Te : Jurnal Studi Islam     Open Access  
Muaddib : Studi Kependidikan dan Keislaman     Open Access  
Muslim Heritage     Open Access  
Nadwa : Jurnal Pendidikan Islam     Open Access  
New Perspectives on Turkey     Full-text available via subscription   (Followers: 2)
Nuansa : Jurnal Penelitian Ilmu Sosial dan Keagamaan Islam     Open Access  
Nurani     Open Access  
Potensia : Jurnal Kependidikan Islam     Open Access  
Profetika Jurnal Studi Islam     Open Access  
Psikis : Jurnal Psikologi Islami     Open Access  
QURANICA : International Journal of Quranic Research     Open Access  
Refleksi     Open Access  
Reflektika     Open Access  
Religia     Open Access  
Religions of South Asia     Hybrid Journal   (Followers: 7)
Review of Middle East Studies     Full-text available via subscription   (Followers: 11)
Revista de Estudios Internacionales Mediterráneos     Open Access  
Ruhama : Islamic Education Journal     Open Access  
Studia Islamika     Open Access   (Followers: 1)
Studies in Islam and Psychology     Open Access  
Ta'dib     Open Access  
Tadrib : Jurnal Pendidikan Agama Islam     Open Access  
Tadris : Islamic Education Journal     Open Access  
Tajdida : Jurnal Pemikiran dan Gerakan Muhammadiyah     Open Access  
TARBIYA : Journal of Education in Muslim Society     Open Access   (Followers: 2)
Tarbiyatuna     Open Access  
Tawazun : Jurnal Pendidikan Islam     Open Access  
Teosofi : Jurnal Tasawuf dan Pemikiran Islam     Open Access   (Followers: 1)
Teosofia : Indonesian Journal of Islamic Mysticism     Open Access  
The Islamic Culture     Open Access  
Tidsskrift for Islamforskning     Open Access   (Followers: 1)
Tsaqafah : Jurnal Peradaban Islam     Open Access  
Ulul Albab     Open Access  
Ulumuna : Journal of Islamic Studies     Open Access  
VFAST Transactions on Islamic Research     Open Access   (Followers: 1)
Wahana Akademika : Jurnal Studi Islam dan Sosial     Open Access  
Walisongo : Jurnal Penelitian Sosial Keagamaan     Open Access   (Followers: 1)
Wardah : Jurnal Dakwah dan Kemasyarakatan     Open Access  
Wawasan     Open Access   (Followers: 1)


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Journal Cover
ISRA International Journal of Islamic Finance
Number of Followers: 2  

  This is an Open Access Journal Open Access journal
ISSN (Print) 0128-1976 - ISSN (Online) 2289-4365
Published by Emerald Homepage  [362 journals]
  • Legislative provisions for in Malaysia and Indonesia: to what extent
           do they differ in practice'

    • Authors: Suhaili Alma'amun , Mohd Khairy Kamarudin , Wan Nadiah Wan Mohd Nasir , Nasrul Hisyam Nor Muhamad , Riayati Ahmad
      Abstract: This research aims to examine and compare differences in waṣiyyah wājibah (obligatory bequest) (WW) practices in Malaysia and Indonesia. This is an exploratory qualitative research, employing a thematic analysis approach. Six Muslim Wills (State) Enactments [Enakmen Wasiat Orang Islam (Negeri)] in Malaysia, Islamic Law Compilation (Kompilasi Hukum Islam) in Indonesia, two fatwas (ruling in religious matters) and one court case from each country are analysed. Data is collected from official government websites and other reliable search engines. First, the findings show that the WW practice in both countries is similar regarding the quantum of the beneficiaries' entitlement. However, the practice varies between both countries in terms of the types of beneficiaries and how the bequest is distributed. Second, this study shows the potential of WW as an estate planning instrument to complement the existing instruments in each country, especially when addressing family members who are not entitled to succeed by farāʾiḍ (Islamic inheritance law). The provision of relevant laws and regulations regarding WW needs to be formulated to guarantee the well-being of dependants. The differences in practice between the two countries can be a guideline to expand the WW scope and context to other Muslim countries. This study is the first attempt to compare WW between two Muslim-majority countries focusing on relevant laws, court cases and regulations.
      Citation: ISRA International Journal of Islamic Finance
      PubDate: 2022-01-19
      DOI: 10.1108/IJIF-01-2021-0013
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
  • Assessing the effect of organisational commitment on turnover intentions
           amongst Islamic bank employees

    • Authors: Carole Serhan , Nehmeh Nehmeh , Ibrahim Sioufi
      Abstract: The research aims to test the links amongst Meyer and Allen's three levels of organisational commitment and the commitment's effect on reducing turnover intentions for Islamic bank (IB) employees during the lockdown caused by coronavirus disease (COVID-19). The research follows a variable-centred approach. Primary data are collected through a survey of 324 respondents comprising IB employees from three Arab countries, notably the United Arab Emirates (UAE), Lebanon and Oman. Exploratory factor analysis (EFA) and Cronbach's alpha test are conducted to test the construct validity, reliability and internal consistency of collected data. Descriptive statistics are used to interpret the data. Zero-order correlations, multiple regression analysis and Fisher's Z-test are applied to assess the interrelations of the various groups of variables and the determinants of turnover intentions. Results show that there is a high level of significant intercorrelation amongst affective, normative and continuance commitments as well as amongst organisational commitment, individual differences and turnover intentions for IB employees from the three studied Arab countries. The results confirmed that turnover intentions are minimised in the presence of all three organisational commitment subscales and that individual differences amongst IB employees and organisational efficiency moderate the relationship between organisational commitment and turnover intentions. There is no empirical work that has been done on the determinants of turnover intentions amongst IB employees during the lockdown. This is valuable to organisational behaviour scholars and practitioners who are interested in the role that organisational commitment plays in IB's employment behaviour.
      Citation: ISRA International Journal of Islamic Finance
      PubDate: 2022-01-07
      DOI: 10.1108/IJIF-01-2021-0008
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
  • Proposing an organizational framework for the Sharīʿah Secretariat of
           Islamic banks in Bangladesh

    • Authors: Md. Kausar Alam , Abu Umar Faruq Ahmad , Aishath Muneeza , Mosab I. Tabash , Md Adnan Rahman
      Abstract: Sharīʿah Secretariat plays a significant role in assisting Sharīʿah Supervisory Boards (SSBs) in their role in achieving Sharīʿah compliance in Islamic banks (IBs). The key objective of the study is to develop a demographic framework of the Sharīʿah Secretariat for the IBs in Bangladesh. The study applied qualitative case study research. The data have been collected from 17 respondents through semi-structured interviews from IBs and professional experts in Bangladesh. This study proposes a full-time Sharīʿah Secretariat and several departments for further enhancement of the Sharīʿah functions in IBs in Bangladesh. The framework proposed in this study covers the formation, functions, composition, qualification, reporting line, independence, remuneration and terms of appointment of the Sharīʿah Secretariat to set a uniform benchmark for all IBs in Bangladesh. It is anticipated that the outcomes of this research will assist to further strengthen the Sharīʿah governance of IBs in Bangladesh. This research contributed to the national and global regulatory authorities and IBs by proposing a Sharīʿah Secretariat framework for the smooth functioning of the IBs in Bangladesh. The framework proposed in this study covers the formation, functions, composition, qualification, reporting line, independence, remuneration and terms of appointment of Sharīʿah Secretariat. This study proposed a framework which is considered the first organizational framework so far for the Sharīʿah Secretariat of IBs in Bangladesh. IBs can apply this proposed framework to form their Sharīʿah Secretariat structure.
      Citation: ISRA International Journal of Islamic Finance
      PubDate: 2022-01-04
      DOI: 10.1108/IJIF-03-2021-0046
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
  • Performance comparison between Islamic and conventional stocks: evidence
           from Pakistan's equity market

    • Authors: Munazza Jabeen , Saba Kausar
      Abstract: This paper aims to examine the performance of Islamic and conventional stocks listed at the Pakistan Stock Exchange by using both parametric and non-parametric approaches. The motivation is to do risk-return analysis of Islamic stock prices and conventional stock prices. It uses various measures of performance, e.g. Sharpe ratio, Treynor ratio, Jensen's alpha, beta, generalized auto-regressive conditional heteroskedasticity and stochastic dominance. Using the Karachi Meezan Index-30 (KMI-30) and the Karachi Stock Exchange Index-30 (KSE-30) as proxies for Islamic and conventional stock prices, respectively, it examines the performance of Islamic and conventional stocks. The daily data of KMI-30 and KSE-30, covering period from June 9, 2009 to June 20, 2020 are used. The results show that the overall KMI-30 outperforms the KSE-30. The returns of the KMI-30 are greater than the KSE-30. However, the risk and volatility of the KMI-30 and KSE-30 are similar. Further, the KMI-30 has higher excess returns per unit of total risk than the KSE-30. But both indexes have similar excess returns per unit of systematic risk. Moreover, the KMI-30 returns have stochastically dominance over the KSE-30 returns. These results reveal that the Islamic index performs better than the conventional index. The findings provide several practical implications in financial and investment decisions making by investors, managers and policymakers such as strategies for asset allocation and investment. Further, in risk management, it provides guidance for allocating portfolios and managing risk. The investment in Islamic stocks may mitigate potential risk within asset portfolios. This research is unique in its approach to the analysis of the performance comparison of conventional and Islamic stock by using comprehensive parametric and non-parametric estimation techniques. Such research has not been undertaken in the Pakistan's equity market since.
      Citation: ISRA International Journal of Islamic Finance
      PubDate: 2021-12-07
      DOI: 10.1108/IJIF-07-2020-0150
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2021)
  • Objectives and measures of performance of Islamic microfinance banks in
           Indonesia: the stakeholders' perspectives

    • Authors: Taufik Akbar , A.K. Siti-Nabiha
      Abstract: This study investigates both internal and external stakeholders' views on the objectives and measures of performance of Indonesian Islamic microfinance banks (IMFBs). This study uses a qualitative approach. In-depth interviews were conducted with a wide range of internal and external stakeholders of IMFBs in Indonesia. The primary stakeholders interviewed comprised the board of directors of IMFBs located in several provinces in Indonesia, including rural and urban areas. The external stakeholders were the regulators/supervisors, represented by the Indonesian Financial Services Authority and Sharīʿah advisors of the National Sharīʿah Board as well as Muslim scholars. The data were analysed using CAQDAS, a computer-assisted tool for qualitative analysis. The objectives of the IMFBs are seen to represent more than profits or economic well-being. Their objectives also comprise spirituality and daʿwah (Islamic propagation). Daʿwah is conducted through the provision of funding and services that are aligned with Sharīʿah (Islamic law), the dissemination of information about Islamic financing, which is based on Islamic values and principles, and the payment of zakat (Islamic alms) and charitable contributions. The measures of performance are considered to be more holistic than those of conventional banks. Profit and growth are deemed important as the means to achieve social well-being objectives. Better insights into the objectives and measures of IMFBs could be achieved from interviews with other stakeholder categories, such as customers and the community. This could be the focus of future research. This study added a new discussion to the limited empirical literature on IMFBs by investigating the views of stakeholders on the objectives and performance of IMFBs in Indonesia.
      Citation: ISRA International Journal of Islamic Finance
      PubDate: 2021-11-16
      DOI: 10.1108/IJIF-11-2020-0231
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2021)
  • Sharīʿah governance and agency dynamics of Islamic banking operations in
           the Kingdom of Saudi Arabia

    • Authors: Abul Hassan , M. Sadiq Sohail , Md Mahfuzur Rahaman Munshi
      Abstract: This study aims to investigate and point out the variations of agency theory in the context of Sharīʿah governance in Islamic banking operations in the Kingdom of Saudi Arabia (KSA). The study followed the approach of quantitative Corporate Governance Index (CGI) by computing the Gov-index (Gompers et al., 2003) and the Gov-score (Brown and Caylor, 2004; Saffieddine, 2009) to examine corporate governance (CG) issues using primary as well as secondary data. The primary data was generated from three full-fledged Islamic banks (IBs) and nine traditional banks with Islamic banking wings, all operating in the KSA. The approach was to provide an insight into the agency structure in the context of Islamic banking, which may lead to a trade-off between the conformity of Sharīʿah (Islamic law) rules and processes followed in safeguarding the rights of investors. The majority of the Islamic banking services that are surveyed in this study acknowledge the significance of Sharīʿah governance and have implemented the fundamental methods, in conformity with this system. Certain flaws in Sharīʿah governance principles pertaining to audit, control and transparency are reported. The research outcomes will be invaluable to IBs aiming to improve existing SG practices. It also has implications for IB managers to design strategies while complying with regulations and to protect the interests of all investors without breaching the ethics of Sharīʿah. This paper adds original value to the body of knowledge on agency relationship by analysing the dynamics of agency theory in the unique and complex context of Sharīʿah governance of IBs or those offering Islamic products in the KSA. The results can be used as a valuable feedback for improvement of Sharīʿah governance in the banking system in the KSA and the Gulf region at large.
      Citation: ISRA International Journal of Islamic Finance
      PubDate: 2021-11-16
      DOI: 10.1108/IJIF-12-2020-0252
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2021)
  • Factors necessary for effective corporate waqf management for Malaysian
           public healthcare

    • Authors: Raja Aishah binti Raja Adnan , Mahazan Abdul Mutalib , Muhammad Ridhwan Ab Aziz
      Abstract: This research paper aims to determine the factors needed to propose a platform where waqf (Islamic endowment) organizations can collaborate with government public hospitals to develop corporate waqf hospitals. Consequently, the elements of governance and sustainability are included in the management of corporate waqf hospitals thereby leading to the corporatization of public hospitals. This study adopts the qualitative research methodology and undertakes content analysis of data collected from journal articles, magazines and official websites. Data analysis involves open coding with NVivo 12. General findings from the literature review have shown that architectural and engineering fundamentals were essential factors in the success of past waqf hospitals of the era between 8th and 14th centuries. In that era, the decentralized waqf-based hospitals employed the mutawalli (the trustee/manager of the waqf assets) to govern the administration of the hospitals. Present corporate waqf hospitals can exploit the elements identified from past waqf-based hospitals and additionally adopt the private-public partnership model in the form of a muḍārabah (profit-sharing contract) agreement to design a sustainable waqf governance model for Malaysian public healthcare services. The proposed platform is designed for a corporate waqf model developed in collaboration between Malaysian waqf institutions and public healthcare services. It abides by both the Malaysian fatwa (Islamic rulings) on waqf and the laws of the Malaysian Government. There is potential for developing the Malaysian corporate waqf-governance healthcare model which will enable the hospital to provide better quality healthcare to more patients through upgrading the quality of equipment used in hospitals and/or better facilities at equal or lower costs. Consequently, this will not only improve waqf management and distribution but also result in reduction of government expenditure. This research promotes the concept of a corporate waqf hospital which will provide innumerable beneficial healthcare services in terms of improved healthcare quality at affordable costs to the general public and at no cost to the poor and the underprivileged. Although waqf has played an important role as a vehicle for Islamic financing in the society for centuries, a model of collaboration or partnership of waqf with public healthcare services has yet to be explored and developed. With proper corporate governance and well-managed sustainability in a corporate waqf model, this newly developed partnership between waqf institutions and public healthcare providers can be a first step in many more interesting collaborative arrangements that can be established between waqf institutions and public services in the future.
      Citation: ISRA International Journal of Islamic Finance
      PubDate: 2021-11-11
      DOI: 10.1108/IJIF-11-2019-0178
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2021)
  • Islamic finance and economic growth: the Turkish experiment

    • Authors: Mohammed Ayoub Ledhem , Mohammed Mekidiche
      Abstract: This study aims to empirically investigate the connection between Islamic finance and economic growth in Turkey using the endogenous growth model. It applies quantile regression with the Markov chain marginal bootstrap resampling technique by adopting total Islamic financing as the main exogenous explanatory factor in the endogenous growth model, while the gross domestic product (GDP) is employed as a measure of economic growth. The sample consists of all full-fledged participation (Islamic) banks operating in Turkey spanning from 2013Q4 until 2019Q4. The study uses academic literature, official financial reports from the Participation Banks Association of Turkey, REDmoney Group, Islamic Financial Services Board (IFSB) and the International Monetary Fund (IMF) database. The results show that Islamic finance is promoting economic growth in Turkey, which mirrors the success of the New Turkish Economy Program (2019–2021) which aims at boosting economic growth by enhancing the Islamic finance share in the Turkish banking sector and the global market. Turkey has a dual banking system (conventional and participation (Islamic)) and both can influence the country's real economy. This study is limited to the influence of Islamic banking on Turkish economic growth. The study also restricts its size and coverage from 2013Q4 to 2019Q4, to cover the years over which data for all variables included in the research are available. This paper suggests the adoption of the Turkish successful experiment as a path to reach economic growth by increasing the Islamic finance share in the banking industry for countries that seek to promote economic growth by Islamic finance, as the findings of this paper support. This study is the first that examines the influence of Islamic finance on economic growth under a new theoretical framework of the endogenous growth model in Turkey using a robust non-parametric approach.
      Citation: ISRA International Journal of Islamic Finance
      PubDate: 2021-11-10
      DOI: 10.1108/IJIF-12-2020-0255
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2021)
  • Cash waqf from the millennials' perspective: a case of Indonesia

    • Authors: Khaled Nour Aldeen , Inayah Swasti Ratih , Risa Sari Pertiwi
      Abstract: The purpose of this study is to explore the awareness and willingness level of millennials in Indonesia toward cash waqf (cash endowment). Cash waqf has gained huge attention in Indonesia because of its flexibility, especially after officially announcing that cash waqf practices are sharia-compliant in 2002 in the country. Millennials comprise 33.75% of the total Indonesian population. Therefore, it is vital to analyze cash waqf from an Indonesian perspective. This study provides vital information for all institutions that are concerned with the enhancement of the cash waqf contributions in Indonesia. Self-structured questionnaires were distributed in Java Island to collect the data. The data were examined by employing suitable statistical tools. Besides, post-interview fact-finding was conducted with cash waqf experts from different related institutions in Indonesia to reach a more in-depth understanding about cash waqf issues. The results depict a high level of awareness about cash waqf among millennials in Indonesia. The results further reveal a lower willingness level to contribute to cash waqf of the sample population as compared to their level of awareness about cash waqf. Moreover, cash waqf promotions must focus on delivering a deeper understanding about the concept and how it differs from other types of Islamic philanthropy. The results suggest that waqf trustees in the country must be more transparent. Moreover, the Indonesian Waqf Board should implement stricter rules to monitor waqf trustees. This research concerns the willingness and awareness toward cash waqf among Indonesian Muslims who were born between 1980 and 2000. As a Muslim-majority country, one would expect Indonesia to make much progress in cash waqf. By providing an explanatory understanding of willingness and awareness of cash waqf among Indonesians, this research can be helpful in designing proper educative marketing campaigns for future endowers to cash waqf activities to ensure cash waqf institutions provide efficient services. It is advisable to emphasize the transparency of waqf organizations. This will add to the nazhir's (waqf trustee) reputation, thereby boosting waqf's national shares by ensuring a proper allocation of cash waqf. The regulator should be more strict in monitoring nazhir’s practices. For instance, it could include a periodic assessment of waqf entities. This study is original in nature; there is no previous study that addresses the millennial’s perspective toward cash waqf in Indonesia. Hence, this study presents precious information for policy makers, practitioners and researchers.
      Citation: ISRA International Journal of Islamic Finance
      PubDate: 2021-09-20
      DOI: 10.1108/IJIF-10-2020-0223
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2021)
  • Validity of zakat ratios as Islamic performance indicators in Islamic
           banking: a congeneric model and confirmatory factor analysis

    • Authors: Naji Mansour Nomran , Razali Haron
      Abstract: There is much debate in the literature about how the performance of Islamic banks (IBs) should be measured. Basically, IBs’ business models are different from that of conventional banks; thus, the performance of IBs should be measured by using a Sharīʿah-based approach. This paper considers zakat (Islamic tax) as an alternative indicator to measure the performance of IBs. This paper aims to examine whether zakat ratios can be used as Islamic performance (ISPER) indicators for IBs besides the conventional performance (COPER) indicators. The investigation covered a sample of 214 yearly observations of 37 IBs located in Indonesia, Malaysia, Bahrain, Saudi Arabia and the United Arab Emirates for the period 2007–2015. This study used a single-factor congeneric model and confirmatory factor analysis, performed using the AMOS 23.0 software. The findings assert that the discriminant validity of multi-bank performance, as measured by ISPER [zakat on assets (ZOA) and zakat on equity (ZOE)] and COPER indicators (return on assets, return on equity and operational efficiency in terms of assets), is very high. Hence, ISPER and COPER measurements are valid, either together to measure the multi-performance of IBs from both the Islamic and conventional perspectives, or independently as each measurement is valid to measure the Islamic and conventional performance if it is used separately. This paper does not investigate whether the findings are constant across time. This represents one of the limitations of this study. It is strongly recommended that IBs calculate and disclose zakat ratios, particularly ZOA and ZOE, in their annual reports. Researchers and academicians should use these ratios for measuring the ISPER of IBs, either along with COPER or separately. Empirical evidence is provided in this paper on the development and validity of zakat ratios as ISPER indicators in the Islamic banking industry. Zakat ratios are suitable indicators that can measure IBs’ performance and achieve the goals of IBs as well as those of Islamic economics. Technically, zakat has a dynamic ability to reflect the profitability of IBs. The more the IBs generate profit, the more they pay zakat. Furthermore, the greater the total assets of IBs, the higher the amount of zakat that they should pay. Thus, zakat ratios can be used as profitability measurements as in the case of tax ratios.
      Citation: ISRA International Journal of Islamic Finance
      PubDate: 2021-08-06
      DOI: 10.1108/IJIF-08-2018-0088
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2021)
  • Editorial
    • Editorial
      Beebee Salma Sairally
      ISRA International Journal of Islamic Finance, Vol. 13, No. 3, pp.282-283 ISRA International Journal of Islamic Finance 2021-11-05
      DOI: 10.1108/IJIF-12-2021-256
      Issue No: Vol. 13 , No. 3 (2021)
  • Developing a ranking methodology for Sharīʿah indices: the case
           of Borsa Istanbul

    • Authors: Zeyneb Hafsa Orhan , Murat Isiker
      Abstract: This paper aims to develop a ranking methodology for the companies included in the Islamic indices in Turkey. Thus, this paper simplifies the decision-making process for investors with Islamic sensitivities to stock market investment when constructing their investment portfolio. This paper uses a case study of 20 companies listed on Borsa Istanbul, drawing data from their 2017, 2018 and 2019 financial reports. These companies are scored and ranked according to their compatibility with the screening criteria used by Ziraat Katilim index in Turkey. In addition, this paper uses the quantitative screening process to calculate the ranking scores of these companies. The findings show that some companies are highly compatible with the screening criteria, with ranking scores close to 100 points. However, some companies satisfied the criteria on the margin. This may not be a desirable result for some investors. Only 20 companies are included in the analysis. Since the conventional accounting system is used in Turkey, it was difficult to get exact information about the companies’ Sharīʿah compatibility from the financial results. The findings assist investors to determine which company is ethically more responsible than others within the Islamic framework. There are also implications for the companies in question, index providers and Sharīʿah scholars. The findings aim to simplify the decision-making process of investors who have Islamic sensitivities to stock exchange market investment when they constitute their portfolio. To the best of the authors’ knowledge, it is one of the first attempts to develop a ranking methodology for Sharīʿah-screened stocks in Turkey even though Sharīʿah screening has been on the agenda since the late 1990s. This paper also compares 11 indices based on their screening criteria.
      Citation: ISRA International Journal of Islamic Finance
      PubDate: 2021-08-05
      DOI: 10.1108/IJIF-08-2019-0113
      Issue No: Vol. 13 , No. 3 (2021)
  • Establishing zakat on oil and gas in Malaysia: a new insight

    • Authors: Pg Mohd Faezul Fikri Ag Omar , Haneffa Muchlis Gazali , Mohd. Nasir Samsulbahri , Nurul Izzati Abd Razak , Norhamiza Ishak
      Abstract: The purpose of this paper is to deliberate on the establishment of zakat (Islamic alms) on oil and gas in Malaysia. Being one of the five Islamic pillars, zakat contributes significantly to the country’s socio-economic development and prosperity. However, in Malaysia and other Islamic countries, there is not yet a proper mechanism for calculating zakat on extracted minerals. Similar to gold and silver, oil and gas are valuable minerals, which, upon extraction, are subject to zakat payment. In Malaysia, however, this is not the case. This study uses a qualitative method. It presents a thorough review on the stipulation for paying zakat on minerals, specifically oil and gas. The deliberation is based on secondary data entailing a comprehensive content analysis of prominent books on the subject, current zakat rulings and legal acts on oil and gas. Oil and gas are subject to zakat payment, as indicated in several Qurʾānic verses and based on the academic reasoning of Muslim scholars. The zakat calculation for oil and gas entails the nisāb (minimum threshold value of the assets) but not the ḥawl (the requirement for one full Islamic year of ownership for the assets), by analogy with zakat on agricultural produce. Despite the obligation to pay zakat on minerals under the zakāt al-māl (alms due on wealth) category, oil and gas is yet to be fully subject to this practice in Malaysia, although the country is known as an oil-producing Muslim country. Several legislative acts covering the managerial and business side of oil and gas operations have long been established, but the provision on zakat remains unclear. Hence, comprehensive legislation is needed to fine-tune the Malaysian oil and gas system, particularly with regard to zakat. This study relies mainly on secondary data and literature without performing any empirical investigations. In terms of academic implication, this study enriches the existing body of knowledge on zakat. Practical implications would include enhanced decision-making concerning zakat on oil and gas on the part of zakat institutions, policymakers and the government of Malaysia. This study provides practical and academic contributions to the deep understanding of zakat on oil and gas, which has received very little attention in the existing body of literature. Despite being limited in literature, this is a breakthrough study that sheds light on zakat on oil and gas.
      Citation: ISRA International Journal of Islamic Finance
      PubDate: 2021-08-04
      DOI: 10.1108/IJIF-04-2020-0089
      Issue No: Vol. 13 , No. 3 (2021)
  • A comparative analysis of financial performance of Islamic banks
           vis-à-vis conventional banks: evidence from Pakistan

    • Authors: Muhammad Tariq Majeed , Abida Zainab
      Abstract: In recent years, the fast growth of Islamic banks (IBs) has generated debates among policymakers and economists about the sustainability and performance of these institutions. This paper aims to undertake a comparative analysis of the financial performance of IBs and conventional banks (CBs) in Pakistan over the period 2008–2019 to evaluate how IBs are faring compared to their conventional peers. This paper considers Financial Ratio Analysis (FRA) to analyse and compare the performance of the top-10 IBs and CBs operating in Pakistan. The sample includes five full-fledged IBs and five CBs which offer Islamic windows in Pakistan. The top-five performing CBs offering Islamic windows have been selected in this study. The results show that IBs are better capitalized, less risky and have higher liquidity as compared to CBs. In contrast, the profits of IBs are found to be lower than those of CBs. The study has provided an analysis of financial performance only for Pakistan. A cross-country analysis could be more representative of the performance of IBs. The study infers that the size of the Islamic banking industry in Pakistan should be enhanced by opening new branches and promoting Islamic financial literacy. The study assists investors, creditors, debtors and managers in making better decisions. It also provides the latest valuable information to regulators and policymakers that can be used to make rules and policies for the finance industry in Pakistan.
      Citation: ISRA International Journal of Islamic Finance
      PubDate: 2021-07-29
      DOI: 10.1108/IJIF-08-2018-0093
      Issue No: Vol. 13 , No. 3 (2021)
  • Factors influencing Bumiputera contractors' acceptance of the contractor's
           all risk product

    • Authors: Mohd Azizi Ibrahim , Alias Mat Nor , Raja Rizal Iskandar Raja Hisham
      Abstract: This research aims to investigate the factors that can influence Bumiputera contractors’ acceptance of the Contractor’s All Risks (CAR) takāful (Islamic insurance) product using the theory of reasoned action (TRA). Using the method of quantitative surveys, 414 questionnaires were collected from targeted Bumiputera contractors in Malaysia (grade G1 to grade G7), except in Sabah and Sarawak, that are registered with the Construction Industry Development Board (CIDB) and are also members of Persatuan Kontraktor Melayu Malaysia (PKMM). The data was analysed using the partial least squares structural equation modeling (PLS-SEM) technique. The findings from the PLS-SEM analysis show that attitude, subjective norm, religiosity and awareness have a positive relationship with Bumiputera contractors’ acceptance of the CAR takāful product. Religiosity appeared to be the most significant factor influencing Bumiputera contractors’ acceptance of the CAR takāful product. The respondents in this study only comprised Bumiputera contractors in Peninsular Malaysia, excluding those from Sabah and Sarawak. Therefore, it is not possible to generalise the findings to a broader population. Takāful operators and their sales and marketing departments need to act proactively in promoting the benefits of investing in CAR takāful that follows Sharīʾah (Islamic law) rules and principles. They should create mechanisms to market CAR takāful better, thus accelerating its acceptance rate among contractors. The paper uses the proposed extended TRA model, which includes the variables of religiosity and awareness in the TRA model. These variables were successfully integrated in the model, and the findings show that they have significantly contributed to the acceptance of the CAR takāful product among Bumiputera contractors.
      Citation: ISRA International Journal of Islamic Finance
      PubDate: 2021-07-29
      DOI: 10.1108/IJIF-09-2020-0188
      Issue No: Vol. 13 , No. 3 (2021)
  • Rebate in Islamic sale-based financing contracts: Bank Negara Malaysia
           guidelines on versus conventional finance practice

    • Authors: Islam Kamal
      Abstract: This paper aims to compare the rebate computation in Islamic sale-based financing contracts as proposed by Bank Negara Malaysia (BNM) in its guidelines on ibrāʾ (rebate) – with the rebate computation in conventional finance that is applicable to conventional loans, thus examining if there is a significant difference between the two approaches. The paper employs the qualitative analysis method, involving review and discussion of relevant literature. Subsequently, a quantitative analysis is utilized to compare both rebate computations: the one proposed by BNM for Islamic sale-based financing contracts and the conventional finance computation that is utilized in conventional loans. BNM's rebate computation for debts resulting from sale-based financing contracts does not differ from the conventional finance rebate computation applied to conventional loans; such similarity may raise the usury concerns that the conventional finance rebate computation raises. The paper focuses only on the fixed profit rate rebate computation proposed by BNM guidelines. The results highlight the need for seeking another rebate computation to be applied in Islamic financial institutions in the case of mandatory bilateral rebate for sale-based financing contracts – a computation that differs from the practice utilized in conventional loans in order to avoid any usury implications associated with conventional finance computation. The paper examines the rebate practice proposed by BNM for sale-based financing contracts. Forcing a predetermined rebate computation in sale-based financing contracts could be plausible as BNM requires; however, the suggested computation might be questionable because it resembles conventional finance computation.
      Citation: ISRA International Journal of Islamic Finance
      PubDate: 2021-07-29
      DOI: 10.1108/IJIF-07-2020-0155
      Issue No: Vol. 13 , No. 3 (2021)
  • Determinants of credit risk of Indonesian Sharīʿah rural banks

    • Authors: Unggul Priyadi , Kurnia Dwi Sari Utami , Rifqi Muhammad , Peni Nugraheni
      Abstract: This study aims to examine the influence of internal and external factors on the credit risk (represented by nonperforming financing [NPF]) of Indonesian Sharīʿah rural banks (SRBs) – a type of Islamic bank that provides Islamic financial services especially to small and medium businesses in Indonesia. Internal variables comprise capital adequacy ratio (CAR), financing to deposit ratio (FDR), return on assets (ROA), operating expense ratio (OER), financing to value (FTV) and profit and loss sharing (PLS) financing ratio. External variables comprise inflation, economic growth and interest rate. The study uses the annual reports of SRBs in Indonesia as secondary data for the years 2010–2019. Auto regressive distributed lag (ARDL) is used as the analysis method to examine the short-run and long-run relationships between the variables. The findings indicate that four variables experienced a lag in the short run, namely, NPF, inflation, CAR and PLS, with different results recorded for each of the variables. Furthermore, the long-run results show that CAR and ROA influence the NPF of SRBs positively, whereas inflation and PLS have a negative influence on NPF. The rest of the variables – notably economic growth, interest rate, FDR, FTV and OER – do not have an influence on NPF in SRBs. The level of NPF in SRBs exceeds the provision of the Central Bank of Indonesia. The findings are expected to have implications for SRBs and the regulator to consider and to manage the factors related to NPF properly due to the important role of SRBs in small and medium businesses’ development. This study measures the determinants of NPF using internal and external variables, including the addition of a dummy variable, notably FTV. This study also uses ARDL to analyze the financial policies involving data at the present time and lagged time.
      Citation: ISRA International Journal of Islamic Finance
      PubDate: 2021-07-26
      DOI: 10.1108/IJIF-09-2019-0134
      Issue No: Vol. 13 , No. 3 (2021)
  • Impact of brand equity on purchase intentions: empirical evidence from the
           health industry of the United Arab Emirates

    • Authors: Shahid Rizwan , Husam-Aldin Al-Malkawi , Kamisan Gadar , Ilham Sentosa , Naziruddin Abdullah
      Abstract: Although 76% of the population of the United Arab Emirates (UAE) is Muslim, takāful (Islamic insurance) has a much smaller share of business in the UAE than conventional insurance does. The purpose of this study is to highlight the importance of brand equity (BE), which is known as the incremental value that provides reason to buy a brand. This study provides useful insights that can help the health takāful industry to gain a feasible market share in the UAE. This is a quantitative study in which stratified random sampling was adopted for data collection from 300 respondents through a self-administered questionnaire from August to November 2018. Underpinning the study is the theory of planned behavior (TPB) and the structural equation modeling (SEM) technique has been used to examine the impact of BE on purchase intentions (PI) through the moderating role of demographic factors such as age, income, education and religion. Three dimensions of BE, i.e. brand awareness (BAW), brand association (BAS) and perceived quality (PQ), are evaluated in terms of their significance as dimensions of BE. The major findings of this study confirm that BE has a strong positive influence on the PIs of health takāful customers in the UAE and that all three dimensions of BE make significant contributions to the overall BE. The results show that education does moderate the relationship between BE and PI while age, income and religion do not. A new finding of this study is the nonsignificant moderating role of religion, whereby it was found that takāful products in the UAE are not limited to Muslim customers but can include potential customers who are followers of other religions. To the best of our knowledge, the present study is the first of its kind to examine the impact of BE on the PI of health takāful customers in the UAE. The findings of the study give academia, researchers and marketers a better understanding of the importance of BE and of its vital role in promoting takāful products in the Gulf Cooperation Council (GCC) countries such as the UAE.
      Citation: ISRA International Journal of Islamic Finance
      PubDate: 2021-05-19
      DOI: 10.1108/IJIF-07-2019-0105
      Issue No: Vol. 13 , No. 3 (2021)
  • ISRA International Journal of Islamic Finance

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