Subjects -> RELIGION AND THEOLOGY (Total: 749 journals)
    - BUDDHIST (14 journals)
    - EASTERN ORTHODOX (1 journals)
    - HINDU (6 journals)
    - ISLAMIC (148 journals)
    - JUDAIC (22 journals)
    - PROTESTANT (22 journals)
    - RELIGION AND THEOLOGY (500 journals)
    - ROMAN CATHOLIC (32 journals)

ISLAMIC (148 journals)                     

Showing 1 - 149 of 149 Journals sorted alphabetically
Abgadiyat     Hybrid Journal   (Followers: 3)
Afkaruna : Indonesian Interdisciplinary Journal of Islamic Studies     Open Access  
Ahkam : Jurnal Hukum Islam     Open Access  
Ahkam : Jurnal Ilmu Syariah     Open Access   (Followers: 1)
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-Bayan : Journal of Qur’an and Hadith Studies     Hybrid Journal   (Followers: 1)
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-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)
Arabiyat : Jurnal Pendidikan Bahasa Arab dan Kebahasaaraban     Open Access  
ASAS : Jurnal Hukum dan Ekonomi Islam     Open Access   (Followers: 1)
Asian Journal of Middle Eastern and Islamic Studies     Hybrid Journal   (Followers: 2)
Asy-Syir'ah : Jurnal Ilmu Syari'ah dan Hukum     Open Access  
At-Ta'dib Jurnal Kependidikan Islam     Open Access   (Followers: 1)
At-Tabsyir : Jurnal Komunikasi Penyiaran Islam     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   (Followers: 2)
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: 2)
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  
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  
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 History of the Islamicate World     Hybrid Journal  
International Journal of Islam in Asia     Full-text available via subscription  
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   (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 Abbasid Studies     Hybrid Journal   (Followers: 3)
Journal of Arabic and Islamic Studies     Open Access   (Followers: 5)
Journal of Indonesian Islam     Open Access  
Journal of Islamic and Near Eastern Law     Open Access   (Followers: 2)
Journal of Islamic Education     Open Access   (Followers: 1)
Journal of Islamic Ethics     Open Access   (Followers: 1)
Journal of Islamic Philosophy     Full-text available via subscription   (Followers: 7)
Journal of Islamicjerusalem Studies     Open Access   (Followers: 1)
Journal of Malay Islamic Studies     Open Access  
Journal of Muslim Mental Health     Open Access   (Followers: 6)
Journal of Muslims in Europe     Hybrid Journal   (Followers: 2)
Journal of Shi'a Islamic Studies     Full-text available via subscription   (Followers: 3)
Journal of Sufi Studies     Hybrid Journal   (Followers: 1)
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  
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  
Muqarnas Online     Hybrid Journal   (Followers: 4)
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   (Followers: 1)
Shii Studies Review     Hybrid Journal  
Sociology of Islam     Hybrid Journal   (Followers: 4)
Studia Islamica     Hybrid Journal   (Followers: 3)
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  
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: 2)
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  [360 journals]
  • Mind the gap: theories in Islamic accounting and finance, Islamic
           economics and business management studies

    • Authors: Murniati Mukhlisin , Nurizal Ismail , Reza Jamilah Fikri
      Abstract: This study aims to analyse whether theories and views of classical Islamic scholars are widely adopted as references in Islamic accounting and finance (IAF), Islamic economics (IE) and Islamic business management (IBM) research studies as part of their contribution to solving current economic and financial problems. The research adopts a qualitative meta-analysis methodology using NVivo 12 with selected data from 474 international journal articles published between 1981 and 2021. The study considers 172 IAF articles, 111 IE articles and 191 IBM articles. The results of the study show that the use of theories and views of classical Islamic scholars is not widespread among the examined research papers. The findings show that 90% of researchers tend to acquire modern economics, management, psychological and sociological theories instead of classical theories. Both modern and classical theories have been discussed in the studied articles namely agency theory, stakeholders' theory, ḥisbah (accountability), maqāṣid al-Sharīʿah (objectives of Islamic law) and Waʿd (unilateral promise). The gaps prevail not only in the taxonomy of terms but also in the choice of paradigm references. It is found that 66% of the 474 journal articles adopt a positivist paradigm, followed by interpretivism (19%), post-structuralism (9%) and critical orientation (6%). This paper considers only ABS ranking journal articles. Future research may consider other journal articles from different ranking groups such as Scopus or Thomson & Reuters. The paper sheds light on how Islamic educational institutions can develop strategies for the Integration of Knowledge (IOK) in their curriculum. This paper helps to shape the Muslims' way of thinking within an Islamic worldview which will lead to an Islamic way of expressing knowledge, skill and behaviour. This paper contributes to the model of IOK that has been deliberated among Islamic universities, especially those that develop IAF, IE and IBM studies.
      Citation: ISRA International Journal of Islamic Finance
      PubDate: 2022-09-21
      DOI: 10.1108/IJIF-11-2019-0175
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
  • Micro- scheme for the protection of houses belonging to low-income groups
           in Malaysia

    • Authors: Puteri Nur Farah Naadia Mohd Fauzi , Mohamad Akram Laldin
      Abstract: This study aims to assess the availability of micro-takaful (micro-Islamic insurance) schemes for the protection of houses belonging to low-income groups in Malaysia. The study is conducted via desk research and interview discussions with representatives from takaful operators and key stakeholders. Findings of the study confirm the importance of micro-takaful as a scheme for the protection of low-income groups. Micro-takaful schemes in Malaysia are, however, skewed towards the protection of health, life and family. The study finds little industry interest in the provision of micro-takaful schemes for the protection of houses for low-income groups. This represents another important area that takaful operators should take into consideration in their planning. The paper will help the Majlis Agama Islam Negeri-Negeri (MAINs), the regulator, takaful operators and government agencies such as Jabatan Wakaf, Zakat dan Haji (JAWHAR) to generate awareness and promote the offering of micro-takaful schemes for the protection of houses belonging to low-income groups in Malaysia. In light of the limited availability of micro-takaful schemes for the protection of houses for low-income groups, this study argues that takaful operators should offer and promote them. The study is significant for fulfilling the need of low-income groups in Malaysia to protect their houses in the event of catastrophes so that they will not suffer significant losses. Rather, micro-takaful will assist them in improving their standard of living. This study promotes the idea that it is essential to facilitate the low-income groups with appropriate coverage made available to them; micro-takaful schemes in protecting their houses and home contents, should any defined calamities occur. The outcomes are necessary for further development of micro-takaful models, specifically for the protection of properties. The developed model shall be proposed for application in the Malaysian takaful and housing industry to facilitate low-income groups to obtain protection for their household and home contents.
      Citation: ISRA International Journal of Islamic Finance
      PubDate: 2022-09-16
      DOI: 10.1108/IJIF-05-2021-0090
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
  • Experts' views on in the Malaysian Islamic banks': the case of -based
           deposit products

    • Authors: Muhammad Izzul Syahmi , Mohammad Taqiuddin Mohamad , Mohd Anuar Ramli
      Abstract: There are two purposes to this study: first, to identify the status of ḥiyal (legal trick) in the offering of deposit products based on the tawarruq contract in the Malaysian Islamic banking industry and second, to identify the reasons for the widespread offering of tawarruq-based deposit products by Malaysian Islamic banks (IBs). Both aims of the study are addressed from the viewpoint of Malaysian experts in the area of Islamic banking. The study used a qualitative method that involved interviews with Malaysian Sharī‘ah experts and Islamic banking operations experts. The findings show that Malaysian IBs resolved to use the tawarruq munaẓẓam contract in deposit products due to several constraints in the existing banking system and in view of customer preferences. This study solely focuses on tawarruq-based deposit products in the Malaysian Islamic banking industry, with no other products explored. The focus on tawarruq-based deposit products was due to the extensive application of tawarruq in Islamic banking deposit products that had also led to accusations against Islamic banking operations from various parties. The implication of the study is that more stringent procedures are required in the offering of tawarruq-based deposit products as they are extensively utilised and have sparked controversy among Sharī‘ah scholars. Moreover, to retain Malaysia's Islamic banking reputation and trustworthiness, new and less controversial contracts must be developed. This paper discussed the extensive usage of ḥiyal-based contracts such as tawarruq in Islamic banking institutions' deposit products, with justifications from Malaysian Islamic banking experts. The widespread use of the tawarruq munaẓẓam contract in deposit-based product offerings is based on a reasonable view considering the constraints that Malaysian Islamic banking is currently facing, with strict operation procedures by Bank Negara Malaysia to ensure real operations and to avoid fictitious elements. This paper reveals the use of tawarruq munaẓẓam in deposit products which allows the Islamic banking industry to operate effectively under Malaysia's dominant conventional banking system.
      Citation: ISRA International Journal of Islamic Finance
      PubDate: 2022-08-19
      DOI: 10.1108/IJIF-02-2021-0042
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
  • How do Islamic banks manage earnings' Application of various
           measurement models in the Iranian Islamic banking system

    • Authors: Mahdi Ghaemi Asl , Mohammad Ghasemi Doudkanlou
      Abstract: This study aimed to identify and compare the measurement models of earnings management (EM) appropriate to the Iranian Islamic banking system. The importance of reported profit figures has motivated business executives, who also perform financial reporting, to manipulate these figures. These measures are referred to as “earnings management,” which negatively influence the quality of reported earnings and financial statements' reliability. The number of resources available to banks and their specific operational sensitivities doubles the importance of EM in this industry. In this study, four methods, namely, Jones (1991), modified Jones (Dechow et al., 1995), Kasznik (1999) and Kothari et al. (2005), were used to measure the EM index in 25 Iranian Islamic banks (IBs) registered with the Tehran Stock Exchange and/or the Central Bank of Iran. The study covered the period 2005–2020. Following the aforementioned methods, this research implemented templates that were repeatedly tested in subsequent studies using accruals to discover EM. The results show that the Kasznik (1999) model is the preferred and compatible model with the Iranian Islamic banking system's accrual behaviour due to the consistency of the measurement coefficients with theoretical and previous research findings. Therefore, total accruals, including discretionary accruals and non-discretionary accruals, have the most correspondence with (1) property, machinery and equipment; (2) the change in cash flow from operating activities; and (3) the difference of change in revenue (ΔREV) and change in net receivable accounts (ΔREC). This is the first investigation in the Iranian Islamic banking system. The research contributes to the Iranian Islamic banking system literature on the implements of EM, which could be appealed to in the context of developing countries like Iran. Finally, this study highlights the different EM capabilities in Islamic banking systems similar to the Iranian banking arrangement.
      Citation: ISRA International Journal of Islamic Finance
      PubDate: 2022-08-08
      DOI: 10.1108/IJIF-02-2021-0040
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
  • An empirical comparison of sustainable and responsible investment , social
           impact bonds and conventional bonds

    • Authors: Syed Marwan Mujahid Syed Azman , Suhaiza Ismail , Mohamed Aslam Haneef , Engku Rabiah Adawiah Engku Ali
      Abstract: The objectives of this paper are two-fold: first, to empirically compare and contrast the salient features of three financial instruments (FIs), namely sustainable and responsible investment (SRI) sukuk, social impact bonds (SIBs) and conventional bonds (CBs) and second, to examine the differences between the perceptions of the investors and the developers on the features of the three FIs. Using a questionnaire survey, 251 completed and useable responses were received, representing a 42.54% response rate. In examining the differences and similarities in the characteristics of the three FIs, the inferential statistical of frequency and percentage were used. Wilcoxon test and Mann–Whitney tests were conducted to investigate the differences in the salient features of the three FIs and the differences between the investors and developers' perceptions on the salient features of SRI, SIBs and CBs, respectively. The results reveal that stakeholders view SRI Sukuk, SIBs and CBs to be statistically significantly different from each other. This shows that stakeholders do not view SRI sukuk as “old wine in a new Shariah-compliant bottle” but instead considered different from SIBs and CBs. Furthermore, stakeholders also differentiate between SIBs and CBs. The paper provides empirical evidence that Islamic finance (IF) instrument, represented by SRI sukuk, is viewed as different instruments to conventional tools, represented by SIBs and CBs. First, it debunks the notion that IF is viewed as similar to its conventional counterpart. Second, SIBs are seen as different from CBs, illustrating the distinct categorisation of impact investing instruments. As such, third, the development of SRI sukuk and SIBs can provide diversification to portfolios as it is a unique instrument in the social finance and financial market.
      Citation: ISRA International Journal of Islamic Finance
      PubDate: 2022-07-12
      DOI: 10.1108/IJIF-04-2021-0074
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
  • The cost of constituent-rebalancing of Sharīʿah-compliant indexes:
           lessons for future crises

    • Authors: Ahmed Badreldin
      Abstract: This study aims to quantify the cost of rebalancing Sharīʿah-compliant indexes, both economically and statistically. An empirical approach is employed where the rebalanced Sharīʿah-compliant index is calculated numerous times with different lags in rebalancing, and the number of stocks and their cost across time are determined in order to identify the optimal rebalancing frequency. This paper finds that annual Sharīʿah rebalancing does not lead to significant differences in portfolio returns, even though it does bring some advantages in cumulative wealth starting from the third year onwards and brings about better risk-return ˗characteristics measured in terms of the Sharpe ratio. However, these advantages involve an average annual shifting between 30 and 60% of the portfolio market capitalization, which would be costly at any level of transaction costs. A private investor may be better off holding a constant portfolio and only rebalancing in three-year intervals since this was shown to possess similar portfolio returns and cumulative wealth results. Any advantages of annual rebalancing in terms of risk-return characteristics may be offset by transaction costs of rebalancing. Sharīʿah scholars and practitioners are to determine when the correct time for rebalancing really is, taking into consideration the cost of rebalancing vis-à-vis the advantages in cumulative wealth and risk-return characteristics of the portfolio. Predictions that Islamic indexes will perform well during financial crises, such as the COVID-19 pandemic, miss the cost of frequent rebalancing. This paper addresses this issue in an empirical manner learning from the previous crisis in 2008.
      Citation: ISRA International Journal of Islamic Finance
      PubDate: 2022-07-01
      DOI: 10.1108/IJIF-02-2021-0038
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
  • Editorial

    • Authors: Beebee Salma Sairally
      Abstract: Editorial
      Citation: ISRA International Journal of Islamic Finance
      PubDate: 2022-09-05
      DOI: 10.1108/IJIF-09-2022-260
      Issue No: Vol. 14 , No. 2 (2022)
  • Adoption of the COSO methodology for internal Sharīʿah audit

    • Authors: Said Bouheraoua , Fares Djafri
      Abstract: Islamic financial institutions (IFIs) are required to establish a Shariīʿah Governance Framework (SGF) to strengthen their Sharīʿah-compliance mechanism and ensure that all relevant IFI regulations are in line with Sharīʿah rules and principles. Effective implementation of the Shariīʿah-compliance function will further promote stakeholder confidence, as well as the integrity of IFIs, by reducing Shariīʿah non-compliance risks. This study aims to examine the internal control framework developed by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) and explore the extent to which it can be incorporated in the Sharīʿah-compliance function of IFIs. This study adopts a qualitative method of inquiry, utilizing the inductive method and content analysis to build comprehensive knowledge that will assist in exploring the framework of COSO methodology and the extent to which it can be adopted by IFIs. The findings indicate that the existing frameworks of Sharīʿah governance, whether that of the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) or Bank Negara Malaysia (BNM), need to be further developed. Therefore, the adoption of COSO methodology in the internal Sharīʿah audit of IFIs, as suggested by AAOIFI, is not only possible but desirable. The study also finds that the COSO framework places the highest priority on risk management in that it makes it an integral part of the decision-making process in all the institution's activities. As a result, incorporating the comprehensive COSO risk management structure within the Sharīʿah-compliance function will enhance risk management in IFIs. This study highlights the importance of the COSO internal control framework and examines its components, principles and the possibility of its adoption by IFIs. The findings of this study are expected to contribute to enhancing the Sharīʿah-compliance function of IFIs.
      Citation: ISRA International Journal of Islamic Finance
      PubDate: 2022-06-29
      DOI: 10.1108/IJIF-04-2020-0071
      Issue No: Vol. 14 , No. 2 (2022)
  • Who is Homo Islamicus' A Qurʾānic perspective on the economic
           agent in Islamic economics

    • Authors: Hafas Furqani , Abdelghani Echchabi
      Abstract: This paper aims to explain the nature of the economic agent in Islamic economics. He is commonly referred to as Homo Islamicus. This is done by deriving the concept from the Qurʾān as the primary epistemological source in Islamic economics. The paper, thus, attempts to explore the message of the Qurʾān and internalize its concepts and values in their totality into the conception of the economic agent from an Islamic perspective. The paper brings an insight regarding the nature of the economic agent in Islamic perspective. The concept of the economic agent that is developed from the Qurʾānic teachings will be useful in developing assumptions and theories in Islamic economics. This paper explores the normative behavioral framework of man from the Qurʾānic perspective (i.e. what is expected of man) in order to serve as the basis on which assumptions, concepts and theories could be produced and applied in real life. Further studies could extend the discussion by examining the application of the concepts in practice. This paper promotes a normative behavioral framework that could be the basis in developing the body of knowledge of Islamic economics. This paper promotes a concept of the economic agent in Islamic perspective, termed as Homo Islamicus, who is going to portray Islamic ethical teachings in economic actions. The paper brought insights from the Qurʾānic teachings and principles in developing the concept of Homo Islamicus who will be the representative agent in theorizing Islamic economics.
      Citation: ISRA International Journal of Islamic Finance
      PubDate: 2022-06-23
      DOI: 10.1108/IJIF-05-2021-0102
      Issue No: Vol. 14 , No. 2 (2022)
  • Common conceptual flaws in realizing vis-à-vis Islamic finance

    • Authors: Ameen Ahmed Abdullah Qasem Al-Nahari , Abu Talib Mohammad Monawer , Luqman Bin Haji Abdullah , Abdul Karim Bin Ali , Noor Naemah Binti Abdul Rahman , Meguellati Achour
      Abstract: This paper aims to scrutinize the misconceptions about maqāṣid al-Sharīʿah (objectives of Islamic law) that complicate its actualization, particularly in Islamic finance. This study adopts a qualitative inductive method to identify the flaws in understanding maqāṣid al-Sharīʿah vis-à-vis Islamic finance. It uses the views of classical and modern maqāṣid scholars to critically examine the flaws. This study concludes that the five objectives of the Sharīʿah constitute the framework of maṣlaḥah (well-being). The levels of maṣlaḥah ― namely ḍarūriyyāt (essentials), ḥājiyyāt (needs) and taḥsīniyyāt (embellishments) ― are the categories of the means to ends. The demand for financial products falls under the ḥājiyyāt and taḥsīniyyāt categories, not ḍarūriyyāt. The maqāṣid (objectives) are derived from aḥkām (provisions) being verified by the parameters, while aḥkām are guided by maqāṣid. This study recommends further research to theorize the concepts of ḍarūriyyāt, ḥājiyyāt, taḥsīniyyat and mukammilāt (complements); to harmonize the maqāṣid with their essential elements and to formulate a conceptual framework for actualizing maqāṣid al-Sharīʿah in Islamic finance. This paper will improve perceptions and bridge gaps between the understanding of maqāṣid theory and existing practices. It suggests that instead of ḍarūriyyāt, Islamic financial institutions (IFIs) should refer to ḥājiyyāt and taḥsīniyyāt. This paper identifies and clarifies the misconceptions about maqāṣid al-Sharīʿah vis-à-vis Islamic finance in the existing literature. The findings align with the views of leading maqāṣid scholars in understanding the idea.
      Citation: ISRA International Journal of Islamic Finance
      PubDate: 2022-04-22
      DOI: 10.1108/IJIF-12-2020-0259
      Issue No: Vol. 14 , No. 2 (2022)
  • Some thoughts on resetting the roles and functions of Sharīʿah
           committees of Islamic banks in Malaysia

    • Authors: Mansor Isa , Siew-Peng Lee , Obiyathulla Ismath Bacha , Rubi Ahmad
      Abstract: The purpose of this study is to understand and evaluate the roles and functions of the Sharīʿah committee (SC) of Islamic banks (IBs) in Malaysia and to recommend a resetting of the scope of responsibilities to enable the SC to effectively respond to current market needs. A Likert-type survey questionnaire was developed and distributed to all available SC members through e-mails and online surveys as well as self-administered questionnaires. At the end of the survey, 87 useable questionnaires were collected from 161 SC members, representing a 54% response rate. This study finds that most SC members have the necessary Sharīʿah qualification, and they are mostly academics with doctoral degrees. However, there is a noticeable lack of diversity in the composition of experts in the committees. Respondents indicate that their main functions are to ensure Sharīʿah compliance of bank operations and product offerings. This is of course consistent with their stated functions as outlined in the Bank Negara Malaysia's Sharīʿah Governance Policy Document (BNM, 2019). The study finds that SCs are not involved in product development, nor responsible for financial performance. Respondents indicate three ways to enhance the role of SCs: improving banking knowledge of the members, more engagement with the board of directors (BoDs) and broadening the functions of SCs. This study highlights two policy implications. First, there is a strategic need for IBs to consider having a diversity of expertise in the SCs while maintaining the Sharīʿah experts as core members. Second, this study recommends a reset of the scope of duties of the SC to include three new areas: risk management, product development and financial performance. This study evaluates the current functions of the SC of IBs in Malaysia and provides suggestions for improvement in the composition of the committee and in the scope of duties of SCs based on contemporary needs.
      Citation: ISRA International Journal of Islamic Finance
      PubDate: 2022-02-14
      DOI: 10.1108/IJIF-05-2021-0096
      Issue No: Vol. 14 , No. 2 (2022)
  • 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. 14 , No. 2 (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. 14 , No. 2 (2022)
  • 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. 14 , No. 2 (2021)
  • ISRA International Journal of Islamic Finance

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