INCEIF Knowledge Repository (INCEIF University)
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Amana Takaful Maldives declares dividends for 2022
No full textAmana Takaful Maldives has announced the declaration of dividends for the year 2022. During the 12th Annual General Meeting held on the 22nd May 2023, shareholders approved a final dividend of 15% on the face value of each share. The total amount of this dividend is MVR3.95 million (US426,150). The books for dividend distribution were closed on the 10th May 2023, and only shareholders registered on or before that date are eligible to receive the dividends. According to Section 55(a)(4) of the Income Tax Act (Law No 25/2019), the company is required to deduct 10% from the dividends paid to non-resident shareholders. If it is unclear whether a shareholder is a resident in the Maldives, they will be treated as a non-resident, and the company will deduct a non-resident withholding tax of 10% from their dividend payment. Shareholders are encouraged to update their residency status with the company. On the 13th May 2023, the Islamic Corporation for the Development of the Private Sector (ICD) and Amana Takaful Maldives signed an MoU to establish a collaborative partnership
Enhancing synergy in the waqf ecosystem in Malaysia: promoting in increased waqf contributions among beneficiaries donors, and mutawalli
No full textThis research endeavour aimsto foster collaboration among beneficiaries, donors, and waqf managers (mutawalli) by deeply understanding the prevailing legislative framework. Employing a concept-driven qualitative methodology, we conducted content analysis through a deductive approach. The investigation employed three key attributes, namely "use more, donate more, and share more," to systematically explore the ramifications of established concepts in a broader context. Focus Group Discussions (FGDs) were conducted, and subsequently, the transcribed text from these FGDs underwent meticulous analysis. The study culminates in the proposition that beneficiaries, donors, and mutawalli can synchronize their effortsthrough the waqf project by: 1) opting for increased utilization when the waqf project offers goods and services either free of charge or at a more affordable rate compared to the prevailing market prices; 2) contributing higher donations through various means such as cash, deductions from salaries, electronic payments, or in-kind contributions; and 3) enhancing information dissemination by utilizing platforms such as social media (WhatsApp, Facebook, YouTube, TikTok, etc.), mass media (television and radio), roadshows, interpersonal communication, and various online channels to propagate the cause. The initiative for synergy examines the applicability of the "benefidonors" term within the present context. The findings demonstrate that the concept of Benefidonors can indeed facilitate the collaborative sharing of information, thereby amplifying waqf contributions from beneficiaries, donors, and mutawalli. As a culmination of the study, a refined Benefidonors model is delineated, providing a comprehensive framework for effective collaboration
Policy approach adopted for issuance of green sukuk: is priority given to priority needed areas?
No full textGreen sukuk (GS) is a recent innovation that has the potential to serve humankind in sustainable development. However, its potential can only be achieved if the proceeds of GS are used for the priority areas needed. Therefore, the purpose of this study is to find out, using selected GS issued to determine whether the proceeds of GS are actually given to the needed areas. This is qualitative research utilizing case studies where the "priorities given" areas are observed through information collected from the library that consists of primary and secondary sources, such as statutes, books, articles and internet sources, while "priorities needed to issue GS" areas are determined through information collected from Al-Quran and hadiths to derive conclusions. The outcome of this study reveals some untouched areas that needed immediate attention where GS can be implemented. This study recommends implementing GS for the plant, agriculture, forests, road, water, animal and others. One example in this regard is to create "forest sukuk," which is a tool for financing forest preservation
Financial derivatives: markets and applications
No full textThis book is designed for beginners who possess no previous knowledge or familiarity with derivatives. Written in an easy-to-read style, it guides readers through the challenging and complex world of forwards, futures, options, and swaps. The emphasis on Asian markets and contracts enables easier understanding. Financial derivative contracts from Malaysia and select contracts from Thailand, Singapore, and Hong Kong derivative markets are covered. For each derivative contract, their three common applications hedging, arbitrage, and speculating are shown with fully worked out examples. Extensive use of illustrations, graphics, and vignettes provide for easy comprehension of the underlying logic of derivatives
Assessing ethical praxis of ethical (Islamic) financial institutions: a survey of empirical discoveries
No full textThis study aims to portray the ethical disposition of Islamic financial institutions (IFIs) globally by investigating the ethical gap identified in the empirical literature to date. Two methods of analysis used in this study are content analysis and ratio analysis. While the former was conducted to identify the main themes of empirical studies and to gauge the gap between theory and practice of ethical principles and business practice in the Islamic banking and financial industry, the latter quantified the intensity of the gap identified. The findings indicate that global ethical practices were found to be above medial, and the South East Asian region stood out with a relatively better performance along with the subpar performance of the African region. Among the ethical parameters, the praxis of marketing ethics was found to be distinctly aligned with the principles, and the organizational ethical decision-making behaviour was held to be least harmonized with the norms. The findings of this study help researchers and regulators to better understand the issues and provide practical solutions to address the shortfalls of ethics in Islamic finance in practice. In spite of the vast literature, comprehension of the overarching ethical standing of IFIs is still equivocal. This study contributes to the growing literature of ethical and/or Islamic finance primarily in two ways. Firstly, it provides a comprehensive depiction of the ethical standings of the IFIs all around the globe, which can be treated as a guiding document for regulators and industry practitioners to better understand the issues and provide practical solutions to address the shortfalls of ethics in Islamic finance in practice. Secondly, it helps researchers identify research gaps and provides a systematic direction for future studies in the area of ethics in Islamic finance
The impact of sustainable banking practices on bank stability
No full textThis study seeks to examine whether corporate environmental performance (CEP) and corporate social performance (CSP) affect stability of the banking industry. The topic is of much interest to researchers and policy makers considering the growing demand to integrate environmental and social practices into banking business model. Based on a panel dataset of 473 banks in 74 countries, this research finds that CEP is negatively related to bank stability as measured by non-performing loans (NPL). However, the impact is insignificant for small and large banks, as well as for banks in countries with low environmental scores. Furthermore, CSP does not appear to have a significant relationship with bank stability, but financial product safety, which is an aspect of CSP, does. The results are robust to a variety of econometric specifications and have significant policy implications for investors, bankers and regulators
Al-istithmar al-masul ijtima'yan wa tatbiqatuhu fi al-muasasat al-maliyat al-Islamiyyah
No full textAn abstract is written in Arabic
Emerging markets can benefit as the West decouples from China
No full textFor at least the last two decades, a presence in China was seen by Western firms as a distinct competitive advantage over their peers. Now, all that seems to be changing. American and European suspicion of China has been rising as China seeks to control its technological destiny. For as long as China was a low-cost, low-value-added producer of basic goods, it fit into Western needs for cheap consumer products. But as China moved up the value chain and made known its intention to master and indigenise advanced technology under its Made in China 2025 policy, Western backlash followed. A China seeking technological parity with the West, particularly in key industries like artificial intelligence, 5G, semiconductors, aerospace and bio�technology was simply not acceptable to Western policymakers. What began as the imposition of tariffs evolved into outright sanctions, particularly against Chinese tech giants like ZTE and Huawei
Maldives Islamic Bank appoints new CEO and head of office in Hulhumale'
No full textMufaddal Idris Khumri has been appointed as the new CEO of the Maldives Islamic Bank (MIB). A seasoned banker with more than 25 years of banking experience in key business and support roles including retail banking and product management, Mufaddal joined the bank on the 1st November 2022. With more than 17 years of Islamic banking experience, he has a proven track record in areas of consumer and corporate banking, treasury, wealth management, Takaful and Islamic product management. On the 26th December 2022, it was reported that the Housing Development Corporation (HDC) had signed an agreement to develop the new head office of MIB in Hulhumale'. The HDC has leased a 7,000 sq ft land plot to build and operate the office building. MIB stated that all its services will be available at the office building and is confident that it will bring convenience for its customers
Investment decisions in digital sukuk in the time of Covid-19: do tax incentives matter?
No full textAlthough the sukuk market has maintained remarkable growth momentum over the recent years, the optimism has been significantly moderated by the abrupt shock due to the pervasive Covid-19 pandemic. However, sukuk can be used as an effective financing option by governments to overcome a fiscal deficit and to support those adversely affected by the pandemic. Sukuk Prihatin (SP), the first-ever digital sukuk issued by the Government of Malaysia, has launched to engage citizens to contribute to the country's recovery efforts in the wake of Covid-19. Therefore, this study aims to probe the motivation that influences retail investors' inclination to invest in such innovative sukuk. Based on an integrated model of planned behavior (TPB) and social cognitive theories (SCT) and data gathered from 279 retail investors, this research found that attitude towards SP investment (SPI), social norms, perceived control regarding SPI, sukuk features and digitization are significant determinants of investors' willingness to invest in SP. It also revealed that tax incentives-moderated interactions of social norms, perceived control and sukuk features on SPI intention are significant