INCEIF Knowledge Repository (INCEIF University)
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Kewangan Islam: pembiayaan dan instrumen
No full textMasalah paling penting: sistem kewangan berdasarkan riba telah menguasai dunia selama lebih lima abad semenjak bermulanya ekonomi perdagangan dan perbankan pada abad ke-16. Hakikatnya ialah ribatelah menjadi tajuk perdebatan selama lebih 3,000 tahun Aristotle, ahli falsafah dan pemikir berbangsa Greek, dalam bukunya "Politics" telah membantah amalan riba sekeras-kerasnya. Aristotle menulis, "Of the two sorts of money-making; one is a part of household management, the other is retail trade: the former necessary and honourable, the latter a kind of exchange which is justly censured; for it is unnatural, and a mode by which men gain from one another.
Monetary dynamics and the gold dinar: an empirical perspective
No full textAccording to proponents of Gold Dinar particularly Meera and Aziz (2002), termed as Dinarists, the fiat monetary system is inherently unstable. In providing an empirical perspective on this contention, this paper investigates monetary dynamics of a Muslim economy, Malaysia. To this end, the paper adopts a vector autoregressive (VAR) framework to document dynamic interactions between money supply and various macroeconomic variables including real output, price level, interest rate and stock prices. The results seem to provide some support for the Dinarists' contention. First, the results portray clearly an important causal role of money supply for other macroeconomic variables. Second, we document some evidence that expansion in money supply is inflationary. Lastly, money supply ,interest rate and money supply stock price interactions are destabilizing. More importantly, expansion in money supply has the potential of breeding asset price bubbles. However, apart from the above findings, we also find that money supply reacts positively to increase in real output. Since the accommodative role of money supply is necessary or a pre-condition for expansion in production, arguments for Gold Dinar need to be qualified. Moreover, the viability of Gold Dinar comes into question when political and international aspects of monetary standards are considered
Takaful: concept, history, development, and future challenges of its industry
No full textMutual help and guarantee have been the ordinary practice of tribal Arabs even before the advent of Islam in Arabia. A similar but refined concept was reinforced by the Qur’an to be adopted by Muslims. It was widely applied in their daily lives. When the Muslims extended their trade by sea to the Far East, the concept of mutual assistance became more prominent and organised to protect their ships, merchandise and even lives from all sorts of dangers and mishaps. The practice by these merchants to put aside a sum of money before setting sail to the Far East for trade as a fund to compensate any loss incurred by any of them became the most prominent practice that led to the birth of what is today known as marine insurance. To circumvent some of the shari‘ah non-compliant practices of mainstream insurance is the introduction of the concept of donating part of the participants’ contribution which forms the special fund to compensate losses. From then on, the takaful operators started to emerge, first in Sudan and later in other parts of the Muslim world. Several models have been formulated, namely mudarabah, modified mudarabah, wakalah and wakalah-waqf. The success of the takāful companies around the world has also been strongly influenced by the recent upsurge in the petroleum price that has led to the unprecedented increase in sovereign and private wealth. The recent emergence of ‘re-takaful’ companies add up further to the rapid growth in takaful operators and funds. Despite the success stories, there are a number of serious challenges facing takaful and ‘re-takaful’ operators which are worth nothing
Internet banking acceptance of Malay and Chinese ethnic groups in Malaysia: based on the theory of planned behaviour
No full textThis study examines factors that influence the acceptance of Internet banking among Malay and Chinese ethnic group in Malaysia using the theory of planned behavior. Respondents of this study were final year business students and MBAs in four public universities in Malaysia. Data collected from questionnaires were analyzed using multiple regressions. For both ethnic groups, the results show that attitude and subjective norm both have significant effect on the intention to use Internet banking. Interestingly, the effect of perceived behavioral control on the intention to use Internet banking was significant on the Malay ethnic group but not on the Chinese ethnic group. Practical implications were proposed
Islam and development: the institutional framework
No full textThis book is to provide an introduction to Islam's conception of development and to locate it within the general topography of the spectrum of dominant ideas in their historical perspective. The book attempts to present this topography in the first three chapters throgh a brief review of major conceptions of development within the context of "twists and turns" of their historical evolution. The last three chapters present a rudimentary sketch of the contours of Islam's conception of development. Islam is a rules-based system, therefore, its conception of how humans and their collectivities can achieve material and non-material progress is also grounded on scaffolding of rule-compliance which assures such progress
Shariah compliant private equity finance
No full textPrivate equity investment is potentially an important component of any wealth management strategy, and it is an asset class which because of its nature and potential double digit returns has enormous potential appeal to investors concerned with Shariah compliance. Islamic finance is about participation in and the sharing of risk, which corresponds very closely with the aim of private equity finance. Equity investors can of course suffer losses, but to date the record of Shariah compliant private equity compares favourably to its conventional counterpart, perhaps because less or, even in some cases, no borrowing is involved
Asymmetric adjustment of commercial bank retail rates in Malaysia: a threshold cointegration analysis
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Audit committees from the legal perspectives: the case of Malaysia
No full textGood corporate governance practices are a trademark of developed capital markets. Stringent regulation of capital markets is not a consistent way to mitigate financial mishaps in developed market environment. Malaysian government has adopted a market deregulation approach, and delegated the responsibilities of ensuring a fair and proper functioning of financial institutions to the Securities Commission. The commission is required to issue listing requirements for public and listed companies to establish audit committees. This paper discusses the Malaysian audit committees' duties from the legal perspective. The discussion covers audit committee's fiduciary duties, duty to be diligent, duty of care and skill and statutory duties which are framed in order to make the functioning of Audit committees more effective
Islam and economic development
No full textThis chapter examines the role of Islam in the economic development of Malaysia, one of the most economically developed Muslim nations and one of the most successful in effecting Islamic institutional reforms
Islamic financial planning
No full textThis content of this book are cover on seven chapters, covering topics: Introduction Islamic economic & Islamic banking; Islamic financial planning concepts; Investments, unit trusts & the share market; Sukuks & contemporary investment instruments; Shariah Boards; Wills & estates; and Introduction to takaful