INCEIF Knowledge Repository (INCEIF University)
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Redevelopment of idle waqf property through fintech technology: case of Malaysia
No full textCash waqf has the potential to alleviate social issues and to enable awqaf organizations developing idle waqf properties and hence eliminating such problem. This can be achieved if the financial technologies solutions are embedded in waqf system. Thus, awqaf properties are facing several challenges when it comes to fundraising and transparency that we aim to resolve to efficiently ease its implementation. The main purpose of this study is to explore the potential of crowdfunding and blockchain technology in solving fundraising and transparency. This study adopts a qualitative method using semi-structured interviews with five experts and academicians in fintech and Islamic finance, moreover, a survey was conducted collecting the responses from 101 participants. This is to explore issues facing idle waqf and the potential of implementing blockchain and crowdfunding technologies to overcome issues pertaining to fundraising and transparency ..
The 2nd International Halal Management Conference 2018 in the Maldives
No full textMinister of Home Affairs Azleen Ahmed has launched the 2nd International Halal Management Conference (IHMC) on the 18th July 2018 at the Maldives National University (MNU). The IHMC was organized by the Maldives Center for Islamic Finance (MCIF) and the MNU along with Universiti Sains Islam Malaysia. More than 50 international speakers representing more than five countries participated in the conference
The Maldives still faces Islamic finance challenges
No full textIslamic finance has been growing in the Maldives at a fast pace since 2011. One of the issues requiring more attention in the country right now is the lack of awareness about Islamic finance among industry players. The conventional financial institutions offering Islamic finance in the country face a unique challenge and their sustainability is questioned due to the internal conflicts faced over Islamic financial matters
Do Islamic stock returns hedge against inflation? A wavelet approach
No full textThis article makes an initial attempt to study the hedging effectiveness of Islamic stock returns against inflation for different investment horizons. We applied the wavelet analysis to measure the cross-correlations between the time series as a function of time-scales using data ranging from 2007 to early 2015. The main results tend to indicate the following: First, that for investment horizons not exceeding 3 years, the FTSE Bursa Malaysia Emas Shariah Index constituent returns may potentially hedge against inflation. Additionally, the hedging ability of stock returns was absent from 2008 to 2009 following the global financial crisis. Finally, a buy-and-hold strategy exceeding 3 years may erode investments. The results are plausible and have strong policy implications
Shariah perspective in public-private partnership models for economic development in Malaysia
No full textPublic-Private Partnership (PPP) initiative increases economic growth as well as optimise resources in public sector due to private sector plays important roles in striking a balance of the country's financial statement. It is observed that some of the PPP models for economic development in Malaysia are not Shariah-compliant. This paper discusses on the level of compliance for the PPP models against Shariah parameters and to provide altematives should there is any non-Shariah compliant. The parameters consider form and substance perspectives including identification of prohibited elements. It is observed that two (2) models; Build-Lease-Transfer and Build-Lease-Maintain-Transfer are not considered as Shariah-compliant models due to loan and gharar elements. Ijarah mutahia bittamlik and murabahah contracts are recommended as altematives for the former while musharakah mutanaqisah contract for the latter. The models have to be further scrutinised such as rental rate so as to establish fairer price for both public and private sectors ..
The endowment fund as a source of sustainability for higher education in Malaysia: maximising investment returns
No full textHigher education plays an important role in the human capital development of a country. Investment in higher education generally rises every year, and sustaining the financing of public institutions involved in higher education is becoming economically burdensome upon the state.While the cost for sustaining higher education is rising, the allotment for it in the government budget is eroding. In light of this, governments around the world, including Malaysia, are exploring measures to financially maintain higher education institutions without shifting the burden of ever-increasing university fees onto students and their families
Islamic conception of psychological nature of man; development and validation of scale with special reference to Al-Ghazali's model
No full textThis paper aims to develop and validate a scale for Islamic conception of psychological nature of man. Al-Ghazali's model of psychological nature of man considered as the theoretical background of the study. Content validity test and factor analysis are used to refine measurement items and define and validate the scale. In total, 362 samples were collected from Islamic banking practitioners in UAE. Item statements are refined through content validation test. Three dimensions are extracted, i.e. 'Intellect,' 'Satanic element' 'Divine Knowledge,' through exploratory factor analysis and evidence of validation of scale/construct is reported through confirmatory factor analysis
The practice of musharakah mutanaqisah at Malaysian Islamic banks: an empirical review
No full textAmong many permissible Islamic finance products, Musharakah or the partnership contract was put forward as a true representation of the PLS concept in the late 1970s. However, due to challenges to fully implement this type of contract in practice, practitioners have improvised a more practical version of the partnership contract termed Musharakah Mutanaqisah (MM) (or Diminishing Partnership). Currently, Musharakah Mutanaqisah is applied in home financing by Islamic banks and proposed as a replacement for Bai Bithaman Ajil and Bay al Inah in Malaysia. Despite the increasing popularity of MM in home financing in the Malaysian Islamic banking industry, there are issues in the way the Islamic banks operate and report this mode of home financing in their annual reports
Exploring portfolio diversification opportunities through venture capital financing: evidence from MGARCH-DCC, markov switching, and wavelet approaches
No full textIslamic financial institutions are being pressured by critics to offer profit and loss sharing (PLS) financing such as, venture capital financing, for the purpose of entrepreneurial development aligned to the principle of equity risk sharing. Our study aims to link PLS investments with portfolio optimization opportunities for the Islamic asset managers. Using portfolio analysis with dynamic conditional correlation, Markov switching, and maximal overlap discrete wavelet transformation, our findings tend to indicate that there is indeed a portfolio optimization opportunity in investment universe for the fund managers who invested in PLS investments in the context of venture capital asset class over the long run
The corporate ethical identity disclosure and its impact on financial performance: evidence from Islamic banks globally
No full textThe importance of ethics in the corporate world has received much attention in the 21st century, after a series of major financial fiascos. In fact, most of the performance of companies in the market have a new dimension of qualitative analysis besides the usual financial analysis that generate quantitative information to ascertain their performance (Guthrie and Farneti, 2008). Dhaliwal et al. (2011) point out that greater disclosure and transparency alighned with non-financial disclosures (social, ethical and environmental) play a complimentary role to financial transparency, leading to lower analyst forecaset errors. Therefore, a more objective assessment of expected financial performance is achieved