INCEIF Knowledge Repository (INCEIF University)
Not a member yet
1768 research outputs found
Sort by
Issues and challenges in Islamic banking structures: the Malaysia experience
No full textIslamic finance operates under varied legal and regulatory frameworks in various jurisdictions that reflect differing regulatory approaches to the introduction and supervision of Islamic banks. This seems logical if viewed from the perspective that the countries where Islamic banks operate are not at the same level of development; some are advanced, a few have just embarked on their journey of introducing Islamic banking and finance, while others are somewhere in the middle. Thus, one should naturally expect that reaching a certain level of consensus in regulating and supervising Islamic banks will take considerable time. The current research looks into one area of contention in Islamic banking regulation. It explores the different types of Islamic banking structures that prevail in general while it specifically evaluates subsidiary Islamic banks of conventional banks versus full-fledged Islamic banking structures. The advantages and disadvantages of both structures are discussed, followed by an evaluation of the unique challenges posed by the combination of these two in the context of Malaysia
Islamic microfinance scheme in the Maldives: 'faseyhamadadhu'
No full textThough there are seven commercial banks operating in the country, there is no financial institution that is specialized in Islamic microfinance. However, funds received as foreign aid have been disbursed through the Bank of Maldives (BoM), the national bank as it is required by law to disburse such funds through a bank. The starting point that led to the formal existence of microfinance in the country is the enactment of the Small and Medium Enterprises (SME) Act (Law No. 6/2013) in 2013. The objective of this law was to help reduce poverty and related vulnerabilities as well as making the sector broad-based, innovative, resilient and internationally competitive. The enactment of this legislation proved the importance given to SMEs by the government at the policy level
Intermediate Islamic finance
No full textThe principal objective of this work is to foster a better understanding of the essence of Islamic finance. For perhaps the first time - economists, practitioners, regulators, and students have an in-depth guide to the advanced concepts of Islamic finance, which has deep historical roots and a promising role in rethinking economics in the future. This book articulates an authoritative analytical approach to the theory and practice of Islamic finance.
Available in physical copy and ebook (Call Number: HG 187.4 M193
Waqf and sukuk: addressing the humanitarian funding gap
No full textThe United Nations (UN) latest report issued in January 2016 entitled "Too Important to Fail-Addressing the Humanitarian Financing Gap" showed a huge jump in the number of people seeking humanitarian aid. At present, US15 billion. The United Nations is appealing to more countries and communities to come forward to help fund the aid needed; namely food, clean water, shelter, health care, education and protection (United Nations, 2015). This article takes a look at how waqf sukuk can be a possible panacea in addressing the humanitarian funding gap, focusing on two successful waqf sukuk issued in Singapore and Saudi Arabia. Waqf is an Arabic word meaning to restrain (al-habs) and to prohibit (al-man'). Legally speaking, waqf means to prevent something from becoming the property of a third person (Al-Sarakhsi, 1986). In English, waqf can be translated as 'religious endowment'. However, such translation may not convey the sense of devotion and grace with which waqf is associated with in Islam (Mohsin, 2009). Waqf has a long history in the Muslim civilization where it started since the 7th century AD (Kholid, Sukmana & Hassan, 2007). The first well-known waqf at the time of Prophet Muhammad (peace be upon him) is the Quba Mosque in Madinah in 622 C.E. The building of the mosque fulfilled communal religious needs as well as lessened the direct cost of providing religious services for the future generation (Kahf, 2003)
Shariah requirements for wadiah, qard & hibah
No full textHibah and qard are secondary contracts used in the contemporary Islamic banking practices to fulfill different requirements arising from a primary contract used. However, Wadiah is still used as a primary concept for deposit taking and qard is also still considered as a contract that can be used as a primary concept for deposit taking
Application of parol evidence rule to Islamic banking in Malaysia
No full textIslamic banking is called shariah compliant banking as all transactions conducted in the banking transaction starting from product offering stage until the dispute resolution stage shall comply with the principles of Islamic law. As such the objective of this paper is to find out the application of parol evidence rule to Islamic banking in Malaysia and to find out whether the application of parol eveidence is compliant with the principles of Islamic law or not
Financial innovation and riding the fintech wave
No full textRecent success in the technology sector has witnessed the transformation of start-up companies with relatively small or no seed capital into billion-dollar companies within a very short-space of time. The application of technology in the financial sector has 'disrupted' the traditional "brick-and-mortar" style distribution channels and if not embraced would cause the current financial sector to lose a substantial (estimated between 20 to 40%) portion of their businesses to the firms using 'fintech'
Nonfinancial traits and financial smartness: international evidence from Shariah-compliant and socially responsible funds
No full textThe slides highlight the research questions on: 1) do SCF investors react positively to the past performance?; 2) is the response of SCF investors to past performance (positive or negative) similar to that of SRF investors?; 3) do these funds respond asymmetrically to positive/negative returns?; 4) are SCF's and SRFs financially smart
Awareness of Islamic banking and finance: the case of Kyrgyzstan
No full textThe paper examines the level of awareness of the people in the Kyrgyz Republic about Islamic Banking and Finance and whether they are willing to adopt an Islamic financial system in the country. It also attempts to explore population's opinion of the mechanism of the banking business in general. Questionnaire forms were developed and distributed among 300 nationals. It has been found that while a small proportion of the practicing Muslims have some notion of Islamic Banking and Finance, non-practicing Muslims and non-Muslims almost completely lack in this field of knowledge ..
Challenges and experiences of Islamic microfinance institutions: role of waqf institutions
No full textIslamic microfinance provides an alternative model for a significant number of underprivileged people who are not served by conventional microfinance. In order to give access to sustainable services to a greater extent, the Islamic microfinance is in paramount need of the adoption of innovative business models and sound practices into the industry. To this end, the research seeks to provide theoretical basis, operational framework, and empirical support for the establishment of Islamic microfinance institutions ..