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Determinants of variability in branch efficiency within the branch network of an Islamic bank
No full textThe rapid growth in Islamic banking has been accompanied by a considerable amount of research on Islamic banks, however all of the research has been at the bank level. To the best of knowledge, no branch level studies of Islamic banks has been published to date despite the recognition that branch level analysis is more critical than bank level studies (Berger & Humphrey, 1997). An often ..
Absolution (ibra') from discretion to regulation: the Malaysian experience
No full textThe paper is a critical examination of the recent judicial and regulatory developments in Malaysia which saw the transition of absolution (ibra') from a discretionary power of the creditor to a mandatory rebate governed by the Central Bank's regulations. It compares and contrasts the Malaysian Regulations on ibra' with the resolutions issued by the Council of the Islamic Fiqh Academy and offers a critical evaluation of juristic opinions on ibra' and da' wata'jjal. The jurisprudential methods of analogy (qiyas) and juristic preference (istihsan) are employed to examine the application of ibra' to long-term home financing contracts. The paper argues that claiming full credit price upon termination of contract due to early settlement or default is not fair to the customers of Islamic banks. The paper concludes that a mandatory ibra' provided by the regulatory authorities such as central banks is different from the controversial conditional ibra' stipulated by the contracting parties
Islam for all: an intellective discourse
No full textIslam has often been in the news in recent times unfortunately for the wrong reasons. The killing of innocent people in Muslim countries such as Afghanistan, Pakistan, Syria, Libya, Tunisia, Algeria, Somalia, and Sudan, and acts of terrorism associated with Muslims in Iraq, the United States, Spain, France, Kenya and elsewhere - not to mention religious intolerance in some Muslim countries - have tarnished the image of Islam and contributed much to the misunderstanding of the religion
Ismail Shariff's Islamic banking and finance: the law and practice in Malaysia
No full textThere is some degree of ignorance about the true basis of Islamic banking and finance among bankers (even Islamic bankers), lawyers and the general public who are the ultimate users of the system. The tendency is to think of Islamic banking and finance in conventional terms and to compare the former to the latter. This will lead to a misunderstanding of the true nature of the system. ismail Shariff's Islamic banking and finance: the law and practice in Malaysia seeks to fill some of the void that currently exists in the market. It covers many areas of the emergent banking system that is novel and intriguing to many who are not familiar with Islamic principles of finance
Is small the new big? Islamic banking for SMEs in Turkey
No full textWhile SMEs constitute the backbone of many economies, many SMEs have limited access to finance. Yet, banks in some countries are actively financing SMEs. This paper examines whether this is true in the case of Turkey, a G20 economy that has a significant SME sector. We study the determinants of banks' willingness to finance SMEs and banks' processing ability of SME financing portfolio in Turkey based on a unique quarterly small business panel data set of 40 commercial banks from 2006 to 2014. Employing pooled OLS and fixed-effects estimators, we find that Islamic banks (known as Participation banks in Turkey) are more inclined toward financing SMEs than conventional banks. We also find that the quality of Islamic banks' SME loan portfolio is comparable to that of conventional banks. The results are fairly robust to different bank ownership forms (state owned, private, and Islamic banks) and alternative model specifications. Our findings provide further support to the notion of 'small is the new big' in that banking for SMEs can be a viable venture
Role of policymakers in introducing Islamic banking & finance
No full textIslamic banking and finance is not a new concept in the world today. Irrespective of the faith convictions and the religious beliefs of jurisdictions, Islamic banking and finance is a concept that has been assepted and promoted as an economic system that is beneficial to the mankind. The objective of this research is to discusss the importance of policymakers in introducing Islamic banking and finance to jurisdictions and ways in which they could facilitate the development of it
Litus Automobiles Company introduces ijarah thumma naqlul milkiyya
No full textLitus Automobiles Company, a private company in Maldives specializing in the hire purchase of motor vehicles, on the 3rd May 2016 introduced Islamic hire purchase based on the Shariah concept of ijarah thumma naqlul milkiyyas, making it the second private hire-purchase company to convert its conventional portfolio into a Shariah compliant portfolio
Banking models and monetary transmission mechanisms in Malaysia: are Islamic banks different?
No full textThe present paper comparatively evaluates the credit channel of monetary transmission process of Islamic banks and conventional banks by focusing on their lending/financing behaviour in responses to monetary policy shocks as well as other shocks. Adopting structural vector autoregression (SVAR) specification, we validate the significant responses of both conventional bank credit and Islamic bank financing to monetary policy shocks. However, the dynamic behaviour of Islamic banks following monetary policy shocks as well as other shocks tends to be different. Our analysis indicates that the Islamic bank financing tends to respond immediately while the conventional bank credit exhibits delayed responses to interest rate hikes. These results are generally robust to alternative specifications of the SVAR
Codified Shariah law & the development of the Islamic finance industry: a general survey of four countries (Sudan, Saudi Arabia, Pakistan & Malaysia)
No full textTo codify or not to codify, is, in matters of the law, the paramount jurisprudential question. More so when the laws in question relate to and are to govern a relatively budding industry, such as that of the Islamic banking and finance (IBF) industry. This paper examines the respective legal and regulatory landscape of four countries, Saudi Arabia, Pakistan, Sudan and Malaysia vis-a-vis IBF, particularly whether the presence or absence of codified Shariah law for IBF matters play any role in the development of their respective IBF industries and whether Malaysia can draw any lessons from the experiences in Saudi Arabia, Pakistan and Sudan to ascertain the need/viability/manner in which to promulgate codified Shariah law for IBF ...
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