International Journal of Economics, Management and Accounting
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MONEY, INTEREST AND QIRAD
No full textProfessor Mahmud Abu Sacud was a leading economist in the Muslim world. During his life, he has held numerous distinguished positions. Among others, he was Chairman of the Islamic Bank of Copenhagen, Denmark, and of the Islamic Banking Services, Switzerland. He has served as Professor of Economics at the Universities of Cairo and Kabul, and as Economic Adviser to the State Bank of Pakistan. He also served as Director of the North American Trust and Senior Egyptian Economist. He died on April 24, 1993 in Birmingham at the age of 79.JEL classification: E41, G24, Z12Key words: Money, Interest, Islamic economicsEditor's Note: This article was first published in Studies in Islamic Economics, edited by Khurshid Ahmad, London: The Islamic Foundation, 1980: 59-84
PERFORMANCE OF INTEREST-FREE ISLAMIC BANKS VIS-À-VIS INTEREST-BASED CONVENTIONAL BANKS OF BAHRAIN
No full textThis paper examines the comparative performance of Bahrain’s interest-free Islamic banks and the interest-based conventional commercial banks during the post Gulf War period with respect to (a) profitability, (b) liquidity risk, and (c) credit risk. Nine financial ratios are used in measuring these performances. Applying Student’s t-test to financial ratios for Islamic and conventional commercial banks in Bahrain for the period 1991-2001, the paper concludes that there is no major difference in performance between Islamic and conventional banks with respect to profitability and liquidity. However, the study finds that there exists a significant difference in credit performance.JEL classification: G20, G21Key words: Banks, Comparative performance, Bahrai
QUALITY OF SUPERVISOR-SUBORDINATE RELATIONSHIP AND WORK OUTCOME: ORGANIZATIONAL JUSTICE AS MEDIATOR
Get PDFThe quality of the leader–member exchange relationship is conceptualized in the leader-member exchange (LMX) theory as a determinant of employees’ attitude and behavior. Likewise, organizational justice, which includes distributive and procedural justice, is recognized as an important determinant of employees’ commitment, satisfaction and other outcome variables. Although the LMX-work/organizational outcome relationship has attracted considerable research interest, the role of mediating variables such as organizational justice perception has not been well examined. This paper reports the findings of a study which investigates how the quality of supervisor-subordinate relationship determines employees’ distributive and procedural justice perception which in turn determines employees’ job satisfaction, organizational commitment and turnover intentions. It is expected that in a relationship-oriented society like Malaysia, the quality of the dyadic relationship would strongly influence employees’ attitude and behavioral tendencies. Data are collected from one food processing, one pharmaceutical, and two manufacturing companies located in Malaysia. The sample consists of 154 executives, supervisors and middle-level managers who volunteer to participate in this study. The results support the hypothesis that distributive and procedural justice mediates the relationship of LMX with employees’ job satisfaction, organizational commitment and turnover intentions. Procedural justice is found to have full mediation effect in the LMX-outcome variables relationships. It was partial mediation in the case of distributive justice. The results suggest the importance of leader behavior and organizational justicein promoting job satisfaction and organizational commitment, and minimizing the turnover intentions of employees.JEL classification: D230, L200Key words: LMX, Organizational justice, Organizational commitmen
STRATEGIC PLANNING AND IMPLEMENTATION FOR ISLAMIC ORGANIZATION
No full textSTRATEGIC PLANNING AND IMPLEMENTATION FOR ISLAMIC ORGANIZATIO
ISLAMIC VALUES, LEADERSHIP LEGITIMACY AND ORGANIZATIONAL SUSTAINABILITY
Get PDFThe legitimacyofleadershipis animportantconcern for any organization. A legitimate leader will be readilyaccepted by organizational members, therebyfacilitatingthe achievementoforganizational goals. The legitimacy of leadershipisnotonly concerned aboutthe legalaspect, butalso moral and psychological aspects. Thisarticleproposes a conceptualframework of leadership, based on Islamic values asthe mainthrust ofleadership legitimacy. Given that in Islam, legal andethical values are integrated, a leader is expected to internalize the Islamic core values and realize them in his organization. Moreover, Islamic core values are implemented in conjunction withtask-related values, leading to a comprehensive treatment of organizational leadership. As a logicaldevelopment,organizational members will confer legitimacyonthe leader andbecome loyal and committed followers. Inthis respect, the Conceptual FrameworkofIslamic Leadership(CFIL), which isincongruence withthe concept organization sustainability, is a holistic approach in understanding leadership legitimacy.  JEL Classification:M1, Z12  Keywords: Islamic leadership, Values, Leadershiplegitimacy
Economic Consumption Model Revisited: Infaq Based on Al- Shaybani’s Levels of Al-Kasb
No full textThis study attempt to investigate the economic ideas of of al-Imam Muhammad ibn al-Hassan al-Shaybani (1986), focusing on his levels of al-Kasb. The study uses al-Shaybani's levels of al-Kasb to develop a theoretical Infaq model that integrates the material, spiritual, moral, social and legal dimensions. Thus the Infaq model is broader than the concept of consumption in modern economics. It also has some advantages over the Islamic consumption models developed by contemporary Muslim economists. The model identifies some major implications in terms of basic need fulfillment, social infq and distributive justice. The primary features of this model are its simplicity and comprehensiveness. It is easy to understand yet it embodies the individual, social, material, spiritual, moral and legal dimensions into the individual’s spending decision making and behavior. The model is more realistic in understanding human behavior. It is growth friendly and instills the spirit of cooperation and social responsibility at the individual and social levels. It is suggested that future research futher fine tune with some rigourous analysis
LOGICAL POSITIVISM AND ISLAMIC ECONOMICS
Get PDFThis paper provides a detailed discussion of current methodology of economics and its emergence from secular roots in Europe. The foundational principles of this methodology, which is based on logical positivism, are in conflict with Islam. We then sketch some alternative methodologies, which would be more suitable for Islamic economics. We first describe how logical positivism emerged as the dominant philosophy of science, and how it was adopted into the foundations of economics. We then show that the current economic methodology is based on logical positivism. This philosophy is anti-Islamic, and therefore cannot be used to construct Islamic Economics. There are two main points of opposition. Logical Positivism rejects the unseen, while Islam requires faith in the unseen. Logical Positivism rejects morality as unscientific, while morality is a central part of Islamic teachings. This means that a methodology for Islamic economics must be radically different from that currently in use in conventional economic theory. Some essential elements of an alternative methodology are sketched
Commodity Exchange and Stock Exchange in an Islamic Economy
No full textCommodity Exchange and Stock Exchane in an Islamic Econom