scholarly journals Establishing zakat on oil and gas in Malaysia: a new insight

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Pg Mohd Faezul Fikri Ag Omar ◽  
Haneffa Muchlis Gazali ◽  
Mohd. Nasir Samsulbahri ◽  
Nurul Izzati Abd Razak ◽  
Norhamiza Ishak
Keyword(s):  
Oil And Gas ◽  
Deep Understanding ◽  
Secondary Data ◽  
Threshold Value ◽  
Muslim Country ◽  
Content Type ◽  
Agricultural Produce ◽  
Oil And Gas Operations ◽  
The Government ◽  
Practical Implications

Purpose The purpose of this paper is to deliberate on the establishment of zakat (Islamic alms) on oil and gas in Malaysia. Being one of the five Islamic pillars, zakat contributes significantly to the country’s socio-economic development and prosperity. However, in Malaysia and other Islamic countries, there is not yet a proper mechanism for calculating zakat on extracted minerals. Similar to gold and silver, oil and gas are valuable minerals, which, upon extraction, are subject to zakat payment. In Malaysia, however, this is not the case. Design/methodology/approach This study uses a qualitative method. It presents a thorough review on the stipulation for paying zakat on minerals, specifically oil and gas. The deliberation is based on secondary data entailing a comprehensive content analysis of prominent books on the subject, current zakat rulings and legal acts on oil and gas. Findings Oil and gas are subject to zakat payment, as indicated in several Qur’anic verses and based on the academic reasoning of Muslim scholars. The zakat calculation for oil and gas entails the nisab (minimum threshold value of the assets) but not the hawl (the requirement for one full Islamic year of ownership for the assets), by analogy with zakat on agricultural produce. Despite the obligation to pay zakat on minerals under the zakat al-mal (alms due on wealth) category, oil and gas is yet to be fully subject to this practice in Malaysia, although the country is known as an oil-producing Muslim country. Several legislative acts covering the managerial and business side of oil and gas operations have long been established, but the provision on zakat remains unclear. Hence, comprehensive legislation is needed to fine-tune the Malaysian oil and gas system, particularly with regard to zakat. Research limitations/implications This study relies mainly on secondary data and literature without performing any empirical investigations. Practical implications In terms of academic implication, this study enriches the existing body of knowledge on zakat. Practical implications would include enhanced decision-making concerning zakat on oil and gas on the part of zakat institutions, policymakers and the government of Malaysia. Originality/value This study provides practical and academic contributions to the deep understanding of zakat on oil and gas, which has received very little attention in the existing body of literature. Despite being limited in literature, this is a breakthrough study that sheds light on zakat on oil and gas.

Business continuity and disaster recovery in Ghana–a literature review

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Patricia Barnett-Quaicoo ◽  
Aminu Ahmadu
Keyword(s):  
Literature Review ◽  
Disaster Recovery ◽  
Secondary Data ◽  
Business Continuity ◽  
Content Type ◽  
The Past ◽  
Business Operations ◽  
The Government ◽  
Practical Implications ◽  
Comprehensive Study

PurposeBusiness continuity and disaster recovery are directly associated frameworks which guarantee the continued operations of organisations after a disaster has occurred. Thus, researchers have continued to investigate best practices in this area. It is in this vein that the authors of this study seek to draw attention to what pertains in Ghana and what role the government can play to improve the situation. The purpose of this study is to explore some of the disasters which have been suffered by businesses in Ghana as well as the causes, effects and lessons learnt. The study will also look at business continuity and disaster recovery measures that could have been implemented in the examples provided.Design/methodology/approachThe study follows a literature review approach by reviewing secondary data on both man-made and natural disasters that have affected Ghana in the past decade through the review of literature.FindingsThe comprehensive study of the selected disasters indicated the presence of business continuity and disaster recovery measures in some formal institutions; however, the informal sector appeared to have minimal provision for handling disasters.Research limitations/implicationsThe authors were limited to the use of the account from the resources used since this study relied on secondary data.Practical implicationsThe study indicates that businesses in Ghana must implement business continuity and disaster recovery plans to protect business operations in the event of a disaster.Originality/valueThe study has not been previously published in any other journal. Secondary data for carrying out the study were obtained from other publications including online media platforms in Ghana.

Tax Incentives Influence On Corporate Earnings: Evidence From Quoted Manufacturing Companies In Nigeria

2021 ◽  
Vol 9 (1) ◽  
pp. 182-194
Author(s):  
Benson P. Timah ◽  
Gospel J. Chukwu
Keyword(s):  
Oil And Gas ◽  
Stock Exchange ◽  
Capacity Utilization ◽  
Secondary Data ◽  
Tax Incentives ◽  
Manufacturing Companies ◽  
Financial Reports ◽  
Corporate Earnings ◽  
Oil And Gas Operations ◽  
The Government

This study examines the influence of tax incentives on corporate earnings of quoted manufacturing companies in Nigeria. The operational dimension of tax incentives adopted are annual allowance, investment allowance, and tax holiday; while the proxy for corporate earnings is earnings per share (EPS), with share capital as a moderating variable. Secondary data for this study are sourced from financial reports of 69 manufacturing firms quoted on the Nigerian Stock Exchange out of a population of 81 in agriculture, conglomerates, consumer goods, healthcare, industrial goods, natural resources, oil and gas operations. Results from data analysis using descriptive statistics and multiple regression, showed that EPS is influenced by the specified operational dimensions, adjusted R2 = 0.62, p < 0.05. Thus, tax incentives influence corporate earnings in quoted manufacturing companies in Nigeria. It is, therefore, recommended that tax incentives should be sustained by the government to enhance corporate revenue and improve investment. Also, investment booster agencies should do more to coordinate activities, disseminate information on available incentives, and assist investors towards optimum capacity utilization to efficiently drive the Nigerian economy to higher heights.

Human capital, HRD and VET: the case of India

2015 ◽  
Vol 39 (7) ◽  
pp. 586-609 ◽  
Author(s):  
Eduardo Tomé ◽  
Apoorva Goyal
Keyword(s):  
Human Capital ◽  
Human Resource Development ◽  
Secondary Data ◽  
Content Type ◽  
National Market ◽  
Private And Public ◽  
The Government ◽  
And Training ◽  
Practical Implications

Purpose – This paper aims to analyze the role of human capital (HC), human resource development (HRD) and vocational educational and training (VET) in the emerging Indian economy. How may we define the HC, HRD and VET in India? To what extent and how as HRD investments in India contributed to India’s recent economic development? What were the investments and what were the returns? Who invested and who obtained the returns? Is India really different from other countries? Design/methodology/approach – To achieve that goal, the authors use a model of the HC, HRD and VET national market. Specifically, they divide the analysis in four broad stages: stocks, investments and outcomes; supply, demand, price and quantity; needs; and private and public forces. Findings – The authors conclude that the India’s HC, HRD and VET have been growing and will have to grow even more, for India to become developed. Currently, the urgency is even greater in the HRD and VET side than in the education side. The government goals for 2022 are immense, and the raise in the HRD and VET in India that is aimed will effectively change India’s economy and society. Research limitations/implications – The authors only use secondary data. They believe that a deeper and very detailed study on all the States of India could be made, following this paper. Also, the analysis could be replicated for the other BRICS. Practical implications – India HRD and VET market is described as being one of the major India’s problems of today and promises of tomorrow. Social implications – Today, only around ten million of India’s citizens receive HRD and VET annually. This number is to be multiplied between 20 and 50 times. This change will change India’s economy and society. Originality/value – Also, the authors believe that the paper is original because it analyzes India’s HC, HRD and VET with a new conceptual model.

Developing ASEAN India partnership for fostering technology development

2015 ◽  
Vol 7 (2) ◽  
pp. 205-218
Author(s):  
Sunil Sahadev ◽  
Pongsak Hoontrakul
Keyword(s):  
Technological Innovation ◽  
Policy Development ◽  
Technology Development ◽  
Trade Flow ◽  
Secondary Data ◽  
Trade Agreement ◽  
Content Type ◽  
Conceptual Paper ◽  
Broad Policy ◽  
Practical Implications

Purpose – This conceptual paper aims to discuss issues relevant to fostering cooperation between India and countries in the ASEAN region in the area of technological innovation. Design/methodology/approach – This is a conceptual paper, based on insights from the existing body of literature and secondary data. Findings – The study looks at the competitiveness of different countries in the ASEAN region and considers their technological competitiveness vis-à-vis India. Broad policy issues related to fostering technological innovation as well as the main advantages of such collaboration are discussed. Research limitations/implications – This is a conceptual paper mainly intended for discussion. Practical implications – The paper provides guidelines for fostering technological innovation and could, therefore, help policy development. Originality/value – Although the Indo-ASEAN free-trade agreement is helping trade flow between the countries in the region, the potential for technological collaborations still lies unutilised. This paper looks at the possibilities for such collaborations and is one of the few papers that consider this line of thinking.

The nexus between the increasing involvement of youth in betting games and unemployment: the Nigerian perspective

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Gbemi Oladipo Olaore ◽  
Bimbo Onaolapo Adejare ◽  
Ekpenyong Ekpenyong Udofia
Keyword(s):  
Structural Equation ◽  
Family Income ◽  
Equation Model ◽  
Content Type ◽  
Global Industry ◽  
Youth Involvement ◽  
Technology Advancement ◽  
Confirmatory Factor ◽  
The Government ◽  
Practical Implications

Purpose Betting games have become a global industry worth billions of dollars providing employment to millions and contributing to the gross domestic product (GDP) of several countries. While there are debates and controversies surrounding betting games discourse, a growing body of literature shows that it has been exacerbated by growing unemployment rates. This paper aims to examine the nexus between the increasing involvement of youth in betting games and unemployment from the Nigerian perspective. Design/methodology/approach The study adopts simple random and stratified sampling techniques to select participants for the study. Three hypotheses were tested for this study and confirmatory factor analysis (CFA) and structural equation model (SEM) was used to test the hypotheses. Findings The three hypotheses tested in this study were coined from previous literature. The study established a direct link between technology advancement, promises of winning big coupled with bonuses while unemployment was not significant to youth involvement in betting games. The study also showed that playing betting games provides another source of income to the youth, who are already engaged in one form of work or another. Finally, youth involvement in betting games has created awareness regarding different sports in the world, while contributing to Nigeria’s economy. Practical implications As betting games centre as a business in Nigeria has contributed substantially and positively to unemployment in Nigeria; the Government of Nigeria are encouraged to streamline and regulate the activities of the sector such that they can contribute significantly to the country GDP and provide employment opportunities to the youths. Originality/value The research shows that the reason why betting games have a massive turnaround of youths in Nigeria is not majorly because of unemployment but as another means to a substantial financial individual/family income. Thus, Nigerian youths see betting games as an avenue to make more money. The study is the first of its kind to examine the nexus between betting games, technology and unemployment hence, its contribution to knowledge.

Development land valuation accuracy in China – a case study of Beijing

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Mengmeng Dou ◽  
Lesley Anne Hemphill ◽  
Lay Cheng Lim
Keyword(s):  
Market Price ◽  
Market Dynamics ◽  
Industrial Land ◽  
Content Type ◽  
Industrial Market ◽  
Transaction Prices ◽  
Land Valuation ◽  
Market Transaction ◽  
The Government ◽  
Practical Implications

PurposeThe paper aims to quantitatively investigate vacant industrial land valuation accuracy in China, given the importance of the industrial market as an underlying pillar to promote urban growth especially in emerging economies.Design/methodology/approachIn China, the government formulates a Land Benchmark Price (LBP) to serve as a price reference point to sell land rights. To gain an in-depth understanding of the valuation practice by LBP, this paper uses correlation analysis to investigate the varying dynamics between the transaction-based prices and LBP appraisal-based estimates. Furthermore, a margin of error examination investigates the distortion in LBP land appraisals, with an amended LBP presented to improve the accuracy of the current LBP method.FindingsDifferent influencing factors are identified to impact the actual market transaction prices and the LBP construction, leading to a large discrepancy in industrial land appraisals. A systematic problem is recognised that the construction of the LBP follows urban bid curve theory, whereas the land transaction prices do not, demonstrating that an urgent LBP update is needed to capture the market dynamics for industrial market.Practical implicationsThe paper sets out discrepancies in valuation accuracy surrounding the application of the LBP valuation approach in China. This has practical implications for valuers in terms of raising their awareness of the deficiencies in the approach and the pitfalls they need to guard against in their appraisals. It also has implications for developers and investors who rely on valuer appraisals to assess the viability of land purchases; hence, they need to express caution in the appraisal advice sought. Finally, the results demonstrate to the standard setters how they need to modify the LBP equations to better capture market dynamics.Originality/valueThe paper examines valuation accuracy in transitional economies, through valuation differentials between appraised price and the transacted price. The value of the work lies in the analysis of the fundamental differentials between market price and appraised value, which is of importance to investors/developers, practicing valuers, as well as government officials responsible for setting the valuation standards.

The “Halalification” of tourism

2017 ◽  
Vol 8 (4) ◽  
pp. 558-577 ◽  
Author(s):  
Faiza Khan ◽  
Michelle Callanan
Keyword(s):  
Design Methodology ◽  
Secondary Data ◽  
Market Segment ◽  
Analysis Method ◽  
Review Of Literature ◽  
Primary Research ◽  
Content Type ◽  
Starting Point ◽  
Practical Implications

Purpose The purpose of this paper is to address the confusing use of terminology associated with tourism undertaken by Muslims and to identify key concerns associated with this type of tourism. Design/methodology/approach This is an exploratory study and adopts a critical review of literature following the evolutionary concept analysis method. Content analysis of popular UK media, UK-based tour operators’ websites and tourism strategies of destinations popular with Muslim tourists were conducted to examine the use of terminology. Findings There is no clear difference between the various terms (halal, Muslim friendly, Islamic, etc.) used. Overall, academia uses the term Islamic tourism, while the industry and media use various terms. Among destinations, however, there is no clear and consistent use of terminology. A key concern of Islamic tourism is the role of certification in assuring travellers and the lack of standardisation of halal certification. Research limitations/implications The paper is based on literature review and secondary data analysis. It lacks primary research. Practical implications This study highlights the need for consistent use of terminology across industry. Another implication is the issue surrounding halal certification of food and the importance of trust in the seller/service provide. Another trend that industry providers need to consider is the growth of the Muslim millennial traveller and the needs of this market segment. Originality/value The paper highlights the importance of studying the Muslim tourist market and provides a starting point for further research. It highlights several issues such as the need to develop a typology of Muslim tourists. Of particular interest is the concern whether halal values in danger of being commodified in the absence of a universal agreed criterion for halal certification.

Agripreneurship development: a strategy for revamping Nigeria’s economy from recession

2017 ◽  
Vol 8 (4) ◽  
pp. 474-483 ◽  
Author(s):  
Innocent Otache
Keyword(s):  
Economic Crisis ◽  
Design Methodology ◽  
Agricultural Sector ◽  
Content Type ◽  
Current Economic Crisis ◽  
Leadership Failure ◽  
Oil Sector ◽  
The Government ◽  
Creativity And Innovation ◽  
Practical Implications

Purpose The purpose of this paper is to explore agripreneurship development as a strategy for economic growth and development. Design/methodology/approach Though a few related literature were reviewed, this paper relies heavily on the author’s viewpoint regarding how Nigeria can grow and develop its economy through agripreneurship development. Findings The present economic challenges that Nigeria is facing are blamed on overdependence on the oil sector, bad governance, corruption, leadership failure, policy inconsistency, overdependence on imported goods and ostensible neglect of the agricultural sector. Also, policymakers, economic analysts and the government have advocated strongly for diversification of the economy. Besides, there is a consensus among scholars, economic analysts and policymakers that “agriculture is the answer.” Research limitations/implications This paper addresses specifically one sector of the economy – the agricultural sector. On the other hand, economic crisis needs to be addressed holistically by resolving specific issues that confront different sectors of the economy. Practical implications This paper has some insightful policy and practical implications for the Nigerian Government and Nigerians. The government and Nigerians need to take practical steps to grow and develop the economy. On the part of the government, apart from the need to transform the agricultural sector by allocating enough funds to it, the government should establish well-equipped agripreneurship development centers and organize periodically agripreneurship development programmes for the main purpose of training and developing both current and potential agripreneurs who will be able to apply today’s agricultural techniques and practices which involve a great deal of creativity and innovation for a successful agribusiness. The federal government should integrate agripreneurship education into Nigeria’s education system. Similarly, the Nigerian people, particularly the youths or graduates should be encouraged to choose agribusiness as a career. Originality/value While previous papers have offered different solutions to the current economic crisis that Nigeria is experiencing, ranging from economic to structural reforms, this paper differs significantly from others by recommending specifically agripreneurship development as a strategy for revamping Nigeria’s economy from its current recession. Moreover, there is a dearth of literature on agripreneurship and agripreneurship development. This paper therefore fills the literature gap.

Oil will drive record Guyana growth again in 2022

2021 ◽  
Keyword(s):  
Climate Change ◽  
Oil And Gas ◽  
National Development ◽  
Oil Industry ◽  
Medium Term ◽  
Content Type ◽  
Development Plans ◽  
The Government ◽  
Wage Increases ◽  
Oil And Gas Sector

Significance As in 2020 and 2021, this projected growth will be driven by the ongoing expansion of the oil and gas sector, and related investment and state revenues. These rising revenues will support the government’s ambitious national development plans, which include both increased social and infrastructure spending. Impacts The government will prioritise enhancing the oil and gas investment framework. Investment into joint oil and gas infrastructure with Suriname will benefit the growing oil industry in both countries. The expansionary fiscal policy may lead to a rise in inflation, leading to further calls for wage increases. In the medium term, strong growth in the oil and gas sector could lead to increased climate change activism in the country.

Does holding offshore jurisdictions to higher AML standards really assist in preventing money laundering?

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Andrew James Perkins
Keyword(s):  
Money Laundering ◽  
Secondary Data ◽  
Cayman Islands ◽  
Content Type ◽  
Task Forces ◽  
Financial Crimes ◽  
Financial Action Task ◽  
Practical Implications ◽  
Combat Money Laundering

Purpose This paper aims to contend that when tackling financial crimes such as money laundering and terrorist financing, international regulators are seeking to hold offshore jurisdictions such as the Cayman Islands to higher standards and that this detracts from the pursuit of detecting and prosecuting money launders. Design/methodology/approach This paper will deal with the following perceived issues: firstly, to offshore jurisdictions as a concept; secondly, to outline the efforts made by the Cayman Islands to combat money laundering and to rate these changes against Financial Action Task Forces’ (FATAF’s) technical criteria; thirdly, to demonstrate that the Cayman Islands is among some of the world’s top jurisdictions for compliance with FATAF’s standards; and finally, to examine whether greylisting was necessary and to comment upon whether efforts by international regulators to hold offshore jurisdictions to higher standards detracts from the actual prosecution of money laundering within the jurisdiction. Findings Greylisting the Cayman Islands in these authors’ view was something that should have never happened; the Cayman Islands is being held to standards far beyond what is expected in an onshore jurisdiction. There is a need for harmonisation in respect of international anti money laundering rules and regulations to shift the tone to prosecution and investigation of offences rather than on rating jurisdictions technical compliance with procedural rules where states have a workable anti-money laundering (AML) regime. Research limitations/implications The implications of this research are to show that offshore jurisdictions are being held by FATAF and other international regulators to higher AML standards than their onshore counterparties. Practical implications The author hopes that this paper will begin the debate as to whether FATAF needs to give reasons as to why offshore jurisdictions are held to higher standards and whether it needs to begin to contemplate higher onshore standards. Originality/value This is an original piece of research evaluating the effect of FATAF's reporting on offshore jurisdictions with a case study involving primary and secondary data in relation to the Cayman Islands.

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