scholarly journals Sharīʿah non-compliant assets as rahn (pledge) in Islamic banking products: a fiqhī perspective

2017 ◽  
Vol 9 (2) ◽  
pp. 196-199 ◽  
Author(s):  
Lokmanulhakim Hussain ◽  
Mohammad Mahbubi Ali
Keyword(s):  
Design Methodology ◽  
Document Analysis ◽  
Reference Source ◽  
Islamic Banking ◽  
Financial Assets ◽  
Insurance Policy ◽  
Content Type ◽  
Policies And Procedures ◽  
Islamic Financial Institutions

Purpose The purpose of this study is to present a framework regarding the use of Sharīʿah non-compliant assets as rahn (pledge) and to provide the Sharīʿah analysis on the application of numerous collateral instruments, including financial assets such as shares, unit trusts, current accounts and investment accounts which are Sharīʿah non-compliant. Design/methodology/approach The study adopts a library-based approach to examine the concept and requirements of rahn, deliberate the classification of Sharīʿah non-compliant assets and delineate the Sharīʿah views on the use of Sharīʿah non-compliant assets as pledges. It also examines the various forms of pledge available and offered in the market using document analysis as well as through discussion with industry practitioners. Findings In general, the study concludes that Sharīʿah non-compliant assets, either due to their essence or due to the means of acquisition where there is no ownership from Sharīʿah perspective, cannot be used as rahn. This study also provides the Sharīʿah analysis on the use of modern instruments such as shares, unit trusts, current accounts, investment accounts and insurance policy as pledges. Originality/value The paper provides a reference source for regulators in formulating an appropriate policy and framework on Sharīʿah-compliant collateral; Sharīʿah committees of Islamic financial institutions in arriving at Sharīʿah decisions on collateral; and industry practitioners in establishing internal policies and procedures on collateral.

Is Wa’dan any different to Muwa’adah? Empirical evidence from Malaysia

2015 ◽  
Vol 8 (3) ◽  
pp. 310-328 ◽  
Author(s):  
Md. Faruk Abdullah ◽  
Asmak Ab Rahman
Keyword(s):  
Design Methodology ◽  
Document Analysis ◽  
Commercial Banking ◽  
Islamic Banking ◽  
Islamic Banks ◽  
Analysis Method ◽  
Structured Interviews ◽  
Content Type ◽  
Different Types ◽  
Innovative Tool

Purpose – The study aims to consider wa’dan-based products in Islamic banks in Malaysia and discuss the validity of wa’dan in those products from the perspective of Shari’ah. Design/methodology/approach – Case studies were conducted of three Islamic banks in Malaysia. Semi-structured interviews were carried out with bankers as well as Shari’ah scholars. The document analysis method was adopted to strengthen the findings. Findings – The study shows that three Islamic banking products: Musyarakah Mutanaqisah (MM) home and property financing; Al-Ijarah Thumma Al-Bai’ (AITAB) vehicle financing; and Ijarah rental swap (IRS) use wa’dan in their product structures. After discussing the different views of the scholars, the study concludes that wa’dan should be allowed in the above-mentioned products because it is different from muwa’adah. In wa’dan, every single wa’d is separate from each other, as every one of them is related to different types of events. With regard to the issue of Shari’ah in MM home and property financing, it was concluded that wa’d from the customer to purchase the bank’s share is not a capital guarantee. Moreover, IRS is not a form of gambling but is in line with Maqasid al-Shari’ah. Research limitations/implications – The study is limited to three Islamic banks in Malaysia that focus on retail and commercial banking products. Therefore, the study excludes application of wa’dan in sukuk and some other Islamic derivatives that are not the practice of these three banks. Originality/value – This empirical study adds new knowledge by developing the concept and practice of wa’dan. Wa’dan as an innovative tool for product development to overcome Shari’ah issues in conventional banking may be of interest to practitioners all around the world.

The possibility of application of salam in Malaysian Islamic banking system

Humanomics ◽  
2011 ◽  
Vol 27 (2) ◽  
pp. 138-147 ◽  
Author(s):  
Aishath Muneeza ◽  
Nik Nurul Atiqah Nik Yusuf ◽  
Rusni Hassan
Keyword(s):  
Design Methodology ◽  
Banking System ◽  
Future Application ◽  
Islamic Banking ◽  
Islamic Banks ◽  
Content Type ◽  
Knowledge Based ◽  
Library Research ◽  
Islamic Financial Institutions ◽  
Pros And Cons

PurposeThis research aims to explore the theoretical nature of salam contract in depth, the extent of its use in the banking arena of Malaysia and to test the theoretical feasibility of its future application by the Islamic banks in Malaysia by suggesting an Islamic banking product structure based on salam contract.Design/methodology/approachThis is a legal exploratory study primarily focused on library research.FindingsSalam contract is more susceptible to risks than the rest of the Islamic commercial contracts used by the Islamic banks in Malaysia and none of the Islamic banks in the country utilize this type of contract as a mode of financing. However, the research indicates that a feasible banking product based on salam contract could be formulated to help poor farmers in the country. To prove this a new model product based on salam contract to help farmers is created by the authors and the pros and cons of the product with the risk mitigating ways are explored. It is found that theoretically, this product is workable.Originality/valueThis research will complement the knowledge based on practical applicability of salam and is targeted to the Islamic financial Institutions in Malaysia, who are the prospective beneficiaries.

Layers of misconceptions about Islamic banking

2019 ◽  
Vol 10 (3) ◽  
pp. 874-892 ◽  
Author(s):  
Malik Shahzad Shabbir ◽  
Awais Rehman
Keyword(s):  
Data Analysis ◽  
Financial Institutions ◽  
Design Methodology ◽  
Banking System ◽  
Islamic Banking ◽  
Islamic Banks ◽  
Content Type ◽  
Significant Difference ◽  
Challenges And Opportunities ◽  
Islamic Financial Institutions

Purpose This paper aims to identify some important misconceptions about Islamic banks, which impact investor’s portfolio in term of threats, challenges and opportunities. This paper is trying to attempt to present five different layers of misconceptions regarding investor portfolio. Design/methodology/approach This paper distributed 132 questionnaires among investors of Islamic financial institutions and multiple regression of least significant difference (LSD) method implied for data analysis. Findings The results of this paper show that two variables, such as opportunity and challenge, out of three are positively significant and the remaining one variable, threat, is insignificant regarding investor portfolio. Originality/value This paper is the first ever attempt in its nature to identify the different misconceptions about Islamic banking system and its impact on investor portfolio.

OCIE issues risk alert on the most frequently identified advisory fee and expense compliance issues

2018 ◽  
Vol 19 (4) ◽  
pp. 1-3
Author(s):  
Robert Van Grover
Keyword(s):  
Design Methodology ◽  
Best Practice ◽  
Investment Management ◽  
Content Type ◽  
Informed Decisions ◽  
Policies And Procedures ◽  
The Us ◽  
Investment Advisers ◽  
Practical Implications

Purpose To summarize and interpret a Risk Alert issued on April 12, 2018 by the US SEC’s Office of Compliance Inspections and Examinations (OCIE) on the most frequent advisory fee and expense compliance issues identified in recent examinations of investment advisers. Design/methodology/approach Summarizes deficiencies identified by the OCIE staff pertaining to advisory fees and expenses in the following categories: fee billing based on incorrect account valuations, billing fees in advance or with improper frequency, applying incorrect fee rates, omitting rebates and applying discounts incorrectly, disclosure issues involving advisory fees, and adviser expense misallocations. Findings In the Risk Alert, OCIE staff emphasized the importance of disclosures regarding advisory fees and expenses to the ability of clients to make informed decisions, including whether or not to engage or retain an adviser. Practical implications In light of the issues identified in the Risk Alert, advisers should assess the accuracy of disclosures and adequacy of policies and procedures regarding advisory fee billing and expenses. As a matter of best practice, advisers should implement periodic forensic reviews of billing practices to identify and correct issues relating to fee billing and expenses. Originality/value Expert guidance from experienced investment management lawyer.

scholarly journals A surrogate-based generic classifier for Chinese TV series reviews

2017 ◽  
Vol 45 (2) ◽  
pp. 66-74
Author(s):  
Yufeng Ma ◽  
Long Xia ◽  
Wenqi Shen ◽  
Mi Zhou ◽  
Weiguo Fan
Keyword(s):  
Design Methodology ◽  
Experimental Result ◽  
Digital Information ◽  
Data Set ◽  
Content Type ◽  
Category Labels ◽  
Information Supply Chain ◽  
Feature Selection Techniques ◽  
Practical Implications

Purpose The purpose of this paper is automatic classification of TV series reviews based on generic categories. Design/methodology/approach What the authors mainly applied is using surrogate instead of specific roles or actors’ name in reviews to make reviews more generic. Besides, feature selection techniques and different kinds of classifiers are incorporated. Findings With roles’ and actors’ names replaced by generic tags, the experimental result showed that it can generalize well to agnostic TV series as compared with reviews keeping the original names. Research limitations/implications The model presented in this paper must be built on top of an already existed knowledge base like Baidu Encyclopedia. Such database takes lots of work. Practical implications Like in digital information supply chain, if reviews are part of the information to be transported or exchanged, then the model presented in this paper can help automatically identify individual review according to different requirements and help the information sharing. Originality/value One originality is that the authors proposed the surrogate-based approach to make reviews more generic. Besides, they also built a review data set of hot Chinese TV series, which includes eight generic category labels for each review.

Using transfer learning for diabetic retinopathy stage classification

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Enas M.F. El Houby
Keyword(s):  
Diabetic Retinopathy ◽  
Transfer Learning ◽  
Grade Level ◽  
Design Methodology ◽  
Content Type ◽  
Stage Classification ◽  
Set Up ◽  
Retinal Fundus ◽  
Automated Methods

PurposeDiabetic retinopathy (DR) is one of the dangerous complications of diabetes. Its grade level must be tracked to manage its progress and to start the appropriate decision for treatment in time. Effective automated methods for the detection of DR and the classification of its severity stage are necessary to reduce the burden on ophthalmologists and diagnostic contradictions among manual readers.Design/methodology/approachIn this research, convolutional neural network (CNN) was used based on colored retinal fundus images for the detection of DR and classification of its stages. CNN can recognize sophisticated features on the retina and provides an automatic diagnosis. The pre-trained VGG-16 CNN model was applied using a transfer learning (TL) approach to utilize the already learned parameters in the detection.FindingsBy conducting different experiments set up with different severity groupings, the achieved results are promising. The best-achieved accuracies for 2-class, 3-class, 4-class and 5-class classifications are 86.5, 80.5, 63.5 and 73.7, respectively.Originality/valueIn this research, VGG-16 was used to detect and classify DR stages using the TL approach. Different combinations of classes were used in the classification of DR severity stages to illustrate the ability of the model to differentiate between the classes and verify the effect of these changes on the performance of the model.

Telework amidst the COVID-19 pandemic: effects on work style reform in Japan

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Masahiro Hosoda
Keyword(s):  
Content Analysis ◽  
Design Methodology ◽  
Document Analysis ◽  
Environmental Barriers ◽  
State Of Emergency ◽  
Content Type ◽  
Work Style ◽  
The Government ◽  
Japanese Companies ◽  
Insight Into

Purpose This study aims to examine how the COVID-19 pandemic affected telework initiatives in Japanese companies and investigate the factors that affect telework based on the technology, organization and environment (TOE) model, through the analysis of published documents. Design/methodology/approach Document analysis was adopted. Documents were collected from English news articles in the Nikkei Asian Review and Nikkei Asia which cover Japan's economy, industries and markets. The results of surveys by the Persol Research Institute and Tokyo Chamber of Commerce and Industry were also provided to discuss factors promoting and hindering telework. Content analysis was adopted to analyse the documents. Findings COVID-19 had an unavoidable impact on the implementation of telework that the government had previously failed to instigate. Japanese listed companies tend to implement telework, whereas small- and medium-sized companies are struggling. The ratio of telework has been low even after the declaration of the state of emergency because there exist organizational, technological and environmental barriers to telework in Japan. Originality/value This study contributes to discussions on work style reform by focusing on the impacts of the COVID-19 pandemic on telework. This research also gives new insight into operationalization of telework in organizations not only in Japan but also in other countries known for low rates of telework and inflexible work styles such as Korea.

Barriers to Arab female academics’ career development

2017 ◽  
Vol 40 (10) ◽  
pp. 1058-1080 ◽  
Author(s):  
Waed Ensour ◽  
Hadeel Al Maaitah ◽  
Radwan Kharabsheh
Keyword(s):  
Career Development ◽  
National Culture ◽  
Design Methodology ◽  
Social Economic ◽  
Academic Career ◽  
Document Analysis ◽  
Labour Law ◽  
Content Type ◽  
Hrm Practices

Purpose Arab female academics struggle to advance within their universities in both academic and managerial ranks. Accordingly, this study aims to investigate the factors hindering Arab women’s academic career development through studying the case of Jordanian academic women. Design/methodology/approach Data were gathered through document analysis (Jordan constitution, Jordanian Labour Law and its amendments, higher education and scientific research law, Jordanian universities’ law and universities’ HR policies and regulations), interviews with 20 female academics and a focus group with 13 female academics (members of the Association of Jordanian Female Academics). Findings The results indicate female academics as tokens facing many interconnected and interrelated barriers embodied in cultural, social, economic and legal factors. The findings support the general argument proposed in human resource management (HRM) literature regarding the influence of culture on HRM practices and also propose that the influence of culture extends to having an impact on HR policies’ formulation as well as the formal legal system. Originality/value The influence of culture on women’s career development and various HR practices is well established in HR literature. But the findings of this study present a further pressure of culture. HR policies and other regulations were found to be formulated in the crucible of national culture. Legalizing discriminatory issues deepens the stereotypical pictures of women, emphasizing the domestic role of women and making it harder to break the glass ceiling and old-boy network.

CFTC overhauls customer protection requirements

2014 ◽  
Vol 15 (1) ◽  
pp. 25-32 ◽  
Author(s):  
Robert M. Brown
Keyword(s):  
Design Methodology ◽  
Commodity Futures ◽  
Regulatory Regime ◽  
Futures Trading ◽  
Content Type ◽  
Regulatory Response ◽  
Market Participants ◽  
Policies And Procedures ◽  
Practical Implications

Purpose – The purpose of the paper is to summarize the Commodity Futures Trading Commission's (CFTC) recent overhaul of its customer protection rules, which regulate how futures commission merchants (FCMs) and derivatives clearing organizations (DCOs) handle customer funds. Design/methodology/approach – The paper summarizes the most significant aspects of the CFTC's October 30, 2013 customer protection rulemaking, explains FCM and DCO obligations under the new regulatory regime, and sets forth a compliance timeline. Findings – The CFTC's recent overhaul of its customer protection rules impose significant new requirements on FCMs and DCOs in their handling of customer funds. Practical implications – All FCMs and DCOs that handle customer funds should review these new rules and begin putting into place policies and procedures to ensure their compliance as each new requirement comes into effect. Originality/value – The CFTC's overhaul of its customer protection regime is new and significant. FCMs and DCOs need to understand their new obligations under the rules. As these new rules are the CFTC's regulatory response to the events that led to the insolvencies of MF Global and Peregrine Financial Group, these developments also should be of interest to futures and swaps market participants generally.

Viewpoint – could the belt and road initiative be derailed? An analysis of impediments to completion

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Peter Enderwick
Keyword(s):  
Design Methodology ◽  
Dynamic Environment ◽  
Belt And Road Initiative ◽  
Relative Significance ◽  
Content Type ◽  
Belt And Road ◽  
Trade War ◽  
The Belt And Road

Purpose The continuation of China’s belt and road initiative (BRI) is assumed in most analyses. Yet, recent events have created significant reputational damage for China and Chinese businesses. With a trade war evolving into a hegemonic struggle, there are a number of potential developments that could derail the BRI. This paper aims to provide a contemporary review of the factors that could negatively impact its continuation, and what China has done to mitigate the risks. Design/methodology/approach A descriptive paper that groups possible disruptive factors into three groups: internal weaknesses of the BRI and its design; those related to China’s implementation of the BRI and external concerns and pressures. Findings China has actively reviewed and refined the BRI to reduce its perceived weaknesses and increase its attractiveness to potential participants, focussing on debt dependency, transparency and governance. However, this has occurred at the same time as growing concerns regarding China’s international assertiveness, the hegemonic challenge and recovery from the COVID-19 pandemic. Research limitations/implications These changes are occurring within an extremely dynamic environment and any analysis at one point in time is subject to considerable limitations. However, the paper brings together a range of disparate perspectives in a structured manner. Originality/value The classification of possible threats to the BRI is original and provides insights into the relative significance of the diverse challenges that China faces. The paper concludes that while China’s operational focus on the mechanics of the BRI process is necessary, it may not be sufficient to ensure its continuing development. The paper identifies the next step which is conceptualisation of these ideas and of the BRI. Some guidance as to how this might be done is provided.

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