scholarly journals An analysis of maṣlaḥah based resolutions issued by Bank Negara Malaysia

2019 ◽  
Vol 12 (1) ◽  
pp. 89-102 ◽  
Author(s):  
Suheyib Eldersevi ◽  
Razali Haron
Keyword(s):  
Design Methodology ◽  
Islamic Law ◽  
Secondary Data ◽  
Advisory Council ◽  
Comparative Approach ◽  
Content Type ◽  
The Public ◽  
Broad Concept ◽  
Islamic Jurisprudence ◽  
The Impact

Purpose This study aims to examine the resolutions issued by the Sharīʿah Advisory Council of Bank Negara Malaysia (SAC-BNM), which have recognized maṣlaḥah (public interest) as the basis of ruling to see the extent of its usefulness to the public and the extent of its adherence to the maṣlaḥah parameters. The study will also look into the opposing opinion to identify the basis of rejection and overall implication on Islamic finance based on opposing opinions of SAC-BNM and other bodies of collective ijtihād (juristic interpretation). Design/methodology/approach The study uses a qualitative approach by analyzing the SAC-BNM resolutions, which have been resolved based on maṣlaḥah. The study also applies the comparative approach by comparing the fatwa (Sharīʿah pronouncement) issuing bodies of Malaysia and the Gulf Cooperation Council countries. Furthermore, the secondary data is obtained from sources such as uṣūl al-fiqh (theory of Islamic jurisprudence) books, papers and relevant internet sources. Findings The study found that SAC-BNM’s resolutions are in line with some of the major maṣlaḥah parameters mentioned in the uṣūl al-fiqh sources i.e. must not contradict with the Qurʾān and the Sunnah. While looking at the other two criteria of being in line with ijmāʿ (consensus) and having a general impact, such resolutions might not fulfill the criteria of valid maṣlaḥah considering, respectively, the stand of collective ijtihād or the impact on the group of customers and institutions. Originality/value Most available shari’ah (Islamic law) research considers the perspective of fiqh (Islamic jurisprudence) while analyzing the issue of maṣlaḥah. This study aims to conduct analysis based on uṣūl al-fiqh. Moreover, maṣlaḥah itself is a broad concept, which can be abused. Hence, this study discusses the parameters of maṣlaḥah to understand the validity of an important juristic tool in Sharīʿah.

scholarly journals Sale with the temporary exclusion of usufruct

2018 ◽  
Vol 10 (1) ◽  
pp. 85-93
Author(s):  
Abdulbari Mashal ◽  
Amer Hajal ◽  
Om Kalthoum Majoul ◽  
Mir Riaz Ansary
Keyword(s):  
Design Methodology ◽  
Islamic Law ◽  
Added Value ◽  
Islamic Finance ◽  
Content Type ◽  
Finance Industry ◽  
Market Rate ◽  
Islamic Jurisprudence ◽  
Finance House ◽  
Associated Risk Factors

Purpose This paper aims to investigate sale with the temporary exclusion of usufruct, a format debated in classical Islamic jurisprudence. More specifically, it examines the application of this sale format in the diminishing partnership arrangement used by American Finance House LARIBA to finance house purchases. It analyzes the Sharīʿah issues and assesses the risks involved. Design/methodology/approach The research is qualitative, surveying and critically analyzing classical fiqh literature and contemporary juristic resolutions, as well as LARIBA’s financing documents. Finally, it systematically surveys the associated risk factors, first qualitatively, and then by quantifying them. Findings The research concludes that sale with the temporary exclusion of usufruct is a valid contract in Islamic law. When the usufruct is priced at market rate, the financing arrangement is genuinely Islamic and brings added value. Moreover, it is very effective in addressing risks for Islamic banks, particularly in countries with legal systems not designed to accommodate Islamic finance. Originality/value This study systematically examines all aspects of a contract that has not received sufficient academic attention, that has been underutilized by the Islamic finance industry and that is more fitting for implementation than many of the contracts currently being used.

Reflections on civil culpability and accountability in the destabilization of financial institutions

2010 ◽  
Vol 17 (3) ◽  
pp. 333-336
Author(s):  
Mario Serio
Keyword(s):  
Financial Markets ◽  
Financial Institutions ◽  
Design Methodology ◽  
Practical Implication ◽  
Comparative Approach ◽  
Private Law ◽  
New Approach ◽  
Content Type ◽  
The Public ◽  
Practical Implications

PurposeThe purpose of this paper is to try and trace a new itinerary in the matter of the destabilization of financial institutions, i.e. the identification of a catalogue of measures that private law can offer in order to make sure that all unlawful initiatives resulting in the loss of credibility of financial markets and prejudice to the public at large do not escape the imposition of all possible liabilities.Design/methodology/approachThe matter here applied consists of the recourse to a number of experiences deriving from European legal systems that have tackled the phenomenon of unlawful attacks on the integrity of the financial markets through individual or organized acts. This comparative approach also benefits from the scrutiny of both legislation and judicial decisions: the latter are also looked at from the perspective of legal authors.FindingsThe most striking result of the research is that the instruments provided for by the private law remedies seem to be very efficient in the contrast of unlawful practices adversely affecting financial markets: the new spirit emerging from this survey is that it is imperative to set aside all contracts and agreements aimed at creating illicit ways to make profits and hide their origins.Practical implicationsThe practical implication should be to encourage all institutions with the task of checking the good functioning of financial markets to avail themselves of the tools here described to stabilize markets and deprive illegal contracts of their ill effects: it would be most desirable if such an approach were to be taken.Originality/valueThe novelty lies in the new approach described above (practical implications).

The impact of the SARS-CoV-2 pandemic on tourists’ personal prestige – an experimental study

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Friedericke Kuhn ◽  
Florian Kock ◽  
Martin Lohmann
Keyword(s):  
Social Media ◽  
Design Methodology ◽  
Public Discourse ◽  
Conspicuous Consumption ◽  
Social Perceptions ◽  
Content Type ◽  
Leisure Travel ◽  
News Reporting ◽  
The Public ◽  
The Impact

Purpose The severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2) pandemic has drastically affected the public discourse on tourism in news reporting and on social media, potentially changing social perceptions of travel and its utility for conspicuous consumption. Prestige enhancement is a common tourist motivation, yet, as tourists have been portrayed as irresponsible and even dangerous during the pandemic, the benefits of travel for personal prestige may have been affected. The purpose of this study is to monitor changes in tourists’ personal prestige during the early pandemic in 2020. Design/methodology/approach The authors developed an innovative study design implicitly measuring the personal prestige of tourists shown on experimentally manipulated social media posts. Three measurement waves were issued to compare the personal prestige of tourists just before, during and after the first lockdown situation in Germany. Findings Differences regarding evaluations of tourists’ prestige were found for prestige dimensions of hedonism, achievements, wealth and power, suggesting that prestige ascription to tourists has been affected by the changing discourse on leisure travel. Originality/value This study contributes to the discussion of the socio-psychological effects of the SARS-CoV-2 pandemic on customer benefits of leisure travel. It exposes possible impacts of the pandemic on tourisms’ value for conspicuous consumption and prestige enhancement.

Regulatory burden and business dynamics: a preliminary analysis

2018 ◽  
Vol 7 (3) ◽  
pp. 279-289 ◽  
Author(s):  
J.R. Clark ◽  
Todd Nesbit
Keyword(s):  
Design Methodology ◽  
Institutional Environment ◽  
Job Creation ◽  
Empirical Literature ◽  
Regulatory Capture ◽  
Content Type ◽  
The Public ◽  
Business Dynamics ◽  
Specific Regulation ◽  
The Impact

Purpose Stigler (1971) first presented a theory of regulation in which the regulator eventually serves the interests of the regulated rather than in the interest of the public good. In such an institutional environment, one should expect to observe outcomes associated with reduced competitive pressures on existing firms. The paper aims to discuss this issue. Design/methodology/approach In this paper, the authors use RegData, which quantifies regulatory restrictions by industry, to determine whether and to what degree regulation reduces establishment entry and the associated job creation and how regulation impacts existing establishment exit and job creation and destruction. Findings The results, while not definitive, are supportive of Stigler’s theory of regulatory capture. Originality/value This paper adds to the small but growing empirical literature examining the effects of cronyism more broadly. Prior studies of regulation have generally been either narrowly focused on a specific regulation or employ less precise measures of the extent of regulation. By employing RegData as a measure of regulatory restrictions by industry, this paper offers new insights on the impact of regulation on business dynamics.

Institutionalising the war against corruption: new approaches to assets tracing and recovery

2020 ◽  
Vol 27 (1) ◽  
pp. 217-230
Author(s):  
Ehi Eric Esoimeme
Keyword(s):  
Design Methodology ◽  
Secondary Data ◽  
Research Papers ◽  
Content Type ◽  
The Public ◽  
Asset Recovery ◽  
Recovery Scheme ◽  
The Usa ◽  
Nigerian Government ◽  
The Uk

Purpose This paper aims to critically analyse the existing framework on assets tracing and recovery in Nigeria. It will thereafter provide analysis of the asset and recovery measures of advanced countries such as the USA and the UK. The results from the analysis will yield maximum insight and help the Nigerian Government to make better policies and laws on assets tracing and recovery. Design/methodology/approach This paper will rely on primary and secondary data drawn from the public domain. It will also rely on documentary research. Findings This paper determined that the Nigeria asset recovery scheme is likely to be more effective if Nigeria adopts the approach of the UK and the USA. Research limitations/implications This paper will suggest new ways for assets tracing and recovery. The suggested approaches/methods are being used in advanced countries such as the UK and the USA. Originality/value Previous research papers have extensively discussed the problems faced with assets tracing and recovery from a prohibitive and investigative standpoint. This paper will discuss the topic from a preventive standpoint with little focus on investigative mechanisms.

The emerging importance of “homestays” in the Indian hospitality sector

2019 ◽  
Vol 11 (4) ◽  
pp. 458-466
Author(s):  
Sandeep Kulshreshtha ◽  
Ruchika Kulshrestha
Keyword(s):  
Design Methodology ◽  
Secondary Data ◽  
Case Study Method ◽  
Content Type ◽  
Cultural Life ◽  
Emerging Trends ◽  
Hospitality Sector ◽  
The Impact ◽  
Factual Data

Purpose The purpose of this paper is to analyse the potential of “homestays” and also observe the trends related to this emerging concept in India. This paper also discusses various challenges faced by the owners of homestays. Design/methodology/approach This paper is based on an exploratory study that sought to collect factual data about the present scenario and the emerging trends related to homestays. A qualitative case study method was used to analyse the actual practices followed by stakeholders. This paper expresses the viewpoint of the authors on the augmented demand for homestay supported by secondary data published in several academic papers and reports published by various government departments. The author interviewed a number of homestay owners to obtain a first-hand perspective. Findings This paper brings to light the rising trend toward homestays, the benefits of homestay tourism from the perspective of homestay stakeholders (both tourists and owners) and the impact on economic, social and cultural life, as a result of growth in the homestay concept. Originality/value The current level of discussion about homestays is limited, as there are relatively few prior studies reported in the literature.

On the drivers of BNDES credit to Brazilian state governments

2019 ◽  
Vol 11 (2) ◽  
pp. 283-302
Author(s):  
Paulo Rogério Faustino Matos ◽  
Jaime de Jesus Filho
Keyword(s):  
Design Methodology ◽  
State Governments ◽  
Content Type ◽  
The Public ◽  
Brazilian State ◽  
National Economic ◽  
Decision Making Processes ◽  
The Impact ◽  
Practical Implications

Purpose This paper aims to address the discussion on the credit disbursement of US$28.6bn from Brazilian National Economic and Social Development Bank (BNDES) to Brazilian state governments during the period from 2009 to 2014. They try to identify the main drivers of the credit allocation in both cross state and time. Design/methodology/approach The authors use a dynamic balanced panel to estimate the role of technical and socioeconomic variables. Findings The results suggest that the states’ need for financing via BNDES exhibits neither inertial nor explosive behavior. The authors find an efficiency elasticity of this resource of 0.20. In addition, the impact of a positive change in the state fiscal status leads to an increase of 2.5 per cent in the indebtedness capacity. Finally, they find that wealthier states are more successful in demanding credit from BNDES. Practical implications This analysis of resource allocation is useful for modeling the determinants of international financial institutions as central planners. The authors also invite researchers to discuss the decision-making processes that characterize the federative pact in Brazil. Originality/value Although a burgeoning body of literature has examined the role of BNDES as a creditor institution for firms, its relationship with the public sector, in special subnational governments, has been rarely studied.

scholarly journals Liquidity and asset pricing: evidence from a new free-float-adjusted price impact ratio

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Huong Le ◽  
Andros Gregoriou
Keyword(s):  
Asset Pricing ◽  
Secondary Data ◽  
Price Impact ◽  
Stock Liquidity ◽  
Content Type ◽  
Trading Frequency ◽  
The Public ◽  
Econometric Methods ◽  
The Impact ◽  
The Relationship

PurposeThis paper aims to empirically examine the relationship between stock liquidity and asset pricing, using a new price impact ratio adjusted for free float as the approximation of liquidity. The free-float-adjusted ratio is free from size bias and encapsulates the impact of trading frequency. It is more comprehensive than alternative price impact ratios because it incorporates the shares available to the public for trading.Design/methodology/approachThe authors are using univariate and multivariate econometric methods to test the significance of a newly created price impact ratio. The authors are using secondary data and asset pricing models in their analysis. The authors use a data sample of all US listed companies over the period of 1997–2017.FindingsThe authors provide evidence that the free-float-adjusted price impact ratio is superior to all price impact ratios used in the previous academic literature. The authors also discover that their findings are robust to the financial crises between 2007 and 2009.Originality/valueThis is the first comprehensive study on a newly established price impact ratio. The authors show the significance of this ratio and explain why it is superior to all previous price impact ratios, established in prior research.

The mura’ah al-khilaf and ma’alat method in fatwa decisions: its application for fatwa coordination related to conditional hibah in Malaysia

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Fathullah Asni ◽  
Jasni Sulong
Keyword(s):  
Design Methodology ◽  
Public Universities ◽  
Qualitative Data ◽  
Islamic Law ◽  
Field Studies ◽  
The State ◽  
Advisory Council ◽  
Content Type ◽  
Library Research ◽  
National Bank

Purpose The purpose of this paper is to study the differences in fatwa amongst official fatwa institutions in Malaysia comprising the State Mufti’s Departments (SMDs), the National Fatwa Committee Muzakarah (NFCM) and the National Bank Shariah Advisory Council (NBSAC) regarding the conditional gift issue and to propose a uniformed fatwa by taking an approach of celebrating views of all the official fatwa institutions involved. Design/methodology/approach The methodology used for this study is qualitative; data was collectedthrough library research and field studies.[AQ1] The library research was accomplished by examining books, statutes and related circulars, while field studies were conducted through unstructured interviews with eight Shariah (Sharia) officers and two academicians from SMDs, NFCM, NBSAC and public universities. Findings The findings of the study found that the conditional hibah (ruqba and 'umra) is valid as far as gifting is concerned, while the conditions pertaining to it are null and void. The findings also found that the concept of mura’ah al-khilaf and ma’alat al-af’al can be practised by applying conditional hibah to maintain maslahah, as provided under the concept of maqasid al-Shariah. Hence, this study proposed that formal fatwa institutions consisting of SMDs, NFCM and NBSAC issue a comprehensive guideline in contracting conditional hibah by providing an explicit provision on the recognised and different opinions about the said hibah. Originality/value The study analyses the differences of opinions of the official fatwa on conditional hibah issued by SMDs, NFCM and NBSAC based on the discipline of usul al-fiqh. It is found that conditional hibah is not allowed in Islamic law. It also found that conditional hibah granted by the NBSAC is not in adherence to the strict permission granted by Islamic law. Therefore, taking into consideration all the fatwas issued by the fatwa bodies, the researchers proposed to celebrate all official fatwas using the method of mura'ah al-khilaf and ma’alat al-af'al.

The impact of engaged users on eWOM of hotel Facebook page

2017 ◽  
Vol 8 (2) ◽  
pp. 190-204 ◽  
Author(s):  
Chuhan (Renee) Wang ◽  
Marketa Kubickova
Keyword(s):  
Design Methodology ◽  
Secondary Data ◽  
Time Of Day ◽  
External Factors ◽  
Monday Afternoon ◽  
Content Type ◽  
Factors Affecting ◽  
Giving Feedback ◽  
The Impact ◽  
Practical Implications

Purpose The purpose of this paper is to examine factors affecting the engagement metrics of the hotel Facebook page. Such factors include time-of-day, day-of-week, age, gender and distance between the hotel and users’ origin of residence. Another purpose is to assess the impact of Facebook engagement on electronic word-of-mouth (eWOM), to better understand the importance of the engagement metrics within the hotel Facebook context. Design/methodology/approach This study uses secondary data from the Facebook page of a 147-room hotel in Northeast America. A total of 181 observations reflecting primary Facebook metrics are adopted via Facebook Insights between January 2014 and June 2014. Findings The number of daily-engaged users positively affects the number of daily people talking about the page (eWOM). Moreover, the number of engaged users differs significantly by the external factors (time-of-day, day-of-week, age, gender and distance). Practical implications Hotel Facebook developers should post the most important promotions on Monday afternoon, targeting females aged between 25 and 34 years living within 50 miles of the hotel. Posting on hotel Facebook a few hours before “traffic” to avoid competition and gain visibility is important. Marketers should focus on giving feedback during peak times. Originality/value This empirical study extends prior studies on social media metrics to the effects of external factors on the engagement metrics within the hotel Facebook context. Increasing the number of engaged users improves the effectiveness of eWOM for a hotel, which lacks empirical evidence.

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