Beneficial ownership in sukuk ijarah: a shari’ah appraisal

2018 ◽  
Vol 11 (1) ◽  
pp. 2-17 ◽  
Author(s):  
Nik Abdul Rahim Nik Abdul Ghani
Keyword(s):  
Content Analysis ◽  
Design Methodology ◽  
Analysis Approach ◽  
Islamic Finance ◽  
Content Type ◽  
Islamic Perspective ◽  
Beneficial Ownership ◽  
Theoretical Paper ◽  
Practical Implications ◽  
Empirical Investigations

Purpose The purpose of this paper is to critically study the application of beneficial ownership in sukuk ijarah by analysing the fiqh interpretation on the concept of beneficial ownership. Design/methodology/approach This is a theoretical paper using content analysis approach that delves into the works of Islamic scholars on the concept of ownership and evaluates the concept of beneficial ownership in sukuk ijarah from the Islamic perspective. Findings The paper concludes that the beneficial ownership should be considered as true ownership because Shari’ah has allowed the transfer of ownership by a sole basis of contract (offer and acceptance). Although the sukuk holders are not registered as the legal owners in the Land Office, the documentations and agreements have clearly specified the owners and their liabilities. Research limitations/implications Empirical investigations into how sukuk holders are responsible for the underlying assets in sukuk ijarah. Practical implications It is therefore important to develop parameters for beneficial ownership to govern the use of the concept in Islamic finance. Originality/value The paper shows the fiqh interpretation on the beneficial ownership in sukuk ijarah while considering all the constraints and challenges in the implementation of sukuk.

Critical analysis of beneficial ownership in mushārakah based home financing in Malaysia

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Nik Abdul Rahim Nik Abdul Ghani ◽  
Ahmad Dahlan Salleh ◽  
Amir Fazlim Jusoh @ Yusoff ◽  
Mat Noor Mat Zain ◽  
Salmy Edawati Yaacob ◽  
...  
Keyword(s):  
Content Analysis ◽  
Qualitative Study ◽  
Critical Analysis ◽  
Design Methodology ◽  
Analysis Approach ◽  
Content Type ◽  
Islamic Perspective ◽  
Beneficial Ownership

Purpose This paper critically aims to examine the concept of beneficial ownership and its application in musharakah-based home financing. Design/methodology/approach The study applies the method of juristic interpretation in analyzing the meaning of beneficial ownership in legal documentation of musharakah-based home financing. This qualitative study uses content analysis approach that investigates the works of Islamic scholars on the concept of ownership and evaluates the concept of beneficial ownership in musharakah-based home financing from the Islamic perspective. Findings The result finds that beneficial ownership is considered a true ownership, as Shari’ah allows the transfer of ownership based on the offer and acceptance in a contract. Furthermore, the absence of legal registration does not mean the absence of true ownership, whereas all documentations and agreements have clearly stated rights and liabilities of each contracting parties. Originality/value This paper provides a fiqhi discussion of analyzing beneficial ownership in musharakah-based home financing. It shows that Shari’ah parameters are essential for the use of beneficial ownership to ensure its compliance with the Shari’ah requirements of milkiyyah (ownership).

Journal of entrepreneurship in emerging economies (JEEE): reflecting on the past five years while thinking about the future

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Wen Li Chan ◽  
Michael James Mustafa
Keyword(s):  
Content Analysis ◽  
Emerging Economies ◽  
Comparative Studies ◽  
Design Methodology ◽  
Emerging Economy ◽  
Detailed Account ◽  
Future Research ◽  
Content Type ◽  
The Past ◽  
Practical Implications

Purpose The purpose of this paper is to provide an overview of studies published in the Journal of Entrepreneurship in Emerging Economies (JEEE) between 2014 and 2019. The review also provides suggestions for future research in JEEE. Design/methodology/approach Integrative literature of 90 empirical and conceptual articles published in JEEE between 2014 and 2019. The selected articles were analyzed using content analysis. Findings Analysis of the 90 published articles shows that JEEE has covered a number of relevant topics related to entrepreneurship and innovation in emerging economies. In particular, scholars have adopted a variety of methods to describe such activities in emerging economies. The review also highlights the lack of comparative studies in JEEE and studies, which significantly take into account or focus on the emerging economy context. Practical implications The findings suggest that future scholars wishing to submit to JEEE should consider taking a more detailed account of the emerging context. Originality/value Since its first publication in 2014, this study represents the first review of articles found in JEEE. Specifically, the study provides a platform for future scholars wishing to submit to JEEE to take stock of the studies in the journal, thus giving them a better understanding of the field. The study also provides directions regarding areas of possible future research, which might be of interest to scholars wishing to submit to JEEE.

Segmenting, targeting and positioning in Islamic marketing

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Mohammad Mominul Islam
Keyword(s):  
Content Analysis ◽  
Design Methodology ◽  
Secondary Data ◽  
Qualitative Approach ◽  
Content Type ◽  
Social Fabric ◽  
Shape Segmentation ◽  
Whole Process ◽  
The Social ◽  
Practical Implications

Purpose This study aims to conceptualize the basic Islamic marketing (IM) process according to Shari’ah, addressing some of the queries raised by scholars on halal and marketing. Design/methodology/approach A qualitative approach and content analysis have guided to shape segmentation, targeting and positioning (STP) with the help of secondary data from conventional and IM. Required Qur’anic verses and hadiths have been galvanized to shape STP in line with empirical evidence, showing potential marketing implications. Findings This study has accepted Islamic resources to segment markets, mentioning mankind, non-Muslims, Muslims, generic, halal and Islamic products. It has proposed to target mankind, non-Muslims markets with generic and halal products. Muslim marketers can target the pious Muslim consumers with Islamic products. For positioning, the halal certification has been suggested for the non-Muslim marketers and Islamization is for Muslim marketers. The whole process has been conceptualized in a single framework. Practical implications Marketers can have many product development ideas and basic guidelines and scholars may be able to sense some queries as to IM. Social implications This study has shown how inter-religious relationships can be harmonized with carrying out marketing functions to keep the social fabric following the Qur’anic verses. Originality/value This study has outlined the IM process as per Muslim and non-Muslim marketers’ needs under Shari’ah. Besides, it has answered some questions on halal and IM that has been hardly addressed before.

Methodological lapses in plant and equipment valuation amongst Lagos valuers

2019 ◽  
Vol 37 (4) ◽  
pp. 529-546
Author(s):  
Austin Chike Otegbulu
Keyword(s):  
Content Analysis ◽  
Best Practices ◽  
Design Methodology ◽  
Content Type ◽  
Potential Sources ◽  
Valuation Process ◽  
Practical Implications ◽  
Structured Questionnaire

Purpose The purpose of this paper is to investigate the level of discrepancy in the valuation process adopted by valuers in the study area with a view to provide solution. Design/methodology/approach The study is based on both structured questionnaire and content analysis of valuation reports. In total, 185 (41 percent) structured questionnaires were randomly distributed to practicing estate surveying firms; out of 450 firms in Lagos, 173 were retrieved and used for analysis. However, the content analysis was based on 54 valuation reports on plants and equipment to investigate the extent of compliance to valuation process, standard and best practices among practitioners. Findings The findings from the study show that most of the practitioners lack the expertise to carry out plant and machinery (P&M) valuation, and there is evidence of poor application of methodology and lack of adherence to standards. Practical implications The findings from this study will reinforce the need for specialization and enforcement of standard in plant and equipment valuation practice, which will enthrone consistency, uniformity and reliability. Originality/value This study is the first to deal with methodology lapses in plant and equipment valuation in the study area. Ashaolu (2016) worked on the inter-disciplinary nature of plant and equipment valuation, whereas Otegbulu and Babawale (2011) worked on valuer’s perception or potential sources of inaccuracy in P&M valuation in Nigeria.

Measuring Shariah non-compliance risk (SNCR): claw-out effect of al-bai-bithaman ajil in default

2017 ◽  
Vol 8 (3) ◽  
pp. 272-283
Author(s):  
Saiful Azhar Rosly ◽  
Muhammad Arzim Naim ◽  
Ahcene Lahsasna
Keyword(s):  
Content Analysis ◽  
Design Methodology ◽  
Islamic Banking ◽  
Legal Environment ◽  
Islamic Banks ◽  
Legal Cases ◽  
Content Type ◽  
Potential Loss ◽  
Critical Requirement ◽  
Practical Implications

Purpose The purpose of this paper is to examine the meaning, nature and measurement of Shariah non-compliant risk faced by Islamic banks. Design/methodology/approach Al-bai-bithaman ajil (BBA) contract documentation is analyzed in the light of the legal environment in Malaysia and measurement of Shariah non-compliant risk based on constructed or hypothetical cases. Findings Shariah non-compliant risk will adversely affect bank’s earnings when BBA contracts are deemed invalid in the court of law, either in a foreclosure or ruling via court declaration. Research limitations/implications The paper is written based on content analysis, Malaysian legal cases with hypothetical examples for better understanding. Practical implications Islamic banking should be able to use the findings to estimate potential loss from Shariah non-compliant risk and make the necessary provisions. Originality/value This paper provides new insights of risks faced by credit-intensive Islamic banks, that when relinquishing critical requirement of Islamic contract such as ownership risk will suffer loss.

scholarly journals Rigour in research: theory in the research approach

2014 ◽  
Vol 26 (3) ◽  
pp. 206-217 ◽  
Author(s):  
Alan Johnston
Keyword(s):  
Design Methodology ◽  
Sense Making ◽  
Research Approach ◽  
Management Research ◽  
Research Activity ◽  
Content Type ◽  
Changing Practice ◽  
Theoretical Paper ◽  
Epistemological Dimension ◽  
Practical Implications

Purpose – The purpose of this paper is to reexamine the importance of theory in research. The paper focuses on discussing the underlying principles that influence the research approach. Design/methodology/approach – This is a theoretical paper that discusses the importance of theory in research and opens up the area for discussion and debate. Findings – The paper contributes to the research methodology literature by adopting a sense making perspective, and focusing on the ontological and epistemological dimension of research. The paper furthers the debate on the link between theory and research, as the basis for developing further theory. Research limitations/implications – The paper provides a limited focus to management research and has not at this stage engaged in any practical testing of the ideas. Practical implications – There is an opportunity for changing practice at a variety of levels in engaging with research. These include implications for researchers, teachers, students and practitioners. Originality/value – The paper re-emphasises the importance in understanding philosophical concerns which underpins research activity. It is designed as a tool for discussion and guidance.

scholarly journals Cash Waqf risk management and perpetuity restriction conundrum

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Azniza Hartini Azrai Azaimi Ambrose ◽  
Fadhilah Abdullah Asuhaimi
Keyword(s):  
Risk Management ◽  
Design Methodology ◽  
Islamic Finance ◽  
Natural Occurrence ◽  
Journal Articles ◽  
Content Type ◽  
Risk Return ◽  
Restriction Principle ◽  
Standard Operating ◽  
Practical Implications

Purpose The purpose of this paper is to comprehensively discuss the issue of risk vis-à-vis the perpetuity restriction principle inherent in waqf (Islamic endowment). Specifically, it attempts to consolidate the axioms in both conventional and Islamic finance, such as the risk-return trade-off and al-ghunm bi al-ghurm (liability accompanies gain), with the perpetual nature of waqf. Overall, this paper attempts to find a resolution to the dilemma of perpetuity restriction inherent in cash waqf against the natural occurrence of the risk. Design/methodology/approach This paper is based on the secondary research methodology; past literature encompassing journal articles, books, relevant financial axioms, fatwas (Islamic rulings) and state enactments is critically reviewed to present its case. In regard to state enactments, only Malaysian state enactments have been used, thus restricting the study to the Malaysian case only. Findings This study contends that the dilemma of the perpetuity restriction and the natural occurrence of risk can be resolved through the integration of waqf risk management, especially concerning cash waqf, with the Islamic spiritual approach. By implementing standard operating procedures that inculcate awareness on waqf risk management and Islamic spirituality in waqf stakeholders (waqif (donor), trustee and beneficiaries), the stakeholders may accept the reality of risk that is inevitable even after all efforts have been exhausted. In other words, the violation of perpetuity is exonerated given that mental faculties aligned with revealed texts have been exhaustively used beforehand. Practical implications Findings from this study may broaden the choice of investment avenues for waqf trustees while adhering to the perpetual restriction of waqf. More importantly, waqf trustees will not be forced to invest in interest-bearing securities or be involved in any usurious transactions just to obtain guaranteed returns and preserve the corpus of waqf. Originality/value This study offers a unique perspective on cash waqf risk management by re-analyzing the axioms and concepts of finance and waqf while observing the welfare of the beneficiaries.

Achieving organisational resilience through inbound logistics effort

2019 ◽  
Vol 122 (2) ◽  
pp. 432-447
Author(s):  
Flávio Henrique De Oliveira Costa ◽  
Andrea Lago Da Silva ◽  
Carla Roberta Pereira ◽  
Susana Carla Farias Pereira ◽  
Fernando José Gómez Paredes
Keyword(s):  
Content Analysis ◽  
Design Methodology ◽  
Quick Response ◽  
Content Type ◽  
Transportation Security ◽  
Geographical Dispersion ◽  
The Relationship ◽  
Practical Implications ◽  
Case Based ◽  
Inbound Logistics

Purpose The purpose of this paper is to identify how the relationship between inbound logistics (IL) activities and elements of resilience (EoR) can contribute to organisational resilience. Design/methodology/approach Two in-depth case-based studies were conducted in the dairy industry. After identifying EoR and IL activities through a systematic literature review, relationships among them have been empirically discussed in six groups (emerged content analysis results): supplier and response capability; transportation; security; quick response to disruption; logistics management; trust and knowledge. Findings A framework was developed describing the contribution of these six groups to organisational resilience by highlighting and discussing three aspects: rigidity of the hierarchy, type of relationship and geographical dispersion. These aspects emerged from the process of content analysis and are related to the companies’ characteristics. Practical implications The proposed framework can assist managers to decide which group of EoR and IL activities they should prioritise, depending on the company’s characteristics and needs. Originality/value Although some studies have discussed the IL contribution to generating resilience in companies, none of them have explored in detail the relationship between EoR and IL activities, and their contribution to organisational resilience. The proposed framework shows the contribution of the EoR to three different organisational aspects.

Shari’ah-compliant benchmark and Shari’ah-based “raf’ al-haraj” benchmark on prohibition of riba

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Yasushi Suzuki ◽  
Mohammad Dulal Miah
Keyword(s):  
Design Methodology ◽  
Institutional Economics ◽  
Islamic Finance ◽  
Practical Relevance ◽  
Islamic Banks ◽  
Procedural Rationality ◽  
Content Type ◽  
Financial Transaction ◽  
Clear Cut ◽  
Practical Implications

Purpose This paper aims to propose two benchmarks “Shari’ah-compliant” benchmark and “Shari’ah-based” “raf’ al-haraj” (the removal of hardship) benchmark. The former benchmark can be applied to ensure that a transaction brings “profits on sales” and not “profits on loan”, and the latter benchmark should be addressed to ensure that a transaction does not exploit the customers of Islamic banks. Design/methodology/approach The authors draw upon the theory of institutional economics, in particular, instrumental and procedural rationality, to argue that the believers can pay their best effort as an exercise of ijtihad to understand and incarnate the logic and rationales implicit in the Qur’anic text. Findings Currently, there is no benchmark that determines the profit ceiling on murabaha. The authors suggest two types of “gray-zones” – the “Shari’ah-compliant but less contributing to the removal of hardship” and the “controversial on compliance but contributing to the removal of hardship in borrowers” to use as a benchmark in endorsing less shariah-compliant Islamic products. Practical implications There is no benchmark or a clear-cut demarcation that can be used to endorse less Shari’ah-compliant Islamic finance. Thus, Shari’ah-compliant’ benchmark and “Shari’ah-based” “raf’ al- haraj” benchmarks can be used to guide whether a financial transaction is acceptable or not. This guideline can be of huge practical relevance for Islamic finance. Originality/value There is no sensible study that offers such guidelines that can be used to demarcate whether a particular financial transaction, which has no clear-cut fatwa, is acceptable or not. Hence, the current research is novel and contributes to the existing literature of Islamic finance.

New perspectives of experiential tourism: an exploratory analysis of live virtual tours during the COVID-19 outbreak

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Piero Mastroberardino ◽  
Giuseppe Calabrese ◽  
Flora Cortese ◽  
Miriam Petracca
Keyword(s):  
Content Analysis ◽  
Design Methodology ◽  
Small Sample ◽  
Exploratory Analysis ◽  
Content Type ◽  
Travel Restrictions ◽  
Practical Implications

PurposeThis paper aims to find out if it is possible to consider live virtual tours, in the connotation assumed during the COVID-19 outbreak, as experiential tourism products. The paper focuses on Holbrook's “four Es” (“experience”, “entertainment”, “exhibitionism” and “evangelising”) to study the experience of live virtual tours.Design/methodology/approachThis article develops an exploratory analysis and presents a content analysis of 1052 reviews of 108 live virtual tours posted on TripAdvisor and Viator.FindingsThe findings show that live virtual tours are perceived as experiences, all “four Es” are covered and two more sub-categories emerge.Research limitations/implicationsThe analysis is limited to the perception of tourists that are confident with the technology, to a small sample and a period of travel restrictions due to the COVID-19 outbreak.Practical implicationsLive virtual tours create a new segment, which “travels from home”. This does not preclude tourists from deciding to physically visit the places seen virtually.Originality/valueResearch on the analysis of the reviews of live virtual tours has not yet been carried out.

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