International comparison of Shari’ah compliance screening standards

2015 ◽  
Vol 8 (2) ◽  
pp. 222-245 ◽  
Author(s):  
Catherine S F Ho
Keyword(s):  
Service Providers ◽  
Islamic Finance ◽  
Screening Methods ◽  
Full Potential ◽  
Content Type ◽  
Ethical Investing ◽  
Qualitative And Quantitative ◽  
Fund Managers ◽  
Accelerate Growth ◽  
Quantitative Screening

Purpose – This paper aims to review the Shari’ah investment screening methodologies of 34 prominent global Islamic finance users, including index providers, Shari’ah service providers, Islamic banks, a regulator, an association body and fund managers. Design/methodology/approach – A comparative analysis is performed to highlight the variances of the Shari’ah-compliant methods and principles practiced by these renowned institutions with the latest compiled data. Findings – The two sets of business screens and financial screens are profiled separately to clearly examine the similarities and differences between the different methodologies. Some of these practitioners are more specific in their listing of Shari’ah-impermissible activities, while some are more general in allowing more businesses to be included as permissible. The majority of these users practice a two-tier method of screening: qualitative and quantitative. Under quantitative screen, the range of allowable threshold ratios on non-permissible criteria differs slightly between them. Research limitations/implications – With the wide divergence in screening methodologies applied by practitioners, there is a general consensus in the acceptance of compliant assets from various countries and practice. Standardization is, therefore, seen as a need not only to make understanding of Shari’ah investments clear to investors but also to discourage misunderstandings between scholars and investors. Practical implications – The suggestion, therefore, is to set globally acceptable universal Shari’ah standard methodologies which are applicable by the world Islamic financial market. These standards which are relevant and logical to global ethical investing would further stimulate investments in Islamic finance. Social implications – With Shari’ah-compliant asset growing exponentially relative to the world’s financial assets, it is alleged that greater harmonization of the global screening methods would prevent misunderstanding and provide a clearer insight on Shari’ah investing, which could further accelerate growth of the Islamic finance sector worldwide. Originality/value – To provide a more transparent regulatory environment and build local and regional regulatory framework through establishment of standards, there should be more consistency with minimum barriers that prevent the industry from achieving its full potential. The paper also contributes to existing literature by documenting and analyzing the qualitative and quantitative screening procedures as practiced by a comprehensive set of global Islamic finance users. It is, therefore, important to share this knowledge as an effort toward greater understanding and harmonization of the practices at the global level to accelerate growth in the industry.

The experience and the prospects of Islamic finance in Kazakhstan

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Nasim S. Shirazi ◽  
Laura A. Kuanova ◽  
Adilbek Ryskulov ◽  
Aziya G. Mukusheva
Keyword(s):  
Institutional Environment ◽  
Public Awareness ◽  
Local Population ◽  
Legal Framework ◽  
Islamic Finance ◽  
Financial Industry ◽  
Content Type ◽  
Qualitative And Quantitative ◽  
Bank Deposits ◽  
Further Development

Purpose This paper aims to take stock of the Islamic finance experience and aims to identify an approach for further development in Kazakhstan, using qualitative and quantitative assessments. Design/methodology/approach The paper presents a conceptual framework based on literature review and content analysis. Furthermore, the study uses a survey-based methodology to collect data and determine the prospects, challenges and possible remedies. The quantitative parameters of the potential of Islamic finance in Kazakhstan are based on the assessment of funds on bank deposits, which can be considered potential resources for Islamic financial instruments. Findings The results suggest improving the legal framework and institutional environment to grow Islamic finance in the country. Raising trust levels in a Shariah-based system within the local population, reducing transaction costs and reducing information asymmetry allow raising public awareness of Islamic finance and integrating Islamic finance into the conventional financial system. Research limitations/implications This paper is not free from limitations and does not focus on implementing the suggested results. Social implications This work elaborates in what way the Islamic finance advancement affects the development of economics and focuses on co-financing of real asset-based projects, with the risk and loss sharing; charity; strict prohibitions on the financing of haram activities, pseudo-needs; and subordination of the individual’s interests to society. Originality/value The proposed study presents originalities and it identifies the significant challenges and barriers for further Islamic financial industry development in Kazakhstan by professionals survey. Furthermore, the study assesses potential Islamic finance assets and provides recommendations for successful Islamic finance advancement, considering the peculiarities of the national economy.

SEC adopts rules and forms to modernize reporting requirements for registered investment companies

2017 ◽  
Vol 18 (1) ◽  
pp. 25-42
Author(s):  
Stephen Cohen ◽  
Megan Johnson ◽  
Gary Brooks ◽  
Brooke Higgs
Keyword(s):  
Financial Services ◽  
Service Providers ◽  
Securities And Exchange Commission ◽  
Content Type ◽  
Fund Managers ◽  
Investment Companies ◽  
Reporting Requirements ◽  
Final Rule ◽  
The Impact ◽  
Practical Implications

Purpose To explain the new rules, forms, and amendments to current rules and forms (Final Rule) that the Securities and Exchange Commission (SEC) has adopted to modernize the reporting of information provided by registered investment companies (funds) and to improve the quality and type of information that funds provide to the SEC and investors. Design/methodology/approach Discusses the background leading up to the Final Rule, provides an overview and summary of the Final Rule’s key components, and highlights issues that may be raised by the new reporting regime. Findings The Final Rule will have a significant effect on many funds. Funds will experience a substantially increased reporting burden with respect to both the frequency of reporting and the granularity of information required. Practical implications Fund managers and fund service providers should begin to evaluate the impact of the Final Rule, the processes that will need to be implemented to prepare filings on new forms, and the changes in fund disclosure practices that will be required in response to the amendments to certain forms. Originality/value Practical guidance from financial services lawyers specializing in the investment management industry.

Research partnerships – embracing user involvement: practical considerations and reflections

2018 ◽  
Vol 19 (4) ◽  
pp. 220-231 ◽  
Author(s):  
Roger O’Sullivan
Keyword(s):  
Urban Areas ◽  
Service Providers ◽  
User Involvement ◽  
Full Potential ◽  
Ageing Population ◽  
Research Partnerships ◽  
Content Type ◽  
Require Time ◽  
Moral Economic ◽  
The Impact

Purpose Academic researchers are increasingly required, and rightly so, to demonstrate the impact of their work beyond the gates of the university. This has led to an increasing focus, especially in response to funded calls, on developing research partnerships that cross disciplines, sectors and borders to help address our grand societal challenges. The purpose of this paper is to set out learning from the work of the organisation the Centre for Ageing Research and Development in Ireland (CARDI) and reflections on how to bring forward effective research partnerships involving users. Design/methodology/approach This paper is based on reflections and learning from the organisation CARDI which delivered a highly successful programme of interdisciplinary, cross-sectoral and cross-country research partnerships in both rural and urban areas between 2007 and 2015, across the island of Ireland. Findings Research partnerships that wish to involve users require time, commitment, support, understanding and a willingness to change and be challenged. This paper highlights that there are methodological, philosophical, moral, economic and of course, practical aspects to be considered. Research limitations/implications This reflective paper is based on a case study from the island of Ireland during the period 2007–2015 working in the area of ageing and older people. Practical implications The author emphasises that for research partnerships involving users to be successful, they need to not only consider the most effective research methods but also focus on the overarching purpose of the work and adopt an ethos and practice that maximises each partner’s knowledge and expertise to their full potential. Social implications This reflective paper focused on the characteristics associated with partnership success, i.e. communication style, values, philosophy and practice and argues that establishing effective and inclusive partnerships requires time, the appropriate framework and reviewing the process on an ongoing basis. Originality/value The issue of user involvement in research partnerships requires much more consideration. Researchers, government, funders, businesses and service providers are increasingly recognising the benefits of “user” involvement to help design programmes and services that are most effective. Nowhere is this more important than in planning and delivering services, policy and programmes for our ageing population.

Exploring knowledge management practices in third-party logistics service providers

2018 ◽  
Vol 48 (2) ◽  
pp. 162-177 ◽  
Author(s):  
Susanne Durst ◽  
Pietro Evangelista
Keyword(s):  
Knowledge Management ◽  
Management Practices ◽  
Service Providers ◽  
Methodological Approach ◽  
Point Of View ◽  
Third Party ◽  
Full Potential ◽  
Third Party Logistics ◽  
Content Type ◽  
Logistics Service

Purpose This paper aims to explore knowledge management (KM) practices implemented by third-party logistics service companies (3PLs) and the main barriers slowing down the adoption of such practices. Design/methodology/approach The methodological approach used in this paper is based on a multiple case study analysis involving a set of 3PLs operating in Italy and Sweden. The empirical analysis has explored the KM practices used by 3PLs and the main barrier hindering their adoption. Findings In spite of some adoption, the findings suggest that 3PLs are not sufficiently realizing the full potential of KM. The evidence also indicates that there is a link between the type of 3PL company (in terms of the breadth and complexity of the services supplied) and the sophistication of KM tools adopted. Research limitations/implications From a research point of view, further research should focus on the validation of the link between the number and sophistication of KM tools used and the breadth of services supplied. Further research should also focus on exploring how KM can support 3PL companies in enhancing their performance. Practical implications From a practical point of view, the findings may help the management of 3PL companies to take a more strategic approach to KM and thus its contribution to the firms’ overall goals. Additionally, it is critical to conduct a careful analysis of current and future KM needs to identify the most suitable KM solutions linked to the specific characteristics of the business in which 3PLs operate. Originality/value This study provides fresh insights into the adoption of KM practices in logistics service organizations. The findings advance the limited body of knowledge regarding this topic and contribute to the further development of the study of KM.

scholarly journals 3D printing services: classification, supply chain implications and research agenda

2016 ◽  
Vol 46 (10) ◽  
pp. 886-907 ◽  
Author(s):  
Helen Rogers ◽  
Norbert Baricz ◽  
Kulwant S. Pawar
Keyword(s):  
Supply Chain ◽  
3D Printing ◽  
Research Agenda ◽  
Business Models ◽  
Service Providers ◽  
Full Potential ◽  
Content Type ◽  
New Applications ◽  
Paradigm Shifting ◽  
European Markets

Purpose The purpose of this paper is to identify and classify the available types of 3D printing services, with the scope of determining the potential implications that such services could have on the supply chains of manufacturing firms and creating a research agenda for future studies. Design/methodology/approach The authors review the current literature on the potential supply chain impacts of 3D printing and evaluate the 3D printing services provided by 404 firms in selected European markets. Findings The results show that 3D printing services form a rapidly evolving industry, with new service providers entering the market on a regular basis. Evidence from the European markets investigated suggests that services can be classified into three distinct categories: generative, facilitative and selective services. Research limitations/implications This paper represents an attempt to take stock of a fast-moving and potentially paradigm-shifting market. The implications are dynamic as new applications, business models and techniques are continually being developed. Further studies are required to substantiate the findings. Practical implications Three categories of 3D printing services that could significantly impact supply chain configurations of the future are proposed. Several issues specific to 3D printing services raised in the research agenda require further scrutiny and substantiation before services can reach their full potential. Originality/value This paper provides an overview of the growing 3D printing services industry, highlighting how the market might change as additive manufacturing technology matures.

Product development in Islamic finance and banking in secular economies

2020 ◽  
Vol 11 (9) ◽  
pp. 1665-1676 ◽  
Author(s):  
Yusuf Dinc
Keyword(s):  
Product Development ◽  
Development Process ◽  
Product Development Process ◽  
Islamic Finance ◽  
Content Type ◽  
Complex Process ◽  
Islamic Financial Institutions ◽  
Conceptual Research ◽  
Source Materials ◽  
Vital Element

Purpose As the global paradigm in economics shifts, Islamic economics is attracting more attention as an alternative sector. The most common and most active institutional structure of Islamic economics is in the form of Islamic finance and banking. Islamic finance and banking have been the centre of innovation in many economies in recent years. In this regard, product development is a vital element in driving the success of Islamic financial institutions (IFIs). The product development of IFIs is one of the key elements of their overall economic performance. This study aims to fill the gap in the literature concerning the product development process of IFIs in secular economies. Design/methodology/approach Verily, product development is a complex process; it is likely that introducing specific models will be useful for expanding the activities of IFIs. In this study, contemporary source materials are used to develop this conceptual research. Findings It suggests two separate methodologies for the product development process of IFIs in secular economies to overhaul two criticised product-based problems. To the best of the author’s knowledge, it is the first attempt to model the product development process for IFIs in a secular economic setup. Originality/value Recently, this study is the first attempt for modelling product development in IFIs under secular economies. Advances in the field of Shari’ah-compliant product development is important for researchers and professional.

Clinical governance in Australia

2015 ◽  
Vol 20 (2) ◽  
pp. 56-73 ◽  
Author(s):  
Allan D Spigelman ◽  
Shane Rendalls
Keyword(s):  
Web Sites ◽  
Service Providers ◽  
Service Level ◽  
Clinical Governance ◽  
Success Factor ◽  
Quality And Safety ◽  
Funding Policy ◽  
Content Type ◽  
Health Service Providers ◽  
Governance Systems

Purpose – The purpose of this paper is to overview, background and context to clinical governance in Australia, areas for further development and potential learnings for other jurisdictions. Design/methodology/approach – Commentary; non-systematic review of clinical governance literature; review of web sites for national, state and territory health departments, quality and safety organisations, and clinical colleges in Australia. Findings – Clinical governance in Australia shows variation across jurisdictions, reflective of a fragmented health system with responsibility for funding, policy and service provision being divided between levels of government and across service streams. The mechanisms in place to protect and engage with consumers thus varies according to where one lives. Information on quality and safety outcomes also varies; is difficult to find and often does not drill down to a service level useful for informing consumer treatment decisions. Organisational stability was identified as a key success factor in realising and maintaining the cultural shift to deliver ongoing quality. Research limitations/implications – Comparison of quality indicators with clinical governance systems and processes at a hospital level will provide a more detailed understanding of components most influencing quality outcomes. Practical implications – The information reported will assist health service providers to improve information and processes to engage with consumers and build further transparency and accountability. Originality/value – In this paper the authors have included an in depth profile of the background and context for the current state of clinical governance in Australia. The authors expect the detail provided will be of use to the international reader unfamiliar with the nuances of the Australian Healthcare System. Other studies (e.g. Russell and Dawda, 2013; Phillips et al., n.d.) have been based on deep professional understanding of clinical governance in appraising and reporting on initaitives and structures. This review has utilised resources available to an informed consumer seeking to understand the quality and safety of health services.

Customer delight during a crisis: understanding delight through the lens of transformative service research

2020 ◽  
Vol 32 (1) ◽  
pp. 129-141 ◽  
Author(s):  
Donald C. Barnes ◽  
Jessica Mesmer-Magnus ◽  
Lisa L. Scribner ◽  
Alexandra Krallman ◽  
Rebecca M. Guidice
Keyword(s):  
Critical Incident ◽  
Service Providers ◽  
Psychological Theory ◽  
Well Being ◽  
Service Research ◽  
Service Encounters ◽  
Need Fulfillment ◽  
Content Type ◽  
Customer Delight ◽  
Service Experiences

PurposeThe unprecedented dynamics of the COVID-19 pandemic has forced firms to re-envision the customer experience and find new ways to ensure positive service encounters. This context has underscored the reality that drivers of customer delight in a “traditional” context are not the same in a crisis context. While research has tended to identify hedonic need fulfillment as key to customer well-being and, ultimately, to invoking customer delight, the majority of studies were conducted in inherently positive contexts, which may limit generalizability to more challenging contexts. Through the combined lens of transformative service research (TSR) and psychological theory on hedonic and eudaimonic human needs, we evaluate the extent to which need fulfillment is the root of customer well-being and that meeting well-being needs ultimately promotes delight. We argue that in crisis contexts, the salience of needs shifts from hedonic to eudaimonic and the extent to which service experiences fulfill eudaimonic needs determines the experience and meaning of delight.Design/methodology/approachUtilizing the critical incident technique, this research surveyed 240 respondents who were asked to explain in detail a time they experienced customer delight during the COVID-19 pandemic. We analyzed their responses according to whether these incidents reflected the salience of hedonic versus eudaimonic need fulfillment.FindingsThe results support the notion that the salience of eudaimonic needs become more pronounced during times of crisis and that service providers are more likely to elicit perceptions of delight when they leverage meeting eudaimonic needs over the hedonic needs that are typically emphasized in traditional service encounters.Originality/valueWe discuss the implications of these findings for integrating the TSR and customer delight literatures to better understand how service experiences that meet salient needs produce customer well-being and delight. Ultimately, we find customer delight can benefit well-being across individual, collective and societal levels.

Identity, self-story and desistance from crime

2015 ◽  
Vol 17 (3) ◽  
pp. 219-230 ◽  
Author(s):  
Kevin O'Sullivan ◽  
Richard Kemp ◽  
David Bright
Keyword(s):  
Design Methodology ◽  
Self Concept ◽  
Psychological Interventions ◽  
Content Type ◽  
Qualitative And Quantitative ◽  
Narrative Study ◽  
Theoretical View ◽  
Desistance From Crime ◽  
Empirical Foundation ◽  
Practical Implications

Purpose – The purpose of this paper is to lay the groundwork for a narrative study of desistance that is both qualitative and quantitative. Design/methodology/approach – The review traces the strands of research that have made self-story an important theme in the study of desistance with particular reference to work since 2001. Findings – The importance of an agentic self-story in the process of desistance from crime came to prominence in the work of Shadd Maruna (1997, 2001). Since then authors have attempted to formulate: first, an integrated theoretical view of desistance incorporating agency; and second, a clinically useful understanding of how self-story is important. The clinical studies have almost always been qualitative, relying on extensive life history interviews which yield great richness of detail but few, if any, testable hypotheses. To date, such studies have not provided the empirical foundation on which to develop policy in correctional environments. Practical implications – If it is found that a measure of self-belief correlates with desistance from crime, it may be possible to devise psychological interventions to enhance and change self-belief. Originality/value – The paper proposes adding a quantitative approach to the measurement of self-concept in order to estimate the likelihood of desistance.

An empirical investigation of tourist’s choice of service delivery options

2017 ◽  
Vol 29 (7) ◽  
pp. 1892-1913 ◽  
Author(s):  
Arun Kumar Kaushik ◽  
Zillur Rahman
Keyword(s):  
Service Delivery ◽  
Service Providers ◽  
Ease Of Use ◽  
Perceived Usefulness ◽  
Technology Readiness ◽  
Extensive Literature ◽  
Perceived Ease Of Use ◽  
Content Type ◽  
Service Employees ◽  
Delivery Options

Purpose This paper aims to offer and examine a conceptual model of tourist innovativeness toward self-service technologies (SSTs) to confirm whether tourists prefer service delivery by SSTs over employees in an offline hospitality environment. Design/methodology/approach Tourists’ perceived usefulness (PU) of SSTs and need for interaction (NI) with service employees have been taken as crucial mediating variables to examine the effects of perceived ease of use and technology readiness index personality dimensions toward SST and employee-based service adoption. Findings Findings reveal that both “NI” and “PU” play significant roles in Technology Readiness and Acceptance Model (TRAM) when tourists select one of two service delivery options – SSTs and service employees. Research limitations/implications The foremost limitation of the study is its dependence on domestic tourist samples. However, such samples were chosen because tourists comprising these samples tend to use similar service delivery options more, in turn increasing their use of SSTs available in sample hotels. Practical implications The study gives a deeper understanding of TRAM with an extremely crucial mediating variable (NI) in an offline service context. It also provides useful insights to service providers and policy makers for developing new strategies and policies to enhance user experience. Social implications This study recommends the usage of numerous SSTs by tourists. Originality/value During extensive literature review carried out in this research, no study was found that proposed such an effective framework in an offline service context.

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