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ENGLISHJOURNALS
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VOL. 8, ISSUE 2, DECEMBER 2016RM 45.00 / USD 12.00
ISSN: 0128-1976Year Published: 2016
ACADEMIC ARTICLES1. The Evolution of Islamic Economics: A Critical Analysis2. Islamic Marketing Ethics and the Marketing Practices of Islamic Banks3. Combination of Contracts in Islamic Finance: A Synthesis
PRACTITIONER’S ARTICLERevisiting the Classification, Reporting and Treatment of Shariah Non-Compliant Events
RESEARCH NOTES1. Issues in Islamic Hedging Practices: A Critical Analysis2. The Patronage of Islamic Banking: A Case Study of COMSATS University,
Pakistan3. Methodology of Purging Interest Income4. Social Impact Bonds: A Shariah Point of View5. Risk Mitigation and Financing Constraints: Towards the Development
Volume 8 • Issue 2 • December 2016
Volume 8 • Issue 2 • December 2016ISRA International Journal of Islamic Finance
Volume 8, Issue 2, December 2016
Contents
EDITORIAL 1
ACADEMIC ARTICLESThe Evolution of Islamic Economics: A Critical Analysis 9Zubair Hasan
Islamic Marketing Ethics and the Marketing Practices of Islamic Banks 27Muhammad Riaz
Combination of Contracts in Islamic Finance: A Synthesis 51Shahrul Azman Abd Razak
PRACTITIONERÒS ARTICLERevisiting the Classification, Reporting and Treatment of Sharīʿah 81Non-Compliant EventsHurriyah El Islamy
RESEARCH NOTESIssues in Islamic Hedging Practices: A Critical Analysis 105The Malaysian Experience Noor Suhaida Kasri, Zaharuddin Abd Rahman, Shamsiah Mohamad and Farrukh Habib
The Patronage of Islamic Banking: A Case Study of COMSATS 111University, Pakistan Kausar Abbas and Hamayun Afzal
Methodology of Purging Interest Income 117Mufti Abdul Kadir Barkatullah and S. M. Wasiullah
Social Impact Bonds: A Sharīʿah Point of View 127Noor Suhaida Kasri and Siti Syafira Zainalabiddin
Risk Mitigation and Financing Constraints: Towards the Development 137of Sustainable Islamic Microfinance Institutions in BangladeshHameedah Muhammad
NOTES ON CONTRIBUTORS 145
GUIDELINES TO CONTRIBUTORS 147
RM 45.00 / USD 12.00
ISSN: 0128-1976Year Published: 2016
ACADEMIC ARTICLES1. Knowledge and Behaviour Regarding Takaful among Non-Muslim
Consumers in the United Arab Emirates2. Shariah Contracts Underpinning Musharakah Mutanaqisah Financing: A
Conceptual Analysis3. The Ageing Population Crisis from an Islamic Perspective4. Property Rights According to the Quran and Sunnah and Their Economic
Implications for Contemporary Societies
PRACTITIONER’S ARTICLEPerpetual Sukuk: A Preliminary Shariah Assessment
RESEARCH NOTES1. Issues and Challenges in Islamic Banking Structures: The Malaysian
Experience2. Avoiding Financial Crisis: In Support of Islamic Financial Institutions3. Pertinent Issues in Islamic Home Financing4. Breach of Wa‘d and Its Compensation Payment: A Critical Analysis of Islamic
Profit Rate Swap5. The Practice of Takaful Benefit (Nomination) in the Context of IFSA 2013: A
Critical Appraisal
Volume 8 • Issue 1 • June 2016
Volume 8 • Issue 1 • June 2016ISRA International Journal of Islamic Finance
Volume 8, Issue 1, June 2016
Contents
EDITORIAL 1
ACADEMIC ARTICLESKnowledge and Behaviour Regarding Takāful among Non-Muslim 9Consumers in the United Arab Emirates Graham Michael Spriggs
Sharīʿah Contracts Underpinning Mushārakah Mutanāqiṣah Financing: 35A Conceptual Analysis Saʿid Adekunle Mikail and Mohd Shahril Mat Rani
The Ageing Population Crisis from an Islamic Perspective 67Faizal Ahmad Manjoo
Property Rights According to the Qurʿān and Sunnah and Their Economic 93Implications for Contemporary SocietiesMuhammed Habib Dolgun
PRACTITIONERÒS ARTICLEPerpetual Ṣukūk: A Preliminary Sharīʿah Assessment 125Muhd Ramadhan Fitri Ellias, Muhamad Nasir Haron, Ahmad Firdaus Kadir and Nur Hidayah Salim
RESEARCH NOTESIssues and Challenges in Islamic Banking Structures: 165The Malaysian Experience Marjan Muhammad, Beebee Salma Sairally and Najeeb Zada
Avoiding Financial Crisis: In Support of Islamic Financial Institutions 173Habeebah Simisola Fa-Yusuf
Pertinent Issues in Islamic Home Financing 183Akhmad Affandi Mahfudz
Breach of Waʿd and Its Compensation Payment: A Critical Analysis of 191Islamic Profit Rate Swap Noor Suhaida Kasri and Siti Syafira Zainalabiddin
The Practice of Takāful Benefit (Nomination) in the Context of IFSA 2013: 197A Critical AppraisalSaba’ Radwan Jamal Elatrash and Younes Soualhi
NOTES ON CONTRIBUTORS 203
GUIDELINES TO CONTRIBUTORS 206
VOL. 8, ISSUE 1, JUNE 2016
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VOL. 7, ISSUE 2, DECEMBER 2015RM 45.00 / USD 12.00
ISSN: 0128-1976Year Published: 2015
ACADEMIC ARTICLES1. Supply of Islamic Microfinance in Central Asia: The Case Study of Tajikistan
and Kyrgyzstan2. The Relationship Between Islamic Mutual Funds and Oil Prices: Which
Leads The Other?3. Legal Issues in Shariah Governance in the Islamic Finance Industry in Malaysia4. Personal Cooperatives Model: Basic Concepts and Evidence from Jordan
PRACTITIONER’S ARTICLEApplication of the Concept of Beneficial Ownership in sukuk Structures: An Islamic Legal Analysis
RESEARCH NOTES1. Towards a Corporate Model of Islamic Law of Insolvency: A Note on
“Voluntary Insolvency”2. Integrating Environmental, Social and Governance (ESG) Factors in Islamic
Finance: Towards the Realisation of Maqasid al-Shariah3. The Concept of Actual Financial Loss (Darar Mali Fi'li) in the Context of
Islamic Banking Operations4. Structuring Innovative Tier 2 (T2) Capital Instruments Under Basel III: A
Shariah Perspective5. Criteria for Determining the Shariah Compliance of Shares: A Fiqhi Analysis
RM 45.00 / USD 12.00
ISSN: 0128-1976Year Published: 2015
ACADEMIC ARTICLES1. Risk Sharing versus Risk Transfer in Islamic Finance: A Critical Appraisal2. Tazkiah Banks: A Future Model for the Establishment of Endowment-Based
Business Start-Ups3. Dispute over the Legality of Al-Ijarah Al-Mawsufah fi Al-Dhimmah: A Survey
of Fiqhi Opinions4. Shariah Compliance of Islamic Credit Cards Reconsidered: A Case Study of
Malaysia
PRACTITIONER’S ARTICLESurplus-Sharing Practices of Takaful Operators in Malaysia
RESEARCH NOTES1. Accounting Issues in the Reporting of Profit-Sharing Investment Accounts in
Islamic Banks’ Financial Statements under IFSA 20132. Hotel Investment and Financing: A Call for Shariah Consideration and New
Methodology of Assessment and Screening3. Possession of Currency Prior to Sale: A Fiqhi and Practical Analysis of Spot
FX-i in Malaysia4. A Fiqhi Analysis of Tradability of Islamic Securities5. A Proposed Regulatory Framework for Islamic Microfinance: Adopting the
IFSA 2013 Approach
VOL. 7, ISSUE 1, JUNE 2015
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VOL. 6, ISSUE 2, DECEMBER 2014RM 45.00 / USD 12.00
ISSN: 0128-1976Year Published: 2014
ACADEMIC ARTICLES1. Qardul Hasan Financing in Islamic Banks2. Basel Accords, Financial Turmoil and Islamic Banks3. Sustainable Conventional and Islamic Microfinance Models for Micro
Enterprises4. Stemming Water-Related Deaths in Sub-Saharan Africa: The Place of Islamic
Project Finance and Malaysian Contractors
PRACTITIONER’S ARTICLEThe Issue of Principal-Agent in Sale-Based Transactions from the Shariah
Perspective
RESEARCH NOTES1. Should Malaysian States Have a Fresh Approach to Waqfs? A Proposal for a
Model Waqf Enactment2. Application of Tanazul in Sukuk and Preference Shares: A Critical Analysis
from the Shariah Perspective3. Actual Costs in Fees and Charges in Islamic Banking4. A Critical Analysis of Shariah Issues in Intangible Assets5. Application of Hibah Mu'allaqah for Retirement Annuity Plan
RM 45.00 / USD 12.00
ISSN: 0128-1976Year Published: 2015
ACADEMIC ARTICLES:1. A Gold Standard International Payments System Anchored in Islamic
Finance2. A Few Methods in Charging Fees for Kafalah Bank Guarantee-I among
Islamic Banks in Malaysia3. Effect of Nomination under Life Insurance and Family Takaful4. Pre-signing and Sequence in Contract Execution of Islamic Banking Products
PRACTITIONER’S ARTICLEIslamic Finance: Legal and Institutional Challenges
RESEARCH NOTES1. Islamic Banking Legislation and Regulation in New Jurisdictions: Issues and
Recommendations2. An Analysis of Shariah Non-Compliant Events in Islamic Banks: Evidence
from Malaysia3. Maqasid al-Shariah and Stipulation of Conditions (Shurut) in Contracts4. Reverse Salam as an Innovative Instrument for Investment Accounts5. Islamic Home Financing and Ownership Transfer to the Customer: Models
Compared
VOL. 6, ISSUE 1, JUNE 2014
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RM 45.00 / USD 12.00
ISSN: 0128-1976Year Published: 2013
ACADEMIC ARTICLES:1. Islamic Norms, the Excel Formula and Home Financing Models2. Conceptual Analysis of Islamic Home Financing Models3. Wasiyyah (Islamic Will) Writing Service in Malaysia: An Investigation of the
Supply Channel4. Critique of the Non-Interest Banking Framework in Nigeria
PRACTITIONER’S ARTICLEShariah Governance, Expertise and Profession: Educational Challenges in Islamic Finance
RESEARCH NOTES1. Risk Sharing: An Alternative to Interest-Based Debt Financing2. Application of Suftajah in Modern Islamic Financial Institutions3. Distribution of Mudharabah Profits in Classical Schools of Fiqh: Clarification of a Misconception4. Instruments for Meeting Capital Adequacy Requirements under Basel III: A
Shari’ah Perspective5. The Application of Commodity Murabalah in Bursa Suq al-Sila’ 191 Malaysia
vis-a-vis Jakarta Future Exchange Shariah Indonesia: A Comparative Analysis
VOL. 5, ISSUE 1, JUNE 2013
VOL. 5, ISSUE 2, DECEMBER 2013RM 45.00 / USD 12.00
ISSN: 0128-1976Year Published: 2013
ACADEMIC ARTICLES1. Re-Introducing Gold: An Islamic Finance Approach2. The Concept of Value: Towards a Consistent Valuation Method for Islamic
Financial Engineering3. The Performance of Islamic Banks and Macroeconomic Conditions4. Shariah Issues in Islamic Capital Markets: Sukuk
PRACTITIONER’S ARTICLEInstituting Shariah Audit in Malaysian Islamic Financial Institutions
RESEARCH NOTES1. A Critical Analysis of the Resolution of the Shariah Advisory Council of
Securities Commission Malaysia: A Case Study of the Crude Palm Oil Futures Contract
2. Fiqhi Adaptation (Takyef Fiqhi) for the Concept of a Performance Fee in Takaful
3. The Potential Use of Qard Hasan in Islamic Microfinance4. Impact of Inflation on Islamic Financing: Empirical Evidence from Malaysia5. The Fiqh Characterization of Ijarah Mawsufah fi Al-Dhimmah: 169 An
Analysis of Juristic Views
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RM 45.00 / USD 12.00
ISSN: 0128-1976Year Published: 2012
ACADEMIC ARTICLES:1. Ponzi Operandi: Affinity Fraud Risk for Shariah-Compliant Investment Funds2. Incentive-Compatible Sukuk Musharakah for Private Sector Funding3. Building Agent-Customer Relationship in the Takaful Industry: A Framework
of Islamic Relationship Marketing4. Venture Capital Strategies in Waqf Fund Investment and Spending
PRACTITIONER’S ARTICLEShariah-Compliant Credit Cards: An Analysis of Underlying Structures
RESEARCH NOTES1. Revisiting the Shariah Ruling of Capital Guarantee in a Mudharabah
Contract2. A Critical Appraisal of Shariah Issues Related to Sukuk al-Ijarah3. The Investment Initiative in Takaful: Issues and Challenges4. Maqasid al-Shariah and the Foundational Requirements in Developing
Islamic Banking and Finance5. Credit Guarantee Scheme: A Combination of Kafalah and Wakalah Bi Ajr as
an Alternative to Kafalah Bi Ajr
VOL. 4, ISSUE 1, JUNE 2012
VOL. 4, ISSUE 2, DECEMBER 2012RM 45.00 / USD 12.00
ISSN: 0128-1976Year Published: 2012
ACADEMIC ARTICLES:1. A Critique of the Diminishing Balance Method of Islamic Home Financing 2. Unsustainability of the Regime of Interest-Based Debt Financing3. The Global Financial Crisis, Securitization and Islamic Finance: An
Opportunity for Inward and Outward Reform4. Efficiency and Stock Market Performance of Islamic Banks in GCC Countries
PRACTITIONER’S ARTICLEThe Case for Receivables-Based Sukuk: Convergence Between the Malaysian and Global Shariah Standards on Bay' al Dayn?
RESEARCH NOTES1. Insolvency Law in Malaysia and the Adjudication Order (Taflis) on a Bankrupt
in Islamic Finance: Similarities and Differences2. The Practice of Shariah Reporting in Malaysia: Does Country of Origin or
Being a Member of AAOIFI Matter?3. Blazing the Trail: The Institutional Framework for Dispute Resolution in
Malaysia’s Islamic Finance Industry4. Takaful from a Maqasid al-Shariah Perspective5. Waqf and Its Role in Socio-Economic Development
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RM 45.00 / USD 12.00
ISSN: 0128-1976Year Published: 2011
ACADEMIC ARTICLES:1. Islamic Home Finance in the Social Mirror2. Purchase Undertaking Issues in Musharakah Mutanaqisah Home Financing3. The Islamic Gold Dinar – Myths and Reality4. Value Co-Creation in Shariah-Compliant Banking: A Saudi Arabian Case
Study
PRACTITIONER’S ARTICLE:1. Musharakah Mutananaqisah and Legal Issues: Case Study of Malaysia
RESEARCH NOTES1. Cost of Funds – Is It a Part of Actual Loss (Ta’wid)?2. Enhancing the Integrity of Islamic Financial Institutions in Malaysia: The
Case for the Shariah Audit Framework3. Maqasid al-Shariah and Islamic Financial Products: A Framework for
Assessment4. The Islamic View on Money and its Implication for Financial Instruments5. The Obligation of Zakah upon a Legal Entity
VOL. 3, ISSUE 1, JUNE 2011
VOL. 3, ISSUE 2, DECEMBER 2011RM 45.00 / USD 12.00
ISBN/ISSN: 0128-1976Year Published: 2011
ACADEMIC ARTICLES:1. Shariah Parameters of Musharakah Mutanaqisah in Islamic Finance: The
Experience of Australian Institutions Offering Islamic Financial Services2. An Analysis of the Courts’ Decisions on Islamic Finance Disputes3. The Case for the Islamic Gold Dinar4. Comparison of Quantitative Shariah-Compliant Screening Methods
PRACTITIONER’S ARTICLEWhy Does Categorisation of Sukuk Structures Matter?
RESEARCH NOTES1. Principles of Wa’ad and Muwa’dah: Their Application in Islamic Financial
Contracts2. The Applicability of International Financial Reporting Standards (IFRS) in
Islamic Financial Transactions: An Analysis from the Shariah Perspective3. Revisiting the Fiqh Characterisations of the Rahn-Based Islamic Microcredit
Product4. The Parameter of Permissible Risks in Takaful5. Development of Islamic Capital Markets in Offshore Jurisdictions: 163 A
Cross-Country Analysis
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RM 45.00 / USD 12.00
ISSN: 0128-1976Year Published: 2010
ACADEMIC ARTICLES1. Islamic Bank Failure: A Case Study2. Islamic Finance: The Structure-Objective Mismatchand Its Consequences3. Understanding the Concept of Maslahah and Its Parameters When Used in
Financial Transactions5. Assessing the Demand and Supply of Liquidity in Islamic Banking (The Case
of Indonesia)6. Determinants of Economic Performance of Micro-Credit Clients and
Prospects for Islamic Microfinance in Malaysia
PRACTITIONER’S ARTICLE:Performance of Islamic and Conventional Exchange Traded Funds in Malaysia
RESEARCH NOTES:1. A New Re-Takaful Model Based on Wadi’ah2. The Implementation of Ibra’ in Islamic Banking And Finance: An Analysis in
Terms of Banking Operations and Maqasidd Al-Shariah3. A Diagnosis of Tranching in Light of Shariah Principles
VOL. 2, ISSUE 1, JUNE 2010
VOL. 2, ISSUE 2, DECEMBER 2010RM 45.00 / USD 12.00
ISSN: 0128-1976Year Published: 2010
ACADEMIC ARTICLES1. Juristic Analysis of the Profit Distribution Method of Malaysian Islamic
Banks2. New Musharakah Model in Managing Islamic Investment3. An Overview of Shariah Issues Regarding the Application of the Islamic
Letter of Credit Practice in Malaysia4. Case Studies of the Practice of Nomination and Hibah by Malaysian Takaful
Operators5. An Empirical Investigation into SMEs’ Perceptions of Credit Guarantee
Corporation (CGC) Malaysia Berhad: A Case Study of the Islamic Guarantee Scheme in Malaysia
PRACTITIONER’S ARTICLEIslamic Liquidity Management – The Malaysian Experience
RESEARCH NOTES1. Shariah Parameters of hiyal in Islamic Finance2. Analytical Study of the Interaction Between Fatawa, Shariah Rulings,
Resolutions and Conventional Laws in Contemporary Islamic Finance in Malaysia with Cross Reference to the Practices in Saudi Arabia, Pakistan and the Sudan
3. Capital Requirements and Banking Behaviour for Islamic Banks
20
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VOL. 1, ISSUE 1, DECEMBER 2009RM 45.00 / USD 12.00
ISSN: 0128-1976Year Published: 2009
ACADEMIC ARTICLES1. Financial Crisis: Risks and Lessons for Islamic Finance2. The Global Financial Crisis, Risk Management and Social Justice in Islamic
Finance3. Shariah Governance for Islamic Financial Institutions4. Shariah Parameters on the Islamic Foreign Exchange Swap as a Hedging
Mechanism in Islamic Finance
PRACTITIONERS’ ARTICLE:1. From “Asset-backed” to “Asset-light” Structures: The Intricate History of
Sukuk
RESEARCH NOTES:1. Islamic Pricing Benchmark2. Alternative Dispute Resolution in Islamic Finance: Legal Challenges and the
Way Forward3. A Synthesis of Shariah Issues and Market Challenges in the Application of
Wa’d in Equity-based Sukuk4. Shariah Parameters of Islamic Derivatives in Islamic Banking and Finance
21
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