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compliant</title> <meta name="description" content="Search results for: shariah compliant"> <meta name="keywords" content="shariah compliant"> <meta name="viewport" content="width=device-width, initial-scale=1, minimum-scale=1, maximum-scale=1, user-scalable=no"> <meta charset="utf-8"> <link href="https://cdn.waset.org/favicon.ico" type="image/x-icon" rel="shortcut icon"> <link href="https://cdn.waset.org/static/plugins/bootstrap-4.2.1/css/bootstrap.min.css" rel="stylesheet"> <link href="https://cdn.waset.org/static/plugins/fontawesome/css/all.min.css" rel="stylesheet"> <link href="https://cdn.waset.org/static/css/site.css?v=150220211555" rel="stylesheet"> </head> <body> <header> <div class="container"> <nav class="navbar navbar-expand-lg navbar-light"> <a class="navbar-brand" href="https://waset.org"> <img src="https://cdn.waset.org/static/images/wasetc.png" alt="Open Science Research Excellence" title="Open Science Research Excellence" /> </a> <button class="d-block d-lg-none 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action="https://publications.waset.org/abstracts/search"> <div id="custom-search-input"> <div class="input-group"> <i class="fas fa-search"></i> <input type="text" class="search-query" name="q" placeholder="Author, Title, Abstract, Keywords" value="shariah compliant"> <input type="submit" class="btn_search" value="Search"> </div> </div> </form> </div> </div> <div class="row mt-3"> <div class="col-sm-3"> <div class="card"> <div class="card-body"><strong>Commenced</strong> in January 2007</div> </div> </div> <div class="col-sm-3"> <div class="card"> <div class="card-body"><strong>Frequency:</strong> Monthly</div> </div> </div> <div class="col-sm-3"> <div class="card"> <div class="card-body"><strong>Edition:</strong> International</div> </div> </div> <div class="col-sm-3"> <div class="card"> <div class="card-body"><strong>Paper Count:</strong> 198</div> </div> </div> </div> <h1 class="mt-3 mb-3 text-center" style="font-size:1.6rem;">Search results for: shariah compliant</h1> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">198</span> Testing the Capital Structure Behavior of Malaysian Firms: Shariah vs. Non-Shariah Compliant </h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Asyraf%20%20Abdul%20Halim">Asyraf Abdul Halim</a>, <a href="https://publications.waset.org/abstracts/search?q=Mohd%20Edil%20Abd%20Sukor"> Mohd Edil Abd Sukor</a>, <a href="https://publications.waset.org/abstracts/search?q=Obiyathulla%20Ismath%20%20Bacha"> Obiyathulla Ismath Bacha</a> </p> <p class="card-text"><strong>Abstract:</strong></p> This paper attempts to investigate the capital structure behavior of Shariah compliant firms of various levels as well those firms who are consistently Shariah non-compliant in Malaysia. The paper utilizes a unique dataset of firms of the heterogeneous level of Shariah-compliancy status over a 20 year period from the year 1997 to 2016. The paper focuses on the effects of dynamic forces behind capital structure variation such as the optimal capital structure behavior based on the trade-off, pecking order, market timing and firmly fixed effect models of capital structure. This study documents significant evidence in support of the trade-off theory with a high speed of adjustment (SOA) as well as for the time-invariant firm fixed effects across all Shariah compliance group. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=capital%20structure" title="capital structure">capital structure</a>, <a href="https://publications.waset.org/abstracts/search?q=market%20timing" title=" market timing"> market timing</a>, <a href="https://publications.waset.org/abstracts/search?q=trade-off%20theory" title=" trade-off theory"> trade-off theory</a>, <a href="https://publications.waset.org/abstracts/search?q=equity%20risk%20premium" title=" equity risk premium"> equity risk premium</a>, <a href="https://publications.waset.org/abstracts/search?q=Shariah-compliant%20firms" title=" Shariah-compliant firms"> Shariah-compliant firms</a> </p> <a href="https://publications.waset.org/abstracts/78483/testing-the-capital-structure-behavior-of-malaysian-firms-shariah-vs-non-shariah-compliant" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/78483.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">312</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">197</span> Sustainable Investing and Corporate Performance: Evidence from Shariah Compliant Companies in Southeast Asia</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Norashikin%20Ismail">Norashikin Ismail</a>, <a href="https://publications.waset.org/abstracts/search?q=Nadia%20Anridho"> Nadia Anridho</a> </p> <p class="card-text"><strong>Abstract:</strong></p> Sustainable investing is a responsible investment that focuses on Environmental, Social, and Governance (ESG) elements. ESG integration is essential in the investment process as it provides a positive contribution to the corporate performance for stakeholders, specifically investors. Sustainable investing is in line with the objectives of Shariah (Maqasid of Shariah), such as social inclusion as well as environmental preservation. This study attempts to evaluate the impact of ESG elements to the corporate financial performance among Shariah compliant stocks listed in two countries, namely Malaysia and Indonesia. The motivation of this study is to provide a further understanding in corporate sustainability for two different Islamic capital markets. The existence of the FTSE4Good Asean Index has played a vital role for ESG practices and eventually encouraged specific index for ESG and Shariah Compliant stocks. Our sample consists of 60 companies over the period 2010-2020 from two Southeast countries. We employ System Generalized Method of Moments (GMM) to reduce bias and more specific parameter estimation. Shariah Compliant companies tend to have higher ESG scores and are positively correlated to corporate financial performance. ESG integration with Shariah based investing would provide higher returns and lower risks for Muslim investors. Essentially, integrating ESG and Shariah, compliant companies lead to better financial performance. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=shariah%20compliant" title="shariah compliant">shariah compliant</a>, <a href="https://publications.waset.org/abstracts/search?q=southeast%20asia" title=" southeast asia"> southeast asia</a>, <a href="https://publications.waset.org/abstracts/search?q=corporate%20performance" title=" corporate performance"> corporate performance</a>, <a href="https://publications.waset.org/abstracts/search?q=sustainable%20investing" title=" sustainable investing"> sustainable investing</a> </p> <a href="https://publications.waset.org/abstracts/140387/sustainable-investing-and-corporate-performance-evidence-from-shariah-compliant-companies-in-southeast-asia" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/140387.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">189</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">196</span> Shariah Perspective on Legal Framework and Practice of Margin Financing in Pakistan</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Anees%20Tahir">Anees Tahir</a> </p> <p class="card-text"><strong>Abstract:</strong></p> Margin financing plays a significant role in Pakistan's stock market (PSX), offering investors the opportunity to maximize profits by borrowing funds from financiers to purchase marginable stocks. However, this financial practice raises several Shariah-related concerns. The study follows legal doctrinal research methodology. It explains and analyzes the law of margin financing prevailing in PSX and compares it with the principles of Shariah. It also examines and investigates the practices of margin financing from the perspective of Shariah. As part of the study, the researcher has conducted structured interviews with the Shariah advisors of the finance industry, academicians, market practitioners, and regulators. Thus, the study analyzes the findings of interviews. This article explores the legal framework and practice of margin financing in Pakistan from a Shariah perspective. The article investigates various issues relating to margin financing, including the fundamental concern of interest-based lending, which contravenes Islamic principles. It also highlights the problematic subject matter of margin financing, often involving non-Shariah compliant securities. Additionally, the article addresses the restriction on proprietary rights and the problematic element of speculation associated with margin financing. To provide a Shariah-compliant alternative, the Securities and Exchange Commission of Pakistan (SECP) introduced Murabahah Shares Financing (MSF) in 2019. However, the focus of the market is still on conventional margin financing. In the opinion of the researcher, the effective implementation of MSF is imperative because in the absence of such an alternative, the faith sensitive investor will remain deprived of a level playing field, and he is unable to get required financing opportunities through a halal and Shariah-compliant manner. This article argues that margin financing in its current form is incompatible with Shariah principles and should be discontinued. It is recommended that the SECP should gradually phase out the use of margin financing and increase reliance on MSF to provide faith-sensitive and committed investors with Shariah-compliant financing options. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=margin%20financing" title="margin financing">margin financing</a>, <a href="https://publications.waset.org/abstracts/search?q=marginable%20stocks" title=" marginable stocks"> marginable stocks</a>, <a href="https://publications.waset.org/abstracts/search?q=faith%20sensitive%20investor" title=" faith sensitive investor"> faith sensitive investor</a>, <a href="https://publications.waset.org/abstracts/search?q=Murabahah%20shares%20financing" title=" Murabahah shares financing"> Murabahah shares financing</a> </p> <a href="https://publications.waset.org/abstracts/178012/shariah-perspective-on-legal-framework-and-practice-of-margin-financing-in-pakistan" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/178012.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">71</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">195</span> Decomposition of Funds Transfer Pricing Components in Islamic Bank: The Exposure Effect of Shariah Non-Compliant Event Rectification Process</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Azrul%20Azlan%20Iskandar%20Mirza">Azrul Azlan Iskandar Mirza</a> </p> <p class="card-text"><strong>Abstract:</strong></p> The purpose of Funds Transfer Pricing (FTP) for Islamic Bank is to promote prudent liquidity risk-taking behavior of business units. The acquirer of stable deposits will be rewarded whilst a business unit that generates long-term assets will be charged for added liquidity funding risks. In the end, it promotes risk-adjusted pricing by incorporating profit rate risk and liquidity risk component in the product pricing. However, in the event of Shariah non-compliant (SNCE), FTP components will be examined in the rectification plan especially when Islamic banks need to purify the non-compliance income. The finding shows that the determination between actual and provision cost will defer the decision among Shariah committee in Islamic banks. This paper will review each of FTP components to ensure the classification of actual and provision costs reflect the decision on rectification process on SNCE. This will benefit future decision and its consistency of Islamic banks. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=fund%20transfer%20pricing" title="fund transfer pricing">fund transfer pricing</a>, <a href="https://publications.waset.org/abstracts/search?q=Islamic%20banking" title=" Islamic banking"> Islamic banking</a>, <a href="https://publications.waset.org/abstracts/search?q=Islamic%20finance" title=" Islamic finance"> Islamic finance</a>, <a href="https://publications.waset.org/abstracts/search?q=shariah%20non-compliant%20event" title=" shariah non-compliant event"> shariah non-compliant event</a> </p> <a href="https://publications.waset.org/abstracts/102296/decomposition-of-funds-transfer-pricing-components-in-islamic-bank-the-exposure-effect-of-shariah-non-compliant-event-rectification-process" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/102296.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">194</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">194</span> Challenging Shariah-Compliant Contract: A Latest Insight into the Malaysian Court Cases</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Noor%20Suhaida%20Kasri">Noor Suhaida Kasri</a> </p> <p class="card-text"><strong>Abstract:</strong></p> In the last three decades, Malaysia has developed fundamental legal and regulatory structures that aim to accommodate and facilitate the growth of Islamic banking and finance industry. Important building blocks have been put in place, to cite a few, the elevation of the position of the Malaysian Central Bank Shariah Advisory Council (SAC) as the apex advisory body and the empowerment of their Shariah resolutions through the Central Bank Act 1958; the promulgation of the Islamic Financial Services Act 2013 that regulate and govern Islamic finance market with a robust statutory requirement of Shariah governance and Shariah compliance. Notwithstanding these achievements, enforceability of Shariah-compliant contract remains a contentious subject. The validity of Al Bai Bithaman Ajil concept that was commonly used by the Islamic financial institutions in their financing facilities structures and documentation has been unabatedly challenged by the customers in courts. The challenge was due to the manner in which the Al Bai Bithaman Ajil transactions were carried out. Due to this legal challenge, Al Bai Bithaman Ajil financing structure seems to no longer be the practitioners’ favourite in Malaysia, though its substitute tawarruq and commodity murabahah financing structure may potentially face similar legal challenges. This paper examines the legal challenges affecting the enforceability of these underlying Shariah contracts. The examination of these cases highlights the manner in which these contracts were being implemented and applied by the Malaysian Islamic financial institutions that triggered Shariah and legal concern. The analysis also highlights the approach adopted by the Malaysian courts in determining the Shariah issues as well as the SAC in ascertaining the rulings on the Shariah issues referred to it by the courts. The paper adopts a qualitative research methodology by using textual and documentary analysis approach. The outcome of this study underlines factors that require consideration by industry stakeholder in order to ameliorate the efficacy of the existing building blocks that would eventually strengthens the validity and enforceability of Shariah-compliant contracts. This, in the long run, will further reinforce financial stability and trust into the Islamic banking and finance industry in Malaysia. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=enforceability%20of%20Shariah%20compliant%20contract" title="enforceability of Shariah compliant contract">enforceability of Shariah compliant contract</a>, <a href="https://publications.waset.org/abstracts/search?q=legal%20challenge" title=" legal challenge"> legal challenge</a>, <a href="https://publications.waset.org/abstracts/search?q=legal%20and%20regulatory%20framework" title=" legal and regulatory framework"> legal and regulatory framework</a>, <a href="https://publications.waset.org/abstracts/search?q=Shariah%20Advisory%20Council" title=" Shariah Advisory Council"> Shariah Advisory Council</a> </p> <a href="https://publications.waset.org/abstracts/52156/challenging-shariah-compliant-contract-a-latest-insight-into-the-malaysian-court-cases" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/52156.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">234</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">193</span> Bridging between Shariah Law and Legal Framework: A Study of Problems and Solutions of Islamic Banking System in Bangladesh</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Md.%20Abdul%20Kader">Md. Abdul Kader</a>, <a href="https://publications.waset.org/abstracts/search?q=Md.%20Akiz%20Uddin"> Md. Akiz Uddin</a> </p> <p class="card-text"><strong>Abstract:</strong></p> The Islamic banking system is based on the Islamic shariah principles. Islamic banking is set up to avoid riba (interest)--which is prohibited in Islam-- and to prevent unscrupulous practices and participate actively in achieving the welfare-oriented Islamic economy. In the process of offering Islamic banking services, practitioners have been facing several challenges. Out of many challenges, this paper particularly highlights the need for a centralized legal framework for Islamic banks that should be compliant with the shariah law. The researchers employed a qualitative method to collect case studies from high-profile Islamic Bankers and analyzed respective legal documents and policy papers to conduct the study. This study investigates the Shariah Governance Framework (SGF), amended Banking Companies Act, 1991 (Act No. 14 of 1991), and the Shariah Supervisory Board (SSB) of Islamic banks in Bangladesh to evaluate how legal framework supervise and/or monitor Islamic banking system under the jurisdiction of shariah law. The study reveals that the Shariah governance system in Bangladesh is mainly voluntary rather than regulatory, and there is an absence of full-fledged SGF. Though there is no complete Islamic Banking Act for controlling, guiding, and supervising the Islamic banks in Bangladesh, some Islamic banking provisions have already been incorporated in the amended Banking Companies Act, 1991 (Act No. 14 of 1991). Bangladesh Bank did not set up any separate Department at its Head Office to control, guide and supervise the operation of the Islamic banks. So, ensuring the implementation of Shariah principles concurrent with the legal framework of banking policies is recommended in this study. This study also prescribes that the government should enact a law or policy for the operations of Islamic banks in order to improve the Islamic Banking system of Bangladesh. In addition, the central bank can set up a Central Shariah Supervisory Board (CSSB) or authorize the existing Central Shariah Board for Islamic Banks of Bangladesh (CSBIB) to supervise and monitor overall activities of Islamic banks and resolve the disputes among the stakeholders concerning the Shariah issues of Islamic banks. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=islamic%20banking" title="islamic banking">islamic banking</a>, <a href="https://publications.waset.org/abstracts/search?q=shariah%20law" title=" shariah law"> shariah law</a>, <a href="https://publications.waset.org/abstracts/search?q=banking%20policies" title=" banking policies"> banking policies</a>, <a href="https://publications.waset.org/abstracts/search?q=shariah%20governance%20framework%20%28SGF%29" title=" shariah governance framework (SGF)"> shariah governance framework (SGF)</a> </p> <a href="https://publications.waset.org/abstracts/164858/bridging-between-shariah-law-and-legal-framework-a-study-of-problems-and-solutions-of-islamic-banking-system-in-bangladesh" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/164858.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">72</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">192</span> Empowering the Sustainability of Community Health: An Application of the Theory of Maqasid Al-Shariah</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Ahasanul%20Haque">Ahasanul Haque</a>, <a href="https://publications.waset.org/abstracts/search?q=Noor%20Hazilah%20Abd%20Manaf"> Noor Hazilah Abd Manaf</a>, <a href="https://publications.waset.org/abstracts/search?q=Zohurul%20Anis"> Zohurul Anis</a>, <a href="https://publications.waset.org/abstracts/search?q=Tarekol%20Islam"> Tarekol Islam</a> </p> <p class="card-text"><strong>Abstract:</strong></p> Sustainable community health (SCH) is an example of a new healthcare concept formed from applying the Maqasid al-Shariah principle to hospital management and delivery services. Because the idea is novel, it needs comprehensive and ongoing investigation to be improved. However, there is a lack of research on the necessity of developing sustainable community health (SCH), particularly its organizational structure. Furthermore, there is a misconception about the order of components in Maqasid al-Shariah, particularly in a hospital setting. Furthermore, the use of medicines and treatment by conventional recommendations to carry out the treatment by the Maqasid al Shariah. As such, this study focuses on the essential prerequisite for establishing a sustainable community health system based on Maqasid al-Shariah. This study discusses the use of Maqasid al-Shariah in administration and treatment. In this qualitative research approach, a literature search and interviews with specialists are conducted. The gathered data is examined using content analysis, emphasizing inductive and deductive reasoning. The research reveals that the Shariah Advisory Council and Shariah Critical Point are necessary for sustainable community health. In conclusion, by discussing the causes for each instance, this research adds to the creation of methods for determining the level of Maasid al-Shariah in-hospital care. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=empowering" title="empowering">empowering</a>, <a href="https://publications.waset.org/abstracts/search?q=sustainability" title=" sustainability"> sustainability</a>, <a href="https://publications.waset.org/abstracts/search?q=community%20health" title=" community health"> community health</a>, <a href="https://publications.waset.org/abstracts/search?q=maqasid%20al%20shariah" title=" maqasid al shariah"> maqasid al shariah</a>, <a href="https://publications.waset.org/abstracts/search?q=hospital%20and%20malaysia" title=" hospital and malaysia"> hospital and malaysia</a> </p> <a href="https://publications.waset.org/abstracts/166177/empowering-the-sustainability-of-community-health-an-application-of-the-theory-of-maqasid-al-shariah" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/166177.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">84</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">191</span> Shariah Compliance Space Planning for Hotel Room Design </h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Syaza%20Bt.%20Saifuddin">Syaza Bt. Saifuddin</a>, <a href="https://publications.waset.org/abstracts/search?q=Rashidi%20Bin%20Othman"> Rashidi Bin Othman</a>, <a href="https://publications.waset.org/abstracts/search?q=Muhammad%20Hafizuddin%20Akmal%20Bin%20Md%20Hashim"> Muhammad Hafizuddin Akmal Bin Md Hashim</a>, <a href="https://publications.waset.org/abstracts/search?q=Ismail%20Bin%20Jasmani"> Ismail Bin Jasmani</a>, <a href="https://publications.waset.org/abstracts/search?q=Noor%20Hanita%20Bt.%20Abdul%20Majid"> Noor Hanita Bt. Abdul Majid</a> </p> <p class="card-text"><strong>Abstract:</strong></p> This paper illustrates the background of various concepts, approaches, terminologies used to describe the basic framework of an Islamic Hotel Room design. This paper reviews the theoretical views in establishing a suitable and optimum environment for Muslim as well as non-Muslim guests in hotel rooms while according to shariah. It involves a few research methodologies that requires the researcher to study on a few characteristics needed to create more efficient rooms in terms of social interaction, economic growth and other tolerable elements. This paper intends on revealing the elements that are vital and may contribute for hotels in achieving a more conclusive research on space planning for hotel rooms focusing on the shariah and Muslim guests. Malaysia is an Islamic country and has billion of tourists coming over for business and recreational purposes. Therefore, having a righteous environment that best suit this target user is important in terms of generating the economy as well as providing a better understanding to the community on the benefits of applying these qualities in a conventional resort design. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=design" title="design">design</a>, <a href="https://publications.waset.org/abstracts/search?q=Islam" title=" Islam"> Islam</a>, <a href="https://publications.waset.org/abstracts/search?q=room" title=" room"> room</a>, <a href="https://publications.waset.org/abstracts/search?q=shariah%20compliant%20hotel" title=" shariah compliant hotel"> shariah compliant hotel</a> </p> <a href="https://publications.waset.org/abstracts/31452/shariah-compliance-space-planning-for-hotel-room-design" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/31452.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">348</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">190</span> Performance Assessment of Islamic Banks in the Light of Maqasid Al-Shariah</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Asma%20Ammar">Asma Ammar</a> </p> <p class="card-text"><strong>Abstract:</strong></p> Being different in theory and practice from their conventional counterparts, this research aims to assess the performance of Islamic banks beyond the financial performance by emphasizing their ethical and social identity based on the higher purposes of Islamic law, namely Maqasid al-Shariah. Using Imam al-Ghazali’s theory of Maqasid al-Shariah and Sekaran’s (2000) method, we develop a Maqasid-based index including the five objectives of Shariah (preservation of life, religion, intellect, posterity, and wealth). Our sample covers 9 Islamic banks considered among the largest Islamic banks in the world. For the five years of study (2017-2021), our results reveal that the highest score is performed by Bank Muamalat while the least score is given to Dubai Islamic Bank. The overall Maqasid performance of the sample is unimpressive, indicating that there is a lack of achievement in Maqasid al-Shariah performance of Islamic banks. Consequently, serious measures should be taken by Islamic banks to improve their Maqasid performance and thus contribute effectively to the socio-economic development of the countries in which they operate. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=Maqasid%20al-Shariah" title="Maqasid al-Shariah">Maqasid al-Shariah</a>, <a href="https://publications.waset.org/abstracts/search?q=Maqasid%20al-Shariah%20index" title=" Maqasid al-Shariah index"> Maqasid al-Shariah index</a>, <a href="https://publications.waset.org/abstracts/search?q=Islamic%20banks" title=" Islamic banks"> Islamic banks</a>, <a href="https://publications.waset.org/abstracts/search?q=performance%20assessment" title=" performance assessment"> performance assessment</a> </p> <a href="https://publications.waset.org/abstracts/163513/performance-assessment-of-islamic-banks-in-the-light-of-maqasid-al-shariah" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/163513.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">76</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">189</span> Towards the Development of Islamic Accounting Standards for Baitulmal, Waqaf, and Zakat Transactions: Addressing Gaps for Enhanced Accountability</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=N.%20Farahin%20Ali">N. Farahin Ali</a>, <a href="https://publications.waset.org/abstracts/search?q=Naharriah%20Mohamed"> Naharriah Mohamed</a>, <a href="https://publications.waset.org/abstracts/search?q=Hafiz%20Majdi"> Hafiz Majdi</a>, <a href="https://publications.waset.org/abstracts/search?q=Fathiyyah"> Fathiyyah</a>, <a href="https://publications.waset.org/abstracts/search?q=Fadliana%20Saman"> Fadliana Saman</a> </p> <p class="card-text"><strong>Abstract:</strong></p> This paper investigates the imperative for developing Islamic accounting standards tailored to Baitulmal, waqaf, and zakat transactions, with the goal of strengthening accountability and transparency in financial reporting. Current financial reporting frameworks in Malaysia—namely, the Malaysian Financial Reporting Standards (MFRS) and Malaysian Private Entities Reporting Standards (MPERS)—are designed predominantly for conventional financial transactions and fail to fully capture the Shariah-specific nature of these religious funds. The objective of this study is to critically examine the discrepancies between these conventional reporting standards and the requirements of Shariah-compliant financial transactions, specifically for Baitulmal, waqaf, and zakat. This research adopts a qualitative methodology, utilizing case studies from four different State Islamic Religious Councils to explore the current reporting practices. The findings reveal significant gaps between the conventional frameworks and the specific needs of Shariah-compliant accounting, leading to off-balance-sheet reporting of certain transactions and inconsistencies in financial disclosures across different states. These disparities undermine both the comparability and integrity of the financial reports, raising critical concerns regarding transparency and governance. The broader implications of this study underscore the necessity for a unified Islamic accounting standard that would align more closely with Shariah principles. Such a standard would not only enhance the disclosure and presentation of baitulmal, waqaf, and zakat transactions, but also improve decision-making processes, thereby fostering greater accountability and trust in the management of these Islamic funds. This paper advocates for a concerted effort to bridge the existing gap, ensuring that the distinctive characteristics of Islamic charitable funds are appropriately reflected in the financial reporting process. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=islamic%20accounting" title="islamic accounting">islamic accounting</a>, <a href="https://publications.waset.org/abstracts/search?q=waqf" title=" waqf"> waqf</a>, <a href="https://publications.waset.org/abstracts/search?q=zakat" title=" zakat"> zakat</a>, <a href="https://publications.waset.org/abstracts/search?q=islamic%20finance" title=" islamic finance"> islamic finance</a> </p> <a href="https://publications.waset.org/abstracts/193599/towards-the-development-of-islamic-accounting-standards-for-baitulmal-waqaf-and-zakat-transactions-addressing-gaps-for-enhanced-accountability" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/193599.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">13</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">188</span> Identifying the Determinants of the Shariah Non-Compliance Risk via Principal Axis Factoring </h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Muhammad%20Arzim%20Naim">Muhammad Arzim Naim</a>, <a href="https://publications.waset.org/abstracts/search?q=Saiful%20Azhar%20Rosly"> Saiful Azhar Rosly</a>, <a href="https://publications.waset.org/abstracts/search?q=Mohamad%20Sahari%20Nordin"> Mohamad Sahari Nordin</a> </p> <p class="card-text"><strong>Abstract:</strong></p> The objective of this study is to investigate the factors affecting the rise of Shariah non-compliance risk that can bring Islamic banks to succumb to monetary loss. Prior literatures have never analyzed such risk in details despite lots of it arguing on the validity of some Shariah compliance products. The Shariah non-compliance risk in this context is looking to the potentially failure of the facility to stand from the court test say that if the banks bring it to the court for compensation from the defaulted clients. The risk may also arise if the customers refuse to make the financing payments on the grounds of the validity of the contracts, for example, when relinquishing critical requirement of Islamic contract such as ownership, the risk that may lead the banks to suffer loss when the customer invalidate the contract through the court. The impact of Shariah non-compliance risk to Islamic banks is similar to that of legal risks faced by the conventional banks. Both resulted into monetary losses to the banks respectively. In conventional banking environment, losses can be in the forms of summons paid to the customers if they won the case. In banking environment, this normally can be in very huge amount. However, it is right to mention that for Islamic banks, the subsequent impact to them can be rigorously big because it will affect their reputation. If the customers do not perceive them to be Shariah compliant, they will take their money and bank it in other places. This paper provides new insights of risks faced by credit intensive Islamic banks by providing a new extension of knowledge with regards to the Shariah non-compliance risk by identifying its individual components that directly affecting the risk together with empirical evidences. Not limited to the Islamic banking fraternities, the regulators and policy makers should be able to use findings in this paper to evaluate the components of the Shariah non-compliance risk and make the necessary actions. The paper is written based on Malaysia’s Islamic banking practices which may not directly related to other jurisdictions. Even though the focuses of this study is directly towards to the Bay Bithaman Ajil or popularly known as BBA (i.e. sale with deferred payments) financing modality, the result from this study may be applicable to other Islamic financing vehicles. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=Islamic%20banking" title="Islamic banking">Islamic banking</a>, <a href="https://publications.waset.org/abstracts/search?q=Islamic%20finance" title=" Islamic finance"> Islamic finance</a>, <a href="https://publications.waset.org/abstracts/search?q=Shariah%20Non-compliance%20risk" title=" Shariah Non-compliance risk"> Shariah Non-compliance risk</a>, <a href="https://publications.waset.org/abstracts/search?q=Bay%20Bithaman%20Ajil%20%28BBA%29" title=" Bay Bithaman Ajil (BBA)"> Bay Bithaman Ajil (BBA)</a>, <a href="https://publications.waset.org/abstracts/search?q=principal%20axis%20factoring" title=" principal axis factoring"> principal axis factoring</a> </p> <a href="https://publications.waset.org/abstracts/15702/identifying-the-determinants-of-the-shariah-non-compliance-risk-via-principal-axis-factoring" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/15702.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">302</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">187</span> Informational Efficiency and Integration: Evidence from Gulf Cooperation Council (GCC) Shariah Equity Market</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Sania%20Ashraf">Sania Ashraf</a> </p> <p class="card-text"><strong>Abstract:</strong></p> The paper focuses on the prevalence of informational efficiency and integration of GCC Shariah Equity market for the period of 01st January 2010 to 31st June 2015 with daily equity returns of Kuwait, Oman, Qatar, Bahrain, Saudi Arabia and United Arab Emirates. The study employs traditional as well as the modern approach of tracing out the efficiency and integration in the return series. From the results of efficiency it was observed that the market lacked efficiency in terms of its past information. The results of integration test clearly indicates that there was a long memory in the returns of GCC Shariah during the study period. Hence it was concluded and proved that the returns of all GCC Equity Shariah were not informationally efficient but fractionally integrated during the study period. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=efficiency" title="efficiency">efficiency</a>, <a href="https://publications.waset.org/abstracts/search?q=Fama" title=" Fama"> Fama</a>, <a href="https://publications.waset.org/abstracts/search?q=GCC%20shariah" title=" GCC shariah"> GCC shariah</a>, <a href="https://publications.waset.org/abstracts/search?q=hurst%20exponent" title=" hurst exponent"> hurst exponent</a>, <a href="https://publications.waset.org/abstracts/search?q=integration" title=" integration"> integration</a>, <a href="https://publications.waset.org/abstracts/search?q=serial%20correlation" title=" serial correlation"> serial correlation</a> </p> <a href="https://publications.waset.org/abstracts/50792/informational-efficiency-and-integration-evidence-from-gulf-cooperation-council-gcc-shariah-equity-market" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/50792.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">362</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">186</span> Need for Shariah Screening of Companies in Nigeria: Lessons from Other Jurisdictions</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Aishat%20Abdul-Qadir%20Zubair">Aishat Abdul-Qadir Zubair</a> </p> <p class="card-text"><strong>Abstract:</strong></p> Background: The absence of Shari’ah screening methodology for companies in Nigeria has further engineered the uncertainty surrounding the acceptability of investing in certain companies by people professing the religion of Islam due to the nature of the activities carried out by these companies. There are some existing shariah screening indices in other jurisdictions whose criteria can be used to check if a company or business is shariah-compliant or not. Examples such as FTSE, DJIM, Standard and Poor to mention just a few. What these indices have tried to do is to ensure that there are benchmarks to check with before investing in companies that carry out mixed activities in their business, wherein some are halal and others may be haram. Purpose: There have been numerous studies on the need to adopt certain screening methodologies as well as call for new methods in screening companies for shariah compliance in order to suit the investments needs of Muslims in other jurisdictions. It is, however, unclear how suitable these methodologies will be to Nigeria. This paper, therefore, seeks to address this gap to consider an appropriate screening methodology to be employed in Nigeria, drawing from the experience of other jurisdictions. Methods: This study employs a triangulation of both quantitative and qualitative methods to analyze the need for Shari’ah screening of companies in Nigeria. The qualitative method is used by way of ijtihad, and this study tries to apply some Islamic Principles of Maqasid al-shari’ah as well as Qawaid al-Fiqiyyah to analyze activities of companies in order to ensure that they are indeed Shari’ah compliant. In addition, using the quantitative data gathered from the interview survey, the perspective of the investors with regards to the need for Shari’ah screening of companies in Nigeria is further analyzed. Results: The result of the study shows that there is a lack of awareness from the teeming Muslim population in Nigeria on the need for Shari’ah screening of companies in Nigeria. The result further shows that there is the need to take into cognizance the peculiar nature of company activities in Nigeria before any particular Shari’ah screening methodology is adopted and setting the necessary benchmarks. Conclusion and Implications: The study concludes that there is the need to ensure that the conscious Muslims in Nigeria screen companies for Shari’ah compliance so that they can easily identify the companies to invest in. The paper, therefore, recommends that the Nigerian government need to come up with a screening methodology that will suit the peculiar nature of companies in Nigeria. The study thus has a direct implication on the Investment regulatory bodies in Nigeria such as the Securities and Exchange Commission (SEC), Central Bank of Nigeria (CBN) as well as the investor Muslims. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=Shari%27ah%20screening" title="Shari'ah screening">Shari'ah screening</a>, <a href="https://publications.waset.org/abstracts/search?q=Muslims" title=" Muslims"> Muslims</a>, <a href="https://publications.waset.org/abstracts/search?q=investors" title=" investors"> investors</a>, <a href="https://publications.waset.org/abstracts/search?q=companies" title=" companies"> companies</a> </p> <a href="https://publications.waset.org/abstracts/143016/need-for-shariah-screening-of-companies-in-nigeria-lessons-from-other-jurisdictions" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/143016.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">167</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">185</span> Shariah Guideline on Value-Based Intermediation Implementation in the Light of Maqasid Shariah Analysis</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Muhammad%20Izzam%20Bin%20Mohd%20Khazar">Muhammad Izzam Bin Mohd Khazar</a>, <a href="https://publications.waset.org/abstracts/search?q=Ruqayyah%20Binti%20Mohamad%20Ali"> Ruqayyah Binti Mohamad Ali</a>, <a href="https://publications.waset.org/abstracts/search?q=Nurul%20Atiqah%20Binti%20Yusri"> Nurul Atiqah Binti Yusri</a> </p> <p class="card-text"><strong>Abstract:</strong></p> Value-based intermediation (VBI) has been introduced by Bank Negara Malaysia (BNM) as the next strategic direction and growth driver for Islamic banking institutions. The aim of VBI is to deliver the intended outcome of Shariah through practices, conducts, and offerings that generate positive and sustainable impact to the economy, community and environment which is aligned to Maqasid Shariah in preserving the common interest of society by preventing harm and maximizing benefit. Hence, upon its implementation, VBI will experiment the current Shariah compliance treatment and revolutionise new policies and systems that can meritoriously entrench and convey the objectives of Shariah. However, discussion revolving VBI in the light of Maqasid analysis is still scarce hence further research needs to be undertaken. The idea of implementation of VBI vision into quantifiable Maqasid Shariah measurement is yet to be explored due to the nature of Maqasid that is variable. The contemporary scholars also have different views on the implementation of VBI. This paper aims to discuss on the importance of Maqasid Shariah in the current Islamic finance transactions by providing Shariah index measurement in the application of VBI. This study also intends to explore basic Shariah guidelines and parameters based on the objectives of Shariah; preservation of the five pillars (religion, life, progeny, intellect and wealth) with further elaboration on preservation of wealth under five headings: rawaj (circulation and marketability); wuduh (transparency); hifz (preservation); thabat (durability and tranquillity); and ‘adl (equity and justice). In alignment with these headings, Islamic finance can be innovated for VBI implementation, particularly in Maybank Islamic being a significant leader in the IFI market. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=Islamic%20Financial%20Institutions" title="Islamic Financial Institutions">Islamic Financial Institutions</a>, <a href="https://publications.waset.org/abstracts/search?q=Maqasid%20Index" title=" Maqasid Index"> Maqasid Index</a>, <a href="https://publications.waset.org/abstracts/search?q=Maqasid%20Shariah" title=" Maqasid Shariah"> Maqasid Shariah</a>, <a href="https://publications.waset.org/abstracts/search?q=sustainability" title=" sustainability"> sustainability</a>, <a href="https://publications.waset.org/abstracts/search?q=value-based%20intermediation" title=" value-based intermediation"> value-based intermediation</a> </p> <a href="https://publications.waset.org/abstracts/106421/shariah-guideline-on-value-based-intermediation-implementation-in-the-light-of-maqasid-shariah-analysis" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/106421.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">168</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">184</span> A Multi-Agent Smart E-Market Design at Work for Shariah Compliant Islamic Banking</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Wafa%20Ghonaim">Wafa Ghonaim</a> </p> <p class="card-text"><strong>Abstract:</strong></p> Though quite fast on growth, Islamic financing at large, and its diverse instruments, is a controversial matter among scholars. This is evident from the ongoing debates on its Shariah compliance. Arguments, however, are inciting doubts and concerns among clients about its credibility, which is harming this lucrative sector. The work here investigates, particularly, some issues related to the Tawarruq instrument. The work examines the issues of linking Murabaha and Wakala contracts, the reselling of commodities to same traders, and the transfer of ownerships. The work affirms that a multi-agent smart electronic market design would facilitate Shariah compliance. The smart market exploits the rational decision-making capabilities of autonomous proxy agents that enable the clients, traders, brokers, and the bank buy and sell commodities, and manage transactions and cash flow. The smart electronic market design delivers desirable qualities that terminate the need for Wakala contracts and the reselling of commodities to the same traders. It also resolves the ownership transfer issues by allowing stakeholders to trade independently. The bank administers the smart electronic market and assures reliability of trades, transactions and cash flow. A multi-agent simulation is presented to validate the concept and processes. We anticipate that the multi-agent smart electronic market design would deliver Shariah compliance of personal financing to the aspiration of scholars, banks, traders and potential clients. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=Islamic%20finance" title="Islamic finance">Islamic finance</a>, <a href="https://publications.waset.org/abstracts/search?q=share%27ah%20compliance" title=" share'ah compliance"> share'ah compliance</a>, <a href="https://publications.waset.org/abstracts/search?q=smart%20electronic%20markets%20design" title=" smart electronic markets design"> smart electronic markets design</a>, <a href="https://publications.waset.org/abstracts/search?q=multiagent%20systems" title=" multiagent systems"> multiagent systems</a> </p> <a href="https://publications.waset.org/abstracts/82623/a-multi-agent-smart-e-market-design-at-work-for-shariah-compliant-islamic-banking" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/82623.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">317</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">183</span> Beneficial Ownership in Islamic Finance: The Need for Shari'ah Parameters</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Nik%20Abdul%20Rahim%20Nik%20Abdul%20Ghani">Nik Abdul Rahim Nik Abdul Ghani</a>, <a href="https://publications.waset.org/abstracts/search?q=Mat%20Noor%20Mat%20Zain"> Mat Noor Mat Zain</a>, <a href="https://publications.waset.org/abstracts/search?q=Ahmad%20Dahlan%20Salleh"> Ahmad Dahlan Salleh</a> </p> <p class="card-text"><strong>Abstract:</strong></p> Ownership of asset is an important aspect in ensuring the validity of sale contract. Nevertheless, in Islamic finance, the issue of beneficial ownership as practiced in the current system is seriously debated among Shariah scholars. It has been argued as violating the real concept of ownership (milkiyyah) in Shariah law. This article aims at studying the status of beneficial ownership from the Shariah perspective. This study begins with examining the meaning of ownership and its attributes from the Islamic point of view and followed by the discussion on the origin of beneficial ownership from the legal perspective. The approach that is applied to clarify the concept of beneficial ownership is content analysis. Subsequently, this study explains some current applications of beneficial ownership in Islamic finance to be analyzed further from the Shariah aspect. The research finding suggests that beneficial ownership should be recognized as a real ownership due to the fact that Shariah allows the transfer of ownership after the execution of offer (ijab) and acceptance (qabul). <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=beneficial%20ownership" title="beneficial ownership">beneficial ownership</a>, <a href="https://publications.waset.org/abstracts/search?q=ownership" title=" ownership"> ownership</a>, <a href="https://publications.waset.org/abstracts/search?q=Islamic%20finance" title=" Islamic finance"> Islamic finance</a>, <a href="https://publications.waset.org/abstracts/search?q=parameter" title=" parameter"> parameter</a> </p> <a href="https://publications.waset.org/abstracts/72334/beneficial-ownership-in-islamic-finance-the-need-for-shariah-parameters" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/72334.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">270</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">182</span> The Impact of Shariah Non-Compliance Risk on Islamic Financial Institutions</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Ibtissam%20Mharzi%20Alaoui">Ibtissam Mharzi Alaoui</a>, <a href="https://publications.waset.org/abstracts/search?q=Cam%C3%A9lia%20Sehaqui"> Camélia Sehaqui</a> </p> <p class="card-text"><strong>Abstract:</strong></p> The success of a bank depends upon its effective risk management. With the growing complexity and diversity of financial products and services, as well as the accelerating pace of globalization over the past decade, risk management is becoming increasingly difficult. thus, all measurement and monitoring functions must be much more vigorous, relevant and adequate. The Shariah non-compliance risk is specific aspect of Islamic finance which ipso facto, deserves particular attention. It affects the validity of all Islamic financial contracts and it turns out to be likely to result in considerable losses on the overall Islamic financial institutions (IFIs). The purpose of this paper is to review the theoretical literature on Shariah non-compliance risk in order to give a clearer understanding of its sources, causes and consequences. Our intention through this work is to bring added value to the Islamic finance industry all over the world. The findings provide a useful reference work for the Islamic banks in structuring (or restructuring) of their own system of shariah risk management and internal control. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=Shariah%20non-compliance" title="Shariah non-compliance">Shariah non-compliance</a>, <a href="https://publications.waset.org/abstracts/search?q=risk%20management" title=" risk management"> risk management</a>, <a href="https://publications.waset.org/abstracts/search?q=financial%20products" title=" financial products"> financial products</a>, <a href="https://publications.waset.org/abstracts/search?q=Islamic%20finance." title=" Islamic finance."> Islamic finance.</a> </p> <a href="https://publications.waset.org/abstracts/161077/the-impact-of-shariah-non-compliance-risk-on-islamic-financial-institutions" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/161077.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">88</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">181</span> Islamic Banking: An Ultimate Source of Financial Inclusion</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Tasawar%20Nawaz">Tasawar Nawaz</a> </p> <p class="card-text"><strong>Abstract:</strong></p> Promotion of socioeconomic justice through redistribution of wealth is one of the most salient features of Islamic economic system. Islamic financial institutions known as Islamic banks are used to implement this in practice under the guidelines of Islamic <em>Shariah</em> law. Islamic banking systems strive to promote and achieve financial inclusion among the society by offering interest-free banking and risk-sharing financing solutions. <em>Shariah</em>-compliant micro finance is one of the most popular financial instruments used by Islamic banks to enhance access to finance. Benevolent loan (or <em>Qard-al-Hassanah</em>) is one of the popular financial tools used by the Islamic banks to promote financial inclusion. This aspect of Islamic banking is empirically examined in this paper with specific reference to firm’s resources, largely defined here as intellectual capital. The paper finds that Islamic banks promote financial inclusion by exploiting available resources especially, the human intellectual capital. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=financial%20inclusion" title="financial inclusion">financial inclusion</a>, <a href="https://publications.waset.org/abstracts/search?q=intellectual%20capital" title=" intellectual capital"> intellectual capital</a>, <a href="https://publications.waset.org/abstracts/search?q=Qard-al-Hassanah" title=" Qard-al-Hassanah"> Qard-al-Hassanah</a>, <a href="https://publications.waset.org/abstracts/search?q=Islamic%20banking" title=" Islamic banking"> Islamic banking</a> </p> <a href="https://publications.waset.org/abstracts/76052/islamic-banking-an-ultimate-source-of-financial-inclusion" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/76052.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">321</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">180</span> A Study of Islamic Stock Indices and Macroeconomic Variables</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Mohammad%20Irfan">Mohammad Irfan</a> </p> <p class="card-text"><strong>Abstract:</strong></p> The purpose of this paper is to investigate the relationship among the key macroeconomic variables and Islamic stock market in India. This study is based on the time series data of financial years 2009-2015 to explore the consistency of relationship between macroeconomic variables and Shariah Indices. The ADF (Augmented Dickey–Fuller Test Statistic) and PP (Phillips–Perron Test Statistic) tests are employed to check stationarity of the data. The study depicts the long run relationship between Shariah indices and macroeconomic variables by using the Johansen Co-integration test. BSE Shariah and Nifty Shariah have uni-direct Granger causality. The outcome of VECM is significantly confirming the applicability of best fitted model. Thus, Islamic stock indices are proficiently working for the development of Indian economy. It suggests that by keeping eyes on Islamic stock market which will be more interactive in the future with other macroeconomic variables. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=Indian%20Shariah%20Indices" title="Indian Shariah Indices">Indian Shariah Indices</a>, <a href="https://publications.waset.org/abstracts/search?q=macroeconomic%20variables" title=" macroeconomic variables"> macroeconomic variables</a>, <a href="https://publications.waset.org/abstracts/search?q=co-integration" title=" co-integration"> co-integration</a>, <a href="https://publications.waset.org/abstracts/search?q=Granger%20causality" title=" Granger causality"> Granger causality</a>, <a href="https://publications.waset.org/abstracts/search?q=vector%20error%20correction%20model%20%28VECM%29" title=" vector error correction model (VECM)"> vector error correction model (VECM)</a> </p> <a href="https://publications.waset.org/abstracts/48403/a-study-of-islamic-stock-indices-and-macroeconomic-variables" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/48403.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">280</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">179</span> Performance of Shariah-Based Investment: Evidence from Pakistani Listed Firms</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Mohsin%20Sadaqat">Mohsin Sadaqat</a>, <a href="https://publications.waset.org/abstracts/search?q=Hilal%20Anwar%20Butt"> Hilal Anwar Butt</a> </p> <p class="card-text"><strong>Abstract:</strong></p> Following the stock selection guidelines provided by the Sharia Board (SB), we segregate the firms listed at Pakistan Stock Exchange (PSX) into Sharia Compliant (SC) and Non-Sharia Compliant (NSC) stocks. Subsequently, we form portfolios within each group based on market capitalization and volatility. The purpose is to analyze and compare the performance of these two groups as the SC stocks have lesser diversification opportunities due to SB restrictions. Using data ranging from January 2004 until June 2016, our results indicate that in most of the cases the risk-adjusted returns (alphas) for the returns differential between SC and NCS firms are positive. In addition, the SC firms in comparison to their counterparts in PSX provides excess returns that are hedged against the market, size, and value-based systematic risks factors. Overall, these results reconcile with one prevailing notion that the SC stocks that have lower financial leverage and higher investment in real assets are lesser exposed to market-based risks. Further, the SC firms that are more capitalized and less volatile, perform better than lower capitalized and higher volatile SC and NSC firms. To sum up our results, we do not find any substantial evidence for opportunity loss due to limited diversification opportunities in case of SC firms. To optimally utilize scarce resources, investors should consider SC firms as a candidate in portfolio construction. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=diversification" title="diversification">diversification</a>, <a href="https://publications.waset.org/abstracts/search?q=performance" title=" performance"> performance</a>, <a href="https://publications.waset.org/abstracts/search?q=sharia%20compliant%20stocks" title=" sharia compliant stocks"> sharia compliant stocks</a>, <a href="https://publications.waset.org/abstracts/search?q=risk%20adjusted%20returns" title=" risk adjusted returns"> risk adjusted returns</a> </p> <a href="https://publications.waset.org/abstracts/85535/performance-of-shariah-based-investment-evidence-from-pakistani-listed-firms" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/85535.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">199</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">178</span> Dilution Effect in Islamic Finance: The Case of Convertible Sukuk</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Mahfoud%20Djebbar">Mahfoud Djebbar</a> </p> <p class="card-text"><strong>Abstract:</strong></p> Stock dilution is a financial phenomenon resulting from the issue of additional shares by a company, or when holders convert their convertibles into new shares (capital increase). This issue and/or conversion enlarge the company’s share base that will result in marginal dilution (loss) for existing shareholders, and a benefit to new ones. Dilution issues have already been addressed in mainstream finance, particularly as far as information disclosure is concerned. However, in Islamic finance, stock dilution problems have not been deeply studied and the subject has not received sufficient attention from shariah-compatible firms, investors, and scholars. In this regard, this paper emphasises the forms, the effects of capital dilution on current shareholders as well as the ways and techniques of compensating them. And since the research in this field, in its Islamic perspective, is still in its infancy, the paper tries to analyse the phenomenon theoretically in detail using numerical examples, and expose some case studies of Shariah-compliant issuers of convertible Sukuk and how they compensate their existing shareholders. Finally, this study shows that the Sukuk issuers compensate old shareholders using the right of shuf’ah as a well known and practiced pre-emptive right in Islamic transactions centuries ago, as well as the ways conventional bond issuers use. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=compensating%20shareholders" title="compensating shareholders">compensating shareholders</a>, <a href="https://publications.waset.org/abstracts/search?q=convertible%20Sukuk" title=" convertible Sukuk"> convertible Sukuk</a>, <a href="https://publications.waset.org/abstracts/search?q=Islamic%20financial%20innovation" title=" Islamic financial innovation"> Islamic financial innovation</a>, <a href="https://publications.waset.org/abstracts/search?q=Shuf%E2%80%99ah" title=" Shuf’ah"> Shuf’ah</a> </p> <a href="https://publications.waset.org/abstracts/53284/dilution-effect-in-islamic-finance-the-case-of-convertible-sukuk" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/53284.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">339</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">177</span> Sukuk Issuance and Its Regulatory Framework in Saudi Arabia</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Ali%20Alshamrani">Ali Alshamrani </a> </p> <p class="card-text"><strong>Abstract:</strong></p> This article aims to give a comprehensive and critical review of sukuk issuance in Saudi Arabia, and the extent to which the issuance of sukuk in Saudi Arabia is consistent with Shariah requirements. The article is divided into two sections. Accordingly, the first section of this article begins with an examination of sukuk in general, and includes the concept of sukuk, the basic principles of sukuk, common types of sukuk, and a critical analysis of the most important differences between sukuk and conventional bonds. The second section gives a critical analysis of how sukuk work in Saudi Arabia, offering the regulatory framework of the issuance of sukuk in the KSA, and the legal challenges from Shariah point of view, and provide recommendations to overcome these challenges. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=sukuk%20issuance" title="sukuk issuance">sukuk issuance</a>, <a href="https://publications.waset.org/abstracts/search?q=Shariah" title=" Shariah"> Shariah</a>, <a href="https://publications.waset.org/abstracts/search?q=Saudi%20Arabia" title=" Saudi Arabia"> Saudi Arabia</a>, <a href="https://publications.waset.org/abstracts/search?q=capital%20market%20authority" title=" capital market authority"> capital market authority</a> </p> <a href="https://publications.waset.org/abstracts/28720/sukuk-issuance-and-its-regulatory-framework-in-saudi-arabia" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/28720.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">472</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">176</span> Waad Bil Mourabaha Pricing</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Dchieche%20Amina">Dchieche Amina</a>, <a href="https://publications.waset.org/abstracts/search?q=Aboulaich%20Rajae"> Aboulaich Rajae</a> </p> <p class="card-text"><strong>Abstract:</strong></p> In this work, we will modelize Waad Bil Mourabaha contract. This islamic contract provides the right to buy goods at a future date with a Mourabaha. Waad is a promise of sale or purchase of goods, declared in a unilateral way. In spite of the divergence between some schools of Islamic law about the Waad, this contract will allow us to study sophisticated and interesting contract: Waad Bil Mourabaha that can be used for hedging. In order to price Waad Bil Mourabaha contract, we will use an adapted Black and Scholes model using the Shariah compliant assumptions. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=Islamic%20finance" title="Islamic finance">Islamic finance</a>, <a href="https://publications.waset.org/abstracts/search?q=Black-Scholes%20model" title=" Black-Scholes model"> Black-Scholes model</a>, <a href="https://publications.waset.org/abstracts/search?q=call%20option" title=" call option"> call option</a>, <a href="https://publications.waset.org/abstracts/search?q=risks" title=" risks"> risks</a>, <a href="https://publications.waset.org/abstracts/search?q=hedging" title=" hedging"> hedging</a> </p> <a href="https://publications.waset.org/abstracts/15514/waad-bil-mourabaha-pricing" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/15514.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">507</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">175</span> An Empirical Study of Shariah Legitimacy of Islamic Banking Operations in Pakistan</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Muhammad%20Khaleequzzaman">Muhammad Khaleequzzaman</a>, <a href="https://publications.waset.org/abstracts/search?q=Muhammad%20Mansoori"> Muhammad Mansoori</a>, <a href="https://publications.waset.org/abstracts/search?q=Abdul%20Rashid"> Abdul Rashid</a> </p> <p class="card-text"><strong>Abstract:</strong></p> The legitimacy of Islamic banking refers to the compliance with the precepts of Shariah (Islamic law) of the pronouncements and their implementation, requisites of various contracts, as well as, observance of the welfare objectives. Therefore, the Islamic banks are supposed to follow the Islamic values focused to bring benefit to the society alongside the commercial motive. These distinguishing features establish identity of the Islamic banks separate from their conventional counterparts and require pursuing normative values of Islamic injunctions instead of profit maximization merely through commercial motive. Given this, the efficiency of the Islamic banks should be evaluated against the value judgements prescribed by the Islamic economic philosophy and their role in establishing the just economy. Nevertheless, the empirical evidence on such value-oriented role of Islamic banking is limited that is filled by this research. The primary focus of the research is two folds; developing a theoretical framework that affords a holistic approach of Shariah legitimacy of Islamic banking practices, including welfare pursuits in addition to the usual compliance mechanism, to help evaluating legitimacy of Islamic banking practices in Pakistan. Therefore, the research has been commissioned by developing the constructs of Shariah legitimacy through extensive review of the relevant literature. At the same time, the empirical analysis based on the opinion of 836 customers of Islamic and conventional banks in all the four provinces and the capital city of Pakistan has produced important conclusions regarding their perception about legitimacy of the Islamic banking practices. The results have helped to know as to how the legitimacy through Shariah perspective is viewed by them. The data analysis using various statistical techniques has yielded results consistent with the objectives of the study. The key findings of the theoretical framework conclude that the value judgements have been grossly ignored by the Islamic banks. The empirical research achieves that about half of the customers perceived Islamic banking as Shariah legitimate. On overall basis, the other half viewed contrary to this or preferred to remain indifferent. There is a need that Islamic banks should look into the desired goals of Shariah legitimacy in both contexts; the value judgement and the perception of the customers. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=Islamic%20banking" title="Islamic banking">Islamic banking</a>, <a href="https://publications.waset.org/abstracts/search?q=Shariah%20legitimacy" title=" Shariah legitimacy"> Shariah legitimacy</a>, <a href="https://publications.waset.org/abstracts/search?q=Maqasid%20al%20Shariah%20%28higher%20purposes%20of%20the%20lawgiver%29" title=" Maqasid al Shariah (higher purposes of the lawgiver)"> Maqasid al Shariah (higher purposes of the lawgiver)</a>, <a href="https://publications.waset.org/abstracts/search?q=value%20judgment" title=" value judgment"> value judgment</a>, <a href="https://publications.waset.org/abstracts/search?q=distributive%20justice" title=" distributive justice"> distributive justice</a> </p> <a href="https://publications.waset.org/abstracts/63462/an-empirical-study-of-shariah-legitimacy-of-islamic-banking-operations-in-pakistan" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/63462.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">411</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">174</span> The Effect of Corporate Governance to Islamic Banking Performance Using Maqasid Index Approach in Indonesia</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Audia%20Syafa%27atur%20Rahman">Audia Syafa'atur Rahman</a>, <a href="https://publications.waset.org/abstracts/search?q=Rozali%20Haron"> Rozali Haron</a> </p> <p class="card-text"><strong>Abstract:</strong></p> The practices of Islamic banking are more attuned to the goals of profit maximization rather than obtaining ethical profit. Ethical profit is obtained from interest-free earnings and to give an impact which benefits to the growth of society and economy. Good corporate governance practices are needed to assure the sustainability of Islamic banks in order to achieve Maqasid Shariah with the main purpose of boosting the well-being of people. The Maqasid Shariah performance measurement is used to measure the duties and responsibilities expected to be performed by Islamic banks. It covers not only unification dimension like financial measurement, but also many dimensions covered to reflect the main purpose of Islamic banks. The implementation of good corporate governance is essential because it covers the interests of the stakeholders and facilitates effective monitoring to encourage Islamic banks to utilize resources more efficiently in order to achieve the Maqasid Shariah. This study aims to provide the empirical evidence on the Maqasid performance of Islamic banks in relation to the Maqasid performance evaluation model, to examine the influence of SSB characteristics and board structures to Islamic Banks performance as measured by Maqasid performance evaluation model. By employing the simple additive weighting method, Maqasid index for all the Islamic Banks in Indonesia within 2012 to 2016 ranged from above 11% to 28%. The Maqasid Syariah performance index where results reached above 20% are obtained by Islamic Banks such as Bank Muamalat Indonesia, Bank Panin Syariah, and Bank BRI Syariah. The consistent achievement above 23% is achieved by BMI. Other Islamic Banks such as Bank Victoria Syariah, Bank Jabar Banten Syariah, Bank BNI Syariah, Bank Mega Syariah, BCA Syariah, and Maybank Syariah Indonesia shows a fluctuating value of the Maqasid performance index every year. The impact of SSB characteristics and board structures are tested using random-effects generalized least square. The findings indicate that SSB characteristics (Shariah Supervisory Board size, Shariah Supervisory Board cross membership, Shariah Supervisory Board Education, and Shariah Supervisory Board reputation) and board structures (Board size and Board independence) have an essential role in improving the performance of Islamic Banks. The findings denote Shariah Supervisory Board with smaller size, higher portion of Shariah Supervisory Board cross membership; lesser Shariah Supervisory Board holds doctorate degree, lesser reputable scholar, more members on board of directors, and less independence non-executive directors will enhance the performance of Islamic Banks. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=Maqasid%20Shariah" title="Maqasid Shariah">Maqasid Shariah</a>, <a href="https://publications.waset.org/abstracts/search?q=corporate%20governance" title=" corporate governance"> corporate governance</a>, <a href="https://publications.waset.org/abstracts/search?q=Islamic%20banks" title=" Islamic banks"> Islamic banks</a>, <a href="https://publications.waset.org/abstracts/search?q=Shariah%20supervisory%20board" title=" Shariah supervisory board"> Shariah supervisory board</a> </p> <a href="https://publications.waset.org/abstracts/89994/the-effect-of-corporate-governance-to-islamic-banking-performance-using-maqasid-index-approach-in-indonesia" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/89994.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">240</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">173</span> Contact-Impact Analysis of Continuum Compliant Athletic Systems</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Theddeus%20Tochukwu%20Akano">Theddeus Tochukwu Akano</a>, <a href="https://publications.waset.org/abstracts/search?q=Omotayo%20Abayomi%20Fakinlede"> Omotayo Abayomi Fakinlede</a> </p> <p class="card-text"><strong>Abstract:</strong></p> Proper understanding of the behavior of compliant mechanisms use by athletes is important in order to avoid catastrophic failure. Such compliant mechanisms like the flex-run require the knowledge of their dynamic response and deformation behavior under quickly varying loads. The modeling of finite deformations of the compliant athletic system is described by Neo-Hookean model under contact-impact conditions. The dynamic impact-contact governing equations for both the target and impactor are derived based on the updated Lagrangian approach. A method where contactor and target are considered as a united body is applied in the formulation of the principle of virtual work for the bodies. In this paper, methods of continuum mechanics and nonlinear finite element method were deployed to develop a model that could capture the behavior of the compliant athletic system under quickly varying loads. A hybrid system of symbolic algebra (AceGEN) and a compiled back end (AceFEM) were employed, leveraging both ease of use and computational efficiency. The simulated results reveal the effect of the various contact-impact conditions on the deformation behavior of the impacting compliant mechanism. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=eigenvalue%20problems" title="eigenvalue problems">eigenvalue problems</a>, <a href="https://publications.waset.org/abstracts/search?q=finite%20element%20method" title=" finite element method"> finite element method</a>, <a href="https://publications.waset.org/abstracts/search?q=robin%20boundary%20condition" title=" robin boundary condition"> robin boundary condition</a>, <a href="https://publications.waset.org/abstracts/search?q=sturm-liouville%20problem" title=" sturm-liouville problem"> sturm-liouville problem</a> </p> <a href="https://publications.waset.org/abstracts/37921/contact-impact-analysis-of-continuum-compliant-athletic-systems" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/37921.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">473</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">172</span> Design and Optimization for a Compliant Gripper with Force Regulation Mechanism</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Nhat%20Linh%20Ho">Nhat Linh Ho</a>, <a href="https://publications.waset.org/abstracts/search?q=Thanh-Phong%20Dao"> Thanh-Phong Dao</a>, <a href="https://publications.waset.org/abstracts/search?q=Shyh-Chour%20Huang"> Shyh-Chour Huang</a>, <a href="https://publications.waset.org/abstracts/search?q=Hieu%20Giang%20Le"> Hieu Giang Le</a> </p> <p class="card-text"><strong>Abstract:</strong></p> This paper presents a design and optimization for a compliant gripper. The gripper is constructed based on the concept of compliant mechanism with flexure hinge. A passive force regulation mechanism is presented to control the grasping force a micro-sized object instead of using a sensor force. The force regulation mechanism is designed using the planar springs. The gripper is expected to obtain a large range of displacement to handle various sized objects. First of all, the statics and dynamics of the gripper are investigated by using the finite element analysis in ANSYS software. And then, the design parameters of the gripper are optimized via Taguchi method. An orthogonal array <em>L<sub>9</sub></em> is used to establish an experimental matrix. Subsequently, the signal to noise ratio is analyzed to find the optimal solution. Finally, the response surface methodology is employed to model the relationship between the design parameters and the output displacement of the gripper. The design of experiment method is then used to analyze the sensitivity so as to determine the effect of each parameter on the displacement. The results showed that the compliant gripper can move with a large displacement of 213.51 mm and the force regulation mechanism is expected to be used for high precision positioning systems. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=flexure%20hinge" title="flexure hinge">flexure hinge</a>, <a href="https://publications.waset.org/abstracts/search?q=compliant%20mechanism" title=" compliant mechanism"> compliant mechanism</a>, <a href="https://publications.waset.org/abstracts/search?q=compliant%20gripper" title=" compliant gripper"> compliant gripper</a>, <a href="https://publications.waset.org/abstracts/search?q=force%20regulation%20mechanism" title=" force regulation mechanism"> force regulation mechanism</a>, <a href="https://publications.waset.org/abstracts/search?q=Taguchi%20method" title=" Taguchi method"> Taguchi method</a>, <a href="https://publications.waset.org/abstracts/search?q=response%20surface%20methodology" title=" response surface methodology"> response surface methodology</a>, <a href="https://publications.waset.org/abstracts/search?q=design%20of%20experiment" title=" design of experiment"> design of experiment</a> </p> <a href="https://publications.waset.org/abstracts/61596/design-and-optimization-for-a-compliant-gripper-with-force-regulation-mechanism" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/61596.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">331</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">171</span> Islamic Financial Instrument, Standard Parallel Salam as an Alternative to Conventional Derivatives</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Alireza%20Naserpoor">Alireza Naserpoor</a> </p> <p class="card-text"><strong>Abstract:</strong></p> Derivatives are the most important innovation which has happened in the past decades. When it comes to financial markets, it has changed the whole way of operations of stock, commodities and currency market. Beside a lot of advantages, Conventional derivatives contracts have some disadvantages too. Some problems have been caused by derivatives contain raising Volatility, increasing Bankruptcies and causing financial crises. Standard Parallel Salam contract as an Islamic financial product meanwhile is a financing instrument can be used for risk management by investors. Standard Parallel Salam is a Shari’ah-Compliant contract. Furthermore, it is an alternative to conventional derivatives. Despite the fact that the unstructured types of that, has been used in several Islamic countries, This contract as a structured and standard financial instrument introduced in Iran Mercantile Exchange in 2014. In this paper after introducing parallel Salam, we intend to examine a collection of international experience and local measure regarding launching standard parallel Salam contract and proceed to describe standard scenarios for trading this instrument and practical experience in Iran Mercantile Exchange about this instrument. Afterwards, we make a comparison between SPS and Futures contracts as a conventional derivative. Standard parallel salam contract as an Islamic financial product, can be used for risk management by investors. SPS is a Shariah-Compliant contract. Furthermore it is an alternative to conventional derivatives. This contract as a structured and standard financial instrument introduced in Iran Mercantile Exchange in 2014. despite the fact that the unstructured types of that, has been used in several Islamic countries. In this article after introducing parallel salam, we intend to examine a collection of international experience and local measure regarding launching standard parallel salam contract and proceed to describe standard scenarios for trading this instrument containing two main approaches in SPS using, And practical experience in IME about this instrument Afterwards, a comparison between SPS and Futures contracts as a conventional derivatives. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=futures%20contracts" title="futures contracts">futures contracts</a>, <a href="https://publications.waset.org/abstracts/search?q=hedging" title=" hedging"> hedging</a>, <a href="https://publications.waset.org/abstracts/search?q=shari%E2%80%99ah%20compliant%20instruments" title=" shari’ah compliant instruments"> shari’ah compliant instruments</a>, <a href="https://publications.waset.org/abstracts/search?q=standard%20parallel%20salam" title=" standard parallel salam "> standard parallel salam </a> </p> <a href="https://publications.waset.org/abstracts/19729/islamic-financial-instrument-standard-parallel-salam-as-an-alternative-to-conventional-derivatives" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/19729.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">392</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">170</span> Sharia Non-Compliant Transactions and Disclosure by Islamic Banks: Content Analysis of Annual Reports</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Mehriban%20Ahmadova">Mehriban Ahmadova</a> </p> <p class="card-text"><strong>Abstract:</strong></p> Country of origin has been found to be an important determinant of the level of corporate social disclosure. The purpose of this study is to investigate the differences of corporate social disclosure, including sharia non-compliant information, by Islamic banks. The study applies content analysis approach of annual reports of fully-fledged Islamic banks from 24 countries. International differences are found in terms of level, methods and location of disclosure. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=Content%20analysis" title="Content analysis">Content analysis</a>, <a href="https://publications.waset.org/abstracts/search?q=Corporate%20social%20disclosure" title=" Corporate social disclosure"> Corporate social disclosure</a>, <a href="https://publications.waset.org/abstracts/search?q=Islamic%20banks" title=" Islamic banks"> Islamic banks</a>, <a href="https://publications.waset.org/abstracts/search?q=Sharia%20non-compliant%20disclosure" title=" Sharia non-compliant disclosure"> Sharia non-compliant disclosure</a> </p> <a href="https://publications.waset.org/abstracts/121000/sharia-non-compliant-transactions-and-disclosure-by-islamic-banks-content-analysis-of-annual-reports" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/121000.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">152</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">169</span> The Position of Islamic Jurisprudence in UAE Private Law: Analytical Study </h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Iyad%20Jadalhaq">Iyad Jadalhaq</a>, <a href="https://publications.waset.org/abstracts/search?q=Mohammed%20El%20Hadi%20El%20Maknouzi"> Mohammed El Hadi El Maknouzi</a> </p> <p class="card-text"><strong>Abstract:</strong></p> The place of Islamic law in the legal system of the UAE is best understood by introducing a differentiation between its role as a formal source of law and its influence as a material source of law. What this differentiation helps clarify is that the corpus of Islamic law constitutes a much deeper influence on adjudication, law-making and the legal profession in the UAE, than it might appear at first sight, by considering its formal position in the division of labor between courts, or legislative lists of sources of law. This paper aims to examine the role of Shariah in the UAE private law system by determining the comprehensiveness of Sharia in the legal system as a whole, and not in a limited way related to it as a source of law according to Article 1 of the Civil Transactions Law. Turning to the role of the Shariah as a formal source of law, it is useful to start from Article 1 of the UAE Civil Code. This provision lays out the formal hierarchy of sources of UAE private law, these being legislation, Islamic law, and custom. Hence, when deciding a civil dispute, a judge should first refer to positive legislation in force in the UAE. Lacking the rule to cover the case before him/her, the judge ought then to refer directly to Islamic law. If the matter lacks regulation in Islamic law, only then may the judge appeal to custom. Accordingly, in connection to civil transactions, Shariah is presented here, formally, as the second source of law. Still, Shariah law addresses many other issues beyond civil transactions, including matters of morals, worship, and belief. However, in Article 1 of the UAE Civil Code, the reference to Islamic law ought to be understood as limited to the rules it lays out for civil transactions. There are four main sets of courts in the judicial systems of the UAE, whose competence is based on whether a dispute touches upon civil and commercial transactions, criminal offenses, personal statuses, or labor relations. This sectorial and multi-tiered organization of courts as a whole constitutes an institutional development compatible with the long-standing affirmation in the Shariah of the legitimacy of the judiciary. Indeed, Islamic law authorizes the governing authorities to organize the judiciary, including by allocating specific types of cases to particular kinds of judges depending on the value of the case, or by assigning judges to a specific place in which they are to exercise their jurisdictional function. In view of this, the contemporary organization of courts in the UAE can be regarded as an organic adaptation, aligned with Shariah rules on the assignment of jurisdictional authority, to the growing complexity of modern society. Therefore, we can conclude to the comprehensive role of Shariah in the entire legal system of the United Arab Emirates, including legislation, a judicial system, institutional, and administrative work. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=Islamic%20jurisprudence" title="Islamic jurisprudence">Islamic jurisprudence</a>, <a href="https://publications.waset.org/abstracts/search?q=Shariah" title=" Shariah"> Shariah</a>, <a href="https://publications.waset.org/abstracts/search?q=UAE%20civil%20code" title=" UAE civil code"> UAE civil code</a>, <a href="https://publications.waset.org/abstracts/search?q=UAE%20private%20law" title=" UAE private law"> UAE private law</a> </p> <a href="https://publications.waset.org/abstracts/123702/the-position-of-islamic-jurisprudence-in-uae-private-law-analytical-study" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/123702.pdf" target="_blank" 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