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ENGLISHJOURNALS

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VOL. 8, ISSUE 2, DECEMBER 2016RM 45.00 / USD 12.00

ISSN: 0128-1976Year Published: 2016

ACADEMIC ARTICLES1. The Evolution of Islamic Economics: A Critical Analysis2. Islamic Marketing Ethics and the Marketing Practices of Islamic Banks3. Combination of Contracts in Islamic Finance: A Synthesis

PRACTITIONER’S ARTICLERevisiting the Classification, Reporting and Treatment of Shariah Non-Compliant Events

RESEARCH NOTES1. Issues in Islamic Hedging Practices: A Critical Analysis2. The Patronage of Islamic Banking: A Case Study of COMSATS University,

Pakistan3. Methodology of Purging Interest Income4. Social Impact Bonds: A Shariah Point of View5. Risk Mitigation and Financing Constraints: Towards the Development

Volume 8 • Issue 2 • December 2016

Volume 8 • Issue 2 • December 2016ISRA International Journal of Islamic Finance

Volume 8, Issue 2, December 2016

Contents

EDITORIAL 1

ACADEMIC ARTICLESThe Evolution of Islamic Economics: A Critical Analysis 9Zubair Hasan

Islamic Marketing Ethics and the Marketing Practices of Islamic Banks 27Muhammad Riaz

Combination of Contracts in Islamic Finance: A Synthesis 51Shahrul Azman Abd Razak

PRACTITIONERÒS ARTICLERevisiting the Classification, Reporting and Treatment of Sharīʿah 81Non-Compliant EventsHurriyah El Islamy

RESEARCH NOTESIssues in Islamic Hedging Practices: A Critical Analysis 105The Malaysian Experience Noor Suhaida Kasri, Zaharuddin Abd Rahman, Shamsiah Mohamad and Farrukh Habib

The Patronage of Islamic Banking: A Case Study of COMSATS 111University, Pakistan Kausar Abbas and Hamayun Afzal

Methodology of Purging Interest Income 117Mufti Abdul Kadir Barkatullah and S. M. Wasiullah

Social Impact Bonds: A Sharīʿah Point of View 127Noor Suhaida Kasri and Siti Syafira Zainalabiddin

Risk Mitigation and Financing Constraints: Towards the Development 137of Sustainable Islamic Microfinance Institutions in BangladeshHameedah Muhammad

NOTES ON CONTRIBUTORS 145

GUIDELINES TO CONTRIBUTORS 147

RM 45.00 / USD 12.00


ACADEMIC ARTICLES1. Knowledge and Behaviour Regarding Takaful among Non-Muslim

Consumers in the United Arab Emirates2. Shariah Contracts Underpinning Musharakah Mutanaqisah Financing: A

Conceptual Analysis3. The Ageing Population Crisis from an Islamic Perspective4. Property Rights According to the Quran and Sunnah and Their Economic

Implications for Contemporary Societies

PRACTITIONER’S ARTICLEPerpetual Sukuk: A Preliminary Shariah Assessment

RESEARCH NOTES1. Issues and Challenges in Islamic Banking Structures: The Malaysian

Experience2. Avoiding Financial Crisis: In Support of Islamic Financial Institutions3. Pertinent Issues in Islamic Home Financing4. Breach of Wa‘d and Its Compensation Payment: A Critical Analysis of Islamic

Profit Rate Swap5. The Practice of Takaful Benefit (Nomination) in the Context of IFSA 2013: A

Critical Appraisal

Volume 8 • Issue 1 • June 2016

Volume 8 • Issue 1 • June 2016ISRA International Journal of Islamic Finance

Volume 8, Issue 1, June 2016

Contents

EDITORIAL 1

ACADEMIC ARTICLESKnowledge and Behaviour Regarding Takāful among Non-Muslim 9Consumers in the United Arab Emirates Graham Michael Spriggs

Sharīʿah Contracts Underpinning Mushārakah Mutanāqiṣah Financing: 35A Conceptual Analysis Saʿid Adekunle Mikail and Mohd Shahril Mat Rani

The Ageing Population Crisis from an Islamic Perspective 67Faizal Ahmad Manjoo

Property Rights According to the Qurʿān and Sunnah and Their Economic 93Implications for Contemporary SocietiesMuhammed Habib Dolgun

PRACTITIONERÒS ARTICLEPerpetual Ṣukūk: A Preliminary Sharīʿah Assessment 125Muhd Ramadhan Fitri Ellias, Muhamad Nasir Haron, Ahmad Firdaus Kadir and Nur Hidayah Salim

RESEARCH NOTESIssues and Challenges in Islamic Banking Structures: 165The Malaysian Experience Marjan Muhammad, Beebee Salma Sairally and Najeeb Zada

Avoiding Financial Crisis: In Support of Islamic Financial Institutions 173Habeebah Simisola Fa-Yusuf

Pertinent Issues in Islamic Home Financing 183Akhmad Affandi Mahfudz

Breach of Waʿd and Its Compensation Payment: A Critical Analysis of 191Islamic Profit Rate Swap Noor Suhaida Kasri and Siti Syafira Zainalabiddin

The Practice of Takāful Benefit (Nomination) in the Context of IFSA 2013: 197A Critical AppraisalSaba’ Radwan Jamal Elatrash and Younes Soualhi

NOTES ON CONTRIBUTORS 203

GUIDELINES TO CONTRIBUTORS 206

VOL. 8, ISSUE 1, JUNE 2016

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P u b l i c a t i o n s c a t a l o g u e

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ACADEMIC ARTICLES1. Supply of Islamic Microfinance in Central Asia: The Case Study of Tajikistan

and Kyrgyzstan2. The Relationship Between Islamic Mutual Funds and Oil Prices: Which

Leads The Other?3. Legal Issues in Shariah Governance in the Islamic Finance Industry in Malaysia4. Personal Cooperatives Model: Basic Concepts and Evidence from Jordan

PRACTITIONER’S ARTICLEApplication of the Concept of Beneficial Ownership in sukuk Structures: An Islamic Legal Analysis

RESEARCH NOTES1. Towards a Corporate Model of Islamic Law of Insolvency: A Note on

“Voluntary Insolvency”2. Integrating Environmental, Social and Governance (ESG) Factors in Islamic

Finance: Towards the Realisation of Maqasid al-Shariah3. The Concept of Actual Financial Loss (Darar Mali Fi'li) in the Context of

Islamic Banking Operations4. Structuring Innovative Tier 2 (T2) Capital Instruments Under Basel III: A

Shariah Perspective5. Criteria for Determining the Shariah Compliance of Shares: A Fiqhi Analysis

RM 45.00 / USD 12.00


ACADEMIC ARTICLES1. Risk Sharing versus Risk Transfer in Islamic Finance: A Critical Appraisal2. Tazkiah Banks: A Future Model for the Establishment of Endowment-Based

Business Start-Ups3. Dispute over the Legality of Al-Ijarah Al-Mawsufah fi Al-Dhimmah: A Survey

of Fiqhi Opinions4. Shariah Compliance of Islamic Credit Cards Reconsidered: A Case Study of

Malaysia

PRACTITIONER’S ARTICLESurplus-Sharing Practices of Takaful Operators in Malaysia

RESEARCH NOTES1. Accounting Issues in the Reporting of Profit-Sharing Investment Accounts in

Islamic Banks’ Financial Statements under IFSA 20132. Hotel Investment and Financing: A Call for Shariah Consideration and New

Methodology of Assessment and Screening3. Possession of Currency Prior to Sale: A Fiqhi and Practical Analysis of Spot

FX-i in Malaysia4. A Fiqhi Analysis of Tradability of Islamic Securities5. A Proposed Regulatory Framework for Islamic Microfinance: Adopting the

IFSA 2013 Approach


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ACADEMIC ARTICLES1. Qardul Hasan Financing in Islamic Banks2. Basel Accords, Financial Turmoil and Islamic Banks3. Sustainable Conventional and Islamic Microfinance Models for Micro

Enterprises4. Stemming Water-Related Deaths in Sub-Saharan Africa: The Place of Islamic

Project Finance and Malaysian Contractors

PRACTITIONER’S ARTICLEThe Issue of Principal-Agent in Sale-Based Transactions from the Shariah

Perspective

RESEARCH NOTES1. Should Malaysian States Have a Fresh Approach to Waqfs? A Proposal for a

Model Waqf Enactment2. Application of Tanazul in Sukuk and Preference Shares: A Critical Analysis

from the Shariah Perspective3. Actual Costs in Fees and Charges in Islamic Banking4. A Critical Analysis of Shariah Issues in Intangible Assets5. Application of Hibah Mu'allaqah for Retirement Annuity Plan

RM 45.00 / USD 12.00


ACADEMIC ARTICLES:1. A Gold Standard International Payments System Anchored in Islamic

Finance2. A Few Methods in Charging Fees for Kafalah Bank Guarantee-I among

Islamic Banks in Malaysia3. Effect of Nomination under Life Insurance and Family Takaful4. Pre-signing and Sequence in Contract Execution of Islamic Banking Products

PRACTITIONER’S ARTICLEIslamic Finance: Legal and Institutional Challenges

RESEARCH NOTES1. Islamic Banking Legislation and Regulation in New Jurisdictions: Issues and

Recommendations2. An Analysis of Shariah Non-Compliant Events in Islamic Banks: Evidence

from Malaysia3. Maqasid al-Shariah and Stipulation of Conditions (Shurut) in Contracts4. Reverse Salam as an Innovative Instrument for Investment Accounts5. Islamic Home Financing and Ownership Transfer to the Customer: Models

Compared


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RM 45.00 / USD 12.00


ACADEMIC ARTICLES:1. Islamic Norms, the Excel Formula and Home Financing Models2. Conceptual Analysis of Islamic Home Financing Models3. Wasiyyah (Islamic Will) Writing Service in Malaysia: An Investigation of the

Supply Channel4. Critique of the Non-Interest Banking Framework in Nigeria

PRACTITIONER’S ARTICLEShariah Governance, Expertise and Profession: Educational Challenges in Islamic Finance

RESEARCH NOTES1. Risk Sharing: An Alternative to Interest-Based Debt Financing2. Application of Suftajah in Modern Islamic Financial Institutions3. Distribution of Mudharabah Profits in Classical Schools of Fiqh: Clarification of a Misconception4. Instruments for Meeting Capital Adequacy Requirements under Basel III: A

Shari’ah Perspective5. The Application of Commodity Murabalah in Bursa Suq al-Sila’ 191 Malaysia

vis-a-vis Jakarta Future Exchange Shariah Indonesia: A Comparative Analysis




ACADEMIC ARTICLES1. Re-Introducing Gold: An Islamic Finance Approach2. The Concept of Value: Towards a Consistent Valuation Method for Islamic

Financial Engineering3. The Performance of Islamic Banks and Macroeconomic Conditions4. Shariah Issues in Islamic Capital Markets: Sukuk

PRACTITIONER’S ARTICLEInstituting Shariah Audit in Malaysian Islamic Financial Institutions

RESEARCH NOTES1. A Critical Analysis of the Resolution of the Shariah Advisory Council of

Securities Commission Malaysia: A Case Study of the Crude Palm Oil Futures Contract

2. Fiqhi Adaptation (Takyef Fiqhi) for the Concept of a Performance Fee in Takaful

3. The Potential Use of Qard Hasan in Islamic Microfinance4. Impact of Inflation on Islamic Financing: Empirical Evidence from Malaysia5. The Fiqh Characterization of Ijarah Mawsufah fi Al-Dhimmah: 169 An

Analysis of Juristic Views

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RM 45.00 / USD 12.00


ACADEMIC ARTICLES:1. Ponzi Operandi: Affinity Fraud Risk for Shariah-Compliant Investment Funds2. Incentive-Compatible Sukuk Musharakah for Private Sector Funding3. Building Agent-Customer Relationship in the Takaful Industry: A Framework

of Islamic Relationship Marketing4. Venture Capital Strategies in Waqf Fund Investment and Spending

PRACTITIONER’S ARTICLEShariah-Compliant Credit Cards: An Analysis of Underlying Structures

RESEARCH NOTES1. Revisiting the Shariah Ruling of Capital Guarantee in a Mudharabah

Contract2. A Critical Appraisal of Shariah Issues Related to Sukuk al-Ijarah3. The Investment Initiative in Takaful: Issues and Challenges4. Maqasid al-Shariah and the Foundational Requirements in Developing

Islamic Banking and Finance5. Credit Guarantee Scheme: A Combination of Kafalah and Wakalah Bi Ajr as

an Alternative to Kafalah Bi Ajr




ACADEMIC ARTICLES:1. A Critique of the Diminishing Balance Method of Islamic Home Financing 2. Unsustainability of the Regime of Interest-Based Debt Financing3. The Global Financial Crisis, Securitization and Islamic Finance: An

Opportunity for Inward and Outward Reform4. Efficiency and Stock Market Performance of Islamic Banks in GCC Countries

PRACTITIONER’S ARTICLEThe Case for Receivables-Based Sukuk: Convergence Between the Malaysian and Global Shariah Standards on Bay' al Dayn?

RESEARCH NOTES1. Insolvency Law in Malaysia and the Adjudication Order (Taflis) on a Bankrupt

in Islamic Finance: Similarities and Differences2. The Practice of Shariah Reporting in Malaysia: Does Country of Origin or

Being a Member of AAOIFI Matter?3. Blazing the Trail: The Institutional Framework for Dispute Resolution in

Malaysia’s Islamic Finance Industry4. Takaful from a Maqasid al-Shariah Perspective5. Waqf and Its Role in Socio-Economic Development

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RM 45.00 / USD 12.00


ACADEMIC ARTICLES:1. Islamic Home Finance in the Social Mirror2. Purchase Undertaking Issues in Musharakah Mutanaqisah Home Financing3. The Islamic Gold Dinar – Myths and Reality4. Value Co-Creation in Shariah-Compliant Banking: A Saudi Arabian Case

Study

PRACTITIONER’S ARTICLE:1. Musharakah Mutananaqisah and Legal Issues: Case Study of Malaysia

RESEARCH NOTES1. Cost of Funds – Is It a Part of Actual Loss (Ta’wid)?2. Enhancing the Integrity of Islamic Financial Institutions in Malaysia: The

Case for the Shariah Audit Framework3. Maqasid al-Shariah and Islamic Financial Products: A Framework for

Assessment4. The Islamic View on Money and its Implication for Financial Instruments5. The Obligation of Zakah upon a Legal Entity



ISBN/ISSN: 0128-1976Year Published: 2011

ACADEMIC ARTICLES:1. Shariah Parameters of Musharakah Mutanaqisah in Islamic Finance: The

Experience of Australian Institutions Offering Islamic Financial Services2. An Analysis of the Courts’ Decisions on Islamic Finance Disputes3. The Case for the Islamic Gold Dinar4. Comparison of Quantitative Shariah-Compliant Screening Methods

PRACTITIONER’S ARTICLEWhy Does Categorisation of Sukuk Structures Matter?

RESEARCH NOTES1. Principles of Wa’ad and Muwa’dah: Their Application in Islamic Financial

Contracts2. The Applicability of International Financial Reporting Standards (IFRS) in

Islamic Financial Transactions: An Analysis from the Shariah Perspective3. Revisiting the Fiqh Characterisations of the Rahn-Based Islamic Microcredit

Product4. The Parameter of Permissible Risks in Takaful5. Development of Islamic Capital Markets in Offshore Jurisdictions: 163 A

Cross-Country Analysis

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RM 45.00 / USD 12.00


ACADEMIC ARTICLES1. Islamic Bank Failure: A Case Study2. Islamic Finance: The Structure-Objective Mismatchand Its Consequences3. Understanding the Concept of Maslahah and Its Parameters When Used in

Financial Transactions5. Assessing the Demand and Supply of Liquidity in Islamic Banking (The Case

of Indonesia)6. Determinants of Economic Performance of Micro-Credit Clients and

Prospects for Islamic Microfinance in Malaysia

PRACTITIONER’S ARTICLE:Performance of Islamic and Conventional Exchange Traded Funds in Malaysia

RESEARCH NOTES:1. A New Re-Takaful Model Based on Wadi’ah2. The Implementation of Ibra’ in Islamic Banking And Finance: An Analysis in

Terms of Banking Operations and Maqasidd Al-Shariah3. A Diagnosis of Tranching in Light of Shariah Principles




ACADEMIC ARTICLES1. Juristic Analysis of the Profit Distribution Method of Malaysian Islamic

Banks2. New Musharakah Model in Managing Islamic Investment3. An Overview of Shariah Issues Regarding the Application of the Islamic

Letter of Credit Practice in Malaysia4. Case Studies of the Practice of Nomination and Hibah by Malaysian Takaful

Operators5. An Empirical Investigation into SMEs’ Perceptions of Credit Guarantee

Corporation (CGC) Malaysia Berhad: A Case Study of the Islamic Guarantee Scheme in Malaysia

PRACTITIONER’S ARTICLEIslamic Liquidity Management – The Malaysian Experience

RESEARCH NOTES1. Shariah Parameters of hiyal in Islamic Finance2. Analytical Study of the Interaction Between Fatawa, Shariah Rulings,

Resolutions and Conventional Laws in Contemporary Islamic Finance in Malaysia with Cross Reference to the Practices in Saudi Arabia, Pakistan and the Sudan

3. Capital Requirements and Banking Behaviour for Islamic Banks

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ACADEMIC ARTICLES1. Financial Crisis: Risks and Lessons for Islamic Finance2. The Global Financial Crisis, Risk Management and Social Justice in Islamic

Finance3. Shariah Governance for Islamic Financial Institutions4. Shariah Parameters on the Islamic Foreign Exchange Swap as a Hedging

Mechanism in Islamic Finance

PRACTITIONERS’ ARTICLE:1. From “Asset-backed” to “Asset-light” Structures: The Intricate History of

Sukuk

RESEARCH NOTES:1. Islamic Pricing Benchmark2. Alternative Dispute Resolution in Islamic Finance: Legal Challenges and the

Way Forward3. A Synthesis of Shariah Issues and Market Challenges in the Application of

Wa’d in Equity-based Sukuk4. Shariah Parameters of Islamic Derivatives in Islamic Banking and Finance

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