Islamic finance consists of Islamic banking, Islamic insurance and Islamic capital market. Being ... more Islamic finance consists of Islamic banking, Islamic insurance and Islamic capital market. Being one of the major elements, takaful (Islamic insurance) does have a significant role in the industry. The concept of takaful is where a group of people participate in a scheme that enables them to share the burden of any misfortunes faced by any of the participants/policyholders, and where appropriate, compensation are paid using the funds contributed by the participants. As far as takaful operators are concerned, the protection of human intellect, human property and human conscience directly related to the provision of takaful service. These are in line with the principles laid down by the maqasid al-shari'ah (higher objective of Islamic law) which can be classified into: (1) protection of human life; (2) protection of human intellect; (3) protection of human property; (4) protection of human honour; and (5) protection of human conscience (El-Sheikh, 1987).
The development of maqasid shari’ah shows the high intense to be relevant to any field of academi... more The development of maqasid shari’ah shows the high intense to be relevant to any field of academic studies. This includes the Islamic finance area which comprises of Islamic banking, Takaful and Islamic capital market. Islamic banking in particular has created concern among the scholars with regards to achieving the social justice for the ummah and general society. Maqasid shari’ah in contemporary context has to be deduced from the original sources rather than the fiqhi literature. This paper therefore discussed the literature of maqasid shari’ah in Islamic Finance with relation to its impact towards social welfare. References and assessment were made based on renowned Muslim philosophers and economists namely Imam al-Ghazali, Ibn Qayyim, Imam al-Shatibi, and Ibn Ashur on their ideologies. The study confirmed that Islamic finance needs to make maqasid shari’ah as the main focus of their operation and performance as it would be a great contribution to the ummah and their future achie...
The global financial and ensuing economic crises have had negative impacts on majority of firms, ... more The global financial and ensuing economic crises have had negative impacts on majority of firms, businesses, countries, and indeed the society. The traditional and capitalist way of financing has been criticised for the failure, thus consumer started to move towards an ethical and sustainable form of finance. Islamic finance, which already existed by the period is said to be the panacea to the global crisis. It is being presented that Islamic finance may pose as the remedy in curbing the economic ills. How true is this? Over the period of more than 40 years since Islamic finance was first introduced, the main players and regulators discuss pertinent issues to the development of Islamic finance industry. The bankers and lawyers were vocal about the need for education and more regulatory upheavals in order to create a level playing field for Islamic finance, as well as propagate Islamic banking products to a wider clientele. This paper discusses the financial crises series and the out...
2012 International Conference on Innovation Management and Technology Research, 2012
Corporate social responsibility (CSR) disclosure issues have been extensively discussed in past s... more Corporate social responsibility (CSR) disclosure issues have been extensively discussed in past studies. In Malaysia studies that examine the factors affecting CSR disclosure by the company using the Resource-Based View (RBV) theory are still scarce. This study provides an insight into the factors affecting CSR disclosure of the companies in the context of RBV. Using CSR disclosure indeces of 150 Malaysian public listed companies in sensitive industries published in their 2007 annual reports, this study examines the relationship between investments and the chief executive officers' (CEO) international experience with CSR disclosure. The findings show that there is a significant positive relationship between investment and CSR disclosure. This implies investors will choose to invest in companies with good CSR disclosure since they feel greater confidence on their investments being secure. However, there is an insignificant relationship between the CEOs' international experiences with CSR disclosure. Thus, a company whose CEO has extensive international experience does not hold any advantage over a homegrown CEO in improving CSR disclosure.
Fraud risk has becoming intrinsic to any entity. Both internal and external fraud present a subst... more Fraud risk has becoming intrinsic to any entity. Both internal and external fraud present a substantial cost to the economy. KPMG Malaysia fraud survey in 2009 reported that corporate fraud is an on-going reality and most organisations are not free from the destruction caused by the fraudsters. The most affected organisations are commonly the small and medium sized entities. Thus, creating a demand to detect and mitigate the risk in order to reduce the financial and non-financial burden to these organisations. Despite intense effort carried out by relevant bodies and individuals in combating fraud, it appears that fraud in its various forms is a problem that is increasing in frequency and severity. This paper therefore aims to propose an internal control mechanism framework in detecting fraud especially for the small medium automotive industry (SMAI). The framework focuses on purchasing department which is identified as the department most prevalent to fraudulent activities. The fra...
... Takaful-An Islamic Way of Insurance-Developments, Growth, Challenges and Issues. (unpublished... more ... Takaful-An Islamic Way of Insurance-Developments, Growth, Challenges and Issues. (unpublished). ShariahFortune. (2010, October). Takaful/Islamic Insurance. Retrieved October 2010, from The World's Biggest Islamic Bank Directory: http://shariah-fortune.com/ Shimpi, PA, ...
Islamic finance consists of Islamic banking, Islamic insurance and Islamic capital market. Being ... more Islamic finance consists of Islamic banking, Islamic insurance and Islamic capital market. Being one of the major elements, takaful (Islamic insurance) does have a significant role in the industry. The concept of takaful is where a group of people participate in a scheme that enables them to share the burden of any misfortunes faced by any of the participants/policyholders, and where appropriate, compensation are paid using the funds contributed by the participants. As far as takaful operators are concerned, the protection of human intellect, human property and human conscience directly related to the provision of takaful service. These are in line with the principles laid down by the maqasid al-shari'ah (higher objective of Islamic law) which can be classified into: (1) protection of human life; (2) protection of human intellect; (3) protection of human property; (4) protection of human honour; and (5) protection of human conscience (El-Sheikh, 1987).
The development of maqasid shari’ah shows the high intense to be relevant to any field of academi... more The development of maqasid shari’ah shows the high intense to be relevant to any field of academic studies. This includes the Islamic finance area which comprises of Islamic banking, Takaful and Islamic capital market. Islamic banking in particular has created concern among the scholars with regards to achieving the social justice for the ummah and general society. Maqasid shari’ah in contemporary context has to be deduced from the original sources rather than the fiqhi literature. This paper therefore discussed the literature of maqasid shari’ah in Islamic Finance with relation to its impact towards social welfare. References and assessment were made based on renowned Muslim philosophers and economists namely Imam al-Ghazali, Ibn Qayyim, Imam al-Shatibi, and Ibn Ashur on their ideologies. The study confirmed that Islamic finance needs to make maqasid shari’ah as the main focus of their operation and performance as it would be a great contribution to the ummah and their future achie...
The global financial and ensuing economic crises have had negative impacts on majority of firms, ... more The global financial and ensuing economic crises have had negative impacts on majority of firms, businesses, countries, and indeed the society. The traditional and capitalist way of financing has been criticised for the failure, thus consumer started to move towards an ethical and sustainable form of finance. Islamic finance, which already existed by the period is said to be the panacea to the global crisis. It is being presented that Islamic finance may pose as the remedy in curbing the economic ills. How true is this? Over the period of more than 40 years since Islamic finance was first introduced, the main players and regulators discuss pertinent issues to the development of Islamic finance industry. The bankers and lawyers were vocal about the need for education and more regulatory upheavals in order to create a level playing field for Islamic finance, as well as propagate Islamic banking products to a wider clientele. This paper discusses the financial crises series and the out...
2012 International Conference on Innovation Management and Technology Research, 2012
Corporate social responsibility (CSR) disclosure issues have been extensively discussed in past s... more Corporate social responsibility (CSR) disclosure issues have been extensively discussed in past studies. In Malaysia studies that examine the factors affecting CSR disclosure by the company using the Resource-Based View (RBV) theory are still scarce. This study provides an insight into the factors affecting CSR disclosure of the companies in the context of RBV. Using CSR disclosure indeces of 150 Malaysian public listed companies in sensitive industries published in their 2007 annual reports, this study examines the relationship between investments and the chief executive officers' (CEO) international experience with CSR disclosure. The findings show that there is a significant positive relationship between investment and CSR disclosure. This implies investors will choose to invest in companies with good CSR disclosure since they feel greater confidence on their investments being secure. However, there is an insignificant relationship between the CEOs' international experiences with CSR disclosure. Thus, a company whose CEO has extensive international experience does not hold any advantage over a homegrown CEO in improving CSR disclosure.
Fraud risk has becoming intrinsic to any entity. Both internal and external fraud present a subst... more Fraud risk has becoming intrinsic to any entity. Both internal and external fraud present a substantial cost to the economy. KPMG Malaysia fraud survey in 2009 reported that corporate fraud is an on-going reality and most organisations are not free from the destruction caused by the fraudsters. The most affected organisations are commonly the small and medium sized entities. Thus, creating a demand to detect and mitigate the risk in order to reduce the financial and non-financial burden to these organisations. Despite intense effort carried out by relevant bodies and individuals in combating fraud, it appears that fraud in its various forms is a problem that is increasing in frequency and severity. This paper therefore aims to propose an internal control mechanism framework in detecting fraud especially for the small medium automotive industry (SMAI). The framework focuses on purchasing department which is identified as the department most prevalent to fraudulent activities. The fra...
... Takaful-An Islamic Way of Insurance-Developments, Growth, Challenges and Issues. (unpublished... more ... Takaful-An Islamic Way of Insurance-Developments, Growth, Challenges and Issues. (unpublished). ShariahFortune. (2010, October). Takaful/Islamic Insurance. Retrieved October 2010, from The World's Biggest Islamic Bank Directory: http://shariah-fortune.com/ Shimpi, PA, ...
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