Articles

The purpose of this paper is to explain and critically analyse the Shariah screening criteria and cleansing process for income generated from stocks with a special focus on a newly developed ISRA-Bloomberg methodology. The paper focuses on the methodology of ISRA-Bloomberg in terms of Shariah screening of stocks and the income cleansing process. To achieve this objective, this paper adopts a descriptive approach. Findings: The methodology of ISRA-Bloomberg is unique in terms of its criterion for screening stocks, the cleansing process and coverage of the universe of stocks.

Most Muslim-majority countries are generally income-poor, and the governments are generally weak in their tax collection, effective governance and capacity for development spending.

Purpose: Several indigenous credit and savings schemes have been accredited recently in developing countries for the benefit of households and entrepreneurs alike. Famous among them are the Rotating Savings and Credit Associations (ROSCAs) that exist in almost all continents currently. The rapid development of ROSCAs and their varied structures in many countries have been the subject of numerous studies. What has not been thoroughly analysed is the optimum size of these associations and the fact that lending and borrowing is without interest.

Purpose: This paper aims to investigate the utilisation of both zakāh and

Purpose: The purpose of this paper is to analyze the different features of preference shares from accounting and Sharīʿah perspectives. It also aims to study Sharīʿah issues arising from preference shares and to subsequently propose solutions for identified issues that will help in structuring Islamic preference shares. Design/methodology/approach: The paper uses a qualitative method by analyzing relevant documents and literature to understand the subject matter and Sharīʿah-related issues.

Purpose: This study on corporate demand for general takāful (Islamic insurance) aims to identify potential growth areas and areas for improvement in takāful business practices in Malaysia. Design/methodology/approach: A survey on corporates’ protection needs, takāful/insurance coverage obtained and awareness on takāful/insurance was conducted for this paper. Findings: The findings from the survey are as follows: There is potential for takāful operators to further penetrate the corporate sector, as the majority of respondents indicated willingness to spend on takāful/insurance.

This paper aims to address the financial reporting dimensions of intangible assets with specific reference to International Accounting Standards (IAS) 38 as well as relevant International Financial Reporting Standards (IAS 38 exclusion) that are embedded within intangible assets. These have implications for Islamic financial assets with identifiable and measurable intangible components.

Purpose: Corporate social responsibility (CSR) is an important corporate activity that affirms the importance of giving back to the community. This research aims to examine the CSR practices of Palestinian Islamic banks and their contribution to socio-economic development. There is an ongoing debate regarding Islamic financial institutions’ profit motive versus their motivation to achieve human welfare. The Palestinian Islamic banks are not disconnected from this debate, and this paper aims to discuss this issue.

Purpose: This paper aims to provide an economic rationale for Islamic finance. Design/methodology/approach: Its methodology is simple. It starts with listing the contributions to economic analysis relevant to the required rationale in the theories of banking, finance, price, money and macroeconomics, to identify the main rationale for Islamic finance. A concise description of the author’s model for an Islamic economic system, within which Islamic finance can be operational, is provided.

Purpose: The purpose of this paper is to elucidate the concept of ḍamān al-milkiyyah (ownership risk) and to assess its application in contemporary Islamic financial products and services. Design/methodology/approach: The methodology adopted is that of descriptive research. Findings: From an Islamic law of contract perspective, the concept of ḍamān al-milkiyyah is central to legitimate profit-making transactions and hence must be adhered to in practical applications of Islamic finance.