Articles

Purpose: This paper aims to observe the development of the Sharīʿah governance framework (SGF) and practice in Islamic financial institutions (IFIs) in Malaysia. Design/methodology/approach: The study is a qualitative-based research. It uses various documents and content analysis approach to understand and analyze the structure, process and practice of SGF in IFIs in Malaysia. Findings: It is found that the Central Bank of Malaysia, Bank Negara Malaysia, has attempted to develop a comprehensive framework of Sharīʿah governance for IFIs in Malaysia.

The purpose of this paper is to explore the causes and impact of predatory online publishing on Islamic economics and finance. Design/methodology/approach: The method adopted involves a library literature scan to identify the origin and expansion of predatory publishing, as references listed in the paper show. The personal experience and observation of the author over the decades of teaching at various universities endorses the evidence.

This paper aims to investigate sale with the temporary exclusion of usufruct, a format debated in classical Islamic jurisprudence. More specifically, it examines the application of this sale format in the diminishing partnership arrangement used by American Finance House LARIBA to finance house purchases. It analyzes the Sharīʿah issues and assesses the risks involved. The research concludes that sale with the temporary exclusion of usufruct is a valid contract in Islamic law.

Compared to other Shariah-compliant contracts, Musharakha mutanaqisah was initially the preferred contract in Malaysia as it seemed to be closer to Islamic tenets than others. Nevertheless, MM is now considered less appealing to IFIs due to its existing challenges. This paper aims to emphasize on MM as practiced by ICs which will highlight approaches to default, pricing of rental rates, profit sharing method and early settlement which differ to the practice of MM by IFIs.