Towards Banking Jurisprudence: Understanding Islamic Banking Products in Malaysia

Yunus, Saidatolakma Mohd; Kamaruddin, Zuraidah; Embong, Rahimah

doi:10.6007/ijarbss/v7-i8/3223

Cited by 5 publications

(4 citation statements)

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“…Economic CSR has been found to have a positive impact on the purchase intentions of consumers, but the lowest priority has been allotted to it, out of all the levels that are taken into consideration (Mulaessa & Wang, 2017). In a similar manner, Yunus et al (2017) also examined the consumers' purchase intentions, and its impact on the CSR initiatives carried out in Malaysia. He concluded that buyers weigh the economic level of CSR, more than the other levels of CSR.…”

Section: Economic Level Of Csrmentioning

confidence: 99%

Role of Carroll’s CSR Pyramid in Shaping Consumer Buying Behavior: A Case of Detergent Industry of Pakistan

Yasir¹,

Amjad²

2021

LJB

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The purpose of this paper is to empirically apply the concept of Carroll's CSR pyramid, on the buying decisions and behaviors of consumers, particularly when selecting a detergent/washing powder in Pakistan. Here, the packaging origin of the detergents' brand has been used as the moderating variable. In addition to this, the stakeholder theory has been applied where consumers are primarily expected to be well informed of their buying choices. The study essentially comprises of a household, dropoff cross-sectional survey that has been taken by men or women who do groceries. In this regard, four elite areas of Lahore, Pakistan (DHA, Cantonment, Gulberg, and Model Town) were selected, with the assumption that the residents of these areas might be interested in a CSR initiative, taken by their preferred detergent brands. Also, the participants were selected through the convenience sampling technique, and were given 24 hours to fill the survey, at a time of their convenience. Then, the Structural Equation Modeling (SEM) technique was run on the 280 usable questionnaires that had been acquired. The results depicted that the buyers of detergent brands in Pakistan are mostly attracted towards the three levels of the CSR pyramid; the economic level, the ethical level, and the philanthropic level. Moreover, findings also revealed that the packaging origin of the respective detergent brands significantly moderate the relationship between all levels of the CSR pyramid, as well as the consumer buying behavior of detergent brands, except on the legal and economic levels. This research provides insights into the other, locally packaged detergent (and household) brands, which are currently indulging, and are also interested in carrying out CSR activities. These insights may help organizations to reflect upon how, by using different levels of CSR initiatives efficiently, detergent brands can achieve more sales, with their buyers selecting their particular brand over other competing global brands.

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Section: Economic Level Of Csrmentioning

confidence: 99%

Role of Carroll’s CSR Pyramid in Shaping Consumer Buying Behavior: A Case of Detergent Industry of Pakistan

Yasir¹,

Amjad²

2021

LJB

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“…Although a few findings from similar studies indicated that IBs were adhering to the BNM minimum requirements with little differences in the implementation process (Omar & Hassan, 2019;Yang Amri, 2020), improvement to purification guidelines is essential due to the claims that it is less regulated (Hanefah et al, 2020;Abdul Ghani, 2019). As indicated by Yunus et al (2017), the Non-Halal is prohibited in Islam hence, the disposal for charity is required. In this case, the rectification of SNCE is compulsory and, SNCI purification is obligatory in Islam so that the non-compliant income will be disposed of for charitable purposes to benefit the beneficiaries (BNM, 2018a;2019a).…”

Section: Conclusion and Recommendationsmentioning

confidence: 99%

“…The purification of SNCI has been debated by traditional Muslim Jurists and contemporary Muslim scholars in their valuable works. In which Islam delineates rules for purifying the non-Shariah property and, it is not explained in great detail as it is left to the Muslim scholars' ijtihad (Yunus et al, 2017). It is where the judgment of the SC of the IBIs is crucial in determining the parameter for SNCI meant for purification.…”

Section: Conclusion and Recommendationsmentioning

confidence: 99%

The Role of Key Functions in Managing and Reporting the Shariah Non-Compliant Income (Snci) in Malaysian Islamic Banks

Johari,

Kasim,

Mohd Ali

et al. 2021

Int. J. Is. Ec. Fi. Res.

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Effective risk management is an essential component in sustaining business growth and profitability. To be competitive in the industries, every bank has to establish strategic risk management guidelines to exercise effective control in minimizing risk management failures. This is where the control functions are essential in exercising their roles with the advice of the Shariah Committee and approved by the board. This study is mainly to explore the roles of key functions in managing and reporting of Shariah Non-Compliant Income (SNCI) in Islamic banks in Malaysia. Data were gathered from in-depth interviews from the key functions of 10 participating IBs, and review analysis of two policy documents on the Financial Reporting for Islamic Banking Institutions and Shariah Governance Policy 2019. It is interesting to note that purification measures of SNCI need further attention due to little guidelines from the regulator. The findings may benefit multiple users.

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“…Thus, support from the people is really in need and this is considered as one of the ways to gain Allah's blessing. Islamic banks need times to fully adhere with Islamic principles, hence continuous support especially from Muslims is crucial for survival (Yunus, Kamaruddin, & Embong, 2017). On the other hand, there are variations related to the contracts used in Islamic countries, such as Malaysia, Sudan, and Pakistan (Darsono, Sakti, Astiyah, Darwis, & Suryanti, 2017).…”

Section: Introductionmentioning

confidence: 99%

Reviewing the Fatwas Related to Fintech Applications in Islamic Financial Institutions in Indonesia

Nurlaela¹,

Luthfiyana²,

Sulastri³

et al. 2020

SJEKI

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The tendency of the community towards halal products is currently increasing, not only related to objects/goods but also related to muamalah/interactions. The development of the latest fintech applications needs to be examined and detailed again, to be linked with related sharia law. In addition to examining legal status, an interesting thing to develop is how to formulate a fintech application that is following the Islamic economic perspective. Therefore, it is crucial to always review the National Sharia Board – Indonesian Council of Ulama (Dewan Syariah Nasional – Majelis Ulama Indonesia – DSN-MUI)’s fatwa related to fintech applications in Islamic financial institutions (LKS). The results of this study will be used as input for DSN-MUI to formulate policies and fatwas that is issued. This research is a qualitative type. The research subjects are; (1) Sharia Cards, (2) Sharia Charge Cards, (3) Transfers and Collections, (4) Payment Services, and (5) Sharia Electronic Money. There are differences in the bases for determining the contract of each of these products between Islamic countries. The results of this study indicate that: (1) the sharia card product is more appropriate to use the hawalah contract than the kafalah contract, and it is necessary to fix fines due to maturity, monthly fees that are not related to the amount of debt, and to write off merchant fees; (2) Sharia Charge Card products should use a hawalah contract rather than a kafalah contract and need to eliminate fines due to late payment; (3) the use of the wakalah contract on transfer and collection products is correct; (4) payment service products that use a wakalah and ijarah contract should be sufficient to use one of the two; and (5) electronic money can function as money, with transactions using the hawalah principle, as well as debit cards (wadi'ah principles). So, four improvements are proposed to the DSN-MUI fatwas related to the fintech application.========================================================================================================Tinjauan Terhadap Fatwa Terkait Penerapan Fintech pada Lembaga Keuangan Syariah di Indonesia. Kecenderungan masyarakat terhadap produk-produk halal saat ini semakin meningkat, tidak hanya terkait dengan benda/barang namun juga terkait muamalah/interaksi. Perkembangan aplikasi fintech terbaru perlu dicermati dan didetailkan lagi, untuk dikaitkan dengan hukum syariat terkait. Selain pencermatan status hukum, hal yang menarik untuk dikembangkan adalah bagaimana merumuskan aplikasi fintech yang sesuai dengan pandangan ekonomi Islam. Oleh karena itu sangat perlu untuk selalu meninjau fatwa DSN-MUI terkait aplikasi fintech pada lembaga keuangan syariah (LKS). Hasil kajian ini akan menjadi masukan bagi DSN-MUI untuk merumuskan kebijakan-kebijakan dan fatwa-fatwa yang dikeluarkannya. Penelitian ini berjenis kualitatif. Subjek penelitiannya adalah: (1) Syariah Card, (2) Syariah Charge Card, (3) Transfer dan Inkaso, (4) Jasa Pembayaran, dan (5) Uang Elektronik Syariah. Terdapat perbedaan dasar-dasar penentuan akad dari setiap produk tersebut di antara negeri-negeri Islam. Hasil penelitian ini menunjukkan bahwa: (1) produk syariah card lebih tepat menggunakan akad hawalah dibandingkan dengan akad kafalah, serta perlu membenahi denda akibat jatuh tempo, monthly fee yang tidak dikaitkan dengan jumlah utang, dan menghapus merchant fee; (2) produk Syariah Charge Card sebaiknya menggunakan akad hawalah dibandingkan dengan akad kafalah serta perlu menghilangkan denda akibat keterlambatan pelunasan; (3) penggunaan akad wakalah pada produk transfer dan inkaso sudah tepat; (4) produk jasa pembayaran yang menggunakan akad wakalah dan ijarah seharusnya cukup menggunakan salah satu dari keduanya; dan (5) uang elektronik dapat berfungsi sebagaimana uang, dengan transaksi menggunakan prinsip hawalah, sebagaimana kartu debit (prinsip wadi’ah). Jadi, diusulkan empat perbaikan atas fatwa–fatwa DSN-MUI terkait aplikasi fintech.

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Towards Banking Jurisprudence: Understanding Islamic Banking Products in Malaysia

Cited by 5 publications

References 0 publications

Role of Carroll’s CSR Pyramid in Shaping Consumer Buying Behavior: A Case of Detergent Industry of Pakistan

Role of Carroll’s CSR Pyramid in Shaping Consumer Buying Behavior: A Case of Detergent Industry of Pakistan

The Role of Key Functions in Managing and Reporting the Shariah Non-Compliant Income (Snci) in Malaysian Islamic Banks

Reviewing the Fatwas Related to Fintech Applications in Islamic Financial Institutions in Indonesia

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