Purpose ‒ The objective of this paper is to study the acceptance of applications of AI in the fiqh ruling process of Islamic banking, among Shariah committees (SC) members of Islamic banks Design/Methodology/Approach ‒ This is a qualitative study using focus group interviews with ten SC members from different Islamic banks. Following the interviews, a thematic analysis of the transcribed data was conducted using computer-assisted qualitative data analysis software (CAQDAS). Findings ‒ The participants were generally receptive towards the utilization of AI tools in the fiqh ruling process at Islamic banks. The participants recognize the potential of AI smart assistants for improving the efficiency and effectiveness of the fiqh ruling process. However, they raised some concerns and expectations that need to be addressed. Originality/Value ‒ The novelty of this research comes from sourcing first-hand perspectives of SC members of Islamic banks in Malaysia. Being the end users of AI systems for the fiqh ruling of Islamic banking, it is important to understand their perceptions, concerns, and expectations Research Limitations/Implications ‒ The size of focus group was limited to ten participants to optimize group size and composition in order to allow adequate participation by each group member. Further sampling from more SC members may elicit additional findings Practical Implications ‒ The first-hand views from the target users provides valuable input for initiatives developing AI systems for the fiqh ruling process of Islamic banking

This paper aims to review the application of bay’ al-tawwaruq contract in offering Islamic banking products and services. The review evaluates to what extent bay’ al-tawarruq contract able to fulfil the maqasid (objectives) of Shariah (Islamic law). Two RHB Islamic bank's products (personal financing and deposit), which adopted bay’ al-tawarruq contract were critically studied. The product structures were analysed and compared with the bay' al-inah based product structure. The adoption of bay’ al-tawarruq contract in creating Islamic personal financing and deposit products comply with Shariah principle. The product structure and the operational process did not trigger any Shariah issue. However, in terms of fulfilling the maqasid of Shariah, the paper find out that the application of bay’ al-tawarruq is not significantly different from bay’ al-inah based products. Thus, despite the shift from bay’ al-inah to bay’ al-tawwaruq implemented by most of the Malaysian Islamic banks, criticism regarding how 'Islamic' is Islamic banking remains to be debated. Islamic banking products studied in this paper were limited to RHB Islamic bank of Malaysia only. Hence, the paper is not intended to represent the local Islamic banking industry as a whole. The paper offers Shariah assessment on Islamic banking products that adopt bay’ al-tawarruq contract as their underlying principle. It also provides a valuable addition to the discussion of maqasid (objectives) of Shariah in the Islamic finance industry.

The purpose of this study is to explain the justification behind the current Shariah screening methodology assessments used by KLSI, which differs from other major Shariah screening methodology around the world. Besides, this study is also attempts to investigate on the intention to entitle Shariah-compliant status by Public Listed Companies (PLCs) in Malaysia. This study employed a series of interviews with five individuals who are involves with KLSI Shariah screening methodology as data collection procedure. Thus, this study found a number of justifications on the reasons behind the current Shariah screening methodology assessments used by KLSI. This includes reasons on the adoption of additional 20% tolerable percentage, additional criteria on corporate image and maslaha (public benefits) and also views on the leniency of current KLSI Shariah screening methodology assessments. Besides, this study also identified several measures to identify the intention to entitle Shariah-compliant status by PLCs. This includes voluntary application, effort of de-listed PLCs to be listed as Shariah-compliant for the following year, impact of Shariah-compliant status especially on the share prices and potential investors, good corporate image on maintaining Shariah-compliant status and the core value of the business. Then, this study also provide several recommendations to be considered for future improvement especially on Shariah screening methodology assessment.

Waqf movement in Malaysia has a long history since the colonization era with plenty of innovations being practiced by waqf managers. The literatures have highlighted on the performance of waqf as a social finance instrument with transformational impacts to the economic wellbeing of the beneficiaries. There is a considerable gap between the cyclic impact on the transformation of waqf beneficiaries into donors that needs to be highlighted. The main aim of the study is to conceptualize and validate the beneficiaries-donors model which evolved from the perspective of mutual assistance (ta’awun) prosumers, consumerchant, and volunteer. The study adopts a three-phase qualitative approach. The proposed model on Benefidonors is the result of the first stage, which involved content analysis of literature data. Data was also obtained via Focus Group Discussions (FGD) in the second step of creating and confirming the model. Three different groups of participants, namely donors, beneficiaries, and mutawalli, participated in three different sessions of FGD using MS Teams. The third stage is model validation where the participants have validated the model through a few series of FGD. The participants were given a conceptual model to see whether the new term introduced, "Benefidonors," could be accepted or require further refinement. The new term coined, Benefidonors concept, suggests for a transformational cyclic impact of the major players in the waqf activism. The major output of this paper is the validated term “Benefidonors” which is a hybrid word, derived from the word, “Beneficiaries” and “Donors”. The “Benefidonors” promotes towards “share more”, “use more” and “donate more” for waqf ecosystem using the concept of mutual assistance (ta’awun) prosumers, consumerchant and volunteer. The finding of this research shows that the new term "Benefidonors," even though it is still emerging and requiring efforts for exposure and branding, is inherently practiced, being aware of and known in the community, but it needs a systematic design and strategic arrangement for further expansion.

This study aims at investigating adoption of FinTech in Islamic social finance especially for zakat and waqf institutions in Malaysia. A focus group discussion (FGD) with 13 zakat and waqf officers and FinTech experts in Malaysia was conducted. For reporting purposes, this study employed a single-case study approach. The FGD was conducted and completed at the end of December 2021 via an online approach through the Zoom platform. The findings highlight the level of FinTech adoption, issues, challenges, and prospects of FinTech adoption as well as impact of FinTech adoption especially on collecting, managing and distributing the Islamic social finance funds (zakat and waqf) to beneficiaries. The study findings and recommendations are useful especially for zakat and waqf institutions as well as the State Islamic Religious Councils (SIRCs) to utilize FinTech in their operation. This study is among the pioneer studies that explore FinTech adoption in Islamic social finance in Malaysia.

Zakat is one of the sources of funds available within the Islamic economic and financial systems and has become a part of ijtima’i studies. Although it is obligatory for Muslims to contribute to zakat, however the amount collected is relatively very small compared to the income tax collections. One of the reasons that led to this incident could be the lack of motivation among Muslims. The aim of this study is to investigate the factors affecting individual decisions in zakat contribution hence, provide an understanding of their motivation. In this exploratory study, factor analysis has been used to provide insights into the underlying structure of motivating factors of individuals participating in zakat. Data was collected using a survey questionnaire that was designed based on past studies from both the conventional as well as Islamic literature. The main dimensions were characterised by religious, utilitarian, self satisfaction and organization factors. In the analysis, the factor extraction method used was the principal component method with the Varimax rotation. Principal factor analyses identified five factors that explained 67.32 percent of the variance in the dataset and these were the “altruism”, “level of faith”, “self-satisfaction”, “organization”, and “utilitarian” factors. Further analysis indicates that the “altruism” has the highest score followed by faith (iman), self satisfaction, organization, and utilitarian factors. Based on the sample surveyed, the initial findings indicate that participation in zakat is not only motivated by religious factor but also self-satisfaction and organizational factors. The implication is that the efforts to raise the level of zakat activities should emphasise not only the religious aspect but also the individual’s and organizational dimensions. This may have significant impacts on the personal financial planning and development of Islamic economic systems in general.

Zakat is one of the sources of funds available within the Islamic economic and financia1 systems. Although it is obligatory, the amount collected is relatively very small compared to income tax collections. One of the reasons could be la& of motivation among Muslims. n i e aim of this study is to investigate the factors affecting individual decisions in zakat contribution. In this exploratory study, factor analysis has been used. The main dimensions were characterised by interna1 and external factors. Using the principal component method, principal factor analyses identified five factors. These were the "altruism", "level of faith", "self-satisfaction", and "utilitarian" that represent internal factors, and "organization" dimensions that reflect externa1 factor. Further analysis indicates that the "altruism" has the highest score followed by faith (iman), self satisfaction, organization, and utilitarian factors. Based on the sample surveyed, the initial findings indicate that participation in zakat is not only motivated by internal factors but also the external factors.

Penghujung tahun 2014, Malaysia khususnya di pantai Timur telah dilanda banjir besar yang luar biasa. Mangsa-mangsa yang dipindahkan dan ditempatkan di pusat penempatan banjir melebihi dua ratus ribu orang. Kajian perintis ini dijalankan bagi� mengumpulkan isu-isu berkaitan akidah di pusat pemindahan mangsa banjir di daerah Temerloh dan Maran, Pahang. Kajian yang bermatlamatkan penerokaan ini menggunakan kaedah kualitatif. Para penyelidik telah menjalankan temu bual tidak berstruktur terhadap tiga puluh lapan orang responden di empat buah pusat pemindahan mangsa banjir di daerah Temerloh dan Maran, Pahang. Pemilihan responden dibuat menggunakan kaedah persampelan mengikut kesenangan (convenience sampling). Hasil kajian menunjukkan terdapat lapan tema isu akidah yang dibangkitkan oleh warga pusat pemindahan banjir. Tiga tema paling polular adalah i) banjir itu qadak dan qadar Allah, ii) berusaha dan bertawakkal dalam menghadapi banjir, dan iii) banjir mendekatkan diri dengan Allah. Di bahagian perbincangan, penyelidik menghuraikan perkara-perkara yang berkemungkinan menjadi faktor kepada dapatan kajian. Penyelidik juga mengemukakan cadangan penambah baikan berkaitan isu akidah dan kaunseling untuk dimuatkan dalam model pengurusan banjir.

Dewasa ini kita melihat banyak berlaku bencana alam di merata tempat di dunia. Kesemua bencana alam ini pernah diketahui atau disaksikan oleh Nabi SAW dan para sahabat Baginda RA. Antara bencana alam yang sering dialami di negara kita adalah banjir, kejadian banjir yang melanda negara tidak lama dahulu amat meresahkan semua pihak. Banjir ini dimulai dengan hujan lebat yang berterusan, lalu mengakibatkannya bertakung atau melimpah. Artikel ini akan cuba mengemukakan pandangan dan sabdaan Nabi SAW berkaitan dengan hujan yang menjadi sebab kepada banjir dan seterusnya melihat saranan Baginda atau perlakuan terhadap banjir yang melanda. Ia dimulakan dengan situasi sebelum, semasa dan selepas berlakunya hujan dan kesan daripada hujan yang berterusan. Beberapa hadis Nabi SAW yang berkaitan akan dikumpulkan dan dianalisa isi kandungannya serta dikukuhkan dengan pandangan ulama muktabar. Diharapkan artikel ini dapat menyingkap perbuatan dan sabdaan Nabi SAW terhadap fenomena hujan dan banjir dan seterusnya menjadi suatu pedoman dan titik permulaan kepada umat Islam untuk berhadapan dan mula mencari jalan penyelesaian kepada bencana hujan dan banjir. Didapati secara umumnya, sentuhan Nabi SAW terhadap banjir amat minima, ia sesuai dengan zaman, tempat dan keadaan di Mekah serta Madinah pada ketika itu, manakala berkaitan hujan hanyalah berkisar dengan cara Nabi SAW berhadapan dan melaluinya.

Penghujung tahun 2014, Malaysia khususnya di Pantai Timur telah dilanda banjir besar yang luar biasa. Mangsa-mangsa yang dipindahkan dan ditempatkan di pusat pemindahan melebihi dua ratus ribu orang. Situasi yang penuh dengan cabaran dan dugaan itu amat berkait berkait rapat dengan konsep-konsep akidah seperti iman terhadap qadak dan qadar, bencana sebagai ujian dan kefahaman tawakal. Untuk mengetahui tahap kefahaman warga pusat pemindahan terhadap isu-isu ini, satu kajian perintis kuantitatif berbentuk soal selidik telah dijalankan ke atas 18 orang. Pemilihan responden dibuat menggunakan kaedah persampelan mengikut kesenangan (convenience sampling). Dengan menjadikan daerah Temerloh dan Maran sebagai lokasi kajian, ketiga-tiga tema yang diuji menunjukkan nilai min yang tinggi, sekaligus memberi makna bahawa responden mempunyai tahap kefahaman akidah yang tinggi.

Penghujung tahun 2014, Malaysia khususnya di pantai Timur telah dilanda banjir besar yang luar biasa. Mangsa-mangsa yang dipindahkan dan ditempatkan di pusat penempatan melebihi dua ratus ribu orang. Di pusat-pusat penempatan itu, terdapat beberapa keadaan yang berkait rapat dengan fiqh seperti cara bersuci, kaedah mengerjakan solat, batasan pergaulan lelaki-perempuan yang bukan mahram, pengurusan jenazah, hukum mengambil barang yang dijumpai dan kesedaran merujuk pakar dalam hal fiqh yang tidak diketahui. Untuk mengetahui tahap kefahaman warga pusat penempatan terhadap isu-isu ini, satu kajian perintis kuantitatif berbentuk soal selidik telah dijalankan ke atas 18 orang. Pemilihan responden dibuat menggunakan kaedah persampelan mengikut kesenangan (convenience sampling). Dengan menjadikan daerah Temerloh dan Maran sebagai lokasi kajian, penyelidik mendapati responden mempunyai tahap kefahaman Fiqh yang tinggi dengan nilai min keseluruhan 3.87.

The 19th century witnessed noticeable events that shaped the geopolitical and economic spheres in both Europe and Ottoman Empire. Internationally, the industrial revolution, the economic crisis, and the Crimean War were some of those. By 1870, the OE declared its bankruptcy and this decision went viral into the international market, which in fact led to tighten the conditions by the European powers to obtain foreign capital. This study aims to provide a new insight on the external debt determinants using the economic data 1881 to 1913. Applying ARDL as an econometric approach to determine the interrelationship, the findings of the study reveal that the economic growth is negatively associated with the external debts. Also, the study found that government expenditure is having a positive relationship with the accumulation of external debts.

Penularan wabak Covid-19 telah memberi impak kepada corak kehidupan masyarakat dunia secara keseluruhannya. Kemuncaknya pada sekitar penghujung tahun 2020 ini apabila hampir 4 billion manusia atau separuh dari penduduk dunia menghadapi ‘lockdown’ atau kawalan pergerakan di rumah atau di pusat kuarantin. Hal ini telah memberi kesan secara keseluruhan kepada pergerakan antarabangsa masyarakat dunia atas apa juga tujuan sama ada untuk pelancongan, perniagaan mahupun pendidikan. Meskipun semua negara akan menarik semula arahan kawalan pergerakan ini apabila keadaan pulih, namun, norma kehidupan masyarakat dunia tidak akan kembali seperti sedia ada untuk tempoh yang lama. Impak negatif Covid-19 ini tidak terkecuali di peringkat pengajian tinggi termasuklah pelajar antarabangsa yang terpaksa menghadapi PdP secara online sepenuhnya. Kesukaran yang dihadapi golongan pelajar ini mungkin tidak diberi perhatian khusus memandangkan mereka merupakan minoriti di universiti. Justeru, kajian ini bertujuan mendapatkan pandangan pelajar siswazah antarabangsa terhadap kesediaan dan pengalaman mereka dalam mengharungi cabaran PdP ketika pandemik. Dapatan dari data kuantitatif ini dijadikan asas untuk mencadangkan dasar pengurusan pelajar siswazah antarabangsa pasca pandemik. Kajian ini mendapat maklumat yang diperlukan melalui kaedah soal selidik yang diedarkan kepada 130 pelajar siswazah antarabangsa semasa yang sedang mengikuti pengajian sarjana dan doktor falsafah di Universiti Sains Islam Malaysia (USIM). Hasil kajian menunjukkan bahawa walaupun sebahagian besar pelajar antarabangsa siswazah di USIM tidak menghadapi masalah besar dalam mengikuti PdP online ketika pandemik Covid-19 ini. Namun, minoriti pelajar juga perlu diberi perhatian agar tiada pelajar tercicir dari mengikuti pengajian. Kajian juga menunjukkan aspek kebajikan dan kebolehcapaian fasiliti menjadi isu utama yang perlu ditangani pihak universiti.

The SME sector is the most critical client for bank financing, particularly in commercial business banking. A dual banking system in which Islamic and conventional financial institutions coexist makes the financial market more competitive. To ensure that Islamic financial products and services can compete with the existing market, Islamic banking management must ensure that its services, particularly in the SME sector, have a place. Knowing the banking product preferences of those firms is one of the steps that should be taken. As a result, this study will develop a conceptual framework for the product range of Islamic banking products to investigate the SME owner's preference for Islamic SME financing. The product range of this range will be strengthened further with the theoretical support of planned behavior from the Managerial perspective among SMEs.

The spread of the Covid-19 pandemic has changed the landscape of varied communities around the world and disrupting their daily activities and impacting in various areas of services. In this case, the Higher Education Institutions (HEIs) is also affected especially in the aspects of promotion, management and recruitment of international students. Therefore, this study will examine the views of prospective international postgraduate students at USIM towards their study journey. In addition, this study will identify suggestions for improvements to increase the promotion towards international postgraduate students’ admission during the Covid-19 outbreak. This study also suggests policies that need to be considered by universities to improve the effectiveness of post-Covid-19 promotion and management. A total of 122 prospective students completed a set of questionnaires distributed online. The results of the study found that they were satisfied with the procedure of admission process to USIM. They also suggested that USIM should update its online marketing promotion strategy more effectively. Other than that, the difficulties that they faced during the pandemic were analyzed and used as a basis of a guideline to formulate policy proposals for the management which regards to improve the promotional activities and management of international postgraduate students to attract more students in the future.

The purpose of this study is to investigate and validate the determinants of profit margins and pricing practices of Islamic banking institutions in Malaysia. The key determinants and pricing approaches were extracted using a verbal protocol followed by probing of respondents. Focus group interviews were conducted with Islamic banking experts from Bank Muamalat Malaysia Berhad, CIMB Islamic Bank Berhad, Bank Islam Malaysia Berhad and Maybank Islamic Berhad. Preliminary analysis suggested some distinct outcomes in the identification of determinants and practices in pricing and bank margins for future research. This study has provided important insights for Islamic banks to improve their bank margins and profit by considering significant variables affecting profitability. Generally, the themes which emerged from the interviews concurred with findings from literature. However, the determinants that have yet to be captured in the literature are marketing strategies which include product risk, financing terms and conditions; and discretionary power. Awareness of Islamic banking products and cost of fund strategies are other important determinants of bank margins and profitability. This paper also has the potential to enhance bank margin determinants, concept, theory and practice.

This paper aims to analyze the risk management practices of full-fledged Islamic banks versus Islamic subsidiaries of conventional banks in Malaysia and the sustainable rate of growth within restricted minimum requirements of capital adequacy, leverage and liquidity. In achieving these objectives, the paper assesses the risk management practices of full-fledged Islamic banks, i.e. Bank Islam Malaysia Berhad and Bank Muamalat Malaysia Berhad and Islamic subsidiaries of conventional banks, i.e. Maybank Islamic Berhad and CIMB Islamic Berhad. This paper uses annual reports and focus group interview to obtain the data. The results of the analysis show that the Leverage Ratio, Liquidity Coverage Ratio (LCR) and capital requirement ratios, such as Common Equity Tier 1 capital Ratio, Core Capital Ratio (CCR) and Risk Weighted Capital Ratio (RWCR) have exceeded the minimum requirement by Basel Accord. The result of the focus group interview shows that full-fledged Islamic banks and Islamic subsidiaries of conventional banks conformed and implemented the risk management framework imposed by the regulatory agency. However, the growth rate in total asset, loan, Return On Assets (ROA) and net income margin has mixed growth except for loan to total asset which increase over the year, albeit of the minimum risk management requirement. These empirical and focus group results suggest an important policy on issues pertaining to how Islamic banks have to adjust the changes in the banking environment in terms of growth and its comparative advantages specifically on management efficiency.

The Shariah financial screening indices is to exclude companies with unacceptable levels of conventional debt, liquidity, interest-based investment and/or impure income. Ideally, companies must not borrow on the basis of interest rate, nor invest in debt-bearing instruments, as well as not generating income through any other Shariah-impermissible activities. However, such restrictions would screen out the vast majority - if not all - of the stocks that are available on the market, even those listed in Islamic countries. Based on this condition, Shariah scholars tried to come out with a set of Shariah indices to be tested on existing companies in order to classify them as Shariah-compliant companies. Thus, the aim of this paper is to explore and critically analyse comparison of Shariah screening methodology amongst major Shariah indices in the world. By applying the reviewing for all related literature and contents of Shariah screening’s laws and regulations. It can be stated that several group of Shariah indices can be categorized. Firstly, under qualitative measures (business activities), there are two groups which are: (i) financial activities orientation; and (ii) indic with non-financial activities orientation. Meanwhile, under quantitative measures (financial ratios), another several groups can be categorized based on different adoption in the nominator, denominator and tolerate percentage used. It is hoped that this work would inspire more research on Shariah screening using different research methods and compare between the indices according to segments this research argued. Besides, the policy makers should give more attention to ensure the Shariah screening practices and the enhancement Shariah screening standardizing among the major Shariah indices. Last but not least, investors and stakeholders whom concern of Shariah screening could also benefited of the findings of this study by having better understanding of Shariah screening practices and compare between existed indices.

Small and Medium Enterprises (SMEs) play an important supportive role in the Malaysian economy. In capturing this market segment, Islamic banks offer various banking products to cater SMEs' needs in daily business transactions. This research examines their perception towards the banking products offered which includes a study on their level of acceptance, knowledge, factors considered important in bank selection, current marketing strategy and customer satisfaction in Islamic banking. The research adopted a survey-based approach in collecting the data by distributing a set of selfadministered questionnaires to the potential SMEs. A total of 180 SMEs from Federal Tenitory of Kuala Lumpur, Selangor and Negeri Sembilan participated in this research. The results indicate that majority of the SMEs still do not consider the Islamic banks as the most desirable financial institution. The less effective marketing strategy has been identified as one of the reasons contributing to the low acceptance of products offered. It is also found that variances in the SMEs profiles infleunce their perception towards Islamic banking. The research concludes with some recommendations to be adopted in enhancing the effectiveness of Islamic banks marketing strategy.