Purpose: The purpose of this paper is to investigate the effect of board attributes on Sukuk rating in firms listed in Bursa Malaysia (Malaysian Stock Exchange) during the period of 2008 to 2013. Design/methodology/approach: This study uses ordinal logit regression model to examine the influence of board attributes (CEO-chairman duality, board size and board independence) on the dependent variable (RATING). Findings: The findings of this paper generally support the agency theory and stakeholder theory. Results show that after controlling for firm characteristics, the Sukuk rating is positively associated with CEO-chairman duality, board size and board independence; and negatively correlated with leverage while positively related to profitability and size. The findings of this study also provide evidence that having two positions in an organization as CEO and chairman could have added higher responsibility towards making corporate decisions and provide better Sukuk rating performance. In addition, findings show that the larger the board size, the better Sukuk rating. Also, higher board independence enjoys higher rating. Research limitations/implications: This study was limited to the investigation of the relationship between board attributes (CEO duality, board size and board independence) on Sukuk ratings using aggregate data from 2008 to 2013 among Malaysian Sukuk issuers. Practical implications: The findings of this paper describe the impact of board attributes on Sukuk rating in Malaysian Sukuk market which in turn gives the useful insights to many of the actors in the markets such as issuers, investors and policymakers which can be relied upon in making strategic decisions to issue and invest in Islamic bonds in Malaysian market. In addition, the findings could prove to be useful also for regulators because they are responsible for the acceptable level of corporate governance standards. Originality/value: This study contributes to the body of knowledge by focusing heavily on enhancing Sukuk ratings by reducing conflict between managers and Sukuk holders in Malaysia. Additionally, this study benefits from the agency theory and stakeholder theory to provide evidence on the effect of board attributes on Sukuk rating. � 2018, Emerald Publishing Limited.

The objective of this study is to determine the factors influencing home refinancing among Muslim customers in Malaysia. For conventional banks, the common reasons are interest rate and monthly payment reduction of the loan. However, these reasons might not be applicable for bank customers who refinanced their loans by switching from conventional to Islamic home refinancing schemes. The study distributed 150 survey questionnaires for Muslim bank customers at 11 states and Federal Territory of Kuala Lumpur in February to March 2011. The findings indicated that reasons for refinancing were fluctuation of home financing profit rate, reduction of maturity period and monthly payment, good services of new banks and awareness among respondents to align their belief with their daily financial and economic practices. This study enhances the understanding of academics, scholars and bankers on factors influencing home refinancing activities, especially among Muslim customers in Malaysia. It is suggested that the future research can be done to compare home refinancing activities with the real changes in profit rates.

[No abstract available]

In a modern economy, there is no doubt that banks play a major role in generating the economic and financial growth. The individuals, the communities and the organizations are reliant on banks as their financial resources and necessities fulfillment. Their dependence to the banks has led them to engage a variety of contracts especially a debt-based contract. This contract required them to bond with the banks in the long period. Therefore, the various innovation products are designed to ensure the debtors are able to engage in an Islamic way and the banks are able to attain their income generation at the same time. While the debt contract is almost impossible to be implemented in Islamic banking system nowadays as it will lead to an interest, a modification process on the innovating sale contracts that have a commercial value for the bank is the only way for them to offer a debt-based contract to the people. Thus this paper attempts to explore the potential of ar-rahn product to solve the current problem. It tries to propose the enhancement of ar-rahn existing product offered by the bank and pawnshop as a good alternative to the financing products. The explored features of the potential of ar-rahn consist of the suitability of concepts adopted in the product, the possibility of longer repayment's period, the minimization of the shariah and economic issue of ujrah fee, the possibility of offering more than RM10, 000 borrowing money and the expansion of receivable pledge item. While the exploration of those features is discussed in a foundational and ideal basis, it is hoped to stimulate further investigation in the future.

Halal industry is a vast industry that consists of several sectors; ranging from food, pharmaceutical and cosmetic products, services (i.e. transportation and logistics) and, banking and finance. All these various sectors in the actual state of practices are currently positioned separately. This paper expands the proposal of integrating halal industries with the Islamic funds. Principally, these sectors should not be deemed separately as they are under the same umbrella of Shariah. The collaboration of the industry can lead to harmonious system that can support each other. In this case, the Islamic financial system through Islamic banking and capital market instruments will channel their long term funding to other Halal industry. As the start, it is important to look at the current practices of authority bodies in the sectors of Halal industry (except for Islamic banking and finance) and Islamic capital market. This outlook is prioritized given that the authority bodies will influence the behavior of the players. This paper focuses on Halal industry in Malaysia. Specifically, the main selected documents of the related authority bodies in this industry were assessed to grasp their approaches regarding Shariah compliance approval or Halal recognition. This will contribute to an initiative that can integrate this industry from the policy makers and supervisors' perspective. Finding shows that there are different angles of Halal aspects focused by these authority bodies, and there is a room for adjustment towards integration.

Product recalls are damaging to companies due to its effects to financial performance as well as the image of the company. Product recall management is the final step of traceability system in a company. When the incidence of product recall happens, a company must have a good recall management system that works as the last defense to the company's image. This study examines the product recall management in two companies operating in Halal industry. The objective of this study is to examine the implementation of Halal traceability measures and recall programs in the companies under the study. This study employed case study method to obtain data from two companies operating in Halal industry; one is a manufacturing of Halal product while another is a slaughterhouse. This study provides analysis on Halal traceability system implemented by two companies and the procedure of food recall produced by Jabatan Kemajuan Islam Malaysia (JAKIM). Findings of the study indicate that both of the surveyed companies practiced seven elements of traceability system to prevent them from involving in the incidence of food recall. The results also imply that food recall management and Halal traceability implementation are important in order to maintain the company from receiving negative impacts of food recall. Future comparative research on the similarities between food recall in Halal food and non-Halal food industry could be conducted to improve the product recall management in the Halal industry.