Extending the boundaries of islamic finance

Extending the Boundaries of Islamic Finance Vol 4, YTI Lecture Series Extending the Boundaries of Islamic Finance Vol 4, YTI Lecture Series Mohd Daud Bakar Amir Shaharuddin Nazratul Aina Mohamad Anwar USIM PRESS Universiti Sains Islam Malaysia Bandar Baru Nilai Negeri Sembilan 2018 First Published in 2018 © 2018 Universiti Sains Islam Malaysia (USIM) and Yayasan Tun Ismail Mohamed Ali Berdaftar (YTI) All rights reserved; no part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise without prior written permission from USIM PRESS Published in Malaysia by: USIM PRESS Universiti Sains Islam Malaysia 71800 Bandar Baru Nilai, Negeri Sembilan Darul Khusus Tel: 06-798 8226 / 6081 Faks: 06-798 6083 penerbit.usim.edu.my info.penerbit@usim.edu.my USIM Press is a member of the MALAYSIAN SCHOLARLY PUBLISHING COUNCIL (MAPIM) Printed in Malaysia by: MDM VENTURES SDN BHD No 33-1, Jalan Coco Drive 2, Taman Bandar Senawang, 70450, Seremban Negeri Sembilan Tel/Fax: 013-783950 mdmventures@outlook.com, nurulizatyfaisal@outlook.com National Library of Malaysia Cataloguing-In-Publication-Data Mohamad Daud Bakar EXTENDING THE BOUNDARIES OF ISLAMIC FINANCE / MOHAMAD DAUD BAKAR, AMIR SHAHARUDDIN, NAZRATUL AINA MOHAMAD ANWAR (YTI LECTURE SERIES VOL.4) ISBN 978-967-440-430-7 eISBN 978-967-440-496-3 Finance Religious aspects Islam I Amir Shaharuddin II Nazratul Aina Mohamad Anwar III Title IV Series 332.091767 Extending the Boundaries of Islamic Finance Vol 4, YTI Lecture Series Contents Foreword by Vice Chancellor of USIM Foreword by Chairman of Permodalan Nasional Berhad Preface List of Abbreviations Islamic Finance: An Overview PART • IMPACT OF INDUSTRY TO MALAYSIAN ECONOMY ix xi xiii xv 19 27 Critical Success and Failure Factors in the Islamic Financial Industry in the 21st Century: An Insider and Global Perspective Mohd Daud Bakar 29 Islamic Finance: Its Strategic Perspective and Sustainability Zainal Abidin Mohamed 59 Bond with the Best: Trust and Investor Sentiment in Sukuk Nursilah Ahmad, Noor Zahirah Mohd Sidek, Norhaziah Hashim, Fuadah Johari & Syazwani Abd Rahim 95 Extending the Boundaries of Islamic Finance PART • PRODUCT DEVELOPMENT AND INNOVATION IN ISLAMIC FINANCE Should Shariah Advisors be Constrained by Islamic Classical Contracts? Amir Shaharuddin Retail Sukuk for National Development 127 Azrul Azlan Iskandar Mirza & Hamdi Hakiem Mudasir An Analysis of the Viability of Micro Takaful in the Malaysian Market Nor Haziah Hashim 149 Islamic Crowdfunding: Concepts, Issues and Opportunities Hanim Misbah, Zurina Shafii & Muhamad Muda 159 PART • HUMAN GOVERNANCE IN ISLAMIC FINANCE 111 179 Will Fintech Disrupt Islamic Banks? Nurul Aini Muhamed & Ainulashikin Marzuki 181 Sustainability of Islamic Financial Institutions Through Leadership and Talent Norailis Ab Wahab & Rosnia Masruki 197 PART • ISLAMIC FINANCE CONTRIBUTION 10 vi 109 Prospect and Challenges in Developing Islamic Waqf Bank Muhammad Ridhwan Ab Aziz 209 211 Part : Impact of Industry to Malaysian Economy 11 Contribution and Sustainability of Waqf and other Social-Based Healthcare Institutions in Malaysia: A Time for Reflection Nur Atika Atan, Fuadah Johari & Zurina Kefeli 233 12 Islamic Social Finance in Ijtimaie’ and Tijari Sector 259 in Malaysia: A Review Zurina Shafii, Syahidawati Shahwan, Azrul Azlan Iskandar Mirza, Safeza Sapian, Supiah Salleh, Norhaziah Nawai, Norhazlina Ibrahim, Asmaddy Haris & Norafni @ Farlina Rahim Biodata of Contributors Index 279 289 vii Foreword by ViCe ChanCellor oF UniVersiti sains islam malaysia (Usim) َ ‫الس‬ ِ ‫ال ُم َع َل ْي ُك ْم َو َر ْح َم ُة ا‬ ‫هلل َو َب َر َكا ُت ُه‬ َّ First and foremost, I wish to express my utmost gratitude to Allah SWT for bestowing upon us His Grace and Guidance to enable us to publish this book entitled Extending the Boundaries of Islamic Finance Many thanks to Permodalan Nasional Berhad (PNB) for always supporting us in the publication of this book I am pleased to thanks all the authors of this book and wish that all their views written in this book will benefit to all of us Islamic finance has been grow rapidly and spread within the umbrella of globalization In order to remain viable, a leading industry player will play as a main role to take initiatives in innovating and transforming new Islamic finance to the world By the publishing of this book, it would give an opportunity to the scholars and industry player to share their valuable insights which will be beneficial for upcoming planning as well as guiding the Islamic finance in facing the challenges and opportunities in the future With this, I congratulate the group of authors from Faculty of Economics and Muamalat, USIM and also Datuk Dr Mohd Daud Bakar on their Extending the Boundaries of Islamic Finance He has published more than 30 articles in various academic journals and presented more than 150 papers in various conferences both local and abroad He was awarded “The Asset Triple A Industry Leadership Award” at The Asset Triple A Islamic Finance Award in 2014 by The Asset magazine He has been named as the “Most Outstanding Individual”, by His Majesty, the King of Malaysia, in conjunction with the national-level Prophet Muhammad’s birthday 2014 In 2015, he has been awarded the “Shariah Scholar of the Year-2015” by London Sukuk Summit Muhammad Ridhwan Ab Aziz is an associate professor at the Faculty of Economics and Muamalat, Universiti Sains Islam Malaysia (USIM) He received his Bachelor Degree of Business Administration (Hons.) in 2001, Master Degree in Islamic Studies, specializing in Islamic Banking in 2008 and PhD in Islamic Banking in 2011 from the University of Malaya (UM) His area of expertise is in the field of Islamic banking and finance, Islamic commercial law, Islamic money and capital market as well as Islamic social finance Until now, he has published 16 books and 22 chapters in book He has also presented and published more than 95 papers and articles in various national and international conferences and journals He also actives in conducting research in 31 research projects in various disicplines He can be reached at ridhwan.aziz@usim.edu.my Nazratul Aina Mohamad Anwar is currently a senior lecturer at the Faculty of Economics and Muamalat, Universiti Sains Islam Malaysia (USIM) She holds Bachelor degree in Accounting from Universiti Teknologi Mara (UiTM) She obtained her Master of Science in Accounting from Universiti Putra Malaysia (UPM) and PhD in Accounting from the same institution She taught at several public and private universities on a part-time basis while completing her Master and PhD, namely UPM, Universiti Kuala Lumpur (UNIKL) and Infrastructure University Kuala Lumpur (IUKL) since 2008 before joining USIM Her main research interests include accounting reporting and disclosure, corporate governance, ownership structure and banking efficiency She can be contacted at nazratulaina@usim.edu.my Noor Zahirah Mohd Sidek graduated with BA(Hons) Economics from University of Sheffield, UK, MA (Economics dan Phd (Economics) 282 Part : Impact of Industry to Malaysian Economy from International Islamic University (IIUM), Malaysia Her area of specialization is international economics and Islamic Finance She was a visiting academic at Durham Centre for Islamic Economics and Finance, Durham University, UK from 2014-2015 Norailis Ab Wahab is a Business Excellence Assessor appointed by Malaysian Productivity Corporation (MPC) since 2014, a life member of Malaysian Muamalat Association (MMA) She joined SME Corp for three months in 2012 to gain industrial experiences At the same time, she put effort in establishing engagement with practitioners in small and medium enterprises as well as external consultants in Muslim Coaches Association of Malaysia (MCAM) Since 2015, she became one of the panels for Malaysia Franchise Awards Appointment as a Research Fellow in the Islamic Finance and Wealth Management Institute (IFWMI) for the past few years encouraged her to actively involved in trainings (e.g for USIM-BIMB Certification), research and publications that are related to benchmarking, human resource, halal industry plus other areas of management Cases write-ups is becoming her new passion that focuses on operations management and businesses issues Several of those cases were published by USIM Press and Institut Maklumat dan Pasaran Buruh (ILMIA), Ministry of Human Resources Presently, she is actively engaged with SME Corp, MPC and Perbadanan Wakaf Negeri Sembilan (PWNS); as well as case writing activities with CASB @UKM and Malaysia Prison Department-Malaysia Armed Forces-Ministry of Higher Education She also contributes her knowledge and expertise in SMEs by matching the entrepreneurs with researchers from universities to assist the SMEs to increase its economic outputs In term of research, she led several research groups for FRGS and other international grants themed business and management She also coached groups of students for international visit programs to United Kingdom, Korea, Dubai, Maldives and ASEAN countries Norhazlina Ibrahim is currently a senior lecturer at the Faculty of Economics and Muamalat, Universiti Sains Islam Malaysia (USIM) She holds Bachelor degrees from the University of Cardiff and University of Buckingham in Accounting and LLB She obtained her Master in Accountancy from University Teknologi Mara (UiTM) and PhD from International Centre for Education in Islamic Finance (INCEIF) 283 Extending the Boundaries of Islamic Finance Before joining USIM, she taught at several private universities namely Universiti Tenaga Nasional (UNITEN) and Universiti Industri Selangor (UNISEL) since 1999 Her main research interests include Islamic accounting, banking and finance and financial planning She has taught courses on these and other subjects at undergraduate levels Nor Haziah Hashim is a senior lecturer at the Faculty of Economics and Muamalat, USIM She received her first degree in Banking and Finance from Northwood University, Michigan U.S.A and a Master’s degree in Business Administration (MBA) form Universiti Kebangsaan Malaysia Prior to joining the academia in 2003, she was employed in the banking and insurance sector with the Malayan Banking Group Her area of expertise is in the field of insurance, takaful and Islamic estate planning With USIM, she has contributed in terms conference presentations, journal publications, academic research and held administrative posts at the faculty level She can be contacted at haziah.h@usim.edu.my Nursilah Ahmad graduated with BSBA (Economics) degree from University of Denver, USA and obtained her Master of Economics and PhD in Economics from the International Islamic University of Malaysia (IIUM) Her area of specialization includes international macroeconomics, financial economics and social economics She has co-authored several books and written a number of international and national conferences papers, journal articles, book reviews, chapters in book and short articles Her paper has been published in indexed journals and indexed conference proceedings She is a member of the Malaysian Economic Association (MEA) During Summer 2013, she did some research at the Statistical Economic and Social Research and Training Centre for Islamic Countries (SESRIC) in Ankara, Turkey She can be contacted at nursilah@usim.edu.my Nurul Aini Muhamed is a senior lecturer in the Faculty of Economics and Muamalat, Universiti Sains Islam Malaysia (USIM) She obtained a Bachelor’s degree in Shariah (Management) from University of Malaya (2001) and an MBA from Universiti Kebangsaan Malaysia (2003) She was awarded with PhD (Business and Management) from University of South Australia (2009), with the research area in Islamic investment Previously, she was a Deputy Dean (Academic and Research) and a 284 Part : Impact of Industry to Malaysian Economy Head Program of Bachelor Degree of Muamalat Administration of the Faculty She is a Shariah Committee member of Hong Leong Islamic Bank Berhad and Hong Leong MSIG Takaful Her research areas interests include the Islamic Transaction Law, Islamic Banking and Finance, Halal Compliance and Corporate Governance She is the coauthor of Industri Halal: Perkembangan dan Cabaran di Malaysia and Hutang Malaysia: Daripada Perspektif Ekonomi dan Islam Nur Atika Atan is currently pursuing her study in PhD at Faculty of Economics and Muamalat, Universiti Sains Islam Malaysia (USIM) She holds a Diploma in Electrical Engineering from Universiti Teknologi Malaysia (2004), Bachelor Degree in Consumer Study (2010) and Master Science in Consumer Finance (2014) from Universiti Putra Malaysia During her study, she has written several articles and participated in national and international conferences Her area of research interests ranges from Islamic Social Finance such as Waqf, health care sustainability, consumer finance and household risk management Rosnia Masruki holds a PhD in Accounting, specialising in reporting and disclosure for Islamic Financial Institutions (IFIs) and non-profit organisations such as government agencies, charities and waqaf institutions At present, she is a senior lecturer in Universiti Sains Islam Malaysia (USIM), teaching Financial Accounting, Management Accounting and Public Sector Accounting at the Bachelor and Master Degree programs She was the Head of the Accounting program in her previous university in Malaysia She has also served as an advisor in the field of education She has been a trainer and invited speaker in Business Accounting and Finance for corporate and universities Currently, she is a Coordinator of Master by coursework in Faculty of Economics and Muamalat, USIM She is actively doing research on the best practices of reporting, performance measurement and socio-economic impact for non-profit organisations such as zakat and waqf as well as on the area of corporate governance for IFIs Even so, she found that leadership is another area that is interesting to be explored, since such aspect is a cornerstone towards realising the organisation’s goals 285 Extending the Boundaries of Islamic Finance Safeza Mohd Sapian is a senior lecturer in the Faculty of Economics and Muamalat, Universiti Sains Islam Malaysia (USIM) She attained her first degree in Banking and Finance in 1998 from Northwood University, Michigan, United States of America and Master in Business Administration (MBA) from Universiti Teknologi Mara, Malaysia in 2006 She received her PhD from International Centre for Education in Islamic Finance (INCEIF), Malaysia in 2016 Her area of specialization include Islamic banking and finance and risk management She is a member of Malaysian Association of Risk and Insurance Management (MARIM) and a member of Quality Research Association of Malaysia (QRAM) She was also an Executive Editor for Buletin FEM and an invited Reviewer for the Journal of Muamalat and Islamic Finance Research (JMIFR) Syazwani Abd Rahim graduated with Bachelor of Science (Honours) (Actuarial Science) from University Teknologi MARA (UiTM) Shah Alam and obtained her Master of Economics and Muamalat Administration and currently studying her PhD in Economics and Muamalat (Islamic Finance) from Universiti Sains Islam Malaysia (USIM) Her area of specialization includes financial economics, statistics economics, social economics, and risk management She has written a number of international and national conference papers and journal articles Her papers have been published in indexed journals and indexed conference proceedings Her research areas are about Sukuk (Islamic bond), stock market reactions to Sukuk announcements, investors’ confidence to Sukuk issuance, volatility of Sukuk indices, and Sukuk market efficiency She can be contacted at syazwani160989@ gmail.com Zainal Abidin Mohamed is currently a contract professor, and the Deputy Dean of the Graduate School of Muamalat at USIM He graduated with a Bachelor Degree in Agric Sc (Hons), majoring in Agricultural Engineering in 1974 from U of Malaya, and obtained an MBA in operation management from U of Wisconsin (Madison), USA in 1976 He then obtained his PhD (strategic management) from U of Edinburgh (UK) in 1988 Was awarded a Fulbirght Fellowship to pursue research on process reengineering) at U of Indiana (Bloomington) USA in 1995 Began his academic career in 1974 and has held several 286 Part : Impact of Industry to Malaysian Economy posts including Department Heads as well as Deanship, He was also instrumental in establishing the MBA programmes in UPM, initiated the team that worked towards getting the AACSB accreditition, as well as the birth of the Asian Journal for Case Research in UPM He was also the first Director of the Corpotrate Planning Division of UPM (1996) as well as UUM(2000) As an academician, he had to balance teaching, research and advisory work where he was active in the latter until 1988 after obtaining his PhD His research work has been in the areas of strategic and operations management and until 2017 has successfully supervised 26 PhD students, he being the main superviser Has published books, contributed 10 chapters in books and another 40 articles in journals and 54 local and international conference papers As the Presidents of the Case Writers’ Association of Malaysia, his addional voluntary work is to drive for an increase in the number of case writers not only in Malaysia but also in Nigeria and Indonesia, so that the mode of using the case study method in teaching and learning can be enhanced Zurina Kefeli @ Zulkefli is a senior lecturer in the Faculty of Economics and Muamalat, USIM She has a PhD in Economics from Macquarie University, Australia and had earlier education at Universiti Kebangsaan Malaysia for both her Bachelor and Master degrees in Economics Her interest in the area of health economics and health care financing has contributed to her active engagement in teaching and training in the area of health economics for Ministry of Health officers Besides writing cases for teaching, she has also involved in writing modules for case study training for trainers (TOT) With high interest in publication, she is appointed as the Executive Editor of the Journal of Muamalat and Islamic Finance Research (JMIFR) since 2012 She can be contacted at zurina@usim.edu.my Zurina Shafii is an associate professor in the Faculty of Economics and Muamalat, Universiti Sains Islam Malaysia (USIM) and a research fellow in Islamic Finance and Wealth Management Institute (IFWMI), a research centre championing research and training in Islamic finance within USIM She has been serving Malaysia Building Society Berhad (MBSB) as a member of its Shariah Committee since 2014 She holds an Accounting Degree from Universiti Teknologi Mara (UiTM) and a 287 Extending the Boundaries of Islamic Finance Master’s degree and PhD in Islamic Finance from Durham University, UK She holds professional accounting qualification, ACCA and a certified Islamic Financial Planner Her research interests are Shariah audit, Islamic financial institutions’ accounting and reporting, Islamic financial planning and Halal Compliance Procedures She authored five books on Islamic finance, with focus on its Shariah governance and audit and accounting and reporting She co-writes two books on Islamic financial planning and a contributor in Money Affairs section of Malaysian Business Magazine Her teams innovated and commercialized several inventions Shariah audit Kit invention won bronze medal in International Conference and Exposition on Inventions by Institutions of Higher Learning (PECIPTA) and Shariah Audit Step by Step Procedures won silver medal in International Invention Innovation and Technology Exhibition (ITEX) Through 2015 to 2017, her team working on a game-based board game for Islamic finance education, Muamalat Interactive Game (MIG) won gold medal in series of PECIPTA and ITEX The product too won international accolade from International Trade Fair Ideas Inventions New Products (iENA 2016), bagging silver medal and special award In 2014-2015, she was a visiting researcher in Durham University Business School (Durham University, UK) and Islamic Research Training Institute (IRTI) of Islamic Development Bank (IDB) She was a consultant to the World Bank, working on waqf regulations and performance during her attachment in Global Islamic Finance Development Centre (GIFDC) based in Istanbul She is also the Chairman for Education Committee for a Non-Governmental Organisation (NGO), Association for Islamic Financial and Wealth Management Malaysia (AIFiWM) She is an expert panel for Finance Accreditation Agency (FAA) as well as serving as a committee member of International Council of Islamic Finance Educators (ICIFE) 288 index A awqaf 259, 262 B bond 131, 135, 146 budget 38, 39, 78, 127, 128, 129, 130, 132, 133 C capital market 95, 106, 132, 135, 146, 147, 148 Cash 274 cash waqf 226, 227, 230 challenges 22, 30, 48, 90, 176, 190, 194, 226, 260, 273 charity 164, 165, 167, 172, 271 compliance 34, 35, 51, 111, 112, 124, 170, 184 conventional 30, 31, 34, 36, 42, 43, 46, 47, 55, 56, 57, 60, 64, 65, 66, 67, 68, 72, 79, 101, 111, 112, 116, 181, 190, 192, 197, 198, 269 cooperatives 259, 267, 273, 274 corporation 131, 271 crowdfunding 163, 164, 166, 167, 169, 170, 171, 173, 174, 175, 176, 177, 178, 185, 188, 192, 274 D debt 102, 127, 128, 129, 130, 170, 186 dharuriyyat 164 E econometric 129 economic 30, 31, 32, 33, 42, 43, 44, 51, 56, 62, 74, 78, 79, 81, 87, 90, 91, 92, 95, 97, 101, 105, 112, 127, 130, 132, 133, 135, 147, 152, 166, 167, 172, 177, 178, 192, 230, 260, 261, 273, 277 economy 24, 32, 42, 43, 44, 51, 58, 69, 72, 80, 81, 89, 95, 97, 103, 127, 130, 135, 147, 152, 171, 226, 259, 260, 272, 274, 276 entrepreneurship 29, 178 Extending the Boundaries of Islamic Finance equity 53, 97, 98, 102, 145, 146, 163, 170, 189, 192, 274 exchange 31, 32, 68, 96, 99, 101, 149, 163, 165, 185, 186, 187 expenditure 130, 134 F faraid 165, 168, 169 financial crisis 96, 103, 105 fintech 176, 194, 195 fiscal policy 127, 132 fiscal transfer 133 G Gharar 32, 62, 71, 72, 89, 123 governance 145, 146, 167, 170, 176 government 43, 55, 74, 79, 85, 97, 99, 127, 128, 129, 130, 131, 132, 133, 134, 135, 145, 146, 147, 150, 152, 192, 195, 227, 229, 259, 261, 263, 272 guidance 57 H Hadith 49, 261 halal 32, 40, 56, 86, 228 health 101, 166 healthcare 272 hibah 113, 124, 164, 165, 167, 168 hospital 59 I ijarah 102, 114, 115, 116, 168 index 70, 91, 97, 98, 99, 100, 101, 104, 146, 147, 194, 277 innovation 23, 52, 60, 186, 187, 192, 193, 194, 197, 271 290 instrument 31, 86, 96, 105, 135, 146, 147, 165, 166, 169, 261 insurance 31, 50, 61, 64, 149, 150, 151, 152, 186, 192, 269 investment 31, 32, 33, 55, 97, 98, 99, 113, 127, 145, 146, 147, 174, 177, 182, 185, 187, 188, 189, 190, 194, 228, 229, 260, 269, 271 investors 84, 96, 97, 98, 99, 101, 103, 104, 105, 106, 135, 145, 146, 188, 189, 226, 260, 274 Islamic finance 21, 29, 30, 31, 32, 33, 34, 35, 36, 38, 39, 40, 41, 42, 43, 45, 46, 47, 48, 49, 51, 52, 53, 54, 55, 56, 57, 58, 105, 135, 181, 193, 195, 261 Islamic fund 45 Islamic law 114, 117 L leadership 23, 198, 199 leverage 41, 42, 53, 86, 190 liquidity 23, 96, 169, 227 M madrasah 167 123 marhaba 47 maslahah 164, 230 maysir 32, 62, 72, 89 micro finance 267, 268 micro takaful 23, 149, 150, 151, 263, 272 model 22, 60, 61, 64, 65, 66, 84, 90, 129, 147, 170, 175, 184, 186, 230, 271 murabahah 42, 44, 49, 50, 68, Index 102, 113, 114 Muslim 31, 45, 46, 49, 51, 55, 56, 61, 66, 114, 115, 117, 122, 123, 124, 166, 167, 171, 172, 177, 226, 227, 228, 229, 230, 231, 266 musyarakah 102, 168 O Organization 125, 177, 199, 267 P performance 38, 45, 53, 54, 55, 61, 91, 97, 145 policy 74, 82, 97, 105, 106, 132, 147, 150 portfolio 54, 63, 99 poverty 23, 24, 69, 70, 78, 89, 149, 150, 151, 172, 259, 260, 261, 262, 267, 268, 269, 276 premium 40, 149, 269, 272 principles 22, 32, 50, 56, 57, 59, 60, 61, 62, 65, 66, 71, 84, 86, 87, 88, 106, 111, 112, 114, 122, 124, 125, 147, 182, 184, 192, 194, 271 Q qard hasan 164, 169, 175, 263 Quran 30, 31, 33, 44, 61, 67, 86, 88, 89, 92, 164, 165, 170, 172, 261, 276 R region 53, 127, 192 regulators 34, 37, 46, 51, 106, 192 riba 31, 32, 42, 44, 71, 259 risk 30, 31, 32, 41, 43, 53, 64, 87, 95, 96, 97, 98, 99, 101, 102, 103, 104, 105, 106, 112, 146, 147, 149, 185, 188, 189, 191, 192, 199, 227, 228, 273 S sadaqah 164, 167, 169, 170, 172, 259, 261, 262 scholars 35, 37, 46, 49, 50, 66, 67, 111, 114, 120, 122, 123, 124, 172, 226 services 32, 34, 36, 37, 39, 40, 42, 46, 47, 55, 56, 60, 64, 65, 66, 68, 71, 80, 81, 84, 88, 91, 101, 111, 114, 129, 133, 149, 163, 167, 181, 182, 183, 184, 185, 186, 187, 188, 189, 191, 192, 193, 194, 260, 268 Shariah 29, 31, 32, 33, 34, 35, 37, 38, 42, 46, 49, 50, 52, 54, 56, 57, 60, 61, 62, 65, 66, 67, 71, 72, 84, 86, 87, 88, 90, 91, 93, 96, 106, 107, 111, 112, 113, 114, 115, 122, 123, 124, 125, 135, 147, 149, 151, 164, 167, 168, 170, 192, 195, 197, 228, 261, 262, 266, 273, 275, 278 Shariah advisors 22, 37, 52, 111, 112, 113, 114, 124 Shariah-compliant 32, 42, 56, 106, 135, 149, 167, 170, 228, 261, 262 Shariah scholars 35, 37, 49 Simple 31, 45, 49 social capital 95, 106 social finance 259, 260, 261, 262, 263, 272, 274, 275, 278 291 Extending the Boundaries of Islamic Finance stakeholders 21, 33, 34, 35, 36, 38, 39, 41, 45, 46, 49, 52, 54, 55, 58, 123, 150, 183, 188, 198 standards 57, 116, 150 sukuk 64, 86, 96, 98, 100, 101, 102, 103, 104, 105, 106, 135, 146, 147 sustainability 22, 60, 64, 65, 66, 67, 69, 71, 72, 73, 76, 78, 79, 81, 82, 83, 84, 86, 87, 88, 89, 90, 91, 92, 146, 171, 173 T tabarruat 164 takaful 23, 64, 86, 149, 150, 151, 152, 192, 269, 271, 272, 278 technology 40, 43, 52, 81, 101, 170, 176, 181, 182, 183, 184, 185, 186, 187, 188, 189, 193, 194 theory 56, 58, 98, 99, 115, 123, 147 tijari 24, 259, 261, 262, 263, 274, 275 V volatility 97, 99, 101, 102, 105, 229 W wakalah 114, 121, 168 waqf 124, 150, 164, 165, 166, 167, 170, 171, 172, 175, 177, 225, 226, 227, 228, 229, 230, 262 wasiyyah 167 292 Z zakat 54, 124, 150, 152, 164, 165, 169, 170, 175, 227, 261, 262 YTI LECTURE SERIES MANAGING PHILANTHROPY FOR SOCIAL SECURITY & ECONOMIC EMPOWERMENT (VOL.1, YTI LECTURE SERIES) 38.00 978-967-440-173-3 CRITICAL READINGS IN ISLAMIC SOCIAL FINANCE (VOL.2, YTI LECTURE SERIES) 38.00 978-967-440-284-6 YTI LECTURE SERIES MAINSTREAMING ISLAMIC FINANCE UNVEILING THE CRITICAL SUCCESS AND FAILURE FACTORS AN INSIDER AND GLOBAL PRESPECTIVE (VOL.3, YTI LECTURE SERIES) 35.00 978-967-440-432-1 EXTENDING THE BOUNDARIES OF ISLAMIC FINANCE (VOL.4, YTI LECTURE SERIES) 38.00 978-967-440-430-7 ... growth of the industry, thus further strengthens Malaysia’s position as the leader in the Islamic finance industry at the global level The first part of this book covers the impact of Islamic finance. .. is an issue of continuity in an organization 23 Extending the Boundaries of Islamic Finance ISLAMIC FINANCE AND ITS CONTRIBUTION The previous discussion on the impact of Islamic finance, product.. .Extending the Boundaries of Islamic Finance Vol 4, YTI Lecture Series Extending the Boundaries of Islamic Finance Vol 4, YTI Lecture Series Mohd Daud