ORCID Profile
0000-0002-1107-8511
Current Organisations
International Centre for Education in Islamic Finance
,
International Islamic University Malaysia
Does something not look right? The information on this page has been harvested from data sources that may not be up to date. We continue to work with information providers to improve coverage and quality. To report an issue, use the Feedback Form.
Publisher: SCI AND TECH UNIVERSAL INC
Date: 13-01-2022
DOI: 10.24200/JONUS.VOL7ISS1PP100-113
Abstract: Takaful is the Islamic version of insurance, and the size of global takaful industry is about USD$51 billion in 2019. Limited studies have been conducted on the development of takaful sector in Bangladesh and Indonesia using a comparative approach. As such, this review aims at investigating the challenges facing the development of takaful industry in these two countries. Primary sources such as laws and regulations, and the secondary sources such as scholarly articles and books on the subject matter were reviewed to derive conclusions. This review concludes that efficiency of takaful in both countries depend on some common factors, such as having a proper and sophisticated regulatory framework for takaful with the development of required talent pool while focusing on creating awareness and education to ensure that not only the general public have the required takaful literacy but even the existing and potential customers have the basic knowledge about takaful. Further, it is also found in this review that in order to further develop the takaful industry in both countries, it is imperative to use innovation and technology to promote takaful parallel to the conventional insurance by creating a level playing field. This review also identifies some specific issues in both countries and have suggested recommendations accordingly. It is anticipated that the outcome of this review will assist policy makers and other stakeholders to understand the inhibitions facing the development of takaful industry in these two jurisdictions with hope that these challenges can be eliminated for the sustainable development of takaful sector. Keywords: Insurance, Islamic insurance, Islamic finance, review, Shariah, Takaful. Cite as: Lubaba, S., Ahmad, A. U. F., & Muneeza, A. (2022). Challenges facing the development of Takaful industry in Bangladesh and Indonesia: A review. Journal of Nusantara Studies, 7(1), 100-113. 0.24200/jonus.vol7iss1pp100-113
Publisher: Wiley
Date: 02-09-2020
DOI: 10.1002/PA.2364
Abstract: External Sharī‘ah Audit (ESA) is a control mechanism meant for formulating an objective view by an independent Sharī‘ah audit team about the obligation of Islamic banks' (IBs) management, personnel and other isions towards Sharī‘ah compliance. This study principally aims to examine the relevancy of ESA and review committee in enhancing the level of Sharī‘ah compliance quality and accountability of IBs in Bangladesh. The study examines data from 17 respondents obtained via semi‐structured interviews and secondary sources in library. This study establishes that Sharī‘ah officers of IBs in Bangladesh are unable to perform audit functions properly which indicates the limitations of current Sharī‘ah audit functions. The study discovers the need for an independent ESA for proper auditing of IBs' operations in Bangladesh with a view to Sharī‘ah compliance. Thus, an ESA and review committee is imperative to enhance the quality of Sharī‘ah compliance and ensure accountability of all isions within IBs. This audit is to be provided either by Bangladesh Bank (BB), the central bank of the country or a third party such as Islamic chartered accountants' firms or Sharī‘ah audit firms. The study would contribute to existing literature on the importance of ESA and its conditions in Bangladesh. The study also provides some instructions for global Islamic banking practice on the issues examined. The study contributes to agency, stakeholder and legitimacy theory via highlighting the inability of Sharī‘ah auditors to perform their function independently and efficiently.
Publisher: International Centre for Education in Islamic Finance
Date: 04-01-2022
DOI: 10.1108/IJIF-03-2021-0046
Abstract: Sharīʿah Secretariat plays a significant role in assisting Sharīʿah Supervisory Boards (SSBs) in their role in achieving Sharīʿah compliance in Islamic banks (IBs). The key objective of the study is to develop a organizational framework of the Sharīʿah Secretariat for the IBs in Bangladesh. The study applied qualitative case study research. The data have been collected from 17 respondents through semi-structured interviews from IBs and professional experts in Bangladesh. This study proposes a full-time Sharīʿah Secretariat and several departments for further enhancement of the Sharīʿah functions in IBs in Bangladesh. The framework proposed in this study covers the formation, functions, composition, qualification, reporting line, independence, remuneration and terms of appointment of the Sharīʿah Secretariat to set a uniform benchmark for all IBs in Bangladesh. It is anticipated that the outcomes of this research will assist to further strengthen the Sharīʿah governance of IBs in Bangladesh. This research contributed to the national and global regulatory authorities and IBs by proposing a Sharīʿah Secretariat framework for the smooth functioning of the IBs in Bangladesh. The framework proposed in this study covers the formation, functions, composition, qualification, reporting line, independence, remuneration and terms of appointment of Sharīʿah Secretariat. This study proposed a framework which is considered the first organizational framework so far for the Sharīʿah Secretariat of IBs in Bangladesh. IBs can apply this proposed framework to form their Sharīʿah Secretariat structure.
Publisher: Emerald
Date: 06-05-2023
DOI: 10.1108/IJOEM-09-2020-1041
Abstract: This study explores the practical application of the Shariah screening process and how it could be enhanced by converging the same with the ethical screening of stocks. This study adopts a qualitative research methodology by combining the qualitative descriptive approach and content analysis. The findings of this research suggest that there is scope to converge ethical screening of stocks with Shariah Screening as the lex loci applicable to Shariah screening is derived from Shariah, which considers ethics as part of determining its rules. The data from this study reveal several practical applications, the ultimate goal of which is to help the policymakers and stakeholders understand the relevance of the Shariah screening of stocks and get a streamlined screening process, paving the way to enhance the same using ethical screening criteria to develop its function to become much more relevant irrespective of the denomination of faiths. This is original research, which is expected to contribute to understanding the extent to which Shariah screening can be enhanced by integrating the ethical stock screening dimension to it.
Location: No location found
Location: Malaysia
No related grants have been discovered for Aishath Muneeza.