ORCID Profile
0000-0003-0505-4860
Current Organisations
International Islamic University Malaysia
,
International Centre for Education in Islamic Finance
,
University of Melbourne
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Publisher: IGI Global
Date: 2021
DOI: 10.4018/978-1-7998-6811-8.CH015
Abstract: Waqf is an outstanding socio-economic tool of Islam which has played a great role in the history of Islam. India owns a substantial amount of waqf properties in terms of lands, buildings, and other assets. However, the chapter argues that waqf has failed to achieve the expectations of Indian Muslim society due to widespread issues in the management and administration of waqf in the country. Waqf requires huge statutory and administrative reforms in India. Many studies have been conducted about the waqf properties and the issues in its administration in India. However, none of them has examined it in terms of SWOT-TOWS analysis. In this study, the SWOT analysis is conducted to uncover the internal strengths, weaknesses, as well as external opportunities and threats of the waqf in India. The TOWS analysis is carried out to crossmatch between strengths, weaknesses, opportunities, and threats. Along with that, the study also put a glance at the potential of Indian waqf institutions in dealing with the economic problems of the country post-COVID-19. The study develops strategies that can help the Indian waqf to achieve its potential development and implies that waqf has sufficient strengths and opportunities in India to deliver its desired objectives and help the Indian economy to revive post-COVID-19.
Publisher: International Centre for Education in Islamic Finance
Date: 12-07-2022
DOI: 10.1108/IJIF-04-2021-0074
Abstract: The objectives of this paper are two-fold: first, to empirically compare and contrast the salient features of three financial instruments (FIs), namely sustainable and responsible investment (SRI) ṣukūk , social impact bonds (SIBs) and conventional bonds (CBs) and second, to examine the differences between the perceptions of the investors and the developers on the features of the three FIs. Using a questionnaire survey, 251 completed and useable responses were received, representing a 42.54% response rate. In examining the differences and similarities in the characteristics of the three FIs, the inferential statistical of frequency and percentage were used. Wilcoxon and Mann–Whitney tests were conducted to investigate the differences in the salient features of the three FIs and the differences between the investors and developers' perceptions on the salient features of SRI ṣukūk , SIBs and CBs, respectively. The results reveal that stakeholders view SRI ṣukūk , SIBs and CBs to be statistically significantly different from each other. This shows that stakeholders do not view SRI ṣukūk as “old wine in a new Sharīʿah-compliant bottle” but instead considered different from SIBs and CBs. Furthermore, stakeholders also differentiate between SIBs and CBs. The paper provides empirical evidence that Islamic finance (IF) instrument, represented by SRI ṣukūk , is viewed as different instruments to conventional tools, represented by SIBs and CBs. First, it debunks the notion that IF is viewed as similar to its conventional counterpart. Second, SIBs are seen as different from CBs, illustrating the distinct categorisation of impact investing instruments. As such, third, the development of SRI ṣukūk and SIBs can provide ersification to portfolios as it is a unique instrument in the social finance and financial market.
Publisher: Emerald
Date: 15-11-2022
DOI: 10.1108/JEAS-08-2021-0160
Abstract: There are three objectives of this paper. First, the study investigates the critical success factors critical success factors (CSFs) of implementing sustainable and responsible investment (SRI) Sukuk in Malaysia as perceived by stakeholders. Second, the study examines the differences between the developers and the investors in relation to the importance of the CSFs. Third, the study attempts to categorise the CSFs. Using a questionnaire survey, 260 completed and useable responses were received representing a 42.54% response rate. In examining the importance of CSFs, the descriptive statistical tests of mean, standard deviation and mean score ranking were used. Independent t -tests were conducted to investigate the differences in the perceptions of the importance of CSFs between the developer and the investor groups. In categorising the CSFs, exploratory factor analysis (EFA) was undertaken. Overall, the top five most important CSFs as perceived by respondents are as follows: (1) good governance framework, (2) fulfil ethical standards, (3) transparent procurement process, (4) well-defined scope and (5) viable feasibility study. On the other hand, the five factors that are ranked last are as follows: (1) defined stakeholder roles, (2) stable macro-economic conditions, (3) existing social programmes, (4) guarantor and (5) political will. The study also found that there is a significant statistical difference in how the developers and investors scored the CSFs. Moreover, there are three main categories of the CSFs that are effective feasibility study, financial and technical considerations and political willingness and agreeability. The findings highlight the critical factors to consider when implementing SRI Sukuk. This can also serve as a reference and guideline for countries considering SRI Sukuk issuances for economic recovery stimulus post-coronavirus disease 2019 (COVID-19) pandemic.
Publisher: IGI Global
Date: 2021
DOI: 10.4018/978-1-7998-6811-8.CH008
Abstract: The COVID-19 pandemic is an unprecedented humanitarian challenge which requires innovative solutions. One apparent challenge among governments is to come up with appropriate funds to finance economic stimulus packages. Such stimulus packages are necessary for the protection and wellbeing of the people and to ensure that the economic operations remain intact. By looking into Islamic economics, various solutions can be explored as offered through Islamic social finance instruments such as zakat, waqf, and sadaqah, as well as its innovative solutions specifically available from the capital market sectors. This chapter explores the potential development of an impact-waqf SRI sukuk for funding economic stimulus packages, with special focus to Malaysia. This chapter proposes a solution in achieving such purpose by referring to the Impact-Waqf SRI sukuk, either based on temporary or permanent cash waqf structure. Returns of investments to investors ultimately depend on the social impact and key performance indexes (KPIs) as achieved from the economic stimulus packages. It is found that the impact-waqf SRI sukuk can be issued either by the government or government-linked company (GLC) and economic stimulus packages can be offered to institutional as well as retail sectors. An option can be given to the investors to waive-off their claims on the capital and returns. Consequently, the government can offer tax rebates or coupons which are equivalent to the value of the waived-off investment.
Location: Malaysia
Location: No location found
No related grants have been discovered for Syed Marwan.