International Journal of Islamic Economics and Governance

Estate Planning of Shari’ah-Compliant Digital Assets Among Malaysians: A Mixed-Methods Approach

Sodiq O. Omoola, Zati Ilham Abdul Manaf, Muhammad Amrullah Drs Nasrul — Mon, 30 Dec 2024 00:00:00 +0000

This paper examines Malaysia's regulatory landscape and public awareness of digital assets, focusing on individuals under 45. It highlights the lack of global regulatory development for digital assets and the overlooks the aspect of posthumous management. The research evaluates awareness, adoption, and understanding of digital asset regulations, emphasising legal and Shariʿah challenges in estate management. Using a mixed-methods approach, the study collected 86 responses via social media surveys supported by doctrinal legal research. Findings show high interest in digital assets among younger with only 11.3% of participant possessing understanding of Shari’ah-compliant digital assets, whereas 20.8% had moderate familiarity with relevant laws on the assets. The study calls for educational campaigns and clearer Shariʿah-compliant regulatory guidelines to enhance market confidence and bridge the digital literacy gap. It offers insights for policymakers and digital exchanges on managing digital assets posthumously and suggests future research on specialised digital estate planning services and regulatory impacts.

Behavior Model of the Producer who Believes in Life After Death: A Mathematical and Geometric Approach

Morteza Ezzati — Mon, 30 Dec 2024 00:00:00 +0000

Producer behavior is one of the important theoretical challenges in the field of religion effect on the economy. In this field, theories have been presented. But these theories also have shortcomings. Belief in the afterlife effects on producer's behavior, this article attempts to analyze and to explain the effect of belief in life after death and satisfaction in that life on the producer's behavior by recalling the producer's motivation and goal and giving it a framework compatible with religion. This article is in the framework of theorizing and its analysis method is the method of logic along with mathematical and geometrical analysis. Among the findings of this study is the explanation of the effect of religious beliefs on producer behavior, how to determine the balance, the optimal size of production on the producer's productive behavior with mathematical and geometrical methods. The main innovation of this paper is to present a theory on the behavior of the faithful producer. In addition, a special innovation of this paper is to present mathematical and geometric analyses in explaining the behavior of the faithful producer.

Islamic Ethics in Business Development: Principles and Frameworks for Entrepreneurial Success

Abubakar Abdulkadir Abuabdin, Usman Junaidu — Mon, 30 Dec 2024 00:00:00 +0000

This paper examines the influence that the Islamic ethics have on business development with special emphasis on entrepreneurial success. It contrasts Islamic ethics with the Protestant Work Ethic as a way of comparing the two on the best course of action when it comes to ethical matters in business. This study follows a conceptual research methodology to formulate a theoretical framework that connects the Islamic ethics comprising leadership, ethical reasoning, CSR, and entrepreneurship, to the business performance. Incorporation of the principles of the Islamic financing also forms part of the research framework for the study of sustainable and equitable business development. Preliminary outcomes show that Islamic ethics increase leadership usefulness, stakeholder credibility, and organizational efficiency by applying difficulties in practicing these norms in various cultural and geographical settings. In doing so, this research contributes to the literature of business ethics by presenting a faith-based approach that expands on the modern theories and gives constructive recommendations as it relates to applying Islamic principles for organizations today with a specific focus on SMEs.

Islamic and Socially Responsible Indices: A Case Study of Dow Jones Islamic Market Sustainability Index

Abdelbari EL KHAMLICHI — Mon, 30 Dec 2024 00:00:00 +0000

Ethical indices provide the investors with the opportunity to invest according to their choices and beliefs. They could either be socially responsible or morally responsible, Islamic indices belong to the second category. On the one hand, the compliance of socially responsible indices focuses on Corporate Social Responsibility (CSR) practices and Environmental, Social, and Governance (ESG) considerations, by applying some strategies such as: best practices, best in class or shareholders advocacy. On the other hand, Islamic indices apply both qualitative screens (by excluding some companies belonging to the prohibited sectors) and quantitative screens (by excluding companies based on their ratios of debt, receivables and cash). In addition to the divergences between socially responsible indices, and Islamic stock indices, many convergences exist, especially their ethical aspect. Dow Jones Islamic Market Sustainability Index (DJIMSI) » has been launched in January 2006, to be the first index in compliance with both Shariah and social investment guidelines. This category of indices attracted the interest of many researchers, and an important literature review has analysed them theoretically or empirically. In this article, the researcher analyzed Islamic and socially responsible indices taking into consideration their context, to compare the similarities and the differences between their screening criteria. In addition, it provides evidence from DJIMSI over the period 2014-2024. It was also found that DJIMSI was highly correlated to his conventional benchmark, showing the same return rates from September 2014 to December 2019. However, from January 2020 to September 2024, DJIMSI outperforms the conventional index.

Insurtech Adoption in Bangladesh: Challenges and Solutions to Overcome Adoption Barriers

Maryam Saeed, Noman Arshad — Mon, 30 Dec 2024 00:00:00 +0000

The idea of insurance was discovered several millennia before Christ (BC). In the second and third millennia BC, traders from China and Babylonia practiced shifting or dispersing risks. Today, insurance is the foundation of the economy, but expanding its penetration is difficult in emerging nations. The fourth insurance industry revolution in the developed world was sparked by the recent advent of Blockchain, IoT, Big Data, and InsurTech. In order to boost insurance coverage in Bangladesh, this study examines the problems with and potential solutions to InsurTech. In order to identify the themes and factors pertaining to problems and solutions in implementing InsurTech in Bangladesh insurance business, this study used a systematic literature review, a rigorous, methodical, and structured process used to gather, evaluate, and synthesize all relevant research on a specific topic. In order to find pertinent material from Google Scholar, a number of keywords were employed. The filtered studies were examined based on inclusion and exclusion standards. This report outlined many obstacles to InsurTech adoption in the Bangladesh insurance sector as well as potential remedies. The proposals could help policymakers improve the insurance industry service delivery.