VOL. 8, ISSUE 2, DECEMBER 2016 VOL. 8, ISSUE 1, JUNE 2016

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1 ENGLISH JOURNALS

2 ISRA International Journal of Islamic Finance Volume 8, Issue 2, December 2016 Contents DITORIAL 1 CADEMIC ARTICLES he Evolution of Islamic Economics: A Critical Analysis 9 ubair Hasan slamic Marketing Ethics and the Marketing Practices of Islamic Banks 27 uhammad Riaz ombination of Contracts in Islamic Finance: A Synthesis 51 hahrul Azman Abd Razak RACTITIONERÒS ARTICLE evisiting the Classification, Reporting and Treatment of Sharīʿah 81 on-compliant Events urriyah El Islamy ESEARCH NOTES ssues in Islamic Hedging Practices: A Critical Analysis 105 he Malaysian Experience oor Suhaida Kasri, Zaharuddin Abd Rahman, Shamsiah Mohamad nd Farrukh Habib he Patronage of Islamic Banking: A Case Study of COMSATS 111 niversity, Pakistan ausar Abbas and Hamayun Afzal ethodology of Purging Interest Income 117 ufti Abdul Kadir Barkatullah and S. M. Wasiullah ocial Impact Bonds: A Sharīʿah Point of View 127 oor Suhaida Kasri and Siti Syafira Zainalabiddin isk Mitigation and Financing Constraints: Towards the Development 137 f Sustainable Islamic Microfinance Institutions in Bangladesh ameedah Muhammad OTES ON CONTRIBUTORS 145 UIDELINES TO CONTRIBUTORS 147 Volume 8 Issue 2 December 2016 Volume 8 Issue 2 December 2016 VOL. 8, ISSUE 2, DECEMBER 2016 Year Published: The Evolution of Islamic Economics: A Critical Analysis 2. Islamic Marketing Ethics and the Marketing Practices of Islamic Banks 3. Combination of Contracts in Islamic Finance: A Synthesis Revisiting the Classification, Reporting and Treatment of Shariah Non- Compliant Events 1. Issues in Islamic Hedging Practices: A Critical Analysis 2. The Patronage of Islamic Banking: A Case Study of COMSATS University, Pakistan 3. Methodology of Purging Interest Income 4. Social Impact Bonds: A Shariah Point of View 5. Risk Mitigation and Financing Constraints: Towards the Development ISRA International Journal of Islamic Finance Volume 8, Issue 1, June 2016 Contents EDITORIAL 1 Knowledge and Behaviour Regarding Takāful among Non-Muslim 9 Consumers in the United Arab Emirates Graham Michael Spriggs Sharīʿah Contracts Underpinning Mushārakah Mutanāqiṣah Financing: 35 A Conceptual Analysis Saʿid Adekunle Mikail and Mohd Shahril Mat Rani The Ageing Population Crisis from an Islamic Perspective 67 Faizal Ahmad Manjoo Property Rights According to the Qurʿān and Sunnah and Their Economic 93 Implications for Contemporary Societies Muhammed Habib Dolgun PRACTITIONERÒS ARTICLE Perpetual Ṣukūk: A Preliminary Sharīʿah Assessment 125 Muhd Ramadhan Fitri Ellias, Muhamad Nasir Haron, Ahmad Firdaus Kadir and Nur Hidayah Salim Issues and Challenges in Islamic Banking Structures: 165 The Malaysian Experience Marjan Muhammad, Beebee Salma Sairally and Najeeb Zada Avoiding Financial Crisis: In Support of Islamic Financial Institutions 173 Habeebah Simisola Fa-Yusuf Pertinent Issues in Islamic Home Financing 183 Akhmad Affandi Mahfudz Breach of Waʿd and Its Compensation Payment: A Critical Analysis of 191 Islamic Profit Rate Swap Noor Suhaida Kasri and Siti Syafira Zainalabiddin The Practice of Takāful Benefit (Nomination) in the Context of IFSA 2013: 197 A Critical Appraisal Saba Radwan Jamal Elatrash and Younes Soualhi NOTES ON CONTRIBUTORS 203 GUIDELINES TO CONTRIBUTORS Volume 8 Issue 1 June 2016 Volume 8 Issue 1 June 2016 VOL. 8, ISSUE 1, JUNE 2016 Year Published: Knowledge and Behaviour Regarding Takaful among Non-Muslim Consumers in the United Arab Emirates 2. Shariah Contracts Underpinning Musharakah Mutanaqisah Financing: A Conceptual Analysis 3. The Ageing Population Crisis from an Islamic Perspective 4. Property Rights According to the Quran and Sunnah and Their Economic Implications for Contemporary Societies Perpetual Sukuk: A Preliminary Shariah Assessment 1. Issues and Challenges in Islamic Banking Structures: The Malaysian Experience 2. Avoiding Financial Crisis: In Support of Islamic Financial Institutions 3. Pertinent Issues in Islamic Home Financing 4. Breach of Wa d and Its Compensation Payment: A Critical Analysis of Islamic Profit Rate Swap 5. The Practice of Takaful Benefit (Nomination) in the Context of IFSA 2013: A Critical Appraisal

3 VOL. 7, ISSUE 2, DECEMBER 2015 Year Published: Supply of Islamic Microfinance in Central Asia: The Case Study of Tajikistan and Kyrgyzstan 2. The Relationship Between Islamic Mutual Funds and Oil Prices: Which Leads The Other? 3. Legal Issues in Shariah Governance in the Islamic Finance Industry in Malaysia 4. Personal Cooperatives Model: Basic Concepts and Evidence from Jordan Application of the Concept of Beneficial Ownership in sukuk Structures: An Islamic Legal Analysis 1. Towards a Corporate Model of Islamic Law of Insolvency: A Note on Voluntary Insolvency 2. Integrating Environmental, Social and Governance (ESG) Factors in Islamic Finance: Towards the Realisation of Maqasid al-shariah 3. The Concept of Actual Financial Loss (Darar Mali Fi'li) in the Context of Islamic Banking Operations 4. Structuring Innovative Tier 2 (T2) Capital Instruments Under Basel III: A Shariah Perspective 5. Criteria for Determining the Shariah Compliance of Shares: A Fiqhi Analysis VOL. 7, ISSUE 1, JUNE 2015 Year Published: Risk Sharing versus Risk Transfer in Islamic Finance: A Critical Appraisal 2. Tazkiah Banks: A Future Model for the Establishment of Endowment-Based Business Start-Ups 3. Dispute over the Legality of Al-Ijarah Al-Mawsufah fi Al-Dhimmah: A Survey of Fiqhi Opinions 4. Shariah Compliance of Islamic Credit Cards Reconsidered: A Case Study of Malaysia Surplus-Sharing Practices of Takaful Operators in Malaysia 1. Accounting Issues in the Reporting of Profit-Sharing Investment Accounts in Islamic Banks Financial Statements under IFSA Hotel Investment and Financing: A Call for Shariah Consideration and New Methodology of Assessment and Screening 3. Possession of Currency Prior to Sale: A Fiqhi and Practical Analysis of Spot FX-i in Malaysia 4. A Fiqhi Analysis of Tradability of Islamic Securities 5. A Proposed Regulatory Framework for Islamic Microfinance: Adopting the IFSA 2013 Approach 15

4 VOL. 6, ISSUE 2, DECEMBER 2014 Year Published: Qardul Hasan Financing in Islamic Banks 2. Basel Accords, Financial Turmoil and Islamic Banks 3. Sustainable Conventional and Islamic Microfinance Models for Micro Enterprises 4. Stemming Water-Related Deaths in Sub-Saharan Africa: The Place of Islamic Project Finance and Malaysian Contractors The Issue of Principal-Agent in Sale-Based Transactions from the Shariah Perspective 1. Should Malaysian States Have a Fresh Approach to Waqfs? A Proposal for a Model Waqf Enactment 2. Application of Tanazul in Sukuk and Preference Shares: A Critical Analysis from the Shariah Perspective 3. Actual Costs in Fees and Charges in Islamic Banking 4. A Critical Analysis of Shariah Issues in Intangible Assets 5. Application of Hibah Mu'allaqah for Retirement Annuity Plan VOL. 6, ISSUE 1, JUNE 2014 Year Published: 2015 : 1. A Gold Standard International Payments System Anchored in Islamic Finance 2. A Few Methods in Charging Fees for Kafalah Bank Guarantee-I among Islamic Banks in Malaysia 3. Effect of Nomination under Life Insurance and Family Takaful 4. Pre-signing and Sequence in Contract Execution of Islamic Banking Products Islamic Finance: Legal and Institutional Challenges 1. Islamic Banking Legislation and Regulation in New Jurisdictions: Issues and Recommendations 2. An Analysis of Shariah Non-Compliant Events in Islamic Banks: Evidence from Malaysia 3. Maqasid al-shariah and Stipulation of Conditions (Shurut) in Contracts 4. Reverse Salam as an Innovative Instrument for Investment Accounts 5. Islamic Home Financing and Ownership Transfer to the Customer: Models Compared 16

5 VOL. 5, ISSUE 2, DECEMBER 2013 Year Published: Re-Introducing Gold: An Islamic Finance Approach 2. The Concept of Value: Towards a Consistent Valuation Method for Islamic Financial Engineering 3. The Performance of Islamic Banks and Macroeconomic Conditions 4. Shariah Issues in Islamic Capital Markets: Sukuk Instituting Shariah Audit in Malaysian Islamic Financial Institutions 1. A Critical Analysis of the Resolution of the Shariah Advisory Council of Securities Commission Malaysia: A Case Study of the Crude Palm Oil Futures Contract 2. Fiqhi Adaptation (Takyef Fiqhi) for the Concept of a Performance Fee in Takaful 3. The Potential Use of Qard Hasan in Islamic Microfinance 4. Impact of Inflation on Islamic Financing: Empirical Evidence from Malaysia 5. The Fiqh Characterization of Ijarah Mawsufah fi Al-Dhimmah: 169 An Analysis of Juristic Views VOL. 5, ISSUE 1, JUNE 2013 Year Published: 2013 : 1. Islamic Norms, the Excel Formula and Home Financing Models 2. Conceptual Analysis of Islamic Home Financing Models 3. Wasiyyah (Islamic Will) Writing Service in Malaysia: An Investigation of the Supply Channel 4. Critique of the Non-Interest Banking Framework in Nigeria Shariah Governance, Expertise and Profession: Educational Challenges in Islamic Finance 1. Risk Sharing: An Alternative to Interest-Based Debt Financing 2. Application of Suftajah in Modern Islamic Financial Institutions 3. Distribution of Mudharabah Profits in Classical Schools of Fiqh: Clarification of a Misconception 4. Instruments for Meeting Capital Adequacy Requirements under Basel III: A Shari ah Perspective 5. The Application of Commodity Murabalah in Bursa Suq al-sila 191 Malaysia vis-a-vis Jakarta Future Exchange Shariah Indonesia: A Comparative Analysis 17

6 VOL. 4, ISSUE 2, DECEMBER 2012 Year Published: 2012 : 1. A Critique of the Diminishing Balance Method of Islamic Home Financing 2. Unsustainability of the Regime of Interest-Based Debt Financing 3. The Global Financial Crisis, Securitization and Islamic Finance: An Opportunity for Inward and Outward Reform 4. Efficiency and Stock Market Performance of Islamic Banks in GCC Countries The Case for Receivables-Based Sukuk: Convergence Between the Malaysian and Global Shariah Standards on Bay' al Dayn? 1. Insolvency Law in Malaysia and the Adjudication Order (Taflis) on a Bankrupt in Islamic Finance: Similarities and Differences 2. The Practice of Shariah Reporting in Malaysia: Does Country of Origin or Being a Member of AAOIFI Matter? 3. Blazing the Trail: The Institutional Framework for Dispute Resolution in Malaysia s Islamic Finance Industry 4. Takaful from a Maqasid al-shariah Perspective 5. Waqf and Its Role in Socio-Economic Development VOL. 4, ISSUE 1, JUNE 2012 Year Published: 2012 : 1. Ponzi Operandi: Affinity Fraud Risk for Shariah-Compliant Investment Funds 2. Incentive-Compatible Sukuk Musharakah for Private Sector Funding 3. Building Agent-Customer Relationship in the Takaful Industry: A Framework of Islamic Relationship Marketing 4. Venture Capital Strategies in Waqf Fund Investment and Spending Shariah-Compliant Credit Cards: An Analysis of Underlying Structures 1. Revisiting the Shariah Ruling of Capital Guarantee in a Mudharabah Contract 2. A Critical Appraisal of Shariah Issues Related to Sukuk al-ijarah 3. The Investment Initiative in Takaful: Issues and Challenges 4. Maqasid al-shariah and the Foundational Requirements in Developing Islamic Banking and Finance 5. Credit Guarantee Scheme: A Combination of Kafalah and Wakalah Bi Ajr as an Alternative to Kafalah Bi Ajr 18

7 VOL. 3, ISSUE 2, DECEMBER 2011 ISBN/ Year Published: 2011 : 1. Shariah Parameters of Musharakah Mutanaqisah in Islamic Finance: The Experience of Australian Institutions Offering Islamic Financial Services 2. An Analysis of the Courts Decisions on Islamic Finance Disputes 3. The Case for the Islamic Gold Dinar 4. Comparison of Quantitative Shariah-Compliant Screening Methods Why Does Categorisation of Sukuk Structures Matter? 1. Principles of Wa ad and Muwa dah: Their Application in Islamic Financial Contracts 2. The Applicability of International Financial Reporting Standards (IFRS) in Islamic Financial Transactions: An Analysis from the Shariah Perspective 3. Revisiting the Fiqh Characterisations of the Rahn-Based Islamic Microcredit Product 4. The Parameter of Permissible Risks in Takaful 5. Development of Islamic Capital Markets in Offshore Jurisdictions: 163 A Cross-Country Analysis VOL. 3, ISSUE 1, JUNE 2011 Year Published: 2011 : 1. Islamic Home Finance in the Social Mirror 2. Purchase Undertaking Issues in Musharakah Mutanaqisah Home Financing 3. The Islamic Gold Dinar Myths and Reality 4. Value Co-Creation in Shariah-Compliant Banking: A Saudi Arabian Case Study : 1. Musharakah Mutananaqisah and Legal Issues: Case Study of Malaysia 1. Cost of Funds Is It a Part of Actual Loss (Ta wid)? 2. Enhancing the Integrity of Islamic Financial Institutions in Malaysia: The Case for the Shariah Audit Framework 3. Maqasid al-shariah and Islamic Financial Products: A Framework for Assessment 4. The Islamic View on Money and its Implication for Financial Instruments 5. The Obligation of Zakah upon a Legal Entity 19

8 VOL. 2, ISSUE 2, DECEMBER 2010 Year Published: Juristic Analysis of the Profit Distribution Method of Malaysian Islamic Banks 2. New Musharakah Model in Managing Islamic Investment 3. An Overview of Shariah Issues Regarding the Application of the Islamic Letter of Credit Practice in Malaysia 4. Case Studies of the Practice of Nomination and Hibah by Malaysian Takaful Operators 5. An Empirical Investigation into SMEs Perceptions of Credit Guarantee Corporation (CGC) Malaysia Berhad: A Case Study of the Islamic Guarantee Scheme in Malaysia Islamic Liquidity Management The Malaysian Experience 1. Shariah Parameters of hiyal in Islamic Finance 2. Analytical Study of the Interaction Between Fatawa, Shariah Rulings, Resolutions and Conventional Laws in Contemporary Islamic Finance in Malaysia with Cross Reference to the Practices in Saudi Arabia, Pakistan and the Sudan 3. Capital Requirements and Banking Behaviour for Islamic Banks VOL. 2, ISSUE 1, JUNE 2010 Year Published: Islamic Bank Failure: A Case Study 2. Islamic Finance: The Structure-Objective Mismatchand Its Consequences 3. Understanding the Concept of Maslahah and Its Parameters When Used in Financial Transactions 5. Assessing the Demand and Supply of Liquidity in Islamic Banking (The Case of Indonesia) 6. Determinants of Economic Performance of Micro-Credit Clients and Prospects for Islamic Microfinance in Malaysia : Performance of Islamic and Conventional Exchange Traded Funds in Malaysia : 1. A New Re-Takaful Model Based on Wadi ah 2. The Implementation of Ibra in Islamic Banking And Finance: An Analysis in Terms of Banking Operations and Maqasidd Al-Shariah 3. A Diagnosis of Tranching in Light of Shariah Principles 20

9 VOL. 1, ISSUE 1, DECEMBER 2009 Year Published: Financial Crisis: Risks and Lessons for Islamic Finance 2. The Global Financial Crisis, Risk Management and Social Justice in Islamic Finance 3. Shariah Governance for Islamic Financial Institutions 4. Shariah Parameters on the Islamic Foreign Exchange Swap as a Hedging Mechanism in Islamic Finance PRACTITIONERS ARTICLE: 1. From Asset-backed to Asset-light Structures: The Intricate History of Sukuk : 1. Islamic Pricing Benchmark 2. Alternative Dispute Resolution in Islamic Finance: Legal Challenges and the Way Forward 3. A Synthesis of Shariah Issues and Market Challenges in the Application of Wa d in Equity-based Sukuk 4. Shariah Parameters of Islamic Derivatives in Islamic Banking and Finance 21