One of the features that differentiate Islamic financing documentation from that of conventional financing is the need for a new legal document to capture every variation of terms and conditions since Islamic finance emphasises on agreement and mutual consent of contracting parties. This requirement becomes more apparent when it involves rescheduling and restructuring of a financing, especially for sale-based financing (BNM, 2003). Given that the restructuring and rescheduling of an Islamic facility is considered as vehicles for providing the customers with some other financing related facilities, which can be arranged for example, by way of assisting in managing high costs; either through redemption of existing facility from the same bank to another, as is the case in refinancing; or by shifting from one product to another through restructuring; or extending period of facility with lower monthly installment in the event of rescheduling. One of the key objectives of Islamic finance restructuring is to restructure the obligations of debtors in order for them to facilitate meeting their current debt obligations, and to consider the value of their assets and the potential for profitability of their business enterprise. A related exercise that takes place but not necessarily under financial distress in conventional finance is referred to as 'refinancing' which is the replacement of existing debt by new debt. However, from the Shariah perspectives, the issues are different in the sense that they are more related to the circumstances and conditions under which a facility may be refinanced, rescheduled or restructured. For example, in rescheduling where the tenure of extension of facility period with lower monthly installment takes place a relevant Shariah issue needs to be resolved is whether or not additional charges to the new sale price are allowed. In this regard the majority of Shariah scholars did not allow the additional charges in the new sale price, although a few contemporary scholars may validate this practice where the financier can justify the additional charges. However, in case of restructured facility a similar Shariah issue whether change of contract means a new contract has to be entered, still remained debatable between the scholars, although the Shariah Advisory Committee (SAC) of BNM in its 32nd meeting dated 27 February 2003, has attempted to resolve the issue by stating that based on mutual agreement, the financing period for the customer may be extended without the need for a new contract, provided that both parties satisfy all concluded promises and the price imposed on the customer does not exceed the original sale price. Drawing on the above scenario, this study would examine inter alia a) a conceptual analysis of refinancing, rescheduling and restructuring; b) the Shariah viewpoint of the refinancing, restructuring and rescheduling of an Islamic facility, and c) the key unresolved Shariah issues pertaining to these methods, and their possible solutions since the Shariah non-compliant commercial solutions are already available.
This research aims to analyse the issue of women empowerment from the Qur’an, Sunnah, legacy of the Rightly Guided Caliphs, and the Fiqhi rulings based on the following facts and realities: 1) the realization of the respective jurisdiction's vision, aiming at promoting women’s participation in the national economy; 2) the inclusion of women in the country's highest consultative body without violating the rules of the Shariah; 3) the gradual recognition of their role in Muslim societies; 4) their reaching to the higher positions in the governmental roles; 5) the close linking of the pursuit of the women’s empowerment to their rights, which is something that are being discussed by Muslims and non-Muslims alike; and 6) the non-Muslims’ accusation of Islam’s denial of women’s leadership rights, as well as Muslim societies’ negligence to women socially, economically and culturally. Whereas in the modern era the pursuit of empowering women is linked to the issue of women's leadership, this research evaluates the validity and context of the only quoted Prophetic tradition and used as an evidence against empowering women, which reads, “Never will succeed such a nation as lets their affairs carried out by a woman”, given that this analysis is crucial to address present-day realities, as a significant number of Muslim women have competently led their nations by holding topmost offices. The research also aims to discuss the real leadership status of Muslim women in the primary sources of Shariah. Resolution of this issue can significantly impact the women empowerment from Islamic perspectives.
A Muslim country generally seeks to achieve a particular vision which includes inter alia building a strong and stable economy with diversification of income sources, where Takaful industry can take a distinct opportunity to contribute to realize this vision. The Shariah laid down the principle of Taawun, to achieve cooperative relationship between the Takaful participants and companies which would mitigate the risks associated with this industry. Recently, Takaful industry has experienced severe economic consequences in some jurisdictions like real estate, stock markets and so on. On the contrary, the Shariah compliance in the current practice of Takaful has been questioned for its resemblance with the commutative contracts of conventional insurance in many aspects. To fill in this gap, the study aims at finding the way out through the transformation of Takaful into a ‘Cooperative Participation’ with shared responsibility so as to realize the objectives of Shariah and Takaful together. The study reviews that to achieve this, Takaful must strive for meeting the principles of Islamic insurance encompassing the elements of cooperation, participation, joint indemnity, and brotherhood. Indeed, these principles have some parameters and conditions; and Takaful cannot be termed ‘Islamic’ unless all these elements are tied together. The study finds that principles of mutuality and cooperation in the prevailing Takaful business models are either based on donation, endowment, or otherwise, which constitute only one aspect of Takaful characteristics. Therefore, it is expected that the proposed ‘Takaful Cooperative Participation’ model would play a significant role in achieving sustainable development in any given society by sharing the risks rather than exchanging or transferring.
The Association of Southeast Asian Nations (ASEAN) is undergoing a paradigm shift from Government-to-Government (G2G) to Community-to-Community relationships with the emphasis on integration and collaboration. The relatively recent developments of Information and Communication Technology (ICT), especially Social Networks, Web 2.0, mobile technology and its related technologies have become the main drivers of this paradigm shift. This study assesses each leading ASEAN members to take advantage of the the digital marketplace as a platform for innovative business survavibility and economic diversification strategy to build Business-to-Consumer (B2C) or Consumer-to-Consumer (C2C) integration and collaboration. Digital marketplaces have enabled new types of transactions and are becoming an increasingly important part of the economic development. The research will be benefiting Brunei in understanding and preparing the potential of digital marketplace based on the lesson learnt from neighboring ASEAN countries that have been utilizing the digital business platform. The outcome of the research will be the framework and modelling digital marketplace based on successful implementations without leaving the local wisdom of Bruneiâ€™s identity. The research will deploy qualitative method by interviewing experts and players of digital marketplace in ASEAN countries. Case studies will be conducted on a particular e-commerce segment such as social commerce in Brunei.
We are witnessing the digital transformation of businesses that have spread across products or services, processes and deliveries. New business models that take advantage of digitation are growing fast and digital platforms spring up in many parts of the world. As digital platforms rely on collaborative actors, viewing a digital firm in isolation may not be appropriate. As such, considering a digital platform in its value-exchange networks business ecosystem is more suitable to get the big picture of the platform and then analyze how the platform interacts with its surroundings in the ecosystem to keep the balance and expand. The research is expected to produce a novel model for digital business ecosystem using a value exchange network construct. Application of the model to a various digital ecosystems will be studied.
Business Information Systems and Covid-19 Pandemic; Fourth Industrial Revolution; Mobile Health and Future Direction;
Many studies found that financial data exhibits non-normal characteristics such as Asymmetry and Leptokurtosis. Though the third-moment or skewness has been studied. there is not yet a good in-depth analysis in fourth moment or leptokurtosis. This study aims to provide an extensive literature on leptokurtosis discuss the importance and use of this measure in relation to financial data and develop suitable tests for testing kurtosis in the presence/absence of skewness.
Pearson family of distributions has not been used extensively in economics though there are few applications in finance. The objective of this study is to explore the behavior of economics data in relation to this family of distributions.
This study aims to search for a new sensitivity measure that can explain the behavior of returns and volatility. Using some preliminary work available in the literature a measure can be developed theoretically and tested empirically.