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The use of sukuk in social development is an under-researched area, especially in the context of Sub-Saharan Africa. Although the Kenyan government has issued the world’s first mobile bond and the Indonesian government has used mobile platforms as a distribution channels for the issuances of retail sukuk, little is known about mobile sukuk and its potential from the perspective Islamic social finance. This paper aims to explore the opportunities and challenges of mobile sukuk for social development, namely perpetual waqf mobile sukuk, where the concept of waqf is combined with qard. It is anticipated that the proposed type of sukuk has the potential to be used as an Islamic social finance instrument.

PurposeThis 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.Design/methodology/approachThis study adopts a qualitative research methodology by combining the qualitative descriptive approach and content analysis.FindingsThe 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.Practical implicationsThe 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.Originality/valueThis 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.

Purpose This paper aims to explore issues arising from ṣukūk (Islamic bonds) on blockchain, including Sharīʾah (Islamic law) and legal matters. Design/methodology/approach A qualitative methodology is used in conducting this research where relevant literature on ṣukūk was reviewed. Through a doctrinal approach, the paper presents analyses on the practice of ṣukūk and ṣukūk on blockchain by discussing its legal, Sharīʾah and regulatory issues. This culminates in a conceptual analysis of blockchain ṣukūk and its peculiar challenges. Findings This paper reveals that digitizing ṣukūk issuance through blockchain remedies certain inefficiencies associated with ṣukūk transactions. Indeed, structuring ṣukūk on a blockchain platform can increase transparency of underlying ṣukūk assets and cash flows in addition to reducing costs and the number of intermediaries in ṣukūk transactions. The paper likewise brings to light legal, regulatory, Sharīʾah and cyber risks associated with ṣukūk on blockchain that confront investors, practitioners and regulators. This calls for deeper collaboration in research among Sharīʾah scholars, lawyers, regulators and information technology experts. Research limitations/implications As a pioneering subject, the paper notes the prospects of blockchain ṣukūk and the current dearth of literature on it. The paper would assist relevant Islamic capital market entities and authorities to determine the potential and impact of blockchain ṣukūk in their respective businesses and the financial system. Practical implications Blockchain ṣukūk will assist in addressing issues inherent in classical ṣukūk and in paving the way to innovative solutions that will facilitate and enhance the quality of ṣukūk transactions. For that, ṣukūk would require appropriate regulatory technology to address its governance and regulation peculiarities. Originality/value Integrating ṣukūk with blockchain technology will add value to it. The paper advances the idea that blockchain ṣukūk revolutionises ṣukūk and enhances its practice against known inadequacies.

PurposeThe purpose of this paper is to review the literature on Islamic financevis-à-vislegal and Sharīʿah non-compliance risks in its transactions and judicial dispute resolution in Nigeria. This is with a view to putting forward direction for future studies on the duo of legal and Sharīʿah non-compliance risks and their impact in Islamic finance.Design/methodology/approachThis review is designed as an exploratory study and qualitative methodology is used in examining relevant literature comprising of primary and secondary data while identifying legal risk and Sharīʿah non-compliance risks of Nigeria’s Islamic finance industry. Using the doctrinal approach together with content analysis, relevant Nigerian laws and judicial precedents applicable to Islamic finance practice and related publications were examined in determining the identified risks.FindingsUndeveloped laws, the uncertainty of Sharīʿah governance and enforceability issues are identified as legal gaps for Islamic finance under the Nigerian legal system. The gaps are inimical to and undermine investor confidence in Nigeria’s Islamic finance industry. The review reveals the necessity of tailor-made Sharīʿah-based regulations in addition to corresponding governance and oversight for a legally safe and Sharīʿah-compliant Islamic finance practice. It brings to light the imperative for mitigating the legal and Sharīʿah non-compliance risks associated with Islamic finance operations as crucial for Islamic finance businesses, Islamic finance institutions and their sustainable development.Research limitations/implicationsBased on content analysis, the review is wholly doctrinal and does not involve empirical data. Legal safety and Sharīʿah compliance are not to be compromised in Islamic finance operations. The review would assist relevant regulators and investors in Islamic financial enterprises to understand and determine the impact and potential ramifications of legal safety and Sharīʿah non-compliance on Islamic Finance Institutions.Practical implicationsThis study provides an insight into the dimensions and ramifications of legal and Sharīʿah non-compliance risks of Nigeria’s Islamic finance industry. This study is premised on the imperative for research studies whose outcome would inform regulations that strike a balance between establishing Islamic financial institution/business and ensuring legal certainty and Sharīʿah compliance of their operations. This study paves way for this kind of research studies.Originality/valueThe findings and discussions provide a guide for regulators and researchers on the identification and mitigation of legal and Sharīʿah non-compliance risks in Islamic finance via a literature review. This study, the first of its kind in Nigeria, advances the idea that research into legal and Sharīʿah non-compliance risks of Islamic financial entities is key to mitigating the risks and fostering the entities and their businesses.

The objective of the paper is to discuss the application of tawarruq in Islamic banking generally. The modus operandi of tawarruq in Islamic banking is an essential discussion in jurisdiction like Malaysia, where most Islamic banks use tawarruq to structure Islamic banking products. This paper employs a systematic literature review on best practice models and mechanism of current tawarruq application. The outcome of the research helps to understand the modus operandi of tawarruq transactions practically with a view towards understanding its future prospects in the era of Fintech. It is envisaged that this research will assist the growing understanding of the existing application of tawarruq in Islamic banking as well as its future development using technology.

Tawarruq which is also known as commodity Murabahah in Islamic banking is widely practiced in Malaysia to structure different types of Islamic banking products. The widespread use of tawarruq has made Islamic banks to be re-named as “tawarruq banks” and some even call tawarruq as the “magic lamp” of the industry. Shariah scholars have criticised this frequent usage of tawarruq in Islamic banking industry of Malaysia, while the practitioners have replied by saying that if tawarruq is a shariah approved concept, then what is wrong with the usage of it? However, from the shariah perspective, the issue here is not about the shariah compliance of tawarruq transactions per se. It is about the shariah limitations imposed by the scholars on the use of it. This simply means that there is a reservation made by shariah scholars in allowing the usage of tawarruq contract in Islamic finance as tawarruq is a contract allowed to be used when one has to choose between a conventional loan and tawarruq. The purpose of this research is thus to show the alternative Islamic commercial contracts that could be used to structure Islamic banking products that have been structured in the market using tawarruq. It is anticipated that the outcome of this research will assist Islamic banking industry to understand why and how they can move away from tawarruq.

Purpose The purpose of this paper is to explore the application of Kafalah in the practice of Islamic banking in Malaysia generally and ascertain applicable rules governing the application under relevant legislations and Shariah. The study also aims to examine the legislations in the light of Shariah provisions governing Kafalah and propose amendments. Design/methodology/approach This is a qualitative research where primary data sources mainly legislations and secondary sources comprising of articles and books on the subject of Kafalah were examined. It is an exploratory legal research that primarily focuses on library studies and adopts doctrinal approach for content analysis of data from the identified sources. Findings Kafalah is widely used in Islamic banking in Malaysia with primary or secondary application in structuring such products/services as personal guarantee, bank guarantee, Islamic credit card among others. The substantive law applicable to Kafalah in Islamic banking in Malaysia is the Contracts Act 1950 as decided cases indicate. However, provisions of the Act are at variance with rules of Shariah applicable to Kafalah on absolution of guaranteed debtor, multiple guarantors’ liability towards guaranteed sum as well as recourse and recovery from principal debtor. Research limitations/implications This research explored the practice of Kafalah in Islamic banking under Malaysian legal framework based on the available literature. The research does not embody an empirical evaluation. Originality/value This research suggests, with respect to the identified issues, an amendment to the Act for clarification as follows: that recourse and recovery from principal debtor is only where creditor has requested guarantor to settle outstanding debt, that presence of surety does not absolve principal debtor from his original liability and that multiple guarantors stand as having equal responsibility towards guaranteed amount. The research findings will assist policy and law makers to harmonize the relevant laws with the Shariah to facilitate sustainable development of Islamic banking.

Purpose The purpose of this paper is to find out the existing practices of the Islamic banks in providing financing to the customers who have a requirement to purchase a finished property and to examine the existing products used by the Islamic banks in this regard by providing an insight into the modus operandi of these products. In doing this, attempt is made to find out the most famous product offered by the Islamic banks in this regard and to find out whether in reality, Malaysian Islamic banking industry has moved away from Bai Bithaman Ajil (BBA) or not. Design/methodology/approach This is a qualitative research, largely library-based, and it will consist of secondary sources such as books, journals, articles and other sources related to the Islamic house financing in Malaysia for finished properties. Recent information of the practises of the banks in this regard is obtained from the official websites of the banks. Findings It is found from this study that majority of Islamic Banks in Malaysia prefer to use the Commodity Murabahah facility for finished property. This finding contradicts with the observations made by some scholars who state that in Malaysia, BBA was initially used, and nowadays, the use of Musharakah Mutanaqisah is more common. The reason why Commodity Murbahah has gained popularity is because of the fact that via the Bursa Suq Al Sila platform, it is easy, swift, reliable, profitable, cheaper, convenient and has zero risk to do this type of transaction at the comfort of the office. It is recommended in this paper to use Musharakah Mutanaqisah, as this contract is an innovative contract that is classified as an equity contract under shariah where risk is shared between the parties. There is need to conduct further research to implement Musharakah Mutanaqisah in Malaysia, specifically to reduce the risk that Islamic Banks will bear by practicing this contract. Originality/value The findings of this paper might create confusion among readers, as some may perceive that the finding of the paper is not new as BBA has been dominating Islamic house financing industry from the inception of Islamic banking in the country, and BBA and Murabahah are similar in nature, and as such, commodity Murabahah is also a Murabahah transaction. The reality that needs to be understood is that the way BBA was or is practised in Malaysia in relation to Islamic house financing is that in the name of BBA, the transaction actually followed the Bai’ ‘inah contract, which is a controversial contract among the shariah scholars. Likewise, commodity Murabahah is also a different contract than Murabahah, as it actually refers to tawarruq. As such, this research finding is important to the Islamic banking industry to understand that Malaysia has moved away from the Bai’ ‘inah contract practised in the name of BBA in Islamic house financing, and there are new products introduced by the Islamic banks in Malaysia to replace this practice which were criticised by Shariah scholars.

Ju’alah is one of the least researched types of Shariah contracts used in Islamic finance. The objective of this paper is to explore the current and potential applications of Ju’alah with specific reference to Malaysian Islamic banking, takaful and the Islamic capital market. This paper establishes that there is potential for using Ju’alah in Islamic finance as a primary and/or secondary contract. It also establishes that Ju’alah can be used in takaful, though it is not being currently used for this in Islamic banking and the Islamic capital market in Malaysia. It is anticipated that the findings of this paper will improve understanding of the practice of Ju’alah in the Malaysian Islamic finance industry.

Purpose The purpose of this paper is to describe the structure of the Islamic treasury bills issued by the Central Bank of Maldives, Maldives Monetary Authority (MMA) for the benefit of those jurisdictions that aspire to introduce short term Islamic liquidity management instruments. Design/methodology/approach This is exploratory research where the experience of the author in structuring the Islamic liquidity management instruments discussed in the paper. Findings It is evident from the discussions of this paper that innovation is the key to structure Sharīʿah-compliant short term liquidity management instruments. The example of Maldives has proved that there is a need to amend the laws of the country to facilitate Central banks to deal with Sharīʿah-compliant instruments. Originality/value It is hoped that this research has shed light on the importance of having the proper Sharīʿah-compliant liquidity management instruments for sustainable development of Islamic banking and how jurisdictions have practically made this possible. The Islamic money market has developed gradually and there is a need to innovate novel and competitive instruments and further research is required to be conducted on this.

This study aims to examine modern contraceptive use and unmet need of family planning of urban poor populations in Rajasthan and Uttar Pradesh as a part of IPE Global Project PAHAL (Partnerships for Affordable Healthcare Access and Longevity). Findings from the study reflect that the unmet need of family planning among the married women in the selected states was more than 15%. Women having three children reported the highest use of modern contraceptive methods and the lowest was found among the women having no child. Use of modern contraception was low among the women who were the head of the households. Working women, women belonging to richest wealth quintile, women whose husbands reported to be working and women from male headed households were less likely to have unmet need for family planning. The findings of the present study indicate a remarkably low prevalence of modern contraceptive use indicating considerable high unmet need. This can be a concern and special emphasis of the policy makers should be on this since it is well researched that modern contraceptive use and addressing unmet need are of overriding importance in reducing pregnancy related morbidity, preventing unintended pregnancies that lead to abortion and will gradually improve reproductive well-being among women.

Ending poverty is the first of the 17 goals of the 2030 Agenda for Sustainable Development set by the United Nations. The target is to have no more than 3 percent of the world’s population living on just $1.90 a day by 2030. A review on existing literature suggests that the United Nations need a more diverse approach to boost farming and alleviate poverty in order to meet its target. The paper is an effort to explore the possible application of an Islamic banking instrument in meeting the 2030 Agenda for Sustainable Development. This paper aims to explore the feasibility of Salam as an alternative mode of agricultural financing. The concept of the paper can be extended to non-farming industry especially the manufacturing industry. This paper describes the modus operandi of the proposed models, and identifies potential risks involved. Some recommendations are also given as risk mitigation methods.

The gender gap in Islamic wealth management is an area often not discussed as some perceive Islam as a religion that bans women from acquiring and managing wealth separately from the men in their life. Therefore, this paper aims to explore the economic status of women from an Islamic perspective by examining the relevant literature. Drawing from the Malaysian context, this paper illustrates the gender gap in financial inclusion and also looks at market opportunities to empower women financially. This is a conceptual paper grounded in religious texts, academic publications and statistics published by authoritative bodies. The paper clarifies the general concept of Islamic wealth management and the economic status of women according to the Shariah perspective. Moreover, the paper also discusses certain products offered by Islamic Financial Institutions (IFIs) which women can channel their savings into.

The purpose of this paper is to identify the underlying issues of healthcare system in Maldives in order to provide an understanding of the challenges facing healthcare providers in islands and atolls in a wider context. The paper scrutinizes the financial burden faced by the current healthcare system in Maldives. It also proposes shariah compliant mechanism that can be utilized to minimize financial burden in a long-term basis. It is hoped that the outcome of the research will assist the policymakers of Maldives to devise a shariah compliant mechanism to finance the development of atoll and island health facilities in a sustainable manner.

Since 2017, the city of Marawi was left in ruins after five months of aerial bombardments and close-quarter fighting between Islamic State of Iraq and al-Sham (ISIS) and government forces. Many buildings were destroyed; mosques and schools are no exceptions. While rebuilding efforts have begun in the city, the government has limited resources to fund city reconstruction and Waqf properties (e.g. mosques and schools) are not constitutionally considered as part of the government assets. Fortunately, the government seeks to channel funding for city reconstruction, including Islamic finance schemes. Therefore, this paper aims to assess the opportunities and challenges to rebuild Waqf properties through the issuance of Sukuk, Islamic bond. This paper adopts a qualitative research approach where secondary sources such as books, journals, articles and websites related to Waqf are reviewed. The paper also examines the successful examples of Sukuk-Waqf as part of the analysis.

Purpose The purpose of this paper is to formulate ways in which Maldives could pioneer Islamic tourism on a befitting framework and financing structure as a leverage to develop its tourism industry. Design/methodology/approach The research uses qualitative approach whereby primary and empirical data on tourism practices as well as relevant laws and guidelines, issued in Maldives and in other Muslim jurisdictions of the Muslim, are analyzed. Doctrinal approach is used in analyzing secondary data on the subject. Findings The research reveals the potential of Islamic tourism in Maldives as well as the challenges that have constrained its development in the country. Certainty is needed in halal products, services and conducts. Codifying extant Maldives Halal Tourism Standards will establish legal framework for a standard Shariah-compliant tourism industry. Islamic financing structure enables mobilizing required funds and address financing constraints. Practical implications This research presents an insight into establishing and developing Islamic tourism industry in the Maldives. Harmonizing tourism regulations with Shariah shall bring about the required consciousness on Shariah compliance in target tourists and their desires. Private individuals can contribute in mobilizing the much needed Shariah-compliant resources to finance Islamic model resorts befitting an Islamic tourism industry. Originality/value The research puts forward proposal that identifies and recognizes a more viable Islamic financing alternative as well as Shariah-compliant regulations to pioneer the development of Islamic tourism in Maldives. The research recommends how to overcome related challenges helps government understand the proposed strategies for establishing Islamic tourism industry.

The objective of this paper is to explore the practical application of ta’widh and gharamah in Islamic banking in Malaysia with reference to the guidelines that are applicable to date; and find out the issues detected in the implementation of them. In the course of doing this, Shariah reasons for imposing ta’widh and gharamah in Islamic banking are discussed. Also, whether ta’widh and gharamah would be required for Islamic banking with reference to possible alternatives to them is also discussed. This qualitative study primarily focuses on library research and adopts case study approach for analyzing the application of ta’widh and gharamah. The jurisdiction of the study is Malaysia because the central bank of the country has made policies on the matter. The paper draws on observations made by Shariah scholars about the policies on the subject matter. This study gives an insight into the history and issues related to ta’widh and gharamah which are often kept tacit. It is recommended that future studies should look into the effectiveness of these two approaches to serve as a deterrent factor and contribute to the declining rate of non-performing financing in Islamic banks.

China’s One Belt and One Road (OBOR) is a global trade network across Asia, Africa, Europe and Oceania. Also known as Belt and Road Initiative (BRI), OBOR is an attempt to redraw ancient Silk Road to foster global trade and economic development. Nearly 30 Muslims-majority countries are part of China’s vision of BRI. The purpose of this paper is twofold: first, to investigate how public private partnership (PPP) has been applied in BRI projects; and second, to explore how Islamic finance can fit within a PPP context. This paper proposes a framework for using Islamic finance in infrastructure PPP projects. This paper also analyses two PPP projects where Islamic finance was deployed as project financing. It is hoped that the discussed risks and outcome of the study will assist in integration of Islamic finance in infrastructure projects that will create efficiency in processes in cross-border cooperation.

The Malaysian finance industry is governed by Bank Negara Malaysia (BNM) and Securities Commission Malaysia (SC). BNM governs the banking and insurance industries and the SC regulates and develops its capital market. Both authorities have issued regulations to cater for the proliferation of fintech businesses. For example, BNM issued regulations on digital currency exchanges, electronic-know your customer requirements for fintech companies facilitating remittances, and a regulatory sandbox framework for fintech businesses. Similarly, the SC issued a digital investment management framework, another to facilitate equity crowdfunding, peer-to-peer lending, and digital asset exchanges, and the instrumental digital currency and digital token order. All were issued to encourage innovation in the industry, manage disruption, mitigate risks, and ensure consumer protection. This chapter will explain the steps taken by Malaysia's financial regulatory authorities in dealing with fintech-based companies, critically review the regulations, and recommend some ways forward.

Performing hajj is one of the five pillars of Islam which may become compulsory for a Muslim who has financial ability to perform this ibadah at least once in his lifetime. To facilitate Muslims to fulfil this religious obligation, countries which have majority Muslim population like Malaysia, Indonesia and Maldives have established legal entities/institutions to manage hajj funds from hajj depositors (aspirant pilgrims) and provide services related to hajj. Although these institutions share the same objective in terms of helping Muslims to perform hajj, their operational activities are largely different. This paper aims to contribute to the understanding of hajj fund management institution in these three different jurisdictions. This understanding is important for policy makers and regulators regulating hajj fund management. It is anticipated that the outcome of this research will shed a light on hajj fund management in Asia.

Higher education institutions are increasingly employing competitive formats such as case study competitions in business education to enhance students’ learning experience. The authors expl...

The emergence of innovative digital financial technologies, namely blockchain and crowdfunding, indicates new ways to reach the poor and economically vulnerable groups. This paper contributes to the emerging literature on financial technology by presenting the case of crowdfunding in financial inclusion. The rationale behind this inquiry is to demonstrate the relevance of crowdfunding to financial inclusion, and how might blockchain technology fuel the development of crowdfunding. This paper also constitutes one of the first attempts to analyse crowdfunding in Malaysia and Shariah-compliant crowdfunding. In this paper, a desk research is conducted where journal articles, books, magazines, newspapers, industry reports published on the subject matter are reviewed critically. To analyse the development of crowdfunding in Malaysia, 6 crowdfunding platforms are examined. The outcome of this research suggests that crowdfunding is a viable means to promote financial inclusion, and blockchain technology could help mitigate the current issues faced by platform operators.

Purpose This research aims to deal with the law of evidence invoked in Islamic banking cases reported in Malaysia from 1983 to 2015 and determine whether the invoked provisions of the statute in the case law have any conflicts with Islamic law that are threatening the development of Islamic banking in Malaysia. Design/methodology/approach The methodology used in this research is assessing the implication by studying the provisions of the law of evidence that has been invoked in the reported case law. Findings It is evident from this research that following are the evident conflicts found in the Evidence Act 1950. In this arena, the following changes are significant for sustaining Islamic banking in Malaysia. Expert opinion under Section 45 of the Evidence Act 1950 should be amended such that in Islamic banking, under this Act, expert opinion can be sought by the court. The rule and exceptions of parol evidence in Sections 91 and 92 of the Evidence Act 1950 need to be amended such that in Islamic banking matters, anything that is contrary to Sharicah is mentioned in the contract; this amendment will be an exception to the parol evidence rule on the grounds that the written Islamic contract can be amended or set aside depending on the circumstances of the case. Originality/value It is anticipated that this research will assist jurisdictions to understand that even adjective laws applicable to Islamic banking will be harmonized with Islamic law. This is because the prefix Islam attached to the term banking is not merely a namesake, but it means more than that, i.e. all aspects of Islamic banking will be consistent with Islamic law.

Poverty has been a long outstanding crisis at global scale and poverty alleviation has become one of the primary national developmental agendas. Conventional microfinance programmes have received growing attentions due to its capability to improve standard of living and social inclusiveness. Arguably, however, these conventional microcredit programmes do not effectively alleviate poverty as the borrowers remain into an interest-base debt cycle which may worsen the financial burdens. Meanwhile, Islamic microfinance by way of Mudharabah financing is equity based financing structure which is perceived to have a fair borrower-lender agreement. It promotes an effective wealth redistributive mechanism to reach the poor, to encourage their participation in productive real economic sectors. This not only alleviates poverty, but also enhances standards of living. This research discusses the applications of conventional and Islamic microfinance models currently practiced globally and proposes an enhanced Mudharabah microfinance model to be adopted.

For Muslims zakat is obligatory and different jurisdictions in the world have different mechanisms to administer it. Maldives is a hundred percent Muslim country and zakat administration in the country is unique. As such the objective of the paper is to discuss the zakat administration in Maldives with special reference to zakat al mal and to discuss the challenges facing the existing way of zakat administration. The paper also includes ways to overcome the challenges. No literature on this area in Maldives could be found and as such reference to primary materials such as unpublished statistics, reports, brochures have been made. It is hoped that this paper will encourage further research on this area in Maldives.

Many discussions and studies have taken place regarding the permissibility of Tawarruq and ’Inah transactions. While Tawarruq is widely used in Malaysia and around the globe ’Inah has been declined by many Islamic banks operating in many jurisdictions. The purpose of this paper is to study the application of Tawarruq in the Malaysian Islamic banking system. For this purpose the paper will discuss the permissibility of Tawarruq transactions from viewpoint of classical and contemporary scholars and its application in other countries. The methodology used to conduct the study was qualitative; hence the data was collected from various documents and studies conducted by scholars. For this purpose a comprehensive study on Tawarruq was extracted from the Bank Negara guidelines and other various publications was made. The outcome of this research revealed that there are contradictory views on the usage of Tawarruq. While some jurists standby the view of its permissibility, others view it as an invalid product of Islamic banking. Furthermore, it was shown that limited studies have been conducted on the practice of Tawarruq in various Islamic financial Institutions and limited data was seen from the financial reports of the banks indicating the amount of Tawarruq usage.

PurposeThis paper aims to highlight resolution of Islamic finance dispute by common law-oriented courts in Nigeria with respect to Sharīʿah non-compliance and legal risks thereof, as well as the lesson to learn from Malaysia in that regard. This is with view to ensuring Sharīʿah compliance and legal safety of Islamic finance practice as prerequisites for sustainability of the Nigerian Islamic finance industry.Design/methodology/approachA qualitative method was used; interviews were conducted with different categories of experts and primary data collected in relation to Sharīʿah non-compliance and legal risks in adjudicating Islamic finance dispute by civil courts and the role of expert advice as basis for court referral to Financial Regulation Advisory Council of Experts. A doctrinal approach was adopted to analyse relevant legislative provisions and content analysis of secondary data relevant to applicable provisions in matters of finance before civil courts.FindingsThe paper discovers an indispensable role of conventional financial regulations in sustaining Islamic finance industry. Appropriate laws for Islamic finance under the conventional framework foster legal safety and Sharīʿah compliance of Islamic finance activities in related cases handled by courts. Nigeria civil courts can aid sustainability of Islamic finance when so equipped and enabled by laws that address apparent Sharīʿah non-compliance and legal risks in judicial dispute resolution. Inadequate legal provisions for dispute resolution breeds Sharīʿah non-compliance and legal risks in Islamic finance, undermine its prospects and stand inimical to its sustainability.Research limitations/implicationsThis research is limited by its focus on Sharīʿah non-compliance and legal risks alone, which emanate mainly from judicial resolution of Islamic finance dispute by Nigerian civil courts.Practical implicationsThis research seeks to motivate a determined and deliberate regulatory action and change in approach towards addressing apparent risks associated with Islamic finance while resolving disputes therein by civil courts. It has implications on common law jurisdictions generally that adopt similar approach as Nigeria's while introducing Islamic finance into their conventional finance framework.Originality/valueDispute resolution and other regulatory functions of civil courts are important to Islamic finance though apparently overlooked while introducing Islamic finance in Nigeria as in other emerging jurisdictions. This research ascertains the role of the civil courts as indispensable for Islamic Financial Institution (IFIs) operations and demonstrates that such courts are needed for the development and sustainability of Islamic finance industry. The research demonstrates the end-to-end requirement of Sharīʿah compliance of Islamic financial transactions as absolute and needs be ensured and guarded at dispute resolution level by properly equipped courts.

The study aims to investigate the perceptions of the UAE digital natives regarding web vendors, and online privacy and security, that in turn determine their online shopping intentions. Despite exponential growth in e-commerce in the GCC in general and UAE in particular, and favorable economic and demographic factors, research in this realm is sparse. This study attempts to fill this void. More than 200 respondents aged between 18-30 years are surveyed and data is collected on their perceptions regarding various characteristics of web vendors, online security and privacy, and online shopping intentions. Principal Component Analysis and Binary Logistic Regression is used for dimension reduction and to examine association between the extracted factors and intention to shop online for the target group, respectively. The results highlight the importance of establishing positive brand image and adapting effective and viable privacy protection mechanisms to motivate consumers to shop online and use payment mechanisms other than cash on delivery.

This paper provides experimental evidence that visual representation of strategy and related concepts increases the probability of updating the cognitive frames of small entrepreneurs. An original strategy mapping technique and Osterwalder and Pigneur’s (2010) business model canvas were used to help 42 small entrepreneurs to critically review their current strategies and choices. A questionnaire about perceptions of the external environment and internal structure was submitted to the participants before and after the experiment. The same questionnaire was submitted twice to a matched control group of 50 SME entrepreneurs who were not involved in any activity. The results show that involvement in the visualization experiment significantly increased the probability of the participant changing perceptions on strategic issues, with a stronger impact for strategy mapping. The results are interpreted as indicative of a positive contribution of visual representation in strategy renewal.

Laila Lalami’s award-winning novel The Moor’s Account reconstructs the pioneering and epic journeys of Estebanico, a Moroccan slave who was among the four survivors of the disastrous Spanish Narvaez expedition to Florida in 1527. He is a historical figure, mentioned in Cabeza de Vaca’s eyewitness account of that journey during which the members of the expedition were lost in alien North America and separated from their known world until they reached Mexico (New Spain) eight years later. In this interview conducted by email in May 2015, Laila Lalami comments on her reconstruction of Estebanico’s scantily recorded story and the suppressed narratives of Spain and the New World, barely four decades after the Fall of Granada and Columbus’s discovery of the America in 1492.