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Purpose There is a misconception that Hajj and Umarah is just a worship matter and the consequences of suspending these religious gathering due to the pandemic is only limited to delay of going Saudi Arabia to perform it. However, the purpose of this paper is to focus on the impact of the pandemic in Hajj and Umrah by exploring its impact on different stakeholders affecting its disruption due to the pandemic. Design/methodology/approach This is a library-based study that uses qualitative method to explore the impact of COVID-19 on Hajj and Umrah. Thus, provisions of Quran and hadith on Hajj and Umrah were examined as primary data for the research to establish the importance of the rituals in Islam. Guidelines set by Hajj regulators and instruments enabling them in that behalf were examined likewise. In addition, content analyses were made of relevant secondary data from published sources including articles, books, newspapers and web resources that embody scholarly, scientific and religious views on the issue being studied. Findings It is realised that in the first year of the pandemic, while Umrah is entirely suspended, Hajj was scaled back and performed by 10,000 people altogether, a tiny segment of the over two and half million that partook in the ritual previously. Hajj and Umrah have been greatly inhibited and jeopardised by the COVID-19 pandemic resulting in religious, social, economic, psychological effects on the eligible but affected Muslims and Muslims countries. Along these lines, recommendations were accordingly proffered on the way forward to better Hajj and Umrah management. Originality/value It is anticipated that the findings of the research would assist policy makers to comprehend the impact of the pandemic on Hajj and Umrah to ensure that the policies they make in this regard would adequately cover every aspect affecting the stakeholders which is deliberated in this research. It is also expected that the recommendations provided in this paper will assist stakeholders of Hajj and Umrah to grasp the importance of taking precautions for any crisis similar to COVID-19 when it happens.

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.

Islamic banks play a significant role in social and environmental responsibility. It is known that Islamic finance is not merely profit-oriented but also looking at the prosperity of the society, as an ethical financial system Islamic finance give a massive contribution towards social responsibility. This exploratory study examines the relations between corporate social responsibility (CSR) practices of Indonesian Islamic banks and socio-economic development. The evidence presented is based on the published annual reports of 13 Islamic commercial banks in 2017. The findings of this research suggests that CSR is a priority of Indonesian Islamic banks and has correlation to the socio-economic development. Furthermore, the findings suggest that the robust guiding principles on CSR need to be developed and it has potential of Islamic banks credibility and profitability.

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.

There is increasing recognition that women experience mobility differently from men. A growing body of literature documents the differences in men and women’s mobility patterns. However, there is limited evidence on the evolution of these mobility patterns over time and the role that transportation networks play in women’s access to economic opportunities. This study attempts to fill these gaps. It contributes to the literature in two ways. First, it documents the differences in men and women’s mobility patterns in Mumbai, India, and the changes in these patterns over time, as the city has developed. Second, it explores whether the lack of access to mass transit limits women’s labor force participation. The study analyzes two household surveys conducted in the Greater Mumbai Region in 2004 and 2019. It finds important differences in the mobility patterns of men and women that reflect differences in the division of labor within the household. These differences in mobility patterns, and their evolution over time, point to an implicit “pink tax†on female mobility. Transport appears to be only one of many barriers to women’s labor force participation and not the most important one.

The motivation behind attempting suicide ranges from egoistic to altruistic, with societal preconceptions varying significantly between the two. In this ethical review, moralist, relativist, and libertarian theories are utilized to explore the morality of suicide. The hedonistic act utilitarian theory, which assesses the righteousness of an action solely based on the amount of pleasure or displeasure it creates, is used to evaluate the morality of suicide. According to the beneficence principle, there is sometimes a moral justification for suicide to alleviate suffering. On the other hand, Mill’s rule utilitarianism views actions by their effect on overall human happiness and directs us to perform actions that maximize utility. For some individuals, like those undergoing immense suffering, the right to painless suicide would maximize utility. Kantian theory focuses on an individual’s duty to uphold honour, dignity, and rationality. Collectively, these three virtues set the foundation of Kantian deontology. Furthermore, the libertarian view emphasizes the inherent right of human beings to individual security, liberty, and property with minimum government intervention. Libertarians recognize that suicide can be a rational and reasonable response to intolerable suffering. The ethical theories have proven to be interdependent; together, they propel us toward a better understanding of the morality of suicide.

The modern Islamic finance as an offshoot of financial engineering is the product of permissible innovation as a manifestation of the dynamism of Islam which allows for permanence and continued relevance of Islam in any age to come. Using technology or any permissible means to bring about financial solutions in society that ease human life is an integral part of the overall objectives of Shariah. Speaking in economic terms, Sharia strives at individual prosperity as much as of the society on the ideal that prosperity of individuals that make up a society underlies the prosperity of the society. In this modern age and time, financial inclusion constitutes a fundamental component of most governmental policies and action plans aimed at ensuring prosperity of society via improved social welfare to eradicate poverty and enhance living standard. Financial inclusion constitutes a fundamental component of such policies and action plans. Accordingly, Islamic finance is said to be committed to the ideal of financial inclusion having regard to its ideal of bringing prosperity to individuals and society in such a way that will translate to and help economies grow. This is to be pursued through every permissible means now available or to be invented in future, within the confines of Islamic values of financing.

The lex loci applicable to Islamic finance is Shariah. Islamic finance has been criticized for focusing only on Shariah compliance since its inception and development in the world and as such, there is a call to redefine Islamic finance in the light of objectives (maqasid) of Shariah. The objective of this chapter is to discuss the ways in which Islamic finance could be redefined in the light of Maqasid Al-Shariah. Using a Maqasid Al-Shariah approach in Islamic finance it is evident that not only the prohibitions such as riba, excessive gharar and maysir shall be eliminated in Islamic finance; but there should be the practice of eliminating all harm that is found in the society and promote good to the society by promoting circulation of wealth in the society in the view of achieving shared economic prosperity which will be obtained via considering the duty of care owed to society and environment. This ought to be the yardstick that should be used in innovating products and services in Islamic finance industry to align with Maqasid Al-Shariah. It is clear from this research there is a gap in implementing Maqasid Al-Shariah in Islamic finance and there is need to formulate a road map to fill this gap. It is recommended in this research that Maqasid Al-Shariah can be adopted in Islamic finance via merging the concepts of SDGs, circular economy, impact investing, ethics and VBI. It is hoped that the findings of this chapter will assist to understand the need to redefine Islamic finance to align with Maqasid Al-Shariah and the practical approach that could be taken in this regard.

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...

Purpose Often, the application of specific relief to Islamic banking is unspoken and unwritten. However, few studies suggest that legislation on specific relief needs amendment to cater for the effective application of Islamic banking and finance in the country and proposing the idea to introduce an Islamic Specific Relief Act. This paper aims to understand the application of specific relief to Islamic banking in Malaysia. This paper will look at the application of specific relief in Malaysia and discuss the extent of its application to Islamic banking cases reported in Malaysia from 1983 to 2015. The study will shed light on the general types of specific relief from Malaysian and Islamic law perspectives to conclude whether the provisions of Malaysian specific relief law invoked in courts in Islamic banking cases are in line with the general principles of Sharīcah. To further support this, evidence from various commercial civil codes of Muslim countries have been discussed to analyse these provisions from a more practical perspective. Design/methodology/approach This is a legal exploratory study primarily focussed on library research. Findings When it comes to Islamic banking, federal legislations dealing with commercial matters are applicable. For example, in Islamic banking products, if the land is the subject matter, then National Land Code 1965 shall be applied, and when dealing with Islamic banking agreements, the provisions of Contracts Act 1950 shall be followed. This has been highlighted as a problem faced by Islamic financial services in the case of Tan Sri Abdul Khalid Ibrahim v. Bank Islam Malaysia Berhad and other cases where the judge referred Engku Rabiah and quoted that in Islamic banking transactions, “the transactions entered by the parties may be Sharīcah-compliant in the first place, but upon enforcement of the contracts, the court may make orders and decisions that may side line the Islamic legal principles”. This happens when the substantive laws applicable to Islamic banking are incompatible with Islamic law. Fortunately, the analysis of the relevant sections of Specific Relief Act 1950 in this research proves that the provisions reviewed are in line with Sharīcah. However, to further enhance the operation of specific relief, the granting of specific relief could be made a general rule rather than an exceptional rule available with stringent rules. The research revealed that Specific Relief Act (1950) is expressly referred and discussed only in three cases reported from 1983 to 2015. There are only two specific sections of Specific Relief Act (1950) that have been deliberated in the reported case law on Islamic banking: provisions related to granting of a mandatory injunction and specific performance of contracts. Originality/value It is anticipated that this paper will assist to comprehend the importance of converging law and Sharīcah in legislations to attain Sharīcah compliance and will help to realise that not all conventional legislations are Sharīcah non-compliant.

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.

This exploratory article aims to evaluate the effectiveness of case study competitions in promoting the brand equity of sponsors and organizers. The article compares the managerial objectives with the responses of participating students who are the targeted audience of the marketing communications of the sponsors and examines the alignment between managerial objectives and the perceptions of participants. The quantitative data using surveys is collected from sponsors and organizers, and participants in the competition. The data is analysed using frequency tables, descriptive statistics, F-tests for equality of variances and T-tests for equality of means. The findings suggest that managers attach high importance to brand awareness (cognitive aspect), brand images and attitude (affective aspect) and less importance to brand loyalty (behavioural aspect) to enhance brand equity through sponsoring academic competitions. However, participants' responses indicate that the brand awareness aspect is not effectively realized as compared to other brand equity dimensions.

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.

Islamic finance has gained momentum in the world today. Irrespective of faith conviction, it has been accepted as a mode of financing in the world. The development of Islamic finance was gradual in the past. At the initial stage of its development, Islamic finance was concerned more with Shariah compliance of transactions and contracts used in it. Subsequently, focus was realigned on Shariah harmonisation with respect to juristic views and Shariah governance. Islamic finance encompasses some fundamental religious prohibitions and the promotion of certain virtues enshrined in Islam, to be observed in all ramifications of business dealings, including services provision. Therefore, Islamic finance works in line with Islamic religious principles such as a ban on usury or interest, gambling, uncertainty and outright speculations.

Default can occur in Islamic banking. As the law applicable to Islamic banking is derived from Shariah, it is imperative to check whether the current practice of Islamic banks in default aligns with Shariah. The objective of this chapter is to discuss the rules and procedures Islamic banks in Malaysia follow in case of default. This is a qualitative research where data from primary sources such as laws on the matter are extracted to derive conclusions and secondary sources such as case laws and other published materials in the subject matter are explored. It is anticipated that the outcome of this chapter will assist to comprehend the way in which Islamic banks deal in case of default and since Malaysia is considered as the cranium of Islamic banking due to the comprehensive ecosystem it has created for Islamic banking and finance, the rest of the world could learn from this case study to enhance the behaviour of Islamic banks in case of default.

Maldives is a hundred percent Muslim country. Though the laws in Maldives are influenced by common law and civil law systems, the spirit of the laws are based on Islamic principles. However, when it comcs to the banking system, it is poignant to state here that the only known banking system to the country is based on conventional or usury friendly system. Up until now there are only six banks operating in the country. And none of them is an Islamic bank. It has been frequently questioned on why it is so difficult to set up an Islamic Bank in a hundred percent Muslim country? People say that the demand is there, so what is there to worry? But the truth is that the challenges we face are more than what any one could think of. As rightly pointed out, the demand for Islamic banking is there. But what about the legal infrastructure, political support and the economic resources which are needed to invest to convert the banking system? Lack of human resources in the country is also not a small problem. And political instability has exacerbated the situation. In the past years, there have been several failed attempts made to introduce the Islamic banking system to the country. But due to lack of proper legal frame work in the country and some other financial reasons Islamic banking were never introduced. Now finally we see a green signal from the Central Bank of Maldives for establishment of Islamic bank. Towards the end of last year the Central Bank of Maldives have announced public to apply for jobs designed for the Islamic bank which is intend to be open soon! The main purpose of this paper is to look at the obstacles in introducing Islamic banking in Maldives. The challenges it is facing and the ways to curb it. It is argued here that as a Muslim nation establishment of

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.

Sukuk restructuring primarily aims at offering a debtor more latitude, in form and time, to settle his obligations. To meet Shari’ah requirements of transferring assets to Sukuk holders in asset-based Sukuk, the originator usually transfers the beneficial ownership to the issuer special purpose vehicles (SPV). However, in asset-backed Sukuk, the originator sells the underlying asset to an SPV and Sukuk holders do not have recourse to the originator in the event of defaults. Among some key unresolved Shari’ah issues in this regard is whether a change of contract necessitates entering a new contract. Other related issues that conflict with the tenets of Shari’ah are: (1) Sukuk structuring on tangible assets and debts; (2) receiving the full title by the Sukuk holders to the underlying assets in the event of default in case of securities that are publicized as asset backed; (3) Sukuk’s similarity with interest bearing conventional bonds: (a) capital guarantee by the originator or third party, (b) the originators’ promise to repurchase Sukuk at face value upon their redemption, and (c) providing internal and external credit enhancement. The Shari’ah-compliance of the above-mentioned clauses and structures of Sukuk remain debated among the Shari’ah scholars. Based on some specific cases, this study examines the Shari’ah viewpoint on sukuk restructuring and potential solutions to these unresolved Shari’ah issues in light of the past and recent declaration of some Sukuk defaults as non-Shari’ah complaints. Undoubtedly, resolution of these and other unresolved issues pertaining to Sukuk defaults can help strengthen the confidence of investors in Islamic capital market structures.

The International Institute of Islamic Thought (IIIT) hosted its fourth annualIsmail Al Faruqi Memorial Lecture at the 2017 annual meeting of the American Academy of Religion (AAR). The presentation took place at theHynes Convention Center in Boston on Sunday, November 19, 2017. Dr.Kecia Ali (Boston University, Department of Religion) delivered the keynotelecture, titled “Muslim Scholars, Islamic Studies, and the GenderedAcademy.” In her speech, Dr. Ali situated ongoing and gendered contestationsin Islamic Studies within a number of broader contexts: the historyof the AAR (currently the largest American organization dedicated to thestudy of religion), contemporary crises in higher education, and our shiftingnational climate ...

Surveying Pakistani-English drama, fiction, non-fiction, and poetry from the inception of Pakistan in 1947 to 2015 reveals how Pakistani-English writing developed and changed over the years, from a small marginalized genre in the early years of Pakistan to the dynamic, growing body of work in the 21st century. Bringing together writing by Pakistan-resident writers as well as those in the diaspora demonstrates both contrasts and links among them. Early writers such as Shahid Suhrawardy and Ahmed Ali and the role of Taufiq Rafat in the birth of a new contemporary poetry in Pakistan are included alongside a discussion of the extensive writings of Zulfikar Ghose, an early diaspora writer. This article covers the critical writings of Alamgir Hashmi, Tariq Rahman, and Muneeza Shamsie in defining and developing a new canon. The internationalism of Tariq Ali and the new multi-cultural British identity asserted by the writing of Hanif Kureishi—and indeed Kureishi’s links to his Pakistan-resident family—poet Maki Kureishi and the journalist Omar Kureishi are pointed out. The extensive English-language non-fiction written in Pakistan ranging from autobiographies, collected editorials, and newspaper columns to writings on art and literature are also given space, as are the creative memoirs of Sara Suleri and others, the plays of Ayub Khan Din and Ayad Akhtar, the poetry of Moniza Alvi and Imtiaz Dharker, and a wide range of fiction writers from Aamer Hussein and Daniyal Mueenuddin to Nadeem Aslam, Mohsin Hamid, and Kamila Shamsie as well as newer voices such as Roopa Farooki, H. M. Naqvi, Fatima Bhutto, and Maha Khan Phillips.

PurposeThe purpose of this paper is to theoretically assess the legal position of the Islamic doctrine of wa'd (or pledge) in relation to 'aqd (within the sphere of Islamic finance), and compare it with the conventional viewpoint, while discussing the several modes/means/usages in terms of applied Shariah.Design/methodology/approachThe paper utilizes a doctrinal approach to focus on the theoretical aspect of the concept while attempting to suggest practical adaptation and structuring, enabling smoother and more efficient use. The status quo was dependent on the wa'd being an operational instrument in today's world and further development in terms of bridging the understanding was the approach.FindingsBefore invoking the legal validity of wa'd in a court, it is important to view the practice of wa'd to be a dominant ideology utilized in Islamic finance. The first advocate who called for the practice of the binding promise in commutative financial contracts was probably Sheikh Mustafa Al‐Zarqa who adopted the position that if it was admissible, for the unilateral promise (wa'd) to be binding in donations, then, in his view, it was even more justifiable for the wa'd to be binding in commutative contracts. According to the preponderant opinion among Maliki scholars, a unilateral promise is as binding as a contract if the reason was mentioned in it or the contract was initiated based on the promise, a view shared by scholars such as Imam Bukhari. The other point of view, according to contemporary jurists such as Al‐Syntiqi and Dr Muhamed Sulaiman opine that a unilateral promise would not create any liability upon the promisor and it also does not confer any right to the promisee, although from religion point of view, it is recommended to fulfill it.Practical implicationsFully understanding the modus operandi of a wa'd in key as today, wa'd has established itself within the domain of several transactions under Islamic banking and finance, such as replicating conventional short selling, structuring FOREX markets option and even operating in a double wa'd structure.Originality/valueThe paper would prove useful and informative on the theoratical aspect of the concept especially to students starting out in Islamic finance. For those already well versed or immersed in the field, the paper would certainly provide ideas and exploratory suggestions into the development of the concept in terms of enhancement.

This interview with poet Moniza Alvi looks at issues of British‐ness, cultural duality and gender. Alvi also discusses her childhood in Hertfordshire, where Pakistan was a distant dream rather than a reality and which she reclaimed in her work, and which led her later to explore the surreal realms of the imagination. She goes on to speak on the themes of war and violence, mythology and gender which permeate her recent poetry collections.

This paper combines memoir and criticism to compare the treatment of Partition, class, colonialism, history and gender in two Partition novels from the same family: Sunlight on a Broken Column by the Indian writer Attia Hosain (1963) and Salt and Saffron (2000) by the Pakistani writer, Kamila Shamsie. Both novels portray a young woman's struggle for selfempowerment alongside their country's assertion of independence. Attia Husain's narrator, Laila, grows up in feudal pre-Partition Lucknow, never agrees with Partition and is heartbroken by the division of her family and the disappearance of her world; Kamila Shamsie's narrator, Aliya, the daughter of urban, Karachi professionals, does not question Pakistan, but, haunted by a bitter quarrel between her Pakistani grandparents and their Indian siblings, she looks for answers in history and their princely past. What family links do these novels reveal? Where do they differ? How has the gap of the two generations influenced both writers and their writing? This essay provides a personal comment on these questions because Attia (1913—98) was my aunt, and Kamila (b. 1973) is my daughter.

Today Pakistan is at the centre of geopolitical conflict and has been overtaken by increasing violence and religious extremism. At the same time, it has witnessed a great flourishing of new cultura...

Originality/Value Islamic Financial Services Act 2013 is a new statute that repealed Islamic Banking Act 1983. As such, not many have reviewed this new piece of legislation. This chapter will give insight into the evolution of Shari’ah governance as part of corporate governance of Islamic banks in Malaysia and will help explain the most recent developments in this arena along with the challenges.

by Nafisa Hoodbhoy, London, Anthem Press, 2011, 268 pp., £14.99, ISBN 978 0 8572 8967 4 In 1984, Nafisa Hoodbhoy became the first woman reporter at Pakistan’s leading English daily, Dawn, which had...

Islamic finance is ethical in nature, popular on profit sharing and prohibitions of interest among other vices and develops as a distinct financial intermediation alternative based on Sharī ah. However, the fact that it replicates conventional finance parameters in certain operations leaves something to be desired. Benchmarking Islamic financing against conventional interest rates is one such operation. The interest rate benchmark refers to the rate at which interest is charged against different types of credit facilities. Given the nature of Islamic finance, the use of the conventional benchmark to determine the Islamic financing rate has generated argument and counter-argument among Islamic scholars towards a distinct Sharī ah version. In this study, being library-based, a qualitative method was used whereby provisions of primary Sharī ah sources – the Qur ān and ḥadīths – in addition to regulatory instruments, were examined in expounding the nature of Islamic finance with regard to benchmarking. Also, content analysis was made of relevant published secondary sources including journal articles, books, and web resources that embody scholarly viewpoints on the issue while presenting discussions thereon. It is discovered that developing a Sharī ah-compliant interbank market would be difficult as the size and condition of the Islamic banking industry in many jurisdictions could not justify the creation of an Islamic financing benchmark. This is a constraint occasioned by absence of an Islamic monetary system, which renders the Sharī ah-compliant benchmark so far produced largely unworkable. It is also realized that, in addition to an Islamic financial system, an Islamic monetary system is imperative for the establishment and workability of Islamic benchmark in Islamic finance jurisdictions. From legal and compliance perspective, benchmarking is an economic system-wide function that needs to be based on backing and sanction of regulators under whose supervision Islamic financial institutions operates. Thus, reforms towards a profit rate-based Islamic financial benchmarking were accordingly recommended.