Papers by SYAHIDAWATI SHAHWAN
International Journal of Academic Research in Accounting, Finance and Management Sciences
Advanced International Journal of Banking, Accounting and Finance
Islamic financial literacy is a prerequisite for Muslim financial well-being. Despite the fact th... more Islamic financial literacy is a prerequisite for Muslim financial well-being. Despite the fact that Islam provides clear guidance on financial arrangements, Muslims, particularly in Malaysia, have demonstrated financial ineptitude as evidenced by poor financial behaviours and a high number of bankruptcies, which warrants due scrutiny by current research. Nevertheless, determining the actual level of Islamic financial literacy, let alone devising control measures, has been challenging due to the lack of a validated measurement model of Islamic financial literacy. Furthermore, the lack of a standard definition has hampered empirical research in this area. Therefore, this study aims to scrutinize the concept of financial literacy from Islamic standpoint prior proposing a standard measurement. Underpinned by the Theory of Family Resource Management (FRM), Islamic financial literacy is denoted by Islamic financial knowledge, Islamic financial attitudes, and Islamic financial behaviours. ...
The Journal of Muamalat and Islamic Finance Research
Waqf movement in Malaysia has a long history since the colonization era with plenty of innovation... more Waqf movement in Malaysia has a long history since the colonization era with plenty of innovations being practiced by waqf managers. The literatures have highlighted on the performance of waqf as a social finance instrument with transformational impacts to the economic wellbeing of the beneficiaries. There is a considerable gap between the cyclic impact on the transformation of waqf beneficiaries into donors that needs to be highlighted. The main aim of the study is to conceptualize and validate the beneficiaries-donors model which evolved from the perspective of mutual assistance (ta’awun) prosumers, consumerchant, and volunteer. The study adopts a three-phase qualitative approach. The proposed model on Benefidonors is the result of the first stage, which involved content analysis of literature data. Data was also obtained via Focus Group Discussions (FGD) in the second step of creating and confirming the model. Three different groups of participants, namely donors, beneficiaries, ...
Credit card industry in Malaysia that has begun in the end of 90’s brought a new dimension on the... more Credit card industry in Malaysia that has begun in the end of 90’s brought a new dimension on the transaction methods of Malaysian. Instead of engaging with cash-transaction, Malaysian today are eager to opt for electronic banking and payment that provide easiness and security. As to cater this demand, Muslim bankers in the same position have started promoting the industry and provoking the Shariah-based institutions and bodies to initiate an alternative for this well-growing industry. Therefore, in the year 2002, the first Islamic Credit Card was introduced by Arab Malaysian Bank (AMbank) with a card known as Al-Taslif. Unfortunately, the emergence of Islamic Credit Card does not resemble and represent the level of awareness among Malaysians on the Shariah-based contracts applied in Islamic Credit Card. Thus, this survey studies the level of awareness and understanding of the emergence of Islamic Credit Card in Malaysia amongst Malaysian with a special study on the academic staff o...
The paper studies financing mechanisms used by waqf institutions in Malaysia and Singapore in dev... more The paper studies financing mechanisms used by waqf institutions in Malaysia and Singapore in developing various types of waqf properties. In Malaysia, the duty of managing and developing waqf assets is under the jurisdiction of state government through State Islamic Religious Councils (SIRCs). The problem of getting enough funds and inefficient staffs has hindered the development of a large number of waqf assets especially land waqf. In addition to traditional mode of financing such as long lease (hukr), modern schemes and self-financing have been used by the authority to develop waqf properties. The development of waqf assets in Singapore is encouraging especially after the establishment of Warees Pte Ltd: a subsidiary of Singapore Islamic Religious Council (MUIS). The source of financing is mainly generated through cash waqf contributed monthly by Muslims in Singapore. Besides that, a modern mode of financing such as sukuk musyarakah has been introduced in developing commercial b...
The purpose of this study is to conduct an experiment on undergraduate students (the Generation Y... more The purpose of this study is to conduct an experiment on undergraduate students (the Generation Y) with the fundamental knowledge on fiqh muamalat (Islamic legal study on business transactions). The research examines the impact of experiential learning to the level of knowledge on Shariah contracts embedded in the game by measuring the pre and post score of the students on the features of the contracts. 114 students from business-related programme took part in the study. They answered pre-experiment questionnaire, played the game and eventually answered post-experiment questionnaire. The game referred to as Muamalat Interactive Game (MIG), an innovation that incorporates the concepts and operations for retail products offered by Islamic banks adopted for personal financial management. This game involves the participants (contracting parties) in several muamalat contracts commonly practiced in Islamic banks, such as as ijarah, tawarruq, rahnu, musharakah mutanaqisah, murabahah and ot...
The paper studies financing mechanisms used by waqf institutions in Malaysia and Singapore in dev... more The paper studies financing mechanisms used by waqf institutions in Malaysia and Singapore in developing various types of waqf properties. In Malaysia, the duty of managing and developing waqf assets is under the jurisdiction of state government through State Islamic Religious Councils (SIRCs). The problem of getting enough funds and inefficient staffs has hindered the development of a large number of waqf assets especially land waqf. In addition to traditional mode of financing such as long lease (hukr), modern schemes and self-financing have been used by the authority to develop waqf properties. The development of waqf assets in Singapore is encouraging especially after the establishment of Warees Pte Ltd: a subsidiary of Singapore Islamic Religious Council (MUIS). The source of financing is mainly generated through cash waqf contributed monthly by Muslims in Singapore. Besides that, a modern mode of financing such as sukuk musyarakah has been introduced in developing commercial b...
Islamic Credit Card has started its first innovation in Malaysia in the year 2002 with Arab Malay... more Islamic Credit Card has started its first innovation in Malaysia in the year 2002 with Arab Malaysian Bank (AMbank) - Al-Taslif Card. But, the society does not really aware and interested on the new invention until another Islamic Credit Card emerged under Bank Islam Malaysia Berhad with Bank Islam Card. With a great promotion done, BIMB is known as the first bank introduced Islamic Credit Card. In the year 2006 later, another card was issued in order to cater the demand and to become another alternative for Muslim consumers. Bank Simpanan Nasional then announced the new Al-Aiman card with the similar Shari'a operation with the other two cards. However, the emergence of Islamic Credit Card in Malaysia does not portray the level of awareness and understanding among card holder. Thus, this study is an attempt to obtain the relationship between ownership of Shari'a-based Credit cards to the religiosity indexes of the respondents. Specifically, the study focuses on the responden...
There has been variation in the objectives of Islamic economics. It is also assumed that the obje... more There has been variation in the objectives of Islamic economics. It is also assumed that the objectives of Islamic economics are supposed to guide the objective of Islamic banking and Finance. Over the years, there seem to be widening gap between the two Islamic disciplines in terms of their objectives. There are hardly any studies that have formally documented the issues that have contributed to the widening gap between the two disciplines and whether these differences are reconcilable. This paper therefore is a critical survey of the literature on the subject, using Maqasid al-Shariah as a benchmark for examining the variations and relationship between both disciplines. The issues of theories versus practice was given due emphasis. The study, which is exploratory in nature, adopted content analysis and inductive method to achieve its objectives aforementioned. The study has concluded from the observation of the selected literatures that the five elements of Maqasid al-Shariah were...
Deposit insurance is an insurance system established by policy makers in many countries to protec... more Deposit insurance is an insurance system established by policy makers in many countries to protect depositors against the loss of their deposits which are placed in bank(s) in the event of a 'run' on a bank. The United States was the first country to establish an official deposit insurance scheme during the Great Depression banking crisis in 1934, during which large number of customers of a bank withdrew their deposits because they feared it might become insolvent. In Malaysia, the system was launched on September 2005, and administered by the Malaysia Deposit Insurance Corporation (MDIC). This article will discuss the concept and historical aspect of deposit insurance and also the operation of Malaysia Deposit Insurance Corporation (MDIC). In addition to that, this article also discusses the Shariah perspective on this measure. A short survey was also administered to determine the public awareness and understanding of the scheme.
Shariah compliance audit is conducted to enable the Shariah committee to express an opinion that ... more Shariah compliance audit is conducted to enable the Shariah committee to express an opinion that the operations of IFIs are conducted in accordance with the fatwas, rulings and guidelines issued by the Shariah Supervisory Board of the Islamic financial Institutions, the accounting standards of the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), national accounting standards and practices, and relevant legislation and regulations applied in the country in which the Islamic Financial institution operates. Shariah review is an examination of the extent of an IFI’S compliance in all its activities, with the Shariah. This examination includes contracts, agreements, policies, products, transactions, M&A, financial statements, reports and circular. The objective of the review is to ensure that the activities carried out by an IFI do not contravene the Shariah. Practically in Malaysia, it is the responsibilities of Shariah Advisor (SA) to ensure that all pr...
Humanities & Social Sciences Reviews, 2020
Purpose of the study: To investigate the conduct of risk management in trade financing processes ... more Purpose of the study: To investigate the conduct of risk management in trade financing processes as well as to identify potential issues in risk management relating to fintech in trade financing. At the same time, this study had the opportunity to explore all possible prospects and challenges that this new era of digital could offer to the banking industry. Methodology: The study employed an interview with experts for the means of data collection with the aim of gathering a wide range of information and opinion from the industry experts on the subjects of this study. The data collected from interview transcripts are analysed contextually based on thematic analysis and framework analysis. Main Findings: The findings suggested risk management in trade financing processes is critical due to the nature of cross-country transactions and the current era of fintech has further escalated the risk exposure to fintech-related types of risk. Strategies to improve the current conduct of risk ma...
Journal of Social and Development Sciences, 2013
Halal has become the lifestyle of Muslim consumers in the world. As the Muslim populations increa... more Halal has become the lifestyle of Muslim consumers in the world. As the Muslim populations increasing throughout the world, the awareness on consuming Halal also goes in the same parallel trend. In Malaysia, Halal food certification and management are given a lot of attention by the consumers, producers and regulators. However, Halal is not only covering only food consumption but also for nonfood products such as cosmetics, toiletries, pharmaceuticals, leather products, perfume and fragrances, brushes and so on. The services such as banking, entertainment, tourism, and logistic also related to Halal requirements. Thus, this research paper aims to investigate the awareness and perception of Muslim consumers on non-food Halal products and to identify the factors that influence the awareness and perception of consumers to the non-food Halal products. Moreover, this research also aims to confirm whether the identified variables have the strong influence to the level of awareness and per...
Proceedings of the International Symposium on the Analytic Hierarchy Process, 2013
Home is a basic need. Islamic banks have been offering Bay Bithaman Ajil (BBA) facility for home ... more Home is a basic need. Islamic banks have been offering Bay Bithaman Ajil (BBA) facility for home financing. BBA has been criticized as mimicking the conventional debt based structure and it does not fulfill the objectives of Shari'ah (al-Maqasid). The literature suggests Musharakah Mutanaqisah (MMP) home financing facility as a better alternative to BBA because the former complies with al-Maqasid in form and spirit. Most of the studies on these issues have been perceptive in nature, through surveys. They do not get to the bottom of the problem. For example, at what stage in the development of the two products is al-Maqasid violated? Which stage achieves higher level of al-Maqasid relative to the other stages? How can we empirically prove that MMP achieves higher level of al-Maqasid than BBA? The present study adopts AHP to answer these pertinent research questions. The Goal is to rank the stages of developing the two Islamic banking products relative to al-Maqasid. The criteria are the four (4) stages used in the development of Islamic banking products, the subcriteria are the five elements of al-Maqasid, and the alternatives are the two Islamic home financing products. The results of this study show that MMP conforms to al-Maqasid more than BBA. The study has concluded with suggestions for future research.
International Journal of Business, Economics and Management, 2015
Muslim populations increasing throughout the world, the awareness on consuming Halal also goes in... more Muslim populations increasing throughout the world, the awareness on consuming Halal also goes in the same parallel trend. Halal now extends to other areas other than food, such as cosmetics, personal care products, toiletries, fragrance, and skincare products. Malaysia has developed Malaysian Standard MS 2200: Part 1: 2008 as guidelines for Halal cosmetics and personal care industry. Thus, this research paper aims to identify the factors that influence the awareness and perception of Muslim consumers on Halal cosmetics and personal care products. The research also aims to confirm whether the identified variables are significant to the awareness and perception of Muslim consumers on Halal cosmetics and personal care products. The sample of the research consisted of 236 government servants in the state of Selangor. The data are collected through questionnaire and analysed using descriptive analysis and inferential analysis such as correlation and multiple regression analysis. The result of the study revealed that the three factors; Advertising (X1), Knowledge (X2) and Attitude (X3) which all are significant .
International Conference on Waqf Laws and Management: Reality and Prospects, October, 2009
Global Journal Al Thaqafah, 2013
International Conference on Waqf Laws and Management: Reality and Prospects, October, 2009
The paper studies financing mechanisms used by waqf institutions in Malaysia and Singapore in dev... more The paper studies financing mechanisms used by waqf institutions in Malaysia and Singapore in developing various types of waqf properties. In Malaysia, the duty of managing and developing waqf assets is under the jurisdiction of state government through State Islamic Religious Councils (SIRCs). The problem of getting enough funds and inefficient staffs has hindered the development of a large number of waqf assets especially land waqf. In addition to traditional mode of financing such as long lease (hukr), modern schemes ...
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Papers by SYAHIDAWATI SHAHWAN