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The relationship between bank orientation and shubuhat: a study on Islamic banks in Malaysia.

1. Introduction

Shariah compliant--which is dynamics in nature (Haron, Yahya and Digale, 2012)--is the essence of Islamic banks and Islamic finance. In fact, it is the essence of all matters that require the certification of Islam. All this while, the emphasis on the shariah compliance has been on the matters of halal and haram. The compliance of the shariah is viewed as engaging in halal activities and avoiding from haram activities. However, according to the Hadith of Prophet (PBUH) as in Sahih Al-Bukhari & Muslim: "Truly, what is lawful is evident, and what is unlawful is evident, and in between the two are matters which are doubtful (shubuhat)" (Bukhari, No: 52), (Muslim, No: 1599). This Hadith is one of the major principles of Islam, which is under the provisions of Halal and Haram. In this Hadith, the Prophet Mohammed (PBUH) explains what doubtful things are, and prescribes a legitimate approach in dealing with them. Despite the guidance from the Hadith above, as one of the sources of knowledge in Islam, the literature on shubuhat with regard to shariah compliance is almost non-existent, much less in Islamic banking. As such, this paper can be regarded a humble-and-infinitesimal contribution toward that respect.

2. Islamic Banks. Characteristics

The Islamic banking is a novel phenomenon in the modern financial institution and it has many advantages over the traditional Non-Islamic banks either for investors or financial investment instruments (Cibafi, 2003). The Islamic bank can be defined as a financial institute that that deals with money investment and saving according to the Islamic Shariah rules in order to achieve the Islamic takaful and wealth distribution justice additional to the commitment to avoid dealing with the forbidden interests (Riba) and other actions those opposites the Islamic Shariah rules.

Islamic banks invest the frozen capitals (non-investing capitals) to benefit the capital owners as well as the entire community by the economic development. Islamic banks are also known as the non-interest banks and the share-holders based institution. Islamic banking is one of the major components of the Islamic economy due to many reasons and some of them are presented in the following discussion.

Banks in general drives and controls the international economic progress. Islamic banks so far are the only financial Islamic institutions that achieved a considerable position among the international economy institutions due to its high reliability and practicality. Islamic banks have proven to be beneficial for the national economy in many Islamic countries. Islamic banks have an important role in the national economy due to its efficient operation that allows it to compete with the Non-Islamic banks. Moreover, it contributes significantly to the national economy additional to its social benefits such as improving the cooperation, takaful (solidarity) and brotherhood within the community as investors, shareholders or workers in the bank. Thus, Islamic banks become as an effective tool to achieve the social solidarity within the modern Islamic financial institutions (Abdullatif, 1991). That being said, Islamic bank has to contain three essential components:

i) A large number wide variety of the sharing companions to achieve enough depth and strength for the system.

ii) A wide variety of departments that offer varies services in order to fulfil the different requirements of the customers.

iii) Islamic secondary market for banking that connects between the different companies/institutions with the bank's departments.

Islamic banking fundamentals can be summarized as following:

* The employed money has to be from Halal sources.

* All investments have to avoid Riba.

* Revenues have to be distributed between the shareholders and investment management.

* Poor people have some share as well from revenues through Zakat.

* The auditing process in the bank is based on the Islamic rules.

* The financial matters should not be separated from the Islamic spiritual and moral considerations (Abeed, 1992).

* From the fundamentals mentioned above, the bank policy is based on the following rules:

* The policy should be compatible with the Islamic rules.

* To achieve a flexible policy that allows the bank to deal successfully with the different modern financial situations as revenue oriented institution.

* The Islamic based policy should lead the bank to the success and to be compatible as a bank with the modern economic, industrial and financial institutions. It should take into consideration as well the slow growing of the Islamic economy and industry.

Islamic bank has a fundamental difference in approach from the Non-Islamic bank since the latter is aimed at the financial profit as its only goal. Whereas, Islamic bank aims at the community financial development as a primary goal and the financial profit comes as the secondary goal (Mohealdean, 1993).

The main differences between the Islamic and Non-Islamic banks can be summarized as following:

* The work and the capital are the profit sources in Islamic bank rather than the capital as the only profit source.

* Islamic banking is on the financial gain/lost share bases as a company or Modarabah rather than the guaranteed interest.

* The financial capital in Islamic banking is to be employed in community development rather than being separated from the community requirements (Abdulhaleem, 2005).

There are two main rules that the Islamic bank are committed to:

First rule: the right to get the revenue (profit) is based on the amount of effort and the financial lost possibilities since the shareholder is the bank's partner and has the share in the revenue as well as any financial lost.

Second rule: whoever guaranties the financial capital and take the responsibility for any loses has the share in the revenue gained from the capital investment. For example, Islamic bank guarantees the capital of the share-holders as Secretariat deposits that can be requested any time. Thus, the bank has the right to get a share of the revenue generated from the capital.

That being said, Islamic banks characteristics can be summarized as following:

1. The religious characteristic: Islamic banking is a part of the Islamic economy since Islam involves all the human life social, moral, economic and political activities. Thus, Islamic banking follows the Islamic financial principles that are based on the fact that money belongs to Allah (all mighty) and humans are successors (Mstakhlafan) on that money and they will be asked about it in the hereafter. This principle is mentioned in the holly Quran "Believe in Allah and His apostle, and spend (in charity) out of the (substance) where of He has made you heirs. For, those of you who believe and spend (in charity),--for them is a great Reward" (surat alhadid 7), and also Allah (swt) said at Surat ala'raf: 129, "It may be that your Lord will destroy your enemy and make you inheritors in the earth; that so He may try you by your deeds." "Give them such a deed if ye know any good in them; yea, give them something yourselves out of the means which Allah has given to you" (Surat annur, 33). Consequently, Islamic banks has to assign an auditing comity consists of Islamic and economic scholars. This comity has the inspection responsibilities for all bank's activities to insure that all the activities are compliant with the Islamic rules. This process enhances the bank's rule in the community to be beneficial for the community as well as the bank.

2. Avoid dealing with interest: Islamic banking idea was primarily created to offer a banking services free of the forbidden interest process (i.e. Riba) that all conventional banks are contaminated with. Riba is based on the loan contract that demands additional payment (i.e. interest) that increases with time. Riba is considered in Islam as a major sin as mentioned in the holly Quran: "O ye who believe! Fear Allah, and give up what remains of your demand for usury, if ye are indeed believers. If ye do it not, take notice of war from Allah and His Messenger. But if ye turn back, ye shall have your capital sums: Deal not unjustly, and ye shall not be dealt with unjustly" (surat albaqara, 278-279). Islamic banking replaces the forbidden interest with the financial profit/loses share as a company.

3. Shubuhat (the plural of shubhat)

Al Shubha lexically means likeness; that which bears resemblance to two things.

Allah (swt--Subhana wa ta'ala) says in the Quran: "For surely to us the cows are all alike-tshabaha-" (Al-Baqarah: 70), i.e. It has become difficult for us to distinguish between the required cow and the others.

"And those who have no knowledge say: Why does not Allah speak to us or a sign come to us? Even thus said those before them, the like of what they say; their hearts are all alike--tshabaha--." Indeed we have made the communications clear for a people who are sure" (Al-Baqarah: 118), i.e. they are alike. "He it is Who has revealed the Book to you; some of its verses are decisive, they are the basis of the Book, and others are allegorical--mutshabihat--; then as for those in whose hearts there is perversity they follow the part of it which is allegorical--tshabaha--, seeking to mislead and seeking to give it (their own) interpretation. But none knows its interpretation except Allah, and those who are firmly rooted in knowledge say: We believe in it, it is all from our Lord; and none do mind except those having understanding" (Al-Imran: 7).

Al shubhat in shariah means doubtful deeds or matters. The scholars have disagreed on how to define al shubha according to shariah; some say as ibn Rajab al-Hanbali said "It is the doubtful deeds that occurs whenever there existed two different beliefs regarding a matter generated from two different reasons." Al Showkani said in Nayl Al Awtar, "It is that for which there is conflicting evidence." Some scholars said that is mubah (permissible) and others said it is makrooh (disliked). (Nayl Al Awtar, Al Showkani). Ibn Daqeeq Al Eid said, "doubtful deeds is any matter supported by conflicting evidence from Quran and sunnah, and could carry more than one meaning, and it is devout to avoid" (Al Nawawi, 1997: 24).

Yusuf (1989) said "In the mind of a mujtahed (a scholar qualified to issue rulings) there is a region in between the obvious halal and the obvious haram, either due to conflicting evidence, or due to doubtful in the application of the evidence on a particular matter. It is devout as a Muslim to avoid these doubtful deeds so as not to be dragged into resembling what is known to be haram." Al-Imam al-Suyuti said in his commentary on Sunan Al Nassa'i while narrating this hadith, "The scholars have had a lot to say on the explanation of doubtful deeds, we can explain it in the best way, doubtful deeds is confusion (iltibas) and this term is used to describe something resembles a certain base matter, while at the same time it resembles another matter conflicting with the former, as if it resembles the latter more closely, hence they say ishtabaha, i.e. its mixed from two deferent things and become one thing. Obviously, here it is devoutness to avoid this confusion and whoever does that is described as devout and conservative in his religion." Al Suyuti has also explained this matter in detail in his book Al Ashbah wa al nathaer.

As for those who said that doubtful deeds are the matters that are considered permissible (mubah), their reasoning is that these matters are neither explicitly halal, nor explicitly haram. Therefore, it is considered as mubah, especially as excesses in these permissible matters could lead to haram, for instance in food, drink and attire, etc. And those who defined it as makrooh have taken into consideration that shariah has warned against doubtful deeds, and since there is no clear evidence of the forbidding, thus, it is considered as makrooh, and excesses of this nature certainly lead to haram itself. In this study, shubuhat is defined as a mixture of haram activities and halal activities in Islamic banks, the details of which will be explained in the following section, methodology.

4. Orientation of Bank and Shubuhat

A banking system that is based on the principles of Islamic Shariah and guided by Islamic economics: two basic principles behind Islamic banking are the sharing of profit and loss and, significantly, the prohibition of the collection and payment of interest (riba). Collecting interest is not permitted under Shariah. In terms of products and services, there are more than 40 Islamic financial products and services that may be offered by the banks using various Islamic concepts such as Musharakah, Mudharabah, Murab-ahah, Ijarah, Bai' Bithaman Ajil (Bai'Muajjal), Istisna', Qardhul Hasan, and Ijarah Thumma Al-Bai'.

In Malaysia, separate banking regulations and Islamic legislation exist side-by-side with those for the conventional banking system. The legal basis for the establishment of Islamic banks was the Islamic Banking Act (IBA) which came into effect on 7 April 1983. The Islamic Banking Act provides Bank Negara Malaysia (BNM) with powers to supervise and regulate Islamic banks, similar to the case of other licensed banks. The Malaysia government decided to allow the conventional banking institutions to offer Islamic windows or Islamic banking services (IBS) because this was thought to be the most efficient and effective mode of increasing the number of institutions offering Islamic banking services (IBS) at the lowest cost and within the shortest time frame (BNM, 1994 &1999). So doing, it would also force the banking industry in Malaysia to be more competitive. This would then lead to enhanced efficiency and an improved performance of the Islamic banking industry (Alias, 1994 & Kaleem, 2000).

Malaysia has a number of full-fledged Islamic banks including several foreign owned entities of conventional institutions who have established Islamic subsidiaries and also entities who are conducting foreign currency business (Central Bank of Malaysia 2011). Full-fledged Islamic banks can fully orientate all of their activities to the Islamic ideals; while the subsidiary Islamic banks cannot, since they are still a part of their holding banks, i.e. conventional banks.

One of study empirically was conducted to investigate the efficiency of the full-fledged Islamic banks, Islamic windows and conventional banks in Malaysia. This study reveals that full-fledged Islamic banks are more efficient than Islamic windows. While Islamic windows of foreign or international banks tend to be more efficient than those of local banks (Mokhtar & Abdullah & Al-Habashi, 2006). There is no any studies have been done on shubuhat in Islamic banks and most of studies focused about conventional banking or compared between Islamic banks, Islamic windows and conventional banks to investigate about efficiency or performances the banks. Therefore, it is predicted that the full-fledged Islamic banks will have lesser shubuhat than the subsidiary Islamic banks. In other words, orientation of Islamic bank is inversely related to shubuhat.

Malaysia has a number of full-fledged Islamic banks including several foreign owned entities of conventional institutions who have established Islamic subsidiaries and also entities who are conducting foreign currency business (Central Bank of Malaysia, 2011). Full-fledged Islamic banks can fully orientate all of their activities to the Islamic ideals; while the subsidiary Islamic banks cannot, since they are still a part of their holding banks, i.e. conventional banks.

The Malaysian government decided to allow the conventional banking institutions to offer Islamic banking services or Islamic windows because this was thought to be the most effective and efficient mode of increasing the number of institutions offering Islamic banking services at the lowest cost and within the shortest time frame (BNM, 1994 &1999). By, so doing, it would also force the Malaysian banking industry to be more competitive. This would then lead to an improved performance and enhanced efficiency of the Islamic banking industry (Alias, 1994 & Kaleem, 2000). However, with facilities and incentives extended, especially by the Bank Negara Malaysia (Central Bank), to both the full-fledged Islamic banks and Islamic windows, one wonders whether they have, over the two-decades (1980-1990) performed efficiently. Although, this issue is very pertinent, only few studies has been undertaken to investigate it. One of study empirically was conducted to investigate the efficiency of the full-fledged Islamic banks, Islamic windows and conventional banks in Malaysia. This study reveals that full-fledged Islamic banks are more efficient than Islamic windows. While Islamic windows of foreign or international banks tend to be more efficient than those of local banks (Mokhtar & Abdullah & AL-Habashi, 2006).

There is no study that has been done on shubuhat in Islamic banks and most of studies focused about conventional banking or compared between Islamic banks, Islamic windows and conventional banks to investigate about efficiency or performances the banks. Mukhtarul wadud (2003) attempts to study the Islamic banking operations in Malaysia over the period 2000-2001. The findings show that full-fledged Islamic banks are less efficient than commercial banks that offer Islamic banking products in Malaysia. There are no studies that have been done on shubuhat in Islamic banks and most of studies focused about conventional banking or compared between Islamic banks, Islamic windows and conventional banks to investigate about efficiency or performances the banks. Therefore, it is predicted that the full-fledged Islamic banks will have lesser shubuhat than the subsidiary Islamic banks. In other words, orientation of Islamic bank is inversely related to shubuhat.

Therefore, it is predicted that the full-fledged Islamic banks will have lesser shubuhat than the subsidiary Islamic banks. In other words, orientation of Islamic bank is inversely related to shubuht. Thus, the study hypothesizes that:

H: Full-fledged Islamic banks have lesser shubuhat than subsidiary Islamic banks.

4. Methodology

In this paper, the existence and extent of existence of shubuhat in Islamic banks was determined using the quantitative approach. The study was conducted on population of the Islamic Banks in Malaysia. The quantitative data were collected from the annual reports of the identified Islamic banks. These Islamic banks were comprised of two different types of banks: local and foreign (Association of Islamic Banks in Malaysia (AIBIM), 2010). Total Islamic Banks were 21 banks, as on March 2010 (see Table 1). Therefore, the entire population was studied without taking smaller samples for the analysis.
Table 1 Islamic banks in Malaysia

Type of Banks          Number of Banks

Foreign Islamic Banks                4
Local Islamic Banks                 17
Total                               21

Source: AIBIM (2010)


Arguably, there are many places in which shubuhat may occur, but this paper uses one of the main yet unavoidable Islamic banks' activities--dealing with conventional banks as a proxy to measure shubuhat.

Shubuhat, i.e. dealing with conventional banks: Shubuhat is measured using mixture-proportion basis of the amount of deposited money (i.e. revenues, expenses, assets and liabilities) by the Islamic banks with the conventional banks or vice versa over total funds of the Islamic banks (i.e. its rate to total). Two methods were used, of finance and revenue, for the mixture-proportion measurements in Shubuhat (Shehatah, 2009):

Method of analyzing the structure of finance in order to determine the proportion of the Haram mixture:

This method was based on analyzing the elements of the structure of finance to the elements of self-financing, and elements of finance based on interest, to determine the percentage.

The proportion of financing was calculated based on interest to the total financing structure as in equation 1:

Total finance by system of interest/Total finance by system of interest x 100% (1)

The method of analyzing elements of income and expenses to estimate the ratio of income mixing haram:

This method was based on the idea of separating income of halal activities (away from the doubtful) from income of forbidden activity. For example: for the earned bank interest, income from securities of the institutions shares dealing with haram operations, interest earnings resulting from debt rescheduling to others, demurrage and the interest of bonds (Shehatah, 2009). On the basis of this method, revenue from haram is divided on the total income and then percentage was calculated from equation 2:

Revenue gained from the frobidden/Total Revenues (income halal income haram) x 100% (2)

On the other hand, the average means of shubuhat (finance or revenue) by type of bank is calculated as follows:

Average means of shubuhat (finance or revenue) of local Islamic banks, equation 3:

Total shubuhat (finance or revenue) of local Islamic banks/Number of local Islamic banks (3)

Average means of shubuhat (finance or revenue) of foreign Islamic banks, equation 4:

Total shubuhat (finance or revenue) of foreign Islamic banks/Number of foreign Islamic banks (4)

5. Results

The descriptive analyses of Shubuhat (Finance and Revenue) and Islamic Banks characteristics are presented. Correlation analyses were used to study the relationship between the bank orientation (subsidiary & full-ledge) and shubuhat followed by simple regressions to verify whether the variation in the Shubuhat of finance; and revenues are due to the variation the bank orientation.

5.1 Descriptive Statistics on Shubuhat of Finance and Revenue

As elucidated earlier, the shubuhat has two types, namely shubuhat of finance and shubuhat of revenue. The cross tabulation analysis was used to analyze the shubuhat in the Islamic banks. Two banks did not have shubuhat based on finance (i.e. 9.5%).

On the shubuhat based on revenue, the findings showed that there were 6 Islamic banks that did not fall under this category, a percentage of 28.6 as illustrated in Table 3.
Table 3 Shubuhat of revenue

Ratio           Frequency  Percent

0.000                   6     28.6
0.001 to 0.010          1      4.8
0.011 to 0.030          6     28.6
0.031 to 0.201          8     38.1
Total                  21    100.0


5.2 Descriptive Statistics on Orientation of Banks

Table 4 shows that the population consists of two kinds of orientation. The orientations selected were full-fledged Islamic banks (38.1%) and subsidiary Islamic banks (61.9%). The descriptive statistic showed that most of the Islamic banks in Malaysia are subsidiary Islamic banks.
Table 4 Bank orientation

              Frequency  Percent  Valid Percent

Subsidiary           13     61.9           61.9
Full-fledged          8     38.1           38.1
Total                21    100.0          100.0


5.3 Correlation Analysis

Correlation analyses were applied to determine the degree to which the variables are related. It determines how well the estimated equation actually describes the relationship (Levin & Rubin, 2007). The correlation between Shubuhat and Orientation based on finance is shown in Table 5. The report showed that Orientation have negative relationship with Shubuhat based on finance, with values (-.361). Also the report showed that Orientation have negative relationship with Shubuhat based on revenue, with values (-.482).
Table 5 Correlations Analysis

                  Orientation

Shubuhat finance        -.361
Shubuhat revenue      -.482 *

**. Correlation is significant at the 0.01 level (2-tailed).

*. Correlation is significant at the 0.05 level (2-tailed).


5.4 Descriptive Regression Analysis

Table 6 with R square value of.229 for Shubuhat of finance The R square value based on finance is explaining 22.9% from orientation of bank on Shubuhat. And with R Square value of.320 for Shubuhat of Revenue. And the R Square based on Revenue is explaining 32.0% from banks' orientation on Shubuhat.
Table 6 R Square of Shubuhat (Orientation)

Model         Shubuhat of Finance  Shubuhat of Revenue

R Square                     .229                 .320

Sig F Change                 .028                 .008


Table 7 shows that Orientation of banks has negative relationship with the Shubuhat of finance (Orientation -.479). Also the results show that there is negative relationship between shubuhat of revenue and Orientation -.565).
Table 7 Regression of shubuhat of finance and revenue (Orientation)

                      Finance                    Revenue
             Standardized Coefficients  Standardized Coefficients

Model                             Beta                       Beta

Orientation                      -.479                      -.565


6. Discussion

6.1 The Impact of Orientation of Bank on Shubuhat

Malaysia has several of full-fledged Islamic banks, including some foreign banks of conventional institutions who have established Islamic subsidiaries and also entities, which are conducting foreign-currency business (Central Bank of Malaysia 2011). Full-fledged Islamic banks can fully orientate all of their activities to the Islamic ideals; while the subsidiary Islamic banks cannot, since they are still a part of their holding banks, i.e. conventional banks.

The Malaysia government has allowed the conventional banking institutions to offer Islamic banking services (IBS) or Islamic windows because this was thought to be the most effective and efficient mode of increasing the number of financial institutions offering Islamic banking services (IBS) at the lowest cost and within the shortest time frame (BNM, 1994 &1999). So doing, it would also force the banking industry in Malaysia to be more competitive. This would then lead to enhanced efficiency and an improved efficient and performance of the Islamic banking industry (Alias, 1994 & Kaleem, 2000).

Therefore, the orientation of the bank has been influencing on the compliance of shariah. When the Islamic bank is full-fledged will be more com-plied with rules of shariah and reducing the shubuhat. Two orientations were investigated: full-fledged Islamic banks and subsidiary Islamic banks. The aim is to determine which bank orientation compliance more with Shariah and avoids shubuhat.

The results showed that full-fledged Islamic banks have differed from subsidiary Islamic banks in issues to avoid doubtful activities, where the full-fledged Islamic banks have an impact of more subsidiary Islamic banks to reduce the shubuhat. This means that the full-fledged Islamic banks have more commitment to the rules of shariah more than subsidiary Islamic banks to avoid the shubuhat. On the other hand the result show relationship that the orientation of the Islamic Banks has on doubtful. The orientation of the Islamic Banks has negative relationship toward the shubuhat.

The results have shown a noticeable difference between full-fledged and subsidiary Islamic banks in terms of avoiding shubuhat. Full-fledged Islamic banks have more impact on Shubuhat reduction and have shown more commitment to the rules of shariah to avoid the shubuhat compared to subsidiary Islamic banks. Results have shown a negative relationship between Islamic Banks orientation and shubuhat indicating the significant effect of orientation on Shubuhat reduction.

6.2 Implications

The findings highlight earlier leads to several implications. The discussion on these implications will be divided into two perspectives namely, theoretical and practical.

Theoretical perspective

First this study added a new discussion on understanding of shariah compliance, i.e. shubuhat in the Islamic banking. This study also identified the relationship between Shubuhat and orientation of banks. Both are novels finding in the shubuhat study. Besides, the importance of avoiding shubuhat has been mentioned repeatedly in the holy Qur'an and Hadith.

Practical Perspective

Bank orientation is proven to be one of the essential control mechanisms for predicting the extent of existence of shubuhat in the Islamic Banks. This also gives valid reason to committee of SAC (Shariah Advisory Council) in Bank Negara for its on-going strategy of having more full-fledged Islamic banks operating in Malaysia. Implicitly, the mechanism of effecting reduction and subsequently avoidance of shubuhat by full-fledged Islamic banks could be learnt through their subsidiary counterpart.

6.3 Future Research

The study is on shubuhat and orientation of banks in Malaysia. Having known the relationship of shubuhat with orientation (full-fledged and subsidiary), therefore, it is recommended for future study to compare it with Islamic Banks in other countries. Furthermore, there are many other factors that would contribute to differences in shubuhat in Islamic Banks. Therefore, future research may consider these factors. It is recommended for future studies to apply qualitative methods such as case study specifically on each of factors for better understanding of shubuhat in Islamic banks. This study is descriptive in nature, it is suggested that future study would employ inferential statistics, especially as regards shubuhat in Islamic banks in the world.

7. Conclusion

This study established the existence of shubuhat, and described the extent of existence of shubuhat in Islamic banks in Malaysia; and the extent of existence of shubuhat by bank orientation. The study found that only a few Islamic banks are shubuhat-free, and full-fledged Islamic banks have lesser shubuhat than subsidiary Islamic banks. Customers, Islamic banks and the relevant authorities' bodies can now literally turn to the annual reports to ascertain the existence of shubuhat in particular Islamic banks. The extent of the existence of shubuhat can be further specifically determined by looking at whether the Islamic banks are of subsidiary or of full-fledged origin.

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ESSIA RIES AHMED

essa_ahmed15@yahoo.com

School of Business Innovation & Technopreneurship

Universiti Malaysia Perlis

SOFRI BIN YAHYA

Graduate School of Business

Universiti Sains Malaysia

MD. AMINUL ISLAM

School of Business Innovation & Technopreneurship

Universiti Malaysia Perlis

[c] Essia Ries Ahmed, Sofri Bin Yahya, Md. Aminul Islam
Table 2 Shubuhat of finance

Ratio           Frequency  Percent

0.000                   2      9.5
0.001 to 0.010          5     23.8
0.011 to 0.030          5     23.8
0.031 to 0.600          9     42.9
Total                  21    100.0
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