Issues in the reporting of Islamic financial instruments have been discussed since early 2000. Among these issues is the debate about whether the accounting standards promulgated by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) or the International Financial Reporting Standards (IFRS) should be adopted for reporting Islamic financial transactions. Abdel Karim (2001) explained the need to implement the AAOIFI accounting standards as these standards specifically cater for the unique characteristics of the contracts that govern the operations of Islamic banks. The IFRS, on the other hand, do not have any specific reporting standards for the unique contracts adopted by Islamic banks but report the transactions based on the accounting principle of substance over form.

A bank is a financial intermediary that generates income from its fund-based and fee-based products and services. As for the former, the bank has to share the profits with parties from whom it sources funds such as depositors and shareholders to provide financing facilities for its customers. Unlike its fund-based products and services, the bank can recognise any profit generated from its fee-based products and services solely as its own income without having to share it with other parties as it does not utilise others' money in offering such products and services.

An abstract is written in Arabic.

An abstract is written in Arabic.

An abstract is written in Arabic.

The interest rate has been a major issue worldwide, as well as in ASEAN countries. It shifts almost every minute driven by lots of factors. The main goal of this research is to look at the relationship between lending interest rate with the macroeconomic variables related to economic activities including during crisis periods and to forecast the rate in 2020. Approaches used in the study include line charts, multiple linear regression model and the ARIMA model. The paper utilized annual data period between 1971 and 2019 in Malaysia which includes three crisis periods while forecasting into the fourth crisis as we currently face the COVID-19 period. The result shows that the lending interest rate has somewhat negative correlation with the macroeconomic variables throughout three major financial crises in Malaysia. The GDP growth and manufacturing are found to have significant effect on the lending interest rate via multiple linear regression. However, the industry and the agriculture have no significant impact on the lending interest rate. As COVID-19 fractured world economies and led countries to great depression, worldwide central banks decided to take action to lower interest rates to significantly boost consumer spending and cash flow. Due to this reason, the findings revealed the actual value of lending interest rate in 2020 is 3.51 while as the projected value of lending interest rate in 2020 is 4.85 which indicates that the actual value is slightly smaller compared to the forecasted value.

This study aims to examine the scholars' views on the legality of bilateral rebate in Islamic financial transactions. It also aims to evaluate the contemporary application of bilateral rebate in Islamic banking operation as an alternative to the conventional mechanism in handling the events of early settlement of debt, early termination of debt facility and early withdrawal of term deposit. The study used deductive and inductive methods to analyze the juristic literature of all the major schools of law on the legality of both bilateral and unilateral rebate in a financial transaction. The study found bilateral rebate (ibra' mutabadal), instead of unilateral rebate, to be the best and fairest Islamic mechanism to overcome injustice in several events that may impact the bank's liquidity such as that of early settlement of debt facility and early withdrawal of term deposit in the sense that the interest (maslahah) of both transacting parties is equally secured.

As a financial intermediary, an Islamic financial institution's (IFI) efficiency in liquidity management is determined by its financing to deposit ratio which is calculated as the amount of the respective IFI's financing divided by the amount of its deposits at any given time. The higher the ratio, the more the IFI is said to be utilising the funds and the more the bank is deemed efficient, provided that its cost of operation is managed efficiently. Most deposits need to be paid back to the depositors in a certain period of time, depending upon the types of deposit. To generate assets, an IFI usually provides Islamic financing facilities from these much shorter maturity funds (deposits) which may lead to asset-liability mismatch, particularly in the event of breach of terms and conditions as well as default by the customers. On account of this scenario, the IFI usually imposes various charges on customers to compensate for the financial loss it suffers, particularly in relation to asset-liability mismatch that affects its capital and liquidity requirements.

The concept of the time value of money (TVM) has been well accepted and widely applied in the conventional financial system for a very long time. However, Islamic scholars hold differing views regarding its conceptual and practical foundation in the Islamic financial system. The opponents of TVM have argued that recognizing it will lead to acceptance of riba, against which Islam is at war. This may, however, be a hasty judgment. Islam does not reject any concept that aligns with its teaching, promotes justice among people and secures their interests, particularly in financial transactions. The concept of TVM establishes that time can be given a counter-value in association with real commercial activities. Therefore, Islamic acceptance of TVM should not be disregarded, particularly in financial transactions, such as deferred sales and loan contracts, in order to uphold justice. However, the concept of TVM must be applied in accord with specific Shari'ah parameters because applying it without complete adherence to its Shari'ah parameters may lead to actual riba. In contrast, if the Shari'ah parameters are completely complied with, the application of TVM may result in removal of riba and achievement of fair economic effects in financial transactions. Hence, this study aims to examine the legal status of the time value of money in Islam and then formulate the Shari'ah parameters for its application in Islamic finance. The study employed the library method to collect information, which was analysed using comparative, deductive and inductive methods. The study establishes that Islam recognizes the legitimacy of the time value of money arising from deferment (ajal), but its application must be in conformity with the Shari'ah parameters in order to avoid riba.

The purpose of this study is to examine the legal authority of the time value of money in Islam and its application in contemporary Islamic finance. The study aims to establish the Islamic conceptual foundations of TVM and differentiate it from that of conventional finance particularly in relation to the concept of time preference that constitutes essential basis for TVM in conventional finance. This study undertakes a library research where the literature on Islamic jurisprudence in the area of Islamic financial transactions as well as Islamic economics, both in Arabic and English is reviewed critically to construct the conceptual framework of TVM from an Islamic perspective. The findings indicate that Islam recognizes the legitimacy of the time value of money emanating from deferral (ajal) and acceleration ('ajal) in Islamic financial transactions such as deferred sale and bilateral rebate (da' wata'ajjal) but its application must be in conformity with specific guidelines laid down by the Shari'ah to avert unfair economic effects of financial transactions such as interest (riba). The application of TVM in accordance with its fundamental rules can actually remove Riba from the economy and prevent from making of money out of money.

The rahn-based Islamic microcredit facility is currently popular among Islamic financial institutions in Malaysia, essentially because of its commercial features, which make it attractive and competitive with conventional pawnbroking. However, the substance of this product triggers some Shari`ah issues, which are mainly centred on the safekeeping fee the bank charges the customer under the principle of ijarah al-hifz (safekeeping fee) and wadi`ah yad al-damanah (guaranteed safe custody). This paper is primarily intended to examine the key Shari`ah issues associated with the structure that is widely accepted at present. It undertakes a case study of two selected Islamic banks that offer a rahn-based Islamic microcredit facility to their clients. The product manual of each bank has been examined to understand the structure flow of the product, payment of the safekeeping fee and other relevant operational aspects of the product. Interviews have also been conducted to gather data related to the operation of this product that was not available in the product manuals of the two selected Islamic banks. It is proposed that the alternative structure must comply with the Shari`ah and meets most of the distinctive commercial features of the rahn-based Islamic microcredit facility to maintain its commercial viability in the industry.

Kajian ini bertujuan untuk melihat hubungan budaya organisasi dan nilai Islam terhadap amalan etika kerja Islam (EKI) di kalangan penjawat awam di dalam organisasi Islamik. Secara khususnya pula, kajian ini akan memfokuskan kepada ciri-ciri yang ada di dalam teori budaya organisasi Hofstede dan nilai-nilai Islam yang ada di dalam ayat Al-Quran dan seterusnya menganalisis arah dan hubungan yang wujud di antara nilai budaya, nilai Islam terhadap amalan EKI. Kajian ini telah mengemukakan beberapa persoalan kajian iaitu apakah arah dan kekuatan hubungan nilai budaya terhadap amalan EKI dalam organisasi, apakah arah dan kekuatan hubungan nilai Islam terhadap amalan EKI dalam organisasi, bagaimanakah nilai budaya mempengaruhi amalan EKI di dalam organisasi dan bagaimanakah nilai Islam mempengaruhi terhadap amalan EKI dalam organisasi. Kajian dilaksanakan di kalangan penjawat beragama Islam di Wilayah Persekutuan Kuala Lumpur dan Putrajaya yang berkhidmat di agensi Islamik. Analisis statistik inferensi dilakukan di dalam kajian ini untuk melihat perhubungan yang wujud antara pemboleh ubah bebas dengan pemboleh ubah bersandar. Ujian korelasi Pearson dan regresi berganda digunakan untuk melihat hubungan dan arah yang wujud. Pemboleh ubah bebas dalam kajian ini adalah nilai budaya dari enam ciri budaya Hofstede dan nilai Islam di dalam al-Quran dengan melihat kepada pengaruh terhadap tingkahlaku kepada organisasi dan pelanggan di kalangan responden. Pemboleh ubah bersandar di dalam kajian ini pula adalah amalan etika kerja Islam. Kajian ini akan melihat sejauhmana kesedaran responden terhadap elemen nilai budaya yang wujud di dalam organisasi dan di dalam persekitaran kehidupan dan juga melihat kepercayaan kepentingan nilai Islam dalam melaksanakan tugas di dalam organisasi dengan memberi fokus kepada hubungan terhadap organisasi dan pelanggan. Kajian ini membuktikan bahawa amalan EKI dipengaruhi secara signifikan dan keseluruhannya berhubungan secara positif dengan pemboleh ubah kajian. Dapatan kajian ini sedikit sebanyakakan membantu organisasi untuk mengenalpasti mekanisma dalam usaha untuk meningkatkan amalan EKI di dalam organisasi.

The idea of a new era, the Industrial Revolution (IR 4.0), encourages the increased use of highly automated tools and the development of cutting-edge technology that limits human interaction and speeds up normal processes in the banking industry's existing environment. This paper attempts to explore the significance of IR4.0 in the Islamic finance education. Thus, this article presents three main purposes; 1) to identify the Fourth Industrial Revolution (4th IR); 2) to identify the IR 4.0 and Higher Education In Malaysia and 3) to stress the roles of Islamic Finance Education Providers. This study employed a qualitative research methodology through data collection from several previous works. The findings of this study revealed that the universities as provider of higher education services in the area of Islamic finance must also strategize the Islamic finance education direction and revisit the program that they are currently offering by altering the contents to be in consonance with the IR 4.0.

A summary of some Q2 2015 sukuk issuances are presented along with ISRA's views on the sukuk tradability, transaction flow and shariah compliance. The following sukuk are reviewed from Hong Kong Sukuk 2015 Ltd, Jambatan Kedua Sdn Bhd, Garuda Indonesia Global Sukuk Limited, Noor Sukuk Company Ltd, and Perusahaan Penerbit SBSN Indonesia III.

A summary of some Q3 2014 sukuk issuances are presented along with ISRA's views on the sukuk tradability, transaction flow and shariah compliance. The following sukuk are reviewed from Bumi Armada Capital Sdn Bhd, Bumitama Agri Ltd, Hong Kong Sukuk 2014 Limited, Perusahaan Penerbit SBSN Indonesia III, and Perbadanan Tabung Pendidikan Tinggi Nasional.

The rahn-based Islamic microcredit product is an increasingly popular financing option among small entrepreneurs, lower income groups and gold traders. However, its Shari'ah structure has been sharply criticised by some Islamic scholars despite its success for those who offer it such as Islamic banks and Islamic pawnshops. Hence, it is undeniable that there are some debatable Shari'ah issues that need further examination and immediate solution. This situation is most likely a result of using the contract of rahn (pledge) in an income-generating product, which obviously contravenes the fundamental purpose of rahn. In fact, rahn is merely a security contract ('aqd al-tawthiq) that serves as a legitimate guaranty of debt, whether the debt arises from loan contracts (qard) or deferred contracts of exchange (bay' mu'ajjal).

This research is essentially intended to explore relevant Shari'ah principles that may underlie imposition of fees and charges in various lslamic banking products and services (IBPS). It also aims at constructing a Shari'ah parameter for imposition of fees and charges in IBPS. This is a library research in which data has been collected from various materials such as classical fiqh books, regulators' policy guidelines and journal articles. In addition, deductive and inductive rnethods have also been employed to analyze the data critically in search for conclusive findings. The expected outcomes of this research may be in the form of a Shari'ah-compliant guide for practitioners and industry players in relation to the imposition of fees and charges in various products and services under different banking portfolios.

The Quran confirms that gold as a currency is desired by all of mankind due to its inherent nature of purchasing power and store of value that enables mankind to gain ownership. Al-Razi in his commentary on Chapter Ali-Imran, verse 14 stated that, "the owner of gold and silver are the owner of everything." Recently, there has been an increasing demand for gold as it continues to display its positive stable qualities that qualifies it as a risk management tool, particularly during adverse financial markets scenarios. According to the latest Gold Demand Trends annual report from the World Gold Council (WGC), gold demand in Q4 2014 increased by 6% as compared to that in Q4 2013. In addition, with the issuance of the guiding principles of Basel III: Liquidity Coverage and Liquidity Risk Monitoring Tool, there is an attempt to explore gold as a Shariah-compliant high quality liquid asset (HQLA) for the Islamic banking system.

Retirement is placed as one of the top three priorities in many peoples' lives to ensure financial stability as we enter the phase of elderhood. As Singapore moves into a greying population, retirement will be a focus area that concerns every individual. Most Singaporeans will be dependent on the retirement scheme under the care of the Central Provident Fund Board (CPFB) as one of their sources of retirement income. Being in a country with Muslims co-existing within the population, the permissibility of the retirement scheme may need to be assessed to address it's Shariah non-compliance and thus develop a Shariah complaint model to provide a halal source of retirement income for the Muslims in Singapore. Hence, this project paper aims to provide a comprehensive Shariah review of the Central Provident Fund (CPF) retirement scheme in Singapore addressing the different stages from depositing to withdrawal, understanding the awareness of the Muslims in Singapore on the permissibility of this scheme and their concerns, and finally to propose a Shariah compliant retirement scheme. This study will refer to secondary sources to explain a certain concept or to support the views that are laid forth in this research. In addition, primary data collection in the form of a questionnaire will be utilised to understand the awareness among the Muslims in Singapore on the Shariah compliance of the retirement scheme and their comprehension of the returns provided by the CPFB. An analysis of the retirement scheme does show some elements that are prohibited by the Shariah from the depositing, investment, returns and pay-out stage. On top of that, an analysis on the awareness of the Muslims in Singapore regarding the practices of the retirement scheme, many of the respondents were unsure of its Shariah compliance out of which 36% are concerned with its ruling while the other 64% are not. As of today, Majlis Ugama Islam Singapura (MUIS) has issued a fatwa to respond to the interest rate offered by the CPFB which rules it as a gift (hibah) and thus permissible.

The issue of wadi'ah and ujrah has long been discussed by scholars in the past by dividing them into two different types of contracts, namely mu'awadat and tabarru'at. They agreed that these two contracts have different characteristics, where mu'awadat is to generate profit while tabarru'at is a purely charitable contract. Thus, this article aimed to review why this combination is a non-shari'ah compliant and therefore, a replacement with another shari'ah structure becomes an essential. This study uses qualitative approach where interviews and content analysis are conducted and several books of fiqh from the four schools of thought are examined. The frequency of words by using some identified terms such as wadi'ah, rahn, ujrah, mu'awadat and tabarru'at are determined and coded to form the tendency of fiqh views whether it support the objective or against it. The study shows that modern scholars have a tendency of shared similar views and they found these two covenants (wadi'ah and ujrah) have been mixed in the same product namely ar-rahnu and this has raised the issue of shariah. They argued the safekeeping of collateral is applied based on the principle of wadi'ah where they impose a fee for the service that is rendered. This kind of fee is charged under the principle of ujrah. However, this connection gives rise to the indirect implications of bay' wa salaf and qard jarra manfa'ah, that are prohibited in shari'ah. Therefore, the tawarruq is so much better option to replace the wadiah-ujrah principles.