The Journal of Muamalat and Islamic Finance Research <h1><img style="display: block; margin-left: auto; margin-right: auto;" src="/public/site/images/iqmal/homepageImage_en_US1.jpg"></h1> <p style="text-align: justify;"><strong><em>The Journal of Muamalat and Islamic Finance Research (JMIFR)</em></strong>&nbsp;is a fully refereed journal published biannually in June and December by the Faculty of Economics and Muamalat (FEM), Universiti Sains Islam Malaysia (USIM). Its main objective is to provide a channel for the publication of articles, research notes, case studies and book reviews in Muamalat, Islamic Economics, Finance, Banking and its related fields. All article will follow a double-blind review by independent consulting editors. Articles are published in&nbsp;English, Malay and&nbsp;Arabic.&nbsp;JMIFR is indexed and abstracted in MyCite, MyJurnal, Index Islamicus, Al-Manhal, Crossref, OCLC WorldCat, Dimensions, ResearchBib, Asian Digital Library, Scientific Indexing Services and Google Scholar.</p> Faculty of Economics and Muamalat (FEM), Universiti Sains Islam Malaysia (USIM) en-US The Journal of Muamalat and Islamic Finance Research 1823-075X <p>Copyright of the accepted articles will not remain with author(s). Prior to publication of accepted article, author(s) will be asked to assign copyright to the JMIFR. All published articles in the journal are copyrighted to the JMIFR.</p> Application of Ta’widh and Gharamah in Islamic Banking in Malaysia <p>The objective of this paper is to explore the practical application of <em>ta’widh</em> and <em>gharamah</em> in Islamic banking in Malaysia with reference to the guidelines that are applicable to date; and find out the issues detected in the implementation of them. In the course of doing this, Shariah reasons for imposing <em>ta’widh</em> and <em>gharamah</em> in Islamic banking are discussed. Also, whether <em>ta’widh</em> and <em>gharamah</em> would be required for Islamic banking with reference to possible alternatives to them is also discussed. This qualitative study primarily focuses on library research and adopts case study approach for analyzing the application of <em>ta’widh</em> and <em>gharamah</em>. The jurisdiction of the study is Malaysia because the central bank of the country has made policies on the matter. The paper draws on observations made by Shariah scholars about the policies on the subject matter. This study gives an insight into the history and issues related to <em>ta’widh</em> and <em>gharamah</em> which are often kept tacit. It is recommended that future studies should look into the effectiveness of these two approaches to serve as a deterrent factor and contribute to the declining rate of non-performing financing in Islamic banks.</p> Aishath Muneeza Nur Adibah Zainudin Ruqayyah Ali Siti Nadzirah Ibrahim Zakariya Mustapha ##submission.copyrightStatement## 2019-06-12 2019-06-12 10.33102/jmifr.v16i1.205 Integrated Islamic Financial Accountability Model for Islamic Social Enterprise (ISE) <p>This study aims to present an integrated Islamic financial accountability model, which is different from previous accountability models and frameworks. In this case, all three accountability aspects which are: (i) accountability to whom (accountability groups); (ii) accountability for what (accountability dimensions); and (iii) accountability on how (accountability tools and processes) were integrated into a single model. By using these three accountability aspects, this model is specifically focused on financial accountability area with additional Islamic elements that suits Islamic Social Enterprise (ISE). In order to develop this model, this study applies the comparison method on previous accountability and Islamic accountability models with additional literature inputs from financial accountability aspects and Islamic accountability perspectives. Based on the findings, this study introduces an integrated Islamic financial accountability model specifically for ISE, one of the emerging institution types under the non-profit sector. It is hoped that the integrated Islamic financial accountability model developed in this study will be implemented by the management of ISE in order to discharge their accountability especially to donors, beneficiaries and other stakeholders.</p> Muhammad Iqmal Hisham Kamaruddin Sofiah Md Auzair ##submission.copyrightStatement## 2019-06-12 2019-06-12 10.33102/jmifr.v16i1.206 What Influence Muslims to Make Wills?: Insights into its Determinants <p>The aim of this study is to investigate factors that influence the practice of making will among Muslims in Malaysia. In Malaysia, it can be noted that some progress towards enhancing Islamic estate planning has taken place, particularly in the practice of Islamic will. Islamic estate planning industry in Malaysia has grown and now offers a variety kind of products to facilitate Malaysian Muslims to manage and improve their estate planning matters. Nevertheless, the value of unclaimed and frozen assets in this country keeps growing annually. Hence, this study aims to look at the practice of making wills in Malaysia and investigate factors that influence Muslims to do it. Using a quantitative analysis, a total of 338 questionnaires were used to achieve the objective.&nbsp; The method of analysis employed in this study include Independent Sample T-Test, One-Way Analysis of Variance (ANOVA), Pearson and Correlation as well as Multiple Regression. The results of this study indicate that there is a significant difference between gender (male and female), educational levels and monthly income levels towards Islamic will practice. Nevertheless, only ethnicity showed no significant difference towards Islamic will practice. The correlation analysis showed a significant and positive correlation between knowledge, wealth management, institutional factor and religiosity toward Islamic will practice. The results show that knowledge and wealth management are the main variables that influence Muslims towards Islamic will practice. This explains that higher level of knowledge and wealth management among Muslims will lead to a higher practice of Islamic will. These results suggest that the government and Islamic estate planning industry should put a greater emphasis on attracting and educate Muslims to manage and plan their wealth well during their lifetime.</p> Norazlina Abd Wahab Suraiya Hashim Nur Amalina Abd Ghani ##submission.copyrightStatement## 2019-06-12 2019-06-12 10.33102/jmifr.v16i1.207 A Social Performance Management Framework for Islamic Microfinance Institutions <p>The Islamic microfinance industry is in its infancy and it faces various challenges, including the lack of social performance management tools customised to the specific nature of the industry. Even though managing the performance of microfinance institutions has gained momentum with the development of several tools and techniques, the existing tools are inadequate for addressing the needs of IMFIs. Hence, this paper seeks to conceptualise a social performance management framework that is appropriate for IMFIs, to help them accomplish their financial, social and spiritual mission. It is argued that the spiritual dimensions and elements should be integrated into IMFIs’ social performance management systems, specifically in their mission statement, governance structure, internal systems and activities, as well as in their measures of output and impact.</p> Siti Nabiha Abdul Khalid Sheirijah Sheikh Kamaruddin ##submission.copyrightStatement## 2019-06-12 2019-06-12 10.33102/jmifr.v16i1.208 Housing Inflation: Policy Guidelines from Shariah Perspective <p>The soaring housing prices in Malaysia is not a recent issue. It is a global phenomenon especially in developing and developed countries, driven by factors including land price, location, construction materials cost, demand, and speculation. This issue demands immediate attention as it affects the younger generation, most of whom could not afford to buy their own house. The government has taken many initiatives and introduced regulations to ensure that housing prices are within the affordable range. This article aims to introduce a housing price control element from the Shariah perspective, as an alternative solution for all parties involved in this issue. It adopts content analysis methodology on policy from Shariah approved sources.</p> Azrul Azlan Iskandar Mirza Asmaddy Haris Ainulashikin Marzuki Ummi Salwa Ahmad Bustamam Hamdi Hakiem Mudasir Siti Nurazira Mohd Daud ##submission.copyrightStatement## 2019-06-12 2019-06-12 10.33102/jmifr.v16i1.209 A Proposal of AMM (Adapted Mudarabah Model) for Shariah Compliant Home Financing in Malaysia <p>This study aims to propose a Shariah compliant mode of house financing named as “Adapted <em>Mudarabah</em> Model” or abbreviated as AMM. The proposal is made after discussing the most two common schemes for Islamic home financing i.e. BBA (<em>Bay</em><em>ʿ</em><em> Bithaman Ajil</em>) dan MM (<em>Musharakah Mutanaqisah</em>) and their Shariah related issues. Thus, it is exploratory and conceptual in nature. This Shariah compliant financing model is proposed due to the shortfalls in the BBA and MM models where there are some unresolved and controversial Shariah and legal issues. This study uses the concept of <em>mudarabah </em>in this model and suggests that by implementing this model, all of the issues discussed in BBA and MM can be mitigated as the model does not require the Islamic banks to fulfill any of the conditions and obligations of counter-values. The proposal discussed in this article could contribute to the diversification of Shariah contracts for Islamic financing products. It is one of the celebrated ways in developing Islamic finance practices. The discussions of this paper focus on the Shariah aspects of the proposed model especially on <em>mudarabah</em> and <em>qard</em> contracts. The technical applications presented stand as illustrations and require further investigations and examinations for further application.</p> Abu Azaheem Ahamed Aswer Abdullaah Jalil Nurul Aini Muhamed ##submission.copyrightStatement## 2019-06-12 2019-06-12 10.33102/jmifr.v16i1.210 Kaedah Agihan Bahagian Harta Pusaka dalam Kes Al-Haml <p>Permasalahan pembahagian harta pusaka orang Islam yang semakin meningkat dari sehari ke sehari dan isu harta pusaka yang tidak diselesaikan adalah membimbangkan. Masalah Janin dalam kandungan dikalangan ahli waris merupakan antara isu yang menyumbang kepada peningkatan jumlah harta pusaka yang tidak diselesaikan. Artikel ini mengulas kaedah agihan harta pusaka dalam kes pewarisan janin dalam kandungan atau dikenali sebagai <em>al-</em><em>ḥ</em><em>aml</em>. Untuk tujuan tersebut, artikel ini mengetengahkan teori <em>al-i</em><em>ḥ</em><em>timālāt</em> sebagai asas perbincangan. Kajian ini berbentuk kualitatif dan data diperolehi menerusi kaedah perpustakaan dan dianalisis secara deskriptif. Untuk penyelesaian permasalahan pentadbiran harta pusaka, kajian ini berjaya mengemukakan model penyelesaian di mana teori <em>al-I</em><em>ḥ</em><em>timālāt </em>dapat menyelesaikan masalah pentadbiran harta pusaka dalam kes <em>al-</em><em>ḥ</em><em>aml</em>. Kajian merumuskan bahawa <em>al-</em><em>ḥ</em><em>aml </em>adalah berhak mewarisi harta pusaka daripada ahli warisnya yang telah meninggal dunia berdasarkan kepada hukum faraid yang telah ditetapkan oleh syarak.</p> Mohd Muslim Salleh Siti Mashitoh Mahamood ##submission.copyrightStatement## 2019-06-12 2019-06-12 10.33102/jmifr.v16i1.211