Free market economy is proposed to deliver on the promises of improving the standards of living of most citizens. However, the economic crisis that happen repeatedly failed to produce what was promised. Then, state capitalism has to step in. The state capitalism also fails in the sense that the...

Ethics has been fundamental in organizations and in specific, Islamic financial institutions have selected ethics as their core competencies. Islam accepts ethics as a good value in enhancing company performance since ethics is grounded by Shariah rules. The ethical issues have been raised...

Islamic presence is intended to meet all the demands of life (shumūl al-hayāh). In the economic sphere, Islam set rules comprehensively about the relationship between religion and economy, both should go hand in hand, such as philanthropy actions. Since the early days, philanthropy has become...

The objective of this paper is to create a gap between zakat on financial institutions and financial instruments held by the individuals. As zakat on financial institutions are already recognized by the financial and standard setting bodies but a new development especially for the underlying...

Purpose – The purpose of this paper is to analyse empirically the impact of trade openness on women's development in Pakistan. Design/methodology/approach – Using cointegration analysis the paper empirically analyses the impact of trade openness on women's development in Pakistan applying...

Purpose This paper aims to make an attempt to analyze the adoption of wakalah in the tawarruq deposit that may trigger new issue. Design/methodology/approach This paper provides a review on the underlying contracts for deposit-taking activities. Findings There are two mains findings from this...

Purpose – The purpose of this paper is to validate the concern that banks' increasing involvement in securitization activity restrains banks' lending, as well as their degree of risk tolerance. Theoretical frameworks claim that securitization reduces risk, hence decreasing banks' degree of...

The aim of this study is to analyze the sustainability of Islamic micro-financing for developing micro-enterprises (ME). We use the sample of Baitul Mal Wat Tamwil (BMT), as Islamic microfinance institution in Indonesia. Two approaches will be used to explore the sustainability, i.e., technical...

The choice between debt and equity financing has been directed to seek the optimal capital structure. Under the agency costs hypothesis, a high leverage or a low equity/asset ratio reduces the agency costs of outside equity and increases firm value. Several studies show that a firm with high...

The aim of this study is to analyze the sustainability of Islamic micro-financing for developing micro-enterprises (ME). We use the sample of Baitul Mal Wat Tamwil (BMT), as Islamic microfinance institution in Indonesia. Two approaches will be used to explore the sustainability, i.e., technical...