Journal of Islamic Finance <p><em>Journal of Islamic Finance</em> (JIF), published biannually (<strong>June</strong> and <strong>December</strong>), is a <strong><em>double blind peer-reviewed</em></strong> open-access journal of the IIUM Institute of Islamic Banking and Finance (II<em>i</em>BF), International Islamic University Malaysia (IIUM). </p> <p>The journal is designed to provide a platform for researchers, academicians and practitioners who are interested in new knowledge and discussing ideas, issues and challenges in the fields of Islamic banking, finance, accounting, business and economics.</p> <p><strong>Journal Scope</strong></p> <p>The scope of the journal includes, but is not limited to, Islamic banking and finance, Islamic capital markets, Islamic wealth management, issues on Shari'ah implementation and practices of Islamic banking and finance, zakat, waqf, takaful and comparative analysis of Islamic and conventional financial institutions. </p> <p><strong>Publication Frequency</strong></p> <p>The journal is published biannually in <strong>June</strong> and <strong>December </strong>in English.</p> <p><strong>Peer Review Process</strong></p> <p>A manuscript undergoes a double-blind review process with reviews managed by the Editorial team. Authors are required to upload revised versions and reply to the reviewers' comments. </p> <p>The final decision of the manuscript is subject to the Editor-in-Chief's decision after the reviewing process.</p> <p><strong>Indexing</strong></p> <p>Malaysian Citation Index (MyCite)</p> <p>Islamic World Science Citation Database (ISC)</p> <p>Index Islamicus</p> <p>Almanhal </p> <p><strong>Privacy Statement</strong></p> <p>The names and email addresses entered in this journal site will be used exclusively for the stated purposes of this journal and will not be made available for any other purpose or to any other party.</p> <p><strong>Disclaimer</strong></p> <p>Opinions expressed in articles and creative pieces published in this Journal are those of the authors and do not necessarily reflect the views of the editors, the editorial board or the publisher.</p> <p>Journal of Islamic Finance at <a href=""></a> is licensed under a <a href="">Creative Commons Attribution 4.0 International License</a>.</p> IIUM Press, International Islamic University Malaysia en-US Journal of Islamic Finance 2289-2109 Child Healthcare Outcomes in Africa: Unlocking the Potentials of Islamic finance <p>The objective of this study is to analyze the effects of Islamic finance on child health care in 27 African countries over the period 1975 to 2021 using data from the World Bank and World Population Review. Results of the 2SLS estimation show that Islamic finance improves child health care in Africa. Specifically: (i) Islamic finance negatively and significantly affects child overweight, (ii)Islamic finance negatively and significantly affects child mortality, (iii) Islamic finance negatively affects anaemia prevalencein children, (iv) Islamic finance negatively and significantly affects the probability of dying among children. Furthermore, ourrobustness analysis reveal that these effects are more pronounced in middle income than low income countries, and non-Muslimdominated than Muslim dominated countries. The findings of this study are consistent with the empirical literature and support theview that African countries can turn to Islamic finance for the promotion of child health care and the attainment of the 2030 UnitedNations SDGs. The study recommends the need for policymakers to put in place the necessary mechanisms for the promotion ofIslamic finance such as the enacting of laws that ensures the creation of full-fledged Islamic banks, encouraging research in Islamic finance and Islamic economics.</p> Ali Haruna Honoré Tekam Oumbé Armand Mboutchouang Kountchou Copyright (c) 2023 IIUM Press 2023-06-30 2023-06-30 12 1 116 135 A Reflection of Divine-based Islamic Economics (D-BIE) <p>The troubling issue leading to undertaking this research is the increasing frequency of economic crises with widespread and severe effects. Despite introducing and implementing several measures, the problem continues. Among the steps, Divine-based Islamic economics is promising but challenging. The main challenge is that the current economic system has yet to command the trust and confidence of political masters, policymakers, and people. Previous studies have presented convincing theoretical arguments supporting introducing and implementing a Divine-based Islamic economic system. However, the current Islamic economic model is not scientifically valid; no empirical evidence shows that it is superior to the existing secular economic systems. However, acceptability could have been better. This study argues that constructing a user-friendly prototype conceptual model is critical for gaining and enhancing trust and confidence in the system.</p> Mustapha Hamat Mohamed Aslam Mohamed Haneef Mustafa Omar Mohammed Salina Kassim Copyright (c) 2023 IIUM Press 2023-06-30 2023-06-30 12 1 109 115 Shari’ah Heterogeneity of Indian Islamic Waqf Law (IIWL) and Accounting and Auditing Organization for Islamic Financial Institution (AAOIFI) Standard: A Comparative Study in Light of Classical Rulings <p>The establishment of the institution of Waqf, or Islamic endowment, was evident from the early days of Islam. Hence, the Prophet's companions ( صلى الله عليه وسلم) had established Waqf for their family members or needy people. Over some time, Waqf played a vital role in Islamic history by serving sectors like health, education, and social welfare. With the introduction of Islam in India, the institution of Waqf spread in Delhi and then to other parts. Governance of these Waqf bodies was directly managed by the royal court of the Muslim emperor. After the fall of the Mughal Empire, some acts were enacted by the British empire. Post-independence of India, new laws and acts related to Waqf were enacted, but Shari’ah observation was not the core theme of these acts. In 1972, the All-India Muslim Personal Law Board (AIMPLB) was formed, and it planned to codify fiqh rulings related to family matters and Waqf. This study compares the rulings of Indian Islamic Waqf Law (IIWL) with AAOIFI’s Shari’ah Standard on Waqf (AAOIFI refers to: no 60, issued in 2019). To achieve this objective, the qualitative method is adopted. The study is divided into a) Introduction, b) Literature Review, c) Analysis, and d) Conclusion and Recommendation. The study highlighted 67 rulings of AAOIFI and IIWL and found five instances of Shari’ah heterogeneity where IIWL has less favourable implications, besides 22 rulings where IIWL has no stand. The study recommends revising IIWL to ensure the growth of Waqf and longer sustainability.</p> Jawwad Ali Yousuf Azim Siddiqi Nor Asiah Mohamad Rusni Hassan Copyright (c) 2023 IIUM Press 2023-06-30 2023-06-30 12 1 96 108 An Appraisal of Shari’ah-Compliant Commodity Options for Islamic Banks <p>This paper aims to explore the potential structures of Shari’ah-compliant commodity options that would provide better alternatives for market participants in mitigating the risks associated with economic and commercial transactions. It appraises the current commodity options practiced in the conventional market and puts forward five conceptual alternatives in structuring Shari’ah-compliant commodity options while still retaining the main purpose and benefit of commodity options. Several nominated contracts in classical Islamic literature may be used to replicate certain features of conventional commodity options. The existence of these contracts is also similar to the main purpose of the options where the risk of volatility of the future commodity price is being shared with, reduced or transferred to the third party. Among the concepts are ‘urbun, hāmish jiddiyyah, wa’ad and sale contract such as istijrār, baiʿ al-ikhtiyār, salam and murabahah. Hence, this paper offers novelty in its approach to evaluating the commodity options from Shari’ah perspective, and subsequently, put forward five alternatives that can be practiced by Islamic banks all over the world.</p> Zaharuddin Abdul Rahman Maya Puspa Rahman Copyright (c) 2023 IIUM Press 2023-06-30 2023-06-30 12 1 83 95 Developing a Conceptual Shari’ah Framework of Green Sukuk for Bangladesh: Its Implications on Social Welfare by Realizing SDGs <p>As a Shari’ah-compliant Islamic bond, Sukuk has attracted much interest from all over the world, particularly in Muslim countries like Bangladesh. Previous studies have confirmed that compared to interest-based bonds, Sukuk based on profit-sharing contracts is much more beneficial for investors. Specifically, in a Muslim-majority country like Bangladesh, Sukuk can attract much more interest because the existing capital market of this country severely lack Shari’ah-compliant instruments. The goal of this study is to introduce a Shari’ah-based conceptual framework of Green Sukuk that will be specifically applicable in Bangladesh considering the socio-economic conditions of the common people and the existing legal and regulatory framework of the country. In achieving this objective, a systematic literature review approach is adopted in this study. While creating the Shari’ah framework of Sukuk, importance has been given to Maqasid-al-Shari’ah and the sustainable development goals (SDGs). Emphasis has also been given on ensuring poverty alleviation and the social and economic welfare of people by highlighting the notion of hifz-al-maal (preservation of wealth) and hifz-al-deen (preservation of faith). It is expected that the new Green Sukuk model, once implemented in Bangladesh, will contribute towards achieving the SDGs, which require an unprecedented number of resources to be mobilized.</p> Mohammad Habibullah Rusni Hassan Copyright (c) 2023 IIUM Press 2023-06-30 2023-06-30 12 1 73 82