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 Crypto-Asset. How Does Shariah Matter? <p>In the post-COVID era, it has further been observed that, fintech is extra-ordinarily among the fastest growing chapters in the eco-financial sectors and crypto-currency is not an exception. There are mixed views within the ambit of Shariah on the existing floating models of crypto-currencies bearing a common confusion on one’s intrinsic value and thus, whether they are compliant with Shariah? If not, what, and how the Shariah alternative solution may be in meeting the global Halal sentiment? The idea of crypto-asset is a new dimension with hypothetical discovery, which is quite different in nature as to crypto-currency (CC). The existing model of crypto-currency does not require an underlying asset to back the operation, while a crypto-asset in contrast, requires an underlying valued asset to back the operation and thus, positioning one bearing own intrinsic value. This paper, however, seeks to analyse the model structure, operational mechanisms, and possible Shariah review of crypto-asset (CA) within the principle of Maqasid al-Shariah. The research is expected to adapt hypothetical and META approaches by concluding with possible Shariah compliant strategic solution to crypto-asset in harmonizing with the contemporary eco-appreciation. The result of this research may be an added value to the current post-COVID eco-paradigm in creating an eco-opportunity for every level of people within the spirit of Maqasid al-Shariah.</p> Mohd Ma’Sum Billah Copyright (c) 2023 IIUM Press 2022-12-31 2022-12-31 11 2 174 183 An Assessment on the Structure of Shariah Audit Function: The Case of Malaysian Takaful Industry <p>The Islamic financial system's beneficial expansion has resulted in a rise in the number of products and services offered by Islamic financial institutions (IFIs). However, IFIs may have neglected key factors that could have had an impact on the products and services they provide which is 'Shariah compliance'. This circumstance necessitates a system of internal check-and-balance procedures. As one of the components of Shariah governance, the Shariah auditor is responsible for ensuring the efficacy of the internal control system for Shariah compliance. Prior research reveals that the current framework explains very brief on Shariah audit function, thus lead to the various practices by takaful operators which may affect the effectiveness of the Shariah audit process. The aim of this study is to assess the structure of Shariah audit function practiced by Malaysian takaful operators. To this end, semi-structured interviews were conducted involving selected Shariah auditors for every takaful operators in Malaysia. Reflexive thematic analysis influenced by a constructivist perspective was used to analyse data using a combination of inductive and deductive methodologies. Recognizing the model adapted by takaful operators can help in understanding further the execution of the Shariah audit process. At the same time, the commitment of these takaful operators can be observed in providing one of the Shariah compliance functions as required in the Shariah Governance Framework. The study discovered that none of the takaful operators in Malaysia have specific departments or unit for Shariah audit function. This study may provide relevant guidelines especially for policymaker in developing a more comprehensive framework for Shariah audit, and at the same time is useful for takaful industry in enhancing their Shariah audit function.</p> Noor Aimi Mohamad Puad Nurdianawati Irwani Abdullah Zurina Shafii Copyright (c) 2023 IIUM Press 2022-12-31 2022-12-31 11 2 161 173 An Analysis of the Joint Liability Model in Bangladesh: Lessons for the Islamic Microfinance Institutions <p>As a powerful tool for eradicating poverty, microfinance enables the underprivileged to rise up the social and economic ladders, contribute to society, and lessen their vulnerability. As a novel financial tool, Islamic microfinance can also help the impoverished escape the cycle of poverty. Bangladesh has millions of people who are living in abject poverty because of their inability to use formal financial services. Hence, to improve the conditions of the poor, a good number of microfinance institutions have come forward with a variety of microfinance products. Most significantly, different microfinance institutions like the Grameen Bank and the Islamic Bank Bangladesh Limited (IBBL) have started their microfinance programmes that have achieved immense success in Bangladesh. This study aims to analyse the lessons the Islamic microfinance institutions (IMFIs) can take from the success of the Grameen Bank and its joint liability model. Using the systematic literature review (SLR) approach, this study does a comparative analysis between the operations and success of the joint liability model of Grameen Bank and the Rural Development Scheme (RDS) of IBBL. It also offers some useful recommendations for the IMFIs generally so that they can enhance their impact on the poor and vulnerable people through Islamic microfinance schemes. The outcomes of this study can be vital for practitioners and entrepreneurs who want to start the operations of new IMFIs, specifically in Bangladesh.</p> Niaz Makhdum Muhammad Salina Kassim Nur Farhah Mahadi Engku Rabiah Adawiah Engku Ali Copyright (c) 2023 IIUM Press 2022-12-31 2022-12-31 11 2 149 160 The Role of Artificial Intelligence Technologies in Expediting Financial Inclusion: The Case of Selected African Countries <p>revolution 4.0 technology. AI has played a crucial role in accelerating the financial inclusion rate by easing the use of financial products. From the African perspective, there is a very few notable uses of AI technologies in the banking and finance industry, but such uses are not advanced in nature. Therefore, this paper attempts to study the role of AI for financial inclusion in some selected African countries. This paper is a conceptual study that uses a systematic literature review of 11 recent published papers about the relationship between AI and financial inclusion in the context of Africa. This study uses various and most recent published papers obtained from different online databases (mainly Scopus, Emerald, Elsevier, Tailor &amp; Francis, Springer, EBSCO, and JSTOR) to investigate the conceptual and empirical role of AI on financial inclusion and poverty in some selected African countries. The study reveals that mobile money and crowdfunding are the most common fintech tools used in Africa. Therefore, some recommendations are provided for governments and policymakers to instigate techniques that will enhance digital financial inclusion, including using Artificial Intelligence for poverty alleviation in Africa.</p> Vatimetou Mokhtar Maouloud Auwal Adam Sa’ad Salina Kassim Anwar Hasan Abdullah Othman Copyright (c) 2023 IIUM Press 2022-12-31 2022-12-31 11 2 138 148 Do Microtakaful Schemes as Risk Management Tools Contribute to Halal Small Business Sustainability? Evidence from Malaysia <p>Microtakaful schemes have become increasingly crucial for risk management among halal small businesses. However, little is known about which of the schemes offered contribute to halal small business sustainability. Hence, this study intends to ascertain whether microtakaful schemes as risk management tools contribute to halal small business sustainability. This research adopts a quantitative research design by way of survey methodology to obtain data from halal small business owners and managers in Klang Valley, Malaysia. Additionally, exploratory factor analysis (EFA), confirmatory factor analysis (CFA), and structural equation modelling (SEM) were used to uncover which of the microtakaful schemes significantly contribute to halal small business sustainability. The results show that disability and family microtakaful schemes are positively and significantly related to halal small business sustainability. Whereas property and health microtakaful schemes are found to be positively, but insignificantly related to halal small business sustainability. Meanwhile, our findings on property and family microtakaful schemes reveal that more awareness and education should be prioritised by microtakaful operators.</p> Haruna Babatunde Jaiyeoba Moha Asri Abdullah Wan Mohd Naziman Wan Ahmad Yudi Fernando Copyright (c) 2023 IIUM Press 2022-12-31 2022-12-31 11 2 126 137