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All Journal International Journal of Islamic Economics and Finance (IJIEF) Journal of Islamic Monetary Economics and Finance Journal of Central Banking Law and Institutions
Umar, Umar Habibu
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Humanities Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Law, Crime, Criminology & Criminal Justice Social Sciences

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 1 
Accounting for Waqf Institutions: Business, Not-for-Profit or Hybrid Entities? Umar, Umar Habibu; Haron, Md Harashid
International Journal of Islamic Economics and Finance (IJIEF) Vol 4, No 2 (2021): IJIEF Vol 4 (2), July 2021
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (419.266 KB) | DOI: 10.18196/ijief.v4i2.11734

Abstract

Despite the tremendous religious and socio-economic contributions of waqf institutions to Muslim communities across the globe, there was no universal accounting standard to adopt by such institutions until 15 Rabi’II (equivalent to 30th November 2020) when the Accounting Standard for waqf institutions (FAS No. 37) was approved by the Board of Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) for adoption with effect from 01 January, 2022. Hence, the objective of this study is to analyze the nature of waqf institutions with a view to establishing whether their appropriate financial accounting and reporting practices should be for business, not-for-profit or both. The documentary research method was applied to achieve the aim of this study through a systematic analysis of relevant accounting and Shariáh standards. Findings and views of earlier studies were also used. The study reveals that though waqf institutions operate like charitable organizations, they are mandated to undertake or attach to commercial activities in order to generate income for the sustainability of their activities. This signified that they are hybrid and as such, they are supposed to report both waqf and commercial activities in their annual reports and accounts. Hence, the study calls on Islamic countries to provide regulations, guidelines and more importantly accounting standards that will compel or motivate waqf institutions to prepare annual reports and accounts showing both their charitable and commercial activities. 
EVALUATING MSME FINANCING PRACTICES DURING COVID-19: EVIDENCE FROM ISLAMIC BANK ANNUAL REPORTS Umar, Umar Habibu; Darma , Auwalu Isah
Journal of Central Banking Law and Institutions Vol. 3 No. 2 (2024)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jcli.v3i2.176

Abstract

This study assesses the MSME financing practices of Islamic banks in Bangladesh during the COVID-19 pandemic. The study examines the annual reports of Bangladeshi Islamic banks between 2020 and 2021. This study found Islamic bank financing for cottage, small and medium enterprises (CMSME) through agent banking was effective during the pandemic. Banks also launched various programs, products, and schemes easily accessible to CMSMEs in the country, including special programs supporting women entrepreneurship and CMSMEs in rural areas. Overall, the performance of MSME financing of Islamic banks in the country was impressive and effective measured by the amounts disbursed to CMSMEs, the number of beneficiaries, new branches opened, and employment of bank staff to handle the enterprises’ financial requests over the period. The findings can help the government and regulatory agencies, particularly Bangladesh Bank, during the revision of regulations to enhance CMSME financing by scheduled banks in the country.
Islamic Banking and Financial Development: A Cross-Country Analysis Baita, Abubakar Jamilu; Umar, Umar Habibu; Shawa, Jamilu Sani
International Journal of Islamic Economics and Finance (IJIEF) Vol 7, No 2 (2024): IJIEF Vol 7 (2), July 2024
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/ijief.v7i2.19579

Abstract

Islamic banking has become an integral part of the modern financial system. Therefore, this study examined the effect of Islamic banking on financial development in countries with a matured practice of Islamic finance. These countries include Iran, Saudi Arabia, Malaysia, UAE, Kuwait, Qatar, Turkey, Bangladesh and Indonesia. Besides, we collected data on Islamic banks' assets and financial development indicators over nine (9) years between 2012 and 2020. The study applied heteroscedastic panel corrected standard errors (HPCSE) regression model to estimate results. The findings indicated that Islamic banks contribute significantly to improving financial development after controlling for banking characteristics (credit risk and capital adequacy ratio) and macroeconomic factors (real per capita GDP, inflation and trade openness). Due to data limitations, this study covers only nine countries over nine years (2012 -2020). The findings provided insight into the contribution of Islamic banks to financial development, which can motivate regulatory authorities and policymakers to improve the practice of Islamic banking and finance through the provisions of enabling and motivational regulations and policies. This study provided a novel contribution as this issue is underresearched. Most existing studies concentrate on the macroeconomic and institutional determinants of financial development, thus relegating the role of Islamic banking in spurring financial development.
SHARI'A SUPERVISORY BOARD AND ISLAMIC BANKS’ INSOLVENCY RISK Umar, Umar Habibu; Abduh, Muhamad; Besar, Mohd Hairul Azrin
Journal of Islamic Monetary Economics and Finance Vol 9 No 3 (2023)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v9i3.1635

Abstract

This study examines how the characteristics and quality of Shari'a supervisory board (SSB) influence the insolvency risk of Islamic banks. It employs unbalanced panel data of 43 Islamic banks in 15 countries between 2010 and 2020, which are hand-collected from the banks’ annual reports. The results indicate that the SSB quality index, SSB Islamic finance professional expertise and SSB competency increase insolvency risk while the SSB members with PhDs reduce it. Meanwhile, SSB size, SSB meetings, SSB gender diversity (SSBG) and SSB members from foreign countries have no significant influence on the insolvency risk. These findings have implications for policymakers and regulators in carving policies and regulations in restraining the SSB from taking excessive risk. They can also guide the Islamic banks' board of directors and shareholders in appointing the SSB members. Acknowledgment The authors are grateful to the Bank Indonesia Institute and Bank Indonesia for the honorarium given after the publication.
CORPORATE ATTRIBUTES AND BANKRUPTCY PREDICTION: THE CASE OF LISTED HALAL FOOD AND BEVERAGE COMPANIES Umar, Umar Habibu; Abduh, Muhamad; Besar, Mohd Hairul Azrin
Journal of Islamic Monetary Economics and Finance Vol 10 No 1 (2024)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v10i1.1928

Abstract

This study investigates the relationship between corporate attributes and the probability of bankruptcy among halal food and beverage companies in five countries: Indonesia, Malaysia, Pakistan, Saudi Arabia, and the United Arab Emirates (UAE). Analyzing data from 56 firms from 2008 to 2021 using static panel data method, we find that the working capital period (cash conversion cycle), leverage, and firm growth increase the probability of bankruptcy for these companies. In contrast, liquidity, profitability, and firm size reduce bankruptcy probability. The findings reveal essential firm attributes that can guide the management of halal food and beverage firms, relevant regulators, and potential investors in ensuring the firms’ long-term viability.
BOARD STRUCTURE AND ISLAMIC BANK STABILITY: A STANDALONE RISK COMMITTEE MODERATING EFFECT Umar, Umar Habibu; Abduh, Muhamad; Besar, Mohd Hairul Azrin; Kurawa, Junaidu Muhammad
Journal of Islamic Monetary Economics and Finance Vol 10 No 3 (2024)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v10i3.1972

Abstract

This study investigates the impact of board attributes on the stability of Islamic banks and whether the presence a standalone risk management committee (SARC) moderates their relation. Applying the feasible generalized least squares (FGLS) regression as well as the two-step system generalized method of moments (GMM) estimator for robustness to a panel sample of 43 Islamic banks across 15 countries over eleven years from 2010 to 2020, we document evidence suggesting that board meetings, board gender diversity and foreign directors do not influence the stability of Islamic banks. Conversely, board members holding doctorate degrees (PhDs) significantly and negatively affect the stability of Islamic banks. In addition, the presence of SARC significantly improves the stability of Islamic banks. The study further finds that SARC partially and positively moderates the effects of board members with PhDs and foreign directors on the stability of Islamic banks.
Islamic Banking and Financial Development: A Cross-Country Analysis Baita, Abubakar Jamilu; Umar, Umar Habibu; Shawa, Jamilu Sani
International Journal of Islamic Economics and Finance (IJIEF) Vol. 7 No. 2 (2024): IJIEF Vol 7 (2), July 2024
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/ijief.v7i2.19579

Abstract

Islamic banking has become an integral part of the modern financial system. Therefore, this study examined the effect of Islamic banking on financial development in countries with a matured practice of Islamic finance. These countries include Iran, Saudi Arabia, Malaysia, UAE, Kuwait, Qatar, Turkey, Bangladesh and Indonesia. Besides, we collected data on Islamic banks' assets and financial development indicators over nine (9) years between 2012 and 2020. The study applied heteroscedastic panel corrected standard errors (HPCSE) regression model to estimate results. The findings indicated that Islamic banks contribute significantly to improving financial development after controlling for banking characteristics (credit risk and capital adequacy ratio) and macroeconomic factors (real per capita GDP, inflation and trade openness). Due to data limitations, this study covers only nine countries over nine years (2012 -2020). The findings provided insight into the contribution of Islamic banks to financial development, which can motivate regulatory authorities and policymakers to improve the practice of Islamic banking and finance through the provisions of enabling and motivational regulations and policies. This study provided a novel contribution as this issue is underresearched. Most existing studies concentrate on the macroeconomic and institutional determinants of financial development, thus relegating the role of Islamic banking in spurring financial development.
SHARI'A SUPERVISORY BOARD AND ISLAMIC BANKS’ INSOLVENCY RISK Umar, Umar Habibu; Abduh, Muhamad; Besar, Mohd Hairul Azrin
Journal of Islamic Monetary Economics and Finance Vol. 9 No. 3 (2023)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v9i3.1635

Abstract

This study examines how the characteristics and quality of Shari'a supervisory board (SSB) influence the insolvency risk of Islamic banks. It employs unbalanced panel data of 43 Islamic banks in 15 countries between 2010 and 2020, which are hand-collected from the banks’ annual reports. The results indicate that the SSB quality index, SSB Islamic finance professional expertise and SSB competency increase insolvency risk while the SSB members with PhDs reduce it. Meanwhile, SSB size, SSB meetings, SSB gender diversity (SSBG) and SSB members from foreign countries have no significant influence on the insolvency risk. These findings have implications for policymakers and regulators in carving policies and regulations in restraining the SSB from taking excessive risk. They can also guide the Islamic banks' board of directors and shareholders in appointing the SSB members. Acknowledgment The authors are grateful to the Bank Indonesia Institute and Bank Indonesia for the honorarium given after the publication.
CORPORATE ATTRIBUTES AND BANKRUPTCY PREDICTION: THE CASE OF LISTED HALAL FOOD AND BEVERAGE COMPANIES Umar, Umar Habibu; Abduh, Muhamad; Besar, Mohd Hairul Azrin
Journal of Islamic Monetary Economics and Finance Vol. 10 No. 1 (2024)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v10i1.1928

Abstract

This study investigates the relationship between corporate attributes and the probability of bankruptcy among halal food and beverage companies in five countries: Indonesia, Malaysia, Pakistan, Saudi Arabia, and the United Arab Emirates (UAE). Analyzing data from 56 firms from 2008 to 2021 using static panel data method, we find that the working capital period (cash conversion cycle), leverage, and firm growth increase the probability of bankruptcy for these companies. In contrast, liquidity, profitability, and firm size reduce bankruptcy probability. The findings reveal essential firm attributes that can guide the management of halal food and beverage firms, relevant regulators, and potential investors in ensuring the firms’ long-term viability.
BOARD STRUCTURE AND ISLAMIC BANK STABILITY: A STANDALONE RISK COMMITTEE MODERATING EFFECT Umar, Umar Habibu; Abduh, Muhamad; Besar, Mohd Hairul Azrin; Kurawa, Junaidu Muhammad
Journal of Islamic Monetary Economics and Finance Vol. 10 No. 3 (2024)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v10i3.1972

Abstract

This study investigates the impact of board attributes on the stability of Islamic banks and whether the presence a standalone risk management committee (SARC) moderates their relation. Applying the feasible generalized least squares (FGLS) regression as well as the two-step system generalized method of moments (GMM) estimator for robustness to a panel sample of 43 Islamic banks across 15 countries over eleven years from 2010 to 2020, we document evidence suggesting that board meetings, board gender diversity and foreign directors do not influence the stability of Islamic banks. Conversely, board members holding doctorate degrees (PhDs) significantly and negatively affect the stability of Islamic banks. In addition, the presence of SARC significantly improves the stability of Islamic banks. The study further finds that SARC partially and positively moderates the effects of board members with PhDs and foreign directors on the stability of Islamic banks.
Co-Authors Baita, Abubakar Jamilu Besar, Mohd Hairul Azrin Darma , Auwalu Isah Haron, Md Harashid Kurawa, Junaidu Muhammad Muhamad Abduh, Muhamad Shawa, Jamilu Sani