Rusni Hassan, Rusni
Institute of Islamic Banking and Finance, International Islamic University Malaysia .

Published : 7 Documents Claim Missing Document
Claim Missing Document
Check
Articles

Found 7 Documents
Search

Participation Banks in Turkey: Issues and Proposes Strategies Based on SWOT Analysis Zulfahmi, Zulfahmi; Devi, Abrista; Asker, Eyup; Hassan, Rusni
International Journal of Islamic Economics and Finance (IJIEF) Vol 4 (2021): IJIEF Vol 4 (SI), Special Issue: Islamic Banking
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (453.632 KB) | DOI: 10.18196/ijief.v4i0.10475

Abstract

Turkey has a long history in Islamic civilisation. However, there is still lack of research to examine participatory banks in Turkey. This is despite the fact that the legacy of strong Islamic law, the majority Muslim population, and the strategic location of the country have failed to serve as catalyst to boost market share of participation banks in the country. This study is aimed at developing priority ranking of SWOT factors and strategies on the participatory bank development in Turkey. Data are collected from experts and practitioners of Participation (Islamic) bank in Turkey. Analytic Network Process (ANP) is used as the methods of analysis. The finding shows that the aspects of participatory banks in Turkey are derived from strengths, opportunities, weakness and threats factors. Sharia board is the main strength of this study, while inadequate competitive product is the main weakness. In the future, government support stands as the first priority from opportunity aspect. Islamic bank in Turkey also needs to aware on the absence of separate law as the main priority of threats aspect. Another finding shows that separated law and regulation is the main strategies of the study. Concomitantly, the study suggests separate law and regulation as the main strategy to enhance banks participation in Turkey. This study could serve as reference point for the regulator in formulating appropriate policy strategies to increase market share of participatory banks in Turkey.
Legal aspects of Shariah governance practices in Sri Lankan Islamic Financial Institutions: a literature review Hilmy, Hayathu Mohamed Ahamed; Hassan, Rusni; Moujooth, Hayathu Mohamed Abdul; Rooly, M. S. A. Riyad; Nimzith, S. Issath
Journal of Enterprise and Development (JED) Vol. 4 No. 1 (2022): Journal of Enterprise and Development (JED)
Publisher : Faculty of Islamic Economics and Business of Universitas Islam Negeri Mataram

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20414/jed.v4i1.4920

Abstract

Purpose — This study intends to examine the legal aspects and the actual practices of Shariah governance in Sri Lanka’s IFIs. Further, it examines the law and regulations on Shariah governance as well as identifies the macro and micro level application of Shariah governance in Sri Lanka.Research method — The literature observation and document analysis were applied to explore the relevant domestic and international regulation on Shariah governance in the country. As a qualitative study, the data were gathered through the primary sources such as the information derived from the interview with experts, legislations, international Shariah standards, annual reports and other institutional documents from the IFIs; and supported by the secondary data available in the literatures such as articles in journals, books, newspaper reports, the IFIs websites, and other sources.Result — The findings of this study indicate that there is no legislation in Sri Lanka that legally enforces on Shariah governance framework at macro level. But, each IFIs has setup Shariah governance institutionally at micro level.Recommendation — The recommendations are put forward to fill the gap found and to improve the legal status of Shariah governance in Sri Lankan Islamic financial industries.
Sharia Audit Challenges in Malaysian Islamic Financial Institutions Shahid, Mohammad; Khaliq, Ahmad; Hassan, Rusni
Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah Vol 15, No 1 (2023)
Publisher : Faculty of Sharia and Law, UIN Syarif Hidayatullah Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/aiq.v1i1.26014

Abstract

Abstract. Sharia Auditing in Islamic Financial Institutions (IFIs) poses several challenges, for example, lack of standardization, harmonization in Sharia standards, and incompetent Sharia auditors. Addressing these challenges is critical to ensuring the sustainability and growth of IFIs in Malaysia. This study aims to discuss the problems and challenges of Sharia auditing in IFIs. This study used a qualitative method by distributing questionnaires to 40 practitioners from several IFIs engaged in Islamic audit services through a purposive sampling procedure. T he research findings show that the awareness of the Sharia audit is satisfactory in the absence of a separate audit report. In addition, Sharia audit should be integrated into college accounting; comprehensive Sharia audit framework and standards; regulatory/professional bodies; and professional certification in Sharia audit.Abstrak. Audit Syariah di Lembaga Keuangan Islam (LKI) menimbulkan beberapa tantangan, misalnya kurangnya standarisasi, harmonisasi dalam standar Syariah dan auditor Syariah yang tidak kompeten. Mengatasi tantangan ini sangat penting untuk memastikan keberlanjutan dan pertumbuhan LKI di Malaysia. Penelitian ini bertujuan untuk membahas masalah dan tantangan audit syariah di IFI. Penelitian ini menggunakan metode kualitatif dengan menyebar kuesioner kepada 40 praktisi dari beberapa LKI yang bergerak di bidang jasa audit Syariah melalui prosedur purposive sampling. Temuan penelitian menunjukkan bahwa kesadaran audit Syariah cukup memuaskan dengan tidak adanya laporan audit yang terpisah. Selain itu, audit Syariah harus diintegrasikan ke dalam akuntansi perguruan tinggi; kerangka dan standar audit syariah yang komprehensif; badan pengatur/profesional; dan sertifikasi profesi dalam audit Syariah.
Legal aspects of Shariah governance practices in Sri Lankan Islamic Financial Institutions: a literature review Hilmy, Hayathu Mohamed Ahamed; Hassan, Rusni; Moujooth, Hayathu Mohamed Abdul; Rooly, M. S. A. Riyad; Nimzith, S. Issath
Journal of Enterprise and Development (JED) Vol. 4 No. 1 (2022): Journal of Enterprise and Development (JED)
Publisher : Faculty of Islamic Economics and Business of Universitas Islam Negeri Mataram

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20414/jed.v4i1.4920

Abstract

Purpose — This study intends to examine the legal aspects and the actual practices of Shariah governance in Sri Lanka’s IFIs. Further, it examines the law and regulations on Shariah governance as well as identifies the macro and micro level application of Shariah governance in Sri Lanka.Research method — The literature observation and document analysis were applied to explore the relevant domestic and international regulation on Shariah governance in the country. As a qualitative study, the data were gathered through the primary sources such as the information derived from the interview with experts, legislations, international Shariah standards, annual reports and other institutional documents from the IFIs; and supported by the secondary data available in the literatures such as articles in journals, books, newspaper reports, the IFIs websites, and other sources.Result — The findings of this study indicate that there is no legislation in Sri Lanka that legally enforces on Shariah governance framework at macro level. But, each IFIs has setup Shariah governance institutionally at micro level.Recommendation — The recommendations are put forward to fill the gap found and to improve the legal status of Shariah governance in Sri Lankan Islamic financial industries.
Determinants that affect generation Z consumer loyalty in Wardah skincare Zhulkarnain, Nur Azhizhah; Nurhalim, Asep; Mahanani, Yekti; Hassan, Rusni
Halal Studies and Society Vol. 1 No. 2 (2024): May 2024
Publisher : IPB University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29244/hass.1.2.8-13

Abstract

In 2022, the skincare market in Indonesia was observed to generate revenue of approximately US$ 2.05 billion. In this market, consumers tend to prefer local products that adhere to the standards of halal and are widely recognized. A prominent, current, and popular skincare brand that has been found to adhere to these standards is Wardah. Between 2020 and 2021, Wardah experienced an increase in market share, showing a growing preference for its products among consumers. However, from 2023 to 2024, a significant decline has been observed in the market share of the brand, signaling a reduction in consumer preference. This trend is a critical concern for the company, as it emphasizes the need to address the factors contributing to the decline and to implement strategies that are capable of enhancing the appeal of products produced by Wardah, enabling the brand to remain competitive. Therefore, this study aimed to analyze the factors influencing the loyalty of Generation Z consumers toward Wardah skincare products in the Jabodetabek region. The demographic was observed because, conventionally, Generation Z, which constitutes around 27% of the population of Indonesia (75 million people), is often targeted as the primary market to build consumer loyalty for the majority of products. In order to achieve the study objectives, a sample of 135 respondents was selected using a non-probability sampling method, specifically the purposive sampling technique. The data was then analyzed using the Structural Equation Model-Partial Least Square (SEM-PLS) method. The obtained results showed that brand trust and perceived value had a significant and positive impact on consumer loyalty. These observations suggest that companies should focus on maintaining and strengthening brand trust, fostering a strong brand community, and raising awareness about the importance of halal certification in skincare products. Additionally, efforts should be made to educate consumers about the value of halal-certified skincare products, as this can further enhance brand loyalty.
Introduction of Takaful (Islamic Insurance) as a Potential Business Model in Indian Market Mohd Owais; Ali, Jawwad; Hassan, Rusni
Global Review of Islamic Economics and Business Vol. 11 No. 2 (2023)
Publisher : Faculty of Islamic Economics and Business, State Islamic University Sunan Kalijaga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.14421/grieb.2023.112-04

Abstract

Globalization has prompted many companies to invest in foreign markets, as a result of which many countries are implementing business models that appeal to investors. Takaful is one type of Islamic insurance system that has proved to be highly popular in Muslim nations. Many individuals who intend to start a new venture will benefit from this type of business model, which has also gained popularity in non-Muslim nations. This paper will analyze the suitability of Takaful to be introduced as a business model in India. This study adopts a mixed method of quantitative and qualitative analysis using surveys and interviews. The number of respondents selected was 50 for quantitative analysis with the target participants being people of India through social media and LinkedIn. Apart from that, for Qualitative analysis employees related to insurance companies in Malaysia were selected to assess their points of view of the Indian insurance market. The conclusion reveals that the Indian market is suitable and favorable for the Takaful business model irrespective of religion, people are willing to accept the model. Hence it is recommended that the model be introduced in the Indian market. Originality/Value: Unlike prior research, which focuses primarily on Muslim nations, this study provides valuable insights for policymakers and industry stakeholders in non-Muslim countries. Our findings underscore the potential viability of Takaful in India, emphasizing its inclusive nature and ability to cater to diverse insurance needs. Overall, this paper offers a fresh perspective on Islamic finance and the adaptation of innovative business models in emerging markets.
Sharia Audit Challenges in Malaysian Islamic Financial Institutions Shahid, Mohammad; Khaliq, Ahmad; Hassan, Rusni
Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah Vol. 15 No. 1 (2023)
Publisher : UNIVERSITAS ISLAM NEGERI SYARIF HIDAYATULLAH JAKARTA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/aiq.v1i1.26014

Abstract

Abstract. Sharia Auditing in Islamic Financial Institutions (IFIs) poses several challenges, for example, lack of standardization, harmonization in Sharia standards, and incompetent Sharia auditors. Addressing these challenges is critical to ensuring the sustainability and growth of IFIs in Malaysia. This study aims to discuss the problems and challenges of Sharia auditing in IFIs. This study used a qualitative method by distributing questionnaires to 40 practitioners from several IFIs engaged in Islamic audit services through a purposive sampling procedure. T he research findings show that the awareness of the Sharia audit is satisfactory in the absence of a separate audit report. In addition, Sharia audit should be integrated into college accounting; comprehensive Sharia audit framework and standards; regulatory/professional bodies; and professional certification in Sharia audit.Abstrak. Audit Syariah di Lembaga Keuangan Islam (LKI) menimbulkan beberapa tantangan, misalnya kurangnya standarisasi, harmonisasi dalam standar Syariah dan auditor Syariah yang tidak kompeten. Mengatasi tantangan ini sangat penting untuk memastikan keberlanjutan dan pertumbuhan LKI di Malaysia. Penelitian ini bertujuan untuk membahas masalah dan tantangan audit syariah di IFI. Penelitian ini menggunakan metode kualitatif dengan menyebar kuesioner kepada 40 praktisi dari beberapa LKI yang bergerak di bidang jasa audit Syariah melalui prosedur purposive sampling. Temuan penelitian menunjukkan bahwa kesadaran audit Syariah cukup memuaskan dengan tidak adanya laporan audit yang terpisah. Selain itu, audit Syariah harus diintegrasikan ke dalam akuntansi perguruan tinggi; kerangka dan standar audit syariah yang komprehensif; badan pengatur/profesional; dan sertifikasi profesi dalam audit Syariah.