Journal of Contemporary Business and Islamic Finance (JCBIF) <p><em>The objective of <strong>JCBIF</strong>,double blind peer reviewed journal,is to publish theoretical and empirical research which contribute to development in the areas of contemporary business management, finance and Islamic financial management in line with modern research trends. Moreover to raise the level of business and Islamic finance research through upgrading the means used.</em></p> <p><strong><em>ISSN :2790-2986</em></strong></p> <p><em>Publication Frequency: Bi-Annual </em></p> <p><em>APC: No (no hidden charges)</em></p> <p> </p> <p> </p> en-US <p>After paper acceptance in JCBIF,the author(s) has (have) must accepted the publication in the JCBIF by releasing the copyright to the Islamia University Bahawalpur-IUB-Pakistan.</p> <p>Journal of contemporary business and Islamic finance (JCBIF) is licensed under a&nbsp;<a href="" rel="license">Creative Commons Attribution 4.0 International License</a>.</p> <p>The material presented by the authors does not necessarily represent the viewpoint of editorial team and the management of the Islamia University of Bahawalpur,IUB,Pakistan as well as authors institute.</p> <p>&nbsp;</p> (Professor Dr.Abou Bakar) (Dr.Huma Nawaz) Fri, 31 Dec 2021 00:00:00 +0500 OJS 60 From “protection” and “preservation” to “development” and “right”: A new approach of objective of shariah via waqf muaqqat <p>This paper analyses the main objectives of Shariah and its application in <em>waqf</em>. Having acknowledged the priority of the objectives, this paper seeks to expand the scope of the objective with justification to facilitate the <em>ijtihadi</em> basis in ensuring sustainability of <em>waqf</em>. It is argued that a new dimension of protection and preservation of <em>mal </em>as the objective of Shariah is necessary in relevantisation of <em>waqf</em> locally and globally. This paper adopts a doctrinal analysis based the primary and secondary sources of Shariah and the Malaysian laws. It studies the new dimension of protection and preservation in the perspective of the importance of human development and property rights of <em>waqf </em>practices in Malaysia with special reference to <em>Waqf Muaqqat</em>. The findings show that the employment of <em>ijtihad</em> and <em>fatwa</em> would serve to make waqf stable, flexible and sustainable in developing the legal framework for <em>Waqf Muaqqat</em> in Malaysia</p> Nor Asiah Mohamad, Muhammad Laeba, Omar Mohktar Hamdan Copyright (c) 2021 Journal of Contemporary Business and Islamic Finance (JCBIF) Fri, 31 Dec 2021 00:00:00 +0500 Differentiation between heuristic and meticulous domain of financial risk taking propensity <p>Relaxing the assumption of rational human being, this study examined the risk taking aspect of financial decision making. In this study financial risk taking propensity is explored with altogether new facet and classify it in two domains. First domain highlights advantageous aspect for wealth and economic prosperity while second can be a menace for wealth and prosperity. Literature is precisely collected to sharpen this peculiarity and to reach on imperative determinants of each domain. Objective is to create differentiation (distinction, discrepancy, peculiarity) between affective (heuristic) and cognitive domain of financial risk taking propensity using empirical approach.&nbsp; Our results predict that in heuristic domain the bias of dispositional affect and propensity to rely on emotions are significantly dominant factors to take risky investment. Whereas, in beneficial risk taking domain (called cognitive), financial literacy, financial self-efficacy, stock market knowledge and thoughtful analytical processing style found to have significant impact. The evidences reported in this study not only support insightful investment decisions but also elaborate risky behavior of renowned financial players.</p> Naila Hameed, Shehzad Ahmad khan Copyright (c) 2021 Journal of Contemporary Business and Islamic Finance (JCBIF) Fri, 31 Dec 2021 00:00:00 +0500 Digital transformation of value-based intermediation - a risk-based perspective <p>Islamic Finance has a strong base from Maqasid al Shariah perspective to really develop a system on social justice &amp; environmental wellbeing to further establish a sustainable value based economic system. Islamic Banks on this very value based system can flourish and lead the banking industry.Financial stability is the goal of every organization but adding to it sustainable ecosystem, modern technological product &amp; services and proper utilization of the resources broaden the horizon for Financial institutions. Luckily, Islamic Finance has these attributes inherited in their principles and legal classical fiqh maxims.We focused on the digital transformation and the risk arising from it while adopting those innovative technology products and services. We will come up with the mechanism to mitigate those risks and evaluate it from Maqasid al Sharia’h perspective in value based intermediation.Good attributes in the overall culture of the organization is important and it can be the core value. It must consist of integrity, maintaining high moral standards, fairness &amp; justice and transparency. All these attributes are already existing in Islamic economics theory. The modern organization to adopt these attributes in digital transformation can lead them to a value based system which can be trustworthy and sustainable. The Maqasid’s guidance can further strengthen this system and make it more reliable and sustainable with the concept of realism which can better contribute to the people, profitability of the organization and our planet a healthy place to live.</p> Shah Fahad Yousufzai, Arshad Hayat, Muhammad Hassan Abbas Copyright (c) 2021 Journal of Contemporary Business and Islamic Finance (JCBIF) Fri, 31 Dec 2021 00:00:00 +0500 Motivation for charitable act: A case study of cash waqf during pandemic in Indonesia <p>The Covid-19 pandemic has caused devastating socio-economic problems globally and created a higher demand for Islamic charities, including cash waqf. Therefore, this study aims to analyse the intention of Indonesian Muslims to perform cash waqf during the pandemic time. It employs the Extended Theory of Planned Behavior (TPB) approach and the Structural Equation Modelling (SEM) method in analysing the primary data collected from 404 respondents. The study found that all TPB variables significantly influence respondents' intentions to perform cash waqf during the pandemic. However, the most important determinant of the intention to do the charitable act is the perceived behavioural control variable. Meanwhile, attitude is determined by knowledge, religiosity, and trust towards waqf institutions. The findings highlight the importance of the ease of doing cash waqf and trust in waqf institutions in determining the Muslims' intention to perform charitable acts. As such, government and waqf institutions should accelerate digitising the current waqf system to provide more convenience in doing cash waqf. Furthermore, waqf institutions should maintain and improve trust towards their institution. All waqf stakeholders should also attempt to increase waqf awareness and literacy. The strategies are expected to enhance waqf collections needed by society, particularly during the pandemic.</p> <p>&nbsp;</p> Muhammad Sirojuddin Kamil, Rahmatina Awaliah Kasri Copyright (c) 2021 Journal of Contemporary Business and Islamic Finance (JCBIF) Fri, 31 Dec 2021 00:00:00 +0500 The socio-economic consequences of the covid-19 lockdown on the economy of Bangladesh: An analysis <p>The main purpose of this study is to evaluate socio-economic impact of the economy in Bangladesh during the lockdown for COVID-19 situation by using secondary data. Bangladesh's economy is quickly expanding; however there are certain fundamental socio-economic issues such as poverty and unemployment. COVID-19 has a substantial impact on Bangladesh's marginalized population's quality of life. To cope with this continuous pandemic, many people from the informal economy have been forced to leave their employment and lose their earnings. Across the country, unemployment and poverty are on the rise. Economic growth has not been inclusive in Bangladesh, which has resulted in disadvantaged people becoming even needier as time has gone on. COVID-19 has had a harmful impact on marginalized people's life. The author found that the containment measures had a number of negative effects on the rural and urban economies. Rural households were required to cut their food consumption and receive government food assistance as well as private sector monetary assistance. Only growth-oriented policy initiatives, according to the author, will be insufficient to rebuild the economy after lockdown. Rather, Bangladesh must embrace employment oriented economic planning that will increase job creation and minimize poverty, income inequality, and resource allocation disparities.</p> Md. Arif Billah Copyright (c) 2021 Journal of Contemporary Business and Islamic Finance (JCBIF) Fri, 31 Dec 2021 00:00:00 +0500 Creation and management of lease of waqf properties in Sri lanka: Issues and challenges <p>Throughout Islamic history, Waqf (Islamic endowment) has played an important role and gives positive impact on the community, especially on the socio-economic aspect. This has been made possible by having appropriate management and financing of the Waqf properties in order to improve the socio-economic growth of the Muslims. However, the implementation and management of Waqf property in Sri Lanka have witnessed a considerable deterioration since the last amendment of the Waqf Act in 1982 but not all. This study analyses the Waqf management in Sri Lanka concerning the development of leases of Waqf property. It discusses the application of the current Waqf lease and identifies the contemporary challenges as well as issues of the Waqf lease Act and its practices. It adopts a doctrinal analysis of the primary and secondary data and documents including statutes, practices, case law, and reports. The findings of this investigation show there are positive and operative management of Waqf lease, but overall awareness and specialist understanding are also important since Waqf lease requires sustainable support and cooperation from the community, private sector and the government.</p> Muhammed Buhary Thabith, Nor Asiah Mohamad Copyright (c) 2021 Journal of Contemporary Business and Islamic Finance (JCBIF) Fri, 31 Dec 2021 00:00:00 +0500