Halal industry is one of the most growing industries in the world. Halal industry refers to the industry which is in line with Islamic principles and requirements. The emergence of this industry aims to fulfill the need of Islamic compliance products and services. Surprisingly, the industry has been growing in both muslim and non-muslim countries. Assesing the performance of the industry would be notable to ensure that it obtains its objectives. The proper performance measurement should highlight both business perspective and religious aspects. This is a conceptual paper aiming to propose an initial performance measurement concept based on Islamic objectives (Maqashid Al-Shariah). Referring to some previous studies, this paper proposed twelve ratios as performance proxies for halal industry

: The purpose of this paper is to investigate the effects of predominant cultural values on banking disclosure. On one hand, Islamic banks have practiced Islamic principles which are universal for all countries. Islamic banks are expected to provide transparent information especially in terms of social and Shariah(Islamic) compliant information as Islamic banks claim themselves to have social objectives as the prime consideration. Islamic banks also have Shariah supervisory body to ensure that the banking activities and business operations are in line with Islamic requirements. On the other hand, Hofstede‘s cultural dimensions and Gray‘s hypotheses have rendered remarkable contributions in financial and accounting practices among different nations. Examining 45 Islamic banks in 11 Moslem majority countries, this paper focuses on four particular cultural dimensions namely individualism/collectivism, masculinity/femininity, uncertainty avoidance, and power distance and whether these dimensions have an impact on transparency. This study found that two out of four national cultures still have significant effect on the transparency level in Moslem majority countries.

Halal industry has attracted global attention from business stakeholders from aroundthe world for its vast growth. The term of “halal‖ means ―permissible‖ or ―allowed‖. Halal refers to the whole procedure in any products, activities and businesses. There is an urge to have an understanding and implementation on halal concept. Halal industries nowadays not only refer to food and Islamic financial sectors but it also encompasses cosmetics, tourism, logistics, and so forth. This paper attempts to review the development of researches in halal industry, and the findings on halal certification and those three biggest industries in halal market

Purpose – Halal industry is one of the most growing industries in the world. It refers to the industry in line with Islamic principles and requirements. The emergence of this industry aims to fulfil the need of Islamic compliance products and services. Surprisingly, the industry has been growing in both muslim and non-muslim countries. Assessing the performance of the industry would be notable to ensure that it obtains its objectives. The proper performance measurement should highlight business perspective and religious aspects. This research aims to explore the current issues and challenges in developing maqashid al-shari’ah- based performance measurement in halal industry. Design/methodology/approach – This is a qualitative research using in depth interviews. This research employs content analysis to interpret and explain the interview result. Interviews were conducted with the experts in maqashid al-shari’ah and Islamic capital markets. Findings –The existence of the concept of maqasid al-shari’ah is to create maslahah for all human being. The development of maqasid al-shari’ah performance measurement for the business is very important. It has only been developed for Islamic financial industry. Unfortunately, it is found that the development of maqasid al-shari’ah performance measurement has not been carried out comprehensively in non-financial industry. The main issue is the absence of the applicable measurements. Therefore, collective decision is required to develop the appropriate measurements. Practical implications – There is a necessity for regulator to produce standards on maqasid al shari’ah-based performance measurement. The government policy plays important role in the the development and implementation of maqasid al-shari’ah-based measurement index. Originality/value – This paper highlights the issue of the development of maqasid alshari’ah-based performance measurement in halal business and commerce which has not much discussed in prior studie

Discussions on waqf and waqf institutional development currently it has become one of the major topics in the

national and international discourse, especially in Muslim countries. Waqf institutions has great potential to

support job creation, providing educational opportunities, and to reduce reliance on government funding. However,

some problems related to the management of Waqf as asset maintenance, management and mobilization of waqaf asset should be followed. Some recent research suggests there is no specific guidance in preparing and maintaining continuity waqf report as a means of accountability through transparent reporting. In addition to the accountability report itself, the credibility of the institution of Waqf manager also requires the evaluation of performance. As anonprofit organization, the performance of Waqf institutions may not be determined by certain financial ratios, but how the institution is able to move effectively Waqf assets and how those assets can contribute to the welfare of the people. Therefore, the performance framework Waqf institutions need to be developed. This conceptual paper aimsto develop a performance measurement framework for Waqf institutions

Applying interest rate is not only prohibited under shariah rule, but also made a world crisis. Similar to conventional, Islamic banking nowadays uses the same component to determine cost of capital in home financing. Islamic scholars then come out with rental rate as replacement of interest rate. This paper attempts to discuss the possibility of using rental rate as the basis in Musharakah Mutanaqisah Partnership (MMP) calculation. Furthermore, this study does comparison between interest rate mortgage and Islamic Musharakah Mutanaqisah and proves that rental rate is better than interest rate in terms of home financing. The result shows that rental rate is lower than interest rate and will vary for each type and location of the house. This study also finds that rental rate tends to be higher in urban areas or close to urban areas. The result of correlation analysis shows that rental rate has positive weak correlation to interest rate. Another interesting fact that emerged from this study is the rental rate tends to be more stable when compared to the interest rate, even in condition of financial crisis in 1997/1998. However, single story in Kuala Lumpur has negative correlation and condominium in Kuala Lumpur has strong correlation to interest rate. Thus we believe that rental rate can be used as an alternative to interest rate for home financing because it reflects the market value of the house and beneficial to society. This paper hopefully is useful for the progress of Islamic banking in the world in terms of implementation of rental rate as a financial product innovation and also an alternative to interest rate.

Knowing the factors which can improve performance is very crucial in every organization including Waqf institutions as charitable institutions. Waqf institutions have significant roles in a country to mobilize and distribute public funds. Examining its performance could be useful to assess Waqf’s perpetual existence. In the context of business organizations, financial ratios which rely on the bottom line can be the tools to examine the performance. Financial ratios somehow reflect the financial health and vulnerability of the organizations. Besides that, the organizations frequently compare actual performance with standards or expectations to enhance the organizations’ achievements. Several financial ratios might be applicable to evaluate non-profit organizations although those ratios do not seem sufficient. Financial ratios alone cannot serve as measures of success in non-profits organizations, these organizations have to be assessed in more complex ways, generally dealing with efficiency and effectiveness. Therefore, the purpose of this study is to examine the performance of Waqf institutions using financial and operational approaches. Using content and ratio analysis, this study examines five years (2008-2012) annual reports of Waqf institutions administered by Majlis Ugama Islam Singapura (State Islamic Religion Council or Singapore) and one Majlis Agama Islam Negeri in Malaysia (one State Islamic Religion Council in Malaysia). This study found in terms of Waqf collections, both institutions have growing amount of Waqf funds. This can be a hint of Waqf awareness among people. Both institutions are also able to generate income from their core activities. However, it can be highlighted from program expenses that both institutions might not have a number of projects and programs relating to the role as Mutawalli. Since financial ratios cannot be the utmost measures of success in Waqf institutions, these organizations have to develop the performance measures which can better evaluate efficiency and effectiveness.

The development of technology has enabled banks to issue products that satisfy the need of its clients. Credit card is one of the latest banking gadgets. It facilitates people to make spot transaction without carrying cash as well as on-line transaction since the credit card issuer pays the proceeds of the transaction on behalf of the buyer. However, for Muslim customers, the usage of conventional credit card which involves practice of riba when there is late payment has brought a conflict with their belief. Therefore, there is a need for a payment instrument which has function as credit card but comply with the Islamic principles. This study will elaborate the practice of Islamic credit cards issued by Bank Danamon Indonesia and Bank Islam Malaysia, which are the first Islamic credit card issuer in both countries. The paper discusses the issue from both economic and shariah point of views. From the practice, it can be seen that the contracts used in Malaysian BI Card are relatively more lenient than which used in Indonesian Dirham Card.

The purpose of this paper is to investigate the effects of predominant cultural values on banking disclosure. On one hand, Islamic banks have practiced Islamic principles which are universal for all countries. Islamic banks are expected to provide transparent information especially in terms of social and Shariah(Islamic) compliant information as Islamic banks claim themselves to have social objectives as the prime consideration. Islamic banks also have Shariah supervisory body to ensure that the banking activities and business operations are in line with Islamic requirements. On the other hand, Hofstede‘s cultural dimensions and Gray‘s hypotheses have rendered remarkable contributions in financial and accounting practices among different nations. Examining 45 Islamic banks in 11 Moslem majority countries, this paper focuses on four particular cultural dimensions namely individualism/collectivism, masculinity/femininity, uncertainty avoidance, and power distance and whether these dimensions have an impact on transparency. This study found that two out of four national cultures still have significant effect on the transparency level in Moslem majority countries.