Purpose The purpose of this paper is to propose a theoretical model that integrates various dimensional factors which influence decision-making process of class selection and enrolment, analysing different angles of this process and explaining those factors which determine students’ decision. Design/methodology/approach This study uses quantitative design to determine and explore students’ decision making in class selection and enrolment. There were 396 students who participated in this study. The data were analysed using principle component analysis to determine the dominant factor for class selection and enrolment. Findings The study has analysed different factors that can influence students’ decision for class selection and enrolment. Five important underlying factors have been identified which includes the class and lecturer factor, time-space factor, ease and comfort factor, course mate factor and commitment factor. Moreover, the Kruskal–Wallis test shows that there is a significant mean difference in choice and selection behaviour between genders and students’ personal attitudes. Research limitations/implications This study is an early attempt to explore the wide fields of decision making in class selection and enrolment. It is hoped that follow-up studies would provide more coverage relative to the findings of this research. Practical implications One particular dimension of micro decision making faced by students is class (course) selection in the beginning of every academic semester/term. Class selection is very critical decision for students as it would reflect students expected outcome for their future career directions. More importantly, the decision made by the students may also affect their academic performance throughout their study. Social implications From the perspective of the university’s administrators, this issue is very critical for planning purposes. Understanding the students’ behaviour in class selection could improve the cost effectiveness as well as the scheduling of course offering to enhance students’ and instructors’ teaching and learning experience. Originality/value While many studies try to explore the questions of what makes a student choose a specific college/university or a specific field, limited number have investigated the behaviour of students in class selection and enrolment. This paper contributes to bridging that gap.
Understanding Socially Responsible Investing and Its Implications for Islamic Investment Industry // // // // // Social, ethical and environmental concerns have been used as important consideration for investment decision by an increasing number of investors. This can be seen by the size and growth of the socially responsible investment (SRI) industry in the developed economies. At the same time, scholars and commentators of Islamic finance have also called for Islamic investment industry to learn from the experience of SRI in incorporating social responsibility issues in the investment process, in line with the ethical principles of Islam and the overall objective of the Shari’ah (Maqasid al-Shari’ah). This would require Islamic investment sector to have a clear understanding of the SRI industry in order to effectively benefit from its experience. This is particularly critical due to the significant diversity of investors and complexity in the issues and strategies adopted in the SRI industry. Hence, this paper adds to the Islamic investment literature by providing an extensive and systematic survey of SRI industry in terms of its (i) underlying motivations and values; (ii) issues of concerns; (iii) types of investors; and (iv) screening strategies. It then synthesizes these components within the context of the ‘value-based’ investors. This synthesized framework offers a useful tool for Islamic investment practitioners to understand the theoretical and practical aspects of SRI. Subsequently, the paper highlights important implications of the findings for Islamic investment industry in terms of the issues that it needs to consider in emulating SRI practices and a number of lessons that it can learn from the SRI experience.
The unprecedented level of income inequality and wealth concentration throughout the world today has pose a foremost challenge in the efforts towards realising inclusive and sustainable development. One of the means to achieve this 2030 Agenda that has been strongly promoted by the international community is through the concept of financial inclusion. The dimensions of financial inclusion, which include access, usage and quality of financial services for all have been demonstrated to have positive impacts on increasing the ability of the poor and underprivileged groups to improve their economic well-being. Additionally, the literature has also identified two additional financial inclusion features of Islamic finance namely risk-sharing and redistribution, which can further contribute to the goal of distributive justice as aspired in Islamic economics. Nevertheless, despite the numerous works on financial inclusion and distributive justice in the literature of Islamic economics and finance, a specific framework to link financial inclusion with the goal of distributive justice is still absent in the literature. Therefore, the objective of this paper is to conceptualize a framework that links the dimensions of financial inclusion with the three phases of realising distributive justice, i.e. pre-production, post-production, and redistribution. This conceptual framework provides the necessary theoretical foundation and operational guideline for the promotion of financial inclusion as part of the efforts towards realising the goal of distributive justice in Islamic economics.
This paper seeks to provide a preliminary profile analysis of investors of Islamic funds based on their underlying motivation to invest, which at present received little interest in the literature. The experience of faith-based and socially responsible investment clearly reveals the heterogeneity of investors with divergent investment motives, and this is highly likely to be true among Islamic funds’ investors as well. For this purpose, the study surveys Investors of Islamic funds from three fund management companies in Malaysia with a total sample of 451 respondents. The profiling employs a cluster analysis of the respondents using religion, percentage invested in Islamic funds, and four potential motivations to invest. The result shows a possible segmentation of the investors into three groups, with Muslim investors being segmented into two categories, ‘committed’ and ‘pragmatic’ investors, while the third category being the ‘non-Muslim’ investors. The clusters represent a clear distinction between the three groups in terms of their commitment to Shariah principles in investment, the importance of earning halal vis-à-vis high returns, and the benefits of diversification between Islamic and conventional funds. The findings provide valuable insights for fund management companies in terms of understanding the different segments of investors and their issues of concerns for better investment services, product innovation and offering, as well as marketing strategies.
Purpose: This paper examines and reflects the ongoing debate on the social responsibility role of Islamic financial institutions (IFIs) in the light of the literature in the area of third sector and three-sector economic model. Subsequently, it seeks to develop a framework that can be used to conceptualise the potential interaction between the different sectors in the economy in relation to social welfare issues and locate the social responsibility role of IFIs within this framework. Methodology: The paper uses an integrative analysis of Islamic finance and third sector literature, particularly on the American and European conceptions of the interactions between the three main sectors in the economy, i.e. public, private and ‘third’ sectors. Results: The paper develops a modified circular flow of income and expenditure model as a basis for the integrative framework for social welfare provision within a three-sector economic model. Subsequently, it locates the social responsibility role of IFIs within this framework with the understanding that social welfare burden is a collective responsibility and therefore shared among the various potential welfare providers in the economy. Implications: The integrative framework of social welfare provision within a three-sector economic model as conceptualised in this paper highlights a multi-institutional approach towards promoting socio-economic justice and society's well-being in an Islamic economy, and hence provides a proper and reasonable context for social responsibility roles expected of IFIs.
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