Islamic Investment/Waqf/Islamc Banking/Islamic Studies

This study examines the impact of corporate governance mechanisms on the performance of firms in Jordan. Giving particular attention to diversity in the board of directors and audit committee, this study looks into the impact of Muslim directors on the board of directors (BoD) and audit committee (AC) on performance. Overall, 76-panel data were used, which were obtained from published annual reports of industrial and service sectors from the Amman Stock Exchange from 2012 to 2018. A fixed-effect model was used to test various hypotheses of the study. Both accounting-based (ROA and ROE) and market-based (Tobin's Q) performance measures were tested. which, as yet, only a handful of studies have been conducted. The findings showed that the relationships between Muslim directors on the board have an insignificant effect on ROA and ROE. Conversely, Muslim director in AC has a positive but insignificant relationship with ROA and ROE. Concerning the relationship with Tobin's Q, the findings showed that Muslim directors on the board have an insignificant relationship with Tobin's Q. Moreover, the findings showed that Muslim directors in AC have an insignificant positive relationship with Tobin's Q. This study provides useful information that is of great value to policymakers, academics, and other stakeholders. This study fills the gap and contributes significantly to the literature by proving extensive findings with regards to the impact of corporate governance on firms 'performance especially the presence of Muslim directors in BoD and AC in Jordan.

Bridging global economic inequalities calls for effective financial alternatives such as awqāf banks to better attend to the needs of the poor and underprivileged. This is expected to address the root causes of poverty and ensuing economic gaps, improving much of the living standards whether pertaining to education, health, shelter, employment or basic social services while reducing the state's economic and financial burden. We envision awqāf banks as institutions which are established through cash awqāf and which operate multiple awqāf funds alongside an assortment of financial instruments. The main use of their awqāf funds are the issue of low-cost credit to the poor, economically disadvantaged and underprivileged, instead of focusing solely on generating and maximizing shareholder profits. This is to support the economy through of steady and sustainable growth, effectively raising the lower bar on per capita income and lifting multitudes out of poverty and need. This paper explores how low-cost credit can be provided to the poor or lower income demographics through awqāf banks, while addressing relevant issues such as Shari'ah compliance, services rendering, investment and awqāf distribution. This paper also examines current studies on awqāf in relation to finance and banking, the basic functions, and characteristics of the Shari'ah-compliant awqāf bank, as well as evaluations of awqāf banks. Current studies show that there is a legitimate need for Shari'ah-compliant awqāf banks which not only providing services for its beneficiaries but also manage investments and awqāf funds that contribute to overall national development and economic growth. This study would be of high relevance to experts, practitioners, financial managers, regulators, and policy makers in the fields of awqāf, banking and finance.