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Modeling Shariah business screening for compliance in Islamic finance / Noor Latiffah Adam

This research explores one of the important issues in Islamic finance, which is Shariah compliant status - a level of acceptance of certain situations or events according to the Islamic faith. In order to determine Shariah-compliant status for products or services of a company, it must go through a...

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Main Author: Adam, Noor Latiffah
Format: Thesis
Language:English
Published: 2022
Subjects:
Business
Finance, Islamic
Online Access:https://ir.uitm.edu.my/id/eprint/65474/2/65474.pdf
https://ir.uitm.edu.my/id/eprint/65474/
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spelling my.uitm.ir.654742023-05-10T02:21:22Z https://ir.uitm.edu.my/id/eprint/65474/ Modeling Shariah business screening for compliance in Islamic finance / Noor Latiffah Adam Adam, Noor Latiffah Business Finance, Islamic This research explores one of the important issues in Islamic finance, which is Shariah compliant status - a level of acceptance of certain situations or events according to the Islamic faith. In order to determine Shariah-compliant status for products or services of a company, it must go through a series of tedious checks and testing before a Shariah advisory committee puts it on the compliance list. This work focuses on Shariah-compliant status of a company’s core business. The screening for Shariah compliant begins with information extraction. Islamic finance has grown exponentially. In returns, it has huge data in the form of notes, descriptions, numbers, and transactions available on the web. Based on this argument, it is not easy to find the connection between one information to another when you have more than one million hits every time you search for some keywords. In order to get information about the company’s core business, we reduced the search scope to only the corporate website of that company. The corporate websites of selected companies were crawled and extracted. After some cleaning process, the outcome was found to be adequate to be used as the data sources for screening. Next, the data sources are compared with a list of keywords, known as the screening criteria that have been tabulated from the literature. A negative screening approach was adopted, where, if none of the prohibited elements exist in the company’s core business, then it will be deemed as Shariah-compliant, otherwise, it is Shariah non-compliant. The screening process consists of repetitive action. It happens because the company may have multiple core businesses. In this work, we have represented the repetitive actions through a Business Screen State Model. The Business Screen State Model could serve as a general model for automatic screening processes. In addition to that, Business Screening Model was formulated using the screening criteria. The Business Screening Model could be used to provide rules for Shariah classification. The screening criteria can also be embedded into analytic tools for Shariah screening for compliance. Finally, we were able to construct Shariah Business Screening Ontology using a task ontology approach. We illustrate the ontology using structural and behavioral models made of UML class diagram and activity diagram. This ontology represents the knowledge roles and control-flow of the screening process. It can be part of any suitable Shariah screening application. 2022 Thesis NonPeerReviewed text en https://ir.uitm.edu.my/id/eprint/65474/2/65474.pdf Modeling Shariah business screening for compliance in Islamic finance / Noor Latiffah Adam. (2022) PhD thesis, thesis, Universiti Teknologi MARA (UiTM). <http://terminalib.uitm.edu.my/65474.pdf>
institution Universiti Teknologi Mara
building Tun Abdul Razak Library
collection Institutional Repository
continent Asia
country Malaysia
content_provider Universiti Teknologi Mara
content_source UiTM Institutional Repository
url_provider http://ir.uitm.edu.my/
language English
topic Business
Finance, Islamic
spellingShingle Business
Finance, Islamic
Adam, Noor Latiffah
Modeling Shariah business screening for compliance in Islamic finance / Noor Latiffah Adam
description This research explores one of the important issues in Islamic finance, which is Shariah compliant status - a level of acceptance of certain situations or events according to the Islamic faith. In order to determine Shariah-compliant status for products or services of a company, it must go through a series of tedious checks and testing before a Shariah advisory committee puts it on the compliance list. This work focuses on Shariah-compliant status of a company’s core business. The screening for Shariah compliant begins with information extraction. Islamic finance has grown exponentially. In returns, it has huge data in the form of notes, descriptions, numbers, and transactions available on the web. Based on this argument, it is not easy to find the connection between one information to another when you have more than one million hits every time you search for some keywords. In order to get information about the company’s core business, we reduced the search scope to only the corporate website of that company. The corporate websites of selected companies were crawled and extracted. After some cleaning process, the outcome was found to be adequate to be used as the data sources for screening. Next, the data sources are compared with a list of keywords, known as the screening criteria that have been tabulated from the literature. A negative screening approach was adopted, where, if none of the prohibited elements exist in the company’s core business, then it will be deemed as Shariah-compliant, otherwise, it is Shariah non-compliant. The screening process consists of repetitive action. It happens because the company may have multiple core businesses. In this work, we have represented the repetitive actions through a Business Screen State Model. The Business Screen State Model could serve as a general model for automatic screening processes. In addition to that, Business Screening Model was formulated using the screening criteria. The Business Screening Model could be used to provide rules for Shariah classification. The screening criteria can also be embedded into analytic tools for Shariah screening for compliance. Finally, we were able to construct Shariah Business Screening Ontology using a task ontology approach. We illustrate the ontology using structural and behavioral models made of UML class diagram and activity diagram. This ontology represents the knowledge roles and control-flow of the screening process. It can be part of any suitable Shariah screening application.
format Thesis
author Adam, Noor Latiffah
author_facet Adam, Noor Latiffah
author_sort Adam, Noor Latiffah
title Modeling Shariah business screening for compliance in Islamic finance / Noor Latiffah Adam
title_short Modeling Shariah business screening for compliance in Islamic finance / Noor Latiffah Adam
title_full Modeling Shariah business screening for compliance in Islamic finance / Noor Latiffah Adam
title_fullStr Modeling Shariah business screening for compliance in Islamic finance / Noor Latiffah Adam
title_full_unstemmed Modeling Shariah business screening for compliance in Islamic finance / Noor Latiffah Adam
title_sort modeling shariah business screening for compliance in islamic finance / noor latiffah adam
publishDate 2022
url https://ir.uitm.edu.my/id/eprint/65474/2/65474.pdf
https://ir.uitm.edu.my/id/eprint/65474/
_version_ 1768011496103608320
score 13.211869

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