The copyright © of this thesis belongs to its rightful author and/or other copyright owner. Copies can be accessed and downloaded for non-commercial or learning purposes without any charge and permission. The thesis cannot be reproduced or quoted as a whole without the permission from its rightful owner. No alteration or changes in format is allowed without permission from its rightful owner.
Universlti Utara Malaysia
THE CONCEPT OF TRUST IN THE ISLAMIC BANKING TRANSACTIONS
By
EMAD EDDIN ABAJI
Thesis Submitted to
Othman Yeop Abdullah Graduate School of Business, Universiti Utara Malaysia,
in Fulfillment of the Requirement for the Degree of Doctor of Philosophy
Universlti Utara Malaysia
iv
PERMISSION TO USE
In presenting this thesis in fulfilment of the requirement for a postgraduate degree from Universiti Utara Malaysia, I agree that the library of this university may make it freely available for inspection. I further agree that the permission for copying this thesis in any manner, in whole or in part, for scholarly purpose may be granted by my supervisors or in their absence by the dean of Othman Yeop Abdullah Graduate School of Business. It is understood that any copying, publication or use of this thesis or parts of it for financial gain shall not be allowed without my written permission. It is also understood that due recognition shall be given to me and to Universiti Utara Malaysia for any scholarly use which may be made of any material from my thesis.
Request for permission to copy or to take other use of materials in this thesis, in whole or in part, should be addressed to:
Dean of Othman Yeop Abdullah Graduate School of Business Universiti Utara Malaysia
06010 UUM Sintok Kedah Darul Aman
Universlti Utara Malaysia
v
ABSTRACT
The element of trust is embedded in Islamic banking transactions given the impermissibility of collateralizing the business risk in Islamic contracts (muḍārabah and mushārakah). In addition, the existence of information symmetry underlying the financial-decision precludes the trustor from observing the trustworthiness of the trustee. Therefore, it is crucial for the trustee to observe the fiduciary duty towards the trustor and the use of his fiduciary power. However, given the multi- structural nature of trust, there is still disagreement in the literature on the concept. Motivated by the above, this qualitative study aimed at constructing a model of trust in Islamic banking transactions. In view of the social constructivism ontology, the components of trust were acquired by scrutinizing the concept in the literature as well as conducting semi-structured interviews with selected Islamic finance scholars and bankers. Additionally, the classical and contemporary Fiqh writing were the materials for interpretative content analysis. The socially constructed views indicated that trust is the fiduciary relationship emerging from and accommodated by the contractual agreement upon which the Islamic banking transactions are founded. Under this relationship, the performance of the transacting parties is expected to be trustworthy.
Trustworthiness (Al-amanah) is the faith- produced quality underpinning the fulfilment of the fiduciary obligation emerging from the contractual agreement. Moreover, the persistence of shari’ah rulings and institutional regulations give rise to the belief and expectancy regarding trustworthiness. Additionally, the principle of reliance (tawakkul) after making the due diligence enables the enactment of the trustor’s judgement in terms of behavioural trust. Overall, this study offers a new theoretical model of trust which considers the framework of the Islamic qualities and principles. This will contribute and enhance the trustworthy conducts of the transacting parties and curb their misconducts such as injustice dealings, greed, exploitation, negligence and transgression.
Keywords: trust, fiduciary relationship, Islamic banking transactions, contractual agreement, trustworthiness, tawhidic epistemology
Universlti Utara Malaysia
vi
ABSTRAK
Elemen kepercayaan terpakai dalam urus niaga (transaksi) perbankan Islam kerana risiko perniagaan tidak boleh dicagarkan dalam kontrak Islam (contoh: Mushärakah dan Mudärabah).
Di samping itu, kewujudan maklumat simetri yang mendasari keputusan kewangan menghalang pemberi amanah memerhatikan kebolehpercayaan terhadap pemegang amanah. Oleh itu, adalah penting bagi pemegang amanah untuk mematuhi kewajipan yang dimilikinya dan melaksanakannya atas kuasa pemegang amanah. Namun, memandangkan kepercayaan bersifat pelbagai-struktur, masih ada perselisihan dalam literatur mengenai konsep kepercayaan. Didorong oleh perkara di atas, kajian kualitatif ini bertujuan untuk membina model kepercayaan dalam urus niaga perbankan Islam. Dari sudut ontologi konstruktivisme sosial, perspektif tersebut diperoleh dengan meneliti konsep kepercayaan dalam literatur serta mengadakan temu bual separa berstruktur dengan para sarjana dan pengurus institusi kewangan Islam terpilih. Penulisan fikah klasik dan kontemporari digunakan untuk membuat analisis kandungan tafsiran. Pandangan yang dibina dari perspektif sosial menunjukkan bahawa kepercayaan adalah hubungan fidusiari yang wujud dan disesuaikan dari perjanjian kontrak seperti mana yang ditemui dalam transaksi perbankan Islam. Dalam hubungan ini, prestasi pihak yang berurus niaga diharapkan dapat dipercayai. Kebolehpercayaan (Al-amanah) adalah kualiti yang dihasilkan oleh kepercayaan yang mendasari kepatuhan kewajipan pemegang amanah hasil daripada peranjian kontrak. Tambahan lagi, keterusan peraturan syariah dan peraturan institusi meningkatkan lagi kepercayaan dan keyakinan terhadap kepercayaan. Selain itu, prinsip kebergantungan (tawakkul) setelah berusaha sewajarnya memungkinkan enakmen pertimbangan pemberi pemegangan amanah dari segi kepercayaan tingkah laku. Secara keseluruhan, kajian ini menawarkan model kepercayaan baharu yang mengambil kira kerangka kualiti dan prinsip Islam. Hal ini akan menyumbang dan meningkatkan tingkah laku yang boleh dipercayai daripada pihak-pihak yang berurus niaga dan membendung salah laku mereka seperti dalam urusan yang tidak adil, ketamakan, kecuaian, eksploitasi dan pelanggaran.
Kata kunci: kepercayaan, hubungan fudisiari, transaksi (urus niaga) perbankan Islam, perjanjian kontrak, kepercayaan, epistemologi tauhid.
Universlti Utara Malaysia
vii
ACKNOWLEDGEMENT
In the name of Allah, the Most Gracious, the Most Merciful. First and foremost, praises and thanks to Almighty Allah who bestows upon us all the faculty of searching, understanding and learning.
I would like to express my faithful thanks, gratitude and appreciation to my supervisors, Associate Prof. Dr. Selamah Maamor and Prof. Dr. Abdullah Haji Abdul Ghani for their patience, time, valuable guidance, assistance and huge support granted to me throughout the journey of this study.
Their persistent advises, suggestions and instructions is what enabled me to conduct this study.
Additionally, I owed a great gratitude to my beloved family, my father Abdul Salam, and My mother Huda, for their prayers which had inspired me to proceed with this study. Last but not least, great appreciation and love to my beloved family, my wife Banan, my daughters, Noorul Huda, Bassmah and Lilas and my sister Sawsan who had always instilled the hope in me to finish this study. This hope is what provoked my determination and kept the momentum of this challenging journey.
Finally, I would like to thank everyone who has given me inspiration, assistance and guidance throughout the venture of this study.
Universlti Utara Malaysia
viii
TABLE OF CONTENTS
PERMISSION TO USE ... iv
ABSTRACT ... v
ABSTRAK ... vi
ACKNOWLEDGEMENT ... vii
TABLE OF CONTENTS ... viii
LIST OF TABLES ... xiii
LIST OF DIAGRAMS ... xiv
CHAPTER ONE ... 1
INTRODUCTION ... 1
1.2 Problem Statement ... 12
1.3 Research Questions ... 15
1.4 Research Objectives ... 15
1.5 Scope of the Study... 15
1.6 Significance of the Study ... 16
1.7 Organization of the Study ... 17
CHAPTER TWO ... 18
LITERATURE REVIEW ... 18
2.0 Introduction ... 18
2.1 Constructs of the trust concept ... 19
2.1.1 Trust encompasses immeasurable uncertainty and risk of opportunism ... 20
2.1.2 Trust encompasses bounded rationality ... 23
2.1.3 Trust encompasses expectancy ... 25
2.1.4 Trust encompasses belief ... 27
2.1.5 Trust encompasses confidence ... 28
2.1.6 Trust encompasses attitude ... 29
2.1.7 Trust manifests through behaviour ... 30
2.2 Theoretical foundations of trust ... 31
2.2.1 Cognitive-psychological foundation of trust ... 32
2.2.2 Socio-Psychological foundation of trust ... 35
2.2.3 Legal foundation of trust ... 37
Universlti Utara Malaysia
ix
2.2.4 Economical (rational) foundation of trust ... 39
2.3 Theoretical conceptualization on trust ... 41
2.3.1 An Integrative Model of Organizational Trust ... 41
2.3.2 Cross-discipline view of Trust ... 44
2.3.3 Model of Initial Formation of Trust ... 47
2.3.4 Conception of Trust as the Connecting Link between Organizational Theory and Philosophical Ethics ... 51
2.4 Summary ... 54
2.5 Conclusion ... 56
CHAPTER THREE ... 57
RESEARCH METHODOLOGY... 57
3.0 Introduction ... 57
3.1 Theoretical assumptions of the study ... 57
3.2 Design of study... 63
3.2.1 Sample of study ... 63
3.2.2 Data collection ... 66
3.2.3 Data analysis ... 70
3.2.4 Reporting of study ... 75
3.3 Summary ... 78
CHAPTER FOUR ... 79
TRUSTOR’S ATTITUDE AND BELIEF TOWARDS TRUSTING A SPECIFIC PARTY WITHIN A RELATIONSHIP ... 79
4.0 Introduction ... 79
4.1 Essence of trust and trust constructs ... 79
4.1.1 Trust as trustor’s ‘psychological willingness’ ... 85
4.1.2 Trust as trustor’s ‘confidence’ ... 87
4.1.3 Trust as trustor’s ‘belief’ ... 88
4.1.4 Trust as trustors’ ‘expectancy’ ... 90
4.1.5 Trust as trustor’s ‘attitude’ ... 93
4.1.6 Trust as ‘behaviour’ ‘choice’, ‘decision’ ... 95
4.1.7 Trust relationship/ trustor/ trustee... 97
4.1.8 Trust comprises social exchange ... 98
4.1.9 Trust comprises trustor’s perception of trustworthiness ... 101
Universlti Utara Malaysia
x
4.1.10 Trust involves inherent uncertainty ... 102
4.1.11 Trust involves risk of opportunism ... 104
4.1.12 Trust comprises expected outcome ... 106
4.2 Discussion ... 106
4.2.1 Economical, socio-psychological and philosophical perspectives of trust ... 107
4.2.2 Trust involves ‘good reasons’ and ‘cognitive leap’ ... 109
4.2.3 Link between ‘favourable expectations’ and ‘cognitive leap’ ... 114
4.2.4 Further ‘good reason’ of trust ... 117
4.3 The trustor’s belief and attitude from Islamic perspective ... 122
4.3.1 Trust encompasses inductive reasoning ... 123
4.3.2 Trust encompasses moral values ... 125
4.3.3 Trust encompasses fiduciary duty (al-amanah) ... 130
4.4 Summary ... 133
4.5 Conclusion ... 135
CHAPTER FIVE ... 138
TRUST CONCEPT FROM SCHOLARS’ PERSPECTIVE ... 138
5.0 Introduction ... 138
5.1 Trust is value-based entity... 139
5.2 Trust is embedded in institutions ... 141
5.3 Trust involves expectancy ... 142
5.4 Trust entails due diligence... 144
5.5 Trust involves trustworthiness perception... 145
5.5.1 Customers’ perception of banks’ trustworthiness ... 149
5.5.2 Banks’ perception of customers’ trustworthiness ... 150
5.6 Trust is part of the contractual agreement ... 154
5.7 Trust encompasses reliance (tawakkul) ... 156
5.8 Trust manifests as actual transactions ... 157
5.9 Discussion ... 158
5.9.1 Trust involves fiduciary duty ... 159
5.9.2 Trust in the trust-based transactions ... 165
5.9.3 Trust sustains by institutions ... 176
5.9.4 Trust comprises perception of trustworthiness ... 183
Universlti Utara Malaysia
xi
5.9.5 Trust is founded upon the tawhidic epistemology ... 189
5.10 Conclusion ... 203
CHAPTER SIX ... 205
TRUST CONCEPT FROM BANKER’S PERSPECTIVE ... 205
6.0 Introduction ... 205
6.1 Constructs of trust from bankers’ perspective... 206
6.1.1 Trust involves institutional governance ... 207
6.1.2 Trust involves expectancy and belief ... 208
6.1.3 Trust involves due diligence ... 209
6.1.4 Trust manifest in terms of actual transactions ... 216
6.2 Discussion ... 217
6.2.1 Trust encompasses uncertainty and counterparty risk ... 218
6.2.2 Trust encompasses perception of trustworthiness ... 220
6.2.3 Trust encompasses expectancy ... 221
6.3 Conclusion ... 224
CHAPTER SEVEN ... 225
MODEL OF TRUST WITHIN THE IBTs ... 225
7.0 Introduction ... 225
7.1 Definition of trust ... 228
7.2 Model of trust within the IBTs ... 232
7.2.1 Trust emerges from and accommodated by the legal agreement ... 233
7.2.2 The fulfilment of trust is faith-produced ... 240
7.2.3 Trustworthiness perception forms through cognitive judgement ... 242
7.2.4 Trustworthiness perception sustains by belief and expectancy ... 248
7.2.5 Trustworthiness perception sustains by institutional environment ... 251
7.2.6 Behavioural trust is faith-based decision ... 255
7.3 Summary ... 261
7.4 Conclusion ... 263
CHAPTER EIGHT ... 267
CONCLUSION ... 267
8.0 Introduction ... 267
8.1 Summary of the study ... 268
Universlti Utara Malaysia
xii
8.1.1 Summary on Findings of Objective One ... 270
8.1.2 Summary on Finding of Objective Two ... 273
8.1.3 Summary on Finding of Objective Three ... 275
8.1.4 Summary on Finding of Objective Four ... 275
8.2 Contribution and policy implications ... 279
8.3 Limitations and recommendation for future research ... 282
REFERENCES ... 284
APPENDIXES ... 298
Universlti Utara Malaysia
xiii
LIST OF TABLES
Table 2.1 Summary of ethical principles in Conceptions of Trust Hosmer (1995) ……… 53
Table 3.1 Methodological implication of constructivism epistemology ………. 61
Table 3.2 The academic particulars of the interviewed scholars ………. 65
Table 3.3 Interview questions for scholars ……….. 68
Table 3.4 Interview questions for bankers ………... 69
Table 3.5 An example of the data analysis process ………. 75
Table 4.1 Number of previous studies in different periods ………. 80
Table 4.2 Essential constructs of trust discussed in previous studies ……….. 81
Table 4.3 Other constructs of trust discussed in previous studies ………... 82
Table 4.4 Character-related qualities discussed in previous studies ……… 83
Table 4.5 The frequency of using character-related qualities in previous studies ………... 84
Table 4.6 Theoretical foundations of previous studies ……… 85
Table 4.7 Definitions of trust as trustor’s ‘willingness’ ……….. 86
Table 4.8 Definitions of trust as trustor’s ‘confidence’ ………... 87
Table 4.9 Definitions of trust as trustor’s ‘belief’ ……… 89
Table 4.10 Definition of trust as trustor’s ‘expectancy’………91
Table 4.11 Definitions of trust as trustor’s ‘attitude’ ………... 93
Table 4.12 Definitions of trust as ‘behaviour’, ‘choice’, ‘decision’ ……… 96
Table 4.13 Definitions of trust utilizing relationship/trustor/trustee ………... 98
Table 4.14 Definitions of trust utilizing social exchange ……… 99
Table 4.15 Definitions of trust utilizing character-related qualities ……….. 102
Table 4.16 Definitions of trust utilizing ‘uncertainty’ ………... 103
Table 4.17 Definitions of trust utilizing ‘risk’, ‘fears’, ‘harm’ ……….. 104
Table 5.1 Constructs of trust from scholars’ perspective ……….. 139
Table 6.1 Constructs of trust in bankers’ perspective ……… 205
Universlti Utara Malaysia
xiv
LIST OF DIAGRAMS
Diagram 2.1 Integrative Model of Trust (Mayer et al, 1995) ………. 43 Diagram 2.2 Cross-discipline view of Trust (Rousseau et a., 1998) ……….. 46 Diagram 2.3 Model of Initial Formation of Trust (McKnight & Chervany, 1998) ………… 49 Diagram 3.1 Textual content analysis process ……… 72 Diagram 4.1 The constructs of trust from the trustor’s perspective……… 137 Diagram 7.1 Model of trust in the Islamic banking transaction ………. 266
Universlti Utara Malaysia
1
CHAPTER ONE
INTRODUCTION
1.1 Background of Study
Islamic finance and banking comprise the banking and financing activity that complies with shari’ah (Islamic law) and its practical application in the development of Islamic economics. In
contemporary economics, Islamic banking has become one of the vital sources of economic growth (Alwady & Samhan, 2007). The main objective of the Islamic banking system in Malaysia is to meet the financial needs of Muslims in particular and the nation at large (Abdul Rahman, 2014).
The Islamic law (Shari'ah) constitutes rulings (ahkam) that encompass the value of faith (iman), the relationship between individuals and Allah (S.W.T) (‘ibadah), and the relationship between people (mu'amalah), as well as a system of ethics and morality (akhlaq) (Laldin & Furqani, 2013).
In this respect, Abtani (2007) stated:
“Islamic law cannot be separated from its moral, ethical and religious principles; otherwise, its rules will be useless. In other words, the Islamic system cannot be secular. This is because all Islamic rules are connected with the faith, beliefs and worship of Islam.”
The Islamic finance and banking industry has been lauded for returning to the path of divine guidance in rejecting the political and economic dominance of the West (Usmani, 1999) and noted as the most visible way of Islamic revivalism (Farooq, 2007) by acknowledging the employment of profit and loss sharing instruments as the ethical modes of investment promoted by early promoters (Khan, 2013).
Universlti Utara Malaysia
284
REFERENCES
Al Qur’anul Karim
Abdul Ghafar D., Berhanundin, A. & Zulkiple A., G. (2007). Dakwah dan pengurusan Islam di Malaysia: Konsep dan pelaksanaan. Bangi: Publisher of The National University of Malaysia (UKM).
Abdul-Rahman, A., Abdul Latif, R., Muda, R., & Abdullah, M. (2014). Failure and potential of profit-loss sharing contracts: a perspective of new institutional economic (NIE) theory.
Pacific-Basin Finance Journal, 28, 136-151.
Abedifar, P., Ebrahim, S., Molyneux, P., & Tarazi, A. (2015). Islamic banking and finance: resent empirical literature and directions for future research. Journal of Economic Surveys, 29(4), 637-670.
Abu Sin, A. I. (1997). Pengurusan dalam Islam. (Ed. 2), Kuala Lumpur: Dewan Bahasa dan Pustaka.
Aggarwal, R.K. and Yousef, T. (2000) Islamic banks and investment financing, Journal of Money, Credit and Banking 32, 93-120.
Agha, S. E. U., & Sabirzyanov, R. (2015). Risk management in Islamic finance: An analysis from objectives of shari’ah perspective. International Journal of Business, Economics and Law, 7(3), 2289-1552.
Ahmed, H. & Khan, T. (2007). Risk management in Islamic banking. InM. K. Hassan & M. K.
Lewis (Ed.). Handbook of Islamic banking, 144-158.
Akerlof, G. A. (1970). The Market for Lemons quality uncertainty and the market mechanism. The Quarterly Journal of Economics, 84 (3) 488-500
Al Wadi, M. H., & Samhan, H. M. (2007). Islamic banks -the theoretical basis and applications (1st ed.). Dar Almasira, Amman, Jordan
Alam, N., & Boon Tang, K. (2012). Risk-taking behavior of Islamic banks: application of prospect theory. Qualitative Research in Financial Markets, 4(2/3), 156-164.
Al-Bujayrimī, S. M. ʽU. (1996). Ḥāshiyyat al-Bujayrimī. Beirut: Dār al-Kutub al-ʽIlmiyyah Al-Ghazali Ihya' 'Ulum al-Din. Dar Ibin Hazm (2005), 4,.1639-1941.
Al-Harran, S.A.S. (1996). Islamic Finance. Partnership Financing. Subang Jaya: Pelanduk Pub.
(M) Sdn. Bhd.
Al-Khafīf,ʽAlī, (1981). Al-Ḍamān fī al-Fiqh alIslāmī. Cairo: Maʽhad al-Buḥūth wa alDirasāt al- ʽArabiyyah.
Universlti Utara Malaysia
285
Al-Sawī, A. (1995). Bulghāt al-Salik li Aqrab al-Masālik. (n.p): Dār Maʽārif
Andaleeb, S. S. (1992). The trust concept: Research issues for channels of distribution. Research in marketing, 11(1), 1-34.
Anderson, E., and Weitz, B. (1989). Determinants of Continuity in Conventional Industrial Channel Dyads. Marketing Science 8(4) 310–323.
Arif, M. (1989). Islamic banking in Malaysia: Framework, performance, and lessons. Journal of Islamic Economics 2(2): 67-78.
Arrow, K. (1975). Vertical integration and communication. Bell Journal of Economics, 6(1), 173- 183.
Arrow, K.J. (1971) The Theory of risk aversion: Aspects of the theory of risk bearing. Markham Publ. Co., Chicago.
Aselage, J., & Eisenberger, R. (2003). Perceived organizational support and psychological contracts: A theoretical integration. Journal of organizational behaviour, 24, 491-509.
Ashley, D., & David M. O. (2005). Sociological Theory: Classical Statements (6th ed.). Boston:
Pearson Education.
Atbani, F. (2007). The prevention of financial crime within an Islamic legal framework 1.
Economic Affairs, 27(1), 27-33.
Atkins. M. (2018) Lancaster University. https://doi.org/10.17635/lancaster
Aven, T. (2011). Quantitative risk assessment: Scientific platform. Cambridge University Press.
Bachmann, R., & Inkpen, A. C. (2011). Understanding institutional-based trust building processes in inter-organizational relationships. Organization Studies, 32(2), 281-301.
Badcock, C., & Gambetta, D. (1990). Trust: making and breaking Cooperative Relations. The British Journal of Sociology, 41(1), 128-142.
Bader, M. K. I., Mohamad, S., Ariff, M. & Hassan, T. (2008). Cost, revenue and profit efficiency of Islamic versus conventional banks: International evidence using data Envelopment analysis. Islamic Economic Studies, 15, 23-76
Balala, M. (2011). Islamic Finance and Law: Theory and practice in a globalized world.
International library of economics, London: I.B. Tauris.
Barber, B. (1983). The logic and limits of trust (1st ed.). Rutgers University Press.
Basir,
Beckert, J. (1996). What is sociological about economic sociology? Uncertainty and the embeddedness of economic action. Theory & Society, 25(6), 803-840.
Universlti Utara Malaysia
286
Barney, J. B., and Hansen, M. H. (1994). Trustworthiness as a Source of Competitive Advantage.
Strategic Management Journal (15), 175–190.
Bhattacharya, R., Devinney, T. M., & Pillutla, M. M. (1998). “A Formal Model of Trust Based on Outcomes”. The Academy of Management Review, (23:3),459–472.
Bialaszewski, D., and Giallourakis, M. (1985). Perceived Communication Skills and Resultant Trust Perceptions within the Channel of Distribution. Journal of the Academy of Marketing Science, (13:2),206–217.
Blau, P. M. (1964). Exchange and Power in Social Life, USA: John Wiley.
Blomqvist, K., (1997). The Many Facets of Trust. Scand. J. Management, 13(3): 271-286.
Boon, S. D., & Holmes, J. G. (1991). The dynamics of interpersonal trust: resolving uncertainty in face of risk. In Hinde, R. A. & Groebel, J. (Eds.), Cooperation and prosocial behaviour.
Cambridge, UK: Cambridge University Press,190-211.
Bradach, J. L., & Eccles, R. G. (1989). Price, authority, and trust: From ideal types to plural forms.
Annual Review of Sociology, 15(1), 97-118.
Broadbent, J., Gill, J. & Laughlin, R. (2008). Identifying and controlling risk: The problem of uncertainty in the private finance initiative in the UK's National Health Service. Critical Perspectives on Accounting, 9(1), 40-78.
Bromiley, P., & Cummings, L. L. (1995). Transaction costs in organizations with trust. In R. Bies, R. Lewicki, & B. Sheppard (Eds.), research on negotiations in organizations.
Greenwich: JAI Press.
Carson, S. J., Madhok, A., Varman, R., and John, G. (2003). Information processing moderators of the effectiveness of trust-based governance in inter-firm R&D collaboration.
Organization Science 14(1), 45–56.
Castaldo, S., Premazzi, K., & Zerbini, F. (2010). The meaning (s) of trust: a content analysis on the diverse conceptualizations of trust in scholarly research on business relationships.
Journal of Business Ethics, 96(4), 657-668.
Castillo-Montoya, M. (2016). Preparing for interview research: The interview protocol refinement framework. The Qualitative Report, 21(5), 811-831.
Cognitive American Psychological Association (2013). Glossary of psychological terms.
Coleman, J. S. (1990). The foundations of social theory. Cambridge, MA: Harvard University Press.
Colquitt, J. A, Scott, B. A. & LePine J. A. (2007). Trust, trustworthiness, and trust propensity: A meta-analytic Test of their unique relationships with risk-taking and job performance.
Journal of Applied Psychology, 92 (4), 909–927.
Universlti Utara Malaysia
287
Corbin, J., & Strauss, A. (2008). Basics of qualitative research: Techniques and procedures for developing grounded theory (3rd ed.). Thousand Oaks, CA, US: Sage Publications, Inc.
Corritore, C. L., Kracher, B., & Wiedenbeck, S. (2003). On-line trust: concepts, evolving themes, a model. International Journal of Human-Computer Studies, 58(6),737–758.
Creswell, J. W. (2012). Educational research: Planning, conducting, and evaluating quantitative and qualitative research (4th ed.). Boston, MA: Pearson Education, Inc.
Cummings, L.L., & Bromiley, P. (1996). Trust in organizations: frontiers of theory and research.
Thousand Oaks, CA: Sage Publications.
Currall, S., & Judge, T. (1995). Measuring trust between organizational boundary role persons. Organizational Behaviour and Human Decision Processes, 64(2), 151-170.
Dasgupta P (1988). Trust as a Commodity. In: Gambetta D, editor. Trust: making and breaking cooperative relations. Oxford: Basil Blackwell.
Davidson, P. (2011). Post Keynesian macroeconomic theory. 2nd edition, Cheltenham: Edward Elgar Publishing.
De Cremer, D., & Tyler, T. R. (2007). The effects of trust in authority and procedural fairness on cooperation. Journal of Applied Psychology, 92(3), 639–649.
De Mott, D.A., (1988), An Analysis of Fiduciary Obligation, Duke Law Journal, No. 5.
Deutsch, M. (1958). Trust and suspicion. Journal of Conflict Resolution, 2(4), 265-279.
Deutsch, M. (1960). The effect of motivational orientation upon trust and suspicion. Human relations, 13(2), 123-139.
Dietz, G., & Den Hartog, D. (2006). Measuring trust inside organizations. Personnel Review, 35(5), 557-588.
Dijke, A, M. V., De Cremer, D., & Mayer, D. M. ()2010). The role of authority power in explaining procedural fairness effects. Journal Applied Psychology, 95(3),488–502.
Dirks, K. T., & Ferrin, D. L. (2001). The role of trust in organizational settings. Organization science, 12(4), 450-467.
Don, A. G., Abdullah, B. & Abd. Ghani, Z. (2007). Dakwah dan pengurusan Islam di Malaysia:
Konsep dan pelaksanaan. Bangi: Publisher of National University of Malaysia (UKM) Doney, P. M., Cannon, J. P., & Mullen, M. R. (1998). Understanding the influence of national culture on the development of trust. The Academy of Management Review, 23(3), 601–620.
Dunn, P., (2000). The importance of consistency in establishing cognitive-based trust: a laboratory experiment. Teaching Business Ethics 4, 285–306.
Universlti Utara Malaysia
288
Easterbrook, F. H. & Fischel, D. R. (1993). Contract and fiduciary duty. The Journal of Law &
Economics, 36(1), 425-446.
Edwards, J. R., & Cable, D. M. (2009). The value of value congruence. Journal of Applied Psychology, (94:3), pp. 654–677.
Eisenberger, R., Armeli, S., Rexwinkel, B., Lynch, P. D., & Rhoades, L. (2001). Reciprocation of perceived organizational support. Journal of applied psychology, 86, 42-51.
Elo, S., & Kyngäs, H. (2008). The qualitative content analysis process. Journal of Advanced Nursing, 62(1), 107-115.
Farooq, M. O. (2007). Partnership, equity-financing and Islamic finance: whither profit-loss- sharing? Review of Islamic Economics, 11, 67–88.
Faems, D., Janssens, M., Madhok, A., & Van Looy, B. (2008). Toward an integrative perspective on alliance governance: connecting contract design, trust dynamics, and contract application. Academy of Management Journal, 51(6), 1053-1075.
Frankel, S. H. (1977). Money: Two philosophies. Oxford: Basil Blackwell.
Friedman, M., & Savage, L. (1948). The utility analysis of choices involving Risk. Journal of Political Economy, 56(4), 279-304.
Fukuyama, F. (1995). Trust: The social virtues and the creation of prosperity. New York, NY: Free press.
Gabarro, J.J. (1978). The development of trust, influence, and expectations. In A. G. Athos & J. J.
Gabarro (Eds.), Interpersonal behaviours: Communication and understanding in relationships. Englewood Cliffs, NJ: Prentice Hall.
Gambetta, D. (1988). Trust. making and breaking cooperative relations. New York, NY: Basil Blackwell Inc.
Gambetta, D. (2000). ‘Can We trust trust?’ trust: making and breaking cooperative relations.
Electronic edition, Department of Sociology, University of Oxford, chapter 13, 213-237 Garfinkel, H. (1967b). Studies in Ethnomethodology, Cambridge, Great Britain: Blackwell
Science Ltd.
Giddens,A. (1984). The constitution of society. Cambridge: Polity Press.
Giddens,A. 1991. Modernity and self-identity. Cambridge: Polity Press.
Giffin, K. (1967). Interpersonal trust in small-group communication. Quarterly Journal of Speech, 53(3). 224-234.
Gioia, D., Corley, K., & Hamilton, A. (2013). Seeking Qualitative Rigor in Inductive Research. Organizational Research Methods, 16(1), 15-31.
Universlti Utara Malaysia
289
Grandison, T., & Sloman, M. 2000. A Survey of Trust in Internet Applications. IEEE Communications Surveys & Tutorials, 3(4), 2–16.
Granovetter, M. (1985). Economic action and social structure: The problem of embeddedness.
American journal of sociology, 91(3), 481-510.
Hagen, J. M., & Choe, S. (1998). Trust in Japanese inter-firm Relations: Institutional Sanctions Matter. Academy of management review, 23(3), 589–600.
Hardin, R. (2001). Conceptions and explanations of trust. In K. S. Cook (Ed.), Russell Sage foundation series on trust 2, 3-39.
Harding, J. (2013). Qualitative data analysis from start to finish. Sage Publications Ltd.
Hashim, A. & Hussain, L. H (2011). Mudarib di dalam kontrak Muḍārabah. Muzakarah Cendikiawan Syariah Nusantara 2011. Phuket, Thailand.
Hassan, A., & Zaharuddin A. R. (2011). Mushārakah: Isu Jaminan Perlindungan Modal dan Pengukuhan Kredit. Muzakarah Cendikiawan Syariah Nusantara 2011. Phuket, Thailand
Hausman, D. (1992). Essays on Philosophy and Economic Methodology. The Economic Journal, 104(424), 708.
Henslin, J. M. (1972). What Makes for Trust? In James M. Henslin (ed.), Down to Earth Sociology. Free Press.
Hoffman, A. M. (2002). A conceptualization of trust in international relations. European Journal of International Relations, 8(3), 375-401.
Hosmer, L. T. (1995). Trust: The connecting link between organizational theory and philosophical ethics. Academy of management Review, 20(2), 379-403.
Howorth, C., & Moro, A. (2006). Trust within Entrepreneur Bank Relationships: Insights from Italy. Entrepreneurship Theory and Practice, 30(4), 495-517.
Hsieh H.-F. & Shannon S. (2005) Three approaches to qualitative content analysis. Qualitative Health Research 15, 1277–1288.
Iqbal, M., & Molyneux, P. (2005). Thirty Years of Islamic Banking. Palgrave Macmillan Studies in Banking and Financial Institutions.
Jeffries, F. L. & Reed, R. 2000. Trust and Adaptation in Relational Contracting. The Academy of Management Review, 25(4), 873–882.
Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behaviour, agency costs and ownership structure. Journal of financial economics, 3(4), 305-360.
Universlti Utara Malaysia
290
Jones, G. R. & George, J. M. (1998). The experience and evolution of trust: Implications for cooperation and teamwork. Academy of Management Review, 23(3), 531–546.
Kahneman, D., & Tversky, A. (1979). Prospect theory: Analysis of decision under risk.
Econometrica, 47(2), 263-291.
Kaplan, B., & Maxwell, J. A. (1994). Qualitative research methods for evaluating computer information systems. In J. G. Anderson, C. E. Aydin, & S. J. Jay (Eds.), Evaluating health care information systems, methods and applications. Thousand Oaks, CA: Sage.
Kee, H. W., & Knox, R. E. (1970). Conceptual and methodological considerations in the study of trust and suspicion. Journal of Conflict Resolution, 14(3), 357–366.
Kegan, D. L., & Rubenstein, A. H. (1973). Trust, effectiveness, and organizational development:
A field study in R & D. Journal of Applied Behavioural Science 9 (4), 498-513.
Kern, T., & Willcocks, L. (2000). Exploring information technology outsourcing relationships:
theory and practice. Journal of Strategic Information Systems, 9(4), 321–350.
Keynes, J. M. (1937). The general theory of employment, interest, and money. London:
Macmillan.
Khan, F. (2010). How ‘Islamic’ is Islamic banking? Journal of Economic Behaviour &
Organization, 76(3), 805-820.
Khan, M. A. (1978). Methodology of Islamic Economics. Journal of Islamic Economics Vol. 1, No. 1.
Khan, M. A. (2013). Emerging Islamic Banking: Its need and scope in India, Pacific Business Review International, 5(7), 84-91.
Knight, F. H. (1921). Risk, uncertainty and profit. Boston: Houghton Mifflin.
Koller, M. (1988). Risk as a determinant of trust. Basic and Applied Social Psychology, 9(4), 265–
276.
Kondracki, N. L., & Wellman, N. S. (2002). Content analysis: Review of methods and their applications in nutrition education. Journal of Nutrition Education and Behaviour, 34(4), 224-230.
Korsgaard, M. A., Brodt, S. E., & Whitener, E. M. (2002). Trust in the face of conflict: The role of managerial trustworthy behaviour and organizational context. Journal of applied psychology, 28 (2), 312-319.
Kramer, R. M. & Tyler, T. R. (1995). Trust in organization: Frontiers theory and research.
Thousand Oaks CA Sage.
Universlti Utara Malaysia
291
Kramer, R. M. (1999). Trust and distrust in organizations: Emerging perspectives, enduring questions. Annual Review of Psychology, 50(1), 569-598.
Kumar, N., Scheer, L. K., & Steenkamp, J. B. E. (1995). The effects of perceived interdependence on dealer attitudes. Journal of Marketing Research, 32(3), 348–356.
Kvale, S. (1996). Interviews: An introduction to qualitative research interviewing. Thousand Oaks, CA: Sage
Laldin, M. A. & Furqani, H. (2013). The Objective of the Shari'ah in Islamic finance: Identifying the ends (Maqasid) and the means (Wasa'il). International Journal of Islamic and Middle Eastern Finance and Management, 6(4).
Larzelere, R. E., & Huston, T. L. (1980). The Dyadic Trust Scale: Toward Understanding Interpersonal Trust in Close Relationships. Journal of Marriage and Family, 42(3), 595–604.
Lawson, K. & Pierson, R. (2007). Maternal decisions regarding prenatal diagnosis: Rational choices or sensible decisions? Journal of Obstetrics and Gynecology Canada, 29(3), 240-246.
LD, F., (2008). Psychology: Six perspectives. Thousand Oaks, CA: Sage Publications.
Levi, M. & Stoker, L. (2000). Political trust and trustworthiness. Annual Review of Political Science, 3. 474-507.
Lewicki, R.J. & Bunker, B.B. (1996). Developing and maintaining trust in work relationships. In:
Kramer, R.M. and Tyler, T.R., Eds., Trust in Organizations: Frontiers in Theory and Research, Sage Publications, Thousand Oaks, 114-139
Lewis, J., & Weigert, A. (1985). Trust as a social reality. Social Forces, 63(4), 967-985.
Li, P. P. (2015). Trust as a leap of hope for transaction value: A two-way street above and beyond trust propensity and expected trustworthiness. Nebraska Symposium on Motivation.
Nebraska Symposium on Motivation 62, 37-53
Lincoln, Y. S., & Guba, E. G. (1985). Naturalistic inquiry. Newbury Park, CA: Sage
Lorenz, E. (1999). Trust, contract and economic cooperation. Cambridge Journal of Economics, 2(3),301–315.
Lorenz, E. H. (1988). Neither friends nor strangers: Informal networks of subcontracting in French engineering industry. Oxford: Basil Blackwell, 9(4), 311-331.
Luhmann, N. (2000). Familiarity, confidence, trust: Problems and alternatives. Trust: making and breaking cooperative relations, electronic edition, Department of Sociology, University of Oxford, 94-107.
Universlti Utara Malaysia
292
Luhmann, N., Kastner, F., & Schiff, D. (2004). Law as a social system. Oxford University Press.
Maheran M. J. (2006). Model matematik pelaburan musyarakah dan musyarakah mutanaqisah.
Doctoral dissertation, Pusat Pengajian Sains Matematik, Fakulti Sains dan Teknologi, Universiti Kebangsaan Malaysia.
Majid, M. A. A., Othman, M., Mohamad, S. F., Lim, S. A. H., & Yusof, A. (2017). Piloting for interviews in qualitative research: Operationalization and lessons learnt. International Journal of Academic Research in Business and Social Sciences, 7(4), 1073-1080.
March, J., & Heath, C. (1994b). Primer on Decision Making: How Decisions Happen (1st ed.).
New York: Free Press.
Masood, O., Al Suwaidi, H., & Darshini, P. (2012). Credit risk management: a case differentiating Islamic and non-Islamic banks in UAE. Qualitative Research in Financial Markets, 4(2/3), 197-205.
Mayer, R.C., Davis, J., H., & Schoorman, D. (1995). An integrative model of organizational trust.
Academy of Management Review, 20(3), 709-734.
McAllister, D., J. (1995). Affect and cognition-based trust as foundations for interpersonal cooperation in organizations. Academy of Management Journal, 38(1), 24-59.
McKnight, D. H. & Chervany, N. L. (1998). Initial trust formation in new organizational relationships. Academy of Management. The Academy of Management, 23(3), 473-490.
McLain, D. L., and Hackman, K. (1999). Trust, risk, and decision-making in organizational change. Public Administration Quarterly, 23(2), 152–176.
Merriam, S. B. (2009). Qualitative research: A guide to design and implementation. San Francisco, CA: Jossey-Bass.
Mesquita, L. F. (2007). Starting over when the bickering never ends: Rebuilding aggregate trust among clustered firms through trust facilitators. The Academy of Management Review, 32(1), 2–91.
Michalos, A. C. (1990). The impact of trust on business, international security and the quality of life. Journal of Business Ethics, 9, 619-638.
Miles, M. B., & Huberman, A. M. (1994). Qualitative data analysis: An expanded sourcebook (1st ed.). Thousand Oaks, CA: Sage.
Miles, M., Huberman, M., & Saldana, J. (1993). Qualitative data analysis: an expanded sourcebook (1st ed.). SAGE Publications.
Mishra, A. K. (1996). Organizational responses to crisis: The centrality of trust in organizations. Newbury Park: Sage, 261–287.
Universlti Utara Malaysia
293
Mohr, J., & Spekman, R. (1994). Characteristics of partnership success: Partnership attributes, communication behaviour, and conflict resolution techniques. Strategic Management Journal, 15(2), 135–152.
Mollah, S., Hassan, M.K., Al Farooque, O. & Mobarek, A. (2017). The governance, risk-taking and performance of Islamic banks. Journal of Financial Services Research, 51(2), 195- 219.
Möllering, G. (2006). Trust, institutions, agency: Towards a neo-institutional theory of trust.
Bachmann, R. & Zaheer, A. (ed.). Handbook of Trust Research, 355-376.
Möllering, G. (2001). The nature of trust: From Georg Simmel to a theory of expectation, interpretation and suspension. Sociology, 35(2), 403-420.
Moorman, C., Zaltman, G., & Deshpande, R. (1992). Relationships between providers and users of market research: The dynamics of trust within and between organizations. Journal of Marketing Research, 29, 314-328.
Morgan, R. M., and Hunt, S. D. (1994). Commitment-trust theory of relationship marketing.
Journal of Marketing 58(4), 20–38.
Morrow, S. L. (2005). Quality and trustworthiness in qualitative research in counselling psychology. Journal of counselling psychology, 52(2), 250-260.
Morse, J. M. (1991). Strategies for sampling. In J. M. Morse (Ed.), Qualitative nursing research:
A contemporary dialogue. Thousand Oaks, CA, US: Sage
Naim, A. M. (2018). Critical analysis of mudarabah and musharakah and its relation to daman.
Malaysian Management Journal, 22, 1-18.
Naim, A. M., Hussein, M. N. M, Long, M. N. H., Abu Bakar, M. (2016). Shari’ah appraisal of the concept of daman, taqsir, and ta’ddi in trust-based contracts (‘uqud al-amanat). JKAU:
ISLAMIC Econ. 29(1), 3-20.
Neuman, J., & Morgenstern, O. (1944). Theory of games and economic behaviour. John Wiley &
Sons.
Nooteboom, B. (2002). Trust: Forms, foundations, functions, failures and figures, Cheltenham:
Edward Elgar Publishing.
Palliam, S. R, Lee G. Caldwell L.G. & Ghosh D. K. (2012). Financial transaction and fiduciary obligation: Ethics, economics or commingled commitment? International Journal of Banking and Finance, 9 (4): 1-27
Patton, O. (1990). Qualitative evaluation and research methods (2nd edition). Newbury Park, CA:
Sage.
Universlti Utara Malaysia
294
PytlikZillig, L. M., & Kimbrough, C. D. (2016). Consensus on conceptualizations and definitions of trust: Are we there yet? In Shockley, E., Neal, I. M. S., PytlikZillig, L. M. &
Bornstein, B. H. (Eds.) Interdisciplinary perspectives on trust: Towards theoretical and methodological integration. New York, NY: Springer International Publishing.
Q. Qu S. & Dumay J. (2011). The qualitative research interview. Qualitative Research in Accounting &Management, 8(3), 238-264.
Rakow, T., & Newell, B. R. (2010). Degrees of uncertainty: An overview and framework for future research on experience-based choice. Journal of Behavioural Decision Making, 23, 1- 14.
Renn, O. & Swaton, E. (1984). Psychological and sociological Approaches to study risk perception. Environment International, 10, 557-575
Ring, P., & van de Ven, A. (1994). Developmental processes of cooperative inter-organizational relationships. The Academy of Management Review, 19(1), 90.
Robbins, B. (2016). From the general to the specific: How social trust motivates relational trust.
Social Science Research 55: 16–30.
Robbins, S. P., & Coulter, M. (2011). Management. Essex, England: Pearson Prentice-Hall.
Robin, D.P. (1987). Social responsibility, ethics and marketing strategy: Choosing between concept and application. Journal of Marketing, 51 (1): 44-58.
Rothschild, M., & Stiglitz, J. (1976). Imperfect information. The Quarterly Journal of Economics, 90(4), 629-649.
Rottenstreich, Y., & Kivetz, R. (2006). On decision making without likelihood judgment.
Organizational Behaviour and Human Decision Processes, 101(1), 74-88.
Rotter, J. B. (1967). A new scale for the measurement of interpersonal trust. Journal of personality, 35(4), 651-665.
Rousseau, D. M., Sitkin, S. B., Burt, R. S., & Camerer, C. (1998). Not so different after all: A cross-discipline view of trust. Academy of management review, 23(3), 393-404.
Sahri, M. (2018). Interpretation of al-Quran verses of trusts. Journal of Madaniyah, 8(1), 125-139.
Sako, M., & Helper, S. (1998). Determinants of trust in supplier relations: Evidence from the automotive industry in Japan and the United States. Journal of Economic Behaviour &
Organization, 34(3), 387–417.
Salamon, S. D., & Robinson, S. L. (2008). Trust that binds: The impact of collective felt trust on organizational performance. Journal of Applied Psychology, 93(3), 593.
Universlti Utara Malaysia
295
Shamsuddin, Z. & Ismail, A. G. (2013). Agency theory in explaining Islamic financial contracts.
Middle-East Journal of Scientific Research, 15(4), 530-545.
Sandelowski, M. (1986). The problem of rigor in qualitative research. Advances in nursing science, 8(3):27-37.
Savage, L.J. 1954. The Foundations of Statistics. New York: John Wiley.
Schlenker, B. R., Helm, B., & Tedeschi, J. T. (1973). The effects of personality and situational variables on behavioural trust. Journal of Personality and Social Psychology, 25(3), 419–427.
Schurr, P. H., & Ozanne, J. L. (1985). Influences on exchange processes: Buyers’ preconceptions of a seller's trustworthiness and bargaining toughness. Journal of Consumer Research, 11(4), 939–953.
Seglin, J.L. (2003). The right thing: conscience, profit, and personal responsibility in today’s business. Rollinford, NH Spiro Press.
Selnes, F. 1998). Antecedents and consequences of trust and satisfaction in buyer-seller relationships. European Journal of Marketing, 32(3/4), 305–322.
Shackle, G. L. (1959). Time and thought. British Journal for the Philosophy of Science, 9(36) 285- 98.
Shenton, A. (2004). Strategies for ensuring trustworthiness in qualitative research projects.
Education for Information, 22, 63-75.
Sheppard, B.H., & Sherman, L.K. (1998). The grammars of trust: A model and general implications. Academy of Management Review, 23, 422-437.
Simmel, G. (1950). The Sociology of Georg Simmel. Edited by Kurt H. Wolff. New York: free Press.
Simmel, G. (1990), The Philosophy of Money. London: Routledge.
Simon, H. A. (1955). A behavioural model of rational choice. The quarterly journal of economics, 69(1), 99-118.
Sitkin, S. B., & Roth, N. R. (1993). Explaining the limited effectiveness of legalistic "remedies"
for trust/distrust. Organization Science, 4, 367-392.
Six, F., Nooteboom, B., & Hoogendoorn, A. (2010). Actions that Build Interpersonal Trust: A Relational Signalling Perspective. Review of Social Economy, 68(3), 285–315.
Smith, S. A. (2004). Contract theory: Introduction to general theories and the justification of contractual obligations. OUP Oxford.
Sociological. Dictionary of the Social Sciences (2008), Oxford University Press, Calhoun, Craig.
Universlti Utara Malaysia
296
Stoelhorst, J. (2007). The evolution of institutional economics: Agency, structure and Darwinism in American institutionalism. Academy of Management Review, 32(4), 1285-1288.
Strauss, A. & Corbin, J. (1990). Basics of qualitative research: Grounded theory procedures and techniques. Newbury Park, CA: Sage.
Sudin H. & Shamugam, B. (2001). Islamic Banking System. Concept & Applications. Subang Jaya: Pelanduk Pub. (M) Sdn. Bhd.
Sztompka, P. (1999). Trust: A sociological theory. Cambridge: Cambridge University Press.
Tesch, R. 1990. Qualitative research: analysis types and software tools. New York, The Flamer Press.
Turnley, W. H., Bolino, M C., Lester, S. W., & Bloogood, I. M. (2003). The impact of psychological contract fulfilment on the performance of in-role and organizational citizenship behaviour. Journal of management, 29, 187-206.
Tyler, T. R., and Degoey, P. 1996. “Trust in organizational authorities: The influence of motive attributions on ‘willingness to accept decisions’,” in trust in organisations: Frontiers of Theory and Research. Thousand Oaks, CA: Sage Publications, 331–357.
Underhill, A., & Oerton, R. (1970). Underhill's law relating to trusts & trustees (12th ed.). London:
Butterworths.
Usmani, M. T. (1999). Discourses on Islamic Ways of Life. Karachi: Darul-Ishaat.
Uzzi, B. (1997). Social structure and competition in inter-firm networks: The paradox of embeddedness. Administrative Science Quarterly 42(1), 35–67.
Webb, E. J. (1995). Trust and crisis in trust in organizations: Frontiers of theory and research, R.
M. Kramer and T. R. Tyler (eds.), New York: Sage Publications Ltd.., 288–301.
Weber, M. (1947). Legitimate authority and bureaucracy. The theory of social and economic organization, 328-340.
Williams, M. (2001). In whom we trust: Group membership as an affective context for trust development. The Academy of Management Review, 26(3), 377–396.
Williamson, O. E. (1985). The Economic Institutions of Capitalism. Firms, Markets, Relational Contracting, New York: The Free Press.
Williamson, O. E. (1993). Calculatedness, trust, and economic organization. The Journal of Law
& Economics, 36(1), 453-486.
Williamson, O. E. (2000). The new institutional economics: Taking stock, looking ahead. Journal of Economic Literature 38, 595-613.
Universlti Utara Malaysia
297
Win, S. (2018). What are the possible future research directions for bank’s credit risk assessment research? A systematic review of literature. International Economics & Economic Policy 15,743–759.
Yamagishi, T. (1998). The structure of trust: The evolutionary games of mind and society. Tokyo:
University of Tokyo Press.
Yin, R. K. (2003b) Case study research: Design and methods, 3rd edition, London, SAGE Publications.
Zali, N. A. & Ismail, A. G. (2014). The creation of ethical identity from the perspective of intangible assets. Middle-East Journal of Scientific Research, 21(8), 1219-1225.
Zaheer, A. & Venkatraman, N. (1995). Relational governance as an inter-organizational strategy:
An empirical test of the role of trust in economic exchange. Strategic Management Journal, 16(5), 373–392.
Zaltman, G. & Moorman, C. (1988). The Importance of Personal Trust in the Use of Research.
Journal of Advertising Research, 28(5), 16–24.
Zand, D. (1972). Trust and managerial problem solving. Administrative Science Quarterly, 17(2), 229-239.
Zucker, L. G. (1986). The production of trust: institutional resources of economic structure.
Research in Organizational Behaviour, 8, 53-111.
Zulhafiz, M. (2018). Perception of contractual risk allocation in the oil and gas contracts in Malaysia. https://doi.org/10.1504/IJTGM.2018.092483
Universlti Utara Malaysia
298
APPENDIXES
Informed Consent for Participation in Research Activities:
CONSTRUCTING A MODEL OF TRUST (THIQAH) WITHIN THE ISLAMIC BANKING TRANSACTIONS
I would like to thank you for giving me the opportunity to conduct this interview session with you.
My name is Emad Eddin Abaji. I am a PHD candidate in Universiti Utara Malaysia (UUM). I am doing this academic research under the supervision of Associate Prof. Dr. Selamah Maamor and Prof. Dr. Abdullah Haji Abdul Ghani. I appreciate your cooperation of providing me with your experience and perspective needed for conducting this academic research.
The purpose of this interview is to gain your insights, opinions and experiences regarding the concept of trust and its constructs within the Islamic banking transactions (IBTs). This interview will be conducted in English. Participation in this study is voluntary. You may decline to answer any of the interview questions if you wish. Furthermore, you may decide to withdraw from this interview at any time without any negative consequences. The interview session may last approximately one hour in length. All responses will be used for academic purposes only and will be kept confidential and not be used except as the basis of papers written for conferences or journals after your written consent. Therefore, anonymous quotations may be used. The data collected during this study will be retained in my supervisor’s office and only researchers associated with this study will have access. The interview will be tape-recorded in order to facilitate the collection and the later transcription of data for the analysis purpose. If you require further information about this study you may call my supervisors the Associate Prof. Dr. Selamah Maamor and Prof. Dr. Abdullah Haji Abdul Ghani on 0194480666 and 0194422349 respectively.
