Asif Akhtar

Window Dressing of Financial Statements in the Era of Digital Finance: A Study of Small Cap Indian Companies

With the paradigm shift from the local “bahi-khata (indigenous accounting and record-keeping system)” to the online annual statements, companies are continuously searching for ways to window dress accounts and present a better financial picture. Window dressing is an old phenomenon and lies within the boundaries of lawfulness. As we enter the era of Digital India Programme, it becomes imperative to present correct accounting figures. Studies have revealed that small size companies include more data irregularities than their large size counterparts. Thus, the article aims at analysing the financial statements of 100 companies listed on Nifty Free Float Smallcap Index for the period 2011–2015 with the help of Beneish model. The results indicate that the largest amount of window dressing takes place in the construction industry. The study implies that an in-depth study of the audited reports is required to identify their authenticity and detect any instances of window dressing.

Beyond the Traditional CSR: Towards a Sustainable Agenda

Predominantly, Corporate Social Responsibility (CSR) has been approached by organizations in two ways—acting as donors to non-Governmental Organisations (NGOs) engaged in social sector and/or; establishing and funding their own foundations/NGOs. Both these approaches fall short in ensuring sustainability and social impact.

Micro-takaful in India: a path toward financial inclusion and sustainable development

Takaful is one of the most rapidly growing segments in global financial services. The cooperative micro-takaful based on the exclusion of the uncertainty, gambling and interest in its transactions encourages values such as solidarity cooperation and brotherhood. The purpose of the chapter is to study the benefits of offering micro-takaful as a tool for financial inclusion and sustainable development of the masses. It has been found that micro-takaful can be used as an effective tool for financial inclusion. There are various determinants for micro-takaful in India and expected clients have their own priorities. The findings of the study reveal that the attitude of Indian customers can be classified into factors like affordability, trust, implementation and features of micro-takaful. Therefore, considering such factors as a model for micro-takaful in India is proposed.

Attitude of Muslims and Non-Muslims towards Islamic Banking – An Exploratory Study in India

Abstract Purpose India is a home to the second largest Muslim population in the world. It is equally crucial to understand the attitude of non-Muslim population towards the interest-free banking in India. The firms desirous of entering into this nascent field in India are required to know the aspirations and motivations of both Muslims and non-Muslims with respect to interest-free banking. For a large number of Muslims interest-free banking may be a matter of adhering to their faith, but for the non-Muslim customers it has to address real issues like security, risk minimisation, profitability, etc. Design/Methodology/Approach The present study is an attempt to understand the perceptions of Indian customers towards Islamic banking. For this purpose, a representative sample of 259 respondents is surveyed with the help of a structured questionnaire developed for this purpose. Findings It has been found that there are differences in the attitude of Muslims and non-Muslims towards Islamic banking. Surprisingly both groups have a similar perception about the institutions of Islamic banking. Findings of the study reveal that the attitude of Indian customers can be classified into factors like awareness, ideology, implementation, features and institutions. Therefore, such factors should be considered seriously by the Islamic banks in designing their marketing strategies. Research Limitations/Implication This is a survey-based study. Hence a representative sample is mandatory. Due care has been taken to arrive at a sample size which is representative of the population; however, a large sample size shall lead to better results. Practical Implications This study can help decision makers to identify the major factors that may shape the attitude of Indian customers towards Islamic banks. This should also be of some help to the management of commercial banks in devising appropriate marketing strategies for reaching and attracting young customers. Originality/Value The originality of this study lies in the fact that it is a pioneering study in the Indian context which brings out the attitudinal differences between Muslims and non-Muslims with respect to Islamic banking. Further, the classification of attitude of Indian customers into factors like awareness, ideology, implementation, features and institutions adds to the originality of the study. Both these aspects of this study add value to the existing literature in the field of Islamic banking.