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Journal articles on the topic 'Shariah scholars'
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1
Azmi, Anna, Normawati Non, and Norazlin Ab Aziz. "Challenges to Shariah equity screening, from Shariah scholars’ perspective." International Journal of Islamic and Middle Eastern Finance and Management 10, no. 2 (June 19, 2017): 229–42. http://dx.doi.org/10.1108/imefm-11-2016-0165.
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Purpose This paper aims to examine the challenges of applying Shariah law in the equity market by engaging in narratives with Shariah screeners and advisors on how they conduct their screening responsibilities despite the low levels of Islamic-related disclosure made by companies in their annual reports. The Shariah screening processes in three countries with different Islamic equity markets – Malaysia, Saudi Arabia and the United Kingdom – are examined. Design/methodology/approach The authors interview 19 Shariah screeners and advisors in three different Islamic equity markets – Malaysia, Saudi Arabia and the United Kingdom. Findings Overall, the findings in this study show that despite the differences in the regulatory environment, companies still make Islamic-related disclosures on a voluntary basis. However, the lack of Islamic-related disclosures presents various challenges for Shariah screeners, particularly when identifying the operations that constitute the main activity of the company in screening for prohibited activities. Research limitations/implications Shariah screeners can play an important role in increasing the level of understanding and perhaps increasing Islamic-related disclosures in annual reports by establishing a set of effective guidelines or practices for Shariah screeners to use when screening companies for their Shariah-compliant status. Originality/value The paper identifies a gap in the Shariah screening literature and voluntary Islamic disclosures literature. By identifying this gap, the paper highlights the challenges Shariah screeners and advisors face because of the low level of Islamic-related disclosures.
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Fasa, Muhammad Iqbal, and Suharto Suharto. "Sharea Issues in the Application of Takaful: Review on Islamic Law Perspective." HUNAFA: Jurnal Studia Islamika 14, no. 2 (January 3, 2018): 347–76. http://dx.doi.org/10.24239/jsi.v14i2.478.347-376.
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Insurance is still debated between scholars when viewed in the light of Islamic law. Contemporary Muslim jurists are fully aware that the legal status of Insurance not been determined by Islamic law thinkers in advance (jurists). The application of Takāful today is the result of a struggle between the understanding of Islami law with the reality of what happened. Thus, the problem needs to be reviewed in the light of Islamic law in depth. This paper attempts to offer Shariah Issues in the Application of Takāful From Islamic Law Perspective, including The Concepts of Takāful (Sharia Insurance), Legal Basis of Takāful (Sharia Insurance), History of Takāful (Shariah Insurance) Development, Scholars' Views on Takāful (Sharia Insurance), The Principles of Takāful (Sharia Insurance), Establishment of Contract in Takāful (Sharia Insurance), and To Compare The Characteristics Between Takāful (Shariah Insurance) and Commercial Insurance.
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Jaffar, Syammon, Adam Abdullah, and Ahamed Kameel Mydin Meera. "Fiat money: from the current Islamic finance scholars’ perspective." Humanomics 33, no. 3 (August 14, 2017): 274–99. http://dx.doi.org/10.1108/h-01-2017-0013.
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Purpose This paper aims to discuss the opinions of current Shariah scholars on the concept of debt money in the present-day fiat money system. Design/methodology/approach Research design of this paper is a quantitative investigation of Shariah experts by distributing a questionnaire to them. As majority of Shariah scholars are also Shariah advisory of the current banking system, it is important to find out their level of knowledge on the issue of debt money created by the commercial banking system through the fractional-reserve banking (FRB) system. Findings Based on this investigation, most Shariah scholars are unaware of and confused about the mechanics underpinning the creation of money, especially with respect to FRB as it is practiced by the conventional and Islamic banking systems. Originality/value Based on this research, it is recommended that these scholars should improve their understanding of the operation of the fiat money system and its consequences. It is recommended that, in future, Shariah scholars should think “outside of the box” by creating Islamic financial instruments that do not resemble those of the conventional system.
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Mohd Safian, Yasmin Hanani. "Shariah Scholars and Fatwa Making Process in Islamic Finance." Journal of Fatwa Management and Research 10, no. 1 (July 11, 2018): 120–35. http://dx.doi.org/10.33102/jfatwa.vol10no1.33.
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Abstract
Islamic finance industry faces unprecedented new issues that need immediate attention by Shariah scholars. The issues require the Shariah scholars to exercise their own ijtihad whether it is a collective or an independent ijtihad especially in the innovations of Islamic finance. One of the main challenges in issuing a fatwa in the Islamic finance is the scholars have to innovate Shariah compliant products that are workable and meet the modern market needs. To address this issue, it requires the scholars to have mastery skills in both the turath (classical knowledge) and contemporary knowledge in Islamic finance. The study will evaluate the efforts of the scholars in the fatwa making process and examine the challenges faced over time.
Keywords: Shariah scholars, ijtihad, Islamic finance innovations
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Suzuki, Yasushi. "Dr. Mohd Daud Bakar, Shariah Minds in Islamic Finance." ICR Journal 7, no. 4 (October 15, 2016): 568–71. http://dx.doi.org/10.52282/icr.v7i4.243.
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Having reflected on the author’s 20 years of experience as a member, and even chairman, of many Shariah boards around the globe, this book offers a pioneering and insightful look at the inner workings of ‘Shariah minds’, including how Shariah scholars respond to innovation and how they deal with bottleneck issues within a contemporary regulatory framework. This book enlightens and inspires all the stakeholders in Islamic finance, including Shariah scholars and other professionals in Islamic finance, as well as junior scholars aiming to become Shariah scholars and even ordinary persons on the street, about the importance of attaining knowledge of real experience and practice. Undoubtedly, this book is highly recommended for all stakeholders in Islamic finance.
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Ilyas, Rahmat. "KONTRAK PEMBIAYAAN MURABAHAH DAN MUSAWAMAH." BISNIS : Jurnal Bisnis dan Manajemen Islam 3, no. 2 (August 17, 2016): 290. http://dx.doi.org/10.21043/bisnis.v3i2.1496.
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Islamic bank is a financial intermediary (Intermediary Financial Institution) whose operations are free from elements that are forbidden by Islam, namely gambling, Gharar, Riba, Ryswah, and falsehood.Thus different from conventional banks whose. operations using the principles of interest by most scholars say the same as usury. The element that distinguishes Islamic bank with a conventional bank is the necessity of Shariah Supervisory Board (DPS) under the auspices of the National Sharia Council of the Indonesian Ulema Council (DSN-MUI). <br />Shariah Supervisory Board (DPS) is to monitor the operation of the bank and the products it releases in order to remain in accordance with the provisions of Shari’ah. Murabaha is a contract of sale of goods by <br />the price of the goods plus an agreed profit margin. Based on the bank’s sale and purchase agreement to buy the goods ordered by and sold to customers. Bank selling price is the purchase price of the supplier plus an agreed profit.
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Yusuf, Muhammad Yasir. "Dinamika Fatwa Bunga Bank di Indonesia: Kajian Terhadap Fatwa MUI, Muhammaddiyah dan Nahdhatul Ulama." Media Syari'ah : Wahana Kajian Hukum Islam dan Pranata Sosial 14, no. 2 (October 30, 2012): 151. http://dx.doi.org/10.22373/jms.v14i2.1872.
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Islamic banking and finance has experienced tremendous development and impressive achievement in Indonesia even though there is no consensus among Shari’ah scholars on the position of interest banking. This paper will observe the various perspectives of Indonesian Shari’ah scholars’s and analyze the dynamics of fatwa issued on banking interest by three main Islamic organizations in Indonesia, namely; MUI, Muhammadiyah and Nahdhatul Ulama. The paper will also attempt to look to what extent the scholars have contributed to the development of shariah banking in Indonesia. The fatwas are gathered from the resolutions issued by respective organizations in their meeting which have been evolving along with the development of shariah banking in Indonesia.
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Khan, Tahreem Noor. "Need of elevating the role of shariah board and portraying them significantly on Islamic bank websites: Why and how?" Journal of Emerging Economies and Islamic Research 6, no. 2 (May 31, 2018): 62. http://dx.doi.org/10.24191/jeeir.v6i2.8782.
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Islamic banking emerged rapidly to fulfil the financial needs of Muslim consumers, by using different viable modes of Islamic financing. These tools of financing were designed to avoid risk-free return, unjustified increase of money on money and uncertainty. To make these tool authentic, in all Islamic bank, Shariah board members are the pillar of the management structure. The presence of renowned scholars in a bank actually helps to increase the worth of a Shariah financial brand as they are the one who oversee and supervise the activities of banks. However, it is noticed that confusion and misperception exist generally about Islamic banks due to lack of devising authentic products, modes of structure and operational default. To identify the customer perception about Shariah scholars, Online Survey was conducted. In total 92 respondents participated. With that, 14 top Islamic bank websites (Bahrain, Lebanon, Nigeria, Saudi Arabia, Srilanka, Indonesia, Bangladesh, UAE, Pakistan, Malaysia, Kuwait, Jordan, Eygpt, Oman) was observed to figure how they have given importance and exposure to the Shariah board members. The findings suggested that web-marketing could highlight the role of Shariah scholars so that both users and non-users of Islamic banks were able to learn more about the machinery of Islamic financial products. In addition, Shariah board scholars should consciously reconsider and review their past and present approaches so as to perform better in the future.
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Galang Asmara, Muhammad, Gatot Dwi Hendro Wibowo, and RR Cahyowati. "The Authority Of Regional Government Of Formation Regional Regulation (Perda) Shari'a." Unram Law Review 2, no. 2 (October 20, 2018): 180–86. http://dx.doi.org/10.29303/ulrev.v2i2.49.
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The study, the Authority of regional government Formation of Regional Regulation (Perda) shari'a aims to assess four legal issues, namely: (1) Establish a Regional Authority Perda Syariah; (2) The criteria of Shariah legislation; (3) The procedure of Legislative Shari'ah; (4) Testing Regulation to shariah. This research is normative by using several approaches, namely: (a) Conceptual Approach (Conceptuan aproach); (B) Approaches Legislation (Statute aproach); and (c) Approach the case (Case aproach). The results of this study are expected bermenfaat either for the development of Science and to assist practitioners in the formation of legislation. The research results are as follows: (1) The Regional Authority to establish Sharia legislation can be found in several laws and regulations, both in the Constitution and in the implementation of such rules in the Act; (2) Criteria Sharia legislation is contained in the contents that are based on the values and teachings of Islam; (3) Procedures establishment of sharia in praktinya regulations following the establishment of regulations in general; (4) review of sharia regional regulation also follow the testing procedures and legislation in general. Forward suggest that the process of formation of Perda Syariah scholars to enroll in the area at least in the process of forming draft local regulations. Similarly, in the process of judicial review and evaluation should be based on the sources of Islamic law and involves an element of religious leaders and religious judges.
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Munawaroh, Lathifah. "DISKURSUS SURAT AL-FATIHAH (Telaah Dalam Perspektif Maqashid)." Jurnal Ilmiah Islam Futura 17, no. 2 (September 14, 2019): 241. http://dx.doi.org/10.22373/jiif.v17i2.2433.
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This paper is the exposition of tafsir in the frame of maqashid al-Shariah. Generally the discussion of maqashid al-shariah is about the purpose of sharia law, either general purpose or special purpose on the laws that God has set. But then the discussion maqashid al-Shariah shifted on the study of the Qur'an called maqashid al-Qur'an. If the Maqashid al-Shari'ah is more focused on the purpose of establishing Islamic law, while the verses of the Qur'an do not all contain Islamic laws. However, it is precisely on the scope of maqashid al-qur'an beyond the legal issues that are only a small part of the Qur'an. From here the scholars' come with the study of maqashid al-Qur'an pioneered by Abu Hamid al-Ghazli through his book, Jawahir al-Qur'an, and forwarded by Islamic thinkers such as Abduh, Rashid Rida, Badiuzzaman Said Nursi, Ibn Asyur , Muhammad Al-Ghazali, Izzat Darwazah, and so forth. The main points of the Qur'an are called maqashid al-Qur'an. The focus of maqashid al-Qur'an in this paper is surah al-Fatihah which is called Ummul Kitab or Ummul Quran. This surah is the key of a Muslim prayer of 17 rakaat for 5 times a day overnight. If one understands the maqashid al-quran on this surah, then this will make him understand the purposes of God in this surah.
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Khalil, Afef, and Neila Boulila Taktak. "The impact of the Shariah Board’s characteristics on the financial soundness of Islamic banks." Journal of Islamic Accounting and Business Research 11, no. 9 (July 29, 2020): 1807–25. http://dx.doi.org/10.1108/jiabr-08-2018-0127.
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Purpose The purpose of this study is to examine the relationship between corporate governance and financial soundness of Islamic banks. Precisely, this study examines the Shariah Board’s characteristics and empirically diagnoses its impact on the financial soundness of Islamic banks. Design/methodology/approach In this case, the level of bank soundness is individually measured using the z-score indicator. Regression analyses are applied to test the impact of the Shariah Board’s characteristics on the financial soundness of Islamic banks, using a panel data set of 67 Islamic banks – covering 20 countries during the period 2005–2014. Findings The model shows that the size of the Shariah Board has a negative and significant impact on the financial soundness of Islamic banks. However, the Shariah scholar with knowledge in finance/accounting, the presence of Mufti, the interlocked Shariah scholar and the foreign Shariah scholar do not have any significant impact on the financial soundness of Islamic banks. Practical implications This study contributes to fill the gaps in the literature that discussed the Shariah Boards’ role in the governance of Islamic banks. In addition, it provides practical implications to the Shariah Boards’ members in the Islamic banks and calls for setting a sufficient number of scholars for each Shariah Board. Originality/value With this paper, the authors aim to clarify the relationship between Shariah Board and financial soundness of the Islamic banking, and provide additional insights to the emerging literature of Islamic banking. Contrary to previous research studies, the authors use an additional hypothesis, i.e. the presence of Mufti that has a positive and significant effect on the financial soundness of Islamic Banks. Methodologically, the authors incorporate a new measure to evaluate empirically the impact of Shariah Board members with knowledge of finance and accounting on the financial soundness of Islamic banks.
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Ahmad, Zuriyati, and Abdul Ghafar Ismail. "Full reserve system and the Maqasid Shariah." Journal of Emerging Economies and Islamic Research 5, no. 2 (May 31, 2017): 58. http://dx.doi.org/10.24191/jeeir.v5i2.8804.
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The essence of the monetary system today is in using the fractional reserve banking system. Nonetheless, this system is not free of critics such as the fraud of making loans and creating deposits out of nothing which are argued to create distortion to the economy. Since 1930s, many economic scholars have debated the use of full reserve system as an alternative tool of monetary system.Islamic scholars also argue and reject the working of fractional reserve banking system and propose the idea of full reserve system. From the view of Islamic scholars, the full reserve system should be applied to avoid the riba’ in the monetary system. Hence, this study tries to assess whether the use of full reserve system can attain the Maqasid Shariah to support the alternative banking system. Using the argument on fractional reserve system, discussion on the concept of full reserve system, analysis of the impacts of full reserve system and the support from Quran and Hadith, this study concludes that the injustice and riba’ can be avoided under thefull reserve system, hence,attaining the Maqasid Shariah.
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Muhammad Nejatullah Siddiqi, Muhammad Nejatullah Siddiqi. "https://www.kau.edu.sa/Files/320/Researches/59363_29707.pdf." journal of king abdulaziz university islamic economics 23, no. 2 (January 1, 2010): 239–48. http://dx.doi.org/10.4197/islec.23-2.9.
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“Maqasid-e-Shariat” (Objectives of the Shariah) is the latest work by Prof. M.N. Siddiqi, first published by the Islamic Research Academy, Islamabad, and republished by the Markazi Maktabah-e-Islami, New Delhi. We have before us the one published from New Delhi. The subject of Objectives of Shariah has assumed utmost importance these days in the wake of numerous new issues faced by the Ummah in recent years. The Urdu language is spoken by a very large number of Muslim population and scholars in the world. But writings on this topic are very few in this Islamically rich language. Prof. Siddiqi seeks to fill this gap and wants to address those who master only this language.
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Ahmad, Zaki, Faathih Zahir, Ahmed Mohamud Usman, Aishath Muneeza, and Zakariya Mustapha. "An Exploratory Study On The Possibility Of Replacing Tawarruq Based Islamic Banking Products Using Other Alternatives." International Journal of Management and Applied Research 7, no. 2 (June 5, 2020): 147–64. http://dx.doi.org/10.18646/2056.72.20-011.
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Tawarruq which is also known as commodity Murabahah in Islamic banking is widely practiced in Malaysia to structure different types of Islamic banking products. The widespread use of tawarruq has made Islamic banks to be re-named as “tawarruq banks” and some even call tawarruq as the “magic lamp” of the industry. Shariah scholars have criticised this frequent usage of tawarruq in Islamic banking industry of Malaysia, while the practitioners have replied by saying that if tawarruq is a shariah approved concept, then what is wrong with the usage of it? However, from the shariah perspective, the issue here is not about the shariah compliance of tawarruq transactions per se. It is about the shariah limitations imposed by the scholars on the use of it. This simply means that there is a reservation made by shariah scholars in allowing the usage of tawarruq contract in Islamic finance as tawarruq is a contract allowed to be used when one has to choose between a conventional loan and tawarruq. The purpose of this research is thus to show the alternative Islamic commercial contracts that could be used to structure Islamic banking products that have been structured in the market using tawarruq. It is anticipated that the outcome of this research will assist Islamic banking industry to understand why and how they can move away from tawarruq.
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Ayedh, Abdullah Mohammed Ahmed, Amir Shaharuddin, and Muhammad Iqmal Hisham Kamaruddin. "Shariah Screening Methodology: Does It ‘Really’ Shariah Compliance?" IQTISHADIA 12, no. 2 (October 23, 2019): 144. http://dx.doi.org/10.21043/iqtishadia.v12i2.5573.
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<em>The Shariah financial screening indices is to exclude companies with unacceptable levels of conventional debt, liquidity, interest-based investment and/or impure income. Ideally, companies must not borrow on the basis of interest rate, nor invest in debt-bearing instruments, as well as not generating income through any other Shariah-impermissible activities. However, such restrictions would screen out the vast majority - if not all - of the stocks that are available on the market, even those listed in Islamic countries. Based on this condition, Shariah scholars tried to come out with a set of Shariah indices to be tested on existing companies in order to classify them as Shariah-compliant companies. Thus, the aim of this paper is to explore and critically analyse comparison of Shariah screening methodology amongst major Shariah indices in the world. By applying the reviewing for all related literature and contents of Shariah screening’s laws and regulations. It can be stated that several group of Shariah indices can be categorized. Firstly, under qualitative measures (business activities), there are two groups which are: (i) financial activities orientation; and (ii) indic with non-financial activities orientation. Meanwhile, under quantitative measures (financial ratios), another several groups can be categorized based on different adoption in the nominator, denominator and tolerate percentage used. It is hoped that this work would inspire more research on Shariah screening using different research methods and compare between the indices according to segments this research argued. Besides, the policy makers should give more attention to ensure the Shariah screening practices and the enhancement Shariah screening standardizing among the major Shariah indices. Last but not least, investors and stakeholders whom concern of Shariah screening could also benefited of the findings of this study by having better understanding of Shariah screening practices and compare between existed indices.</em>
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Khalid, Azam Abdelhakeem, Hasnah Haron, and Tajul Ariffin Masron. "Competency and effectiveness of internal Shariah audit in Islamic financial institutions." Journal of Islamic Accounting and Business Research 9, no. 2 (March 5, 2018): 201–21. http://dx.doi.org/10.1108/jiabr-01-2016-0009.
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Purpose The purpose of this paper is to propose the conceptual relationship between competency and effectiveness of internal Shariah auditors in Islamic financial institutions (IFIs). Design/methodology/approach Normative and theorizing based on the main sources of Islam, mainly Maqasid al-Shariah theory, has been utilized in this research. Findings This study demonstrated how Maqasid al-Shariah or higher objectives of Islamic law have gradually captured the attention of increasing numbers of modern Muslim scholars for solving contemporary issues. Originality/value This study uniquely captured Maqasid al-Shariah for the competency of internal Shariah auditor.
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Ardiansyah, M., Ibnu Qizam, and Abdul Qoyum. "Telaah kritis model screening saham syariah menuju pasar tunggal ASEAN." IJTIHAD Jurnal Wacana Hukum Islam dan Kemanusiaan 16, no. 2 (January 24, 2017): 197. http://dx.doi.org/10.18326/ijtihad.v16i2.197-216.
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Shariah stocks is one of the financial sectors that experienced with most significant growth in recentyears. the most important issue in Shariah stock is Stock screening mechanism. The aim of this study isto examine the screening models of Shariah stocks in ASEAN countries. This study is very crucialespecially in the era of ASEAN economic community (AEC). In addition, this study aims to examinesome of the factors that contribute to the differences in screening models applied in five ASEANcountries. By using descriptive method and literature studies approach, this study found a few things.Firstly, there are various models of Shariah stock screening in Indonesia, Malaysia, Singapore, Thailandand Philippines. In this context, the model screening in ASEAN countries have two tendencies, namely;for the country in the majority of the population is Muslim whereby there are many Sharia expert, thenthey will use the specific screening model and applied only in the country, while for the country that themajority is not Muslim, then they will tend to use models of screening that has been used globally forexample DJIM, FTSE, etc. This second pattern has been applied by Singapore, Thailand and Philippines.Secondly, differences in shariah screening models influenced by several factors, namely; differencesin social structure of a country where the Islamic stock market is located; the difference in the financialindustry that exist in the country will affect on the difference of screening models; and differences sectembraced by most scholars in a country is one of the fundamental factors in determining stock screeningmodel of sharia in 5 ASEAN Countries.
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Ilyas, Rahmad. "KONTRAK PEMBIAYAAN MURABAHAH DAN MUSAWAMAH." BISNIS : Jurnal Bisnis dan Manajemen Islam 3, no. 2 (August 18, 2016): 290. http://dx.doi.org/10.21043/bisnis.v3i2.1506.
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Islamic bank is a financial intermediary (Intermediary Financial<br />Institution) whose operations are free from elements that are forbidden<br />by Islam, namely gambling, Gharar, Riba, Ryswah, and falsehood.<br />thus different from conventional banks whose. operations using the<br />principles of interest by most scholars say the same as usury. The<br />element that distinguishes Islamic bank with a conventional bank is the<br />necessity of Shariah Supervisory Board (DPS) under the auspices of the<br />National Sharia Council of the Indonesian Ulema Council (DSN-MUI).<br />Shariah Supervisory Board (DPS) is to monitor the operation of the<br />bank and the products it releases in order to remain in accordance with<br />the provisions of Shari’ah. Murabaha is a contract of sale of goods by<br />the price of the goods plus an agreed profit margin. Based on the bank’s<br />sale and purchase agreement to buy the goods ordered by and sold to<br />customers. Bank selling price is the purchase price of the supplier plus<br />an agreed profit.
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Abubakar, Yusuf Sani, Ahmad Faosiy Ogunbado, and Mpawenimana Abdallah Saidi. "Bitcoin and its Legality from Shariah Point of View." SEISENSE Journal of Management 1, no. 4 (August 20, 2018): 13–21. http://dx.doi.org/10.33215/sjom.v1i4.32.
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Bitcoin is a type of cryptocurrency and the most successful in blockchain management. It has become famous in recent years. The critical aspects of cryptocurrency are its legitimacy, source of money laundering, tax evasion, lack of regulation etc. The aim of this study is to explore the view of Muslim scholars on the legality of bitcoin with respect to Shariah. The study adopts doctrinal approach which utilizes descriptive approach of qualitative research methodology which relies on secondary data in form of text books, journals, newspapers, related websites etc. The study found that Muslim scholars are divided on the issue. A part of them completely rejected bitcoin and considered it against Shariah principles. On the other hand, some Muslim scholars believe bitcoin does not contradict Islamic principles and therefore may be used, however with certain conditions. The researchers tend to support the proponents’ view as most of the opponents’ grounds for the rejection are temporary in nature which may be covered through policy regulations.
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Isnaini, Isnaini. "Pelaksanaan Jaminan Pembiayaan Mudharabah di Bank Syariah." JUPIIS: JURNAL PENDIDIKAN ILMU-ILMU SOSIAL 11, no. 2 (December 1, 2019): 228. http://dx.doi.org/10.24114/jupiis.v11i2.13517.
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This study discusses the issues of securities financing of mudharabah in sharia banking. In response to this investigation, the study used qualitative normative jurisprudence methods by analyzing primary and secondary data to generate answers to existing problems. The result of this study is that the application of mudharabah financing securities in Shariah banks still apply the guarantee to mudharib. A mudharabah transaction is a form of cooperation between two or more parties in which the owner of the capital (shahibul maal) entrusts a certain amount of capital to the management (mudharib) with a profit sharing agreement. This form underscores cooperation with the one hundred percent contribution from shahibul maal and entrepreneurs from mudharib. Mudharabah is an agreement entered into between the two contracting parties. In Indonesia, the practice of using guarantees for mudharabah financing was enacted by Law No. 10 of 1998 on banking and Law No. 21 of 2008 on sharia banking and Fatwa of the Shariah Council of the National Council of Indonesian Scholars (DSN-MUI) Number: 07 / DSN-MUI / IV / 2000 which also allows for a guarantee.
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Samsudin, Agus Rojak, and Mohamad Anton Athoillah. "Savings Investments in Sharia Banks in the Perspective of Shariah Economic Law (Case Study at “Bank Syariah Bukopin”)." Journal of Economicate Studies 1, no. 2 (July 5, 2018): 63–80. http://dx.doi.org/10.32506/joes.v1i2.175.
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There are three motives a person to save funds through savings in the Conventional Bank: security, plans and investment. Implementation of interest system in Conventional banks is a very fundamental constraint for a Muslim to invest his funds in the bank. Because in the view of the scholars of the flower system is identical with the usury (riba) that is forbidden in Islam. It turns out long before the birth of money storage system in conventional bank interest, in classical fiqh literature known the concept and theory of al wadiah and mudharabah which is substantially no differences from the savings and investment savings offered by conventional banks. This paper discusses the theory, concepts and implementation of al wadiah as non-interest investment savings applied in sharia bank in the perspective of shariah economic law, by looking at case examples of the saving products of Bank Syariah Bukopin (BSB). It was found that all investment contracts in savings products offered by BSB were in accordance with the principles of shariah; as outlined in the Qur'an and Sunnah as the basis of Shariah, as well as Law Number 21 Year 2008 and Law no. 10 year 1998, Bank Indonesia Regulation (Peraturan Bank Indonesia [PBI]), Compilation of Islamic Economic Law (Kompilasi Hukum Ekonomi Syariah [KHES]) and Fatwa of National Sharia Board (Dewan Syariah Indonesia [DSN]) Indonesian Council of Ulama (Majelis Ulama Indonesia [MUI])
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مختار, أحمد وفاق. "فتاوى الإمام النووي المراعية لمقصد حفظ الدين." Journal of Fatwa Management and Research 3, no. 1 (October 23, 2018): 155–78. http://dx.doi.org/10.33102/jfatwa.vol3no1.113.
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This article is a review of the state of Maqasid Shariah according to the mufti in issuing fatwas. It is also a study of the application of the principle of Maqasid Shariah in issuing fatwas. This principle has been used by scholars in their fatwas and books. This methodology should be followed by Muslims at this time in issuing fatwas and Islamic law. Imam Nawawi is a model of this study through the fatwa which celebrates the Maqasid Shariah in order to save the religion. Keywords :
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Muhammad, Mohd Zulkifli, Tamrin Amboala, Muhammad Zulfaris Mohd Salleh, Azwan Abdullah, Siti Nurzahira Che Tahrim, and Noorshella Che Nawi. "The Application of Shariah Principle in E-commerce Transaction: A Model Development." Research in World Economy 10, no. 2 (July 14, 2019): 84. http://dx.doi.org/10.5430/rwe.v10n2p84.
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Issues concerning purchasing on-line, the medium of transaction via on-line or Internet, e-payment mode are among new challenges that require Islamic scholars and researchers to broaden the scope of definition of Shariah compliance e-commerce transaction. As Malaysia is heading towards e-commerce and purchasing on-line has no longer a new trend; the challenges arise for solution in accordance with Shariah principles. This paper will propose a model that comprises several components namely, the core Shariah component itself, sound technological means and regulatory body that supports e-commerce transactions.
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Kamali```, Mohammad Hashim. "Terrorism, Banditry and Hirabah: Advancing New Shariah Perspectives." ICR Journal 8, no. 1 (January 15, 2017): 11–34. http://dx.doi.org/10.52282/icr.v8i1.210.
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Hirabah is the nearest Shariah legal concept to terrorism. Modern technological change, however, has altered the nature of this crime so much that corresponding adjustments in the law of hirabah are inevitable. Remote control devices, precision device-timing, vastly destructive weapons, and even suicide bombings were not considered by early Muslim jurists in their scholastic articulations of hirabah. The Qur’anic conception of this crime, on the other hand, is broad enough to accommodate the needed adjustments, and which is what this article attempts to do – in other words, to reconnect the fiqh of hirabah to its Qur’anic origins. This is necessary as, in its global reach, the scourge of contemporary terrorism has greatly pained and anguished, not only Muslims, but humanity at large. The nature of the phenomenon before us demands suitable Shariah responses. To facilitate this, we have attempted to comprehend contemporary terrorism in its own terms. The discussion therefore begins by defining terrorism and hirabah. A review of the principal Qur’anic verse on hirabah is presented at the outset and then followed by a review and analysis of the fiqh of hirabah in the expositions of the leading schools of Islamic law. Being one of the prescribed hudud crimes, the Qur’an provides a four-fold punishment for hirabah, but while also opening the prospect of repentance and pardon for its perpetrators under certain conditions, and which Muslim scholars have elaborated upon in their deliberations. Yet what they have said in this regard has naturally been bound by the conditions of their own environment and time. This has involved elements of interpretation and speculative ijtihad. In our own attempt to bridge the gap between the fiqhi conception of hirabah and contemporary terrorism, we look into contemporary opinion and research on this phenomenon so as to encapsulate its salient new features. Terrorism has been overshadowed, to some extent, by the clamour generated by the so called ‘clash of civilisations,’ by Islamophobia and by confrontational politics, at the expense of reflective Shariah responses to issues. Muslim scholars have provided some through the issuance of fatwa and scholarly opinion, which we also review in a separate section below. The article ends with a conclusion and set of actionable policy recommendations.
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Ali, Nurwajihah Ajlaa, and Ruzian Markom. "SHARIAH COMPLIANCE ON RETAKAFUL IN MALAYSIA." Diponegoro Law Review 6, no. 1 (April 30, 2021): 1–16. http://dx.doi.org/10.14710/dilrev.6.1.2021.1-16.
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Retakaful is an Islamic alternative to the reinsurance industry in ensuring the stability of takaful companies. In Malaysia, the takaful operators need to depend on retakaful operators to ensure the takaful industry's long-term continuity by sharing the risk with the retakaful operators due to the small numbers of takaful operators. As a result, they reinsure their Takaful with the conventional reinsurance companies to meet the market demand. This practice continues to be acceptable based on an argument of unavoidable circumstances such as a necessity (darurah) and a dire need (hajah) due to insufficient retakaful companies. The Shari'ah issues arose on the needs for retakaful operators with conventional reinsurers or operators. Therefore, the paper aims to analyze the role of retakaful and its potential within the industry by identifying. Then it explores the Shari'ah principle and the arguments, existing rules, and regulations on the said issues. This study utilized the doctrinal research method with the content analysis. The data is collected from the library consisting of primary and secondary sources. The study's findings revealed that the Shariah scholars resolution plays essential roles in enhancing the roles of the retakaful industry based on darurah and hajah.
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Khan, Muhammad Asif, Muhammad Waseem Shehzad, and Muhammad Atif Khan. "Contemporary Challenges Confronting Islamic Banking & Finance." International Letters of Social and Humanistic Sciences 55 (July 2015): 86–94. http://dx.doi.org/10.18052/www.scipress.com/ilshs.55.86.
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The philosophy of Islamic economics is “brining economics in consonance with Shariah”, guiding Islamic banking and finance to abolish interest from operations, has reported a monumental growth, envisaged the most lucrative and unsusceptible segment of the economy. Islamic finance is undoubtedly flourishing worldwide entails trajectory development but at other front it encounters a number of impediments in development since its inception. The emphasis of this study is to encapsulate in tabular form, the contemporary problems and challenges Islamic finance has encountered during the span of last 28-years from 1988 to 2015. The austere Shariah compliance; regulatory and prudential challenges; misconception among western society about Islamic banking philosophy; unavailability of money and capital market for scant Islamic financial instruments; piercing competition; privation of Islamic banking and finance awareness; absence of uniform reporting standards; complexities of regulatory and supervisory issues; lack of central supervisory body, governance and dearth of consensus among Shariah scholars been the precarious challenges among many others. A unified central regulatory and supervisory mechanism required in converging sprinkled Islamic finance practices and to foster a synchronized and standardized regulatory framework consensus need to be developed among all Shariah scholars
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Iskandar, Azwar, Bayu Taufiq Possumah, and Arfan Arifuddin. "Rethinking Islamic Economic and Finance Practices in Indonesia: Some Critical Reviews." International Journal of Islamic Business and Economics (IJIBEC) 4, no. 2 (November 30, 2020): 81. http://dx.doi.org/10.28918/ijibec.v4i2.2751.
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This research aimed to review and highlight some issues related to Islamic economic and finance practices in Indonesia. This research used qualitative-descriptive approach with content analysis, library research and critical studies method. This research found some critical points on islamic economic and finance practices in Indonesia, such as (i) islamic banking in Indonesia shows inconsistencies and unwillingly implementation; (ii) the Islamic economics practices not going too far from around financial sector (iii) the practice of islamic finance in indonesia is mostly focused on the Islamic Commercial Finance (ICF) sector and less concerned with Islamic Social Finance (ISF); (iv) shariah financial institutions is more precisely than what is called ”shariah bank” (v) epistemological problems in the islamic economics curriculum need to be answered and resolved to avoid a contraproductive output from its fundamental purposes. It is necessary to conduct re-orientation of sharia banking in order to strengthen the vision of sharia banking. All involving parties should be able to corporate, among them are academics, practitioners, governments, and, moreover, the role of scholars and organizations. It is reorientation and synergy of these parties which shall solve the problem of half-hearted implementation of banking and answer all criticism directed to the sharia banking all this time
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Balarabe, Abubakar, and Md Faruk Abdullah. "The Islamic Credit Card Based on Ujrah Concept:." Journal of Emerging Economies and Islamic Research 8, no. 3 (September 30, 2020): 74. http://dx.doi.org/10.24191/jeeir.v8i3.9556.
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Islam is a way of life that seeks to protect the human being from financial harm through prohibiting riba, maysir, and gharar. Islamic credit card is one of the alternative banking products offered by Islamic financial institutions to replace the conventional credit card. The Islamic credit card was initially based on the Inah concept. However, this concept was criticized by both contemporary and classical Islamic jurists, especially in the Hambali, Maliki, and Hanafi school of thought. Therefore, some Islamic banks of Malaysia offer a better alternative, developing the credit card on the concept of ujrah, which is less ambiguous among Islamic scholars. This study will explore the background of Islamic credit card base on the concept of ujrah. It will then further discuss the justification for the permissibility of the concept. Finally, this paper will highlight the issues related to the practice of ujrah in Islamic credit card operations. The findings indicate that the credit cards based on ujrah (fee) are permitted from the Sharia perspective as long as they do not involve any element of riba (interest). However, it involves Shariah issues on its practice of ibra (rebate) and penalty charge. To fulfil the objective of the study, it will refer to the Quran, Hadith, classical Islamic jurisprudence, juristic opinion of Islamic scholars, Shariah standards of international Islamic standard-setting bodies, and other policy documents of the Islamic banks.
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Et.al, Muhammad Nazir Alias. "A Review of Maslahah Mursalah and Maqasid Shariah as Methods of Determining Islamic Legal Ruling." Turkish Journal of Computer and Mathematics Education (TURCOMAT) 12, no. 3 (April 10, 2021): 2994–3001. http://dx.doi.org/10.17762/turcomat.v12i3.1331.
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The position of maqasid shariah as reference for Islamic legal ruling has been a source of dissenting opinions among contemporary ulama. Some of them accept maqasid shariah as a method of determining legal principles, whereas others do not. In classical usul fiqh literature, the discourse on maqasid shariah among the ulama only appears in discussions on the position of maslahah mursalah as a method of determining Islamic legal ruling. In light of this, the issue arises when the position of maqasid shariah, specifically as a source of law, is not mentioned by classical ulama. Therefore, a small number of scholars are of the view that maqasid Shariah is not clearly applied in the process of determining legal ruling, such as what had happened in the Shafie school of law. This article aims to review the concept of maslahah mursalah and maqasid shariah in the context of its status as a method of determining Islamic legal ruling. The findings of the study show that maslahah mursalah is not maqasid shariah because both of them originate from different sources. The rejection of maslahah mursalah by some ulama does not refer to maslahah that is in line with the higher objectives of Islamic law (maqasid shariah), but refers to maslahah that relies solely on logic and intellect. The difference of opinion among contemporary ulama regarding the position of maqasid shariah as a method of determining legal principle stems from confusion in defining and categorising maslahah mursalah and maqasid shariah.
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Fasa, Muhammad Iqbal, Itsla Yunisva Aviva, Yayan Firmansah, and Suharto Suharto. "CONTROVERSY ON RIBA PROHIBITION: MAQASHID SHARIAH PERSPECTIVE." International Journal of Islamic Economics 1, no. 02 (December 1, 2019): 124. http://dx.doi.org/10.32332/ijie.v1i02.1804.
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Riba is one of debated issues in modern times. Although the Qur'an forbids Riba, there are still Muslim scholars who are debated on the operational definition of Riba. Differences in opinion can be found in the repertoire of fiqh and tafsir al-Qur’an pre-modern and modern. Naturally, the debates are often influenced by the particular sociological context. There is existing view which distinguishes bank interest with usury, thus implies the permissibility interest rate in financial transactions. Prohibition of Riba, from the perspective of maqashid syariah, is based on moral considerations and humanity. It is because the essence of the prohibition is to eliminate of all forms of injustices and unfairness in economic practices. The method of this paper is based on literature review by reviewing in-depth the books, commentaries and writings on maqashid sharia, interest rate transaction, and usury.
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Mansoor, Muhammad, Nazima Ellahi, Arshad Hassan, Qaisar Ali Malik, Abdul Waheed, and Naeem Ullah. "Corporate Governance, Shariah Governance, and Credit Rating: A Cross-Country Analysis from Asian Islamic Banks." Journal of Open Innovation: Technology, Market, and Complexity 6, no. 4 (November 30, 2020): 170. http://dx.doi.org/10.3390/joitmc6040170.
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This study aimed to investigate the association between corporate governance characteristics, shariah governance characteristics, and the credit rating of Asian Islamic banks. To do so, we collected data from 22 banks during the 2006–2018 period. In total, we observed 286 data points. Credit rating was measured through an adaption of the credit rating scale that measured the long term credit of Islamic banks on an ordinal scale. From these data, 19 scores (Aaa) were considered high credit ratings and 1 score (C) was considered a low credit rating. Descriptive statistics, correlations, and the ordered logit regression model were applied in a panel setting. We found that the board interlock, board independence, CEO duality, and board foreign directorship negatively affected credit ratings. We also found that the board size, board accounting, finance knowledge, presence of women on the board, shariah board size, presence of supervisory shariah board, the shariah board interlock, and presence of female shariah scholars all were positively associated with credit ratings. This study suggests that Islamic banks can access more funds with higher shariah compliance. As such, we concluded that evaluating organizations’ credit ratings must consider shariah governance attributes as determinants of the credit rating of Islamic banks.
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Abdeldayem, Marwan Mohamed, Saeed Hameed Al Dulaimi, and Fuaad Hameed Al Dulaimi. "A qualitative approach to evaluate the reconciliation of GOLDX and OneGram in Islamic Finance." Zbornik radova Ekonomskog fakulteta u Rijeci: časopis za ekonomsku teoriju i praksu/Proceedings of Rijeka Faculty of Economics: Journal of Economics and Business 39, no. 1 (June 30, 2021): 113–34. http://dx.doi.org/10.18045/zbefri.2021.1.113.
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The purpose of this study is two-folded. The first purpose is to examine the perception of Islamic finance experts and Shariah scholars on the Islamic cryptocurrency (i.e., GOLDX and OneGram). The question is whether it has a role in reconciling cryptocurrency in Islamic finance. The second is to introduce the new Islamic cryptocurrency to serve these rich Islamic populaces. The study used a qualitative research approach by conducting interviews to explore the Islamic scholars’ views on the framework of the new Islamic cryptocurrency. The scholars have been deemed to meet particular requirements of having comprehensive knowledge and have extensive experience in both the Islamic Shariah and cryptocurrency. Accordingly, the number of such scholars was limited, and eventually, with the access offered only to five scholars from different Islamic countries. We thoroughly analyzed the collected data from the interviews. The findings reveal that Islamic law is absent on the essential models for the conventional cryptocurrency utilization(such as bitcoin) as either a legitimate or illicit apparatus exchange device. Consequently, introducing new Islamic cryptocurrencies is to reconcile cryptocurrencies such as GOLDX and OneGram. They will play a vital role in attracting more than 1.5 billion Muslims around the globe to enter the world of cryptocurrency.
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Fakhyadi, Defel. "Hukum Waris Mazhab Negara: Sebuah Tinjauan Sisi Maslahah (Studi Analisis Pemikiran Hazairin dan KHI)." JURNAL INDO-ISLAMIKA 4, no. 1 (June 20, 2014): 113–46. http://dx.doi.org/10.15408/idi.v4i1.1555.
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This article proves that the modernization of inheritance law is a form of reformation in Islamic law by taking into account the sociological condition of the society to achieve maslahah (maqasid al-shariah). Islamic inheritance law is influenced by the Arabic inheritance law in the pre-Islam era that followed patrilineal system, which influenced the mainstream thoughts of Islamic scholars in understanding inheritance law. This, in turn, resulted in patriarchal Islamic inheritance law. For that reason, it is necessary to re-interpret the law in order to construct a comprehensive fiqh (Islamic law). Hazairin’s thoughts are a revolutionary of inheritance law in Indonesia, such as bilateral inheritance, ahli waris pengganti and kala>lah. Some inheritance law reform contained in KHI are not addressed in conventional fiqh, because there are several aspects to be taken by Indonesian scholars whose ideas are not in conflict with the principles of Sharia (maslahah).
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Habibur Rahman, Md, and Muhammad Amanullah. "Dispute over the Legality of Codification of Islamic Law: A Critical Analysis (Perselisihan Tentang Kesahihan Kodifikasi Undang-Undang Islam: Analisa Kritikal)." Journal of Islam in Asia (E-ISSN: 2289-8077) 15, no. 2 (December 24, 2018): 430–52. http://dx.doi.org/10.31436/jia.v15i2.758.
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Codification of Islamic law is studied due to its positive role on practical life to produce appropriate solutions and fair judgments for litigation and disputation. Codification is a process which contributes to the reformation in political, social, financial and judiciary sectors, by drafting fair Islamic codes, pursuant to the principles, values and customs of the Muslim nations. However, there is a scholarly debate on whether Islamic law could be codified or not. A group of intellectuals validates it while another group invalidates it. Hence, this study aims to critically examine the intellectual dispute over the legality of codification of Islamic law. The study is accomplished through the critical analysis of related documents, books and literature. The study verifies that codification of Islamic law is not just valid but rather indispensable because it conforms to the legal policy (siyasah shariyyah), public wellbeing and fundamental ruling of permissibility. In addition, codification of Islamic law complies with the noble objectives of the Shariah (Maqasid al-Shariah). The study finds out that the merits and motives of codification are far higher than its perils as seen by some scholars. It posits that codification of Islamic law would be the timely solution to get back the unity and solidarity among the Muslim world. It concludes that all the sections of Islamic law, excluding the rituals (ibadat), such as civil, constitutional, judiciary, penal, international, etc. are eligible to be codified. Thus, codification in Islamic law refers to the codification of fiqh provisions and not to the Shariah in its wider sense and overall contents. Moreover, the study also provides required conditions to be observed in the codification of Islamic law. .
Keywords: Codification, Islamic Law, Legal Policy, Public Wellbeing, Fundamental permissibility, Maqasid al Shari'ah.
Abstrak
Kodifikasi undang-undang Islam diberi perhatian kerana peranan positifnya dalam kehidupan manusia dalam menghasilkan solusi yang sesuai dan pertimbangan yang adil dalam perbicaraan dan perselisihan. Kodifikasi undang-undang menyumbang kepada perubahan dalam sektor politik, sosial, kewangan dan kehakiman, dengan penyediaan kod syariah yang adil, berdasarkan prinsip, nilai dan budaya orang Islam. Walau bagaimanapun, terdapat perdebatan ilmiah tentang kodifikasi tersebut sama ada ianya boleh dilakukan atau sebaliknya. Sebahagian cendekiawan berpendapat ianya dibolehkan manakala sebahagian yang lain menafikannya. Oleh itu, kajian ini mengkaji secara kritis perselisihan intelektual mengenai kesahihan kodifikasi undang-undang Islam. Kajian ini dicapai melalui analisis kritikal terhadap dokumen, buku dan kesusasteraan yang berkaitan. Kajian ini mengesahkan bahawa kodifikasi undang-undang Islam bukan hanya sah tetapi diperlukan kerana ia mematuhi dasar undang-undang (siysah sharyariyyah), kesejahteraan awam dan ketetapan asas yang dibenarkan. Di samping itu, kodifikasi undang-undang Islam adalah mematuhi objektif Shariah (maqasid al shari’ah). Kajian ini mendapati bahawa merit dan motif kodifikasi ini lebih memberi kesan baik daripada bahaya sebagaimana difahami oleh beberapa ulama. Ia mengemukakan bahawa kodifikasi hukum Islam adalah penyelesaian bagi mengembalikan perpaduan di kalangan dunia Islam. Ia menyimpulkan bahawa semua bahagian undang-undang Islam, tidak termasuk ritual, seperti sivil, perlembagaan, kehakiman, hukuman, antarabangsa, dan lain-lain layak untuk dikodifikasikan. Oleh itu, kodifikasi dalam undang-undang Islam merujuk kepada kodifikasi fiqh dan bukannya Shariah secara keseluruhannya. Selain itu, kajian ini juga menyediakan syarat-syarat yang perlu dipatuhi dalam pengkodifikasi hukum Islam.
Kata Kunci: Kod Pengubahsuaian, Undang-undang Islam, Dasar Perundangan, Kesejahteraan Awam, Kebolehpercayaan asas, Maqasid al Shari'ah.
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Ibrahim, Mohd Yusri. "MAQASID AL- SHARIAH: THE HISTORY OF THE DEVELOPMENT AND CONTRIBUTION OF THE SCHOLARS OF USUL AL-FIQH AWALIN AND MUTA’AKHIRIN." International Research Journal of Shariah, Muamalat and Islam 1, no. 2 (December 10, 2019): 18–30. http://dx.doi.org/10.35631/irjsmi.12003.
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This article focuses on the history of the existence of the maqasid al-shariah from the era of the Prophet Muhammad S.A. W to the contemporary world. The understanding of the maqasid al-shariah is an important prerequisite for a person to affirm and give the people understanding of the taqlid. This article also looks at how this concept was implemented by the Prophet Muhammad S.A.W especially in interpreting the quranic verse involving legal texts either qat'i or dhoni in new issues that are not qat'i due to the passage of time and current developments. Therefore, this paper concentrates on qualitative research by emphasizing the focus of this study on the approach of the concept of al-shariah in the daily life of the Muslim community in Malaysia in terms of its practice and its approach in contemporary jurisprudence. The results of this paper provide a clear and concise understanding of maqasid al-shariah's interpretations of historical context, applications from the era of the Prophet Muhammad to contemporary times on the need for Islamic jurisprudence to be revitalized in dealing with the issues of taqlid that baset the Muslims.
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Hasan, Mufti. "TAFSIR MAQASIDI." MAGHZA: Jurnal Ilmu Al-Qur'an dan Tafsir 2, no. 2 (May 26, 2018): 15–26. http://dx.doi.org/10.24090/maghza.v2i2.1566.
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This paper will present a new perspective in understanding the Quran, which is the interpretation of the Quran which are oriented towards achieving the purpose of the shari’a. Contemporary scholars call it the ‘at-tafsi>r al-maqa>s}idi>’ or ‘purposive (maqasidic) exegesis’. This approach is expected to solve the problems faced by exegetes, such as the gap between text and context. The basic assumption of this approach is that the Quran was revealed definite with the aim, so that actually interpret the Quran is expose that purpose, and reflect on the exegese’s context. Theories of maqasid ash-shariah introduced the scholars can serve as the basis of Quran’s interpreting, including Jasser Auda’s theory. Auda assumes sharia work similar to the way the system works. Sharia devices, including the Quran, has six features, namely the nature of the cognition, holistic, openness, interconnection hierarchy, and purposiveness. Based on these features, the author make five steps in the interpretation of the Quran: 1) identifications of verses; 2) identifications of meanings; 3) explorations of maqa>s}id al-syari>’ah; and 4) contextualization of meanings; and 5) conclusion.
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Satt, Harit, Fatima Zahra Bendriouch, and Sarah Nechbaoui. "The impact of Shariah finance compliance level on the cost of debt." Journal of Islamic Accounting and Business Research 11, no. 6 (January 13, 2020): 1211–26. http://dx.doi.org/10.1108/jiabr-04-2018-0056.
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Purpose Does Shariah finance have any impact on the cost of debt? The existing literature on Shariah finance revolves around its effect on the macroeconomic level but remains poor when looking at its impact on the corporate level. The purpose of this paper is to strengthen the latter by examining the relationship between the Shariah compliance level and the interest rate. Design/methodology/approach The authors have used a sample of 600 companies, all Shariah-compliant but with different levels of compliance, from 2002 to 2015. A variable determining the level of Shariah compliance was created in accordance with the methodology by S&P 500 Shariah and its underlying index S&P 500; then, a Probit relapse study was conducted to identify the impact of Shariah level on the cost of debt. Findings Consistent with the theoretical predictions of the authors, the findings reveal that there is a positive relationship between the level of Shariah compliance and the cost of debt, suggesting that the higher the level of Shariah compliance of a firm, the higher the interest rate. Research limitations/implications One important portfolio implication of this study is that the level of Shariah compliance plays a major rule in the cost of debt determination besides the firm-specific factors. The revealed results can be of interest to actors in the fields of corporate finance, corporate governance, decision-makers and investors. Originality/value Islamic finance has been one of the most studied and researched topics in the finance world. However, the interest of scholars thoroughly assessed the dynamics of Islamic banking. The effect of Shariah compliance on corporate finance can still be more explored. To the best of the authors’ knowledge, this is a first attempt to capture the effect of Shariah compliance on the cost of debt through the use of a large scope to enrich the literature and at the same time analyzing the effects of Islamic characteristics on firms’ fundamentals.
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Wan Ahmad Ikram, Wan Ahmad Syafiq. "Ownership Risk in the Perspective of Islamic Law of Contract: Concept and Application on Modern Practices." Journal of Islamic Economic Laws 1, no. 1 (July 31, 2018): 31–52. http://dx.doi.org/10.23917/jisel.v1i1.6342.
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Daman Milkiyyah or ownership risk is an important element in Islamic Law of Contract as there are many implications arising from it. This concept also highlights one of the unique features of Islamic Law of Contract which promotes justice in transactions. The lack of a proper understanding of this concept may lead people to breaching Shariah principles as well as dealing with non-Shariah compliant transactions. It is the purpose of this paper to shed light on the fundamental concepts of ownership risk and its application on some of modern financial instruments. This work will write down the scattered though of ownership risk which has been discussed by Islamic classical scholars and continued by matching this concept to the existing modern financial instruments. In the end of the paper, we suggest further enhancement in the financial industry to adhere more towards shariah principle.
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Hassan, Rusni, and Nur I’ffah Muhammad Nasir. "Financial consumer protection principles in accordance with the Quran and Sunnah." Journal of Emerging Economies and Islamic Research 7, no. 2 (May 31, 2019): 58. http://dx.doi.org/10.24191/jeeir.v7i2.8765.
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Consumer plays an essential role in the economy of a nation. In a competitive economy where the businesses and manufacturers may use exploitative means and unfair trade practices, there is an urgent need to protect the consumers against such malpractices. Financial consumers are of no exception. Reliable consumer protection helps to build consumer trust in financial institutions which subsequently contribute to the stability of the financial market. The Western scholars establish the existing standards and good practices on financial consumer protection based on ethics, however, it is also essential to develop Shariah standards and good practices for the Islamic finance industry because the different elements that exist between the Islamic and conventional finance industry. The purpose of this paper is to study the financial consumer protection mechanism from the Shariah sources of Quran and Sunnah. This paper is conceptual, mainly applying the content analysis approach that explores the works of Islamic scholars related to the concept of consumer protection.
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Khan, Inam Ullah. "Islamic Bonds (Sukuk) in Malaysia." ICR Journal 6, no. 4 (October 15, 2015): 489–508. http://dx.doi.org/10.52282/icr.v6i4.299.
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This article introduces the various types of sukuk that exist in the Malaysian secondary market. The Malaysian sukuk market was initially debt-based which attracted criticism from the Shariah scholars from the Gulf and Middle East. However, the Malaysian sukuk market made a turn towards equity and ijarah sukuk and ventured into “green sukuk” or socially responsible investment (SRI) sukuk. To facilitate the financing of sustainable and responsible investment initiatives, the Securities Commission of Malaysia (SC) has launched the Sustainable and Responsible Investment (SRI) sukuk Framework in 2014. The introduction of the SRI sukuk framework is seen to be in line with the rising trend of “green bonds” and “social impact bonds” that have been introduced globally to facilitate and promote sustainable and responsible investing. The writer has presented different examples from both regions to show that the gap has been bridged. However, despite this convergence the author recommends a revisit of the controversial debt-based instruments by Malaysian Shariah scholars.
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Al-Astewani. "Loci of Leadership: The Quasi-Judicial Authority of Shariah Tribunals in the British Muslim Community." Religions 10, no. 7 (June 27, 2019): 406. http://dx.doi.org/10.3390/rel10070406.
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Leadership and authority were two central themes in the mission statement of the first ever Shariah tribunal to emerge in the UK. When the Islamic Shariah Council was established in 1982, it noted that its founding meeting had been attended by Muslim scholars from a number of mosques in the UK who represented the major schools of Islamic law. This ensured in its own words that it was widely accepted as an authoritative body with regards to Islamic law and that it was therefore able to cater to the basic religious needs of the Muslim community. Since their emergence in the 1980s, Shariah tribunals have played an important role in guiding the Muslim community through the provision of religious services. This paper seeks to enrich the literature on Shariah tribunals by critically assessing how such tribunals have used their expertise in Islamic law to wield quasi-judicial authority in the British Muslim community, within a legal system which does not directly grant legal jurisdiction to religious tribunals. The paper highlights the distinctive characteristics of the authority which Shariah tribunals exercise as religious institutions, which distinguish them from the secular courts of the state despite the judicial functions which both share in common.
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Nurhisam, Luqman. "Bai ‘Al-Tawarruq: Concept Of Islamic Financing?" Journal of Emerging Economies and Islamic Research 4, no. 3 (September 30, 2016): 49. http://dx.doi.org/10.24191/jeeir.v4i3.9096.
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Shariah Committee in Malaysia in his fatwa has legitimized the execution of the contract al-Tawarruq and al-'nah in Islamic banking practices, while the contract is not ratified by the National Sharia Council in Indonesia. This study will discuss the reasons and background differences fatwa, and an aspect ratio of banking products and the legal framework used to legitimize Islamic financial products in Indonesia and Malaysia. Therefore, further research is needed to analyze how the views of the scholars against al-Tawarruq along with proof of his, and the extent to which the contract tawarruq has been applied in Islamic finance, especially in Indonesia and Malaysia. As a result of a comparison of Islamic financial products in general, and the legal framework used by the Sharia Board between Indonesia and Malaysia. The method used is descriptive qualitative analysis. In this study, the research subjects are the scholars of Sharia Council. While the object of research is the view of the scholars of fiqh against al-Tawarruq, aspects of financial products, and the framework of Islamic law. From this study, it was found that the mechanism of al-Tawarruq, can not be regarded as an Islamic financial products, because a lot of flaws in it. Hilah known that there are not good that lead to usury, so this is the reason of the majority of scholars do not technically separated in Indonesia. However, as far as the development of the contract used that alTawarruq al-fiqhi been applied in syariah commodity trading in the Jakarta Futures Exchange. While Malaysia believes that the buying and selling of al-Tawarruq is halal as the basic rule for the legitimacy of the agreement, which has been applied in private financing in Islamic banks, as well as a commodity murabaha on Bursa Malaysia namely Bursa Suq Al-Sila.
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Ihwan, Muhammad. "Studi Analisis Ijtihad Rasul SAW dalam Kitab Ijtihad Rasul SAW." Istidlal: Jurnal Ekonomi dan Hukum Islam 2, no. 2 (October 2, 2018): 164–78. http://dx.doi.org/10.35316/istidlal.v2i2.115.
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This research aims to find out the views of the scholars about the ijtihad of the Prophets in the book of Ijtihad al-Rasul SAW by Abdul Jalil Isa and to find out the description of the actions of the Prophet Muhammad which was considered ijtihad. The type of research is used by qualitative research. The data obtained were clarified and analyzed according to the topic of discussion. From the results of the data collection and analysis can be concluded that are: 1) The Preception of the scholars about ijtihad of the Prophets in the book of Ijtihad al-Rasul SAW are divided into three. Firstly, Abu Ali al-Juba'i argued that the Prophet did not carry out jihad, both in legal matters (sharia) and worldly affairs in. Secondly, Ibn Hazm, Ibn Taymiyyah and Kamal al-Hummam argued that the Prophet had jihad, both in the affairs of the Shariah and world affairs in. Thirdly, Qadhi Iyadh and Ibn Khaldun argued that the Prophet did not carry out jihad in the Shari'ah region, the Prophet only had jihad the in area of world affairs. This difference of opinions are based on the third approach in concluding the Prophet's ijtihad; 2) The act of the Prophet Muhammad SAW which was considered ijtihad in the book of Ijtihad al-Rasul SAW was that there were two, namely: The first, the act which turned out to be wrong then by the Shari was straightened out, and secondly, his decision was not followed by his friend.
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Mohamad, Mohammad Taqiuddin, Mohd Najdi Aminuddin, and Muhamad Husni Hasbulah. "Pembiayaan Perumahan Berasaskan Komoditi Murabahah: Kajian Kes di CIMB Islamic Bank." UMRAN - International Journal of Islamic and Civilizational Studies 5, no. 3 (October 31, 2018): 68–80. http://dx.doi.org/10.11113/umran2018.5n3.232.
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Commodity of Murabahah and Tawarruq are the concept that was applied in the products of home financing (Flexi Home Financing-i) at CIMB Islamic Bank. This product is one of products which is offered by CIMB Islamic Bank. Before of this, there are several concepts such as Bay’ Bithamanil Ajil (BBA) and Bay’ Inah have been applied in the products of home financing by Islamic Banks where it causes some controversies. The using of BBA and Inah as a contract in home financing’s product have been criticized by some of the Islamic scholars especially from the Middle East Islamic scholars. Through the descriptive analysis, a case studies were conducted by collecting the data through an interviews. The study was found that a scheme of home financing through product called Flexi Home Financing-i offered by CIMB Islamic Bank is one form of innovative products in order to make the financing products offered to customers free from the elements of Riba. Additionally, it was alternative from using al-Inah which is controversies among the scholars. This study also found that this product is line up with the Shariah compliance and ability to stand up with the value of moral and ethics which is compliance with principles of Shariah.
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Mohamed Rishard, Najimudeen, Mohamed Mohideen Nayeem, and Muhaimin Sulam. "Freedom of belief in the light of Maqasid al-shariah: Special reference to Sri Lanka." SHS Web of Conferences 53 (2018): 04002. http://dx.doi.org/10.1051/shsconf/20185304002.
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Concept of maqasid al-shariah (purposes of Shariah) is being re-interpreted in order to confront modern challenges and questions. This research analyses how the predominant segment of maqasid al-shariah, Protection of Religion, has been interpreted by modern scholars in a conflicting terminology as ‘freedom of belief’ and how they discuss the misapprehended texts which relate to the topic. Research focuses on applying the modern concept of freedom of belief which is one of the universal values, into Muslim majority countries as well as Sri Lanka where Muslims are a minority. A Special consideration has been specified on freedom of belief in Sri Lanka’s constitution and its implementation. Qualitative data, mostly secondary data, has been used in this study. Data were collected from literary books, journal articles and internet sources. This research finds out that Sri Lanka in particular, a number of Muslim minority countries in general are healthier than several Muslim majority countries, especially Middle East countries, in practicing freedom of belief.
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Nurhadi, Nurhadi. "The Importance of Maqashid Sharia as a Theory In Islamic Economic Business Operations." International Journal of Islamic Business and Economics (IJIBEC) 3, no. 2 (November 10, 2019): 130. http://dx.doi.org/10.28918/ijibec.v3i2.1635.
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This article discusses the urgency of maqashid wisdom in the operation of Islamic economic business. The rapid development of Islamic economics and finance in the contemporary era, many problems have arisen, such as hedging, sukuk schemes, repos, syndicated financing between Islamic banks or with conventional banks, restructuring, indent property financing, ijarah maushufash fiz zimmah, multi financing use, credit card design, maqashid from annuity, bargain, net revenue sharing, gold installments, gold investment and other new cases. The application of the wisdom of the maqashid shari`ah is an elaboration of the great maqashid (goal), namely hifzu al-Mal (safeguarding wealth) and fulfilling the purpose and mashlahah of wealth. Maintaining and maintaining the intentions of these assets sometimes in terms of how to get it (min janibi al-wujud) or in terms of maintaining assets that are already owned (min janibi al-‘adam). Hifzu al-Mal is a family of methods in the field of muamalah, this method is translated by Maqashid syari`ah ammah (general purposes) and Maqashid khassah (special purpose) also called maqashd juz’iyyah, which is very numerous and countless. Maqashid khassah is the result of Istiqra 'of the scholars towards the texts and the laws of shari'ah and results in certainty (qath'i) that this Shari'a establishes it as a goal that has consequences and implications. So in the operation of sharia economic business the wisdom of maqashid sharia is that the benefit must be secured and based on shariah principles, even though the Islamic economic business transactions by establishing the benefits that are in accordance with the sharia and the proposition as well as the interfaith of the minkum (the pleasure of the same pleasure) in accordance with the sharia agreement, even though the law is debated, for example bai ad-dayan contract, bargaining contract and others.
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Sukiman, Sukiman. "PENGARUH MODERNISASI TERHADAP TRADISI PENDIDIKAN ANAK DALAM MASYARAKAT SUKU GAYO." El-HARAKAH (TERAKREDITASI) 17, no. 2 (February 5, 2016): 275. http://dx.doi.org/10.18860/el.v17i2.3048.
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The tradition of children education at Gayo typically begins since infant to childhood. At earlier stage, they learn by listening to chant, folktale, and learning from local Islamic scholars. However, in the modernization era, the tradition is worn off. Modernization has changed the youth at Gayo into spiritual depletion, lack in dynamic and creativity, moral degradation and inadequate friendship. To overcome the education crisis of the children in Gayo, it needs reorientation by integrated approach between the Islamic Shariah and the education tradition of Gayo. It is applied though functioning and coordinating between the official Islamic Shariah, the tradition institution of Gayo, and the deliberative board of ulama. Accordingly, the youth at Gayo will become more religious, godly and hold Islamic culture.
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Zakariyah, Habeebullah, and Mansab Mahsen Abdulrahman. "Providing Qard Hasan from Zakat Fund for Non-Recipients of Zakat: A Shariah Analysis Study." Al-Rashad Journal of Islamic Finance 1, no. 3 (June 20, 2021): 89–105. http://dx.doi.org/10.46722/ajif.1.3.21d.
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Zakat is one of the pillars of Islam, it is considered as Islamic financial system. The paper aims at discussing the opinions of Muslim scholars regarding the permissibility of granting a soft loan from the Zakat sources; by spending their resources in ways that are not specified by the Qur’an, and the Sunnah. The research methodology applied in this paper is analytical and inductive methods which are adopted to study the view of classical and contemporary scholars, and to analyzing the views of advanced and contemporary jurists. Muslim scholars have different opinions regarding the permissibility of granting a soft loan from the Zakat sources based to various doctrines as follows: the first opinion States that it is permissible to grant soft loan using zakat revenues; this opinion was supported by Al-Maududi, Abdulrahman khalaf and Abu-Zuhra among others. The Second opinion says that it is forbidden to grant soft loan using zakat revenues; this was seconded by Rafiq Yunuss, Jadal Al-hāqī and others. The Third opinion states that it is permissible to grant soft loan using zakat revenues with specific conditions. The proponents of this were Abu satar, Muḥāmād Azukheil and among others. The study concludes with major results as follows: It is not permissible to use zakat revenues without specific aims set up for it; because it is violation of the Quranic text and the intent of Islamic Sharia of Zakat expenditures. The paper recommended to Zakat institutions to establish a fund to povide Qard Hasan to non Zakat recipients.
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Wahid, Abd. "WAHBAH ZUHAILIY A SCHOLAR INTERPRETATION IN TWENTY CENTURY." Jurnal Ushuluddin 23, no. 2 (January 13, 2017): 109. http://dx.doi.org/10.24014/jush.v23i2.1073.
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This essay reveal about a scholar who is steady to science for islamic advancement, trying to spread his message through a variety of writings throughout the world, he is Wahbah Zuhailiy, a Syrian scholar. Even if he is a scholar of Shariah experts, and having a lot of writing about fiqh, but he is also an expert interpretation, it is proved by there are three books of commentary written by him, one of the famous books is al-Tafsir Munir, through this book revealed the intention verses of the Qur’an more clearly. In interpreting the verse, he used methods maudhu’i, besides used Tahlili. Whilethe pattern, he tend to used Adabi Ijma’i and faqhi pattern. Although there are many praising to this interpretation, it still has many weakness, it is obviously what Wahbah Zuhailiy has put itself on the level of scholars interpretation of this century
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Bindabel, Wardah. "M&A Open Innovation, and Its Obstacle: A Case Study on GCC Region." Journal of Open Innovation: Technology, Market, and Complexity 6, no. 4 (November 10, 2020): 138. http://dx.doi.org/10.3390/joitmc6040138.
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Considering the effective growth in challenges and an urge in establishment for sustainable business, companies trading globally are inclined towards the implementation of highly efficient cross-border reallocations of revolving capital. The prominent objective of this research paper is therefore the clear identification of the active key attributes and specifications of all strategic measures for efficient sustainable cross-border mergers and acquisitions (M&As) of the Islamic companies in the Gulf region that are keen to engage with the non-Islamic companies across the globe. This paper also explores the paradigm of culture, in its different manifestations, it was and still is a primary factor of creativity. This study also focuses on building some better understanding of the role of "Culture for Open Innovation Dynamics." Initially, since the need to interpret community, that can also influence the dynamics of open innovation, has sharply increased, the research addresses open innovation dynamics and its significant concerns related to cross border mergers and cross culture ventures of firms and organizations. The researcher purposively selected 15 financial institutions from the selected Gulf Cooperation Council (GCC) countries. Semi-structured interviews were conducted with 40 key individuals including Board of Directors (BOD) members, lawyers and the Shariah scholars involved with three Islamic banks and two Islamic insurance companies in GCC. The findings indicate a consensus among the respondents regarding how the Shariah corporate governance principles can present barriers for cross-border M&As. Key obstacles to the success of cross-border M&As between the Islamic and the non-Islamic companies include the Shariah compliance, weak systems of disclosure, dependency, corruption in compliance, having family members on the Board, weakened communication with external auditors, different interpretations of Shariah by different scholars and a lack of alternative Islamic financial instruments. The comprehensive research in this paper fills the research gap by specifying the key attributes of considering the future implementation and management of M&As in broader scopes.