AARN: Islam (Sub-Topic)最新文献

{"title":"African Market-led Islamic Finance","authors":"Basheer A. Oshodi","doi":"10.2139/ssrn.3471165","DOIUrl":"https://doi.org/10.2139/ssrn.3471165","url":null,"abstract":"The poverty only keeps expanding, the African school child cannot get food, and malaria kills hundreds of thousands yearly while the banks still make decent profits. Yet, Islamic finance in Africa imitates the financing model of the West and the GCC. Foreign capital evaporates with the slightest shock in Africa and the growth of GDP means nothing to the population. Weak institutions and actors further depress the bad state of the socio-economic fabric. The debt-based financing model adopted from the conventional banking school suddenly becomes a norm and Islamic finance experts accepts it warmly. So, we see Shariah compliance without societal or communal impact and the scholars seems to have omitted the maqasid – the primary intent of the Shariah which aims to achieve societal happiness. Equity funds are looking scarce in Africa but the Silicon Valley have it in abundance. A part of the world is then experiencing a gradual failure of a good financial model.<br>","PeriodicalId":228195,"journal":{"name":"AARN: Islam (Sub-Topic)","volume":"70 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-10-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115543340","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The Impact of Macroeconomic Factors on US Islamic and Conventional Equity","authors":"Mazhar Hallak Kantakji","doi":"10.4197/islec.32-2.3","DOIUrl":"https://doi.org/10.4197/islec.32-2.3","url":null,"abstract":"This study explores the influence of economic fundamentals on both\u0000Islamic and conventional equity in the US stock market by applying various methods\u0000of time series techniques focusing on the period from January 1996 to September 2013.\u0000The empirical results show that the exogenous variables are industrial production (IP),\u0000interest rate (T3), and consumer production index (CPI); whereas Islamic stock index\u0000(IS), conventional stock index (CS), and money supply (M2) are endogenous variables.\u0000When IP, T3, or CPI receives a shock, it will deviate from the equilibrium and will\u0000transmit the shock to other variables whereas if IS, CS, or M2 undergoes a shock, the\u0000long-run combination will correct it through the short-run adjustment to the\u0000equilibrium. The empirical findings also reveal a higher impact of industrial production\u0000and lower impact of interest rate on Islamic equity, as compared to conventional\u0000equity. Our results are consistent with the theory that Islamic finance, due to its\u0000effective Sharīʿah screening process, is more prevalent in the real economic sector and\u0000less associated with interest-based activities.","PeriodicalId":228195,"journal":{"name":"AARN: Islam (Sub-Topic)","volume":"28 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-07-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134452605","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Legal Analysis on the Fatwa of Sharia National Council on Rahn: Between Legal Philosophy and Its Implementation in Indonesian Sharia Pawnshop","authors":"Alfarid Fedro, S. Lahuri, M. Ghozali","doi":"10.21093/MJ.V18I1.1365","DOIUrl":"https://doi.org/10.21093/MJ.V18I1.1365","url":null,"abstract":"The function of Sharia Financial Institutions (SFI) is to provide the easiness for the needs of the community in sharia-compliant funding. One of them is Pegadaian Syariah (sharia pawnshop), which offers the pawning (rahn) contract as one of the sharia-compliant quick funding solutions. The National Sharia Council (NSC) realized the need to issue a fatwa on the guidelines on rahn as a form of response to the needs of the community in various SFI products. However, this fatwa contains biased meaning against the concept the rahn which is obscurely implemented between dain and qardh in some SFI contracts. Therefore, this study tries to analyze the DSN Fatwa NO. 25/DSN-MUI/III/ 2000 and DSN Fatwa NO. 26/DSN-MUI/III/2000 concerning rahn between legal philosophy and its implementation in sharia pawnshops from the perspective of Fiqh Muamalah. The result of this study emphasizes that it is necessary to include in this fatwa a legal philosophy underlying reason for pawning (rahn) decision, whether it is debt (dain) caused by buying-selling/trading (bai') or due to money loan debt (qardh). This basis will explain the sharia-compliant boundaries of the implementation of the rahn contract in SFI, especially in sharia pawnshops which still makes qardh the basis for the realization of rahn implementation. Keywords: sharia pawnshops, rahn, qardh, DSN Fatwa NO. 25/DSN-MUI/III /2002 and DSN Fatwa NO. 26/DSN-MUI/III/2002.Fungsi Lembaga Keuangan Syariah (LKS) yaitu memberikan kemudahan kebutuhanan masyarakat dalam pendanaan yang syar’i. Salah satunya adalah Pegadaian Syariah yang menawarkan akad rahn sebagai salah satu solusi kebutuhan dana cepat yang sesuai syariah. Dengan demikian Dewan Syariah Nasional (DSN) memandang perlu menetapkan fatwa pedoman tentang rahn sebagai bentuk respon kebutuhan masyarakat dalam berbagai produk LKS. Namun, dalam fatwa ini memberikan bias makna implementasi akad rahn antara dain dan qardh di beberapa LKS. Maka penelitian ini mencoba menganalisis Fatwa DSN NO. 25/DSN-MUI/III/2000 dan DSN Fatwa NO. 26/DSN-MUI/III/2000 tentang rahn antara legal filosofis dan implementasinya di pegadaian syariah dari prespektif Fiqh Muamalah. Hasilnya adalah perlu dicantumkan dalam fatwa ini legal filosofis sebab yang mendasari penetapan gadai (rahn) yaitu hutang (dain) apakah disebabkan jual beli (bai’) atau disebabkan hutang pinjaman uang (qardh). Dasar ini akan menjelaskan batasan-batasan kesyar’ian implementasi akad rahn di LKS khususnya di Pegadaian Syariah yang masih menjadikan qardh sebagai landasan terwujudnya implementasi rahn. Kata kunci: Pegadaian syariah, rahn, qardh, Fatwa DSN MUI NO. 25/DSN-MUI/III/2002 and Fatwa DSN MUI NO. 26/DSN-MUI/III/2002.","PeriodicalId":228195,"journal":{"name":"AARN: Islam (Sub-Topic)","volume":"26 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128029698","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Human Rights Issues Arising from the Implementation of Sharia Law on the Minority of Western Thrace—ECtHR Molla Sali v. Greece, Application No. 20452/14, 19 December 2018","authors":"Nikos Koumoutzis, Christos Papastylianos","doi":"10.3390/REL10050300","DOIUrl":"https://doi.org/10.3390/REL10050300","url":null,"abstract":"The Molla Sali case, recently heard by the ECtHR, concerns the compatibility of the implementation of Sharia in the family and personal relations of the Muslims of Western Thrace, who remained within the boundaries of the Greek State after the exchange of populations under the Treaty of Lausanne, to the ECHR. The applicant, a Greek national of the Muslim minority of Western Thrace, complained that she could not be beneficiary by testament of her deceased husband’s estate, member of the same minority, since, according to the position of the Court of Cassation, due to a series of international agreements and relevant domestic norms, the law of succession applicable to her case was the Islamic Law that prohibits the testament, instead of the civil law. However, the ECtHR found that the applicant was victim of a violation of article 14 of the ECHR in conjunction with article 1 of Protocol no 1. In this case, the ECtHR considered for the first time the question of the compatibility of a religious community’s separate legal status with the ECHR. The rationale behind the decision is within the framework of the core principles of the Court’s case law on the limits of the autonomy of religious communities and acknowledgement of minority rights. The Court, based on the main line of arguments which constitute the corpus of its jurisprudence on religious and minority issues, ruled that the separate legal status of the Muslim minority cannot justify divergences from the application of the General Law, to the extent that such divergences violate the Greek citizens’ rights enshrined in the Constitution and the ECHR and it condemned Greece on the basis of “discrimination by association”.","PeriodicalId":228195,"journal":{"name":"AARN: Islam (Sub-Topic)","volume":"101 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-05-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124200219","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Corporate Social Responsibility Disclosure in Indonesia Sharia Banks for 2015-2016: An Islamic Perspective","authors":"Frisca Aprilian, Yesaya Purba Rambe, Ia Kurnia, Junaedi Abdillah","doi":"10.2139/ssrn.3285844","DOIUrl":"https://doi.org/10.2139/ssrn.3285844","url":null,"abstract":"This research has to know the corporate social responsibility disclosure between Islamic banks during 2015-2016 periods based on Islamic perspective. This research used mixed method (qualitative and quantitative method). The samples of Islamic Bank are Bank Muamalat, Bank Mandiri Syariah, and Bank BRI Syariah, Bank BCA Syariah, and Bank Panin Syariah with 44 indicators of ISR (Islamic Social Responsibility) convergence being used, while the rest 2 of indicators excluded. The data conducted by gather information from sustainability, annual, and financial report of those companies. The result of this research there is banking social responsibility increasingly during 2015-2016 but insignificant. In the other hand, for 2015 only Bank Muamalat and Bank Panin Syariah at Moderate level, while the rest at Low category. For 2016, only Bank BCA Syariah at Low level category while, the rest at Moderate level. Although the social responsibility of sharia banking increasingly, there is no bank in High compliance for 2015-2016.","PeriodicalId":228195,"journal":{"name":"AARN: Islam (Sub-Topic)","volume":"26 48","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-11-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"113962276","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"An Overview of Asnaf Entrepreneurship Program by Lembaga Zakat Selangor, Malaysia","authors":"Hashim Ahmad Shiyuti, Syed Musa Al-Habshi","doi":"10.2139/ssrn.3299107","DOIUrl":"https://doi.org/10.2139/ssrn.3299107","url":null,"abstract":"Lembaga Zakat Selangor (LZS) has introduced the asnaf entrepreneurship program in order to encourage the productive asnaf to generate their own income. This income is expected to cover the daily needs as well as to create surplus which enable the asnaf to graduate from the asnaf status. The basis of this effort is based on the wide method that can be used in utilising the distribution of zakat fund as quoted from Qardawi (2009) that Islam has fixed the mechanism of collection but remain flexible in certain part of distribution. This program, is expecting to help and hand-in-hand with the participants to groom and develop them to become a successful asnaf entrepreneurs. This paper, provides an overview of the program in understanding the ways that being done by Lembaga Zakat Selangor; to look into the potential and prospect of any new opportunity and understanding the strength and weaknesses of the existing program.","PeriodicalId":228195,"journal":{"name":"AARN: Islam (Sub-Topic)","volume":"78 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-11-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128405037","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"الائتمان بالمشاركة (Credit Through Musharakah)","authors":"Mohammad Al-Suhaibani, Abdullah Alomrani","doi":"10.2139/SSRN.3189249","DOIUrl":"https://doi.org/10.2139/SSRN.3189249","url":null,"abstract":"<b>Arabic Abstract:</b> يهدف البحث إلى تطوير منتج مالي جديد يقوم على فكرة استبدال علاقة المديونية التي تنشأ عادة بين المصرف والتجار بمبدأ المشاركة، بحيث يتوازعا المهام والمخاطر المرتبطة بالعميل بناء على الميزة النسبية التي يتمتع بها كل منهما. فالمصرف يكون مسئولاً عن الجوانب الائتمانية، في حين يتكفل التاجر بالتزامات الشركة الفعلية المرتبطة بإجراء صفقة البيع، وتقديم الخدمات اللاحقة كالضمان والصيانة. ويركز البحث على تطبيق هذا المنتج على التمويل متوسط الحجم من خلال اتفاق المصرف مع الشركات التجارية الكبيرة، وعلى عقود التمويل ذات الأحجام الصغيرة بتطوير منتج جديد للبطاقات الائتمانية تقوم على هذه الفكرة. وقد خلص البحث إلى أن تطبيق المنتج المقترح يؤدي إلى انتفاء الحاجة للتورق من خلال تمكين المتورقين من شراء ما يحتاجونه بالأجل من التجار مباشرة. ومع أن هذا المنتج يؤدي إلى نشؤ مديونيات إلا أنه يسد الباب أمام الحاجة لجدولة الديون وقلب الدين المترتبة على منتجات التورق المصرفي؛ كما أنه يدخل مفهوم المشاركة في صلب عمل المصارف الإسلامية، ويتيح الفرصة لزيادة الاعتماد على هذا المفهوم الأفضل شرعاً واقتصاداً، ويتوقع أن يفتح هذا التوجه نحو المجال المشاركة – بإذن الله – لتطوير آليات أفضل لمعالجة عقود المشاركة محاسبياً، والتحوط من المخاطر التي تتضمنها، وبالتالي التوسع في تطبيقها على منتجات أخرى. <b>English Abstract:</b> This research aims at developing a new financial instrument to get away from the relationship of indebtedness that is normally created between banks and merchants and replace it with the principle of partnership. This is accomplished by having the two parties divide between themselves the responsibilities and risks related to customers based upon the special characteristics of each of the two parties. The bank would be responsible for the credit-related issues while the merchant would be responsible for the partnership’s actual duties such as conducting sales transactions, and providing after-sales services such as warranties and maintenance. The research focuses on application of this product for midsize financing in the context of agreements between a bank and large retailers involving small scale financing contracts by developing a new product for credit cards that would be based upon this concept. The research concludes that implementation of the proposed product would put an end to the need for tawarruq by enabling the seekers of tawarruq to directly purchase what they need from the retailers by deferred payment. Although this product does create indebtedness, it precludes the need for debt restructuring and debt conversion that result from banking tawarruq. It also inserts the concept of musharakah into the heart of Islamic banks’ operations and provides the opportunity to increase reliance upon this concept, which is preferable from both a Shari’ah viewpoint and an economic viewpoint. Hopefully, this reorientation toward musharakah will — by Allah’s permission — open the field for development of better instruments for better accounting treatment of musharakah contracts and for hedging against the risks they contain, leading to their increased appli","PeriodicalId":228195,"journal":{"name":"AARN: Islam (Sub-Topic)","volume":"68 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130891091","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The Sacred and the Secular in the Hizmet World","authors":"Ihsan Yilmaz","doi":"10.1525/9780520960749-012","DOIUrl":"https://doi.org/10.1525/9780520960749-012","url":null,"abstract":"Gülen’s conception of Islam-friendly democracy is key to understanding his approach to sacred and secular relations. He does not see a contradiction between Islam and democracy, and he reasons that Islam establishes fundamental principles that orient a government’s general character, leaving it to the people to choose the type and form of government according to time and circumstances. With regard to state/society/religion issues, he has argued, unlike the Islamists, that passive Anglo-Saxon secularism which guarantees human rights and freedoms, including freedom of religion, could provide a wider framework for Muslims to practice their religion comfortably where other religious minorities also benefit from human rights. In his view, the faithful can comfortably live in secular environments if secularism is religion-friendly and understood as the state not being founded on religion. Hence, it does not interfere with religion or religious life, and the state is equidistant to all religions in a neutral manner. It can be argued that Gülen’s approach to sacred/secular relations is similar to the First Amendment of the U.S. Constitution (“Congress shall make no law respecting an establishment of religion, or prohibiting the free exercise thereof”) since he has highlighted that Islam does not need a state to survive and that civil society or the civilian realm in liberal-democratic settings is sufficient for its individual and social practice. Is understanding of “Islamic secularism” or “twin tolerations” resonates with Habermas’s “religion in the public sphere,” which argues that the faithful can have demands based on religion in the public sphere and that, in the final analysis, it is the legislators’ epistemic task to translate these demands into a secular language and enact them accordingly.","PeriodicalId":228195,"journal":{"name":"AARN: Islam (Sub-Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-05-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130815714","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Islamic Working Capital Finance through Murābaḥah for a Construction Company","authors":"K. Ullah, Shafiullah Jan, Z. Khan","doi":"10.26501/jibm/2017.0701-011","DOIUrl":"https://doi.org/10.26501/jibm/2017.0701-011","url":null,"abstract":"This case study presents a narrative of how mur¯abah. ah, a sale-based Islamic mode of financing, applies in the banking routine to create a real working capital finance service to a construction company. The construction company was looking to finance diesel, bitumen, and petrol to be used as working capital in its construction projects for the Government. The case presents interesting episodes of the client company and the bank as to how they reached the situation of applying mur¯abah.ah and how that fits in within the broader Islamic banking regulatory framework of the country. A customised mur¯abah.ah process flow is designed and applied with subsequent changes due to various market and external factors. The case shows how the bank purchases the goods from refineries and sells the same at a cost-plus to the construction company and how all settlements are made till the maturity of the case while maintaining Shar¯i‘ah compliance. Many supporting parties such as tak¯aful company, legal entities, credit information bureau, and suppliers provided supporting services to execute mur¯abah. ah in the context of working capital finance. The roles of each party and issues in the application process are discussed.","PeriodicalId":228195,"journal":{"name":"AARN: Islam (Sub-Topic)","volume":"76 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-04-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127978754","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Methodology for Theory Building in Islamic Economics: Some More Examples of Hypotheses","authors":"Muhammad Khan","doi":"10.12816/0045545","DOIUrl":"https://doi.org/10.12816/0045545","url":null,"abstract":"The paper is a sequel of an earlier paper by the present writer on the same subject. The basic idea of the present paper as well the previous one was that the Muslim economists, if they are serious about developing Islamic economics as a social science, should move away from the process of restating the economic teachings of Islam. Instead, they should try to state human understanding of the divine texts as hypotheses in a language that permits validation of the hypotheses. That would be the first step toward building a theory of Islamic economics. The next step would be testing of the hypotheses and concluding on the validity of human understanding of the divine texts. In this slow and steady process a new discipline of Islamic economics, which could be called a social science, would develop. The previous paper presented examples of 15 hypotheses. The present paper presents examples of further 10 hypotheses. There is nothing sacrosanct about these examples. The objective is to encourage Muslim economists take steps for developing Islamic economics as a social science.","PeriodicalId":228195,"journal":{"name":"AARN: Islam (Sub-Topic)","volume":"92 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125394292","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}