{"title":"Islamic Law and Banking: An Overview","authors":"Ahmad Alharbi","doi":"10.2139/ssrn.2602679","DOIUrl":"https://doi.org/10.2139/ssrn.2602679","url":null,"abstract":"This paper gives an idea about the sources of Islamic law, types of Islamic financial contracts, and the effect of Islamic schools of thought on the Islamic financial industry. Also, it shades a light on Islamic banks philosophy.","PeriodicalId":228195,"journal":{"name":"AARN: Islam (Sub-Topic)","volume":"113 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-05-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115566955","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}
Mohd Fikri Jamari, Siti Nadzirah Samingin, V. Sundram
{"title":"Muslim's Purchase Intention Towards Non-Muslim's Halal Packaged Food Manufacturer","authors":"Mohd Fikri Jamari, Siti Nadzirah Samingin, V. Sundram","doi":"10.2139/ssrn.2542873","DOIUrl":"https://doi.org/10.2139/ssrn.2542873","url":null,"abstract":"Purpose – To investigate the determinant factors that consumers may consider in buying Halal packaged food produced by non-Muslim manufacturers.Design/methodology/approach – A field survey carried out with the help of a questionnaire constructed by using a modified Likert-scale. A total of 150 set of questionnaires were distributed randomly in Johor Bahru area and receive 116 completed replies. Multiple regression analysis assessed the three determinant factors towards Muslim’s purchase intention.Findings – The three variables have significant effect and predict a good proportion of the variance in Muslim’s purchase intention. The research results indicate that the product ingredient can positively and significantly affect the Muslim’s purchase intention while halal awareness and Islamic brand have not significantly affecting Muslim’s purchase intention on Non-Muslim’s Halal packaged food manufacturer.Research limitations/implications – The relationships investigated in this study deserve more effort on understanding Muslim’s buying behavior. This is because the data analysed were collected from one area only in this country. More studies are required before general conclusion can be drawn.Originality/value – This study has practical significance for non-Muslim’s Halal packaged food manufacturer for understanding the buying behaviour of Muslim consumers and using them for effectively positioning the purchase intention of their food product.","PeriodicalId":228195,"journal":{"name":"AARN: Islam (Sub-Topic)","volume":"70 S4","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-12-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"120978174","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}
Masliya binti Amat, Nurfarahetika binti Mohamed As’hari, V. Sundram
{"title":"The Influence of Muslim Consumer's Perception Toward Halal Food Product on Attitude at Retail Stores","authors":"Masliya binti Amat, Nurfarahetika binti Mohamed As’hari, V. Sundram","doi":"10.2139/ssrn.2541203","DOIUrl":"https://doi.org/10.2139/ssrn.2541203","url":null,"abstract":"The existence of halal food product which presented in the POP displays of halal product at retail stores become increasingly important for Muslim consumers, particularly Muslim consumers who living in a country where the majority of the population are not Muslim. Consequently, the purpose of this research is to study and try to investigate and also clarify how Muslim consumer's perception toward the variables (safety, religious values, health and exclusivity) of halal food product which presented in the POP displays of halal product influence Muslim consumer’s attitude toward halal food product. In this study, the population of the research is the Muslims consumer who lives in Segamat and come from different backgrounds. Which they normally purchase halal food products which is present in the point of purchase displays of halal products at retail stores, especially meat food products or processed food products derived from meat. The results obtained have shown that the entire formulated hypothesis is proven to have positive and significant influence. The data was analysed by SPSS system.","PeriodicalId":228195,"journal":{"name":"AARN: Islam (Sub-Topic)","volume":"44 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-12-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133647028","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":"Developing an Index of Socio-Economic Development Consistent with Maqasid Al-Shari’Ah","authors":"Salman Ahmed Shaikh","doi":"10.4197/ISLEC.30-1.11","DOIUrl":"https://doi.org/10.4197/ISLEC.30-1.11","url":null,"abstract":"In the economic development literature, both the definition and scope of economic development has gone through significant changes. Initially, economic growth and economic development were synonymous terms and per capita income was a sufficient enough barometer for informing about the level of economic development. Then, focus has shifted to human development and now towards sustainable development. Human Development Index (HDI) is the most widely used index for assessing level of economic development; however, it does not account explicitly for environmental degradation, resource depletion, income distribution and poverty. This study strives to assist in building a comprehensive index that covers these elements which are considered important for ensuring sustainable development and that are also reflective of Maqasid Al-Shari’ah. Our findings represent striking differences between HDI and Islamic HDI (I-HDI) rankings. Oil rich Muslim countries go several places down in I-HDI as compared to their HDI rankings. Similarly, countries with political unrest do much worse in I-HDI than in HDI. Several rich countries of Latin America and Europe due to high debt burden, unemployment rate and income inequality rank low in I-HDI as compared to their standing in HDI. Overall, the results indicate that Muslim countries are themselves far behind in meeting the ideals of Maqasid-e-Shari’ah and ensuring sustaining development.","PeriodicalId":228195,"journal":{"name":"AARN: Islam (Sub-Topic)","volume":"45 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-06-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126877176","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":"Authority of Qawl Al-Sahabi in Fiqh and its Application in Modern Islamic Finance","authors":"Abu Umar Faruq Ahmad, Farrukh Habib","doi":"10.2139/ssrn.3192270","DOIUrl":"https://doi.org/10.2139/ssrn.3192270","url":null,"abstract":"The companions of the Prophet Muhammad (صلى الله عليه و سلم) who devoted their lives in understanding and propagation of Islam possess the most highly regarded and noblest status amongst all the Muslims, as envisaged in the Quran and the Sunnah. This paper deals with the issue of Fiqhi status of Qawl al-Sahabi (Islamic verdict or fatwa of the companions) in the discipline of Islamic jurisprudence. The paper offers an extensive qualitative analysis of various views on the subject matter. The paper maintains that the majority of Muslim jurists are of the view that the legal opinions of the companions are considered as an authoritative source of Islamic law under specified conditions, and as such the Muslim jurists, from the past and present alike, heavily rely upon these opinions to support their own Islamic legal judgments (Fatawa). Besides, the opinions of the companions also play a very vital role as supportive underlying evidences in Fiqh al-Mua`malat. Given the same paramount significance of these opinions, they are also treated and used, along the line with other secondary sources of Shari`ah, in Islamic finance as proofs for contemporary Fatawa. The paper argues that this secondary source of Shari`ah can be creatively utilised for further inventions and innovations in Islamic finance along with other sources.","PeriodicalId":228195,"journal":{"name":"AARN: Islam (Sub-Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-06-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130244579","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":"Re-Analyzing the Inherent Complexities in the Principal/Agent Relationship of Two-Tier Mudarabah","authors":"M. Sarwar, Mohammad Abdullah Nadwi","doi":"10.2139/ssrn.2384241","DOIUrl":"https://doi.org/10.2139/ssrn.2384241","url":null,"abstract":"The principal/agent relationship is at the forefront of the most frequently cited problems of mudarabah. This article seeks to analyse the principal/agent relationship and its impact on the profitability of two-tier mudarabah.In the context of Islamic banking and finance, theoretically, mudarabah has long been touted as one of the ideal instruments of the Shari’ah-compliant banking system by its advocates and proponents. The structure of mudarabah is based on a limited-liability, joint-venture-undertaking in which the provider of capital and the entrepreneur agree on common terms of business.","PeriodicalId":228195,"journal":{"name":"AARN: Islam (Sub-Topic)","volume":"24 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-09-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116913130","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":"Corruption from the Islamic Perspective: Some Recommendations for the MENA Region","authors":"Dr. Mevliyar Er","doi":"10.1108/17538390810864241","DOIUrl":"https://doi.org/10.1108/17538390810864241","url":null,"abstract":"Purpose - In the Middle East and North Africa (MENA) region several factors contribute to corruption with a consequence of savings being squandered away and funds withheld from productive investments. This paper aims to argue that Muslim countries have a competitive advantage over the industrialized world in that the Islamic faith is important to the populace, which the west lacks and is trying to replace it with substitutes like for instance moral education in schools. Design/methodology/approach - The paper examines corruption in the light of the Findings - Moral renovation in Muslim societies appears to be easier to realize than in western societies once its underlying cause, notably poverty, is tackled. Self-restraint is an absolute prerequisite for a successful fight against corruption. Organizational instruments against corruption can only succeed to eliminate corruption only through political leaders committed to weeding out corruption. Originality/value - The paper informs educationalists, policy makers, entrepreneurs in the MENA region that Islamic ethics must be the guiding force behind all good economic attitudes.","PeriodicalId":228195,"journal":{"name":"AARN: Islam (Sub-Topic)","volume":"33 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2008-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133984129","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":"Impact of Selected Macroeconomic Variables on the Growth of Islamic Finance","authors":"Shazia Zahid, A. Basit","doi":"10.2139/ssrn.3146727","DOIUrl":"https://doi.org/10.2139/ssrn.3146727","url":null,"abstract":"This study is attempted to determine the impact of some selected macroeconomic variables on the growth of Islamic finance. As Islamic finance is one of the most rapidly growing segment of the economy of Pakistan and other Islamic countries of the world. So, this study investigates the influence of macro-economic variables on Islamic finance development, in the context of Pakistan. We observe the effects of only seven selected macro-economic factors i.e. gross domestic product, Muslim population, Inflation rate, money supply, total savings of the country, interest rate and remittances; on the growth of Islamic finance in the economy because many macro-economic factors are extremely influencing on both financing quality and volume of Islamic finance in the economies at world level. By checking stationarity and employing co-integration and error correction model (ECM) and time series analysis for the period (1985-2015) of Islamic banks (six banks) and Islamic banking windows of conventional banks. The result highlights the influential but inverse role of interest rate of conventional banks and consumer price index (inflation), in determining the level of financing assets of Islamic banks. In particular, higher level of GDP, Muslim population, money supply and remittances are significantly and positively correlated with higher rate of growth of Islamic finance.","PeriodicalId":228195,"journal":{"name":"AARN: Islam (Sub-Topic)","volume":"28 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"117076242","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","authors":"Muhammad Khan","doi":"10.12816/0025167","DOIUrl":"https://doi.org/10.12816/0025167","url":null,"abstract":"Islamic economics has its roots in the divine sources of Islam. Despite a respectable body of literature on the subject, a little progress has been made in developing theory of Islamic economics. The paper proposes a methodology for making a beginning in this direction. The divine sources of Islam are sacrosanct. However, human understanding of the divine texts is not. The paper argues that the Muslim economists can proceed toward developing theory by translating human understanding of the divine texts into hypotheses. The format of the hypotheses should allow verification or falsification in light of empirical data or rational reasoning. The hypotheses which cannot be verified or which are falsified would be rejected. The process would allow accumulation of a body of hypotheses which can be extended for more general application under varying assumptions. The paper demonstrates application of the proposed methodology by suggesting a number of hypotheses on five themes of the Qur’an which have some content for developing economic theory. These themes are: riba, infaq, shukr, tauba and taqwa. The proposed hypotheses are only examples and would require refinement before they are adopted for actual testing. Once the methodology is accepted, it would be possible to develop similar hypotheses on other subjects in the Qur’an and hadith","PeriodicalId":228195,"journal":{"name":"AARN: Islam (Sub-Topic)","volume":"144 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126870372","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}