مجلة إسرا الدولية للمالية الإسلامية最新文献

{"title":"The Regulatory Sandbox and its role in the development of the Islamic Finance Industry","authors":"Badreddine Berrahlia","doi":"10.55188/ijifarabic.v10i2.265","DOIUrl":"https://doi.org/10.55188/ijifarabic.v10i2.265","url":null,"abstract":"From 2016, many financial authorities have launched a regulatory “SandBox” as a facilitator of the Fintech which appear as a result of the marriage between finance and technology. Islamic finance, with their embedded risks, would be more developed with a safe place in which businesses can test Islamic innovative products, services, and business models without immediately incurring all the normal regulatory consequences engaging the financial field. The paper trying to explore the conceptual framework of the regulatory Sandbox (Chapter I), and its role in the development of the Islamic finance industry (Chapter II). It recommends establishing a regulatory sandbox as a new mechanism for achieving the market's integrity, promoting inclusion, and encouraging innovation in the Islamic finance sector.","PeriodicalId":322283,"journal":{"name":"مجلة إسرا الدولية للمالية الإسلامية","volume":"30 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-12-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116055973","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":"Risks in Islamic Banks","authors":"Sadiq Atiya Qindil","doi":"10.55188/ijifarabic.v10i2.267","DOIUrl":"https://doi.org/10.55188/ijifarabic.v10i2.267","url":null,"abstract":"The study deals with risks prevalent in Islamic banks because some of such risks are internal and others are external, and they vary in their degree of risk based on individual bank or its surrounding environment. The study has revealed the most significant risks facing Islamic banks and studied them via highlighting the concept of risk, its nature and its sources, and then the discussion was made about management of such risk and their treatment. The study derived a set of results and conclusion, and the most important ones are variation of internal and external risks of Islamic banks, such risks are not arranged as per the degree of risk due to difference of circumstances and environments surrounding each bank. However, Islamic bank may apply the latest international banking standards to benefit in managing all types of the risk such as financing risk, operational risk, market and liquidity risk, business risk, reputation and business continuity risk, information security risk, and this will result in attaining transparency. Also, the study suggested Islamic banks to enact the supervisory role of managing the risk.","PeriodicalId":322283,"journal":{"name":"مجلة إسرا الدولية للمالية الإسلامية","volume":"113 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-12-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131872405","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":"Evaluating the Experience of Sukuk Issuance in the World A Comparative Study of the Kingdom of Saudi Arabia and Malaysia","authors":"ʿUways Amīn, Maʿtūq Jamāl","doi":"10.55188/ijifarabic.v10i2.266","DOIUrl":"https://doi.org/10.55188/ijifarabic.v10i2.266","url":null,"abstract":"This research sought to draw back the veil on the issuance of ṣukūk in the world and to examine it by comparing [the experiences of] Malaysia and Saudi Arabia. This is in order to map the future stage of Islamic ṣukūk issuance so that the instrument can properly develop and become the desired Islamic alternative. The research adopted the descriptive and analytical methods and reached a number of results. The most important is that the performance of ṣukūk in the financial market is somewhat acceptable (as has been established by the standard studies); however it has not risen to the level of the aspirations of the Islamic world nor the level of its potential. Moreover, the overall size and growth rate of ṣukūk have decreased since 2013 CE, and the future trends confirm that this decline will continue until 2030 if the situation continues as is, as evidenced by the outlook study. The study recommends that trading in Islamic financial instruments should be included in the Islamic and international securities markets in order to develop dealing in this market.","PeriodicalId":322283,"journal":{"name":"مجلة إسرا الدولية للمالية الإسلامية","volume":"28 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-12-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130773128","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":"Sukuk and their Impact on Islamic Financial Markets: Malaysia as an Example","authors":"Maya Fetni, Ibrahim Obadh, Maysaa Mulhim","doi":"10.55188/ijifarabic.v10i2.268","DOIUrl":"https://doi.org/10.55188/ijifarabic.v10i2.268","url":null,"abstract":"The Islamic finance industry has been booming and widespread in the last decade. Financial institutions that deal with Islamic financial instruments have spread in many countries, one of which is Islamic Sukuk. The Sukuk has gained considerable importance in a few years, because of its comparative advantage with other financial instruments, which has encouraged many financial markets to deal with such instruments. Accordingly, the purpose of the present study is to identify the impact of Sukuk on the Malaysian financial market by analyzing the data and statistics during (2003-2017). The study has found that Sukuk has a positive impact on the Malaysian Islamic financial market, and that the increased demand for Sukuk leads to an increase in the volume of issues in the Malaysian Islamic financial market, allowing it to be more active and effective.","PeriodicalId":322283,"journal":{"name":"مجلة إسرا الدولية للمالية الإسلامية","volume":"24 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-12-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125885037","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 Malaysian Experience In Sukuk Issuance","authors":"Fares Djafri, Mohamad Akram Ladin","doi":"10.55188/ijifarabic.v10i1.258","DOIUrl":"https://doi.org/10.55188/ijifarabic.v10i1.258","url":null,"abstract":"According to the International Islamic Financial Market Sukuk Report (IIFM, 2018), the global sukuk issuance has grown exponentially over the last three decades, recording a total issuance of US$ 97.9 billion in 2018 with Malaysia topped the list with US$ 32.8 billion representing 33.5 % of the world’s total. In the light of Malaysia’s experience as a foremost sukuk issuer, this paper examines the underlying concept and nature of the sukuk, the operational and structures involved in sukuk, and the legal and regulatory frameworks for sukuk issuance in Malaysia. In terms of methodology, the research adopts a qualitive approach employing the inductive method to trace primary and secondary data on the topic and the descriptive method to describe the Malaysian experience in sukuk issuance. The research also adopts the analytical method to evaluate the viability of sukuk issuance in the Malaysian context. The study found that the developments of sukuk in Malaysia is very promising due to the abundant encouragement provided by the regulators. The research has also concluded that the success of the Malaysian experience is due to the legal and regulatory frameworks and the infrastructure support system that facilitate and govern the sukuk issuance. It is also attributable to the Shariah framework that is uniquely co-exists with the existing legal framework to regulate sukuk issuances. These contribute to adherence of Shariah provisions and facilitate the growth of the industry thereby making Malaysia a leading model in sukuk issuance.","PeriodicalId":322283,"journal":{"name":"مجلة إسرا الدولية للمالية الإسلامية","volume":"21 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-06-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115492109","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":"Towards the Development of the Legal System of Islamic Banks In Algeria In The Light of Malaysian Experience","authors":"Halima Machiche","doi":"10.55188/ijifarabic.v10i1.260","DOIUrl":"https://doi.org/10.55188/ijifarabic.v10i1.260","url":null,"abstract":"This research sheds light on suitability of the legal system of Islamic banks in Algeria and seeks to present ideas for their development in light of benefiting from the Malaysian experience through three axes. The first was the presentation of the Malaysian experience in developing the legal framework for Islamic banks. To the Islamic banks in Algeria and to monitor the most important obstacles, and the third and final axis provided ideas for the development of the legal system of Islamic banks in Algeria in the light of benefiting from the experience of Malaysia. The study concluded that the legal system in Algeria needs further amendments and improvements to suit the activity of Islamic banks.","PeriodicalId":322283,"journal":{"name":"مجلة إسرا الدولية للمالية الإسلامية","volume":"54 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-06-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115023269","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":"Credit Cards: Types and Fiqhi Characterisation","authors":"Mohd Mustafa Nayazi","doi":"10.55188/ijifarabic.v10i1.259","DOIUrl":"https://doi.org/10.55188/ijifarabic.v10i1.259","url":null,"abstract":"Today's credit cards play a key role in facilitating new transactions, are to give the bank to the client a document includes a balance that can take money and pay the price is committed to repay in installments, Its first appearance was in 1914 when banks appeared in America, They have many types with different considerations in terms of advantages, The issuer and how to deal with it and others  and others,The holding of cards in its sections and objectives is considered a new contract on Islamic jurisprudence Cannot be included in the overall picture under one contract, but is a complex contract of several decades Contracts in the relationship between their source and holder consist of three contracts: bail, lending, agency, In the relationship between the source and the merchant consists of two contracts: the guarantee and the agency, In the relationship between the cardholder and the merchant, the sale or lease is governed by the nature of the contract between them, As for its jurisprudential ruling, what the bank takes from the customer is a fee for the issuance and renewal of the card and when withdrawing the cash for his fees and administrative costs, this is permissible and nothing in it, Because it is in exchange for the apparent benefit of facilitating purchasing, cash and other services, but it is stipulated that this commission is reasonable for these services, If the condition of payment and payment is absolute or when the payment is delayed, that condition is invalid, so that this transaction is null and void because it is a Riba that is haraam, Alternative solutions for delay penalties are the debtor's eyesight if he is insolvent, the cancellation of membership, the withdrawal of the card, the recourse to the judiciary and the charging of the expenses of the dispute, Or the publication of the name of the client in a black list deterrent and Neglect and for the purchase of gold and silver powered if it is achieved by the immediate arrest is permissible, but if not achieved so it is not permissible to buy gold and silver.","PeriodicalId":322283,"journal":{"name":"مجلة إسرا الدولية للمالية الإسلامية","volume":"211 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-06-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134030498","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":"Conflict in Legitimacy of Islamic Finance","authors":"Meftah Boudjelal","doi":"10.55188/ijifarabic.v10i1.257","DOIUrl":"https://doi.org/10.55188/ijifarabic.v10i1.257","url":null,"abstract":"Islamic finance agreements, like other contracts or trade or financial agreements, can be disputed in their legitimacy regarding their establishment and / or the steps to implement them, not only in the eyes of the law, but also mainly in the perspective of the rules of Islamic law. However, dealing with agreements and products of the Islamic financial industry, requires beginning to respect legal regulations based on the Western legal model in most cases, and this even in the Islamic countries that adopt this financial industry innovated. Conflicts that may arise regarding the validity of Islamic finance on the balance of Shari'a cannot go beyond the legal framework and regulations currently in place around the world. Thus, it is important for Islamic finance traders to adjust the issue of conflict or challenge the legitimacy of Islamic financial industry contracts and products, given the legal reference to the application of Shari'a, as well as to the body that decides the dispute, whether internally or internationally.","PeriodicalId":322283,"journal":{"name":"مجلة إسرا الدولية للمالية الإسلامية","volume":"13 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-06-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125278876","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":"Financial Sustainability Criteria for Waqf Institutions: Harvard University as a Model","authors":"Sami Al-Salahat","doi":"10.55188/ijifarabic.v10i1.256","DOIUrl":"https://doi.org/10.55188/ijifarabic.v10i1.256","url":null,"abstract":"This study seeks to highlight the best of the Western models in the field of university endowments. It is a model that has been ensconced at the top of the educational pyramid in the United States and Europe for decades. This is due to the management, the investment methodologies and board policies adopted in this model regarding its holdings, investments and disbursements during the past decade. The exemplar of this model is Harvard University, one of the strongest scientific and academic universities in the United States of America; in fact, in the world. It is renowned for its academic strength and financial independence thanks to its endowments, which continue to manifest clear, strong growth. There is no doubt that the approach adopted by the University during the past decade has been very clear, especially in the area of protecting its endowment assets and in reducing expected losses in the area of investments of its endowment assets. This has been done by adopting the investment methodology and performance policies of the Governing Council, in addition to the exceptional performance of its arm for attracting new endowment assets and donations over the last decade. To discuss this experience, the research looks at the financial sustainability criteria adopted by the University to preserve its endowment assets and how the University deals with the risks that beset them. It has itself suffered several investment losses in its endowment assets, as is evident from the company's annual investment management reports. In addition, the University's endowment governance structure with regard to transparency, governance, and internal and external monitoring of its financial assets are discussed. There is no doubt that Harvard’s endowment experience has been pursuant to the endowment activity that has prevailed in several American and European universities, as well as those of Canada, Japan, Singapore and other countries. However, the most prominent and best in performance and investment are the American universities, which have benefited from the legislation in the United States in support of the phenomenon of endowments for the benefit of university education. The study will be limited to Harvard University, while taking into consideration the practical factors that led to the rise of the educational endowment phenomenon in the American university sector in the last two decades. This is approached through two subtopics. The first comprises the most prominent indicators of financial safety of endowment entities. The second is Harvard University Endowments as a model for financial sustainability.","PeriodicalId":322283,"journal":{"name":"مجلة إسرا الدولية للمالية الإسلامية","volume":"143 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-06-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124585803","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":"Economic Efficiency of Cryptocurrencies: Model of Bitcoin","authors":"Muneer Maher A Al-shatir, Ahmed Sufyan Abdullah, Suhail Shareef","doi":"10.55188/ijifarabic.v9i1.272","DOIUrl":"https://doi.org/10.55188/ijifarabic.v9i1.272","url":null,"abstract":"Cryptocurrency is considered a significant financial ground-breaking financial product which has led to a new revolution in financial market, affecting many countries and institutions globally, in both the economic and regulatory level. The huge impact of its existence can be seen by the enormous volume of borderless transactions, which occasionally overwhelming the economic size of some countries. The objective of this article is thus, to explore the reality of cryptocurrency focusing on Bitcoin as a case study. Besides, the article also aims to measure the efficiency of the currency technically and economically as to make assumptions on the probable impacts should it happen that the currency is adopted in main stream monetary system. Eventually, the article concludes that the adoption of the currency (bitcoin) may lead to inefficiency of the economy due to its nature of being overly exposed to the volatile market forces without any supervision. The adverse economic condition such as the risk of piracy and loss of rights, can also be expected as until currently there is no legal jurisdiction that guarantees the rights, apart of the presence of in the currency itself","PeriodicalId":322283,"journal":{"name":"مجلة إسرا الدولية للمالية الإسلامية","volume":"1218 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-06-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124837434","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}