{"title":"Application of Constructive Possession (Qabd Hukmi) In Islamic Banking Products: Shariah Analysis","authors":"M. Rahman","doi":"10.26414/a075","DOIUrl":"https://doi.org/10.26414/a075","url":null,"abstract":"Possession is one of the fundamental elements to acquire wealth in a valid manner. Financial contracts will not be concluded and irrevocable without possession of respective subject matter. It has been observed that in contemporary Islamic banking products and transactions mostly, not the real, but a legal or constructive possession is practiced, and in this context the customary practices play a significant role in determining the proper mode of possession. Thus, this effort intends to investigate the essence of possession and its appropriate mode for contemporary Islamic financial transactions. This is a library-based research and it has adopted qualitative document and content analysis. The classical references to prominent Schools of Islamic law have been utilized as the primary tools to perform this analysis and investigation. The study finds out that the essence of possession is to relinquish it to the merchandise and its rightful beneficiary, so that it can be enjoyed without any interruption. It posits that the mode of possession would be varied subject to the nature of the commodity itself.","PeriodicalId":53787,"journal":{"name":"Turkish Journal of Islamic Economics-TUJISE","volume":"133 1","pages":"81-102"},"PeriodicalIF":0.3,"publicationDate":"2020-02-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"86193018","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":"Integral Finance - Akhuwat: A Case Study of the Solidarity Economy","authors":"Serhan Yıldırım","doi":"10.26414/br142","DOIUrl":"https://doi.org/10.26414/br142","url":null,"abstract":"","PeriodicalId":53787,"journal":{"name":"Turkish Journal of Islamic Economics-TUJISE","volume":"8 1","pages":"103-110"},"PeriodicalIF":0.3,"publicationDate":"2020-02-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"84706154","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":"Waqf Al-Gharimin Approach for Non- Performing Loans of Cooperative Banks with a Special Focus on Marawi Case","authors":"Kamola Bayram, B. Altarturi","doi":"10.26414/a064","DOIUrl":"https://doi.org/10.26414/a064","url":null,"abstract":"The Battle of Marawi which continued from 23 May 2017 to 23 October 2017, took place in Marawi city, the capital of Lanao del Sur province in the Philippines. As an aftermath of the terror attack, the town was left in ruins with 95% of the structures within the four square kilometers of the main battle area heavily damaged or completely collapsed. 3,152 buildings were utterly destroyed, and 2,145 buildings were partially or heavily damaged due to the five-month heavy bombardment during the battle. Government estimates have placed the number of displaced residents at 200,000. These people are in urgent need of housing. However, it is almost impossible for them to get loans from commercial banks due to the credit risk. In this study, we are proposing a sustainable model which will assist the residents in rebuilding or renovating their houses with a unique model of financing, which adapts to a waqf and zakat system. This paper proposes a sustainable model which refers to the practices implemented in the history of the Muslim world, namely waqf model that existed during Ottoman times in the 18th century and onwards known as Waqf to Release the Indebted Prisoners to suggest an innovative solution based on waqf to cover a Non-Performing Loans. The study also investigates earlier text on debt from Al-Majalla Book IV: Transfer of Debt as well as existing fatawa on the implacability of the model without contradicting the rules of Shariah.","PeriodicalId":53787,"journal":{"name":"Turkish Journal of Islamic Economics-TUJISE","volume":"66 1","pages":"1-12"},"PeriodicalIF":0.3,"publicationDate":"2020-02-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"83428287","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":"Shariah Compliant FX Swap: An Islamic Instrument for Central Bank Policy Making in Iran","authors":"Hossein Meisamy, H. Zamanzadeh","doi":"10.26414/a072","DOIUrl":"https://doi.org/10.26414/a072","url":null,"abstract":"The foreign exchange swap (FX swap) is a contract that is designed as a hedging mechanism to minimize market participants’ exposure to volatile and fluctuating market currency exchange rates. Many central banks worldwide make use of this instrument for managing the FX market. However, because of the Shariah rulings, countries like Iran (where Islamic banking is in practice) cannot make use of the conventional FX swap. Considering this, the main purpose of this paper is to come up with new Shariah Compliant FX Swap that can be used by the Iranian central bank for alleviating foreign exchange risks. In terms of methodology, Content analysis and Ijtihad (independent jurisprudential reasoning) approach are used in this study. The results show that it is possible to revise the contracts of the conventional Central Bank Swap to make it Shariah compliant. The paper argues that the Central bank of Iran could efficiently use this instrument to mitigate foreign exchange volatilities, reduce risks, manage liquidity, and improve monetary policy operations in a cash-constrained environment. This paper for the first time proposes a way forward in reconciling traditional Swap contracts with the Iranian Islamic banking system that can be used by the central bank for managing the FX market.","PeriodicalId":53787,"journal":{"name":"Turkish Journal of Islamic Economics-TUJISE","volume":"48 1","pages":"43-66"},"PeriodicalIF":0.3,"publicationDate":"2020-02-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"74149907","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 Square and the Tower: Networks and Power, from the Freemasons to Facebook","authors":"U. S. Serdaroglu","doi":"10.26414/br151","DOIUrl":"https://doi.org/10.26414/br151","url":null,"abstract":"","PeriodicalId":53787,"journal":{"name":"Turkish Journal of Islamic Economics-TUJISE","volume":"25 1","pages":""},"PeriodicalIF":0.3,"publicationDate":"2020-02-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"73999411","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 Basis for the Legitimate Entitlement to Profit in Islamic Law","authors":"N. Güney","doi":"10.26414/A061","DOIUrl":"https://doi.org/10.26414/A061","url":null,"abstract":"This paper is intended to investigate the basis for legitimate profit in Islamic law and compare it to the theories held by modern conventional economics regarding the cause of profit. This study shall use the theoretical framework of the Hanafi concept of damān (guarantee) and apply it to the cases of fixed revenue and profit. Finally, this paper aims at exposing how the Hanafi formulation of damān, along with capital and labor, can be useful in explaining and determining the basis for a legitimate profit in Islamic law.","PeriodicalId":53787,"journal":{"name":"Turkish Journal of Islamic Economics-TUJISE","volume":"156 1","pages":"62-79"},"PeriodicalIF":0.3,"publicationDate":"2019-08-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"77630546","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":"Expanding the Frontiers of Economics: Some Insights from the Qur’anic Revelation","authors":"M. K̲h̲ān","doi":"10.26414/a021","DOIUrl":"https://doi.org/10.26414/a021","url":null,"abstract":"The primary sources of economics are human thinking and observation through sense-perception. Economics does not accept any super-sensory source as a valid field of enquiry. However, divine revelation granted to Prophets by God, is a source of knowledge that deals with wide-ranging issues including the economic problem. The main argument of the paper is that by integrating human understanding of the divine revelation with conventional economics, existing frontiers of the subject can be expanded. Although the divine revelation is found in the basic texts of all revealed religions, yet the present paper deals with the Islamic primary sources (the Qur’an2 and the hadith3) only. The paper enumerates, by way of example, six problem areas where the Qur’anic revelation can give a lead. These areas are: inequality, human happiness and unhappiness, economic balance, philanthropy, financial crises and stock exchange instability, and waste in human society. However, such a conclusion would firstly require overcoming prejudice against religion and non-conventional fields of enquiry.","PeriodicalId":53787,"journal":{"name":"Turkish Journal of Islamic Economics-TUJISE","volume":"14 1","pages":""},"PeriodicalIF":0.3,"publicationDate":"2019-02-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"74794191","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":"Mustafa Yıldız. Capitalism and Socialism for an Islamist: Eşref Efendizâde Şevketî’s Treatise on “Resolution for the Conflict between Labor and Capital”","authors":"Ozan Maraşli","doi":"10.26414/br065","DOIUrl":"https://doi.org/10.26414/br065","url":null,"abstract":"","PeriodicalId":53787,"journal":{"name":"Turkish Journal of Islamic Economics-TUJISE","volume":"26 1","pages":""},"PeriodicalIF":0.3,"publicationDate":"2019-02-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"90768705","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}