Turkish Journal of Islamic Economics-TUJISE最新文献

{"title":"Al-Ghazâlî on Justice and Social Justice","authors":"Sabri Orman","doi":"10.26414/m020","DOIUrl":"https://doi.org/10.26414/m020","url":null,"abstract":"As is suggested by its title the main purpose of this study is a presentation, analysis and evaluation of al-Ghazâlî’s ideas on justice and social justice. However, in the meantime we shall have an opportunity to shed some light on an aspect of his intellectual legacy that has remained almost unnoticed: prioritization of what is social, or giving priority to what is social in human behaviour, and in its religious, legal and moral evaluation. This can very briefly be summarised as considering transitive virtues more valuable or praiseworthy than the intransitive ones, and considering transitive vices more vicious or blameworthy than the intransitive ones. We shall try also to put two of al-Ghazâlî’s significant approaches to religion, law and ethics in the perspective of social justice, or vice versa. One of these is his remarkable but not duly and properly appreciated approach to fardh1 kifâya. The other is his well-known approach to Maqâsid al-Sharî’a and Masâlih. What is important about them here is that they are going to be treated as references for an idea of social responsibility or collective obligation/duty.","PeriodicalId":53787,"journal":{"name":"Turkish Journal of Islamic Economics-TUJISE","volume":"48 1","pages":""},"PeriodicalIF":0.3,"publicationDate":"2018-08-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"73529953","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":"Issues in Contemporary Implementation of Murabaha","authors":"B. A. Shah, G. S. K. Niazi","doi":"10.26414/a052","DOIUrl":"https://doi.org/10.26414/a052","url":null,"abstract":"This research intended to explore issues in the contemporary implementation of Murabaha in Pakistan. For this purpose, the model agreements of Murabaha, obtained from the State Bank of Pakistan (SBP) and two Islamic banks (IB-I and IB-II), were analysed through content analysis. Resultantly 7 misgivings/issues were identified in form of open-ended questions. These issues were discussed with 30 Shari’ah scholars through semi-structured interviews in order to verify them as Shari’ah issues or clarify them as no Shari’ah issues. The findings confirmed no Shari’ah issue in appointing the customer as agent by the bank but shifting the supplier’s risk to the agent was a practical Shari’ah issue. Further, filling and signing all the documents of Murabaha at the same time was confirmed as a serious Shari’ah issue equivalent to selling a commodity without assuming the ownership risk creating another Shari’ah issue. Shifting all types of risks to the customer either as agent or as ultimate consumer reflected the whole Murabaha as heela.","PeriodicalId":53787,"journal":{"name":"Turkish Journal of Islamic Economics-TUJISE","volume":"2 1","pages":""},"PeriodicalIF":0.3,"publicationDate":"2018-08-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"84946444","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":"Book Review: Central Banking and Monetary Policy in Muslim-Majority Countries","authors":"","doi":"10.26414/br096","DOIUrl":"https://doi.org/10.26414/br096","url":null,"abstract":"","PeriodicalId":53787,"journal":{"name":"Turkish Journal of Islamic Economics-TUJISE","volume":"4 1","pages":""},"PeriodicalIF":0.3,"publicationDate":"2018-08-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"73691768","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":"Defining Islamic Economics: Scholars’ Approach, Clarifying The Nature, Scope and Subject-Matter of The Discipline","authors":"Hafas Furqani","doi":"10.26414/m025","DOIUrl":"https://doi.org/10.26414/m025","url":null,"abstract":"While developing Islamic economics as a discipline, it is necessary to define the nature, scope and subject-matter in order to clarify the object of study and indicate the boundaries of its reach. Islamic economists in this regards have put effort to define Islamic economics to inform readers about its underlying norms and aspirations as well as the objectives it intends to serve. This paper attempts to observe Islamic economists’ approaches in defining Islamic economics. Classification of various definitions proposed by Islamic economists will also be discussed. By this observation we will be able to see the different points of view among the scholars in conceiving Islamic economics’ subject matter, as well as see the shades of thought in determining Islamic economics’ object of study and the level of development of Islamic economics as a body of knowledge.","PeriodicalId":53787,"journal":{"name":"Turkish Journal of Islamic Economics-TUJISE","volume":"50 1","pages":""},"PeriodicalIF":0.3,"publicationDate":"2018-08-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"90735708","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":"Book Review: Prophecy, Piety, and Profits: A Conceptual and Comparative History of Islamic Economic Thought","authors":"Harun Sencal","doi":"10.26414/br099","DOIUrl":"https://doi.org/10.26414/br099","url":null,"abstract":"","PeriodicalId":53787,"journal":{"name":"Turkish Journal of Islamic Economics-TUJISE","volume":"21 1","pages":""},"PeriodicalIF":0.3,"publicationDate":"2018-08-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"87695313","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":"Security Deposit Issues in Ijārah Financing: Evidence from the Islamic Banks of Pakistan","authors":"Z. Khan, Muhammad Azam, Syed Ehsanullah Agha","doi":"10.26414/a059","DOIUrl":"https://doi.org/10.26414/a059","url":null,"abstract":"The purpose of this study is to investigate two important issues in ijārah-based financing in Pakistan’s Islamic banking industry. First, why ijārah contract is permissible with the condition of advance security deposit? Second, how Islamic banks can reduce the rental amount in case of increasing the advance security deposit? Is it a valid practice in the light of Sharī’ah? To investigate these issues, the current study has used semi-structured interviews as an adaptable method to gather data from five Islamic banks of Pakistan. It was observed that the banks treat the required advance amount mainly in four ways: advance rent, purchase price, hamish-jiddiyah (earnest money) and security deposit. The findings revealed that the ijārah-based financing with an advance security deposit is permissible provided that the lessor should not decrease the rental amount due to an increase in advance deposit, and vice versa. Understanding of these issues can strengthen the customers’ confidence in the Islamic banking industry in general and ijārah-based financing specifically. This will also substantiate the Sharī’ah principles in ijārah-based transactions. This study contributes to addressing the issues of the advance security deposit in an ijārah contract as per Islamic law.","PeriodicalId":53787,"journal":{"name":"Turkish Journal of Islamic Economics-TUJISE","volume":"37 1","pages":""},"PeriodicalIF":0.3,"publicationDate":"2018-08-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"83213941","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":"Simulation of Shariah Compliant Commodity Backed Currency System: A Turkish Case-Study","authors":"Jameel Ahmed, Patrick Collins, A. Meera","doi":"10.26414/M029","DOIUrl":"https://doi.org/10.26414/M029","url":null,"abstract":"In view of the continuing episodes of financial crises faced by the Turkish economy, this study analyses the potential economic benefit of implementing the Grondona system of conditional currency convertibility. The authors performed simulations of the Grondona system based on Grondona's guidelines (1975) in order to examine the impact of the system's operations on the Turkish economy. For simulations, the annual data about Turkish primary commodity imports was retrieved using the WITS (World Integrated Trade Solution) software developed by the World Bank. The monthly data about primary commodity prices was accessed from the IndexMundi website. The authors used a program developed in C++ for performing simulations, and analyzed the simulation results by using Microsoft Excel. The results of the simulations clearly show the system's role in stockpiling reserves of primary imported commodities in response to a fall in market prices, and releasing the reserves during periods of rising prices. Such a mechanism helps to stabilise the prices of primary commodities and lessen the pressure on primary commodities markets during both slump and boom periods. Graphs are also included to show how the Commodities Reserve Department's (CRD) transactions would have caused corresponding changes in the Turkish money supply. These would have a stabilizing influence on the real value of the Turkish Lira in terms of the commodities handled. In addition the paper discusses the multiple reasons why the system has been judged to be Shariah-compliant.","PeriodicalId":53787,"journal":{"name":"Turkish Journal of Islamic Economics-TUJISE","volume":"13 1","pages":""},"PeriodicalIF":0.3,"publicationDate":"2018-08-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"75293920","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":"Book Review: Dilemmas and Challenges in Islamic Finance: Looking at Equity and Microfinance","authors":"Yasushi Suzuki, Mohammad Dulal Miah","doi":"10.26414/br097","DOIUrl":"https://doi.org/10.26414/br097","url":null,"abstract":"Islamic finance has witnessed a phenomenal growth during the past couple of decades. However, this remarkable growth has also been accompanied by some challenges and dilemmas. Islamic finance today is at the crossroads where resolving these issues is a prerequisite for its future sustained growth. The current book under review, edited by Yasushi Suzuki and Muhammad Dulal Miah, highlights and discusses some of the issues and dilemmas the Islamic finance industry is facing today. The book comprises of 11 Chapters divided into three parts. Part I deals with the dilemmas related to the prohibition of ribā and gharar. Part II elaborates on the challenges related to Islamic equity finance and microfinance and Part III is devoted to the discussion of the dilemmas and challenges related to the governance structure of Islamic finance. This article reviews and critically evaluates the aforementioned book. Islamic finance has witnessed a phenomenal growth during the past couple of decades. The remarkable growth has also been accompanied by some challenges and dilemmas. For instance, the concentration of murābaḥah in Islamic banks, lack of development of other branches of Islamic finance like Islamic venture capital and Islamic microfinance, and Islamic governance issues. This book, edited by Yasushi Suzuki and Muhammad Dulal Miah, highlights and discusses some of the issues and dilemmas Islamic finance industry is facing today. Islamic finance is at the crossroads where resolving these issues is a prerequisite for its future sustained growth. Yasushi Suzuki is a professor at Ritsumeikan Asia Pacific University, Japan and Dulal Miah teaches at the University of Nizwa, Oman. The primary research interests of Yasushi Suzuki seem to be financial fragility, institutional political economy, and theory of banking and economic rent in Asia as reflected by his past researches. This book is his maiden attempt on Islamic finance. The book comprises of 11 Chapters divided into three parts. Part I deals with the dilemmas related to the prohibition of ribā and gharar. Part II elaborates on the challenges related to Islamic equity finance and microfinance and Part III is devoted to the dis174 Tariq Aziz (Reviewer)","PeriodicalId":53787,"journal":{"name":"Turkish Journal of Islamic Economics-TUJISE","volume":"58 1","pages":""},"PeriodicalIF":0.3,"publicationDate":"2018-08-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"84906235","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":"Does Consumer Innovativeness Matter? Predicting Customer Behaviour of A New Financial Architecture","authors":"Ahmad Muhammad Gumel","doi":"10.26414/M032","DOIUrl":"https://doi.org/10.26414/M032","url":null,"abstract":"Although the benefits of the marriage between Islamic principles of Shari’ah and financial services as a new financial architecture have been well documented, however, its adoption within the industry’s core markets was lesser than necessary to move the world’s economic potential. This study proposed consumer innovativeness as a marketing strategy to improve customers’ adoption of the new financial architecture. Utilizing cross sectional study, a survey questionnaire responses were elicited among Islamic banking customers in Northern Nigeria and responses were analyzed using Partial Least Square structural equation modelling (PLS-SEM). Findings indicated that consumer innovativeness, attitude, as well as subjective norm significantly predicted respondents’ intention, while perceived behavioural control was found insignificantly related to behavioural intention. Also, consumer innovativeness moderated the relationship connecting attitude and intention, while evidence for the interaction effect between consumer innovativeness and social norm was not supported. The integration of the theories of planned behaviour and diffusion of innovation in conceiving and initiating appropriate marketing strategy for the new financial architecture were provided and suggestions for future studies discussed.","PeriodicalId":53787,"journal":{"name":"Turkish Journal of Islamic Economics-TUJISE","volume":"31 1","pages":""},"PeriodicalIF":0.3,"publicationDate":"2018-08-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"87543984","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":"Determinants of Success in Islamic Public-Private Partnership Projects (PPPs) in the Context of SDGs","authors":"A. Gundogdu","doi":"10.26414/a055","DOIUrl":"https://doi.org/10.26414/a055","url":null,"abstract":"Public Private Partnerships (PPPs) should not be assumed as a panacea in development finance since regardless of decades of infrastructure development by Multilateral Development Banks (MDBs) and local governments, human misery in the form of poverty and hunger persists on earth. Given the persistence of such stalemate in the development arena, the main aim of this paper is to bring the ignored aspects of infrastructure PPPs into the light, propose guidance based on the priorities of Islamic economics and finance and initiate a discussion on the success factors of infrastructure PPPs. As a methodology, qualitative technical review for stock-taking of real-life examples is employed. The analysis focuses on Islamic-finance perspective. The major finding of the research is that putting infrastructure PPPs within priorities of Islamic finance as a method can illuminate the path to success in achieving sustainable development goals. While identifying the three pillars for success: maqasid al-shari’ah, shari’ah compliance, and resource mobilization from Islamic capital markets, a framework table is proposed to signal the likelihood of success in Islamic PPPs as a result of such systematic evaluation. Traditional risk issues are well addressed in PPPs with vast real-life experience and have been subject of many academic studies, hence, this paper dwells on Islamic finance aspects alone.","PeriodicalId":53787,"journal":{"name":"Turkish Journal of Islamic Economics-TUJISE","volume":"1 1","pages":""},"PeriodicalIF":0.3,"publicationDate":"2018-08-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"81880348","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}