{"title":"Economic Sociology of Islam According to The Risale-i Nur","authors":"Ahmet Efe","doi":"10.26414/TUJISE.2018.5.1.63-87","DOIUrl":"https://doi.org/10.26414/TUJISE.2018.5.1.63-87","url":null,"abstract":"","PeriodicalId":53787,"journal":{"name":"Turkish Journal of Islamic Economics-TUJISE","volume":"33 1","pages":"63-87"},"PeriodicalIF":0.3,"publicationDate":"2018-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"74623978","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":"Do Islamic Banking Standards Convey More Financial Transparency than Conventional Banking Ones","authors":"Ines Khammasi","doi":"10.26414/TUJISE.2018.5.1.109-132","DOIUrl":"https://doi.org/10.26414/TUJISE.2018.5.1.109-132","url":null,"abstract":"This study examines the criteria of transparency and disclosure in Islamic banking and compares them to conventional banking. By examining the traditional accounting standards for transparency, namely IAS 1, IAS 24, IFRS 7 along with the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) standards, we have highlighted that despite the fact that the conventional banking strives to achieve transparency; there is a lack of optimal transparency in conventional banking products. This deficiency is caused by the lack of the determination of the rate of change of interest and the variable interest loans, the securitization and the sale of the debt. This leads to a lack of transparency of all important financial and non-financial information, lack of disclosure in the balance sheet such as bankruptcy and the real characteristics of traded financial instruments. Nevertheless, the principles of Islamic finance, such as the prohibition of riba and gharar as well as the link to the real economy emphasize transparency in Islamic banking transactions. Hence, AAOIFI advocates high transparency. Besides the conventional disclosure, there is a disclosure on the basis of the distribution of revenues, the determination of selling prices and the statement of the illegitimate part of bank activity. Furthermore, by considering a sample of AAOIFI accounting standards 2 related Murabaha, to the Purchase Order and comparing it to conventional loans, we have concluded that financial transparency is more enforced in Islamic banking than in conventional one. Transparency protected the Islamic banking transactions from falling into the subprimes crisis.","PeriodicalId":53787,"journal":{"name":"Turkish Journal of Islamic Economics-TUJISE","volume":"9 1","pages":"109-132"},"PeriodicalIF":0.3,"publicationDate":"2018-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89233914","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 of Islamic Economics: From Islamic Teachings to Islamic Economics","authors":"Akram Khan","doi":"10.26414/TUJISE.2018.5.1.35-61","DOIUrl":"https://doi.org/10.26414/TUJISE.2018.5.1.35-61","url":null,"abstract":"","PeriodicalId":53787,"journal":{"name":"Turkish Journal of Islamic Economics-TUJISE","volume":"322 1","pages":"35-61"},"PeriodicalIF":0.3,"publicationDate":"2018-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89227936","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":"Interest Rate Risk in Interest-free Banks An Empirical Research on Turkish Participation Banks","authors":"I. Koc","doi":"10.26414/TUJISE.2018.5.1.89-107","DOIUrl":"https://doi.org/10.26414/TUJISE.2018.5.1.89-107","url":null,"abstract":"","PeriodicalId":53787,"journal":{"name":"Turkish Journal of Islamic Economics-TUJISE","volume":"53 1","pages":"89-107"},"PeriodicalIF":0.3,"publicationDate":"2018-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78113511","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":"From Developmentalism to Neoliberalism: The Changing Role of the State and Development of Islamic Business and Finance in Turkey","authors":"F. Varol","doi":"10.26414/TUJISE.2018.5.1.1-15","DOIUrl":"https://doi.org/10.26414/TUJISE.2018.5.1.1-15","url":null,"abstract":"In this article, my aim is to examine the development of Islamic business (a class of Islamic entrepreneurs and the holding companies based on multi-ownership) and finance (Islamic banking) in Turkey during the 1980s and 1990s. Particularly, I investigate why Islamic business and finance did not emerge until 1980 and what factors played an important role in its emergence in the 1980s. I examine the relationship between the Turkish developmentalism and “state-initiated social engineering” project aimed at modernizing Turkish society through strict secularization policies, to understand why Islamic business and finance did not develop until the 1980s. However, in the 1980s, similar to many countries, Turkey aimed at reducing the role of the state in the national economy through the implementation of neoliberal policies and shifted its political-economy from state-led developmentalism to market-led development. As a result of this transition, Islamic business and finance emerged by taking advantage of the opportunities of financial and political liberalization.","PeriodicalId":53787,"journal":{"name":"Turkish Journal of Islamic Economics-TUJISE","volume":"34 1","pages":"1-18"},"PeriodicalIF":0.3,"publicationDate":"2018-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"85660917","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":"Analyzing the Gradual Revelation and Wording of Riba (Interest) Verses in the Holy Qur'an Considering the Commerce, Finance and Infaq System of Islam","authors":"Ekrem Erdem","doi":"10.26414/TUJISE.2017.4.2.91-126","DOIUrl":"https://doi.org/10.26414/TUJISE.2017.4.2.91-126","url":null,"abstract":"In this study, the gradual prohibition of interest (riba) in the Holy Qur’an, reasons, the specific language and wording, and outcomes are discussed. Prohibition of interest in Qur’an became gradually true as it happened in some other issues. In fact, there exist thirteen verses in total regarding the issue of interest in the Holy Qur’an. Three of them are the verses which recommend Muslims not to end up like others instead of prohibiting interest strictly by decrying the usage of interest, rather advising zakat, and expressing the disasters that Jews had experienced since they violated this rule in the past. On the other hand, the other ten verses prohibit interest strictly and were revealed later towards the end of revelation. Moreover, it is a widely known narration that the verses regarding interest in surah al-Baqarah were revealed in the last days of revelation. Some of the verses prohibiting interest, directly declare the ban while others are related to awards and sanctions as a kind of remuneration for following or not following the commands. Some of the important characteristics of the verses prohibiting interest are as follows: Following a gradual course in terms of time, extension of the prohibition of an old practice over a period of time, that the revelation of the prohibited verses occurred towards the end of revelation, that the language used is very harsh compared to other practical prohibitions, and that the sanctions for violators are valid for both this world and the hereafter. The reason is that the use of interest has significantly been differentiated from other prohibitions by plugging the issue into the obedience to Allah and his Prophet as well as considering the subject as a matter of faith in Islam. The Holy Qur’an states this reasoning as “... that is because they say: ‘Trade is like usury’ But Allah has permitted trade and forbidden usury...” in surah al-Baqarah (275).","PeriodicalId":53787,"journal":{"name":"Turkish Journal of Islamic Economics-TUJISE","volume":"84 1","pages":"91-126"},"PeriodicalIF":0.3,"publicationDate":"2017-08-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"86190008","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":"Service Quality, Shariah Compliance and Customer Satisfaction of Islamic Banking Services in Malaysia","authors":"Selim Ahmed, R. Islam, M. Mohiuddin","doi":"10.26414/TUJISE.2017.4.2.71-82","DOIUrl":"https://doi.org/10.26414/TUJISE.2017.4.2.71-82","url":null,"abstract":"The present study investigates the level of service quality and customer satisfaction of Islamic banks in Malaysia based on demographics such as gender, nationality, experience with the bank and income. This study surveyed 179 customers who have had first-hand experience with Islamic banking services in Malaysia.The research data was analysed based on reliability analysis, independent samples t-tests and one-way ANOVA using SPSS ver¬sion 23. The research findings indicate that Malaysian customers have a better perception of reliability, respon¬siveness, assurance, empathy, tangibles and satisfaction compared to international customers. The findings also suggest that the customers who have 6–10 years’ experience with Islamic banking services, have a better perception of reliability, assurance and Shariah compliance compared to other experience groups.","PeriodicalId":53787,"journal":{"name":"Turkish Journal of Islamic Economics-TUJISE","volume":"30 1","pages":"71-82"},"PeriodicalIF":0.3,"publicationDate":"2017-08-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"77328914","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}
Hakeem B. Oladapo, S. Norma, O. M. Mustafa, Oziev Gapur
{"title":"Cash waqf as an alternative panacea to poverty alleviation: An overview of human development in Nigeria","authors":"Hakeem B. Oladapo, S. Norma, O. M. Mustafa, Oziev Gapur","doi":"10.26414/tujise.2017.4.2.83-90","DOIUrl":"https://doi.org/10.26414/tujise.2017.4.2.83-90","url":null,"abstract":"This study investigated how cash waqf was used to alleviate education poverty in Nigeria among the orphans and under-privileged in Zamfara State in particular. The failure of government has deprived people of good health, shelter, education among other things. Similarly, efforts of both private and voluntary sectors yielded no useful results especially in sponsoring students’ education. It is undeniable that poverty has become household problem in Africa and specifically Nigeria. The menace has deprived people of basic necessity of life hence, throw them into serious predicament. The present study used qualitative technique hence, conducted in-depth interviews of three types of respondents. Data gathered from the interview was analyzed using a phenomenological approach. It is hoped that the findings will be useful to policy makers in waqf institutions and the Nigerian government to strategize poverty alleviation inclusive of orphans and under-privileged education in order to boost the level of \u0000literacy in the country.","PeriodicalId":53787,"journal":{"name":"Turkish Journal of Islamic Economics-TUJISE","volume":"468 1","pages":"83-90"},"PeriodicalIF":0.3,"publicationDate":"2017-08-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"73513908","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":"Market for Lemons and Cigarettes: An Islamic Perspective on Market Failure and a Lesson for Eliminating Interest from Economy","authors":"Fahim Khan","doi":"10.26414/TUJISE.2017.4.2.1-17","DOIUrl":"https://doi.org/10.26414/TUJISE.2017.4.2.1-17","url":null,"abstract":"The existence of interest and interest based institution in a market economy is in fact a market failure which remains unrecognized even by such Nobel Laureates who have been awarded Nobel Prizes on their research on capital and financial markets. Just as the market of cigarettes is a failure of market to turn away the smokers from their killers, similar it is the failure of interest based financial market to turn away the finance seekers from their killers (providers of finance on interest). This market failure needs to be recognized and the solution for this failure should be found not by intervening in the market but should be found in human behavior. As putting filters on the cigarettes does not stop smokers from being killed and something is needed to change in the consumer behavior to make them turn away from their killer, similarly, correction is needed in the interest based lending and borrowing to turn them away from their killer, the interest based financial institution.","PeriodicalId":53787,"journal":{"name":"Turkish Journal of Islamic Economics-TUJISE","volume":"61 1","pages":"1-17"},"PeriodicalIF":0.3,"publicationDate":"2017-08-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"80723769","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":"Money Time Value and Time Preference in Islamic Perspective","authors":"Hichem Hamza, Khoutem Ben Jedidia","doi":"10.26414/TUJISE.2017.4.2.19-35","DOIUrl":"https://doi.org/10.26414/TUJISE.2017.4.2.19-35","url":null,"abstract":"This paper examines the roles of money time value in Islamic monetary economics, time preference decisions and economic pricing. We establish the perimeter of money time value and its implications in terms of time preference behavior and investment decisions. In the Islamic perspective, time value of money can be distinguished as economic time value through real transactions on one hand and social time value where an economic agent considers the reward of his transactions in the hereafter, on the other hand. We conclude that aside from loans, time preference is positively related to time value of money in sales operations. The social time value of money reinforces the preference for the future. Consequently, the time horizon of economic decision is lengthened in Islamic economics and the time preference is always positive under Sharia rules.","PeriodicalId":53787,"journal":{"name":"Turkish Journal of Islamic Economics-TUJISE","volume":"5 1","pages":"19-35"},"PeriodicalIF":0.3,"publicationDate":"2017-08-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"75448678","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}