ISRA International Journal of Islamic Finance最新文献

{"title":"Part I Introduction, 4 Dispute Resolution and Specialized ADR for Islamic Finance","authors":"W. Andrew","doi":"10.1093/LAW/9780198725237.003.0004","DOIUrl":"https://doi.org/10.1093/LAW/9780198725237.003.0004","url":null,"abstract":"This chapter assesses dispute resolution in Islamic finance. Simply referred to as ‘IDR’ (Islamic Dispute Resolution), this Shari’a-based form of Alternative Dispute Resolution (ADR) not only provides desperately needed subject matter expertise in Islamic finance dispute resolution but at the same time accommodates Islamic legal values and traditions in resolving the disputes that inevitably arise in the context of Islamic finance. As with construction arbitration, or labour arbitration, or any other subject-specific ADR process, IDR for Islamic finance is simply another mode of private commercial adjudication. Moreover, from the viewpoint of the State, it is much less threatening than a parallel system of Shari’a courts, which may reach decisions over which the State has no ultimate say. In fact, contrasted with such a parallel system, absent an amicable settlement—in which case the State would have no stake or direct interest anyway—the ultimate adjudication by an IDR intermediary would be subject to review and affirmation by the courts as an arbitral award. Rather than popular or state resistance to the idea of IDR, currently the greatest obstacle to increased and more widespread implementation of IDR for Islamic finance disputes is insufficient expertise and extremely limited facilitative legal and institutional frameworks.","PeriodicalId":54072,"journal":{"name":"ISRA International Journal of Islamic Finance","volume":"99 1","pages":""},"PeriodicalIF":2.3,"publicationDate":"2020-03-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"80563040","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":"Part II Islamic Law and Contracts in Practice, 7 Murabaha and Tawarruq","authors":"Nethercott Craig R","doi":"10.1093/law/9780198725237.003.0007","DOIUrl":"https://doi.org/10.1093/law/9780198725237.003.0007","url":null,"abstract":"This chapter focuses on the murabaha structure, which is probably the most commonly used Islamic finance structure in modern Islamic banking. The simplicity of structure in its current application has promoted its use as a popular and flexible Islamic financing instrument. Indeed, the use of the murabaha has been extended beyond a widespread application as a standalone instrument to a composite component of Sukuk issuance in modern application. The murabaha contract is understood within the Islamic tradition to have a pre-Islamic origin evidenced in pre-Islamic literature and characterized as a fiduciary contract with the objective to assist less knowledgeable buyers in the determination of the fair price of unfamiliar goods. Today, murabaha is commonly used as a mode of finance, in its variant structures, for the acquisition of assets, commodities, and goods in the ordinary course of trade. The structure is also used as a corporate finance tool for working capital and liquidity management. The chapter then considers commodity murabaha (tawarruq) and its application.","PeriodicalId":54072,"journal":{"name":"ISRA International Journal of Islamic Finance","volume":"55 1","pages":""},"PeriodicalIF":2.3,"publicationDate":"2020-03-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89400213","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":"Editorial","authors":"B. S. Sairally","doi":"10.1108/ijif-12-2019-139","DOIUrl":"https://doi.org/10.1108/ijif-12-2019-139","url":null,"abstract":"","PeriodicalId":54072,"journal":{"name":"ISRA International Journal of Islamic Finance","volume":" ","pages":""},"PeriodicalIF":2.3,"publicationDate":"2019-12-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1108/ijif-12-2019-139","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46066333","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":"Why Islamic finance?","authors":"H. Visser","doi":"10.4337/9781786433503.00009","DOIUrl":"https://doi.org/10.4337/9781786433503.00009","url":null,"abstract":"","PeriodicalId":54072,"journal":{"name":"ISRA International Journal of Islamic Finance","volume":"28 1","pages":""},"PeriodicalIF":2.3,"publicationDate":"2019-12-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"87787784","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":"An analysis ofmaṣlaḥahbased resolutions issued by Bank Negara Malaysia","authors":"Razali Haron, Suheyib Eldersevi","doi":"10.1108/ijif-09-2018-0103","DOIUrl":"https://doi.org/10.1108/ijif-09-2018-0103","url":null,"abstract":"PurposeThis study aims to examine the resolutions issued by the Sharīʿah Advisory Council of Bank Negara Malaysia (SAC-BNM), which have recognizedmaṣlaḥah(public interest) as the basis of ruling to see the extent of its usefulness to the public and the extent of its adherence to themaṣlaḥahparameters. The study will also look into the opposing opinion to identify the basis of rejection and overall implication on Islamic finance based on opposing opinions of SAC-BNM and other bodies of collectiveijtihād(juristic interpretation).Design/methodology/approachThe study uses a qualitative approach by analyzing the SAC-BNM resolutions, which have been resolved based onmaṣlaḥah. The study also applies the comparative approach by comparing the fatwa (Sharīʿah pronouncement) issuing bodies of Malaysia and the Gulf Cooperation Council countries. Furthermore, the secondary data is obtained from sources such asuṣūl al-fiqh(theory of Islamic jurisprudence) books, papers and relevant internet sources.FindingsThe study found that SAC-BNM’s resolutions are in line with some of the majormaṣlaḥahparameters mentioned in theuṣūl al-fiqhsources i.e. must not contradict with the Qurʾān and the Sunnah. While looking at the other two criteria of being in line withijmāʿ(consensus) and having a general impact, such resolutions might not fulfill the criteria of validmaṣlaḥahconsidering, respectively, the stand of collectiveijtihādor the impact on the group of customers and institutions.Originality/valueMost available shari’ah (Islamic law) research considers the perspective of fiqh (Islamic jurisprudence) while analyzing the issue ofmaṣlaḥah. This study aims to conduct analysis based onuṣūl al-fiqh. Moreover,maṣlaḥahitself is a broad concept, which can be abused. Hence, this study discusses the parameters ofmaṣlaḥahto understand the validity of an important juristic tool in Sharīʿah.","PeriodicalId":54072,"journal":{"name":"ISRA International Journal of Islamic Finance","volume":" ","pages":""},"PeriodicalIF":2.3,"publicationDate":"2019-11-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1108/ijif-09-2018-0103","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42512045","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":"Proposed models for unit trust waqf and the parameters for their application","authors":"Syahnaz Sulaiman, Aznan Hasan, A. Noor, Muhd Issyam Ismail, Nazrul Hazizi Noordin","doi":"10.1108/IJIF-02-2018-0019","DOIUrl":"https://doi.org/10.1108/IJIF-02-2018-0019","url":null,"abstract":"\u0000Purpose\u0000This paper aims to present the viability of unit trust waqf (Islamic endowment) as an alternative asset class for waqf creation.\u0000\u0000\u0000Design/methodology/approach\u0000This paper starts with the conceptual exploration of the literature in the areas of waqf. The sources of the literature cover authentic sources of the Qurʾān and ḥadīth, as well as secondary sources such as books, journal articles and online resources.\u0000\u0000\u0000Findings\u0000This paper provides the conceptual framework of five models of unit trust waqf and their investment management parameters.\u0000\u0000\u0000Originality/value\u0000The novelty of this paper lies in its attempt to highlight the importance of waqf investment strategy in ensuring sustainable returns for waqf. It does so by introducing the conceptual models of unit trust waqf as viable mechanisms to pool more cash waqf from individual investors. The sustainability of the capital waqf assets in the form of unit trusts is maintained through the parameters for its application proposed towards the end of the paper.\u0000","PeriodicalId":54072,"journal":{"name":"ISRA International Journal of Islamic Finance","volume":" ","pages":""},"PeriodicalIF":2.3,"publicationDate":"2019-06-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1108/IJIF-02-2018-0019","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42024065","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":"Liquidity creation and bank performance: evidence from MENA","authors":"Ahmad Sahyouni, M. Wang","doi":"10.1108/IJIF-01-2018-0009","DOIUrl":"https://doi.org/10.1108/IJIF-01-2018-0009","url":null,"abstract":"\u0000Purpose\u0000Islamic banks have significantly different balance sheets from their conventional counterparts, leading to different implications in relation to liquidity creation compared to conventional banks. This work, first, investigates the liquidity creation of conventional and Islamic banks in Middle Eastern and North African (MENA) countries between 2011 and 2016. It then tests the relationship between liquidity creation and performance of these banks.\u0000\u0000\u0000Design/methodology/approach\u0000It uses the data of 491 commercial banks across 18 MENA countries between 2011 and 2016. The analysis is based on panel data techniques.\u0000\u0000\u0000Findings\u0000The banks created US$18.596 trillion of liquidity, about 28.4% of total assets. Conventional banks created more liquidity compared with Islamic banks. Nevertheless, Islamic banks created more liquidity per asset compared with conventional banks. The regression analysis revealed a significant and negative correlation between liquidity creation and performance of the banks using return on average equity (ROAE) measure. However, no significant relationship is observed between liquidity creation and return on average assets (ROAA) of MENA banks. Moreover, there is no difference between Islamic and conventional banks in the relation between liquidity creation and bank performance.\u0000\u0000\u0000Research limitations/implications\u0000The data are limited to the period 2011-2016; the period of this study was selected based on yearly data availability from the data source. Accounting measures were used to study the effect of liquidity creation on bank profitability, and the market-based measures were excluded, as there is no uniform sources in these countries that can be used to collect market-based data.\u0000\u0000\u0000Practical implications\u0000Bank managers must reach a trade-off between the advantages and disadvantages of liquidity creation, as well as consider the negative relationship between liquidity creation and bank performance when making their decisions.\u0000\u0000\u0000Originality/value\u0000First, to the best of the authors’ knowledge, this work is the first to analyse the relationship between the liquidity creation and performance of conventional and Islamic banks in MENA. Second, this study uses a sample of Islamic and conventional banks in MENA that have detailed information on the Orbis Bank Focus dataset, which is the most comprehensive database of commercial banks in the MENA region.\u0000","PeriodicalId":54072,"journal":{"name":"ISRA International Journal of Islamic Finance","volume":" ","pages":""},"PeriodicalIF":2.3,"publicationDate":"2019-06-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1108/IJIF-01-2018-0009","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43007128","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":"Contemporary issues of form and substance: an Islamic law perspective","authors":"M. Hamour, Mohammad Hassan Shakil, Ishaq Mustapha Akinlaso, Mashiyat Tasnia","doi":"10.1108/IJIF-01-2018-0006","DOIUrl":"https://doi.org/10.1108/IJIF-01-2018-0006","url":null,"abstract":"\u0000Purpose\u0000This paper aims to analyse the concept of form over substance and introduces the term substance gap to the literature. The substance gap is defined as the difference between the way a concept is expressed and its intended result. Besides, the study investigates the issue from both classical and contemporary viewpoints.\u0000\u0000\u0000Design/methodology/approach\u0000The methodology adopted in this paper is descriptive research.\u0000\u0000\u0000Findings\u0000This paper has depicted the substance gap in contemporary contracts and found that form is equally important as substance in Islamic finance contracts. This paper offers a fresh outlook on form and substance to highlight the importance of the issue and its significance. The findings of the study will help researchers address the issue at its roots and help them to bridge the gap between the form and substance of Islamic finance contracts.\u0000\u0000\u0000Originality/value\u0000This paper investigates the substance gap in contemporary contracts that exists between the fiqh rules and conditions of an Islamic contract, and their development and construction. Further, the gap could also be attributed to the pressure to cope with a complicated modern finance environment.\u0000","PeriodicalId":54072,"journal":{"name":"ISRA International Journal of Islamic Finance","volume":" ","pages":""},"PeriodicalIF":2.3,"publicationDate":"2019-06-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1108/IJIF-01-2018-0006","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47197660","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":"Editorial","authors":"B. S. Sairally","doi":"10.1108/ijif-06-2019-076","DOIUrl":"https://doi.org/10.1108/ijif-06-2019-076","url":null,"abstract":"","PeriodicalId":54072,"journal":{"name":"ISRA International Journal of Islamic Finance","volume":"1 1","pages":""},"PeriodicalIF":2.3,"publicationDate":"2019-06-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1108/ijif-06-2019-076","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41886346","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-free monetary policy and its impact on inflation and unemployment rates","authors":"M. Selim, M. Hassan","doi":"10.1108/IJIF-06-2018-0065","DOIUrl":"https://doi.org/10.1108/IJIF-06-2018-0065","url":null,"abstract":"\u0000Purpose\u0000This paper aims to examine the effects of interest-free and interest-based monetary policy on inflation and unemployment rates for two groups of countries where in one group, interest-free monetary policy (IFMP) was pursued, while in the other group, interest-based monetary policy (IBMP) was followed.\u0000\u0000\u0000Design/methodology/approach\u0000This study involves a sample of 23 developed countries divided into two groups. The authors measure economic performance by misery index (MI), and MI is calculated as unemployment rate plus inflation rate. A group of countries, where MI is lower, performs better compared to the other group where MI is relatively higher.\u0000\u0000\u0000Findings\u0000The results reveal that in group of 12 countries where IFMP is adopted, the MI is lower and thus performs better compared to a group of countries where IBMP is pursued.\u0000\u0000\u0000Research limitations/implications\u0000The findings of this study have profound implications for the policymakers and government leaders who look for a solution to maintain both low inflation and unemployment rates. The findings in this study clearly portray that such ideal situations can only be achieved by pursuing IFMP. No wonder the countries which have been historically pursuing IFMP such as Japan, Switzerland, Sweden, the Netherlands and Denmark have been able to contain both inflation and unemployment rates compared to their counterparts among the English-speaking countries.\u0000\u0000\u0000Originality/value\u0000This is one of the most recent tests on the differences in economic performance between IFMP and IBMP. These results have significant value for policymakers and central bankers who have been struggling to maintain lower MI for decades.\u0000","PeriodicalId":54072,"journal":{"name":"ISRA International Journal of Islamic Finance","volume":" ","pages":""},"PeriodicalIF":2.3,"publicationDate":"2019-04-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1108/IJIF-06-2018-0065","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47425624","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}