Browsing by Issue Date

Jump to a point in the index:
Showing results 1 to 20 of 1139
  • theoretical_studies_in_islamic_banking_finance.pdf.jpg
  • Book


  • Authors: Khan, Mohsin S.; Mirakhor, Abbas (1987)

  • Islam proposes that the banking systems that operate on the basis of an ex ante fixed rate of interest be replaced by a profit-sharing system in which the rate of return to the financial resources is not known and is not fixed prior to the undertaking of the transaction. While in Islam interest is forbidden, trade and profits are permissible and in fact encouraged. The papers in this volume all address one or more of the basic questions at the theoretical level. They represents a start in the attempt to introduce rigor into the analysis of Islamic banking and finance, thereby clarifying the nature of the basic relationships underslying the system.

  • welfare_implications_interest-free_bank_asset_management_saiful.pdf.jpg
  • Journal Article


  • Authors: Rosly, Saiful Azhar (1989)

  • This paper introduces some theoretical aspects of Islamic banking asset management strategies for reducing economic instability. Since public welfare deteriorates during periods of inflation and unemployment, the procyclical behavior of modern interest-based commercial banks is known to aggravate these fluctuations and ipso facto produce an even more severe impact on welfare. The paper will show that equity-based Islamic banks contain some structural features that reduce these procyclical tendencies and therefore shield public welfare from further deterioration.

  • the malaysian economy_pacific connections.pdf.jpg
  • Book


  • Authors: Abdul Kareem, Mohamed Ariff (1991)

  • This book examines the importance of the Pacific region to the Malaysian economy. Particular emphasis is placed on the contributions of the Pacific to Malaysia's trade expansion and industrial development through foreign investment. The book also traces the trends in the Pacific, discusses the possible impact of such trends on the Malaysian economy in the years ahead, and draws policy implications for the 1990s and beyond.

  • path_integral_derivation_u1_kac–moody_characters_weyl–kac_denominator_belal.pdf.jpg
  • Journal Article


  • Authors: Baaquie, Belal E. (1992)

  • The U(1) Kac-Moody character functions are derived from a path integral expression. It is shown that point-split regularization of the Virasoro generator also exactly regularizes the path integral. An exact derivation of the Weyl-Kac denominator is then given for an arbitrary Lie group using the semiclassical approximation and the results of the U(1) calculation.

  • long_distance_behavior_four-dimensional_nonlinear_SIGMA_model_anomaly_belal.pdf.jpg
  • Journal Article


  • Authors: Baaquie, Belal E.; Rajeev, S.G. (1993)

  • We study the low energy behavior of the four-dimensional nonlinear sigma model with anomaly using the 2+ expansion and renormalization group methods. It is shown that the theory has a non-trivial ir stable fixed point, in addition to the usual trivial fixed point. If pions happen to exist in the non-trivial phase, their propagator would scale at low energies with anomalous exponents.

  • economic_principles_islam_some_methodological_issues_saiful.pdf.jpg
  • Journal Article


  • Authors: Rosly, Saiful Azhar (1995)

  • This paper examines the nature of economic principles in Islam. Two types of economic principles are identified. The first type refers to the economic laws derived from revelation-based sources namely the Quran, Sunnah, Ijtihad and Ijma. The second type refers to economic lwas derived from reasoning and experience. The former is the economic system and the latter is economic theory. Both forms of economic laws are in harmony and have no basis for compartmentalization as there is no conflict between revelation and science in Islam. in theory building, it is shown that Quran based assumptions act as the linking mechanism in harmonizing revelation and science. As revelation is superior t...

  • Determinants _of_foreign_banking_activity_in_Malaysia_Khan_Saiful.pdf.jpg
  • Journal Article


  • Authors: Ahmad, Khan Masood; Rosly, Saiful Azhar (1995)

  • This paper studies the factors which determine the level of activity of foreign banks in the Malaysian economy, in the contect of the policy framework laid down by the central bank of the country. The authors conclude that, with trade financing as the the main activity of foreign banks, they did not benefit much from the growth of the economy per se. What has actually happened is that the business growth of domestic banks has been at the expense of foreign banks.

  • item.jpg
  • Book


  • Authors: Ariff, Mohamed; Ramadili Mohd, Shamsher Mohamad; Md. Nassir, Annuar (1998)

  • This book is meant for both professionals and students of capital markets in an emerging economy. It is about financial behaviour of the Kuala Lumpur Stock Exchange. It provides for the first time care-fully-researched findings about the structure of pricing in this reasonably-well-organised emerging stock market in Malaysia, which is an attractive Asian location for portfolio investment. The findings reports in this book should provide useful benchmarks for practice by professionals in accounting, finance, financial economics, regulations, etc. Available in physical copy only (Call Number: fp HG 5750.6 A4 M697)

  • al_bay_bithaman_ajil_financing_impacts_islamic_banking_performance_saiful.pdf.jpg
  • Journal Article


  • Authors: Rosly, Saiful Azhar (1999)

  • The dual-banking system in Malaysia is expected to put Islamic banks at a disadvantage due to the latter's over-dependency on fixed rate asset financing such as al-bay' bithaman qjil and murabuhah. When interest rates are rising, rational product choice among non-Muslim customers is expected to produce a shifting effect that may frustrate deposit mobilization and at the same time able deplete an Islamic bank's earnings. The shifting effect occurs when NMC either transfer deposits from Islamic banks to conventional banks, or, in a period of declining interest rates, opt for loans rather than for deferred sale financing. These shifts occur solely due to pecuniary incentives sought by NM...

  • application_bay_al-innah_bay_al-dayn_malaysian_islam_bonds_islamic_analysis_saiful.pdf.jpg
  • Journal Article


  • Authors: Rosly, Saiful Azhar; Sanusi, Mahmood (1999)

  • Financial contracts involving use of bay' al-inah and bay' al-dayn have been extensively used in design of Malaysian Islamic bonds. This paper argues that both these mechanisms have been found unacceptable by the majority of Islamic scholars and proposes the use of financing based on Muqarada and Musharaka principles as genuine alternatives to interest-bearing financial instruments.

  • A_comparison_of_transactions_in_conventional_and_Islamic_economies_Mabid.pdf.jpg
  • Academic Proceeding


  • Authors: Mahmoud Al-Jarhi, Mabid Ali Mohamed (2000)

  • This paper compares the transactions costs in two economies, one conventional, the other Islamic. The conventional economy is characterized by borrowing to finance some current purchases, while the Islamic economy disallows interest-based lending and operates on the basis of universal banking that mixes commerce and commercial and investment banking. To finance current purchases, it provides customers with credit purchase agreements, which entail that the bank buy the commodities and assets from suppliers and resell them on credit to customers satisfying conditions of creditworthiness similar to those that conventional banks require for borrowers. The paper uses simple calculations to...

  • item.jpg
  • Academic Proceeding


  • Authors: Mahmoud Al-Jarhi, Mabid Ali Mohamed (2001)

  • The paper "Enhancing corporate governance in Islamic financial institutions" presented at Islamic Research and Training Institute-AAOFI Conference on Transparency, Governance and Risk Management in Islamic Financial Institution, Beirut, Lebanon.

  • iwad_requirement_lawful_sale_critical_analysis_saiful.pdf.jpg
  • Journal Article


  • Authors: Rosly, Saiful Azhar (2001)

  • This paper will argue that replacing riba' with al-bay' does not mean that the latter can imply any form of sale (al-bay') to justify Islamic legitimacy. Apart from the prohibition of uncertainties (gharar) in sale, the requirement of an equivalent countervalue (ciwa') must also be met. Risk (ghurm) and liability (iman) after sale and value-addition or effort (ikhtiyar) are the principal components of ciwa'. As such, any increase from sale must contain ciwa', otherwise riba' is implicated. In classical Islamic commercial contracts such as ijarah, salam and mudarabah, ciwa' is evident. However, the contracts of credit of al-murabahah or al-bay bithaman ajil are widely used by Islamic b...

  • some_issues_bay_al-Inah_malaysian_islamic_financial_markets_saiful.pdf.jpg
  • Journal Article


  • Authors: Rosly, Saiful Azhar; Sanusi, Mahmood (2001)

  • The contract of bay' al-'inah normally involves a sale of an asset or property by a first party to a second party for immediate or spot payment followed by an immediate sale of the same asset by the second party to the first party for a higher amount on deferred payments. The asset is by no means useful to both parties either for consumption purposes or derivation of usufruct (manfaah). Apparently this device is used to bypass the Quranic prohibition of interest as riba since the main objective of the contract involvess two consenting parties both of whom are willing to pay and receive a contractual rate of return on a loan.

  • role_khiyar_al-ayb_al-bay_bithaman_ajil_financing_saiful.pdf.jpg
  • Journal Article


  • Authors: Rosly, Saiful Azhar; Sanusi, Mahmood; Mohd Yasin, Norhashimah (2001)

  • The widespread application of al-bay' bithaman ajil (BBA) contract in the Islamic banking business today requires a serious reexamination. This is to see that the welfare of consumers is protected, which all Islamic contracts must provided for. It is made by way of making the existence of 'iwad in profit arising from BBA or murabahah transactions evidently clear. One of the component of 'iwad is the right of the buyer to annul the contract when a defect is evident in the product sold, namely Khiyar Al-'Ayb. It follows that the contract of BBA must include the provision of Khiyar Al-'Ayb as the natural right of the buying party. This paper has argued that this right was not granted b...

  • review_Sudanese_socio-economic_development_problems_magda.pdf.jpg
  • Journal Article


  • Authors: Ismail Abdel Mohsin, Magda (2002)

  • The article gives an overall pictures of the present socio-economic problems of the Sudan. It argues that the government alone cannot handle the process ot the economic development, and that the rationale in the developed countries shows the importance of including the role of the people in the process of economic development either through the private sector, community development or through the non-profit sector.

  • The_stock_market_and_the_ringgit_exchange_rate_mansur.pdf.jpg
  • Journal Article


  • Authors: Baharumshah, Ahmad Zubaidi; Mohammed Masih, Abul Mansur (2002)

  • This paper presents and tests an augmented monetary model that includes the effect of stock prices on the bilateral exchange rates. The model is applied to the ringgit/US dollar (RM/US) and ringgit/Japanese yen (RM/JY) exchange rates. The empirical analysis is conducted by the Johansen method of cointegration. Using the data from the recent float that ends with 1996:Q4, the study is motivated, among others, by an interesting preliminary finding that although the augmented monetary model is cointegrated, it is subject to parameter instability and that the parameter time dependency can be attributed at least partly to a particular subset of the variables in the system including stock pr...

  • Propagative_causal_price_transmission_among_major_international_stock_exchanges_mansur.pdf.jpg
  • Journal Article


  • Authors: Mohammed Masih, Abul Mansur; Masih, Rumi (2002)

  • This paper examines the patterns of dynamic linkages among national stock prices of six major international stock markets with particular reference to what impact the development of global markets (or the globalization phenomenon) had upon the leading stock markets, such as the US, Japan, and UK. In particular, the focus of this paper is in what ways, if any, the role of these leading markets has changed since globalization. The analysis employs recent time series techniques to a data set that consists of two non overlapping samples of monthly prices defining pre globalization (1972:01-1979:12) and post globalization (1984:01-1996:06). Given the generality of applying several techniqu...

  • essays_on_iqtisad_islamic_approach.pdf.jpg
  • Book


  • Authors: Hasani, Baqir; Mirakhor, Abbas (2003)

  • This book is a collection of essays on the concept of iqtisad, inspired by the path-breaking contribution of the late Imam As-Sayid Muhammad Baqir As-Sadr. It outlines the characteristics of the Islamic economic system, and presents an in-depth theoretical analysis of how a sound banking system can perfectly operate without utilizing interest as mechanism for allocating financial resources. Muslim contributions to economics, which have been ignored throughout the past centuries, are explained.

  • juristic_viewpoints_bay_al_inah_malaysia_a_survey_saiful.pdf.jpg
  • Journal Article


  • Authors: Rosly, Saiful Azhar; Che Seman, Azizi (2003)

  • In Malaysia, Sharicah scholars at the supervisory levels have advocated bay' al-'inah as a mode of finance. Under the label of al-bay', the contract of bay' al-'inah contains interest-bearing features, such as earning a contractual return without the implication of risk and value-addition. Seeking a broader consensus on the permissibility of bay' al-'inah is thus critical. This study shows that Malaysian Sharicah scholars outside the supervisory bodies do not fully support bay' al-'inah. The survey indicates that bay' al-'inah can be applied under a state of darurah or when the maslahah of the Muslim people is under threat, which is not the case in Malaysia. Since Sharicah scholars in...

Browsing by Issue Date

Jump to a point in the index:
Showing results 1 to 20 of 1139
  • theoretical_studies_in_islamic_banking_finance.pdf.jpg
  • Book


  • Authors: Khan, Mohsin S.; Mirakhor, Abbas (1987)

  • Islam proposes that the banking systems that operate on the basis of an ex ante fixed rate of interest be replaced by a profit-sharing system in which the rate of return to the financial resources is not known and is not fixed prior to the undertaking of the transaction. While in Islam interest is forbidden, trade and profits are permissible and in fact encouraged. The papers in this volume all address one or more of the basic questions at the theoretical level. They represents a start in the attempt to introduce rigor into the analysis of Islamic banking and finance, thereby clarifying the nature of the basic relationships underslying the system.

  • welfare_implications_interest-free_bank_asset_management_saiful.pdf.jpg
  • Journal Article


  • Authors: Rosly, Saiful Azhar (1989)

  • This paper introduces some theoretical aspects of Islamic banking asset management strategies for reducing economic instability. Since public welfare deteriorates during periods of inflation and unemployment, the procyclical behavior of modern interest-based commercial banks is known to aggravate these fluctuations and ipso facto produce an even more severe impact on welfare. The paper will show that equity-based Islamic banks contain some structural features that reduce these procyclical tendencies and therefore shield public welfare from further deterioration.

  • the malaysian economy_pacific connections.pdf.jpg
  • Book


  • Authors: Abdul Kareem, Mohamed Ariff (1991)

  • This book examines the importance of the Pacific region to the Malaysian economy. Particular emphasis is placed on the contributions of the Pacific to Malaysia's trade expansion and industrial development through foreign investment. The book also traces the trends in the Pacific, discusses the possible impact of such trends on the Malaysian economy in the years ahead, and draws policy implications for the 1990s and beyond.

  • path_integral_derivation_u1_kac–moody_characters_weyl–kac_denominator_belal.pdf.jpg
  • Journal Article


  • Authors: Baaquie, Belal E. (1992)

  • The U(1) Kac-Moody character functions are derived from a path integral expression. It is shown that point-split regularization of the Virasoro generator also exactly regularizes the path integral. An exact derivation of the Weyl-Kac denominator is then given for an arbitrary Lie group using the semiclassical approximation and the results of the U(1) calculation.

  • long_distance_behavior_four-dimensional_nonlinear_SIGMA_model_anomaly_belal.pdf.jpg
  • Journal Article


  • Authors: Baaquie, Belal E.; Rajeev, S.G. (1993)

  • We study the low energy behavior of the four-dimensional nonlinear sigma model with anomaly using the 2+ expansion and renormalization group methods. It is shown that the theory has a non-trivial ir stable fixed point, in addition to the usual trivial fixed point. If pions happen to exist in the non-trivial phase, their propagator would scale at low energies with anomalous exponents.

  • economic_principles_islam_some_methodological_issues_saiful.pdf.jpg
  • Journal Article


  • Authors: Rosly, Saiful Azhar (1995)

  • This paper examines the nature of economic principles in Islam. Two types of economic principles are identified. The first type refers to the economic laws derived from revelation-based sources namely the Quran, Sunnah, Ijtihad and Ijma. The second type refers to economic lwas derived from reasoning and experience. The former is the economic system and the latter is economic theory. Both forms of economic laws are in harmony and have no basis for compartmentalization as there is no conflict between revelation and science in Islam. in theory building, it is shown that Quran based assumptions act as the linking mechanism in harmonizing revelation and science. As revelation is superior t...

  • Determinants _of_foreign_banking_activity_in_Malaysia_Khan_Saiful.pdf.jpg
  • Journal Article


  • Authors: Ahmad, Khan Masood; Rosly, Saiful Azhar (1995)

  • This paper studies the factors which determine the level of activity of foreign banks in the Malaysian economy, in the contect of the policy framework laid down by the central bank of the country. The authors conclude that, with trade financing as the the main activity of foreign banks, they did not benefit much from the growth of the economy per se. What has actually happened is that the business growth of domestic banks has been at the expense of foreign banks.

  • item.jpg
  • Book


  • Authors: Ariff, Mohamed; Ramadili Mohd, Shamsher Mohamad; Md. Nassir, Annuar (1998)

  • This book is meant for both professionals and students of capital markets in an emerging economy. It is about financial behaviour of the Kuala Lumpur Stock Exchange. It provides for the first time care-fully-researched findings about the structure of pricing in this reasonably-well-organised emerging stock market in Malaysia, which is an attractive Asian location for portfolio investment. The findings reports in this book should provide useful benchmarks for practice by professionals in accounting, finance, financial economics, regulations, etc. Available in physical copy only (Call Number: fp HG 5750.6 A4 M697)

  • al_bay_bithaman_ajil_financing_impacts_islamic_banking_performance_saiful.pdf.jpg
  • Journal Article


  • Authors: Rosly, Saiful Azhar (1999)

  • The dual-banking system in Malaysia is expected to put Islamic banks at a disadvantage due to the latter's over-dependency on fixed rate asset financing such as al-bay' bithaman qjil and murabuhah. When interest rates are rising, rational product choice among non-Muslim customers is expected to produce a shifting effect that may frustrate deposit mobilization and at the same time able deplete an Islamic bank's earnings. The shifting effect occurs when NMC either transfer deposits from Islamic banks to conventional banks, or, in a period of declining interest rates, opt for loans rather than for deferred sale financing. These shifts occur solely due to pecuniary incentives sought by NM...

  • application_bay_al-innah_bay_al-dayn_malaysian_islam_bonds_islamic_analysis_saiful.pdf.jpg
  • Journal Article


  • Authors: Rosly, Saiful Azhar; Sanusi, Mahmood (1999)

  • Financial contracts involving use of bay' al-inah and bay' al-dayn have been extensively used in design of Malaysian Islamic bonds. This paper argues that both these mechanisms have been found unacceptable by the majority of Islamic scholars and proposes the use of financing based on Muqarada and Musharaka principles as genuine alternatives to interest-bearing financial instruments.

  • A_comparison_of_transactions_in_conventional_and_Islamic_economies_Mabid.pdf.jpg
  • Academic Proceeding


  • Authors: Mahmoud Al-Jarhi, Mabid Ali Mohamed (2000)

  • This paper compares the transactions costs in two economies, one conventional, the other Islamic. The conventional economy is characterized by borrowing to finance some current purchases, while the Islamic economy disallows interest-based lending and operates on the basis of universal banking that mixes commerce and commercial and investment banking. To finance current purchases, it provides customers with credit purchase agreements, which entail that the bank buy the commodities and assets from suppliers and resell them on credit to customers satisfying conditions of creditworthiness similar to those that conventional banks require for borrowers. The paper uses simple calculations to...

  • item.jpg
  • Academic Proceeding


  • Authors: Mahmoud Al-Jarhi, Mabid Ali Mohamed (2001)

  • The paper "Enhancing corporate governance in Islamic financial institutions" presented at Islamic Research and Training Institute-AAOFI Conference on Transparency, Governance and Risk Management in Islamic Financial Institution, Beirut, Lebanon.

  • iwad_requirement_lawful_sale_critical_analysis_saiful.pdf.jpg
  • Journal Article


  • Authors: Rosly, Saiful Azhar (2001)

  • This paper will argue that replacing riba' with al-bay' does not mean that the latter can imply any form of sale (al-bay') to justify Islamic legitimacy. Apart from the prohibition of uncertainties (gharar) in sale, the requirement of an equivalent countervalue (ciwa') must also be met. Risk (ghurm) and liability (iman) after sale and value-addition or effort (ikhtiyar) are the principal components of ciwa'. As such, any increase from sale must contain ciwa', otherwise riba' is implicated. In classical Islamic commercial contracts such as ijarah, salam and mudarabah, ciwa' is evident. However, the contracts of credit of al-murabahah or al-bay bithaman ajil are widely used by Islamic b...

  • some_issues_bay_al-Inah_malaysian_islamic_financial_markets_saiful.pdf.jpg
  • Journal Article


  • Authors: Rosly, Saiful Azhar; Sanusi, Mahmood (2001)

  • The contract of bay' al-'inah normally involves a sale of an asset or property by a first party to a second party for immediate or spot payment followed by an immediate sale of the same asset by the second party to the first party for a higher amount on deferred payments. The asset is by no means useful to both parties either for consumption purposes or derivation of usufruct (manfaah). Apparently this device is used to bypass the Quranic prohibition of interest as riba since the main objective of the contract involvess two consenting parties both of whom are willing to pay and receive a contractual rate of return on a loan.

  • role_khiyar_al-ayb_al-bay_bithaman_ajil_financing_saiful.pdf.jpg
  • Journal Article


  • Authors: Rosly, Saiful Azhar; Sanusi, Mahmood; Mohd Yasin, Norhashimah (2001)

  • The widespread application of al-bay' bithaman ajil (BBA) contract in the Islamic banking business today requires a serious reexamination. This is to see that the welfare of consumers is protected, which all Islamic contracts must provided for. It is made by way of making the existence of 'iwad in profit arising from BBA or murabahah transactions evidently clear. One of the component of 'iwad is the right of the buyer to annul the contract when a defect is evident in the product sold, namely Khiyar Al-'Ayb. It follows that the contract of BBA must include the provision of Khiyar Al-'Ayb as the natural right of the buying party. This paper has argued that this right was not granted b...

  • review_Sudanese_socio-economic_development_problems_magda.pdf.jpg
  • Journal Article


  • Authors: Ismail Abdel Mohsin, Magda (2002)

  • The article gives an overall pictures of the present socio-economic problems of the Sudan. It argues that the government alone cannot handle the process ot the economic development, and that the rationale in the developed countries shows the importance of including the role of the people in the process of economic development either through the private sector, community development or through the non-profit sector.

  • The_stock_market_and_the_ringgit_exchange_rate_mansur.pdf.jpg
  • Journal Article


  • Authors: Baharumshah, Ahmad Zubaidi; Mohammed Masih, Abul Mansur (2002)

  • This paper presents and tests an augmented monetary model that includes the effect of stock prices on the bilateral exchange rates. The model is applied to the ringgit/US dollar (RM/US) and ringgit/Japanese yen (RM/JY) exchange rates. The empirical analysis is conducted by the Johansen method of cointegration. Using the data from the recent float that ends with 1996:Q4, the study is motivated, among others, by an interesting preliminary finding that although the augmented monetary model is cointegrated, it is subject to parameter instability and that the parameter time dependency can be attributed at least partly to a particular subset of the variables in the system including stock pr...

  • Propagative_causal_price_transmission_among_major_international_stock_exchanges_mansur.pdf.jpg
  • Journal Article


  • Authors: Mohammed Masih, Abul Mansur; Masih, Rumi (2002)

  • This paper examines the patterns of dynamic linkages among national stock prices of six major international stock markets with particular reference to what impact the development of global markets (or the globalization phenomenon) had upon the leading stock markets, such as the US, Japan, and UK. In particular, the focus of this paper is in what ways, if any, the role of these leading markets has changed since globalization. The analysis employs recent time series techniques to a data set that consists of two non overlapping samples of monthly prices defining pre globalization (1972:01-1979:12) and post globalization (1984:01-1996:06). Given the generality of applying several techniqu...

  • essays_on_iqtisad_islamic_approach.pdf.jpg
  • Book


  • Authors: Hasani, Baqir; Mirakhor, Abbas (2003)

  • This book is a collection of essays on the concept of iqtisad, inspired by the path-breaking contribution of the late Imam As-Sayid Muhammad Baqir As-Sadr. It outlines the characteristics of the Islamic economic system, and presents an in-depth theoretical analysis of how a sound banking system can perfectly operate without utilizing interest as mechanism for allocating financial resources. Muslim contributions to economics, which have been ignored throughout the past centuries, are explained.

  • juristic_viewpoints_bay_al_inah_malaysia_a_survey_saiful.pdf.jpg
  • Journal Article


  • Authors: Rosly, Saiful Azhar; Che Seman, Azizi (2003)

  • In Malaysia, Sharicah scholars at the supervisory levels have advocated bay' al-'inah as a mode of finance. Under the label of al-bay', the contract of bay' al-'inah contains interest-bearing features, such as earning a contractual return without the implication of risk and value-addition. Seeking a broader consensus on the permissibility of bay' al-'inah is thus critical. This study shows that Malaysian Sharicah scholars outside the supervisory bodies do not fully support bay' al-'inah. The survey indicates that bay' al-'inah can be applied under a state of darurah or when the maslahah of the Muslim people is under threat, which is not the case in Malaysia. Since Sharicah scholars in...