Journal Article : [617]

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Collection's Items (Sorted by Submit Date in Descending order): 1 to 20 of 617
  • Islamic_finance_education_in_the_era_of_industrial_revolution_Mohamed_Fairooz et al.pdf.jpg
  • Journal Article


  • Authors: Mohamed Fairooz Abdul Khir; Hainnur Aqma Rahim; Mohamed Saladin Abdul Rasool; Nor Asmat Ismail (2021)

  • The idea of a new era, the Industrial Revolution (IR 4.0), encourages the increased use of highly automated tools and the development of cutting-edge technology that limits human interaction and speeds up normal processes in the banking industry's existing environment. This paper attempts to explore the significance of IR4.0 in the Islamic finance education. Thus, this article presents three main purposes; 1) to identify the Fourth Industrial Revolution (4th IR); 2) to identify the IR 4.0 and Higher Education In Malaysia and 3) to stress the roles of Islamic Finance Education Providers. This study employed a qualitative research methodology through data collection from several previou...

  • A_study_on_the_policies_and_procedures_on_discretionary_trading_of_Islamic_securities_Aishath_Affan.pdf.jpg
  • Journal Article


  • Authors: Muhammad Affan Ahmad Nadzri; Aishath Muneeza (2021)

  • Discretionary trading is an investment that a stockbroker executes using clients' account which is done without getting specific approval from the client on decision whether to buy or sell the stock holding in the portfolio. The investment is conducted based on the experience and strategies made by the person in charge of the investment. The objective of this research is to study the existing policies and procedures of discretionary trading in the market, determine the shariah compliance of current practice of market discretionary trading, and formulate suitable shariah parameters for discretionary trading of Islamic securities. This research employs qualitative methodology. The findi...

  • Does_sectoral_diversification_of_loans_financing_improve_bank_returns_Mansor et al.pdf.jpg
  • Journal Article


  • Authors: Mirzet Seho; Mansor H. Ibrahim; Abbas Mirakhor (2021)

  • This paper investigates the effects of sectoral diversification of loans and financing on the risk and the returns of banks in dual-banking systems. We employ the system GMM estimator on a unique panel data of 46 Islamic and 60 conventional banks from six countries over the period 2000-2015. Our findings reveal that sectoral diversification of loans and financing reduces the returns and increases the risk of both Islamic and conventional banks; the impact of sectoral diversification on returns varies across risk levels, with negative effects at low- and no effect at moderate- and high-risk levels; the difference between the impacts on Islamic and conventional banks across risk levels ...

  • International_financial_integration_through_depositary_receipts_Obiyathullah et al.pdf.jpg
  • Journal Article


  • Authors: Obiyathulla Ismath Bacha; Norhazlina Ibrahim; Mansor H. Ibrahim (2020)

  • The issue of liquidity and underdevelopment of the Organisation of Islamic Cooperation (OIC) stock markets has caused problems to companies in those countries that seek higher equity capital. One way out of this problem is to employ international markets more intensively by seeking cheaper cost of capital through Depositary Receipts (DRs). Many studies on DRs focused on emerging and developed countries, leaving many OIC countries behind. Thus, this study investigates the financial implication by examining the integration of returns of local and foreign stock markets via American Depositary Receipts (ADRs) and Global Depositary Receipts (GDRs) of OIC countries. Techniques employed in t...

  • Judicial_challenges_facing_the_Islamic_finance_industry_of_Nigeria_Aishath et al.pdf.jpg
  • Journal Article


  • Authors: Zakariya Mustapha; Sherin Kunhibava; Aishath Muneeza (2021)

  • Shariah-compliance of Islamic finance transactions compels conformity with Shariah dictates in all aspects and ramifications of such transactions. Indeed, Islamic commerce and finance jurists are unanimous that Shariah-compliance lies at the very heart of Islamic finance transactions. Equally essential is dispute resolution, as it is unarguable that disputes will invariably arise in such transactions. A viable dispute resolution mechanism is a societal pillar indispensable for the regulation and sustenance of commercial transactions.

  • Impact_of_bank_concentration_and_financial_development_on_growth_volatility_Mansor et al.pdf.jpg
  • Journal Article


  • Authors: Edib Smolo; Mansor H. Ibrahim; Ginanjar Dewandaru (2021)

  • This study investigates the impact of bank concentration and financial development on economic volatility for the Organization of Islamic Cooperation (OIC) member countries. Employing dynamic panel models, we find no evidence that bank concentration is significantly related to economic volatility when it is entered independently in the models. Meanwhile, financial development lowers economic volatility. Extending the models to include market structure - financial development interaction, we note that the impact of bank concentration on volatility depends on the level of financial development within OIC countries. More specifically, the volatility-increasing effect of bank concentratio...

  • The fiqh characterization of ijarah mawsufah fi al-dhimmah_Said_Adekunle.pdf.jpg
  • Journal Article


  • Authors: Sa'id Adekunle Mikail (2013)

  • The application of the Shari'ah principle of ijarah mawsufah fi al-dhimmah (forward lease) can be traced back to the early days of Islam. It is derived from the original contract of ijarah (lease), which has been widely used in the structuring of Islamic financial transactions to cater for various Muslim and non-Muslim needs over time. Thus, the classical books of Islamic jurisprudence have amply discussed its applications in various forms according to the prevailing circumstances. Today, ijarah mawsufah fi al-dhimmah is applied in the offering of various services in the Islamic finance industry relating to education, medical treatment, tourism, hajj and 'umrah, among others. Neverthe...

  • Credit_expansion_and_financial_stability_in_Malaysia_Mansor.pdf.jpg
  • Journal Article


  • Authors: Seow Shin Koong; Siong Hook Law; Mansor H. Ibrahim (2017)

  • This study investigated the degree of synchronization between credit expansion and financial stability in Malaysia at aggregated and disaggregated levels. The dynamic factor model and a broad range of macrofinancial variables are adopted to construct a financial stability index to measure the stability of the Malaysian financial system. The non-parametric method is subsequently employed to gauge the degree of synchronization between credit and financial stability. The empirical findings indicated a negative synchronization between business credit and financial stability in Malaysia, suggesting that an expansion in business credit would lead to financial instability. The results implie...

  • Islamic venture capital in Malaysia development, constraints and way forward_Said_Adekunle.pdf.jpg
  • Journal Article


  • Authors: Sa'id Adekunle Mikail; Muhamad Arifin; Rusni Hassan (2014)

  • This study aims at examining the development of the Malaysian Islamic venture capital industry including government and regulatory policy initiatives for escalating the growth of the industry. It also highlights constraints and way forward for the industry. The paper employs qualitative approach focusing on secondary resources, documents, and field interview with practitioners and academia who are directly involved in the operations of Islamic venture capital in Malaysia. The study finds that policy-driven approach and liberalization facilitate the standardization of Shariah rulings of Shariah Advisory Council (SAC) and Shariah Committee (SC), which contribute to the effectiveness of ...

  • Historical_development_of_Islamic_venture_capital_Said.pdf.jpg
  • Journal Article


  • Authors: Rusni Hassan; Sa'id Adekunle Mikail; Muhamad Arifin (2011)

  • Venture capital is commonly defined as medium to long-term equity investment provided for unlisted companies to finance their start up, expansion, survival and change of ownership. The origin of which was traced back to mudharabah; which is commonly translated to Islamic limited partnership. The application of venture capital seems to be abandoned in Muslim world for long, while Western communities get steady development of it. Since the inception of Islamic banks for almost two decades, Islamic banks are also turning a blind eye to venture capital. In spite that venture capital is akin to Islamic bank's principle of profit and loss sharing. The first Islamic bank which was introduced...

  • Bay_al-dayn_wa-atharuhu_fi_al-aswaq_al-maliyah_Younes.pdf.jpg
  • Journal Article


  • Authors: Younes Soualhi; Awali Muhammad Sharif (2011)

  • The sale of debt is part of the jurisprudence of Islamic financial transactions that is used by people for a long time; however, it has become more prevalent in the present day. It is among the features of the modern era that an individual is either creditor or debtor, rather modern day institutions are based on debt transactions such as financial markets. A great number of people and institutions are dealing with debt- based transactions in all its forms and types without knowing whether this kind of transaction is halal (permissible) or haram (prohibited); this negligence is pointed out in the Prophetic tradition that states: "A time will come when a man doesn't mind if he is earnin...

  • Shariah_inspection_of_surplus_distribution_in_takaful_operations_Younes.pdf.jpg
  • Journal Article


  • Authors: Younes Soualhi (2010)

  • This research intends to shed light on a number of issues related to surplus distribution in takaful. The first part is devoted to revisiting the main financial concepts related to the surplus such as the underwriting surplus and profit. Modes of distribution such as pro-rata and offsetting will also be discussed in the light of equity principle advocated by Shari'ah. The second part deals with the major juristic views and doctrines delineated in favor of surplus distribution. Legal doctrines such as the ownership or otherwise of the surplus after donation would be meticulously discussed and reviewed in the light of current practices of takaful operators. The last part deals with a ge...

  • Maqasid_al-Shariah_and_the_foundational_requirements_in_developing_Islamic_banking_and_finance_Akram.pdf.jpg
  • Journal Article


  • Authors: Mohamad Akram Laldin; Hafas Furqani (2012)

  • Islamic finance attempts to rearrange the modern financial practices to be in line with Shari'ah principles and requirements. The industry has grown considerably over the last three decades and has a global reach. We contend that this trend is being driven not only by operational compliance with the requirements of Islamic law but also because of the objectives and values it promotes. Islamic banking and finance (IBF) was intended to bring an Islamic vision of the economy to the financial sphere in an effort to realize human wellbeing (maslahah) and a just and fair order of society. Financial practices are to be arranged to meet those objectives. Adherence to maqasid al-Shari'ah as th...

  • item.jpg
  • Journal Article


  • Authors: Younes Soualhi (2008)

  • This research addresses two methodological problems that seem to hinder the development of the concept of human welfare (public interest) in Islamic jurisprudence (Shari'ah). The first problem refers to the debate on whether maqasid is a philosophy or a method. The research tries to argue that maqasid moved from philosophy to method in order to revitalize the methods of inference in Islamic jurisprudence. However, as the paper argues, the new position of maqasid as a method had little effect on the dynamicity of Islamic jurisprudence during the time of Shatibi (d.14 century A.D) onwards. The latter's legal acumen is widely accredited with propounding a full-fledged theory on maqasid. ...

  • Bridging_Islamic_juristic_differences_in_contemporary_Islamic_finance_Younes.pdf.jpg
  • Journal Article


  • Authors: Younes Soualhi (2012)

  • This article is an attempt to formulate a viable Shari'ah framework for juristic differences in contemporary Islamic finance. While acknowledging the legitimacy of juristic differences as an inherent feature of Islamic law, such differences could jeopardize a nascent Islamic finance industry, leading to what has come to be arbitrarily termed 'Shari'ah risk' in Islamic finance. Two blocks appear to represent the two disputing sides since the launch of this industry, i.e., the Middle Eastern and South East Asian markets. Thus, this article aims to bridge differences in Islamic finance by proposing a framework and set of parameters that can be applied to all Islamic banking, Islamic capi...

  • Developing_Islamic_finance_in_the_framework_of_maqasid_al-Shariah_Akram.pdf.jpg
  • Journal Article


  • Authors: Mohamad Akram Laldin; Hafas Furqani (2013)

  • The paper aims to investigate the dimensions of maqasid al-Shari'ah in Islamic finance by exploring the ends (maqasid) and the means (wasa'il). Those would clarify the nature and goals of Islamic finance as well as its directional development. Using literature in English and Arabic sources in the area of maqasid al-Shari'ah, as well as from the reading of the primary sources (the Qur'anic texts/nusus), the paper attempts to delineate the dimensions that would constitute the ends (maqasid) and the means (wasa'il) in Islamic finance. The paper explicates three specific ends (maqasid) in Islamic finance, namely wealth circulation, fair and transparent financial practices and justice at t...

  • The_foundations_of_Islamic_finance_and_the_maqasid_al-Shariah_requirements_Akram.pdf.jpg
  • Journal Article


  • Authors: Mohamad Akram Laldin; Hafas Furqani (2013)

  • The emergence of Islamic finance as a system of thought and practice is timely in the midst of world crisis and the uncertain proposals for solving it. It is hoped that Islamic finance offers a coherent perspective for understanding real economic problems as well as a genuine alternative to the very foundations of how economics and finance should be managed to actualize human prosperity. In addressing those expectations and challenges, sufficient attention to the foundations should be given to develop solid conceptual scheme of a new finance in Islamic perspective and to resolve the tensions in the current development. This paper attempts to discuss the foundations of Islamic finance...

  • Sukuk_in_various_jurisdictions_Akram.pdf.jpg
  • Journal Article


  • Authors: Mohamad Akram Laldin (2012)

  • Sukuk are active Islamic finance instruments offered in various jurisdictions and have experienced various events in the recent years. Several sukuk defaults in 2009 highlighted a number of Shari'ah and legal issues that are necessary to be discussed. As a part of the prerequisites to fulfil Shari'ah requirements, compliance to the relevant laws is also a necessity. Among the issues that will be touched upon is ownership of the asset of the sukuk which will include discussion about 'al Qabd' (taking possession). Next, rights of the sukuk holders will be discussed to see whether their interests are well protected and in this context the concept of asset backed will be differentiated fr...

  • Ishkalat_namadhij_al-tamin_Younes.pdf.jpg
  • Journal Article


  • Authors: Younes Soualhi; Ghalia Bouhedda (2013)

  • Although three decades or more have elapsed since the emergence of takaful industry, a period in which this industry has received wide acceptance and witnessed a great development in its operations and products, the takaful models that are being implemented in it have not been free of many juristic and technical problems. This is an agreed upon fact among Shari'ah scholarly authorities and practitioners alike; these problems concerns mainly the ownership and distribution of the surplus. This situation urged some Shari'ah institutions of worldwide scholarly authority (such as the International Fiqh Academy, one of the agencies of OIC) to call for the need of more research in order to d...

  • Ethical_investing_and_capital_structure_Mansor.pdf.jpg
  • Journal Article


  • Authors: Paresh Kumar Narayan; Dinh Hoang Bach Phan; Guangqiang Liu; Mansor H. Ibrahim (2021)

  • We test the relevance of the trade-off, pecking order, and market timing theories of capital structure from the point of view of a stock's religious orientation. Using a unique sample of Islamic stocks, we discover the leverage speed of adjustment (SOA) to be faster compared to that in the literature on conventional stocks, consistent with trade-off theory. We hypothesize that this result is due to the risk-sharing principal of Islamic investments that substantially reduces market imperfections. The inclusion of variables belonging to other theories of capital structure does not change the SOA, implying the importance of the trade-off theory.

Collection's Items (Sorted by Submit Date in Descending order): 1 to 20 of 617

Journal Article : [617]

Follow this collection to receive daily e-mail notification of new additions
Collection's Items (Sorted by Submit Date in Descending order): 1 to 20 of 617
  • Islamic_finance_education_in_the_era_of_industrial_revolution_Mohamed_Fairooz et al.pdf.jpg
  • Journal Article


  • Authors: Mohamed Fairooz Abdul Khir; Hainnur Aqma Rahim; Mohamed Saladin Abdul Rasool; Nor Asmat Ismail (2021)

  • The idea of a new era, the Industrial Revolution (IR 4.0), encourages the increased use of highly automated tools and the development of cutting-edge technology that limits human interaction and speeds up normal processes in the banking industry's existing environment. This paper attempts to explore the significance of IR4.0 in the Islamic finance education. Thus, this article presents three main purposes; 1) to identify the Fourth Industrial Revolution (4th IR); 2) to identify the IR 4.0 and Higher Education In Malaysia and 3) to stress the roles of Islamic Finance Education Providers. This study employed a qualitative research methodology through data collection from several previou...

  • A_study_on_the_policies_and_procedures_on_discretionary_trading_of_Islamic_securities_Aishath_Affan.pdf.jpg
  • Journal Article


  • Authors: Muhammad Affan Ahmad Nadzri; Aishath Muneeza (2021)

  • Discretionary trading is an investment that a stockbroker executes using clients' account which is done without getting specific approval from the client on decision whether to buy or sell the stock holding in the portfolio. The investment is conducted based on the experience and strategies made by the person in charge of the investment. The objective of this research is to study the existing policies and procedures of discretionary trading in the market, determine the shariah compliance of current practice of market discretionary trading, and formulate suitable shariah parameters for discretionary trading of Islamic securities. This research employs qualitative methodology. The findi...

  • Does_sectoral_diversification_of_loans_financing_improve_bank_returns_Mansor et al.pdf.jpg
  • Journal Article


  • Authors: Mirzet Seho; Mansor H. Ibrahim; Abbas Mirakhor (2021)

  • This paper investigates the effects of sectoral diversification of loans and financing on the risk and the returns of banks in dual-banking systems. We employ the system GMM estimator on a unique panel data of 46 Islamic and 60 conventional banks from six countries over the period 2000-2015. Our findings reveal that sectoral diversification of loans and financing reduces the returns and increases the risk of both Islamic and conventional banks; the impact of sectoral diversification on returns varies across risk levels, with negative effects at low- and no effect at moderate- and high-risk levels; the difference between the impacts on Islamic and conventional banks across risk levels ...

  • International_financial_integration_through_depositary_receipts_Obiyathullah et al.pdf.jpg
  • Journal Article


  • Authors: Obiyathulla Ismath Bacha; Norhazlina Ibrahim; Mansor H. Ibrahim (2020)

  • The issue of liquidity and underdevelopment of the Organisation of Islamic Cooperation (OIC) stock markets has caused problems to companies in those countries that seek higher equity capital. One way out of this problem is to employ international markets more intensively by seeking cheaper cost of capital through Depositary Receipts (DRs). Many studies on DRs focused on emerging and developed countries, leaving many OIC countries behind. Thus, this study investigates the financial implication by examining the integration of returns of local and foreign stock markets via American Depositary Receipts (ADRs) and Global Depositary Receipts (GDRs) of OIC countries. Techniques employed in t...

  • Judicial_challenges_facing_the_Islamic_finance_industry_of_Nigeria_Aishath et al.pdf.jpg
  • Journal Article


  • Authors: Zakariya Mustapha; Sherin Kunhibava; Aishath Muneeza (2021)

  • Shariah-compliance of Islamic finance transactions compels conformity with Shariah dictates in all aspects and ramifications of such transactions. Indeed, Islamic commerce and finance jurists are unanimous that Shariah-compliance lies at the very heart of Islamic finance transactions. Equally essential is dispute resolution, as it is unarguable that disputes will invariably arise in such transactions. A viable dispute resolution mechanism is a societal pillar indispensable for the regulation and sustenance of commercial transactions.

  • Impact_of_bank_concentration_and_financial_development_on_growth_volatility_Mansor et al.pdf.jpg
  • Journal Article


  • Authors: Edib Smolo; Mansor H. Ibrahim; Ginanjar Dewandaru (2021)

  • This study investigates the impact of bank concentration and financial development on economic volatility for the Organization of Islamic Cooperation (OIC) member countries. Employing dynamic panel models, we find no evidence that bank concentration is significantly related to economic volatility when it is entered independently in the models. Meanwhile, financial development lowers economic volatility. Extending the models to include market structure - financial development interaction, we note that the impact of bank concentration on volatility depends on the level of financial development within OIC countries. More specifically, the volatility-increasing effect of bank concentratio...

  • The fiqh characterization of ijarah mawsufah fi al-dhimmah_Said_Adekunle.pdf.jpg
  • Journal Article


  • Authors: Sa'id Adekunle Mikail (2013)

  • The application of the Shari'ah principle of ijarah mawsufah fi al-dhimmah (forward lease) can be traced back to the early days of Islam. It is derived from the original contract of ijarah (lease), which has been widely used in the structuring of Islamic financial transactions to cater for various Muslim and non-Muslim needs over time. Thus, the classical books of Islamic jurisprudence have amply discussed its applications in various forms according to the prevailing circumstances. Today, ijarah mawsufah fi al-dhimmah is applied in the offering of various services in the Islamic finance industry relating to education, medical treatment, tourism, hajj and 'umrah, among others. Neverthe...

  • Credit_expansion_and_financial_stability_in_Malaysia_Mansor.pdf.jpg
  • Journal Article


  • Authors: Seow Shin Koong; Siong Hook Law; Mansor H. Ibrahim (2017)

  • This study investigated the degree of synchronization between credit expansion and financial stability in Malaysia at aggregated and disaggregated levels. The dynamic factor model and a broad range of macrofinancial variables are adopted to construct a financial stability index to measure the stability of the Malaysian financial system. The non-parametric method is subsequently employed to gauge the degree of synchronization between credit and financial stability. The empirical findings indicated a negative synchronization between business credit and financial stability in Malaysia, suggesting that an expansion in business credit would lead to financial instability. The results implie...

  • Islamic venture capital in Malaysia development, constraints and way forward_Said_Adekunle.pdf.jpg
  • Journal Article


  • Authors: Sa'id Adekunle Mikail; Muhamad Arifin; Rusni Hassan (2014)

  • This study aims at examining the development of the Malaysian Islamic venture capital industry including government and regulatory policy initiatives for escalating the growth of the industry. It also highlights constraints and way forward for the industry. The paper employs qualitative approach focusing on secondary resources, documents, and field interview with practitioners and academia who are directly involved in the operations of Islamic venture capital in Malaysia. The study finds that policy-driven approach and liberalization facilitate the standardization of Shariah rulings of Shariah Advisory Council (SAC) and Shariah Committee (SC), which contribute to the effectiveness of ...

  • Historical_development_of_Islamic_venture_capital_Said.pdf.jpg
  • Journal Article


  • Authors: Rusni Hassan; Sa'id Adekunle Mikail; Muhamad Arifin (2011)

  • Venture capital is commonly defined as medium to long-term equity investment provided for unlisted companies to finance their start up, expansion, survival and change of ownership. The origin of which was traced back to mudharabah; which is commonly translated to Islamic limited partnership. The application of venture capital seems to be abandoned in Muslim world for long, while Western communities get steady development of it. Since the inception of Islamic banks for almost two decades, Islamic banks are also turning a blind eye to venture capital. In spite that venture capital is akin to Islamic bank's principle of profit and loss sharing. The first Islamic bank which was introduced...

  • Bay_al-dayn_wa-atharuhu_fi_al-aswaq_al-maliyah_Younes.pdf.jpg
  • Journal Article


  • Authors: Younes Soualhi; Awali Muhammad Sharif (2011)

  • The sale of debt is part of the jurisprudence of Islamic financial transactions that is used by people for a long time; however, it has become more prevalent in the present day. It is among the features of the modern era that an individual is either creditor or debtor, rather modern day institutions are based on debt transactions such as financial markets. A great number of people and institutions are dealing with debt- based transactions in all its forms and types without knowing whether this kind of transaction is halal (permissible) or haram (prohibited); this negligence is pointed out in the Prophetic tradition that states: "A time will come when a man doesn't mind if he is earnin...

  • Shariah_inspection_of_surplus_distribution_in_takaful_operations_Younes.pdf.jpg
  • Journal Article


  • Authors: Younes Soualhi (2010)

  • This research intends to shed light on a number of issues related to surplus distribution in takaful. The first part is devoted to revisiting the main financial concepts related to the surplus such as the underwriting surplus and profit. Modes of distribution such as pro-rata and offsetting will also be discussed in the light of equity principle advocated by Shari'ah. The second part deals with the major juristic views and doctrines delineated in favor of surplus distribution. Legal doctrines such as the ownership or otherwise of the surplus after donation would be meticulously discussed and reviewed in the light of current practices of takaful operators. The last part deals with a ge...

  • Maqasid_al-Shariah_and_the_foundational_requirements_in_developing_Islamic_banking_and_finance_Akram.pdf.jpg
  • Journal Article


  • Authors: Mohamad Akram Laldin; Hafas Furqani (2012)

  • Islamic finance attempts to rearrange the modern financial practices to be in line with Shari'ah principles and requirements. The industry has grown considerably over the last three decades and has a global reach. We contend that this trend is being driven not only by operational compliance with the requirements of Islamic law but also because of the objectives and values it promotes. Islamic banking and finance (IBF) was intended to bring an Islamic vision of the economy to the financial sphere in an effort to realize human wellbeing (maslahah) and a just and fair order of society. Financial practices are to be arranged to meet those objectives. Adherence to maqasid al-Shari'ah as th...

  • item.jpg
  • Journal Article


  • Authors: Younes Soualhi (2008)

  • This research addresses two methodological problems that seem to hinder the development of the concept of human welfare (public interest) in Islamic jurisprudence (Shari'ah). The first problem refers to the debate on whether maqasid is a philosophy or a method. The research tries to argue that maqasid moved from philosophy to method in order to revitalize the methods of inference in Islamic jurisprudence. However, as the paper argues, the new position of maqasid as a method had little effect on the dynamicity of Islamic jurisprudence during the time of Shatibi (d.14 century A.D) onwards. The latter's legal acumen is widely accredited with propounding a full-fledged theory on maqasid. ...

  • Bridging_Islamic_juristic_differences_in_contemporary_Islamic_finance_Younes.pdf.jpg
  • Journal Article


  • Authors: Younes Soualhi (2012)

  • This article is an attempt to formulate a viable Shari'ah framework for juristic differences in contemporary Islamic finance. While acknowledging the legitimacy of juristic differences as an inherent feature of Islamic law, such differences could jeopardize a nascent Islamic finance industry, leading to what has come to be arbitrarily termed 'Shari'ah risk' in Islamic finance. Two blocks appear to represent the two disputing sides since the launch of this industry, i.e., the Middle Eastern and South East Asian markets. Thus, this article aims to bridge differences in Islamic finance by proposing a framework and set of parameters that can be applied to all Islamic banking, Islamic capi...

  • Developing_Islamic_finance_in_the_framework_of_maqasid_al-Shariah_Akram.pdf.jpg
  • Journal Article


  • Authors: Mohamad Akram Laldin; Hafas Furqani (2013)

  • The paper aims to investigate the dimensions of maqasid al-Shari'ah in Islamic finance by exploring the ends (maqasid) and the means (wasa'il). Those would clarify the nature and goals of Islamic finance as well as its directional development. Using literature in English and Arabic sources in the area of maqasid al-Shari'ah, as well as from the reading of the primary sources (the Qur'anic texts/nusus), the paper attempts to delineate the dimensions that would constitute the ends (maqasid) and the means (wasa'il) in Islamic finance. The paper explicates three specific ends (maqasid) in Islamic finance, namely wealth circulation, fair and transparent financial practices and justice at t...

  • The_foundations_of_Islamic_finance_and_the_maqasid_al-Shariah_requirements_Akram.pdf.jpg
  • Journal Article


  • Authors: Mohamad Akram Laldin; Hafas Furqani (2013)

  • The emergence of Islamic finance as a system of thought and practice is timely in the midst of world crisis and the uncertain proposals for solving it. It is hoped that Islamic finance offers a coherent perspective for understanding real economic problems as well as a genuine alternative to the very foundations of how economics and finance should be managed to actualize human prosperity. In addressing those expectations and challenges, sufficient attention to the foundations should be given to develop solid conceptual scheme of a new finance in Islamic perspective and to resolve the tensions in the current development. This paper attempts to discuss the foundations of Islamic finance...

  • Sukuk_in_various_jurisdictions_Akram.pdf.jpg
  • Journal Article


  • Authors: Mohamad Akram Laldin (2012)

  • Sukuk are active Islamic finance instruments offered in various jurisdictions and have experienced various events in the recent years. Several sukuk defaults in 2009 highlighted a number of Shari'ah and legal issues that are necessary to be discussed. As a part of the prerequisites to fulfil Shari'ah requirements, compliance to the relevant laws is also a necessity. Among the issues that will be touched upon is ownership of the asset of the sukuk which will include discussion about 'al Qabd' (taking possession). Next, rights of the sukuk holders will be discussed to see whether their interests are well protected and in this context the concept of asset backed will be differentiated fr...

  • Ishkalat_namadhij_al-tamin_Younes.pdf.jpg
  • Journal Article


  • Authors: Younes Soualhi; Ghalia Bouhedda (2013)

  • Although three decades or more have elapsed since the emergence of takaful industry, a period in which this industry has received wide acceptance and witnessed a great development in its operations and products, the takaful models that are being implemented in it have not been free of many juristic and technical problems. This is an agreed upon fact among Shari'ah scholarly authorities and practitioners alike; these problems concerns mainly the ownership and distribution of the surplus. This situation urged some Shari'ah institutions of worldwide scholarly authority (such as the International Fiqh Academy, one of the agencies of OIC) to call for the need of more research in order to d...

  • Ethical_investing_and_capital_structure_Mansor.pdf.jpg
  • Journal Article


  • Authors: Paresh Kumar Narayan; Dinh Hoang Bach Phan; Guangqiang Liu; Mansor H. Ibrahim (2021)

  • We test the relevance of the trade-off, pecking order, and market timing theories of capital structure from the point of view of a stock's religious orientation. Using a unique sample of Islamic stocks, we discover the leverage speed of adjustment (SOA) to be faster compared to that in the literature on conventional stocks, consistent with trade-off theory. We hypothesize that this result is due to the risk-sharing principal of Islamic investments that substantially reduces market imperfections. The inclusion of variables belonging to other theories of capital structure does not change the SOA, implying the importance of the trade-off theory.

Collection's Items (Sorted by Submit Date in Descending order): 1 to 20 of 617