Search results

The purpose of this paper is to discuss the methodology of integrated knowledge in Islamic economics and finance and seek to offer collective ijtihād as one way to find solutions to the existing problems in the field.

The study is based on the idea of multidisciplinarity or interdisciplinarity, which uses not only traditional sources of Islam and economics, such as uṣūl al-fiqh, fiqh mu’amalat, econometrics, statistics, microeconomics and macroeconomics but also looks into behavioural and natural sciences for inspiration and solutions. This paper is constructed using the methodology of “the two readings”, as promoted by the International Institute of Islamic Thought, and which combines the revealed and the existential sciences.

This paper proposes the collaborative multidisciplinary methodology as the main approach to studying the modern problems and challenges, as well as for finding solutions in the fields of Islamic economics and finance.

Studying and researching issues, particularly in the field of Islamic economics and finance, from an interdisciplinary perspective, effectively broadens practical applications and possibilities in Islamic finance.

This paper contributes to social sciences, especially the field of Islamic finance, and calls upon researchers to engage in multidisciplinary studies.

There is a dearth of literature dealing with Islamic education that embeds the notion of democratic citizenship education for at least two reasons: firstly, democratic citizenship education is not always considered as commensurable with Islamic education and secondly, Islamic education is aimed at producing just persons, whereas democratic citizenship education aims to engender responsible citizens.

My approach is philosophical/analytical and argumentative.

I argue that the two concepts do not have to be considered as mutually exclusive and that cultivating just persons invariably involves producing responsible persons. Hence, as my first argument I show that through the practices of Islamic education, which is just action (ijtihād), deliberative engagement (shūrā) and recognition of the other (ta`āruf), democratic citizenship education has the potential to enhance the pursuit of a doctorate on the basis that the latter connects with multiple forms of enactment. My second argument relates to offering some sceptical encounters with a doctoral candidate, in particular showing how just action (ijtihād), deliberative engagement (shūrā) and recognition of the other (ta`āruf) were manifested in our encounters. Drawing on the seminal thoughts of Stanley Cavell (1997), particularly his ideas on ‘living with scepticism’, I argue that doctoral supervision in the knowledge fields of democratic citizenship education and Islamic education ought to be an encounter framed by scepticism.

Although I combine philosophical and narrative inquiry, I do not consistently accentuate various dimensions of the latter – that is, narrative inquiry, as well as drawing on other cases of my supervision.

I envisage that the commensurability argued for between democratic citizenship education and Islamic education can impact the supervision of doctoral candidates.

I point out that supervising students sceptically might engender moments of acknowledging humanity within the Other (autonomous action or ijtihād), experiencing attachment to the Other’s points of view with a readiness for departure (deliberative engagement or shūrā) and showing responsibility to the Other (recognition of the other or ta`āruf). In turn, I show how sceptical encounters along the lines of autonomous action, deliberative engagement and responsibility towards the other connect, firstly, with liberal education and secondly, the possibilities of such encounters for Muslims involved in advocating for just and/or responsible action.

This study aims to examine the resolutions issued by the Sharīʿah Advisory Council of Bank Negara Malaysia (SAC-BNM), which have recognized maṣlaḥah (public interest) as the basis of ruling to see the extent of its usefulness to the public and the extent of its adherence to the maṣlaḥah parameters. 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 collective ijtihād (juristic interpretation).

The study uses a qualitative approach by analyzing the SAC-BNM resolutions, which have been resolved based on maṣlaḥah. 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 as uṣūl al-fiqh (theory of Islamic jurisprudence) books, papers and relevant internet sources.

The study found that SAC-BNM’s resolutions are in line with some of the major maṣlaḥah parameters mentioned in the uṣūl al-fiqh sources i.e. must not contradict with the Qurʾān and the Sunnah. While looking at the other two criteria of being in line with ijmāʿ (consensus) and having a general impact, such resolutions might not fulfill the criteria of valid maṣlaḥah considering, respectively, the stand of collective ijtihād or the impact on the group of customers and institutions.

Most available shari’ah (Islamic law) research considers the perspective of fiqh (Islamic jurisprudence) while analyzing the issue of maṣlaḥah. This study aims to conduct analysis based on uṣūl al-fiqh. Moreover, maṣlaḥah itself is a broad concept, which can be abused. Hence, this study discusses the parameters of maṣlaḥah to understand the validity of an important juristic tool in Sharīʿah.

This study aims to investigate the practice of bay’ ‘inah contract in personal and home financing products by some Islamic Finance Institutions (IFIs) and examine the differences in the selection of contracts in banking products amongst IFIs mainly involving personal financing. The study will also propose a solution to the problem of differences and simultaneously standardise personal financing contracts in Malaysia.

The methodology of this study is qualitative, in which the data are collected through library research and field studies. The library research is done by examining books of usul al-fiqh (principles of Islamic jurisprudence), mura’aht al-khilaf, maqasid shariah (objectives of Islamic law) articles, statutes and related circulars, while field studies are conducted in an unstructured interview method with some members of Shariah Advisory Council (SAC) and academicians from Bank Negara Malaysia (BNM), IFIs and public university.

The findings show that there is a difference in views amongst SAC members in IFIs on bay’ ‘inah contract that effects the differences in the execution of such contract in banking applications. The study found that the bay’ ‘inah contract was non Shariah (Islamic law) compliant based on Shariah’s arguments and the opinion of the majority of past and present Islamic scholars. The study found that the BNM’s SAC did not allow the bay’ ‘inah contract to be practiced in personal and home financing products. Hence, this study proposes standardisation steps based on differences in the problems studied. The study also suggested that the SAC of BNM make improvements and updates on its solution regarding the bay’ ‘inah contract so that it is not misunderstood especially amongst IFIs.

The study is only looking at one case study, which is the bay’ ‘inah contract practiced by the IFIs in Malaysia.

This study proposes the standardisation of personal financing products practiced by the IFIs. The results of this study can reduce Sharīʿah non-compliance products in the market. The results of this study have gained a deep understanding of the solution of bay’ ‘inah contract made by the SAC of BNM. The findings also reduce the conflict between Shariah scholars locally and internationally and can restore the image of Islamic banking in Malaysia from engaging with controversy products or contracts.

The confidence of the public in Islamic banking is increasing as there is no contractual engagement with serious controversial issues and contracts similar to the concept of riba and hilah (trick) that is prohibited by Islamic law in IFIs.

This study analyses the differences of fatwa (a ruling on the point of Islamic law) about bay’ ‘inah contract decided by some SACs of IFI based on the discipline of usul al-fiqh. The study found that the bay’ ‘inah contract is not allowed by Islamic law. The study has proposed the standardisation of the fatwa differences based on the concept of mura’aht al-khilaf and the concept of standardisation in Islamic finance and to standardise personal financing products amongst IFIs in Malaysia.

Muslims' commitment to religious learning and its institutions speaks of a genuine interest in a lifestyle characterized by education and wisdom, spiritual and religious well-being, in addition to sustainable intellectual and socio-cultural conditions of their communities. At the core of these critical contributions however, lays the question of the interplay between religious learning and community building, and the means according to which religious learning is continually the driving force for development and prosperity. This study aims to examine a number of questions pertaining to the character of Islamic religious learning while exploring the problems impeding religious learning from the effective development of the community. Specifically, this research draws on the perspectives of two prominent Muslim scholars, ‘Abdul Rahman Ibn Khaldun and Mohammad Tahir Ben Achour in an attempt to further understand the dilemmas impairing the position of Islamic religious learning in relation to the general context of Muslim communities. This inquiry opens new fields of critical inquiry on the role of religious learning today and brings to light some of the issues causing declining influence on the effective development of Muslim communities.

Examination of Islamic sources to develop conceptual framework on the issue of religious learning and community.

Ingraining the mind with varying degrees of information on a particular Islamic subject or mastery of a particular textbook without challenging students' minds with on-going problems and challenges, emerging ideas or trends, or growing emotions and behaviors; only causes memorized lessons to creep into stagnancy and inertia, thus shifting attention to the form and shape of learning as opposed to its essence and implications for community change and development. This calls for a systematic review of Islamic religious learning in such a way that it draws essentially from the primary sources of Islamic thinking while drawing learners closer to the folds of piety and moral discipline, embracing social change as a validating parameter for effective learning, while continually building active bridges with the surrounding community.

Research relied on original Islamic sources including works of Ibn Khaldun and Ibn Achour.

This paper aims to elaborate and discuss key Islamic principles of relevance to environmental ethics and sustainability agendas and reflect on implications for the operations of Islamic financial institutions (IFIs).

An exploration of the tenets of environmental sustainability enshrined in Islamic Shariah through a review of key Islamic texts and relevant prior literature.

The Islamic approach to the environment is holistic and unequivocal. Qur’anic verses describing nature and natural phenomena outnumber verses dealing with commandments and sacraments. Centrality of the environment in the Shari’ah and the Islamic injunction to command right and forbid wrong are suggestive of an affirmative sustainability agenda for IFIs.

Implications and opportunities for corporate managers, environmental movements and policy makers.

By encouraging Muslim engagement in Ijtihad, this work contributes to conceptual development within Islam. It will also be of value to accountability and ecology researchers seeking a better understanding of ecological practices and the internal histories of religions.

To vindicate whether or not there are signs of social and developmental role in the current practice of Islamic banking in Sudan, a criterion required by the rules guiding the Islamic circulation of money and investment.

The objective of the paper is to draw attention to this important, but neglected aspect of Islamic finance, by assessing some indicators of Islamic banking in Sudan such as: the geographical distribution of Islamic banks (ISBs), short vs long‐term investment, credit by modes of financing used, sectoral distribution of financing, role in poverty alleviation, harmonization of the Shari’aa rules with economic thinking to cope with today's modern and global world development constraints, and the developmental role of ISBs within globalization.

Many banking indicators in Sudan are signs of the weak size of the financial sector and financial liquidity, low confidence in the banking system, and low and poor credit performance. Banks are also characterized by unti‐developmental signs of regional inequality of distribution of branches, use of sales modes; uneven, short‐term and modern‐sector‐biased distribution of investment, high share of demand deposits and shortages of long‐term funds.

The developmental role of ISBs needs to entwine economic development with social development by gearing production priorities towards common needs, via specialized branches, partnership modes, short and long term investment plans. It also requires the renewal of fiqh in the course of Ijtihad to devise new rules, or to change rules in accordance with globalization, and harmonization of economic and fiqh thinking.

The analysis here is valuable in drawing attention to Islamic banking practitioners that the link between Islamic finance and development objectives (including social development) is still under trial, and some work needs to be undertaken despite the many years which have elapsed since the introduction of Islamic finance.

The purpose of this paper is to study the differences in fatwa amongst official fatwa institutions in Malaysia comprising the State Mufti’s Departments (SMDs), the National Fatwa Committee Muzakarah (NFCM) and the National Bank Shariah Advisory Council (NBSAC) regarding the conditional gift issue and to propose a uniformed fatwa by taking an approach of celebrating views of all the official fatwa institutions involved.

The methodology used for this study is qualitative; data was collectedthrough library research and field studies.[AQ1] The library research was accomplished by examining books, statutes and related circulars, while field studies were conducted through unstructured interviews with eight Shariah (Sharia) officers and two academicians from SMDs, NFCM, NBSAC and public universities.

The findings of the study found that the conditional hibah (ruqba and 'umra) is valid as far as gifting is concerned, while the conditions pertaining to it are null and void. The findings also found that the concept of mura’ah al-khilaf and ma’alat al-af’al can be practised by applying conditional hibah to maintain maslahah, as provided under the concept of maqasid al-Shariah. Hence, this study proposed that formal fatwa institutions consisting of SMDs, NFCM and NBSAC issue a comprehensive guideline in contracting conditional hibah by providing an explicit provision on the recognised and different opinions about the said hibah.

The study analyses the differences of opinions of the official fatwa on conditional hibah issued by SMDs, NFCM and NBSAC based on the discipline of usul al-fiqh. It is found that conditional hibah is not allowed in Islamic law. It also found that conditional hibah granted by the NBSAC is not in adherence to the strict permission granted by Islamic law. Therefore, taking into consideration all the fatwas issued by the fatwa bodies, the researchers proposed to celebrate all official fatwas using the method of mura'ah al-khilaf and ma’alat al-af'al.