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Open Access
Article
Publication date: 26 March 2019

Muhammad Shahrul Ifwat Ishak

This paper aims to investigate the extent to which maṣlaḥah (public interest) is taken into consideration in Islamic banking operations in Malaysia, particularly in bayʿ al-ʿīnah

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Abstract

Purpose

This paper aims to investigate the extent to which maṣlaḥah (public interest) is taken into consideration in Islamic banking operations in Malaysia, particularly in bayʿ al-ʿīnah (sale and buyback), taʿwiḍ (compensation) and ibrāʾ (rebate).

Design/methodology/approach

This study applies deductive and inductive methods to analyze the application of maṣlaḥah in Islamic financial transactions. Three issues in Malaysia are selected as a case study, allowing bayʿ al-ʿīnah, standardizing the rate of taʿwiḍ and stipulating the ibrāʾ clause in financial agreements. As this study is qualitative in nature, all data are analyzed based on the content analysis method.

Findings

Both the maṣlaḥah of Islamic banks and their customers were found to be considered by the Central Bank of Malaysia in the implementation of contracts and principles of Islamic banking. The first maṣlaḥah represents the viability of Islamic banks, while the second maṣlaḥah promotes fairness and transparency between Islamic banks and their customers.

Research limitations/implications

This study only focuses on the contracts and principles of Islamic banking operations in Malaysia with regard to three selected issues.

Practical implications

This paper clarifies the practical application of maṣlaḥah in the Islamic banking industry, particularly with regard to implementing its contracts and principles.

Originality/value

This paper analyzes the argument of maṣlaḥah on the issues of bayʿ al-ʿīnah , taʿwiḍ and ibrāʾ in Malaysia, which are considered among scholars to be debatable issues. While many discussions focus on the legal aspect of Sharīʿah on those issues, this study emphasizes how the application of maṣlaḥah aims to solve the current problems and harmonize between Sharīʿah and reality.

Details

ISRA International Journal of Islamic Finance, vol. 11 no. 1
Type: Research Article
ISSN: 0128-1976

Keywords

Open Access
Article
Publication date: 29 November 2018

Fawaz Al-Qahtani

This paper aims to scrutinize and analyze the continuity and change in US foreign policy toward the Gulf region, with a comparison between the George W. Bush and Barack Obama…

8461

Abstract

Purpose

This paper aims to scrutinize and analyze the continuity and change in US foreign policy toward the Gulf region, with a comparison between the George W. Bush and Barack Obama administrations. Also, it explores the nature of the changes in US foreign policy toward the Gulf region to explain the factors that lead to change and when this change occurs. Policymakers were one of the most important factors that led to the occurrence of change in US policy. Therefore, the study also focuses on decision-makers as an engine of change in foreign policy. In this vein, the study seeks to answer the following question: what is the extent of continuity and change in US foreign policy toward the Gulf region under both Bush and Obama administrations?

Design/methodology/approach

The study seeks to answer its research question by using the rational choice approach. This approach explains that foreign policy does not change because of change of leadership. Therefore, this approach is suitable to study the research question.

Findings

The study reached several points of results, the most important of which are as follows: there is continuity within US foreign policy toward the Gulf countries under the two Bush and Obama administrations. Despite the difference of mechanisms of implementing this foreign policy under both administrations, the objectives of the US foreign policy are still constant and continuous. For example, although the events of September led to the occurrence of tensions between the USA and the Gulf region, the repercussions of the events of September were ostensible where the effects were confined to a change in tactical objectives. Also, successive American administrations have recognized the USA’s enduring and salient interests in the Gulf region.

Research limitations/implications

The region is important as a source of US energy supplies as a strategic military base of operations and also as a site of US foreign policy influence through relationship with individual nations such as Saudi Arabia and the smaller states of the Gulf Cooperation Council.

Practical implications

This paper adds to the existing literature which charts the effects of US foreign policy on the Gulf region.

Details

Review of Economics and Political Science, vol. 4 no. 1
Type: Research Article
ISSN: 2631-3561

Keywords

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