Part VII International Securities, Including Markets and Clearing Systems, 24 Islamic Capital Markets

Author(s):  
Casey Peter

This chapter focuses on Islamic finance, which refers to financial activities conducted through a variety of financial contracts that comply with Shar?ah rules and principles as derived from primary and secondary sources. It explains the primary sources are the Quran, the Holy Book of the Muslims, and the Sunnah, the way of life prescribed as normative in Islam. It also mentions the secondary sources, which refer to the conclusions of legal reasoning by approved techniques and competent scholars. This chapter discusses modern Islamic finance, which can be seen as a product of the end of the colonial era. It notes that the first Islamic bank, a savings association, was established in Egypt in 1961 and the first modern commercial Islamic bank, Dubai Islamic Bank, was established in the United Arab Emirates in 1975.

2021 ◽  
Vol 6 (1) ◽  
pp. 47
Author(s):  
Khaled Nour Aldeen

This paper aims to present recommendations that can immune a conventional financial system against the global crisis, particularly the Covid-19 pandemic crisis from the lens of Islamic finance. This paper contends that Islamic finance is a relatively immune financial system comparing to the mainstream financial system by eliminating Riba and considering only asset-backed transactions as fruitful ones. This paper begins with the conceptual investigation of the literature on the principles of Islamic finance. The literature’s origins include primary sources (Quraan and hadith) and secondary sources (books, journals, and online resources). This paper is only conceptual and does not aim to examine the issues or theories empirically. The article will be useful to develop hypotheses for future research, especially in Islamic finance. Islamic concepts will of interest, especially for countries that adopt the conventional financial system. This paper will also be useful in the introduction for both Islamic and conventional finance practitioners alike. This paper provides a conceptual model to substitute the dominant conventional economics. Highlights the necessary steps to reconsider the conventional financial system. Islamic finance can mitigate the impact of COVID-19 on the economies mainly because of the PLS (profit-loss sharing) system and Islamic ethics in financial transactions. The paper shows its originality in substance and makes a unique contribution to the literature on systems and ethics by emphasizing Islamic finance practices approaching an effective alternative to conventional finance. Keywords: Islamic finance, mainstream finance, Covid-19JEL Classifications: G00, Y9 


Author(s):  
James Holland ◽  
Julian Webb

Learning Legal Rules brings together the theory, structure, and practice of legal reasoning in order to help the reader to develop both their knowledge and reasoning skills. It provides techniques of legal research, analysis, and argument, and explains the operation of precedent as well as effective statutory interpretation. When studying law, it is easy to become focused on the substantive aspects of the subject—the concepts, rules, and principles that go to make up contract, tort, crime, etc. In order to study and practise law effectively, it is essential not only to understand what the legal rules are, but also why they are as they are, and what consequences they might have. This requires that you develop the abilities that are the core focus of this book: to find and make sense of the primary and secondary sources of law; to interpret and apply authorities; to construct arguments both about the facts of a case, and as to how and why a particular authority should or should not be applied in a given situation, and to write clearly, and in an appropriate legal style, making reference to authority as necessary, in the proper academic form.


2016 ◽  
pp. 15
Author(s):  
Mariana Giaretto ◽  
Victoria Naffa

ResumenEn este trabajo analizamos las relaciones entre tomas de tierras y Estado, en elAlto Valle de Río Negro en Argentina. En un contexto general de especulacióninmobiliaria, por la que se encarecen los precios de alquileres y terrenos, y depolíticas de vivienda selectivas y acotadas, los sectores populares acceden aun espacio en la ciudad mediante tomas de tierras. Frente a estos conflictos,el Estado, en sus diferentes niveles y poderes, despliega una forma deintervención basada en la criminalización de las luchas por tierra y vivienda.Al mismo tiempo, el poder ejecutivo nacional crea la Secretaría de Acceso alHábitat, para posibilitar la intervención política orientada a la regularizaciónde los asentamientos. Sin embargo, esta intervención tiende a reinscribir laproblemática habitacional en el campo político, para reducirla a un conflicto“entre partes”, eludiendo la responsabilidad estatal.Desde un enfoque metodológico cualitativo, seleccionamos como referenteempírico el caso del asentamiento de Villa Obrera en Fiske, Menuco (Gral.Roca), y las técnicas de recolección de datos se basan en fuentes secundarias,como expedientes judiciales y normativa, y en fuentes primarias como son losrelatos de los protagonistas mediante entrevistas individuales y colectivas.Palabras clave: tomas de tierras, Estado, criminalización de los conflictos.Conflicts caused by land occupation and modesof State intervention: analysis of an experience ofAlto Valle in Río Negro (Argentina)AbstractThis paper analyzes the relationship between State and land occupation,at Alto Valle in Río Negro, Argentina. In a general context of real estatespeculation, where rents and land prices are expensive, and a policy ofselective and limited housing, popular sectors can have access to a spacein the city through land occupation. In front of these conflicts, the Statein its different levels and powers, displays a form of intervention basedon the criminalization of struggles for land and housing. At the sametime, the national executive creates the Secretariat of Access to Habitat,oriented to allow political intervention for the regularization of settlements.However, this intervention tends to re-register the housing problems in thepolitical arena, reducing it to a conflict “between parties” and eluding theresponsibility of the State.From a qualitative methodological approach, we selected as empirical referencethe case of the settlement of Villa Obrera in Fiske, Menuco (GeneralRoca). The techniques of data collection are based on secondary sources, suchas policy and legal records, and primary sources as the stories of protagoniststhrough individual and collective interviews.Keywords: land occupation, State, criminalization of conflicts.Conflitos sobre ocupações de terras e modos deintervenção do estado: análise de uma experiênciado Alto Valle do Rio Preto (Argentina)ResumoEste trabalho analisa as relações entre a posse de terra e o Estado, no AltoValle do Rio Preto, na Argentina. Num contexto geral da especulaçãoimobiliária, por qual se encarecem os preços do aluguel e das terras, e depolíticas de habitação seletivas e limitadas, os setores populares acedem aum espaço na cidade através de ocupações de terras. Frente a estes conflitos,o Estado, em seus diferentes níveis e poderes, desenvolve uma forma deintervenção com base na criminalização das lutas pela terra e vivenda. Aomesmo tempo, o poder executivo nacional cria a Secretaria de Acesso àHabitat para possibilitar à intervenção política orientada a regularização dosassentamentos. No entanto, esta intervenção tende a registrar os problemasde habitação no campo político, para reduzi-la a um conflito “entre aspartes”, iludindo a responsabilidade do Estado.A partir de uma abordagem metodológica qualitativa, foi selecionado comoreferência empírica o caso do Assentamento de Villa Obrera em Fiske,Menuco (Gral. Roca), e as técnicas de recolecção de dados são baseados emfontes secundárias, como expedientes judiciais e normativos, e em fontes primárias como são as histórias dos protagonistas através de entrevistasindividuais e coletivas.Palavras-chave: tomada de terras, Estado, criminalização dos conflitos.


1983 ◽  
Vol 36 ◽  
pp. 2-3
Author(s):  
Stephen Frantzich

Until recently most students of Congress were limited to studying it from afar, depending primarily on secondary sources. Limited press coverage of current debates and behavior were often so skimpy that it was necessary to wait a number of years until a select group of events percolated through the process to become part of “the literature.” It took even longer before the events found their way into the classroom as relevant examples of important principles and concepts. The primary sources available (The Congressional Record, Committee Reports, etc.) were ponderous, poorly indexed and often retained the tainted image that they did not truly represent reality. While the Congress of recent years is much more open to public view than its predecessors, open committee meetings and the increase in recorded voting did little to enhance the resources available to teachers or students for understanding the process.


2011 ◽  
Vol 14 (2) ◽  
pp. 101-123 ◽  
Author(s):  
Małgorzata Koszewska

An overview of the Western European literature shows that one of the most distinct trends in consumption that has been noted in the recent years is globally increasing environmental and social awareness. The issue of consumers' behaviours and attitudes towards "socially responsible products" has been gaining importance in Polish economy as well. This article evaluates the development prospects of ethical and ecological consumption in Poland vis-a-vis Western European countries. The comparative analysis being part of the article utilizes primary sources of information, i.e. interviews with a representative sample of Polish adults, as well as secondary sources of information. A factor analysis or, more precisely, a principal component analysis, allowed dividing Polish consumers into groups that were typologically homogeneous in respect of their sensitivity to various aspects of business ethics and ecology.


1986 ◽  
Vol 18 (4) ◽  
pp. 427-454 ◽  
Author(s):  
Weal B. Hallaq

Sunni Islam recognizes four sources from and through which the laws governing its conduct are derived. These are the Qur'an, the Sunna of the Prophet, the consensus (ljmā') of the community and its scholars, and qiyās, the juridicological method of inference. The first two sources provide the jurist with the material from which he is to extract through qiyas and ijtihād (the disciplined exercise of mental faculty) the law which he believes to the best of his knowledge to be that decreed by God. Except for a relatively limited number of cases where the Qu'an and the Sunna offer already-formulated legal judgments, the great majority of furū' cases, which constitute the body of positive and substantive law, are derived by qiyas. Thus, qiyas may be used to “discover” the judgment of a new case provided that this case has not already been solved in the two primary sources. The process of legal reasoning which qiyas involves is charged with innumerable difficulties not the least of which is finding the circle of common similarity, the 'illa, between the original case in the texts and the new case which requires a legal judgment. Since finding the 'illa entails a certain amount of guesswork (zann) on the part of the jurist and since it is highly probable that the 'illa is extracted from a text which is not entirely reliable or a text capable of more than one interpretation, Sunni jurists deemed the results of qiyas to be probable (zannī). It is only at this point that consensus may enter into play in the legal process. Should Muslims, represented by their jurists, reach an agreement on the validity of a zanni legal judgment, such judgment is automatically transferred from the domain of juristic speculation to that of certainty (qat', yaqīn). Consensus then renders this judgment irrevocable, not to be challenged or reinterpreted by later generations. Furthermore, this judgment, being so irrevocable, acquires a validity tantamount to that of the Qur'an and the highly reliable traditions embodied in the Sunna of the Prophet. Thus, such a case with its established judgment becomes a precedent according to which another new legal question may be solved. It is only in this sense that consensus functions as a source of law, a source which is infallible.


2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Shinaj Valangattil Shamsudheen ◽  
Saiful Azhar Rosly ◽  
Syed Abdul Hamid Aljunid

Purpose This study aims to examine the decision-making behaviour of Islamic banking practitioners of the United Arab Emirates with special reference to the operational line heterogeneity by employing factors that are religious in nature such as intellect, satanic force and divine knowledge as encapsulated in al-Ghazali’s ethical philosophy. Design/methodology/approach A total of 337 samples were collected from the Islamic banking practitioners in the United Arab Emirates using a purposive sampling technique, and the empirical analysis was conducted with the measures of model fit and bootstrapping technique using Partial least square Structural equation modelling and multi-group analysis. Findings The empirical findings reveal that the dedicated use of intellect in making decisions related to ethical issues where desires and emotions tend to overwhelm reason and human choices. While divine knowledge is found ineffective guidance of the intellect, the element of satanic force is found significantly impacting decision-making. As the lack of religious consciousness is evident among respondents, higher exposure to operational risk is expected. These findings were found identical across the Islamic banking practitioners in different lines of operations. Research limitations/implications The span of the study is limited to a single country. Future studies are recommended to replicate the study to more markets where the share of Islamic finance is significant. Practical implications Findings of the study highly suggest respective authorities of Islamic financial institutions to intensify the capacity-building programs on the foundation of faith which includes Islamic thought and worldview, to enhance the corporate ethical decision-making. Moreover, equal importance should be given to all the banking practitioners regardless of line of business operations. Originality/value With undue emphasis is given to the juristic (fiqh) aspects of Shariah compliance in the Islamic banking and finance industry, less has been attempted to explore its ethical dimension (akhlaq) in the compliance parameters that leave a relatively large gap to address prevailing unethical practices in Islamic finance institutions. Findings from this study can be useful as a warning to the Islamic banking firms to enhance the sense of God-fearing and improve existing measures in the organisation in mitigating operational risks that may arise from people or system and consequently ensure the smooth governance of the Islamic banks.


Author(s):  
Seema S.Ojha

History is constructed by people who study the past. It is created through working on both primary and secondary sources that historians use to learn about people, events, and everyday life in the past. Just like detectives, historians look at clues, sift through evidence, and make their own interpretations. Historical knowledge is, therefore, the outcome of a process of enquiry. During last century, the teaching of history has changed considerably. The use of sources, viz. textual, visual, and oral, in school classrooms in many parts of the world has already become an essential part of teaching history. However, in India, it is only a recent phenomenon. Introducing students to primary sources and making them a regular part of classroom lessons help students develop critical thinking and deductive reasoning skills. These will be useful throughout their lives. This paper highlights the benefits of using primary source materials in a history classroom and provides the teacher, with practical suggestions and examples of how to do this.


IIUC Studies ◽  
2016 ◽  
pp. 81-98
Author(s):  
Mohammad Rokibul Kabir ◽  
Abdul Hamid Chowdhury

The study is based on a total number of seven full-fledged listed Islamic Banks operating in Bangladesh. Secondary sources of data are used in this research. Data were collected from the Website of Bangladesh Bank and studying relevant literatures. This paper examines whether there is any differences of profit rate on deposits among different Islamic Banks. It also aims at finding whether there is any relationship between inflation and profit rate on deposits. Analyses have been done for two types of deposits accounts called Mudaraba Term Deposits Account and Mudaraba Savings Account. The results of the study reveal that, in case of Term Deposits the highest mean return is 11.06458% as offered by the First Security Islamic Bank Ltd. and the lowest mean return of 8.687500% is offered by Export Import Bank of Bangladesh Ltd. while in case of Mudaraba Savings Deposits the highest mean return of 6.583333% is offered by the First Security Islamic Bank Ltd. and the lowest mean return of 4.330417% is offered by Al Arafah Islami Bank Ltd. during the studied period. One sample t-test has been applied to find whether there is any significant difference in profit rate in different months and the study unfolds that the profit rate differs significantly in all the banks from month to month. The findings of Paired Sample t-test suggests that there is a significant difference in mean return between the Islamic banks in both of the Mudaraba Term Deposits and Mudaraba Savings Accounts in all the cases except for two pairs as the return on savings deposit does not significantly differ between Al Arafah Islami Bank Ltd. and Social Islami Bank Limited while it does not differ significantly between Social Islami Bank Limited and Islami Bank Bangladesh Ltd. in case of Mudaraba Term Deposits. Finally, the relationship between inflation and rate of profit is found insignificant in case of Mudaraba Saving Deposits while significant relationship has been discovered between Mudaraba Term Deposits and rate of inflation.IIUC Studies Vol.10 & 11 December 2014: 81-98


Author(s):  
Ajayi Adeola ◽  
Adegbite Stephen Akinade

This study explored the factors suppressing micro, small and medium enterprising (MSME) farmersin Ile-Ife Township of Osun State, Nigeria with a view to find the obstaclesmilitating against the performance of the small and medium enterprises subsector to the Nigeria economy and recommend ameliorative measures to make the sub-sector strong and vibrant in order to play the crucial role in Nigeria economy growth and development.Primary and secondary sources of data were utilized for the study. Primary sources of data were employed using structures questionnaires while secondary sources were from books, journals, newspapers, internet sources and public lectures on the field of industrial small and medium scale farmers. Multi stage random sampling was used to select a total of 120 respondents utilized for the study. Both descriptive and inferential statistics were used to achieve the objectives of the study. The results from the questionnaires revealed that SMEs have performed below expectation due to a combination of challenges which ranges from financial constraint, poor managerial skills, poor road network, weakness in organizational marketing and information, low and dwindling consumer personal, multiple taxes, insecurity of lives and properties and lexies, attitude and habits of SME famers themselves through frequent policy changes and somersault government instability and environmental related factor among others. The paper concluded that government should take a practical radical approach to address the identified problems of SME farmers inIle-Ife Township of Osun State, Nigeria.


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