Inauguration of the Institute of Banking and Finance

2021 ◽  
pp. 404-406
Author(s):  
Sui Sen Hon
Keyword(s):  
Banking And Finance

Islamic Banking in Nigeria: Issues and Prospects

2016 ◽  
Vol 4 (2) ◽  
pp. 34 ◽  
Author(s):  
Nuruddeen Abba Abdullahi
Keyword(s):  
Public Awareness ◽  
Banking System ◽  
Islamic Banking ◽  
Secondary Sources ◽  
Banking And Finance ◽  
Adequate Knowledge ◽  
Islamic Religion ◽  
Developmental Opportunities ◽  
The Subject ◽  
Nigerian Banking

The Nigerian banking reform precipitated the adoption of Islamic banking and finance in 2009 as additional door to banking mechanism in the country. However, the implementation of the Islamic banking or non-interest banking has generated a lot of debate, specifically because its foundations are based on Islamic religion. This paper briefly reviews the concept, the challenges and prospects of Islamic banking in Nigeria. The paper relies on the secondary sources by reviewing and analysing various works on the subject. A reflection on the size of its population and the developmental opportunities indicates that Nigeria has the prospect of becoming the hub centre of Islamic finance in Africa. Yet there are numerous challenges to the development of the Islamic banking system in the country, including misrepresentation of the system, lack of linkages and investment institutions, lack of adequate knowledge, as well as shroud business ethos and corruption, which is endemic in the country. The paper recommends the need for greater public awareness about Islamic banking and creation of enabling environment (i.e. the legal, accounting and taxation systems) for the working of Islamic financial system.   

The Legal Framework of Islamic Criminal Law in Aceh with refer-ence to Application, Challenges and Way Forward (Kerangka undang-undang jenayah Islam di Aceh merujuk kepada aplikasi, cabaran dan jalan kehadapan)

2018 ◽  
Vol 15 (3) ◽  
pp. 300-314
Author(s):  
Ramizah Wan Muhammad ◽  
Khairunnasriah Abdul Salam ◽  
Afridah Abbas ◽  
Nasimah Hussin
Keyword(s):  
Criminal Law ◽  
Islamic Law ◽  
Central Government ◽  
Legal Framework ◽  
The Public ◽  
Banking And Finance ◽  
Procedural Law ◽  
Legal Administration ◽  
Criminal Matters ◽  
And Training

Aceh is a special province in Indonesia and different from other Indonesian provinces especially in the context of Shari'ah related laws. Aceh was granted special autonomy and legal right by the Indonesian central government in 2001 to fully apply Islamic law in the province. Generally, Islamic law which is applicable to Muslims in Indonesia is limited to personal laws just as in Malaysia. However, with the passage of time, Islamic law has expanded to include Islamic banking and finance. Besides that, Islamic law in Aceh is also extended to govern criminal matters which are in line with the motto of Aceh Islamic government to apply Islamic law in total or kaffah. Since 1999, the legal administration of Aceh has begun to gradually put in place the institutional framework to ensure that Islamic law is properly administered and implemented. Equally important, such framework is also aimed to ensure that punishments are fairly executed. This paper attempts to analyse the extent of the applicability of Islamic criminal law in Aceh. It is divided into three major parts. The first part discusses the phases in making Aceh an Islamic province and the roles played by Dinas Syariat Islam Aceh as the policy maker in implementing Islamic law as well as educating and training the public about the religion of Islam. The second part gives an overview on the Islamic criminal law and punishment provided in Qanun Aceh No.6/2014 on Hukum Jinayat (hereinafter Qanun Hukum Jinayat or “QHJ”) as well as the criminal procedural law concerning the methods of proof codified in Qanun Aceh No.7/2013 on Hukum Acara Jinayat (hereinafter “QAJ”). The third part of this paper highlights the challenges in the application and implementation of Islamic criminal law in Aceh, and accordingly provides recommendations for the improvement of the provisions in the QHJ and QAJ. Inputs from the interviews with the drafters of QHJ, namely Prof. Dr. Hamid Sarong and Prof. Dr Al Yasa are utilized in preparing this paper. In addition, inputs gathered from nongovernmental organizations (NGOs), namely Indonesian Syarie Lawyers Association (APSI) and Jaringan Masyarakat Sipil Peduli Syariah (JMSPS) are employed. The findings of this research are important in providing an in-depth understanding on the framework of Islamic criminal law in Aceh as well as in recognizing the flaws in its application or practical aspects of the law in Aceh. Keywords: Islamic law, Aceh, Administration, Punishment. Abstrak Aceh merupakan sebuah Wilayah Istimewa di Indonesia dibandingkan dengan wilayah-wilayah lain dari segi pelaksanaan undang-undang Islam. Aceh diberi status Wilayah Istimewa yang berautonomi oleh Pemerintah Pusat Indonesia pada tahun 2001 untuk melaksanakan undang-undang Islam secara menyeluruh. Pemakaian dan pelaksanaan undang-undang Islam di Aceh tidak terhad pada Undang-undang jenayah tetapi telah meliputi bidang perbankan dan kewangan Islam. Sejak tahun 1999, Pentadbiran Undang-undang Aceh telah merangka undang-undang bagi memastikan undang-undang Islam dapat ditadbir dan dilaksanakan dengan baik. Selain itu juga, undang-undang yang dirangka juga turut bertujuan untuk memastikan hukuman yang berasaskan undang-undang Islam dapat dilaksanakan secara adil. Oleh itu, kajian dalam kertas kerja ini dibuat uuntuk menganalisa sejauh mana undang-undang jenayah Islam dilaksanakan di Aceh. Kertas ini terbahagi kepada tiga bahagan utama, yang mana bahagian pertama membincangkan latas belakang awal kewujudan wilayah Islam Aceh dan peranan yang dimainkan oleh Dinas Syariat Islam Aceh sebagai mpembuat dasar dalam pelaksanaan undang-undang Islam, mendidik serta menyediakan latihan kepada masyarakat umum di Aceh mengenai Islam. Bahagian kedua menyediakan gambaran umum tentang undang-undang jenayah dan hukuman dalam Islam sebagaimana termaktub dalam Qanun Aceh No.6/2014 berkenaan Hukum Jinayat (“Qanun Hukum Jinayat” atau “QHJ”) serta undang-undang prosedur jenayah berkenaan cara pembuktiaan jenayah sebagaimana yag termaktub dalam Qanun Aceh No.7/2013 berkenaan Hukum Acara Jinayat (“QAJ”). Bahagian ketiga kertas ini menekankan masalah atau cabaran yang dihadapi daam pelaksanaan undang-undang jenayah Islam di Aceh, serta menyediakan cadangan-cadangan bagi penambahbaikan peruntukan-peruntukan yang ada dalam QHJ dan QAJ. Maklumat hasil dari temuramah dengan Prof. Dr. Hamid Sarong dan Prof. Dr Al Yasa telah digunakan bagi menyiapkan makalah ini. Selain itu, maklumat yang diperolehi daripada organisasi bukan kerajaan iaitu Indonesian Syarie Lawyers Association (APSI) dan Jaringan Masyarakat Sipil Peduli Syariah (JMSPS) turut dimanfaatkan. Dapatan dari kajian ini penting bagi menyediakan kefahaman terhadap kerangka undang-undang jenayah Islam di Aceh serta mengenal pasti masalah dalam aspek peruntukan undang-undang tersebut atau pelaksanaannya di Aceh. Kata Kunci: Undang-undang Islam, Aceh, Pentadbiran, Hukuman.

Islamic Banking and Finance in Theory and Practice

2005 ◽  
Vol 22 (2) ◽  
pp. 69-86 ◽  
Author(s):  
Abdus Samad ◽  
Norman D. Gardner ◽  
Bradley J. Cook
Keyword(s):  
Financial System ◽  
Primary Objective ◽  
Theory And Practice ◽  
Islamic Banking ◽  
Relative Importance ◽  
Islamic Banks ◽  
Equity Financing ◽  
Banking And Finance ◽  
Financial Products ◽  
Islamic Bank

This paper’s primary objective is to identify the relative importance of various Islamic financial products, in theory and in practice, by examining the financing records of the Bank Islam Malaysia (Berhad) and the Bahrain Islamic Bank. Currently, seven available Islamic financing products are considered viable alternatives to interest-based conventional contracts: mudarabah (trust financing), musharakah (equity financing), ijarah (lease financing), murabahah (trade financing), qard al-hassan (welfare loan), bay` bi al-thaman al-ajil (deferred payment financing), and istisna` (progressive payments). Among these financial products, mudarabah and musharakah are the most distinct. Their unique characteristics (at least in theory) make Islamic banks and Islamic financing viable alternatives to the conventional interest-based financial system. The question before us is to determine the extent of mudarabah and musharakah in Islamic financing in practice. The data are as follows: the average mudarabah is 5% of total financing, and the average musharakah is less than 3%. The combined average of mudarabah and musharakah for the two Islamic banks is less than 4% of the total finance and advances. The average qard al- hassan is about 4%, while istisna` does not yet exist in practice. Murabahah is the most popular and dominates all other modes of Islamic financing. The average use of murabahah is over 54%. When the bay` bi al-thaman al-ajil is added to the murabahah, the percentage of total financing is shown to be 2.68%. This paper also explores some possible reasons why these two Islamic banks appear to prefer murabahah to mudarabah and musharakah.

Editorial for the Special Issue: Quantitative Methods in Banking and Finance

2012 ◽  
Vol 41 (3) ◽  
pp. 297-298
Author(s):  
Chrysovalantis Gaganis ◽  
Constantin Zopounidis ◽  
Michael Doumpos
Keyword(s):  
Quantitative Methods ◽  
Special Issue ◽  
Banking And Finance

Fudhuli Transactions:Potential Applications and Parameters

2021 ◽  
Vol 12 (3) ◽  
pp. 2801-2811
Author(s):  
Ahmad Zakirullah Mohamed Shaarani Et.al
Keyword(s):  
Islamic Finance ◽  
Islamic Banking ◽  
Banking And Finance ◽  
Library Research ◽  
Do So

Tasarrufal-Fudhuli refers to transactions or contracts carried out by a person who does not have the authority or legitimacy to commit the transaction, and these contracts include exchange contracts such as sales, rent and services, or charitable contracts such as representation/wakalah, hibah, loans, guarantees, and so on. In the context of Islamic finance, although it is a type of transaction that is argued and debated by the jurists and fuqaha, some have begun to realize its great potential in keeping with current developments, especially in the field of Islamic banking and finance. Besides looking at Fudhuli in terms of its meaning and the Shariah rules that govern it, the main focus of this study is the discussion of its dhawabhit/ parameters as it has its own risks associated with it compared to other established types of Islamic contracts. The study utilizes a full library research by analyzing scholar`s debates and their arguments on this kind of contract, the contract`s potential, followed by analyzing the parameters that should be adopted in operationalizing this contract together with the discussion on the issues of fudhulithat are relevant to current Islamic banking and finance operations. The results of this study show that the views that allow this contract has strong arguments, and that it has also been widely practiced outside of Malaysia, but is relatively new in Malaysia. While it is permissible, however, some parameters must be put in place so that it is not in conflict with Shariah, and comply with the Shariah requirement of each contract done on a fudhuli basis. There must also be an urgent and genuine need to do so, and not involve ribawi items that require immediate delivery of the asset, as well as the existence of a council or body that controls and monitors the process and implementation by the involved parties

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