scholarly journals Debate on Tawarruq: Historical Discourse and Current Rulings

2014 ◽  
Vol 28 (3) ◽  
pp. 278-294 ◽  
Author(s):  
Habib Ahmed ◽  
Nourah Mohammad Aleshaikh
Keyword(s):  
Financial Sector ◽  
Islamic Finance ◽  
Financial Industry ◽  
Historical Discourse ◽  
The Past

One of the controversial products used by the Islamic financial sector is organized tawarruq. As the substance of this product resembles that of an interest-based loan, there is a debate on its permissibility from a Shari’ah perspective. While discussions on tawarruq have arisen due to the emergence of the practice in Islamic finance, there have been deliberations on this transaction in the past starting immediately after the emergence of Islam. The aim of the article is to provide an overview of the historical discourse on tawarruq and examine the rulings on it by two contemporary jurisprudential bodies to assess the practice of the transaction in Islamic finance. The discussions show that the current rulings concur with the majority view of the past scholars. The practice of organized tawarruq by the Islamic financial industry, however, appears to be inconsistent with both the contemporary and historical rulings.

Information Flows, Global Finance, and New Digital Spaces

2018 ◽  
Author(s):  
Matthew Zook
Keyword(s):  
Global Economy ◽  
Financial Sector ◽  
Information Flows ◽  
Financial Industry ◽  
Global Finance ◽  
Current Structure ◽  
Advantages And Disadvantages ◽  
The Past ◽  
Channel Information ◽  
The Creation

Information has long played an important role in the economy and over the past decades its prominence has increased, particularly within the financial sector. Digital flows of information are central to building advantage within capital exchanges, the creation of synthetic worlds, and the functioning of dentralized currencies and shared recordkeeping. These new practices, spaces and geographies—manifesting within the architecture of computers and absolutely dependent upon information flows—are powerful influences on the financial industry and the entire global economy. The power to channel information flows makes it absolutely fundamental to analyse the advantages and disadvantages of these configurations. The economic geographies emerging from the current structure of information flows reflect the ideologies with which they were created and the goals of their designers.

MAIN TRENDS IN DIGITAL BANKING AND FINANCIAL INDUSTRY

2021 ◽  
Vol 4 (5) ◽  
pp. 106-114
Author(s):  
V. V. SMIRNOV ◽  
◽  
K. A. GUTENKO ◽  
Keyword(s):  
Financial Institutions ◽  
Financial Sector ◽  
Financial Industry ◽  
Global Trends ◽  
Technology Sector ◽  
The Past ◽  
Current State ◽  
Changing Attitudes ◽  
New Generation ◽  
Cloud Technologies

The financial sector has faced many challenges over the past year. Like many other industries around the world, the financial sector has lost its workforce and many businesses have been forced to close. However, such a challenge has paved the way for the strengthening of existing trends. This article will look at the main global trends in the financial and technology sector in “turbulent” 2020 and the post-covid period. Particular emphasis is placed on a new generation of technological innovations in the form of artificial intelligence and cloud technologies. The nature of innovation within the banking ecosystem is assessed, the current state of financial institutions' branch presence, and the issue of changing attitudes towards social responsibility amidst massive digitalization in the financial sector is highlighted. All data has been taken from studies and surveys of prominent large financial institutions and statistical aggregators.

scholarly journals Sanctuary in the Midst of Crisis? A Look into Shariah Indices using Multivariate GARCH DCC

2015 ◽  
Vol 1 (2) ◽  
pp. 150
Author(s):  
Syed Aun Raza Rizvi ◽  
Shaista Arshad
Keyword(s):  
Economic Crisis ◽  
Risk Sharing ◽  
Financial Sector ◽  
Multivariate Garch ◽  
Islamic Finance ◽  
Global Crisis ◽  
The Past ◽  
Equity Investments ◽  
Financial Indices ◽  
Equity Indices

Islamic Finance has evolved over the past few decades, and stands at over a trilliondollars today. At the foundations of Islamic finance lay the concept of risk sharing, and the purest forms of it in the modern day finance is equity investments. The evidence of Islamic investors pursing equity investments in reality is thin. Multitude of reasons are attributed to this low participation, mainly revolving around lack of empirical proof of Islamic investments being a reliable and steady return alternative. This study is an attempt to study the volatilities and correlations with the conventional global equity indices utilizing Multivariate GARCH Dynamic Conditional Correlations (MGARCH DCC) method. The findings provide an interesting angleto our study, where there is a significant downwards trend in the correlations during the crisis era. This provides substance to the argument that Islamic investors would experience lesser downside in economic crisis. This study further dwells into the linkage of Islamic indices with global financial indices to study if financial sector exclusion from Islamic indices benefits theinvestors. The findings are positive, with lower correlations and that to reducing in the recent global crisis. Islamic finances core philosophy is equity based investments and this study is a humble attempt to empirically substantiate its benefits.

Legal Origin, Institutional Quality, and Islamic Finance Development: Does Shari’a Matter?

2020 ◽  
Vol 13 (2) ◽  
pp. 345-369
Author(s):  
Rihab Grassa
Keyword(s):  
Financial Development ◽  
Legal System ◽  
Civil Law ◽  
Islamic Finance ◽  
Islamic Banking ◽  
Financial Industry ◽  
Legal Origin ◽  
Muslim Population ◽  
Legal Origins ◽  
Shari'a Law

AbstractPrevious studies on financial development have shown that differences in the legal origin explain differences in financial development. Using historical comparisons and cross-country regressions for 40 countries observed for the period from 2005 to 2018, our research assesses how different legal origins have affected the development of Islamic finance worldwide. More particularly, our research assesses empirically why and how the adoption of Shari’a, wholly or partially (combined with common or civil law), could explain the level of development of Islamic finance in different jurisdictions. Our primary results show that countries adopting a Shari’a legal system have a very well-developed Islamic financial system. Moreover, countries adopting a mixed legal system based on common law and Shari’a law have sufficient flexibility within their legal systems to make changes to their laws in response to the changing socioeconomic conditions, and this has helped the development of the Islamic financial industry. However, countries adopting a mixed legal system based on both civil law and Shari’a law appear less flexible in making changes to their old laws and this thwarted the development of the Islamic financial industry in these countries. Furthermore, we have found that the concentration of a Muslim population (the percentage of Muslim population) along with the level of income have both had a positive effect on the development of Islamic banking assets and on the development of Islamic banking as a whole.

scholarly journals Metaphors of migration over time

2021 ◽  
pp. 095792652199215
Author(s):  
Charlotte Taylor
Keyword(s):  
Emigration And Immigration ◽  
Emigrants And Immigrants ◽  
Economic Resource ◽  
Historical Discourse ◽  
Continuity And Change ◽  
The Past ◽  
Perception Of Control ◽  
Time Period ◽  
Metaphor Use ◽  
The Uk

This paper aims to cast light on contemporary migration rhetoric by integrating historical discourse analysis. I focus on continuity and change in conventionalised metaphorical framings of emigration and immigration in the UK-based Times newspaper from 1800 to 2018. The findings show that some metaphors persist throughout the 200-year time period (liquid, object), some are more recent in conventionalised form (animals, invader, weight) while others dropped out of conventionalised use before returning (commodity, guest). Furthermore, we see that the spread of metaphor use goes beyond correlation with migrant naming choices with both emigrants and immigrants occupying similar metaphorical frames historically. However, the analysis also shows that continuity in metaphor use cannot be assumed to correspond to stasis in framing and evaluation as the liquid metaphor is shown to have been more favourable in the past. A dominant frame throughout the period is migrants as an economic resource and the evaluation is determined by the speaker’s perception of control of this resource.

FINRA’s disciplinary actions in 2017: increased restitution ordered with minimal changes in number of cases

2018 ◽  
Vol 19 (2) ◽  
pp. 19-23
Author(s):  
Brian Rubin ◽  
Adam Pollet
Keyword(s):  
Money Laundering ◽  
Design Methodology ◽  
Disciplinary Actions ◽  
Financial Industry ◽  
Electronic Communications ◽  
Content Type ◽  
The Past ◽  
Expert Analysis ◽  
Research Analysts ◽  
Practical Implications

Purpose The purpose of this paper is to analyze the Financial Industry Regulatory Authority’s (FINRA) 2017 disciplinary actions, the issues that resulted in the most significant fines and restitution and the emerging enforcement trends from 2017 and beyond. Design/methodology/approach The approach of this paper discusses the disciplinary actions in 2017 and prior years, details the top 2017 enforcement issues measured by total fines assessed, including anti-money laundering, trade reporting, electronic communications, books and records, research analysts and research reports, and explains current enforcement trends, including restitution, suitability cases and technological issues. Findings In 2017, restitution more than doubled from the prior year, resulting in the fourth highest total sanctions (fines combined with restitution and disgorgement) assessed by FINRA over the past 10 years. Practical implications Firms and their representatives should heed the trends in both the substantial restitution FINRA is ordering and the related enforcement issues in the cases FINRA has brought. Originality/value This paper provides expert analysis and guidance from experienced securities enforcement lawyers.

BRINGING HISTORY BACK IN: PAST, PRESENT, AND CONFLICT IN RWANDA AND THE EASTERN DEMOCRATIC REPUBLIC OF CONGO

2017 ◽  
Vol 58 (3) ◽  
pp. 465-487 ◽  
Author(s):  
GILLIAN MATHYS
Keyword(s):  
Democratic Republic ◽  
Democratic Republic Of Congo ◽  
Historical Analysis ◽  
Historical Narratives ◽  
Republic Of Congo ◽  
Historical Discourse ◽  
The Past

AbstractThis article argues that on the borderland between eastern DRC and Rwanda, the past and its representations have been constantly manipulated. The cataclysmic events in both Rwanda and Congo since the 1990s have widened the gap between partial and politicized historical discourse and careful historical analysis. The failure to pay attention to the multiple layers in the production of historical narratives risks reproducing a politicized social present that ‘naturalizes’ differences and antagonisms between different groups by giving them more time-depth. This is a danger both for insiders and outsiders looking in. The answer is to focus on the historical trajectories that shape historical narratives, and to ‘bring history back in’.

Building trust in Islamic finance products and services

2017 ◽  
Vol 12 (3) ◽  
pp. 356-372 ◽  
Author(s):  
Syed Nazim Ali
Keyword(s):  
Financial Services ◽  
Islamic Finance ◽  
Illustrative Case ◽  
Content Type ◽  
Finance Industry ◽  
The Past ◽  
Building Trust ◽  
Central Tenet ◽  
Stake Holder ◽  
Perceived Impact

Purpose With the increasing instances of malfeasance and frauds coming to light in the financial services industry, trust has become a key concern for customers. Fortunately, in the case of Islamic Finance, trust is a central tenet, and its importance can be seen through the emphasis of Amanah or trustworthiness that should be present in every financial transaction. However, it has been argued that the principle of trust has not been truly realized in Islamic Finance, or that there are still issues of distrust regarding anything which is obtrusively branded as “Islamic”. In this paper, the author will analyze the reasons for gaps between the expectations and reality of the finance industry today by looking at the main factors contributing to distrust among the different stakeholders and the perceived impact of the distrust on the industry and the general public. It then focuses on the past and ongoing efforts by academia to bridge these gaps between the different stake holder groups with the help of illustrative case studies as well as recommends future steps to be taken to ensure a stronger foundation of trust within the Islamic Finance community.

scholarly journals Yasushi Suzuki and Mohammad Dulal Miah (Editors) Dilemmas and Challenges in Islamic Finance – Looking at Equity and Microfinance Routledge, London, 2018, pp. 216

2019 ◽  
Vol 32 (1) ◽  
pp. 173-178
Author(s):  
Tariq Aziz Tariq Aziz
Keyword(s):  
Governance Structure ◽  
Islamic Finance ◽  
Finance Industry ◽  
The Past ◽  
Sustained Growth ◽  
Equity Finance

Islamic finance has witnessed a phenomenal growth during the past couple of decades. However, this remarkable growth has also been accompanied by some challenges and dilemmas. Islamic finance today is at the crossroads where resolving these issues is a prerequisite for its future sustained growth. The current book under review, edited by Yasushi Suzuki and Muhammad Dulal Miah, highlights and discusses some of the issues and dilemmas the Islamic finance industry is facing today. The book comprises of 11 Chapters divided into three parts. Part I deals with the dilemmas related to the prohibition of ribā and gharar. Part II elaborates on the challenges related to Islamic equity finance and microfinance and Part III is devoted to the discussion of the dilemmas and challenges related to the governance structure of Islamic finance. This article reviews and critically evaluates the aforementioned book.

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