scholarly journals TOWARDS A PRISTINE ISLAMIC FINANCE: PRECONDITION

2020 ◽  
Vol 9 ◽  
Author(s):  
Oluwaseun Sulaiman Saidu
Keyword(s):  
Islamic Law ◽  
Islamic Finance ◽  
Historical Evidence ◽  
Financial Architecture ◽  
The Face ◽  
Scriptural Reasoning ◽  
Best Fit

The need for an alternative to the current mainstream financial architecture is not in doubt. As exigent as this call might be through the Islamic finance conduit, it has to be done properly. This is particularly important if we must avoid associated shari’ah risks, avoid rubbing the face of the religion, Islam in the mud, and of course, if we must reap the benefits that accrue from following Allah’s dictates in all our affairs including “econo-financial” matters. This study aims at marshaling a path towards scripting a pristine and practicable Islamic finance by identifying two salient preconditions for it. It utilizes a diachronic approach whilst resorting to scriptural reasoning, historical evidence and were analyzed using inductive rationale. The study finds some unique issues cum scenarios that cannot be shoved or brushed aside as far as Islamic financing is concerned. viz; Scenario one: The impracticability of Islamic financing without an enabling Islamic Law; Scenario two: The non-implementability of Islamic financing without the Islamic man; Scenario three: Islamic finance orchestrated without an Islamic law but with an Islamic man; Scenario four: A “globalized” Islamic finance that can at best fit into a practicable legal micro-framework in today’s world; and Scenario five: A non-global Islamic finance within a practicable legal micro-framework.========================================================================================================Prasyarat Menuju Praktik Keuangan Islam Sejati. Kebutuhan akan sebuah arsitektur keuangan alternatif dari yang ada sekarang merupakan suatu hal yang tidak diragukan lagi. Walaupun seruan ini mungkin mendesak melalui saluran keuangan Islam, itu harus dilakukan dengan benar. Hal ini sangat penting untuk menghindari risiko yang terkait kesyariahan sistem keuangan dalam Islam, ibaratnya ini merupakan upaya untuk menghindari menggosok wajah agama Islam dengan lumpur. Jika kita harus menuai manfaat dari melaksanakan perintah Allah, maka itu ada dalam semua urusan termasuk masalah "Econo-financial". Kajian ini bertujuan menyusun jalan menuju skrip keuangan Islam yang murni dan praktis dengan mengidentifikasi dua prasyarat penting untuk itu. Studi ini menggunakan pendekatan diakronis dengan melakukan penalaran terhadap teks-teks keagamaan, bukti sejarah, dan dianalisis dengan rasionalisasi induktif. Penelitian ini menemukan beberapa masalah unik sekaligus skenario yang tidak dapat disingkirkan atau disingkirkan sejauh menyangkut keuangan Islam. yaitu; Skenario satu: Ketidakpraktisan pembiayaan keuangan syariah tanpa adanya hukum Islam yang memungkinkan; Skenario dua: Ketidakimplementasian pembiayaan keuangan Islam tanpa Islamic man; Skenario tiga: Keuangan Islam diatur tanpa hukum Islam tetapi dengan Islam man; Skenario empat: Keuangan Islam yang "diglobalisasi" yang paling sesuai dengan kerangka mikro hukum yang dapat diterapkan di dunia saat ini; dan Skenario lima: Keuangan Islam non-global dalam kerangka mikro hukum yang praktis.

scholarly journals TOWARDS A PRISTINE ISLAMIC FINANCE: PRECONDITION

2020 ◽  
Vol 9 (2) ◽  
pp. 164
Author(s):  
Oluwaseun Sulaiman Saidu
Keyword(s):  
Islamic Law ◽  
Islamic Finance ◽  
Historical Evidence ◽  
Financial Architecture ◽  
The Face ◽  
Scriptural Reasoning ◽  
Best Fit

The need for an alternative to the current mainstream financial architecture is not in doubt. As exigent as this call might be through the Islamic finance conduit, it has to be done properly. This is particularly important if we must avoid associated shari’ah risks, avoid rubbing the face of the religion, Islam in the mud, and of course, if we must reap the benefits that accrue from following Allah’s dictates in all our affairs including “econo-financial” matters. This study aims at marshaling a path towards scripting a pristine and practicable Islamic finance by identifying two salient preconditions for it. It utilizes a diachronic approach whilst resorting to scriptural reasoning, historical evidence and were analyzed using inductive rationale. The study finds some unique issues cum scenarios that cannot be shoved or brushed aside as far as Islamic financing is concerned. viz; Scenario one: The impracticability of Islamic financing without an enabling Islamic Law; Scenario two: The non-implementability of Islamic financing without the Islamic man; Scenario three: Islamic finance orchestrated without an Islamic law but with an Islamic man; Scenario four: A “globalized” Islamic finance that can at best fit into a practicable legal micro-framework in today’s world; and Scenario five: A non-global Islamic finance within a practicable legal micro-framework.========================================================================================================Prasyarat Menuju Praktik Keuangan Islam Sejati. Kebutuhan akan sebuah arsitektur keuangan alternatif dari yang ada sekarang merupakan suatu hal yang tidak diragukan lagi. Walaupun seruan ini mungkin mendesak melalui saluran keuangan Islam, itu harus dilakukan dengan benar. Hal ini sangat penting untuk menghindari risiko yang terkait kesyariahan sistem keuangan dalam Islam, ibaratnya ini merupakan upaya untuk menghindari menggosok wajah agama Islam dengan lumpur. Jika kita harus menuai manfaat dari melaksanakan perintah Allah, maka itu ada dalam semua urusan termasuk masalah "Econo-financial". Kajian ini bertujuan menyusun jalan menuju skrip keuangan Islam yang murni dan praktis dengan mengidentifikasi dua prasyarat penting untuk itu. Studi ini menggunakan pendekatan diakronis dengan melakukan penalaran terhadap teks-teks keagamaan, bukti sejarah, dan dianalisis dengan rasionalisasi induktif. Penelitian ini menemukan beberapa masalah unik sekaligus skenario yang tidak dapat disingkirkan atau disingkirkan sejauh menyangkut keuangan Islam. yaitu; Skenario satu: Ketidakpraktisan pembiayaan keuangan syariah tanpa adanya hukum Islam yang memungkinkan; Skenario dua: Ketidakimplementasian pembiayaan keuangan Islam tanpa Islamic man; Skenario tiga: Keuangan Islam diatur tanpa hukum Islam tetapi dengan Islam man; Skenario empat: Keuangan Islam yang "diglobalisasi" yang paling sesuai dengan kerangka mikro hukum yang dapat diterapkan di dunia saat ini; dan Skenario lima: Keuangan Islam non-global dalam kerangka mikro hukum yang praktis.

An evaluation model of 2019-nCoV prevention effectiveness based on immigration data in China (Preprint)

2020 ◽  
Author(s):  
Qiangsheng Huang
Keyword(s):  
Prevention And Control ◽  
Time Window ◽  
Evaluation Model ◽  
Control Measures ◽  
Related Data ◽  
The Face ◽  
Prevention And Control Measures ◽  
And Control ◽  
Best Fit

BACKGROUND As of the end of February 2020, 2019-nCoV is currently well controlled in China. However, the virus is now spreading globally. OBJECTIVE This study aimed to evaluate the effectiveness of outbreak prevention and control measures in a region. METHODS A model is built for find the best fit for two sets of data (the number of daily new diagnosed, and the risk value of incoming immigration population). The parameters (offset and time window) in the model can be used as the evaluation of effectiveness of outbreak prevention and control. RESULTS Through study, it is found that the parameter offset and time window in the model can accurately reflect the prevention effectiveness. Some related data and public news confirm this result. And this method has advantages over the method using R0 in two aspects. CONCLUSIONS If the epidemic situation is well controlled, the virus is not terrible. Now the daily new diagnosed patients in most regions of China is quickly reduced to zero or close to zero. Chinese can do a good job in the face of huge epidemic pressure. Therefore, if other countries can do well in prevention and control, the epidemic in those places can also pass quickly.

scholarly journals نظرية المضاربة في الشريعة الاسلامية وتطبيقها في البنوك الاسلامية وتنمية الاقتصاد الإسلامي في إندونيسيا

2018 ◽  
Vol 6 (2) ◽  
pp. 124
Author(s):  
Abdurrohman Kasdi
Keyword(s):  
Islamic Law ◽  
Stock Exchange ◽  
Field Research ◽  
Islamic Finance ◽  
Islamic Banking ◽  
Islamic Banks ◽  
Economic Literature ◽  
Economic Concept ◽  
Price Differentials

<p><em>This article aims at explaining the theory of mudharabah in Islamic Sharia and its application in Islamic banking and the development of the Islamic economy in Indonesia. This study is based on field research. The method of analysis of the data used is the analysis of the content on the messages received from mudharabah in Islamic law and its application in Islamic banks and the development of the Islamic economy. The result of this research is that mudharabah is one of the most important and oldest forms of investment of funds in the Islamic Sharia. The fuqaha have agreed on the legality of mudharabah, and the evidence of legality, from the al-Qur’an, Sunnah, Ijma’, and Qiyas. The mudharabah formula in Islamic banks came as a legitimate alternative to traditional financing operations. It is one of the most important forms of Islamic finance and is thought to have been the cause of Islamic banks, which are said to be the Islamic financing formula. In Islamic banks, mudharabah is divided into absolute mudharabah and restricted mudharabah. The economic concept of mudharabah in the economic literature goes to the stock exchange and its predictions of market fluctuations. The investor may have to pay the price differentials in the case of lower prices. </em></p>

scholarly journals أحكام النقاب عند الألباني والأئمة الأربعة

2019 ◽  
Vol 19 (1) ◽  
pp. 51-66
Author(s):  
Amri Azhari
Keyword(s):  
Islamic Law ◽  
Muslim Women ◽  
Body Part ◽  
The Other ◽  
Second Opinion ◽  
Good Works ◽  
Primary Body ◽  
The Face ◽  
Great Scholar ◽  
The Veil

There are two different thoughts of the scholars since the last period to the present about the use of Veil. The first thought which oblige a woman Muslim to close the face [Veiled] in front of the male who is not her Mahram; because the face is a primary body part that must be covered. This thought being the opinion of Imam Ahmad bin Hambal, and a strong thought of Imam Syafi'i. The second opinion says Istihbab [Highly recommended], this being the opinion of the Imam Malik and Abu Hanifah's thought and Imam Malik, but, on the other thought of Hanafi and Maliki, since then,  they oblige a veiled woman when they're worried about a slander that will occurr to them. It could happen to her if she is pretty girl, so it appears a libel damages and a malice outbreaking. As this opinion asserted by Al imam Ibn ' Abidin Alhanafi his book [Raddul Muhtar ' Ala Addurul Mukhtar] said: the young girl is prohibited to open her face in the presence of a male [that is not her mahram], it does not because of the face is a body part that must be covered, nevertheless it is concerned as a defamation that occur to the tempted men though his desires are not appeared. Then, the thought about this istihbab is strongly assumed by Shaykh Muhammad al-Albani, a great scholar in the field of Hadith. In addition, he also has a considerable role in enriching the treasure in the field of Islamic law by producing a good works such as the book: (Hijab Almar-ah Almuslimah Fii Alkitaab Wa Assunnah) and a book (Arradul Mufhim ' Ala Man Khalafa Al ulamaa Wa tasyadda Wa ta'shshaba Wa alzama  Almar ata antastura Wajhaha Wa kaffaiha Wa awjaba Wa lam yaqna ' Biqaulihim Innahu Sunnatun  wa Mustahabbun). those two books were his Ijtihad about the use of the veil and islamic law.  Mustahabbun/Sunnah (highly recommended for Muslim women and it does not up to the obligatorily required status). Based on the some Imam Madzhab's thought being compared with the opinions of Shaykh Muhammad al-Albani about the veil, as a result, the author of this scientific works has  aims to explain a different thought among Mutaqaddimin and Muakhkhirin scholars about the veil. I pray to Allah, may Allah gives a great benefits, Aamiin Yaa Rabbal 'alamiin.Para Ulama sejak dahulu sampai sekarang berselisih paham tentang hukum Cadar dangan dua pendapat: yang pertama pendapat yang mewajibkan seorang wanita muslimah untuk menutup wajah [ Bercadar ] didepan laki-laki yg bukan Mahram; dikarenakan Muka adalah Aurat yang wajib di tutut, hal ini menjadi pendapat Imam Ahmad bin Hambal, dan pendapat yang kuat dalam madzham Imam Syafi’. Yang kedua pendapat yang mengatakan Istihbab [ Sangat di anjurkan] , ini menjadi pendapat Madzhab Imam Abu Hanifah dan Imam Malik, Namun di sisi lain para ulama Hanafi dan Maliki- sejak dahulu kala meraka mewajibkan wanita bercadar ketika di khawatirkan terjadinya fitnah yang akan menimpanya; hal tercebut bisa terjadi jika seorang wanit yg cantik maka timbullah fitnah berupa kerusakan dan merebaknya kefasikan. Sebagaimana pendapat ini di tagaskan oleh Al imam Ibnu ‘ Abidin Alhanafi di dalam kitab beliau [ Raddul  Muhtar  ‘Ala  Addurul Mukhtar ]  berkata: Wanita yg masih muda di larang membuka wajah di hadapan laki-laki [ yg bukan mahram baginya] , bukan karena wajah iyu Aurat , namun khawatir fitnah yg akan menimpa laki- laki seperti terlena/ tergoda walaupun tidak bangkit syahwatnya. Lalu pendat yg mengatakan Istihbab ini di kuat oleh Syaikh Muhammad Nashiruddin al Albani, beliau adalah seorang yang mampuni dalam bidang hadits. Di samping itu beliau juga memiliki peran yang cukup besar dalam memperkaya khazanah  dalam bidang hukum-hukum Islam dengan karya-karya yang bermutu semisal buku beliau:  ( Jilbab Almar-ah Almuslimah Fii Alkitaab Wa Assunnah ) Dan kitab  ( Arradul Mufhim ‘Ala Man Khalafa Al ulamaa Wa tasyadda Wa ta’shshaba Wa alzama Almar-ata An Tastura Wajhaha Wa kaffaiha Wa awjaba Wa lam yaqna’ Biqaulihim Innahu Sunnatun Wa Mustahabbun .dua  buku tersebut merupakan Ijtihad beliau tentang hukum Cadar  dalam huk um Islam yaitu: Mustahabbun/ Sunnah ( Sangat di anjurkan bagi wanita muslimah dan tidak sampai ke status Wajib). Berangkat dari pendapat Para Imam- imam Madzhab dan di bandingkan dengan pendapat Syaikh Muhammad Nashiruddin al Albani tentang Cadar, maka Penulis karya Ilmiah ini bertujuan untuk menjelaskan khilafiyah di antara ulama Mutaqaddimin dan Muakhkhirin tentang Cadar tersebut. Saya berdoa kepada Allah Suabhanu Wata’aala memberikan Manfa’at  yang  besar, Amiin Ya Rabbal ‘Alamiin .   اختلاف العلماء قديماً، وحديثا في حكم النقاب على قولين: الأول: يجب على المرأة ستر وجهها أمام الرجال الأجانب؛ لأن الوجه عورة، وهو مذهب الإمام أحمد، والصحيح من مذهب الشافعي، الثاني: استحباب النقاب، وهو مذهب أبي حنيفة ومالك، لكن أفتى علماء الحنفية والمالكية - منذ زمن بعيد - أنه يجب على المرأة ستر وجهها، عند خوف الفتنة بها أو عليها، والمراد بالفتنة بها: أن تكون المرأة ذات جمال، والمراد بخوف الفتنة عليها، أن يفسد الزمان بكثرة الفساد وانتشار الفساق؛ قال "ابن عابدين الحنفي" في (رد المحتار على الدر المختار): "وتمنع المرأة الشابة من كشف الوجه بين رجال، لا لأنه عورة، بل لخوف الفتنة كمسه وإن أمن الشهوة. إن العلماء الذين يقولون باستحباب حكم النقاب لقد أيده الشيخ محمد ناصر الدين الألباني, كان رجلا بارعا في المجال الحديثي وله مساهمة غير قليلة في إثراء المكتبة الفقهية الإسلامية بالمؤلفات المفيدة منها: جلباب المرأة المسلمة في الكتاب والسنة والرد المفحم على من خالف العلماء وتشدّد وتعصب وألزم المرأة أن تستر وجهها وكفيها وأوجب ولم يقنع بقولهم: إنه سنة ومستحب, ومنخلال كتابيه راى وأخذ القول مجتهدا أن النقاب مستحب/ سنة وليس بواجب. انطلاقا من أراء العلماء المتقدمين والمعاصرين ثم المقارنة باجتهاد الشيخ الألباني عن النقاب, فلبى الباحث كتابة هذه الرسالة مبيّناً عن خلافية العلماء في أحكام النقاب, الله أسأل أن يمن علي الأجر والنفع الكبير, ويرزقنا العمل الصالح, آمين يا رب العالمين

scholarly journals Tinjauan Hukum Islam Tentang Asuransi

2019 ◽  
Vol 3 (1) ◽  
pp. 71
Author(s):  
Abdul Wahab Abd Muhaimin
Keyword(s):  
Islamic Law ◽  
Current Problem ◽  
Disaster Risk ◽  
Collaborative Effort ◽  
The Face ◽  
Islamic Insurance

AbstractInsurance in general is a guarantee or coverage given by the insurer to the person who is covered for the risk of loss as stipulated in the policy (letter of agreement) if there is fire, theft, damage, death or other accident with the insured by paying the premium as determined to the insurer each month. Whereas Sharia Insurance is a collaborative effort to protect and help each other, among a number of people in the face of a number of risks through agreements that are in accordance with sharia. Islamic insurance is mutual protection and help is called ta'awun, which is the principle of living mutual protection and help on the basis of the Islamic Brotherhood between members of sharia insurance in the face of disaster (risk). Therefore, premiums on sharia insurance are a number of funds paid by participants consisting of savings, fees, and tabarru funds. The discussion in this article is more of an analysis of how Islamic law answers the current problem of insurance.Keywords: Insurance, Islamic Law  AbstrakAsuransi secara umum merupakan jaminan atau pertanggungan yang diberikan oleh penanggung kepada yang ditanggung untuk resiko kerugian sebagaimana ditetapkan dalam polis (surat perjanjian) bila terjadi kebakaran, kecurian, kerusakan, kematian atau kecelakaan lainnya dengan tertanggung dengan membayar premi sebanyak yang ditentukan kepada penanggung tiap bulan. Sedangkan Asuransi Syariah merupakan usaha kerjasama saling melindungi dan tolong-menolong, di antara sejumlah orang dalam menghadapi sejumlah resiko melalui perjanjian yang sesuai dengan syariah. Asuransi syariah bersifat saling melindungi dan tolong-menolong disebut dengan ta’awun, yaitu prinsip hidup saling melindungi dan tolong-menolong atas dasar Ukhuwah Islamiyah antara anggota peserta asuransi syariah dalam menghadapi malapetaka (risiko). Oleh sebab itu, premi pada asuransi syariah adalah sejumlah dana yang dibayarkan oleh peserta yang terdiri atas dana tabungan, biaya, dan tabarru’. Pembahasan dalam artikel ini lebih kepada analisa bagaimana Hukum Islam menjawab permasalahan asuransi yang berkembang saat ini.Kata Kunci: Asuransi, Hukum Islam  

scholarly journals CHOICE OF ISLAMIC LAW AS THE GOVERNING LAW IN ISLAMIC FINANCE CONTRACTS: THE UNITED KINGDOM AND NIGERIAN PERSPECTIVES

2017 ◽  
Vol 25 (1) ◽  
Author(s):  
Kareem Adebayo Olatoye ◽  
Abubakri Yekini
Keyword(s):  
United Kingdom ◽  
Islamic Law ◽  
Islamic Finance ◽  
Unique Problem ◽  
Party Autonomy ◽  
The United Kingdom ◽  
Muslim Majority ◽  
The Law ◽  
Governing Law

The globalisation of Islamic finance has brought the adjudication of Islamic finance disputes before non-Muslim courts and arbitral tribunals in Europe, America and elsewhere. Expectedly, the issue of the validity of the selecting Islamic law as the governing law of an Islamic finance contract often arises before these courts and tribunals. The article seeks to address the attitude of the United Kingdom and Nigerian courts to this unique problem. The thesis of the paper is that while the parties’ reasonable expectations in having their Islamic finance contracts governed by the Shari’ah may be met in Nigeria and by extension in other Muslim-majority countries, the contrary is the case in the United Kingdom and Europe where the courts do not generally favour the application of Islamic law. The paper advocates that the doctrine of the proper law of contract should be extended to Islamic finance by upholding Islamic law as the law selected by the parties (on the basis of party autonomy) or alternatively, as the system of law with which an Islamic finance transaction is most closely connected.

scholarly journals Toward local sustainability: Social capital as a community insurance in Kazakhstan

2021 ◽  
pp. 187936652110381
Author(s):  
Yuliya Darmenova ◽  
EunJoo Koo
Keyword(s):  
Social Capital ◽  
Market Economy ◽  
Qualitative Data ◽  
Local Communities ◽  
Mutual Trust ◽  
Historical Evidence ◽  
Reciprocal Relations ◽  
Local Sustainability ◽  
The Face ◽  
Traditional Sense

This article focuses on how social capital, in the form of trust, reciprocal relations, and networks, has contributed to the sustainability of local communities in Kazakhstan in the face of various political and socioeconomic challenges. Drawing on qualitative data, we provide historical evidence of the persistence of locally derived social capital and investigate the ways in which it contributed to local sustainability in Kazakhstan. We first discuss how people in Kazakhstan have historically built and developed networks, reciprocal relations, and mutual trust under different political and economic institutions, for example, in the form of reciprocal labor aid as part of nomadic culture (e.g., “Asar”) and collective funds (e.g., “Kotel”) during Soviet times. We then offer an in-depth understanding of social capital as a form of insurance for local communities, and how it facilitates socioeconomic interactions in contemporary Kazakh society. This study contributes to the understanding of this traditional sense of trust and communal cooperation, as well as its viability in the context of a market economy.

Part II Islamic Law and Contracts in Practice, 7 Murabaha and Tawarruq

2020 ◽  
Author(s):  
Nethercott Craig R
Keyword(s):  
Islamic Law ◽  
Islamic Finance ◽  
Islamic Banking ◽  
Fair Price ◽  
Current Application ◽  
Widespread Application ◽  
Liquidity Management ◽  
Islamic Tradition ◽  
Modern Application

This chapter focuses on the murabaha structure, which is probably the most commonly used Islamic finance structure in modern Islamic banking. The simplicity of structure in its current application has promoted its use as a popular and flexible Islamic financing instrument. Indeed, the use of the murabaha has been extended beyond a widespread application as a standalone instrument to a composite component of Sukuk issuance in modern application. The murabaha contract is understood within the Islamic tradition to have a pre-Islamic origin evidenced in pre-Islamic literature and characterized as a fiduciary contract with the objective to assist less knowledgeable buyers in the determination of the fair price of unfamiliar goods. Today, murabaha is commonly used as a mode of finance, in its variant structures, for the acquisition of assets, commodities, and goods in the ordinary course of trade. The structure is also used as a corporate finance tool for working capital and liquidity management. The chapter then considers commodity murabaha (tawarruq) and its application.

Part I Introduction, 2 Sources and Principles of Islamic Law

2020 ◽  
Author(s):  
Eisenberg David M
Keyword(s):  
Historical Perspective ◽  
Islamic Law ◽  
Evolutionary Process ◽  
Islamic Finance ◽  
Legal Systems ◽  
Entire Field ◽  
Legal Foundations ◽  
Legal Concepts ◽  
Point Of Departure ◽  
Broad Understanding

This chapter examines the sources and principles of Islamic law. A broad understanding of the sources and principles of Islamic law is prerequisite to an examination of the legal foundations of Islamic finance. Islamic law comprises a complex and vast body of doctrine that has taken shape in extremely varied circumstances for well over a millennium as part and parcel of an evolutionary process still vigorously underway. The chapter then describes the technical terminology employed by Muslim jurists across the entire field of Islamic law. All the technical terminology is in Arabic but exact or rough equivalents can be found in other legal systems. The chapter also looks at the legal concepts relevant to Islamic finance from a historical perspective as the point of departure for an exposition of the Islamic law of contract, for which they provide the conceptual underpinnings.

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