scholarly journals Islamic Banking

2003 ◽  
Vol 20 (3-4) ◽  
pp. 220-223
Author(s):  
Muhammad Anwar
Keyword(s):  
Financial Intermediation ◽  
Banking System ◽  
Muslim World ◽  
Islamic Banking ◽  
Exact Nature ◽  
The West ◽  
Banking And Finance ◽  
Islamic Tradition ◽  
Successive Generations ◽  
Muslim Scholars

Islamic Banking is an outstanding example of collaboration among Muslim and non-Muslim scholars interested in integrating "Western-based literature with that developed in the Islamic tradition." Stating that Islamic banking, although widespread, remains "poorly understood" in the Muslim world and an "enigma" in the West, the authors seek to clarify many matters. The book's main themes are Christian and Islamic positions on usurylriba' (chapter 8); the foundations (chapters 2 and 3), theories (chapter 5), application (chapters 5, 6, 7, and 9), and progress (chapters I and 9) of Islamic banking; and an analysis of Islamic banking in light of current theories of financial intermediation (chapter 4) and corporate gov­ernance (chapter 7). The book highlights Islamic and Christian commonalities on issues pertinent to banking and finance. While stating that Christianity, Hinduism, Judaism, and Islam prohibit usury, "Islam is the only major religion which maintains a prohibition on usury" due to its prominence in the Qur'an. The issue of riba' is perplexing, for despite warnings of severe consequences to those who engage in it, the Qur'an is silent on its exact nature. Unfortunately, successive generations of scholars have so confused matters that no one can say exactly what riba' is. For example, a majority of scholars regarded bank interest as riba' and, therefore, made the need for an interest-free Islamic banking system inevitable, whereas 21 jurists at Egypt's al-Azhar recently proclaimed a ruling that legit­imizes interest ...

scholarly journals “Muzarah” Share-Cropping and “Musagah” Irrigation as Methods of Partnership for Financing Agricultural Sector and Micro Finance Projects Practiced by Islamic Banks.

2020 ◽  
Vol 6 (2) ◽  
pp. 31-46
Author(s):  
Ahmed El-Murdi Saeed Omar ◽  
Keyword(s):  
Agricultural Sector ◽  
Banking System ◽  
Islamic Banking ◽  
Islamic Banks ◽  
Banking Systems ◽  
Banking And Finance ◽  
Finance Law ◽  
Academic Area ◽  
Business And Management ◽  
Muslim Scholars

In this paper, the researcher expected to explain provisions of Islamic financial jurisprudence in respect to the related and selected commercial contracts and to relate their implantation to Islamic Banking system. The objectives are to tell the reader: (1) how the pioneer Muslim scholars compiled and documented the provisions of Muzarah and Musagah as essential methods for partnership recently in Islamic Banking systems. The researcher adopts the APA style that is well known method for referencing to evaluate literature. Findings from the research showed that (1) Sharing corps is a contract allowed within Hanbali School of thought and in the view of Abu Yousuf and Mohammed bn Al-Hassan Alshybaini. (2) for the validity of share cropping conditions of: The land that should be cultivated, the seeds, the employees, the profit and the duration of the contract should be well stated. (3) Share cropping could be valid or vitiated. (4) The contract of Musagat or irrigation will be formed by offer and acceptance. (5) Contract of irrigation is handling tree to workers for purpose or irrigation or harvesting. (6) Contract of Musagah and Muzarah sharing the same conditions. (7) Both of the contracts bearing the same reasons of void or invalidity. The researcher recommends that relevant academic area of knowledge in particular Department sof: economics, banking and finance, law, Islamic Sciences, Business and Management to include the Islamic methods of investment in business, in their curriculums and syllabus at both undergraduate and postgraduate levels. Keywords: “Muzarah”, Share-Cropping, “Musagah”, Irrigation, Partnership, Financing, Agricultural Sector, Micro Finance, Projects, Islamic Banks.

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.   

Religious Freedom in Islam

2019 ◽  
Author(s):  
Daniel Philpott
Keyword(s):  
Religious Freedom ◽  
Muslim World ◽  
Human Right ◽  
The West ◽  
Empirical Examination ◽  
Public Controversy ◽  
Arab Uprisings ◽  
Islamic Tradition ◽  
The World ◽  
Muslim Majority

Is Islam hospitable to religious freedom? The question is at the heart of a public controversy over Islam that has raged in the West over the past decade-and-a-half. Religious freedom is important because it promotes democracy and peace and reduces ills like civil war, terrorism, and violence. Religious freedom also is simply a matter of justice—not an exclusively Western principle but rather a universal human right rooted in human nature. The heart of the book confronts the question of Islam and religious freedom through an empirical examination of Muslim-majority countries. From a satellite view, looking at these countries in the aggregate, the book finds that the Muslim world is far less free than the rest of the world. Zooming in more closely on Muslim-majority countries, though, the picture looks more diverse. Some one-fourth of Muslim-majority countries are in fact religiously free. Among the unfree, 40% are repressive because they are governed by a hostile secularism imported from the West, and the other 60% are Islamist. The emergent picture is both honest and hopeful. Amplifying hope are two chapters that identify “seeds of freedom” in the Islamic tradition and that present the Catholic Church’s long road to religious freedom as a promising model for Islam. Another chapter looks at the Arab Uprisings of 2011, arguing that religious freedom explains much about both their broad failure and their isolated success. The book closes with lessons for expanding religious freedom in the Muslim world and the world at large.

scholarly journals PERDEBATAN PENGGUNAAN HERMENEUTIKA SEBAGAI METODE PENAFSIRAN AL-QUR'AN

ALQALAM ◽  
2010 ◽  
Vol 27 (1) ◽  
pp. 79
Author(s):  
MASRUKHIN MUHSIN
Keyword(s):  
The Other ◽  
Muslim World ◽  
New Method ◽  
The West ◽  
Islamic World ◽  
The Bible ◽  
Islamic Tradition ◽  
To Come

The word hermeneutics derives from the Greek verb, hermeneuin. It means to interpret and to translate. Hermeneutics is divided into three kinds: the theory of hermeneutics, the philosophy hermeneutics, and the critical hermenmtics. Hasan Hanfi is known as the first scholar who introduces hermeneutics in the Islamic World through his work dealing with the new method of interpretation. Nashr Hamid Abu-Zaid is another figure who has much studied hermenmtics in the classical interpretation. Ali Harb is a figure who also much involved in discussing the critism of text even though he does not fully concern on literature or art, but on the thoughts. Muslim thinker who has similar view with Ali Harab in seeing that the backwardness of Arab-Islam from the West is caused by the system of thoguht used by Arah-Muslim not able to come out of obstinary and taqlid is Muhammad Syahmr. On the other side, ones who refuse hermeneutics argue that since its heginning, hermeneutics must be studied suspiciously because it is not derived from the Islamic tradition, but from the unbeliever scientific tradition, Jews and Chrtians in which they use it as a method to interpret the Bible. Practically, in interpreting the Qur'an, hermeneutics even strengthens something, namely the hegemony of scularism-liberalism in the Muslim World that Muslims must actually destroy. Keywords: Hermeneutics, Tafsir, al qur'an

Challenges Faced in Full Establishment of Islamic Banking System in Nigeria

2017 ◽  
Vol 1 (1) ◽  
pp. 1-6 ◽  
Author(s):  
Zainab Idris
Keyword(s):  
Banking Sector ◽  
Banking System ◽  
Islamic Banking ◽  
Investment Opportunity ◽  
Huge Number ◽  
Foreign Investors ◽  
Banking And Finance ◽  
Conventional Banks ◽  
Infant Stage ◽  
Made In

Islamic banking in Nigeria is still at its infant stage and surrounded by a lot of challenges and set bank. It is important to note that despite the huge number of Muslims population in the country, little progress has been made in ensuring its full take off and operationalization. The paper there examines the challenges Islamic banking is faced with in Nigeria. Through review of past studies, the paper the paper identify factors like; Problem of Competition with dominant conventional banks, Problem of Competition with dominant conventional banks, Double taxation and others as the major challenges of Islamic banking in Nigeria. However the paper, the paper recommends that Islamic banking and finance in Nigeria offers a huge investment opportunity for both domestic and foreign investors what is most needed to achieve this, is for all stakeholders to collaborate in a way that a structured, functional and sustainable Islamic banking model will be formulated and communicated widely so as to gain general acceptability. Furthermore, the paper will serve as a guide to investors by pointing the problems the Islamic banking sector is facing in Nigeria.

“The sheikh of the translators”

2012 ◽  
Vol 7 (2) ◽  
pp. 161-175
Author(s):  
Ghada Osman
Keyword(s):  
Original Writing ◽  
Golden Age ◽  
Educational Institution ◽  
Eighth Century ◽  
Muslim World ◽  
The West ◽  
Islamic History ◽  
Science Philosophy ◽  
And Mathematics ◽  
Muslim Scholars

With the ascension to power of the Abbasid dynasty in 750 CE and the transfer of the capital of the Muslim Empire to the newly-created city of Baghdad, the middle of the eighth century heralded an era that in Islamic history is referred to as the “Golden Age,” during which period the Muslim world became an unrivaled intellectual center for science, philosophy, medicine, and education. Approximately eighty years after the dynasty’s rise to power, the Abbasid Caliph (ruler) al-Ma’mun (d. 833 CE) established in Baghdad Bayt al-Hikma (the House of Wisdom), an educational institution where Muslim and non-Muslim scholars together sought to gather the world’s knowledge not only via original writing but also through translation. Probably the most well-known and industrious translator of the era was Hunayn ibn Ishaq (d. 873 CE), known in the West by the Latinized name “Joannitius.” Referred to as “the sheikh of the translators,” he is reported to have mastered the four principal languages of his time: Greek, Syriac, Persian, and Arabic. Hunayn is credited with an immense number of translations, ranging from works on medicine, philosophy, astronomy, and mathematics, to magic and oneiromancy. This article looks at Hunayn’s work, briefly places this key figure within the translatorial habitus, discusses his methodology towards translation, as described in his own works, and examines that methodology in light of the sociological and sociolinguistic factors of the time.

scholarly journals Taking Back Islam

2003 ◽  
Vol 20 (3-4) ◽  
pp. 203-205
Author(s):  
Jay Willoughby
Keyword(s):  
Muslim World ◽  
Peaceful Coexistence ◽  
The West ◽  
Islamic Tradition ◽  
Set Up ◽  
The Many ◽  
Moral Discourses ◽  
Opening Section ◽  
Made In ◽  
Number Of Authors

This book is divided into nine sections: an opening section with intro ductoryessays, followed by eight chapters that discuss the writers' viewson certain issues. Each section contains several essays of anywhere frombetween three to six pages. Given the number of authors, I will mentiononly some of the points made in each section.In his introduction, Michael Wolfe lays out the book's generalpremise: Maybe it is time to stop looking to the "motherland" for ourunderstandings of Islam and Islamic tradition. Maybe it is time to growup. This call is sure to find a resonance among the many Muslims whoare tired of imported imams and imported books that are so far removedfrom our own reality in the West. Farid Esack brings up an interestingpoint: Historically, Muslims have known only two paradigms: oppression(Makkah) and governing (Madinah). However, given current realities,they must adopt a third kind: peaceful coexistence in a state of equality,as done by those Muslims who emigrated to Abyssinia.In "Violence," Khaled Abou El Fadl notes that Islam is concernedwith building and creating, and that ruining and destroying life is "an ultimateact of blasphemy against God." He writes that war is defensive anda last resort, that trade and technology are preferred, and that political discourseshave displaced moral discourses. Aasma Khan discusses hersmall group (Muslims against Terrorism), which was set up in the daysfollowing 9/11 to educate people "about the incompatibility oflslam withterrorist activities, hatred, and violence."In "Democracy," Karen Armstrong reminds us of several importantfacts: modernity/democracy is a process; that in the Muslim world, modernitywas imposed from above and has close ties with colonial subjugation/dependence, instead of independence; and that is imitation and not inno­vation. Religion, she asserts, can help people through the transition tomodernity. Alex Kronemer states that "the greatest obstacle to democracyin the Muslim world is not 'Islam,' it is poverty, the lack of education, andcorrupt and repressive regimes, many of which - and this is the importantpoint - are supported by the democracies of the West." This raises thequestion of whether the West really wants democracy in the Muslim world ...

scholarly journals ENGLISH: Rethinking Ribā and the ‘Islamic’ Banking Experimentation

rahatulquloob ◽  
2021 ◽  
pp. 81-103
Author(s):  
Waqas Ali Haider ◽  
Muhammad Arsalan Aqeeq ◽  
Dr. Abdul Ghaffar
Keyword(s):  
Economic Development ◽  
Property Rights ◽  
Financial Stability ◽  
Critical Appraisal ◽  
Financial Intermediation ◽  
Allocative Efficiency ◽  
Islamic Banking ◽  
Deterministic Approach ◽  
Banking And Finance ◽  
Definition Of

The efficiency of a financial intermediation system is assessed by its ability to achieve allocative efficiency, asset transformation and the subsequent economic development. In case of an Islamic Banking and Finance as an alternate financial intermediation system adherence to the injunction of Islam is also critical. A critical appraisal of the state of contemporary Islamic Banking and finance (IBF) reveals that IBF has neither been able to achieve the aspirations of Islamic rhetoric, nor has been efficient in terms of asset transformation and economic development. This paper is an intuitive pursuit to explore the economic sense of established principles of IBF, and the reasons of the persistent divergence of IBF, being accused to be based on ruses and sophistry. Disentangling the varying viewpoints, the underdevelopment of IBF has been attributed to misinterpretation of Ribā, which has been explicated through a narrow fiqhi and legally deterministic approach. Deeming ‘a collaborative and dynamic Ijtihād’ as the elixir, this paper insists on the exigency of revisiting the definition of Ribā through a dynamic and collaborative Ijtihādi effort – i.e. a definition that incorporates the modern modes of economic cooperation and the contemporary financial intermediation ecosystem. The paper articulates Ribā in an agency theoretic framework to eschew expropriation of wealth, and assure protection of property rights, to sustain financial stability and economic development.

scholarly journals Islamic Financial Intermediation in Kuwait Finance House Malaysia: A Fiqh Maqasid Study

2014 ◽  
Vol 12 ◽  
pp. 176-204
Author(s):  
Khaled Mohamad Abdullah ◽  
Ahmad Wifaq Mokhtar
Keyword(s):  
Direct Investment ◽  
Financial Intermediation ◽  
Banking System ◽  
Islamic Banking ◽  
Islamic Banks ◽  
Finance House

This article aims to study the financial intermediation in Islamic banks, in term of the degree of extent and achievement according to Islamic rules and Maqasid of Shariah. The objectives of this study has been done theoretically and practically through the study of some applications on the light of Maqasid. This study shows that the financial intermediation achieving the Magasid of Shariah without contradiction if it is applied correctly. Practically, this study was applied on the Kuwait Finance House Malaysia. Results show that Islamic intermediation implementing the Maqasid of Shariah in some aspects, however the study also highlights that the practice of some types of fictitious contracts like Tawaruq, Mudarabah with Tawaruq, lease and sublease, seem to contradict the Islamic rules of the Shariah and its Maqasid. This study recommends the avoidance of fictitious contracts, and to replace them with direct investment according to the comprehensive Islamic banking model of the Islamic banking system.

Liberal Islam

2007 ◽  
Vol 24 (2) ◽  
pp. 44-70
Author(s):  
Muhammad Mumtaz Ali
Keyword(s):  
Women's Rights ◽  
Public Perception ◽  
Muslim World ◽  
Women’S Rights ◽  
The West ◽  
Islamic Tradition ◽  
Special Concern ◽  
Freedom Of Thought

In recent years, the focus of research and public perception has been on liberal, moderate, and modernist Islam. Liberal Islam advocates liberal solutions to the problems of religion and society, namely, interpretations of Islam that have a special concern for democracy, women’s rights and empowerment, freedom of thought, and other contemporary issues. Its adherents also forcefully assert that liberal Islam is authentic, not just merely a western creation, and therefore genuinely reflects the true Islamic tradition. In addition, they claim that the ummah (the Muslim world) should think and act in terms of adoption, reconciliation, and accommodation vis-à-vis the West to solve its problem of continuing undevelopment. I contend that the liberal perception and prescription are unrealistic and imaginative, that they contain inherent weaknesses, and that the liberal prescription is irrelevant to the ummah’s development.

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