scholarly journals Islamic Law and Finance

1991 ◽  
Vol 8 (3) ◽  
pp. 549-551
Author(s):  
Ali R. Darrat
Keyword(s):  
Economic System ◽  
Islamic Law ◽  
Middle Eastern ◽  
Banking System ◽  
Islamic Finance ◽  
Law And Finance ◽  
The Core ◽  
Muslim Countries ◽  
Islamic Economic

This book is a collection of essays presented at a conference held inApril 1988 and organized by the Center of Near and Middle Eastern Studiesand the Law Department, School of Oriental and African Studies, Universityof London.Since the mid-I970s, there has been a significant revival of fundamentalIslamic values in several Muslim countries throughout the world. Indeed,a number of Muslim (or perhaps, Islamic) countries like Iran, Pakistan, andthe Sudan have recently taken practical steps towards the total Islamizationof their economic and financial structures. Among the basic characteristicsof an Islamic financial (banking) system is the prohibition of the paymentor receipt of a predetermined (fixed) interest rate which is viewed as usuryand thus prohibited. As an alternative, the Islamic financial system operatesunder the general principle of profit-loss sharing, which effectively transformsbanks into equity-based (investment) firms.As Mallat correctly points out in his preface, the Western notion of profitmaximization does not control the Islamic system. Rather, it is the Shari'ahwhich primarily governs Islamic finance. However, some contributors to thebook, notably William Ballantyne in his introductory chapter, appear to doubtthe feasibility of the Islamic system and its ability to operate in contemporaryeconomies. He argues that "what is required in today's climate, is [amongother things] a restructuring of the Shari'a to fit Western economic concepts"(p. 9-emphasis added).Nevertheless it is my belief, and perhaps the belief of many Muslimscholars in the field, that such a view is unacceptable, for it seems to bein direct conflict with the core of Islam. A basic tenant of Islam is that theShari'ah cannot be changed or restructured to satisfy other lines of thought.Indeed, voluminous contemporary research now exists that demonstrates theviability and relevance of pure Islamic teachings to today's complex economicenvironment. Examples of such research include Chapra (1985, 1991); Khan(1986); Habibi (1987); Darrat (1988); Darrat and Suliman (1990); and Darrat,Suliman, and Bashir (1991).The view that the Islamic economic system is superior to the contemporaryWestern interest-based economic system is not totally unique withMuslim scholars. Western economic thinkers have also shared a similar view.For example, prominent American economists like Henry Simon (1948) and ...

Sistem Ekonomi Islam Simbol Kesejahteraan Masyarakat

2018 ◽  
Vol 6 (1) ◽  
pp. 49-64
Author(s):  
Muhammad Wildan ◽  
Muhammad Wildan
Keyword(s):  
Economic System ◽  
Strategic Plan ◽  
Thomas Kuhn ◽  
Economic Independence ◽  
The Core ◽  
Economic Paradigm ◽  
Islamic Economic

The term “economy” comes from Greek word “oikonomia” consisting of “oikos” which means household and “nomos” which means regulation. The word “oikonomia” can be defined as the applicable regulation to fulfill the needs in a household. Islamic economics aims to build the economic independence of society collectively, meanwhile conventional economics is still individualistic. In the amidst of globalization, the efforts of sharia economist in covering coventional economic flow are already good enough. System that is already ingrained in society cannot easily be changed. The good strategic plan is required in instilling Islamic economic system in the middle of society. Thomas Kuhn says: ”every system has paradigm and the core of Islamic economic paradigm is definitely from Qur’an and Sunnah”.

scholarly journals ARBITRATION AND MEDIATION METHOD APPLIED TO ISLAMIC FINANCE CONFLICTS IN MALAYSIA

2015 ◽  
Vol 6 (3) ◽  
pp. 1151-1158
Author(s):  
Nur Khalidah Dahlan ◽  
Mohd Rizal Palil ◽  
Noor Inayah Yaa‟kub ◽  
Mohamad Abdul Hamid
Keyword(s):  
Economic System ◽  
Banking System ◽  
Islamic Finance ◽  
Islamic Banking ◽  
Pertinent Literature ◽  
Islamic Country

Malaysia has already known as an Islamic country. In a country of multi-ethnicity, multi-religion and multi-cultural societies, demands a concept of justice and equality that is different from other countries, particularly the ones with homogenous societies. The highest law of the land places Islam, the religion associated with one of the main ethnicity, as the official religion of the nation and allowed the duality of economic system, in particular banking system, whereby conventional banking system exists side-by-side with the Sharia-compliant, Islamic banking. By reviewing the pertinent literature on the development of Islamic banking, the reviewed cases on Islamic banking and its contributions to Malaysian society regardless of ethnicity and religion. The discussion in this paper therefore will be directed towards highlighting the laws and mechanisms of solution on Islamic banking and its implication to enhance the application of Islamic banking laws to consumers regardless of ethnicity and religion, in order to maintaining fairness and justice in a multi-ethnic society

scholarly journals Ekonomi Syariah Sebagai ‘Trend’ di Era Globalisasi

2016 ◽  
Vol 1 (2) ◽  
Author(s):  
Jefri Putri Nugraha
Keyword(s):  
Economic Development ◽  
Economic System ◽  
Economic Activity ◽  
Human Life ◽  
Economic Thought ◽  
Islamic Finance ◽  
Economic Problems ◽  
The World ◽  
Islamic Economic

Islam is a universal religion that regulates all dimensions of human life both; the world and the hereafter. Islam has also arranged economic problems since Islam was revealed through the Prophet Muhammad. Al-Quran and al-Hadith as the main reference of sharia economic thought. Islamic finance has become an economic system that was born along with the birth of Islam, but only this decade Islamic economic system become trending topic of discussion. Considering followers conventional notions began to look at the economic system of Syariah. In the era of globalization, there are a tendency in economic development for more attention to ethics in economic activity. This paper aims to explore in depth discussion on the trend of global economic and its development at the same time, reveals the opportunities and challenges in the economic development of sharia in the context of global economic development era.

scholarly journals The Analysis of the Turkish Islamic Banking System Between 2005 and 2014

2016 ◽  
Author(s):  
Lívia Tálos ◽  
Gyöngyi Bánkuti ◽  
Jozsef Varga
Keyword(s):  
High Risk ◽  
Economic Crisis ◽  
Islamic Law ◽  
Banking System ◽  
Rating System ◽  
Annual Reports ◽  
Islamic Finance ◽  
Islamic Banking ◽  
Islamic Banks ◽  
Conventional Banks

Islamic banking is a banking system that is based on the principles of sharia or Islamic law. The principles of Islamic finance forbid interest - this is commonly known as riba - charity (zakat), forbid high risk (gharar), forbid some transactions like gambling, and are based on PLS (Profit-Loss Share). The most important concept is that both charging and receiving interest are strictly forbidden; money may not generate profits. Islamic banks have largely survived the global economic crisis intact and they offer a safer operation than conventional banks. CAMEL analysis is a supervisory rating system to classify a bank's overall condition according to Capital (C), Assets (A), Management (M), Earnings (E) and Liquidity (L). In the analysis a variety of indicators were calculated based on data from the annual reports. The results of the four banks were averaged separately, then classified (1 = good, 2 = adequate, 3 = satisfactory, 4 = acceptable, 5 = unacceptable) according to the desired criteria, the changes over the years and the relative values of the four banks.

scholarly journals PENERAPANKONSEP TAYSÎRDALAM SISTEM EKONOMI ISLAM

2014 ◽  
Vol 14 (2) ◽  
Author(s):  
Andi Iswandi
Keyword(s):  
Economic System ◽  
Support Groups ◽  
Islamic Law ◽  
Significant Function ◽  
The Law ◽  
Shari'a Law ◽  
Islamic Economic

Application of Taysîrin The Islamic Economic System. Studies about the taysîrconcept are still minimal but taysîrhas a significant function in addressing issues of Islamic law, particularly in the field of mu’âmalah. In the field of mu’âmalah, the taysîrconcept is not only needed, moreover it is a ‘cure’ in necessity to heal the morbidity of heretical behaviour in business and economics. Taysîrhas also become the answer for groups of people who are contradictory when addressing the Shari’a law. Taysîrdoes not provide answers and support groups who are rigid against Shari’a law (al-mutasyaddid) and also does not provide answers and support groups who undermine the law (al-mutasâhil).DOI: 10.15408/ajis.v14i2.1283

scholarly journals Analysis of Newest Possibilities of Functioning of Islamic Finance in Europe

2021 ◽  
Vol 110 ◽  
pp. 01020
Author(s):  
Iryna G. Kurochkina
Keyword(s):  
Economic System ◽  
Islamic Finance ◽  
Historical Aspects ◽  
The Republic ◽  
Islamic Economic

The article is devoted to the analysis of newest possibilities of functioning and specifics of Islamic finance in Europe. It was considered main tools of the Islamic economic system, historical aspects of the emergence of Islamic finance in Europe. Also it was investigated the prospects of implementing and development of Islamic finance in Europe and in the Republic of Crimea.

scholarly journals PEDAGOGIK EKONOMI SYARIAH DALAM ISLAM

2021 ◽  
Vol 2 (2) ◽  
pp. 100
Author(s):  
Maryati Mallongi
Keyword(s):  
Economic System ◽  
Islamic Law ◽  
Basic Needs ◽  
Prototype System ◽  
Economic Problems ◽  
Distribution Of Wealth ◽  
Main Challenge ◽  
Islamic Religion ◽  
Islamic Economic ◽  
Islamic Values

Islamic economics pedagogically is a system of knowledge that studies economic problems. The implementation of this system applies Islamic law. As a prototype system that has its own characteristics, Islamic economics is applied based on the Qur'an, As-Sunnah, Ijtima', and Ijtihad/Qiyas. Its implementation is carried out following the principles; (1) Tawhid and Brotherhood, (2) Work and Productivity; and (3) Fair Distribution of Wealth. The objective of sharia economics is to meet the basic needs of mankind based on Islamic values. Islamic economics is not only a practical system, but also a pedagogical system of knowledge that contributes to knowledge and enlightenment of the economic system. The main challenge of the Islamic economic system lies in its epistemological and terminological problems which are still interpreted as mere normative doctrines of the Islamic religion. The Islamic economic system in today's contemporary era must be able to interpret its existence as a science that becomes a humanist alternative for the inequalities of the failed global economic system and is able to establish the system as a pedagogic.

scholarly journals AN EXPLORATION OF THE VARIABLES THAT HELP CREATE MAQASID AL-SHARI’AH BASED FINANCIAL INSTITUTIONS DEVELOPMENT INDEX

2017 ◽  
Vol 6 (1) ◽  
Author(s):  
Azam Ali ◽  
Tanveer Kishwar
Keyword(s):  
Financial Institutions ◽  
Islamic Law ◽  
Financial Institution ◽  
Focus Of Attention ◽  
Human Beings ◽  
Development Index ◽  
Constituent Part ◽  
The Core ◽  
Muslim Countries ◽  
Goals And Objectives

Maqasid al-shariah can be defined as the objectives of Islamic law. The two main sources that can be considered as the core of Islamic law are Al-Quran and Sunnah. Maqasid al-shariah objectives are based on their constituent part of the goals and objectives which constituted the reasons for legislation of the rule of Islam. Imam Al-Ghazali classified maqasid into five major categories viz. faith, self, intellect, posterity, and wealth. The details on the description of these objectives are essential to achieve the study goal and to support the shariah purpose for the welfare of human beings. Al-maqasid al-shariah is an important and yet somewhat neglected science of the Shariah. Presently, in Muslim countries, the maqasid have become the focus of attention to provide convenient access to Shariah. This can be achieved with the development of a framework that can help in creating maqasid al-shariah based financial institutions’ development index. This study aims to explore the measurable of Al-Maqasid al-Shari’ah by suggesting various indicators that discover their nexus with financial institution parameters and help develop a framework. The study identifies that most of the countries prepare data on conventional and Islamic financial institution that can be mapped with Al-Maqasid al-Shari’ah five major categories. To help create a generalized index, the study provides few countries’ web addresses to acquire data on the identified measurable to achieve this objective. =========================================== Maqasid al-syariah dapat didefinisikan sebagai tujuan hukum Islam. Dua sumber utama yang dianggap sebagai inti dari hukum Islam adalah Al-Quran dan Sunnah. Tujuan Maqasid al-syariah didasarkan pada pentingnya tujuan dan sasaran yang menjadi dasar bagi peraturan dan perundang-undangan menurut Islam. Imam Al-Ghazali mengklasifikasikan maqasid dalam lima kategori utama yaitu, iman, diri sendiri, kecerdasan, keturunan dan kesejahteraan. Penjelasan rinci tujuan ini penting untuk mencapai tujuan kajian guna mendukung tujuan syariah bagi kesejahteraan manusia. Al-maqasid al-syariah adalah ilmu penting namun terabaikan dalam syariah. Saat ini, di negara-negara Muslim, maqasid telah menjadi fokus perhatian untuk menyediakan akses mudah ke syariah. Hal ini dapat dicapai dengan pengembangan kerangka kerja yang dapat membantu dalam menciptakan maqasid al-syariah berdasarkan indeks pembangunan institusi keuangan. Penelitian ini bertujuan untuk mengeksplorasi pengukuran Al-Maqasid al-syariah dengan mengusulkan berbagai indikator-indikator yang mengungkapkan hubungannya dengan parameter institusi keuangan dan membantu pengembangan kerangka kerja. Studi ini mengidentifikasi sebagian besar negara yang menyediakan data institusi keuangan Islam dan konvensional yang dapat dipetakan menurut lima katagori Al-Maqasid al-Shariah. Untuk membantu membuat indeks umum, kajian menyediakan alamat web beberapa negara untuk memperoleh data pengukuran yang diidentifikasi untuk mencapai tujuan tersebut.

scholarly journals MULTI LEVEL MARKETING (MLM) CNI DALAM PERSPEKTIF HUKUM ISLÂM

2019 ◽  
Vol 3 (2) ◽  
pp. 183-200
Author(s):  
Abd. Wahed
Keyword(s):  
Economic System ◽  
Islamic Law ◽  
Current Development ◽  
Establishment Method ◽  
Multi Level ◽  
Islamic Economic

The current development of business affair demands the Muslim thinkers to purpose a respond about how it should be from the view of Islamic economy. Commercial business with the leveling method which is known as Multi Level Marketing (MLM) like CNI appears elements of bay’, an Islamic economic system of buy and sell. However, a further study , using  Islamic law establishment method, proves that there are obvious distinctions between the system of multi level marketing and Islamic economic system. This effects the differentiation of both systems in the perspective of Islamic law. Through the method of al-mashlahah , it is proved that Multi Level Marketing is greater in terms of its mafsadah than its usefulness. This argument leads to a conclusion that multi level marketing is considered illegal or haram.

Islamic Law and Finance

2017 ◽  
pp. 842-860 ◽  
Author(s):  
Anver M. Emon
Keyword(s):  
Twentieth Century ◽  
Islamic Law ◽  
Free Market ◽  
Financial Sector ◽  
Regulatory Framework ◽  
Islamic Finance ◽  
Law And Finance ◽  
Oil Boom

This essay provides a historiographic introduction to the literature on Islamic finance. It situates the financial practice in terms of foundational principles; historical legal doctrines as reapplied in a contemporary financial context; and an institutional, regulatory framework developed over the course of the twentieth century. The rise of Islamic finance occurs at the intersection of excessive surplus wealth from the 1970 oil boom and an increasingly deregulated global financial sector in the 1980s; as such, this essay conceptually situates the Islamic financial order within the broader turn to free-market ideologies and policies globally.

Sign in / Sign up

Export Citation Format

Share Document