scholarly journals المـُسْعِف الأخير وفائض السيولة في المصارف الإسلامية

2012 ◽  
Vol 18 (70) ◽  
pp. 120-97
Author(s):  
هناء محمد الحنيطي
Keyword(s):  
Financial Institutions ◽  
Commercial Banks ◽  
Central Banks ◽  
Islamic Banks ◽  
Financial Systems ◽  
Islamic Financial Institutions ◽  
The Difference

تتناول هذه الدراسة بيان مفهوم الـمُسْعِف الأخير وعلاقته بالمصارف الإسلامية؛ إذْ يُعَدُّ عدم وجود الـمُسْعِف الأخير إحدى أبرز المشكلات التي تعانيها هذه المصارف. لذا، تسعى الباحثةُ إلى تحقيق مجموعة من الأهداف من خلال هذه الدراسة، تتمثّل في بيان مفهوم الـمُسْعِف الأخير ووظيفته، والبدائل والحلول المقترحة القابلة للتطبيق، التي تُوضِّح مهام المصرف المركزي بوصفه مسعفاً أخيراً للمصارف الإسلامية، ومعيناً لها على تجاوز هذه المشكلة وحلّها، إلا أنّ الاختلاف بين خصائص النظم المصرفية المختلطة والنظم المصرفية الإسلامية، قد أظهر تمايزاً لبعض هذه البدائل وأفضلية على غيرها. The purpose of this paper is to discuss and highlight the problems that have been facing Islamic banks as a result of the absence of last resort. While central banks in traditional financial systems act as the last resort for commercial banks and other financial institutions, Islamic banks suffer from the absence of last resort services according to the principle of shari'ah. If establishing Islamic last resorts is difficult for the time being, the researcher explores other alternatives, e.g., special windows in central banks to work as a last resort for Islamic banks which should comply with shari'ah principles. The difference between traditional financial institutions and Islamic financial institutions, concerning these issues will continue to raise difficulties and to present the priority of certain alternatives over others.

scholarly journals Shar¯ı‘ah Resolution and Islamic Finance: A Review

2021 ◽  
Vol 11 (01) ◽  
pp. 29-39
Author(s):  
Zakir Hossen Shaikh ◽  
◽  
Adel M Sarea ◽  
Abdelrahman Al-Saadi ◽  
Iqbal Thonse Hawaldar ◽  
...  
Keyword(s):  
Financial Institutions ◽  
Qualitative Method ◽  
New Products ◽  
Detailed Examination ◽  
Central Banks ◽  
Islamic Finance ◽  
Islamic Banks ◽  
Legal Response ◽  
Islamic Financial Institutions

Purpose: The purpose of this study is to look into the Shar¯ı‘ah resolution framework in Islamic finance and see how it may be improved. This paper is based on a detailed examination of previous research into the need for a worldwide Shar¯ı‘ah Resolution mechanism to be applied across all IFIs. Methodology: A detailed analysis of past studies on the necessity of a Shar¯ı‘ah Resolution framework to be implemented globally by all IFIs was used to develop the qualitative method. Findings: Measuring the level of fatwá disclosure by specific Islamic banks through central banks Shar¯ı‘ah judgements will add to the existing literature while also filling a gap. Significance: This study is noteworthy because it lays the framework for future researchers on the topic. Using a central bank to assess the extent to which certain Islamic banks have disclosed fatwá. Limitations: These articles’ implications may aid in the explanation of Shar¯ı‘ah-related concerns in Islamic finance. Shar¯ı‘ah resolution in Islamic finance will be a significant Shar¯ı‘ah resource for new products supplied by Islamic financial institutions, as well as any existing goods given to new clients and industry practitioners. Implications: The fatwá is the legal response to the present difficulties that have arisen in the community. fatwá are used to disseminate knowledge to Muslims in order to alleviate their difficulties and misconceptions. Any fatwá-related knowledge will have an impact on individuals, societies, and organizations . As a result, this paper examined the role of fatwás in sharing information and determining how far fatwás can educate society in resolving problems.

scholarly journals Modelling Interest- Free Economy, A Study in Macro-Economics and Development

1989 ◽  
Vol 6 (2) ◽  
pp. 373-375
Author(s):  
Sabri Tekir
Keyword(s):  
Financial Institutions ◽  
Banking System ◽  
Islamic Banks ◽  
Financial Systems ◽  
Free Competition ◽  
Muslim Countries ◽  
Law And Ethics ◽  
Islamic Financial Institutions ◽  
Clear Line ◽  
Muslim Scholars

In recent years there has been numerous Islamic publications in bothsocial and economic fields trying to establish their theoretical and empiricalbasis according to Islamic principles Modelling Interest-Free Economy, AStudy in Macro-economics and Development by Dr. Muhammad Anwar isone book which is a laudable study in economics, applying particularly themudaraba system to the macro-economic level. Although it is really valuablestudy, I would like to express my opinions on the following points.1) Regarding the technical points, it would have been useful for the readerif the sources used as reference had been given as footnotes. It is difficultto refer back to the sources.2) “Muslim countries are reforming their financial systems in the light ofIslamic teachings. Islamic financial institutions conduct their operationsin ways that steer clear of interest and conform to the Sharia, the Islamiccode of law and ethics (p. 7).” In such studies, it would be useful todraw a clear line between trade activities and partnerships and thebanking system. Since Islamic countries and Muslim scholars are justnow trying to develop a new banking system according to Islamic principles,we should be strictly careful when using the term “Islamic Banks.”In contrast with some Muslim scholars, for similar reasons we shouldalso be careful when putting forward the mudaraba system as the basisfor a banking or economic system. Instead of calling these institutions“Islamic” it would be more proper to use such terms as “Interest-FreeCommercial Institutions”, “Interest-Free Financial Institutions”, “Interest-Free Credit Institutions (Corporations) ,” etc.3) The mudaraba contract as a form of partnership is directly related totrading activities. The involvement of the banking system in trade activitiesby establishing partnerships with certain firms through mudarabacontracts can severely distort the free competition in the market systemwhich is encouraged by the Prophet (SAAS). Banks are institutions inwhich huge amounts of financial resources are accumulated. As the banksenter the market to make commercial transactions, even though in theforms of mudaraba, musharaka or murabaha, this involvement will likely ...

scholarly journals Collecting Fees for Safekeeping of Collateral: Rules and Applications in the Contemporary Islamic Financial Institutions

2020 ◽  
Vol 9 (1) ◽  
pp. 50-53
Keyword(s):  
Financial Institutions ◽  
Islamic Law ◽  
Market Price ◽  
Point Of View ◽  
Actual Cost ◽  
Islamic Banks ◽  
Maturity Date ◽  
Islamic Financial Institutions

The study aims to examine the Shari’ah legality of whether pledgor or pledgee should take care of collateral (marhun) during the period of the loan. Moreover, the study seeks to provide possible applications for the pledge (rahn) and clarify Shari’ah rules for each application. Malaysian Islamic banks apply pledge products by offering loans (qardh hasan) to the customers and requesting gold assets as collateral against a loan. The banks charge safekeeping fees to keep the gold until the maturity date of the loan. This practice combines loan and sale contracts in a single transaction. Accordingly, the study seeks to evaluate this practice from an Islamic point of view. Islamic law categorizes loans under charity contracts while the sale is categorized under contracts of exchange (mu’awadhat). The nature of the two contracts is different. Therefore, the study examines categories that combine loans and contracts of exchange in one transaction. The results reveal that it is not permissible for the pledgee to charge fees higher than market fees for the keeping of collateral. Charging fees that are higher than the market price is considered riba. According to Shari’ah rules, any kind of benefit derived from a loan is riba and thus it is prohibited. However, charging fees that are comparable to the market price and cover the actual cost for safekeeping of collateral is permissible. According to Islamic Fiqh Academy resolutions and AAOIFI standards, Islamic banks may charge fees for safekeeping of gold collateral considering that fees should be to the market fees and should only cover actual expenses.

scholarly journals AKAD MURĀBAḤAH; KONSEP DAN PELAKSANAAN DI LEMBAGA KEUANGAN ISLAM MODERN

2020 ◽  
Vol 1 (1) ◽  
pp. 88-102
Author(s):  
Ahmad Maulidizen
Keyword(s):  
Financial Institutions ◽  
Islamic Banks ◽  
Purchase Price ◽  
Short Term ◽  
Significant Growth ◽  
Library Research ◽  
Islamic Financial Institutions ◽  
The Cost ◽  
Number Of Customers ◽  
Risk Dependency

ABSTRACTIslamic banking in Indonesia has experienced significant growth, including assets, financing providedand the number of customers. Murābaḥah is the sale and purchase of goods at the original price with theagreed-upon profit. In murābaḥah the seller must tell the cost of the product he buys and determine anadditional level of profit. This research is a library research about the murābaḥah contract according tomuamalah fiqh and its application in modern Islamic financial institutions. Methods of collecting data indocumentation and various sources related to the murābaḥah contract are then analyzed inductively anddeductively. The results of the study are the murābaḥah foundation is the principle of buying and sellingwith a deferred payment system. Murābaḥah, as used in Sharia banking, is based on two main elements,namely the purchase price and related costs, and the agreement on mark-up (profit). Islamic banks adoptmurābaḥah to provide short-term financing to customers for the purchase of goods even though thecustomer does not have the money to pay. The murābaḥah financing portfolio in Islamic banks reaches 70-80%, but in practice there have never been any problems, including; collateral which is a problem of fiqh,risk dependency as a problem of the bank, bankruptcy and delay in payment are the problems of customers,and profits are too high, namely the problem of coming from the community. Therefore, Islamic banks mustmake improvements in the implementation to be in accordance with Sharia.Keyword : Murābaḥah, Financing Instruments, Modern Islamic Financing

scholarly journals PENYELESAIAN UTANG IMPOR, JU’ALAH DAN SERTIFIKAT BANK INDONESIA SYARIAH (SBIS) PERSPEKTIF FATWA DSN-MUI

2018 ◽  
Vol 2 (2) ◽  
pp. 217-225
Author(s):  
Khozainul Ulum
Keyword(s):  
Financial Institutions ◽  
Commercial Banks ◽  
Financial Institution ◽  
Letter Of Credit ◽  
The Public ◽  
Islamic Financial Institutions ◽  
Monetary Control ◽  
Debt Repayment ◽  
Level Of Risk

Sharia financial Institution is one of the economic supporters of Indonesia. It is evidenced by the number of Islamic financial institutions that have sprung up this year, both sharia bank and non-bank sharia financial institution. It accommodates the aspiration and need of the society. The public is given the widest opportunity to establish a bank based on sharia principles, including convert from commercial banks whose business activities are based on conventional patterns into sharia patterns. The more sharia financial institutions that emerge, the more products offered by Islamic financial institutions to customers with the level of risk that can be overcome. The writing aims to answer the formulation of problem of settlement of import debts, contract of ju’a>lah and Sharia Certificate of Bank Indonesia (SBIS) in perspective of DSN-MUI fatwa. The result of research shows that in the DSN-MUI fatwa, it is explained that the settlement of imported debt or we know as letter of credit (L/C) may use the kafa>lah contract by taking a fee. It is also explained that one of the forms of kafa>lah contract is kafa>lah bi al-ma>l which is the application of kafa>lah contract which guarantees the payment of goods or debt repayment. This guarantee may be provided by the sharia bank to its customers in return for a fee. For the settlement of import debt there are several contracts that can be used, namely the contract of h}iwa>lah bi al-ujrah, waka>lah bi al-ujrah, and kafa>lah bi al-ujrah The Sharia Certificate of Bank Indonesia which used to be wadi>’ah with Wadi>’ah Certificate of Bank Indonesia which is now changed with Sharia Certificate of Bank Indonesia uses ju’a>lah contract. In this contract, Bank Indonesia pays the repayment upon maturity of SBIS with the relevant sharia banking record having performed and achieving the objectives expected by Bank Indonesia. If the sharia banking concerned is not able to achieve the desired objectives or stipulated by Bank Indonesia in terms of monetary control based on sharia principles, the relevant sharia banking will not receive any compensation from Bank Indonesia.

Sharia Compliant in Private Zakat Institutions of Riau

2020 ◽  
pp. 429-442
Author(s):  
Devi Megawati
Keyword(s):  
Financial Institutions ◽  
Supervisory Board ◽  
The Body ◽  
Islamic Banks ◽  
Body Of Knowledge ◽  
Islamic Financial Institutions ◽  
Primary Reference

This study aims to understand the role of Sharia Supervisors in the private Zakat Institution (LAZ) as well as other aspects of sharia compliance, such as Zakat fatwa on the perspective of Zakat officers. According to Decree of the Minister of Religion Number 333 / 2015 that LAZ as register must have a sharia supervisor. Sharia compliance of an institution could rely on the role of the sharia supervisory board (SSB). Some literature discussing this topic is still dominated study on Islamic financial institutions (IFIs), especially in Islamic Banks. Therefore this article will contribute to the body of knowledge, especially in the zakat literature. Data were gathered from five presiding officers of private zakat institutions in one province in Indonesia which consists of three presiding officers from provincial LAZ representative and two presiding officers from LAZ district. The study found that Sharia compliance in LAZ had many weaknesses such as lack of sharia control by sharia supervisors, a member of the sharia supervisory board who does not follow the latest issues about Zakat or the absence of competency requirements to be a sharia supervisor at LAZ and also did not make Zakat fatwa issued by MUI as the primary reference by zakat officer. This information will be useful for stakeholders, including supervisory authorities and regulators.

Participative Banking in Turkey

2020 ◽  
pp. 141-154
Author(s):  
Serpil Altınırmak ◽  
Cumhur Şahin ◽  
Çağlar Karamaşa ◽  
Basil Oluch Okoth
Keyword(s):  
Performance Analysis ◽  
Financial Institutions ◽  
Commercial Banks ◽  
Fuzzy Ahp ◽  
Fuzzy Topsis ◽  
Islamic Banking ◽  
Islamic Banks ◽  
Equal Rights ◽  
Profitability Ratios ◽  
Interval Valued

Islamic banks were established as private financial institutions in Turkey based on a law enacted in 1983. Private financial institutions succeeded to have equal rights with commercial banks subject to banking law in 2001. The name of private financial institutions was changed to participation banks in 2005 because of being insufficient in terms of Islamic banking transactions. This chapter includes a performance analysis of participation banks listed in Turkey by considering the efficiency and profitability ratios within the period of 2007-2016 using interval-valued pythagorean fuzzy AHP based fuzzy TOPSIS. Three participation banks, Albaraka Türk, Türkiye Finans, and Kuveyt Turk, were examined for the mentioned period.

scholarly journals Drivers of Ar-Rahnu (pawn) acceptance: Malaysian evidence

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Hassanudin Mohd Thas Thaker ◽  
Ahmad Khaliq ◽  
Mohamed Asmy Bin Mohd Thas Thaker ◽  
Anwar Bin Allah Pitchay ◽  
K. Chandra Sakaran
Keyword(s):  
Financial Institutions ◽  
Perceived Risk ◽  
Credit Card ◽  
Social Factor ◽  
Partial Least Square ◽  
The Body ◽  
Least Square ◽  
Islamic Banks ◽  
Content Type ◽  
Islamic Financial Institutions

Purpose The purpose of this paper is to examine the factor persuading the acceptance of Islamic pawn broking (Ar-Rahnu) among Islamic bank customers. Design/methodology/approach The authors collected the data using a self-administered questionnaire design and analysed using SPSS Statistics and smart partial least square. The study is restricted to only respondents who are based in the area of Klang Valley (Selangor and Kuala Lumpur), as these two areas have a larger number of Islamic banks and a decent number of Islamic banks’ clients. A total of 381 respondents’ responses are used for this study, and the constructs involved for analysis purpose are affect, social factor, facilitating conditions, perceived financial benefits and perceived risk constructs. Findings The finding suggests a significant positive association for social factor and perceived risk, while negative association learnt for affect on acceptance of Ar-Rahnu financing. On the same note, the facilitating condition and perceived financial benefit are found insignificantly related. Practical implications The findings generated from this study are expected to enrich the literature on the body of knowledge, as it has served to broaden the understanding of the Ar-Rahnu acceptance level in Malaysia. As mentioned, there is limited literature available using this type of financing. Existing studies focus too much on conventional financing products such as personal financing, credit card, short-term loan and many others. Less attention is given to Ar-Rahnu financing. Thus, this study expected to add value to the literature available in the context of Islamic pawn broking business. Moreover, the findings of this study will be very helpful for the Islamic financial institutions to find the best way to retain Ar-Rahnu clients and encourage more client to choose Ar-Rahnu as a mode of financing. Originality/value This study owns greater potential to assist Islamic financial institutions to discover the best techniques to retain and encourage the grander number of clients for Ar-Rahnu as a mode of financing.

Corporate governance and compliance with AAOIFI governance standards by Islamic banks

2020 ◽  
Vol 13 (5) ◽  
pp. 891-918
Author(s):  
Yosra Mnif ◽  
Marwa Tahari
Keyword(s):  
Corporate Governance ◽  
Financial Institutions ◽  
Audit Committee ◽  
Annual Reports ◽  
Islamic Banks ◽  
Content Type ◽  
Disclosure Requirements ◽  
Financial Expertise ◽  
Islamic Financial Institutions ◽  
Research Stage

Purpose This study aims to examine the effect of the main corporate governance characteristics on compliance with accounting and auditing organisation for Islamic financial institutions’ (AAOIFI) governance standards’ (GSs) disclosure requirements by Islamic banks (IB) that adopt AAOIFIs’ standards in Bahrain, Qatar, Jordan, Oman, Syria, Sudan, Palestine and Yemen. Design/methodology/approach The sample consists of 486 bank-year observations from 2009 to 2017. Findings The findings reveal that compliance with AAOIFIs’ GSs’ disclosure requirements is positively influenced by the audit committee (AC) independence, AC’s accounting and financial expertise and industry expertise, auditor industry specialisation, IB’s size and IB’s listing status. On the other hand, it is negatively influenced by the ownership concentration. Research limitations/implications This study has only examined compliance with AAOIFI’s GSs’ disclosure requirements and has focussed on one major sector of the Islamic financial institutions (which is IB). Practical implications The findings are useful for various groups of preparers and users of IBs’ annual reports such as academics and researchers, accountants, management of IBs and some organisations. Originality/value While the study of the AAOIFIs’ standards has grown contemporary with considerable contributions from scholars, however, the majority of these studies are descriptive in nature. Indeed, the existing literature that has explored the determinants of compliance with AAOIFI’s standards is in the early research stage. To the best of the knowledge, there is a paucity of empirical research testing this issue.

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