Libyan Islamic Banks and their Importance in Achieving Development

2021 ◽  
Vol 1 (4) ◽  
pp. 1-31
Author(s):  
Ezzedin Mohammad Mansor Elammari
Keyword(s):  
Sustainable Development ◽  
Economic Development ◽  
Social Development ◽  
Financial Institutions ◽  
Islamic Law ◽  
Islamic Banking ◽  
Islamic Banks ◽  
Investment Projects ◽  
Use Of Resources

This research paper seeks to highlight the role of Islamic banks in achieving development and its importance in Libya. These financial institutions are a humanitarian and social development message aimed at collecting funds and achieving the optimal use of resources in accordance with the rules and provisions of Islamic law to build an Islamic solidarity community, as well as employing money in investment projects that help achieve Economic and social development in Libya and thus achieving sustainable development through various Islamic financing formulas. This study reached a set of results, including that Islamic banking financing for economic projects is good and is increasing in recent times and that economic development is the goal of every country to develop its weak economy.

scholarly journals Al-Mashaqqah Tajlib Al-Tays¬ir Makna Dan Implikasinya Dalam Pengembangan Ekonomi Islam

2018 ◽  
Vol 3 (2) ◽  
Author(s):  
M. Dliyaul Muflihin
Keyword(s):  
Economic Development ◽  
Financial Institutions ◽  
Islamic Law ◽  
Islamic Banking ◽  
Islamic Banks ◽  
Equal Distribution ◽  
The Public ◽  
Islamic Financial Institutions ◽  
Islamic Economic

The problem of Islamic economics is also increasingly complex with the large number of banks. To meet the needs of transactions, banks have products that are offered to the public. In accordance with the function of the bank, namely collecting and distributing funds to the public. The purpose of channeling funds by Islamic banks is to support the implementation of development, improve justice, togetherness and equal distribution of people's welfare. This paper will answer what is the meaning of al-mashaqqah tajlib al-taysir and how do the Implications of al-mashaqqah tajlib al-taysir in the development of Islamic economy? The result of research shows that the meaning of the rule of al-mashaqqah tajlib al-taysir is the difficulty of bringing convenience. The point is that if implementing a provision of shara' mukallaf faces obstacles in the form of difficulties and limitations that exceed the limits of reasonable capabilities, then the difficulty automatically creates relief provisions. In other words, if we find difficulty in carrying out something that is to be sharia, then the difficulty becomes a justifiable cause to facilitate in carrying out something that is to be provision of sharia, so that we can continue to run the sharia of Allah easily. The implications raised by the rules of al-mashaqqah tajlib al-taysir are the determination of the law of Islamic financial institutions. This impact is seen when Islamic law allows transactions in Islamic banking financial institutions, so that the community will easily meet the needs by transacting with Islamic banking through contracts that have been agreed upon. Keywords: al-Mashaqqah Tajlib al-Taysir, Islamic Economic Development

scholarly journals Standard Quality Banking Services of Islamic Banks

2018 ◽  
Vol 8 (1) ◽  
pp. 301
Author(s):  
Haneen A. Al-Khawaja ◽  
Barjoyai Bardai
Keyword(s):  
Islamic Law ◽  
Theoretical Aspect ◽  
Islamic Banking ◽  
Islamic Banks ◽  
High Confidence ◽  
Banking Services ◽  
Standard Quality ◽  
Definition Of

This research discusses in detail the theoretical aspect of the quality standards of banking services of traditional Islamic banks. The criterion of "Shari'ah Compliance" was added by the researcher to the importance and role of dealing with Islamic banks, the definition of this standard and its importance, how to test it for banks as well as how, without the legitimate commitment of these banks to what is classified as Islamic from the foundation, we focus on the importance of the existence of a legal commitment to any Islamic bank to achieve the quality of Islamic banking services of high quality in accordance with Islamic law and laws to achieve a high confidence in the customers who belong to him and deal with his Conspiracy.

scholarly journals The Impact of Islamic Banking on the Jordanian Economy Compared with Commercial Banks

2016 ◽  
Vol 8 (3) ◽  
pp. 244
Author(s):  
Taha Barakat Al-shawawreh
Keyword(s):  
Economic Growth ◽  
Economic Development ◽  
Commercial Banks ◽  
Annual Reports ◽  
Islamic Banking ◽  
Islamic Banks ◽  
The Impact

<p>This research aims to evaluate the role of Islamic Banking in supporting the economic growth in Jordan, compared y commercial banks. Data was collected from the literature and the annual reports of two Jordanian banks representing Islamic and commercial banks. By analyzing the figures of the two banks, the results showed that Islamic banks have more ability to support the economic development in the Kingdom.</p>

scholarly journals منهجية مئسسات الجتهاد الجماعي في السودان: دراسة تحليلية حول مجمع الفقه الإسلامي وهيئات الرقابة الشرعية المصرفية

2018 ◽  
Vol 2 (1) ◽  
pp. 181-217
Author(s):  
محمد شريف بشير الشريف ◽  
محمد يوسف خالد
Keyword(s):  
Special Reference ◽  
Financial Institutions ◽  
Islamic Law ◽  
Modern Technology ◽  
Policy Implications ◽  
Islamic Banks ◽  
Public Issues ◽  
The Public ◽  
Supervisory Boards

The main objective of this paper is to examine the role of collective Ijtihad institutions in Sudan with special reference to the Islamic Fiqh Academy of Sudan (IFA-Sudan) and the Shari'a supervisory boards in Islamic banks. The paper begins with a background of fatwa history in Sudan, focusing particularly on the experience of the Islamic Fiqh Academy (IFA-Sudan), which is a leading institution in the area of collective Ijtihad, through the powers granted to it as an official fatwa institution and discusses its contribution diverse to both society and the state. This paper presents an overview of selected models of Shari'a supervisory boards in Islamic banks and financial institutions including the High Shari'a Supervisory Council (HSSC) in Central Bank of Sudan. It provides also in-depth and strong understanding of Shari'a consultancy mechanisms in Islamic banks and their role in fatwas harmonization in financial matters. Through discussion emphases have given to the working approaches and procedures for the issuance of fatwa and its reinforcement mechanism from the perspective and practices of Islamic law in Sudan. This paper highlights some significant results on the importance of institutions of collective ijtihad, especially in public issues and emerging subjects. In conclusion, some policy implications have been mentioned on the development of fatwa management and use of modern technology to communicate between Shari'a supervisory boards in Islamic Banks and other financial institutions within and outside the country, and the interaction with the public, through answering their religious questions. ملخص البحث يتناول هذا البحث موضوع الجتهاد الجماعي من خلال دور مؤسسات الفتوى في السودان, ويعرض تجاربها في مجال الإفتاء, وإدارة شؤونه. و يركز البحث على تقويم تجربة مجمع الفقه الإسلامي بالسودان, واللذي يعتبر مؤسسة رائدة في مجال الاجتهاد الجماعي, من خلال الصلاحيات الممنوحة له, وما يعرض أمامه من القضايا الدينية في كافة شؤون الحياة, ومجالاتها. كما يعرض البحث نماذج مختارة من تجارب هيئات الرقابة الشرعية للمصارف والمؤسسات المالية الإسلامية بالسودان, و يبين أساليب عملها, والإجراءات المتبعة لديها في إصدار الفتوى الجماعية. ويحاول البحث أن يخلص إلى نتائج مهمة حول أهمية مؤسسات الإجتهاد الجماعي, وضرورة استمرارها في تقديم الفتوى الشرعية, خاصة في القضايا العامة, والمسائل المستجدة بما يشمل مسائل المعاملات والأسرة, والقضايا الطبية والعلمية, إضافة إلى ما يخص الدولة, و المؤسسات, وأفراد المجتمع من قضايا اجتماعية, وسياسية. وفي الختام يقدم البحث توصيات عامة بشأن تطوير هيئات الإفتاء من ناحية إدارتها, واستخدم وسائل التقنية الحديثة في التواصل مع هيئات الإفتاء داخل البلاد وخرجها, والتفاعل مع الجمهور, والإجابة عن أسئلته, واستفتاءاته الدينية.

scholarly journals Aplikasi Konsep Wakalah dalam Pembayaran Zakat Simpanan: Kajian di Bank Islam Malaysia Berhad (BIMB)

2019 ◽  
pp. 333-354
Author(s):  
Norazira Sharif ◽  
Hairunnizam Wahid
Keyword(s):  
Economic Development ◽  
Research Question ◽  
Wealth Inequality ◽  
Policy Implications ◽  
Islamic Banking ◽  
Islamic Banks ◽  
The People ◽  
Socio Economic Development ◽  
Banking Institutions

Zakat has played an important role in the socio-economic development of Muslims to reduce income and wealth inequality among the people of a country. The contribution of zakat for savings to the total amount of zakat collected by the zakat institution is still relatively small compared to the collection of income on zakat. The importance of paying zakat among Muslims, especially in term of zakat for saving has been previously debated and various programs have been implemented by the zakat institution to ensure that they are able to carry out their responsibilities by paying zakat. In providing Shariah-compliant products, BIMB has partnered with the zakat institution to assist them to increase the amount of zakat for savings. The research question is to what extent Islamic banking institutions can play a role in helping zakat institutions to increase the amount of zakat in savings. This study is important because there are not many studies related to these aspects, especially the role of Islamic banks in increasing the amount of zakat on savings. The objective of this study is to explore the mechanism that BIMB has put in place to implement the zakat on savings and investment on behalf of the depositors by using the concept of wakalah between depositors and banks. This study has referred to several BIMB reports and unpublished reports to investigate all these aspects. This study found that a comprehensive mechanism do exist for BIMB's role in acting as a representative (al-wakil) in paying zakat on savings on behalf of the client (al-mutawakkil). Several suggestions and policy implications are also discussed in this study. Abstrak Zakat telah memainkan peranan yang penting di dalam pembangunan sosio ekonomi umat Islam untuk memastikan kesaksamaan serta mengurangkan jurang agihan pendapatan dan kekayaan dalam kalangan rakyat di dalam sesebuah negara. Sumbangan zakat simpanan daripada jumlah keseluruhan kutipan zakat dilihat masih lagi secara relatifnya kecil berbanding kutipan zakat pendapatan. Kepentingan membayar zakat terutamanya zakat simpanan telah lama diwar-warkan dan pelbagai program telah dijalankan oleh pihak yang berwajib bagi memastikan golongan yang mampu menjalankan tanggungjawab mereka dengan membayar zakat. Dalam menyediakan produk patuh syariah Bank Islam telah berkerjasama dengan pihak zakat bagi membantu meningkatkan jumlah kutipan zakat simpanan. Persoalan kajian ialah sejauhmanakah institusi perbankan Islam boleh berperanan membantu pihak institusi zakat meningkatkan jumlah kutipan zakat ke atas simpanan. Kajian ini adalah penting kerana tidak banyak kajian yang berkaitan dengan aspek perbankan Islam yang turut sama berperanan meningkatkan jumlah kutipan zakat ke atas simpanan. Objektif kajian ini dilakukan untuk melihat mekanisme yang telah dilancarkan oleh pihak BIMB bagi membayar zakat simpanan dan pelaburan bagi pihak pendeposit mereka menggunakan konsep wakalah di antara pelanggan dan bank. Kajian ini merujuk kepada beberapa laporan Bank Islam dan laporan yang tidak diterbitkan untuk meneliti aspek tersebut. Kajian ini mendapati telah wujud satu mekanisme yang komprehensif peranan BIMB dalam bertindak sebagai wakil (al-wakil) dalam membayarkan zakat ke atas simpanan bagi pihak pelanggan (al-mutawakkil). Beberapa cadangan dan implikasi dasar turut dijelaskan dalam kajian ini.  

Predicting the Role of Islamic Banking on Sustainable Economic Development

2020 ◽  
pp. 146-164 ◽  
Author(s):  
Serkan Eti ◽  
Hakan Kalkavan ◽  
Hasan Dinçer ◽  
Serhat Yüksel
Keyword(s):  
Economic Development ◽  
Growth Process ◽  
Banking Sector ◽  
Islamic Banking ◽  
Islamic Banks ◽  
Sustainable Economic Development ◽  
The Future

This chapter aims to predict the future of Islamic banking in Turkey. Three different Islamic banks operating in Turkey were taken to the scope of review. Within this framework, six different variables that are important for the banking sector have been identified. The data of these variables in the 2010-2018 period were analyzed by ARIMA method, and six different models were established. As a result, it is predicted that Islamic banking will grow in the future, and its profitability will increase. However, the ratio of non-performing loans is expected to increase, and capital is expected to decrease. Therefore, Islamic banks should be more cautious in this growth process. In this context, it is important to conduct an effective credibility analysis of customers to be loaned. This situation has a contributing effect on the sustainable economic development of the country.

scholarly journals AL-MASHAQQAH TAJLIB AL-TAYSIR MAKNA DAN IMPLIKASINYA DALAM PENGEMBANGAN EKONOMI ISLAM

2018 ◽  
Vol 3 (1) ◽  
pp. 11-21
Author(s):  
M. Dliyaul Muflihin
Keyword(s):  
Financial Institutions ◽  
Islamic Law ◽  
Islamic Banking ◽  
Islamic Banks ◽  
Equal Distribution ◽  
The Public ◽  
Islamic Financial Institutions ◽  
The Law

The problem of Islamic economics is also increasingly complex with the large number of banks. To meet the needs of transactions, banks have products that are offered to the public. In accordance with the function of the bank, namely collecting and distributing funds to the public. The purpose of channeling funds by Islamic banks is to support the implementation of development, improve justice, togetherness and equal distribution of people's welfare. This paper will answer what is the meaning of al-mashaqqah tajlib al-taysir and how do the Implications of al-mashaqqah tajlib al-taysir in the development of Islamic economy? The result of research shows that the meaning of the rule of al-mashaqqah tajlib al-taysir is the difficulty of bringing convenience. The point is that if implementing a provision of shara' mukallaf faces obstacles in the form of difficulties and limitations that exceed the limits of reasonable capabilities, then the difficulty automatically creates relief provisions. In other words, if we find difficulty in carrying out something that is to be sharia, then the difficulty becomes a justifiable cause to facilitate in carrying out something that is to be provision of sharia, so that we can continue to run the sharia of Allah easily. The implications raised by the rules of al-mashaqqah tajlib al-taysir are the determination of the law of Islamic financial institutions. This impact is seen when Islamic law allows transactions in Islamic banking financial institutions, so that the community will easily meet the needs by transacting with Islamic banking through contracts that have been agreed upon.

scholarly journals Banking Governance: Whats Special About Islamic Banks?

2015 ◽  
Vol 31 (4) ◽  
pp. 1621 ◽  
Author(s):  
Faten Ben Bouheni ◽  
Chantal Ammi
Keyword(s):  
Financial Institutions ◽  
Financial Services ◽  
Islamic Law ◽  
Banking Industry ◽  
Islamic Banking ◽  
Islamic Banks ◽  
Implicit Contracts ◽  
Conventional Banks ◽  
The U.S ◽  
The Eu

Recent turmoil and financial institutions failures in the U.S and in the EU have led to a renewed interest in corporate governance. Thus, the ultimate decisions taken to out of the crisis were to review the mechanisms of banking governance. The Islamic banking may use the same governance mechanisms as a conventional bank, in addition to the Shariah boards, the Shariah review unit, the Islamic International Rating Agency (IIRA) and, the Islamic Financial Services Board (IFSB) like main bodies of monitoring the Islamic Banking industry. In contrast to the conventional banks, the Islamic banks are based on the active participation of public policy institutions, regulatory and supervisory authorities, and Shariah authorities. These institutions collectively monitor the performance of the firm and its faithfulness and commitment to explicit as well as implicit contracts. Islamic banking designates banking activities, which are conforming to Islamic law (Shariah) and guided by Islamic economics. In particular, Islamic law prohibits usury and payment of interest (Riba), it also prohibits investing in businesses that are considered unlawful. And the competitiveness of many of Islamic products and the PLS principle attract Muslim and non-Muslim investors.

دور الشريعة الإسلامية في ترسيخ مبادئ الحوكمة: مدى إلزامية الوعد في المصارف الإسلامية نموذجاً (The Role of Shariah in Consolidating the Principles of Governance: The Study of the Extent of Mandatory Promise in Islam)

2019 ◽  
Vol 16 (2) ◽  
pp. 137-165
Author(s):  
ميسون قوادري ◽  
عارف علي عارف ◽  
حسن بن إبراهيم الهنداوي
Keyword(s):  
Islamic Law ◽  
Islamic Banking ◽  
Islamic Banks ◽  
Muslim Community ◽  
Community Members ◽  
Banking Institutions ◽  
Descriptive Approach ◽  
The Stability ◽  
Financial Transactions

يشهد العصر الراهن نموا معتبرا في حجم المؤسسات المصرفية الإسلامية؛ ما ترتب عنه زيادة الحاجة للاهتمام بأساليب التنظيم الإدارية والشرعية في هذه المؤسسات؛ لتحقيق أهدافها التي أنشأت من أجلها وتلبية رغبات أفراد المجتمع المسلمين وغير المسلمين ممن يرغبون في التعامل معها؛ لذا يأتي هذا البحث لبيان ماهية الحوكمة الشرعية في المصارف الإسلامية وعلاقتها بنظام هذه المؤسسات والتركيز على مبدأ الوفاء بالوعد وبيان مدى إلزاميته وعلاقته بمبادئ الحوكمة وذلك لإبراز السبق العلمي والدور الأساسي للشريعة الإسلامية في ترسيخ قواعد الحوكمة في جانب من جوانبها وأنها كفيلة باستقرار المعاملات بصفة عامة والمعاملات المالية بصفة خاصة بما تحويه من مبادئ سامية، وسينتهج البحث المنهج التحليلي لتحليل أقوال الفقهاء حول مسألة الوعد الملزم، والمنهج الوصفي لبيان مبادئ الحوكمة، وعلاقتها بمبادئ الشريعة الإسلامية السمحاء. الكلمات المفتاحيّة: الوعد، حكم الوعد، الحوكمة، مقاصد الشريعة الإسلامية، المصارف الإسلامية. Abstract The present epoch is witnessing a significant growth in the Islamic banking institutions, which has led to an increase of need of methods of administrative and legal in these institutions in order to achieve the objectives for which they were established and to meet the desire of Muslim and non-Muslim community members who wish to deal with them. Therefore, this study aims to discuss the essence of Islamic governance in Islamic banks and their relationship to the system of these institutions as well as to focus on the principle of fulfilling the promise and to show the extent of its mandatory and its relationship to the principles of governance. Hence, the study highlights the basic role of Islamic law in consolidating the principles of governance. These kind of principles securing the stability of transactions generally and financial transactions particularly, which containing exalted principles. This study used the analytical approach to analyze the statements of jurists on the issues of binding promise, as well as descriptive approach to explain the principles of governance and its relation to the principles of Islamic law. Keywords: Promise, Governance, The goal of Islamic laws, Islamic banks.

scholarly journals Pro dan Kontra Konversi Bank Konvensional Menjadi Perbankan Syariah

2021 ◽  
Vol 6 (2) ◽  
pp. 118-130
Author(s):  
Akla Rizka Alamsyah Alamsyah ◽  
Yaser Amri
Keyword(s):  
Qualitative Research ◽  
Financial Institutions ◽  
Islamic Law ◽  
Islamic Banking ◽  
Islamic Banks ◽  
The Public ◽  
Islamic Financial Institutions ◽  
Conventional Banks ◽  
Descriptive Qualitative

Kehadiran Qanun Nomor 11 Tahun 2018 tentang Lembaga Keuangan Syariah berimplikasi pada perkembangan bank syariah di Aceh. Dengan diundangkannya Qanun Lembaga Keuangan Syariah mengharuskan lembaga keuangan yang beroperasi di Aceh berdasarkan prinsip syariah. Akibatnya, bank konvensional di Aceh melakukan konversi menjadi bank syariah. Penelitian ini bertujuan untuk mengetahui pendapat pro dan kontra dari masyarakat terkait implementasi Qanun Nomor 11 Tahun 2018 pada perbankan yang beroperasi di Aceh. Penelitian ini merupakan penelitian kualitatif deskriptif dengan metode pengumpulan data dari studi literatur atau pustaka. Hasil penelitian menunjukkan bahwa pihak yang mendukung konversi bank konvensional menjadi syariah didasarkan pada keinginan untuk menjalankan syariat Islam secara kaffah. Sedangkan pihak yang kontra menolak implementasi dari qanun tersebut dikarenakan kekurangan bank syariah dalam penyediaan fasilitas dan jasa yang sesuai kebutuhan dan terjangkau serta lemahnya persepsi dan tingkat literasi masyarakat mengenai perbankan syariah.   The presence of Qanun Number 11 of 2018 concerning Islamic Financial Institutions has implications for the development of Islamic banks ini Aceh. With the promulgation of the Qanun on Sharia Financial Institutions, it requires financial institutions operating in Aceh to be based on sharia principles. As a result, convesional banks in Aceh converted into Islamic banks. This study aims to determine the opinions of the pro and contra of the public regarding the implementation of Qanun No. 11 Of 2018 in conventional banks operating in Aceh. This research is a descriptive qualitative research with the method of collecting data from literature studies. The results shower that those who supported the converion of conventional banks to Sharia were based on the desire to implements Islamic Law in a kaffah manner. Meanwhile, those sho oppose the implementation of the qanun are due to the lack of Islamic banks in providing facilities and services that are suitable and affordable as well as the weak perception and level of public literacy regarding Islamic banking.

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