scholarly journals U-2 The Juristic Decisions and Resolutions about Modern Islamic Finance and economics issued by Islamic Fiqh academy India

2020 ◽  
Vol 4 (2) ◽  
pp. 25-48
Author(s):  
Sajjad Ahmed ◽  
Muhammad Shahbaz Manj
Keyword(s):  
Islamic Law ◽  
Global Network ◽  
Islamic Finance ◽  
Modern World ◽  
Contemporary Society ◽  
Ethical Problems ◽  
Interfaith Relations ◽  
Collective Effort ◽  
Collective Method ◽  
Muslim Communities

 According to the Quran and Sunnah, the Sharī‘ah ruling for the new incidents derived by the process of Ijtihad. From the Sharī‘ah sources, ijtihad is a prerequisite for the survival of Islam law in a modern world. It plays a crucial role in applying Shari‘ah to contemporary society. Ijtihad is categorized into two types as individually as well as collectively. In the era of globalization and specialization, the collective method of ijtihad is preferably required to be embraced. Collective Ijtihad is a practical mechanism for determining the Shari‘ah’s opinion on modern issues facing Muslim communities (ummah) on a multiplicity of current issues. It explores the practical framework of this kind of ijtihad and its application by discussing the Islamic Fiqh Academy (IFA) India that practice it. The main objective of IFA was to provide solutions through a collective effort of religious scholars to solve the contemporary legal and ethical problems Muslim societies faced. IFA was established in 1989 in Dehli, so far successfully brought together a large number of religious scholars (ʿulamāʾ) and collaborates with a global network of several Islamic institutions with similar objectives. In the seminars discuss all matters from the perspective of Islamic law in a bid to find acceptable solutions. As of 2017 IFA has conducted 27 seminars in different cities of India whereas addressed almost 135 crucial issues such as Islamic Business contracts, Islamic finance, economics, medical ethics, insurance, divorce given by a drunkard and given in the state of intense anger, interfaith relations, and dialogues collective issues have been discussed and its decisions are valued all over the world. By discussing the IBF, the objective is to high light the contemporary collective Ijtihād in Fiqh of finance in light of the guidelines provided by the Sharī‘ah.

scholarly journals EVOLVING MONETARY ECONOMICS IN ISLAMIC PERSPECTIVE

2021 ◽  
Vol 7 (2) ◽  
pp. 317-340
Author(s):  
Muhammad Ayub ◽  
M. Fahim Khan
Keyword(s):  
Monetary Policy ◽  
Islamic Law ◽  
Monetary Economics ◽  
Islamic Finance ◽  
Modern World ◽  
Public Confidence ◽  
Islamic Perspective ◽  
Banking And Finance ◽  
Finance Industry ◽  
Ethical Finance

The challenges facing the Islamic banking and finance industry include, inter alia, resolving the issue of ‘form over substance’, adopting value-based social and ethical finance, and reinforcing public confidence that its business and services conform to the principles of Shari’ah in both letter and spirit. These challenges can be faced only if Islamic finance is based on the money and monetary perspective of Islamic economics. An important aspect for discussion in this context is the issue of money creation. This paper is based on an analysis of the literature on conventional and Islamic economics and Islamic finance. It comprises observational and narrative research mainly because monetary policy from an Islamic perspective has not been implemented in any jurisdiction in the modern world. Its objective is thus to suggest how monetary policy might evolve from the perspective of Islamic law of contracts. It discusses an economic model in which a new theory of monetary economics could become a basis for evolving Islamic finance in its value-based perspective. It also discusses monetary economics and monetary policy from an Islamic perspective in the context of contemporary Muslim economies. The Islamic financial system must be based on the Islamic system of money, monetary economics and exchange principles. Hence, economists and policymakers may first focus on evolving monetary economics and policy from an Islamic perspective, to serve as a basis for structural reforms.

Slavery and the Slave Trade in the Sokoto Caliphate

2021 ◽  
Author(s):  
Murray Last
Keyword(s):  
19Th Century ◽  
North Africa ◽  
Islamic Law ◽  
Slave Trade ◽  
Local Markets ◽  
Large Numbers ◽  
Women And Children ◽  
Sokoto Caliphate ◽  
Muslim Communities ◽  
The 19Th Century

Established using a conventional Islamic model of government, the new Muslim state in Sokoto, known as the Sokoto Caliphate (1804–1903), possessed eventually very large numbers of men, women, and children, taken captive (usually when children) in jihad from mainly non-Muslim communities, to serve as slaves. These slaves worked on farms or within households, they might be concubines and bear children for their owners; or they might be sold as children for export to North Africa in payment for the luxury imports the new elite wanted. Slaves were, under Islamic law, deemed “minors” or “half-persons,” and so had rights that differed from those of the free Muslim. By the end of the 19th century there were more slaves on the local markets than could be sold; exports of captives to North Africa had already dropped. For some captives enslaved as children, however, the career as a slave led eventually to high political positions, even to owning many slaves of their own. But slaves’ property, even their children, ultimately belonged to the slave’s owner. Revolts by male slaves were very rare, but escape was commonplace. Concubines, if they ever became pregnant by their owner, could not be sold again. The abolition of slavery c.1903 was slow to become a reality for many individual slaves, whether men or women.

A STEP TOO FAR? THE JOURNEY FROM “BIOLOGICAL” TO “SOCIETAL” FILIATION IN THE CHILD'S RIGHT TO NAME AND IDENTITY IN ISLAMIC AND INTERNATIONAL LAW

2019 ◽  
Vol 34 (3) ◽  
pp. 383-407 ◽  
Author(s):  
Shaheen Sardar Ali
Keyword(s):  
International Law ◽  
Islamic Law ◽  
Legal Traditions ◽  
Rights Of The Child ◽  
State Practice ◽  
Legal Position ◽  
The Subject ◽  
Rights Discourse ◽  
Muslim Communities ◽  
Human Rights Discourse

AbstractThis socio-legal narrative investigates the journey from “biological” to “societal” filiation undertaken by Islamic and international law regimes in their endeavors to ensure a child's right to name and identity. Combining a discussion of filiation—a status-assigning process—with adoption and kafāla (fostering) as status-transferring mechanisms, it highlights a nuanced hierarchy relating to these processes within Muslim communities and Muslim state practices. It questions whether evolving conceptions of a child's rights to name and identity represent a paradigm shift from “no status” if born out of wedlock toward “full status” offered through national and international law and Muslim state and community practices. The article challenges the dominant (formal, legal) position within the Islamic legal traditions that nasab (filiation) is obtainable through marriage alone. Highlighting inherent plurality within the Islamic legal traditions, it demonstrates how Muslim state practice and actual practices of Muslim communities on the subject are neither uniform nor necessarily in accordance with stated doctrinal positions of the juristic schools to which they subscribe. Simultaneously, the paper challenges some exaggerated gaps between “Islamic” and “Western” conceptions of children's rights, arguing that child-centric resources in Islamic law tend to be suppressed by a “universalist” Western human-rights discourse. Tracing common threads through discourses within both legal traditions aimed at ensuring children a name and identity, it demonstrates that the rights values in the United Nations Convention on Rights of the Child resonate with preexisting values within the Islamic legal traditions.

scholarly journals Informal religiosity of central Volga area and Ural area «Muslim» peoples in 1960-1970

2016 ◽  
Vol 5 (2) ◽  
pp. 126-130
Author(s):  
Azat Korbangalievich Idiatullov ◽  
Lilia Nadipovna Galimova
Keyword(s):  
Soviet Union ◽  
Islamic Law ◽  
Modern World ◽  
Religious System ◽  
The Soviet Union ◽  
Islamic Religion ◽  
Soviet Time ◽  
The Subject ◽  
Middle Volga ◽  
Cultural Component

In recent years there has been an increased interest in Islam and Islamic law. Islam plays a very significant role in the modern world. Close interaction between legal and religious prescriptions of Islam, the religious basis of Muslim law, Muslim character is not in doubt. The article analyses informal religiosity of Muslim peoples of the Middle Volga and Urals in the 1960-1970. This time for relations between the authorities and Islamic institutions is relatively liberal. The restoration and development of official, allowed in the Soviet Union, as well as quite nontraditional for the Soviet time Islamic practices are noted by the authorities in the Middle Volga and the Urals. The reports name such informal forms of religiosity as neo-paganism, wandering mullahs, unofficial Muslim groups, worship, places of burial of saints and Sufi sources. The authorities, the party authorities, the official Muslim clergy stopped all forms of unofficial religiosity. For the Muslim peoples Islam has often been the subject of interest as a cultural component of their traditional worldview rather than a religious system. The authors believe that the Islamic religion has moved from ethno-cultural to the personal, informal level.

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 HUKUMAN DAN KEDUDUKAN HAK WARIS BAGI PELAKU EUTHANASIA

2018 ◽  
Vol 16 (2) ◽  
pp. 208-229
Author(s):  
Wirani Aisiyah Anwar
Keyword(s):  
Islamic Law ◽  
Medical Science ◽  
Modern World ◽  
Active Euthanasia ◽  
Passive Euthanasia ◽  
Speed Up

Euthanasia is a term used in medical science (medical), activities carried out to speed up the death of the patient who is considered unable to survive anymore. With the sophistication of the modern world now euthasia is considered a necessity, while euthanasia in Islamic law equates its law to murder. Murder is categorized in three forms, namely intentional murder, murder resembles intentional, and murder by mistakes. And euthanasia is divided into two, namely active euthanasia and passive euthanasia. In Islamic law active eythanasia is considered the same as intentional murder so that the perpetrator is subject to a qishash, diat punishment and for heirs or applicants of euthanasia no heir can be said (not receive inheritance from the victim of euthanasia), whereas passive euthanasia is permissible in Islamic law.

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 E-11 Compatibility of The Islamized Law of Murder of Pakistan with Modern Jurisprudence

2020 ◽  
Vol 4 (1) ◽  
pp. 121-129
Author(s):  
Ishfaq Ahmad ◽  
Ataullah Khan Mahmood
Keyword(s):  
Criminal Law ◽  
Islamic Law ◽  
Modern World

The Islamized law of murder, known as the qisas and diyat law of Pakistan, has been under severe criticism since its enforcement. This paper discusses the main features of Islamized law of murder, i.e. qatli-amd, of Pakistan. The paper also encompasses the meaning of law under contemporary jurisprudence and theories of law. The paper further discusses the compatibility of the Islamized law with the latest jurisprudential developments in modern societies. In the end, the paper suggests some further modifications into the existing criminal law of Pakistan about heinous office of murder as Islamized in the year 1990 and amended many times, subsequently. Finally, it holds that Islamic law of qisas and diyat is compatible with the latest jurisprudence and standards of modern world; hence is, practically, viable.

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