scholarly journals Legal Benefit: A Comparative Study between Legislation and Islamic Jurisprudence

2018 ◽  
Vol 11 (4) ◽  
pp. 102
Author(s):  
Shams El-Din Qassem Al-Khazaleh

The study dealt with the legal benefit in both: the legislations, specifically the Jordanian law, and the Islamic jurisprudence through the jurisprudence magazine. The study dealt with how to deal with the legal benefit in these legislations to reach the result of a discrepancy between these legislations and Islamic jurisprudence, it concluded that what is stated in Islamic jurisprudence is the best to apply. Results also showed the following: the Jordanian legislator did not provide for taking it into any of the unified or dual legal systems if the work is mixed, which caused a difference in the provisions of the judiciary The texts related to interest in Jordan are texts distributed between the Ottoman Murabaha system, the law of usury, the Jordanian trade law, the law of the Central Bank of Jordan, the Jordanian civil law and the Jordanian Code of Civil Procedure. All of the laws referred to above allow for the application of interest except the Civil Code, as article 640 states that: "If the loan contract provides an additional benefit to the contract, it is only to document the lender's right to the condition and validity of the contract", that is, the interest rate in loans is not considered. The provisions of the special laws referred to in respect of interest are applicable, without regard to the title of either party to the contract (that is, whether a trader or a non-trader), without regard also to the transactions of the parties to the contract by commercial transactions or related to the merchant's business needs or not related to those transactions especially considering some of the provisions of these special laws acts of banks as a commercial operation of banks and their customers.

2019 ◽  
Vol 34 (1) ◽  
pp. 74-106
Author(s):  
صالح أحمد اللهيبي

This paper deals with the position of the UAE Civil Transactions Law No. 5 of 1985 on the harmful act and how it dealt with this subject, and we know that the direct historical source of the civil transactions law is the Jordanian Civil Code. Some texts are quoted literally from this law. The Jordanian civil law is clearly influenced by the jurisprudence of Hanafi and the jurisprudential jurisprudence, while the general orientation of the UAE legislator is to adopt the most appropriate solutions in the jurisprudence with the introduction of the Maliki and Hanbali and Hanafi and Shafei, in the absence of legislation to rule the matter, the authors of the law The United Arab Emirates have changed some of the texts passed on to the Jordanian, but they do not abide by the amendment of the subsequent texts which should be amended in accordance with the previous amendment. In this paper, we dealt with the issues that we find most important in relation to the harmful act of harm, direct initiator and the cause of harm. , The harmed gathering between the wergild and compensation, and the position of the Federal Supreme Court and the Court of Dubai discrimination of these topics, and then concluded from this study several results such as a conflict between the provisions of the law of civil transactions UAE, and the base if met direct initiator and the cause of the addition of the act to the direct without the culprit is the basis You need to modify and add a lot of situations that require adding the verb to the sub-direct cause.


2020 ◽  
Vol 16 (9) ◽  
pp. 1656-1673
Author(s):  
V.V. Smirnov

Subject. The article discusses financial and economic momenta. Objectives. I determine financial and economic momenta as the interest rate changes in Russia. Methods. The study is based on a systems approach and the method of statistical analysis. Results. The Russian economy was found to strongly depend on prices for crude oil and natural gas, thus throwing Russia to the outskirts of the global capitalism, though keeping the status of an energy superpower, which ensures a sustainable growth in the global economy by increasing the external consumption and decreasing the domestic one. The devaluation of the national currency, a drop in tax revenue, etc. result from the decreased interest rate. They all require to increase M2 and the devalued retail loan in RUB, thus rising the GDP deflator. As for positive effects, the Central Bank operates sustainably, replenishes gold reserves and keeps the trade balance (positive balance), thus strengthening its resilience during a global drop in crude oil prices and the COVID-19 pandemic. The positive effects were discovered to result from a decreased in the interest rate, rather than keeping it low all the time. Conclusions and Relevance. As the interest rate may be, the financial and economic momentum in Russia depends on the volatility of the price for crude oil and natural gas. Lowering the interest rate and devaluing the national currency, the Central Bank preserves the resource structure of the Russian economy, strengthens its positions within the global capitalism and keeps its status of an energy superpower, thus reinforcing its resilience against a global drop in oil prices.


2021 ◽  
Vol 70 (2) ◽  
pp. 271-305
Author(s):  
Paula Giliker

AbstractThe law of tort (or extra or non-contractual liability) has been criticised for being imprecise and lacking coherence. Legal systems have sought to systemise its rules in a number of ways. While civil law systems generally place tort law in a civil code, common law systems have favoured case-law development supported by limited statutory intervention consolidating existing legal rules. In both systems, case law plays a significant role in maintaining the flexibility and adaptability of the law. This article will examine, comparatively, different means of systemising the law of tort, contrasting civil law codification (taking the example of recent French proposals to update the tort provisions of the Code civil) with common law statutory consolidation and case-law intervention (using examples taken from English and Australian law). In examining the degree to which these formal means of systemisation are capable of improving the accessibility, intelligibility, clarity and predictability of the law of tort, it will also address the role played by informal sources, be they ambitious restatements of law or other means. It will be argued that given the nature of tort law, at best, any form of systemisation (be it formal or informal) can only seek to minimise any lack of precision and coherence. However, as this comparative study shows, further steps are needed, both in updating outdated codal provisions and rethinking the type of legal scholarship that might best assist the courts.


2018 ◽  
Vol 56 (4) ◽  
pp. 1587-1591
Author(s):  
Neil Wallace

In The Curse of Cash, Rogoff (2016) makes two arguments. (i) Large denominations of currency are primarily used for illegal activity. Therefore, eliminating them would have benefits that far outweigh the costs in terms of lost seigniorage. (ii) The zero lower bound (ZLB) on the interest rate implied by the possibility of holding large amounts of currency is a costly constraint on central-bank policy. The best way to eliminate the ZLB is to eliminate all but small denominations of currency, ten dollars and lower, and to have those be in the form of coins. The style of the book, no models and no symbols, works fairly well for (i), but not so well for (ii). For (ii), the author is unclear about a crucial matter: what fiscal policy accompanies alternative interest-rate settings chosen by the central bank? ( JEL E26, E42, E43, E52, E58, E62)


2019 ◽  
Vol 7 (3) ◽  
pp. 369-382
Author(s):  
Bijan Haji Azizi ◽  
Marzieh Younesi

AbstractContract for practical investment are made in two forms, direct and indirect. Both of the contracts havedifferentiation so does the guaranteed interest condition for them. In the first method, which is the interest of direct investment, the owner of the capital is an investment agentand only interested investors are determined in terms and conditions. In this case from investment, interest is guaranteed by the fact that the investment recipient is committed to buy products produced at price that guarantee logical interest for investors. The accuracy of this guarantee condition is to ensure in term of Islamic law and jurisprudence because commitment to purchase is necessary condition. However in the second form, unlike the first, investor interest is indirectly decided and guaranteed and conditions are increasingly attractive by carrying out industrial and manufacturing activities. This form of interest is also considered legal and valid both in Islamic law and Iran's Civil Law and practically based on the principles of conditions and article 234 of Iran's civil law. So, the main problem of this research the validityof the guaranteed interest conditions in Iranian jurisprudence and law.Keywords: Guaranteed Profit Conditions, Jurisprudence, Iranian Law, MudarabahAbstrakKontrak untuk investasi praktis dibuat dalam dua bentuk, baik langsung maupun tidak langsung. Kedua metode investasi ini memiliki perbedaan, dan kondisi bunga yang dijamin untuk mereka juga akan berbeda. Pada metode pertama, yang merupakan bunga investasi langsung, pemilik modal adalah agen investasi, dan hanya bagi investor yang tertarik ditentukan dalam syarat dan ketentuan. Dalam hal investasi, bunga dijamin dengan fakta bahwa penerima investasi berkomitmen untuk membeli produk yang diproduksi dengan harga yang terjamin. Kondisi jaminan ini dipastikan baik dari segi hukum dan yurisprudensi Islam, karena adanya komitmen untuk membeli adalah syarat mutlak yang diperlukan. Namun dalam bentuk kedua, tidak seperti yang pertama, minat investor secara tidak langsung diputuskan dan dijamin dan kondisinya semakin menarik dengan melakukan kegiatan industri dan manufaktur. Bentuk minat ini juga dianggap sah, baik dalam hukum Islam dan Hukum Perdata Iran, serta sangat praktis berdasarkan pada prinsip-prinsip kelayakan dan pasal 234 hukum sipil Iran. Jadi, pertanyaan utama dari penelitian ini adalah seberapa validkah kondisi bunga yang dijamin dalam yurisprudensi dan hukum Iran?Kata kunci: Kondisi Keuntungan Terjamin, Yurisprudensi, Hukum Iran, MudarabahАннотацияКонтракты на практические инвестиции заключаются в двух формах - прямых и посредственных. У этих двух инвестиционных методов есть различия, и условия гарантированного процента для них также отличаются. В первом методе, который представляет интерес прямых инвестиций, владелец капитала также является инвестиционным агентом, и только заинтересованные инвесторы определяются по положениям и условиям. В случае инвестиций, интерес гарантируется тем фактом, что получатель инвестиций стремится покупать продукты, произведенные по гарантированным ценам. Условия данной гарантии обеспечиваются с точки зрения исламского права и исламской юриспруденции, поскольку обязательство по покупке является необходимым условием. Но во второй форме, в отличие от первой, заинтересованность инвестора определяется  и гарантируется посредственным образом, а условия становятся все более привлекательными при осуществлении промышленной и производственной деятельности. Эта форма также считается законной и действительной как в исламском праве, так и в гражданском праве Ирана и практически основана на принципах обладания правом и статье 234 гражданского права Ирана. Итак, главный вопрос этого исследования состоит в том, насколько верны условия гарантированного интереса в иранской юриспруденции и Иранском праве.Ключевые слова: условия гарантированной прибыли, юриспруденция, иранское право, мудараба  


2012 ◽  
Vol 14 (3) ◽  
pp. 283-315
Author(s):  
Ascarya Ascarya

This study aims to investigate transmission mechanism of dual monetary system from conventional and Islamic policy rates to inflation and output using Granger and VAR methods on monthly Indonesian banking data form January 2003 to December 2009. The result shows that conventional transmission mechanismsfrom conventional policy rate are all linked tooutput and inflation, while Islamic policy rate are not linked to output and inflation.In addition, the interest rate, credit and conventional interbank rate shocks give negative and permanent impacts to inflation and output, while PLS, financing and Islamic interbank PLS, as well as SBIS(Central Bank Shariah Certificate) as Islamic policy rate shocks give positive and permanent impacts to inflation and output. SBI (Central Bank Certificate) as conventional policy givespositive impact to inflation and negative impact to output.Keywords: Monetary transmission mechanism, Interest rate pass through, Conventional Banking, Islamic BankingJEL Classification: E43, E52, G21, G28


2015 ◽  
Vol 48 ◽  
pp. 167-174 ◽  
Author(s):  
Stephanos Papadamou ◽  
Moïse Sidiropoulos ◽  
Eleftherios Spyromitros

Author(s):  
Leonardo Gambacorta ◽  
Paul Mizen

Central bank policy operates first through financial markets and then through banks as they adjust their interest rates. This chapter discusses the transmission of policy in this first step of the monetary transmission mechanism, known as interest-rate pass-through. Historically, the focus of attention has been the interest-rate channel. We show the origins of this channel via a microfounded model of interest-rate setting by deposit-taking institutions that are Cournot oligopolists facing adjustment costs. We then examine other channels such as the bank lending channel and the bank capital channel and the role of central bank communications, signaling, and forward guidance over future interest rates. Each is shown to influence the setting of current short-term interest rates. The chapter closes with some issues for the future of pass-through in the transmission process.


2017 ◽  
Author(s):  
A. G. Shelomentsev ◽  
D. B. Berg ◽  
A. A. Detkov ◽  
A. P. Rylova

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