This article empirically investigates the drives for participation in Jamey'ah (literally, Society) in Egypt as a kind of Rotating Savings and Credit Associations (ROSCAs) that agree in its general framework with Islamic principles. The article also evaluates the sample’s experience with it in order to understand the influence of gender and income on the motives behind Society sharing and their valuation. The findings show that the amounts raised by societies are allocated to essential expenses. The tough procedures in case of borrowing; and low return in case of saving were the drivers behind leaving banks to finance via Societies as the results strongly suggest. The valuation of Societies indicate apparent impressive positive trend as the results strongly suggest. There is considerable empirical evidence showing that Societies can be a substitute to banks in providing personal loans.
{"title":"ROSCAs As an Islamic Micro Finance Vehicle: The Concept, Key Drivers and Valuation","authors":"Ahmed Al-Ajlouni","doi":"10.2139/ssrn.3340360","DOIUrl":"https://doi.org/10.2139/ssrn.3340360","url":null,"abstract":"This article empirically investigates the drives for participation in Jamey'ah (literally, Society) in Egypt as a kind of Rotating Savings and Credit Associations (ROSCAs) that agree in its general framework with Islamic principles. The article also evaluates the sample’s experience with it in order to understand the influence of gender and income on the motives behind Society sharing and their valuation. The findings show that the amounts raised by societies are allocated to essential expenses. The tough procedures in case of borrowing; and low return in case of saving were the drivers behind leaving banks to finance via Societies as the results strongly suggest. The valuation of Societies indicate apparent impressive positive trend as the results strongly suggest. There is considerable empirical evidence showing that Societies can be a substitute to banks in providing personal loans.","PeriodicalId":128045,"journal":{"name":"ISL: Islamic Culture (Topic) - Forthcoming","volume":"94 12 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128710752","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
There is widespread evidence that immigrants from Muslim-majority countries are discriminated against in Western Europe, relative to immigrants from European Christian-majority countries. Yet, it is not clear whether this discrimination is based on religion (Muslim), region of origin (since the bulk of Muslim-majority countries are located in regions outside Europe), or both. Relying on European Social Survey data and an identification strategy that seeks to separate religion from region of origin, our findings indicate that religion rather than region of origin explains such discrimination.
{"title":"Region of Origin or Religion? Understanding Why Immigrants from Muslim-Majority Countries are Discriminated Against in Western Europe","authors":"Claire L. Adida, D. Laitin, Marie‐Anne Valfort","doi":"10.2139/ssrn.2324280","DOIUrl":"https://doi.org/10.2139/ssrn.2324280","url":null,"abstract":"There is widespread evidence that immigrants from Muslim-majority countries are discriminated against in Western Europe, relative to immigrants from European Christian-majority countries. Yet, it is not clear whether this discrimination is based on religion (Muslim), region of origin (since the bulk of Muslim-majority countries are located in regions outside Europe), or both. Relying on European Social Survey data and an identification strategy that seeks to separate religion from region of origin, our findings indicate that religion rather than region of origin explains such discrimination.","PeriodicalId":128045,"journal":{"name":"ISL: Islamic Culture (Topic) - Forthcoming","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-09-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130484117","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Insolvency and Debt Restructuring have become important issues in Islamic Finance. Harvard-LSE Annual Workshop in 2013 invited analytical comments on the theme of its workshop on Insolvency and Debt Restructuring in Islamic Finance. These comments from various expert participants were invited by the Workshop organizers. Subsequently, the comments of all those attended this workshop and those who sent their comments were made available online for the broader readership.
{"title":"Insolvency and Debt Restructuring in Islamic Finance: Comments","authors":"M. Farooq","doi":"10.2139/SSRN.3068170","DOIUrl":"https://doi.org/10.2139/SSRN.3068170","url":null,"abstract":"Insolvency and Debt Restructuring have become important issues in Islamic Finance. Harvard-LSE Annual Workshop in 2013 invited analytical comments on the theme of its workshop on Insolvency and Debt Restructuring in Islamic Finance. These comments from various expert participants were invited by the Workshop organizers. Subsequently, the comments of all those attended this workshop and those who sent their comments were made available online for the broader readership.","PeriodicalId":128045,"journal":{"name":"ISL: Islamic Culture (Topic) - Forthcoming","volume":"24 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121897917","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper theoretically investigates the effectiveness of Islamic banking & finance concepts and concludes that in addition to the traditional prohibitions, Islamic banks should be aware of the immoral defrauding and selfish sales behaviour that took place in Western financial institutions, which only protected banks’ interests and the bonuses paid to management. In addition and through discussing developed countries banking practices in the 19th century, it has been concluded that the Islamic PLS (profit and loss sharing) contracts would have helped accelerate economic growth by its force of directing funds into profitable industries that increases banks’ cash flows and market confidence.
{"title":"Islamic Banking and Economic Development","authors":"Mahmoud S. Dahduli","doi":"10.2139/ssrn.1616624","DOIUrl":"https://doi.org/10.2139/ssrn.1616624","url":null,"abstract":"This paper theoretically investigates the effectiveness of Islamic banking & finance concepts and concludes that in addition to the traditional prohibitions, Islamic banks should be aware of the immoral defrauding and selfish sales behaviour that took place in Western financial institutions, which only protected banks’ interests and the bonuses paid to management. In addition and through discussing developed countries banking practices in the 19th century, it has been concluded that the Islamic PLS (profit and loss sharing) contracts would have helped accelerate economic growth by its force of directing funds into profitable industries that increases banks’ cash flows and market confidence.","PeriodicalId":128045,"journal":{"name":"ISL: Islamic Culture (Topic) - Forthcoming","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130021510","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper presents a review of related works that have been written over the years on the objective of the firm from the Islamic perspective. For the purpose of analysis, a general framework on proper economic conduct and objective of economic order as discussed by al-Ghazali and Maududi, respectively is provided. Several studies that provide mathematical models to explain the producer behavior are further examined in a separate section. Our analysis finds that, in general, the arguments provided in justifying the objective of the firm as found in the various studies have the Islamic framework in mind. The theoretical models that have been developed can be used as a basis to formulate a more comprehensive model on Islamic producer behavior that provides more rigor and robustness to the analysis.
{"title":"A Survey on the Objective of the Firm and Models of Producer Behavior in the Islamic Framework","authors":"S. Yusof, R. Amin","doi":"10.4197/islec.20-2.1","DOIUrl":"https://doi.org/10.4197/islec.20-2.1","url":null,"abstract":"This paper presents a review of related works that have been written over the years on the objective of the firm from the Islamic perspective. For the purpose of analysis, a general framework on proper economic conduct and objective of economic order as discussed by al-Ghazali and Maududi, respectively is provided. Several studies that provide mathematical models to explain the producer behavior are further examined in a separate section. Our analysis finds that, in general, the arguments provided in justifying the objective of the firm as found in the various studies have the Islamic framework in mind. The theoretical models that have been developed can be used as a basis to formulate a more comprehensive model on Islamic producer behavior that provides more rigor and robustness to the analysis.","PeriodicalId":128045,"journal":{"name":"ISL: Islamic Culture (Topic) - Forthcoming","volume":"79 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133433087","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 1900-01-01DOI: 10.1163/1568519962599122
M. Fadel
The study of the relationship between ijtihād and Taqlīd has been dominated by an approach that privileges ijtihād over Taqlīd on the assumption that the former is an intellectually superior mode of legal reasoning. By analyzing the role of Taqlīd in regulating the actions of muftīs and judges as discussed by post-6th/12th century jurists of the Mālikī school, I conclude that Taqlīd resulted from the desire to have uniform rules rather than as a result of intellectual stagnation. While ijtihād was individualistic and solipsistic, Taqlīd was the result of group interpretation that provided an objective basis upon which legal decisions and legal rulings could be described as being either substantively correct or incorrect. Viewed in this light, Taqlīd was originally a desire to limit the discretionary power of legal officials, especially those at the bottom of the legal hierarchy. The desire to possess uniform rules found its logical outcome in the legal genre of the mukhtaṣar as it emerged in the 7th/13th century. The mukhtaṣar functioned as the authoritative collection of a legal school's doctrine, and, for that reason, I argue that Islamic law in the age of mukhtaṣars is best understood as a codified Common Law.
{"title":"The Social Logic of Taqlid and the Rise of Mukhatasar","authors":"M. Fadel","doi":"10.1163/1568519962599122","DOIUrl":"https://doi.org/10.1163/1568519962599122","url":null,"abstract":"The study of the relationship between ijtihād and Taqlīd has been dominated by an approach that privileges ijtihād over Taqlīd on the assumption that the former is an intellectually superior mode of legal reasoning. By analyzing the role of Taqlīd in regulating the actions of muftīs and judges as discussed by post-6th/12th century jurists of the Mālikī school, I conclude that Taqlīd resulted from the desire to have uniform rules rather than as a result of intellectual stagnation. While ijtihād was individualistic and solipsistic, Taqlīd was the result of group interpretation that provided an objective basis upon which legal decisions and legal rulings could be described as being either substantively correct or incorrect. Viewed in this light, Taqlīd was originally a desire to limit the discretionary power of legal officials, especially those at the bottom of the legal hierarchy. The desire to possess uniform rules found its logical outcome in the legal genre of the mukhtaṣar as it emerged in the 7th/13th century. The mukhtaṣar functioned as the authoritative collection of a legal school's doctrine, and, for that reason, I argue that Islamic law in the age of mukhtaṣars is best understood as a codified Common Law.","PeriodicalId":128045,"journal":{"name":"ISL: Islamic Culture (Topic) - Forthcoming","volume":"75 10 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128058051","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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