Pub Date : 2020-12-28DOI: 10.55188/ijifarabic.v11i2.249
Ibrahim Nasir al-Sawafi
Sharīʿah-compliant muḍārabah, which is to pay money to someone who invests it and develops it for a portion of the profit, is one of the best means that Islamic banks and investment companies can use in order to invest their money, finance their clients, and raise capital without introducing new owners to own shares of the bank or company. It is also a means of achieving balance in financial liquidity between receivables and liabilities; however, muḍārabah investment or financing comes with multiple risks that make the executive management of banks and companies reluctant to deal with it. These risks are exemplified in the fear of capital loss, of inability to make a profit, and of the use of funds for purposes other than the investment. These risks should not remain a barrier that prevents its use in investment and financing in a manner that equals, or surpasses, other means of investment and financing. In this research we will examine the solutions proposed to reduce these risks; for example, a third party guarantee of capital or expected profit, and establishing provisions for investment risk and profit rate risk (profit stabilization). This research will be conducted according to three methodologies: inductive, comparative and analytical. The research has reached a number of results. These include that the correct view is the permissibility of renting an asset for a portion of what is produced from it. Also, it is imperative to find legitimate means to invest the compulsory reserve that is held by the Central Bank so that its owners are not deprived of its profits. Also, it is not permissible for the capital owner to require the muḍārib to make a certain minimal percentage of profit or a lump sum. Also, there is an urgent need to create a collective fund among Islamic banks and financial institutions to secure against the potential risks.
{"title":"The Risks Associated with Banking Muḍārabah, and Ways to Reduce It","authors":"Ibrahim Nasir al-Sawafi","doi":"10.55188/ijifarabic.v11i2.249","DOIUrl":"https://doi.org/10.55188/ijifarabic.v11i2.249","url":null,"abstract":"Sharīʿah-compliant muḍārabah, which is to pay money to someone who invests it and develops it for a portion of the profit, is one of the best means that Islamic banks and investment companies can use in order to invest their money, finance their clients, and raise capital without introducing new owners to own shares of the bank or company. It is also a means of achieving balance in financial liquidity between receivables and liabilities; however, muḍārabah investment or financing comes with multiple risks that make the executive management of banks and companies reluctant to deal with it. These risks are exemplified in the fear of capital loss, of inability to make a profit, and of the use of funds for purposes other than the investment. These risks should not remain a barrier that prevents its use in investment and financing in a manner that equals, or surpasses, other means of investment and financing. In this research we will examine the solutions proposed to reduce these risks; for example, a third party guarantee of capital or expected profit, and establishing provisions for investment risk and profit rate risk (profit stabilization). This research will be conducted according to three methodologies: inductive, comparative and analytical. The research has reached a number of results. These include that the correct view is the permissibility of renting an asset for a portion of what is produced from it. Also, it is imperative to find legitimate means to invest the compulsory reserve that is held by the Central Bank so that its owners are not deprived of its profits. Also, it is not permissible for the capital owner to require the muḍārib to make a certain minimal percentage of profit or a lump sum. Also, there is an urgent need to create a collective fund among Islamic banks and financial institutions to secure against the potential risks.","PeriodicalId":322283,"journal":{"name":"مجلة إسرا الدولية للمالية الإسلامية","volume":"15 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-12-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126904177","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 : 2020-06-29DOI: 10.55188/ijifarabic.v11i1.255
Okbah Abdellawi, Fawzi Mhireque, Issam Jawadi
This research paper aims at modeling the impact of Islamic finance on some macroeconomic variables in Sudan during the period (2000 - 2014), using standard models to measure the impact of the Islamic financing formulas of musharakah, mudarabah, salam, murabahah, leasing, istisna' and musasaqat, as well as "Shahama" certificates of government participation on gross domestic product (GDP). It also examines it impact on accumulation of fixed capital, family consumption, money supply, inflation, trade balance, and unemployment. In order to precisely describe the phenomena and economic behavior being studied, and in order to determine the real effects of the variables, the proposed economic model was estimated on the basis of a system of equations instead of single-equation economic models. The regular three-stage least squares method, which is a combination of the two-stage least squares method and the generalized placement method, was used. One of the most important results of the study is that the Islamic financing formulas clearly affect the control of liquidity management in order to achieve economic growth by focusing on financing through mudarabah, salam, and the other forms. Also, the accumulation of fixed capital can be promoted through murabahah, musharakah, mudarabah and other forms (leasing, istisna' and musaqat). The mudarabah and salam formulas contribute to controlling inflation while the murabahah and musharakah modes contribute to raising the level of consumption and aggregate demand. They also increase the surplus in the trade balance through export financing operations in addition to the competitive advantages granted to the local product through their effect on the exchange rate. As for Shahama government participation certificates, they had an impact on most economic variables and can be used to manage cash liquidity and, more importantly, to cover public expenditures and remedy the budget deficit.
本研究旨在建立2000 - 2014年期间伊斯兰金融对苏丹一些宏观经济变量的影响模型，使用标准模型衡量伊斯兰融资公式musharakah、mudarabah、salam、murabahah、leasing、istisna’和musasaqat以及“Shahama”政府参与证书对国内生产总值(GDP)的影响。它还考察了它对固定资本积累、家庭消费、货币供应、通货膨胀、贸易平衡和失业的影响。为了准确地描述所研究的现象和经济行为，并确定变量的实际影响，所提出的经济模型是基于方程组而不是单方程经济模型来估计的。采用了两阶段最小二乘法和广义布局法相结合的规则三阶段最小二乘法。研究的一个最重要的结果是，伊斯兰融资公式明显影响着流动性管理的控制，以通过mudarabah、salam等形式的融资来实现经济增长。此外，固定资本的积累可以通过murabahah、musharakah、mudarabah和其他形式(租赁、istisna和musaqat)来促进。“穆达拉巴”和“沙拉”模式有助于控制通货膨胀，而“穆拉巴哈”和“穆沙拉夫”模式有助于提高消费水平和总需求。它们除了通过对汇率的影响赋予当地产品竞争优势外，还通过出口融资业务增加了贸易差额的顺差。至于Shahama government participation certificate，它对大多数经济变量都有影响，可以用来管理现金流动性，更重要的是可以用来支付公共支出和弥补预算赤字。
{"title":"Modeling the impact of Islamic finance on macroeconomic variables in Sudan","authors":"Okbah Abdellawi, Fawzi Mhireque, Issam Jawadi","doi":"10.55188/ijifarabic.v11i1.255","DOIUrl":"https://doi.org/10.55188/ijifarabic.v11i1.255","url":null,"abstract":"This research paper aims at modeling the impact of Islamic finance on some macroeconomic variables in Sudan during the period (2000 - 2014), using standard models to measure the impact of the Islamic financing formulas of musharakah, mudarabah, salam, murabahah, leasing, istisna' and musasaqat, as well as \"Shahama\" certificates of government participation on gross domestic product (GDP). It also examines it impact on accumulation of fixed capital, family consumption, money supply, inflation, trade balance, and unemployment. In order to precisely describe the phenomena and economic behavior being studied, and in order to determine the real effects of the variables, the proposed economic model was estimated on the basis of a system of equations instead of single-equation economic models. The regular three-stage least squares method, which is a combination of the two-stage least squares method and the generalized placement method, was used. One of the most important results of the study is that the Islamic financing formulas clearly affect the control of liquidity management in order to achieve economic growth by focusing on financing through mudarabah, salam, and the other forms. Also, the accumulation of fixed capital can be promoted through murabahah, musharakah, mudarabah and other forms (leasing, istisna' and musaqat). The mudarabah and salam formulas contribute to controlling inflation while the murabahah and musharakah modes contribute to raising the level of consumption and aggregate demand. They also increase the surplus in the trade balance through export financing operations in addition to the competitive advantages granted to the local product through their effect on the exchange rate. As for Shahama government participation certificates, they had an impact on most economic variables and can be used to manage cash liquidity and, more importantly, to cover public expenditures and remedy the budget deficit.","PeriodicalId":322283,"journal":{"name":"مجلة إسرا الدولية للمالية الإسلامية","volume":"43 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-06-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130112303","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 : 2020-06-29DOI: 10.55188/ijifarabic.v11i1.253
Abdul Azim Abou Zaid
Financial intermediation is the core of banking business, as its role is to mediate between the owners of surplus funds and those in need of finance, sharing the generated profit with the funds’ owners. However, financial intermediation does involve some economic risks in terms of concentration of debt in financial institutions and the possibility of the inability of the financed clients to repay their debts. When this happens, financial crises are inevitable, as occurred in the last financial crisis in 2008. Islamic finance does not differ in this regard from its traditional counterparts, because the concentration of debts also holds on the concept of Islamic institutional finance, and the possibility of collective default is possible herein if no sufficient protective measures are taken by legislators to prevent this possibility. The study treats the issue of financial intermediation and its risks from Maqasidi aspect using home finance as a point of comparison between conventional home finance with Islamic home finance in terms of their economic effects. The study eventually proposes a model for home financing that is free of these cautions.
{"title":"Financial Intermediation from Shariah Perspective A Maqasidi Approach","authors":"Abdul Azim Abou Zaid","doi":"10.55188/ijifarabic.v11i1.253","DOIUrl":"https://doi.org/10.55188/ijifarabic.v11i1.253","url":null,"abstract":"Financial intermediation is the core of banking business, as its role is to mediate between the owners of surplus funds and those in need of finance, sharing the generated profit with the funds’ owners. However, financial intermediation does involve some economic risks in terms of concentration of debt in financial institutions and the possibility of the inability of the financed clients to repay their debts. When this happens, financial crises are inevitable, as occurred in the last financial crisis in 2008. Islamic finance does not differ in this regard from its traditional counterparts, because the concentration of debts also holds on the concept of Islamic institutional finance, and the possibility of collective default is possible herein if no sufficient protective measures are taken by legislators to prevent this possibility. The study treats the issue of financial intermediation and its risks from Maqasidi aspect using home finance as a point of comparison between conventional home finance with Islamic home finance in terms of their economic effects. The study eventually proposes a model for home financing that is free of these cautions.","PeriodicalId":322283,"journal":{"name":"مجلة إسرا الدولية للمالية الإسلامية","volume":"50 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-06-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123211913","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 : 2020-06-28DOI: 10.55188/ijifarabic.v11i1.252
Younes Soualhi
Since their inception, Islamic banks adhered to capital adequacy requirements promulgated by the Basel accord. Despite the profit and loss sharing and shariah compliance feature of Islamic banks, their technical operations in managing capital adequacy are not very much different from conventional banks in terms of provisioning for Tier 1 and Tier 2 capital. This study aims at highlighting the capital requirements for Islamic banks as delineated by the Basel accord and Islamic financial services Board (IFSB), adopting a comparative approach. It also aims at highlighting the impact of capital adequacy ratios on the financial stability, allowing Islamic banks to undertake their intermediary function at normal or stress situations. The study analyzed IFSB’s outlook on 20 Muslim countries and their capital adequacy ratios as per 2018 Financial stability Report. The research observed that IFSB’s statistics on Capital adequacy are clear indications on the positive impact on a number of variables. This would include liquidity, rise of Islamic banking assets, increased profitability, decline of non-performing financing portfolios, and an effective risk management especially those related to mudarabah and musharakah and displaced commercial risk (DCR). The analysis of IFSB’s statistics have led this research to conclude that capital adequacy ratios of Islamic banks contribute towards the overall financial stability. Besides, IFSB standard on capital adequacy may improve the performance of Islamic banks if the risk-weighted ratios for Islamic financial products are implemented as proposed in the standard. It was finally concluded that the Gulf states focused more on equity based sukuk compared to Malaysia that focused on debt based sukuk to meet Tier 2 capital.
{"title":"Adequacy of Islamic Banks and Financial Stability","authors":"Younes Soualhi","doi":"10.55188/ijifarabic.v11i1.252","DOIUrl":"https://doi.org/10.55188/ijifarabic.v11i1.252","url":null,"abstract":"Since their inception, Islamic banks adhered to capital adequacy requirements promulgated by the Basel accord. Despite the profit and loss sharing and shariah compliance feature of Islamic banks, their technical operations in managing capital adequacy are not very much different from conventional banks in terms of provisioning for Tier 1 and Tier 2 capital. This study aims at highlighting the capital requirements for Islamic banks as delineated by the Basel accord and Islamic financial services Board (IFSB), adopting a comparative approach. It also aims at highlighting the impact of capital adequacy ratios on the financial stability, allowing Islamic banks to undertake their intermediary function at normal or stress situations. The study analyzed IFSB’s outlook on 20 Muslim countries and their capital adequacy ratios as per 2018 Financial stability Report. The research observed that IFSB’s statistics on Capital adequacy are clear indications on the positive impact on a number of variables. This would include liquidity, rise of Islamic banking assets, increased profitability, decline of non-performing financing portfolios, and an effective risk management especially those related to mudarabah and musharakah and displaced commercial risk (DCR). The analysis of IFSB’s statistics have led this research to conclude that capital adequacy ratios of Islamic banks contribute towards the overall financial stability. Besides, IFSB standard on capital adequacy may improve the performance of Islamic banks if the risk-weighted ratios for Islamic financial products are implemented as proposed in the standard. It was finally concluded that the Gulf states focused more on equity based sukuk compared to Malaysia that focused on debt based sukuk to meet Tier 2 capital.","PeriodicalId":322283,"journal":{"name":"مجلة إسرا الدولية للمالية الإسلامية","volume":"12 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-06-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128961942","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 : 2019-12-30DOI: 10.55188/ijifarabic.v10i2.265
Badreddine Berrahlia
From 2016, many financial authorities have launched a regulatory “SandBox” as a facilitator of the Fintech which appear as a result of the marriage between finance and technology. Islamic finance, with their embedded risks, would be more developed with a safe place in which businesses can test Islamic innovative products, services, and business models without immediately incurring all the normal regulatory consequences engaging the financial field. The paper trying to explore the conceptual framework of the regulatory Sandbox (Chapter I), and its role in the development of the Islamic finance industry (Chapter II). It recommends establishing a regulatory sandbox as a new mechanism for achieving the market's integrity, promoting inclusion, and encouraging innovation in the Islamic finance sector.
{"title":"The Regulatory Sandbox and its role in the development of the Islamic Finance Industry","authors":"Badreddine Berrahlia","doi":"10.55188/ijifarabic.v10i2.265","DOIUrl":"https://doi.org/10.55188/ijifarabic.v10i2.265","url":null,"abstract":"From 2016, many financial authorities have launched a regulatory “SandBox” as a facilitator of the Fintech which appear as a result of the marriage between finance and technology. Islamic finance, with their embedded risks, would be more developed with a safe place in which businesses can test Islamic innovative products, services, and business models without immediately incurring all the normal regulatory consequences engaging the financial field. The paper trying to explore the conceptual framework of the regulatory Sandbox (Chapter I), and its role in the development of the Islamic finance industry (Chapter II). It recommends establishing a regulatory sandbox as a new mechanism for achieving the market's integrity, promoting inclusion, and encouraging innovation in the Islamic finance sector.","PeriodicalId":322283,"journal":{"name":"مجلة إسرا الدولية للمالية الإسلامية","volume":"30 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-12-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116055973","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 : 2019-12-30DOI: 10.55188/ijifarabic.v10i2.267
Sadiq Atiya Qindil
The study deals with risks prevalent in Islamic banks because some of such risks are internal and others are external, and they vary in their degree of risk based on individual bank or its surrounding environment. The study has revealed the most significant risks facing Islamic banks and studied them via highlighting the concept of risk, its nature and its sources, and then the discussion was made about management of such risk and their treatment. The study derived a set of results and conclusion, and the most important ones are variation of internal and external risks of Islamic banks, such risks are not arranged as per the degree of risk due to difference of circumstances and environments surrounding each bank. However, Islamic bank may apply the latest international banking standards to benefit in managing all types of the risk such as financing risk, operational risk, market and liquidity risk, business risk, reputation and business continuity risk, information security risk, and this will result in attaining transparency. Also, the study suggested Islamic banks to enact the supervisory role of managing the risk.
{"title":"Risks in Islamic Banks","authors":"Sadiq Atiya Qindil","doi":"10.55188/ijifarabic.v10i2.267","DOIUrl":"https://doi.org/10.55188/ijifarabic.v10i2.267","url":null,"abstract":"The study deals with risks prevalent in Islamic banks because some of such risks are internal and others are external, and they vary in their degree of risk based on individual bank or its surrounding environment. The study has revealed the most significant risks facing Islamic banks and studied them via highlighting the concept of risk, its nature and its sources, and then the discussion was made about management of such risk and their treatment. The study derived a set of results and conclusion, and the most important ones are variation of internal and external risks of Islamic banks, such risks are not arranged as per the degree of risk due to difference of circumstances and environments surrounding each bank. However, Islamic bank may apply the latest international banking standards to benefit in managing all types of the risk such as financing risk, operational risk, market and liquidity risk, business risk, reputation and business continuity risk, information security risk, and this will result in attaining transparency. Also, the study suggested Islamic banks to enact the supervisory role of managing the risk.","PeriodicalId":322283,"journal":{"name":"مجلة إسرا الدولية للمالية الإسلامية","volume":"113 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-12-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131872405","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 : 2019-12-30DOI: 10.55188/ijifarabic.v10i2.269
Illanel Wafa
This study aims to clarify concepts related to re-takaful activity, re-takaful complexes activity, and highlighting the effective role played by re-takaful complexes in supporting re-takaful activity, and clarifying the importance of re-takaful on the level of takaful companies and the economy as a whole; The study concluded that re-takaful complexes can achieve high rates of re-takaful activity, which encourages the work of Islamic financial institutions, improves the performance of re-takaful companies compared to commercial reinsurance companies, and ensures that Field of risks characterized by catastrophic consequences, which affect economic activity as a whole.
{"title":"The Role of Malaysia Re-takaful Pool in Supporting Re-takaful Activity","authors":"Illanel Wafa","doi":"10.55188/ijifarabic.v10i2.269","DOIUrl":"https://doi.org/10.55188/ijifarabic.v10i2.269","url":null,"abstract":"This study aims to clarify concepts related to re-takaful activity, re-takaful complexes activity, and highlighting the effective role played by re-takaful complexes in supporting re-takaful activity, and clarifying the importance of re-takaful on the level of takaful companies and the economy as a whole; The study concluded that re-takaful complexes can achieve high rates of re-takaful activity, which encourages the work of Islamic financial institutions, improves the performance of re-takaful companies compared to commercial reinsurance companies, and ensures that Field of risks characterized by catastrophic consequences, which affect economic activity as a whole.","PeriodicalId":322283,"journal":{"name":"مجلة إسرا الدولية للمالية الإسلامية","volume":"93 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-12-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116042295","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 : 2019-12-30DOI: 10.55188/ijifarabic.v10i2.266
ʿUways Amīn, Maʿtūq Jamāl
This research sought to draw back the veil on the issuance of ṣukūk in the world and to examine it by comparing [the experiences of] Malaysia and Saudi Arabia. This is in order to map the future stage of Islamic ṣukūk issuance so that the instrument can properly develop and become the desired Islamic alternative. The research adopted the descriptive and analytical methods and reached a number of results. The most important is that the performance of ṣukūk in the financial market is somewhat acceptable (as has been established by the standard studies); however it has not risen to the level of the aspirations of the Islamic world nor the level of its potential. Moreover, the overall size and growth rate of ṣukūk have decreased since 2013 CE, and the future trends confirm that this decline will continue until 2030 if the situation continues as is, as evidenced by the outlook study. The study recommends that trading in Islamic financial instruments should be included in the Islamic and international securities markets in order to develop dealing in this market.
{"title":"Evaluating the Experience of Sukuk Issuance in the World A Comparative Study of the Kingdom of Saudi Arabia and Malaysia","authors":"ʿUways Amīn, Maʿtūq Jamāl","doi":"10.55188/ijifarabic.v10i2.266","DOIUrl":"https://doi.org/10.55188/ijifarabic.v10i2.266","url":null,"abstract":"This research sought to draw back the veil on the issuance of ṣukūk in the world and to examine it by comparing [the experiences of] Malaysia and Saudi Arabia. This is in order to map the future stage of Islamic ṣukūk issuance so that the instrument can properly develop and become the desired Islamic alternative. The research adopted the descriptive and analytical methods and reached a number of results. The most important is that the performance of ṣukūk in the financial market is somewhat acceptable (as has been established by the standard studies); however it has not risen to the level of the aspirations of the Islamic world nor the level of its potential. Moreover, the overall size and growth rate of ṣukūk have decreased since 2013 CE, and the future trends confirm that this decline will continue until 2030 if the situation continues as is, as evidenced by the outlook study. The study recommends that trading in Islamic financial instruments should be included in the Islamic and international securities markets in order to develop dealing in this market.","PeriodicalId":322283,"journal":{"name":"مجلة إسرا الدولية للمالية الإسلامية","volume":"28 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-12-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130773128","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 : 2019-12-30DOI: 10.55188/ijifarabic.v10i2.268
Maya Fetni, Ibrahim Obadh, Maysaa Mulhim
The Islamic finance industry has been booming and widespread in the last decade. Financial institutions that deal with Islamic financial instruments have spread in many countries, one of which is Islamic Sukuk. The Sukuk has gained considerable importance in a few years, because of its comparative advantage with other financial instruments, which has encouraged many financial markets to deal with such instruments. Accordingly, the purpose of the present study is to identify the impact of Sukuk on the Malaysian financial market by analyzing the data and statistics during (2003-2017). The study has found that Sukuk has a positive impact on the Malaysian Islamic financial market, and that the increased demand for Sukuk leads to an increase in the volume of issues in the Malaysian Islamic financial market, allowing it to be more active and effective.
{"title":"Sukuk and their Impact on Islamic Financial Markets: Malaysia as an Example","authors":"Maya Fetni, Ibrahim Obadh, Maysaa Mulhim","doi":"10.55188/ijifarabic.v10i2.268","DOIUrl":"https://doi.org/10.55188/ijifarabic.v10i2.268","url":null,"abstract":"The Islamic finance industry has been booming and widespread in the last decade. Financial institutions that deal with Islamic financial instruments have spread in many countries, one of which is Islamic Sukuk. The Sukuk has gained considerable importance in a few years, because of its comparative advantage with other financial instruments, which has encouraged many financial markets to deal with such instruments. Accordingly, the purpose of the present study is to identify the impact of Sukuk on the Malaysian financial market by analyzing the data and statistics during (2003-2017). The study has found that Sukuk has a positive impact on the Malaysian Islamic financial market, and that the increased demand for Sukuk leads to an increase in the volume of issues in the Malaysian Islamic financial market, allowing it to be more active and effective.","PeriodicalId":322283,"journal":{"name":"مجلة إسرا الدولية للمالية الإسلامية","volume":"24 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-12-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125885037","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 : 2019-06-29DOI: 10.55188/ijifarabic.v10i1.258
Fares Djafri, Mohamad Akram Ladin
According to the International Islamic Financial Market Sukuk Report (IIFM, 2018), the global sukuk issuance has grown exponentially over the last three decades, recording a total issuance of US$ 97.9 billion in 2018 with Malaysia topped the list with US$ 32.8 billion representing 33.5 % of the world’s total. In the light of Malaysia’s experience as a foremost sukuk issuer, this paper examines the underlying concept and nature of the sukuk, the operational and structures involved in sukuk, and the legal and regulatory frameworks for sukuk issuance in Malaysia. In terms of methodology, the research adopts a qualitive approach employing the inductive method to trace primary and secondary data on the topic and the descriptive method to describe the Malaysian experience in sukuk issuance. The research also adopts the analytical method to evaluate the viability of sukuk issuance in the Malaysian context. The study found that the developments of sukuk in Malaysia is very promising due to the abundant encouragement provided by the regulators. The research has also concluded that the success of the Malaysian experience is due to the legal and regulatory frameworks and the infrastructure support system that facilitate and govern the sukuk issuance. It is also attributable to the Shariah framework that is uniquely co-exists with the existing legal framework to regulate sukuk issuances. These contribute to adherence of Shariah provisions and facilitate the growth of the industry thereby making Malaysia a leading model in sukuk issuance.
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