Pub Date : 2019-06-29DOI: 10.55188/ijifarabic.v10i1.260
Halima Machiche
This research sheds light on suitability of the legal system of Islamic banks in Algeria and seeks to present ideas for their development in light of benefiting from the Malaysian experience through three axes. The first was the presentation of the Malaysian experience in developing the legal framework for Islamic banks. To the Islamic banks in Algeria and to monitor the most important obstacles, and the third and final axis provided ideas for the development of the legal system of Islamic banks in Algeria in the light of benefiting from the experience of Malaysia. The study concluded that the legal system in Algeria needs further amendments and improvements to suit the activity of Islamic banks.
{"title":"Towards the Development of the Legal System of Islamic Banks In Algeria In The Light of Malaysian Experience","authors":"Halima Machiche","doi":"10.55188/ijifarabic.v10i1.260","DOIUrl":"https://doi.org/10.55188/ijifarabic.v10i1.260","url":null,"abstract":"This research sheds light on suitability of the legal system of Islamic banks in Algeria and seeks to present ideas for their development in light of benefiting from the Malaysian experience through three axes. The first was the presentation of the Malaysian experience in developing the legal framework for Islamic banks. To the Islamic banks in Algeria and to monitor the most important obstacles, and the third and final axis provided ideas for the development of the legal system of Islamic banks in Algeria in the light of benefiting from the experience of Malaysia. The study concluded that the legal system in Algeria needs further amendments and improvements to suit the activity of Islamic banks.","PeriodicalId":322283,"journal":{"name":"مجلة إسرا الدولية للمالية الإسلامية","volume":"54 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-06-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115023269","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.v10i1.259
Mohd Mustafa Nayazi
Today's credit cards play a key role in facilitating new transactions, are to give the bank to the client a document includes a balance that can take money and pay the price is committed to repay in installments, Its first appearance was in 1914 when banks appeared in America, They have many types with different considerations in terms of advantages, The issuer and how to deal with it and others and others,The holding of cards in its sections and objectives is considered a new contract on Islamic jurisprudence Cannot be included in the overall picture under one contract, but is a complex contract of several decades Contracts in the relationship between their source and holder consist of three contracts: bail, lending, agency, In the relationship between the source and the merchant consists of two contracts: the guarantee and the agency, In the relationship between the cardholder and the merchant, the sale or lease is governed by the nature of the contract between them, As for its jurisprudential ruling, what the bank takes from the customer is a fee for the issuance and renewal of the card and when withdrawing the cash for his fees and administrative costs, this is permissible and nothing in it, Because it is in exchange for the apparent benefit of facilitating purchasing, cash and other services, but it is stipulated that this commission is reasonable for these services, If the condition of payment and payment is absolute or when the payment is delayed, that condition is invalid, so that this transaction is null and void because it is a Riba that is haraam, Alternative solutions for delay penalties are the debtor's eyesight if he is insolvent, the cancellation of membership, the withdrawal of the card, the recourse to the judiciary and the charging of the expenses of the dispute, Or the publication of the name of the client in a black list deterrent and Neglect and for the purchase of gold and silver powered if it is achieved by the immediate arrest is permissible, but if not achieved so it is not permissible to buy gold and silver.
{"title":"Credit Cards: Types and Fiqhi Characterisation","authors":"Mohd Mustafa Nayazi","doi":"10.55188/ijifarabic.v10i1.259","DOIUrl":"https://doi.org/10.55188/ijifarabic.v10i1.259","url":null,"abstract":"Today's credit cards play a key role in facilitating new transactions, are to give the bank to the client a document includes a balance that can take money and pay the price is committed to repay in installments, Its first appearance was in 1914 when banks appeared in America, They have many types with different considerations in terms of advantages, The issuer and how to deal with it and others and others,The holding of cards in its sections and objectives is considered a new contract on Islamic jurisprudence Cannot be included in the overall picture under one contract, but is a complex contract of several decades Contracts in the relationship between their source and holder consist of three contracts: bail, lending, agency, In the relationship between the source and the merchant consists of two contracts: the guarantee and the agency, In the relationship between the cardholder and the merchant, the sale or lease is governed by the nature of the contract between them, As for its jurisprudential ruling, what the bank takes from the customer is a fee for the issuance and renewal of the card and when withdrawing the cash for his fees and administrative costs, this is permissible and nothing in it, Because it is in exchange for the apparent benefit of facilitating purchasing, cash and other services, but it is stipulated that this commission is reasonable for these services, If the condition of payment and payment is absolute or when the payment is delayed, that condition is invalid, so that this transaction is null and void because it is a Riba that is haraam, Alternative solutions for delay penalties are the debtor's eyesight if he is insolvent, the cancellation of membership, the withdrawal of the card, the recourse to the judiciary and the charging of the expenses of the dispute, Or the publication of the name of the client in a black list deterrent and Neglect and for the purchase of gold and silver powered if it is achieved by the immediate arrest is permissible, but if not achieved so it is not permissible to buy gold and silver.","PeriodicalId":322283,"journal":{"name":"مجلة إسرا الدولية للمالية الإسلامية","volume":"211 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-06-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134030498","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.v10i1.257
Meftah Boudjelal
Islamic finance agreements, like other contracts or trade or financial agreements, can be disputed in their legitimacy regarding their establishment and / or the steps to implement them, not only in the eyes of the law, but also mainly in the perspective of the rules of Islamic law. However, dealing with agreements and products of the Islamic financial industry, requires beginning to respect legal regulations based on the Western legal model in most cases, and this even in the Islamic countries that adopt this financial industry innovated. Conflicts that may arise regarding the validity of Islamic finance on the balance of Shari'a cannot go beyond the legal framework and regulations currently in place around the world. Thus, it is important for Islamic finance traders to adjust the issue of conflict or challenge the legitimacy of Islamic financial industry contracts and products, given the legal reference to the application of Shari'a, as well as to the body that decides the dispute, whether internally or internationally.
{"title":"Conflict in Legitimacy of Islamic Finance","authors":"Meftah Boudjelal","doi":"10.55188/ijifarabic.v10i1.257","DOIUrl":"https://doi.org/10.55188/ijifarabic.v10i1.257","url":null,"abstract":"Islamic finance agreements, like other contracts or trade or financial agreements, can be disputed in their legitimacy regarding their establishment and / or the steps to implement them, not only in the eyes of the law, but also mainly in the perspective of the rules of Islamic law. However, dealing with agreements and products of the Islamic financial industry, requires beginning to respect legal regulations based on the Western legal model in most cases, and this even in the Islamic countries that adopt this financial industry innovated. Conflicts that may arise regarding the validity of Islamic finance on the balance of Shari'a cannot go beyond the legal framework and regulations currently in place around the world. Thus, it is important for Islamic finance traders to adjust the issue of conflict or challenge the legitimacy of Islamic financial industry contracts and products, given the legal reference to the application of Shari'a, as well as to the body that decides the dispute, whether internally or internationally.","PeriodicalId":322283,"journal":{"name":"مجلة إسرا الدولية للمالية الإسلامية","volume":"13 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-06-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125278876","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 : 2019-06-28DOI: 10.55188/ijifarabic.v10i1.256
Sami Al-Salahat
This study seeks to highlight the best of the Western models in the field of university endowments. It is a model that has been ensconced at the top of the educational pyramid in the United States and Europe for decades. This is due to the management, the investment methodologies and board policies adopted in this model regarding its holdings, investments and disbursements during the past decade. The exemplar of this model is Harvard University, one of the strongest scientific and academic universities in the United States of America; in fact, in the world. It is renowned for its academic strength and financial independence thanks to its endowments, which continue to manifest clear, strong growth. There is no doubt that the approach adopted by the University during the past decade has been very clear, especially in the area of protecting its endowment assets and in reducing expected losses in the area of investments of its endowment assets. This has been done by adopting the investment methodology and performance policies of the Governing Council, in addition to the exceptional performance of its arm for attracting new endowment assets and donations over the last decade. To discuss this experience, the research looks at the financial sustainability criteria adopted by the University to preserve its endowment assets and how the University deals with the risks that beset them. It has itself suffered several investment losses in its endowment assets, as is evident from the company's annual investment management reports. In addition, the University's endowment governance structure with regard to transparency, governance, and internal and external monitoring of its financial assets are discussed. There is no doubt that Harvard’s endowment experience has been pursuant to the endowment activity that has prevailed in several American and European universities, as well as those of Canada, Japan, Singapore and other countries. However, the most prominent and best in performance and investment are the American universities, which have benefited from the legislation in the United States in support of the phenomenon of endowments for the benefit of university education. The study will be limited to Harvard University, while taking into consideration the practical factors that led to the rise of the educational endowment phenomenon in the American university sector in the last two decades. This is approached through two subtopics. The first comprises the most prominent indicators of financial safety of endowment entities. The second is Harvard University Endowments as a model for financial sustainability.
{"title":"Financial Sustainability Criteria for Waqf Institutions: Harvard University as a Model","authors":"Sami Al-Salahat","doi":"10.55188/ijifarabic.v10i1.256","DOIUrl":"https://doi.org/10.55188/ijifarabic.v10i1.256","url":null,"abstract":"This study seeks to highlight the best of the Western models in the field of university endowments. It is a model that has been ensconced at the top of the educational pyramid in the United States and Europe for decades. This is due to the management, the investment methodologies and board policies adopted in this model regarding its holdings, investments and disbursements during the past decade. The exemplar of this model is Harvard University, one of the strongest scientific and academic universities in the United States of America; in fact, in the world. It is renowned for its academic strength and financial independence thanks to its endowments, which continue to manifest clear, strong growth. There is no doubt that the approach adopted by the University during the past decade has been very clear, especially in the area of protecting its endowment assets and in reducing expected losses in the area of investments of its endowment assets. This has been done by adopting the investment methodology and performance policies of the Governing Council, in addition to the exceptional performance of its arm for attracting new endowment assets and donations over the last decade. To discuss this experience, the research looks at the financial sustainability criteria adopted by the University to preserve its endowment assets and how the University deals with the risks that beset them. It has itself suffered several investment losses in its endowment assets, as is evident from the company's annual investment management reports. In addition, the University's endowment governance structure with regard to transparency, governance, and internal and external monitoring of its financial assets are discussed. There is no doubt that Harvard’s endowment experience has been pursuant to the endowment activity that has prevailed in several American and European universities, as well as those of Canada, Japan, Singapore and other countries. However, the most prominent and best in performance and investment are the American universities, which have benefited from the legislation in the United States in support of the phenomenon of endowments for the benefit of university education. The study will be limited to Harvard University, while taking into consideration the practical factors that led to the rise of the educational endowment phenomenon in the American university sector in the last two decades. This is approached through two subtopics. The first comprises the most prominent indicators of financial safety of endowment entities. The second is Harvard University Endowments as a model for financial sustainability.","PeriodicalId":322283,"journal":{"name":"مجلة إسرا الدولية للمالية الإسلامية","volume":"143 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-06-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124585803","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 : 2018-12-31DOI: 10.55188/ijifarabic.v9i2.264
Azman Mohd Noor, Abdulmajid Obaid Hassan
Gold trading is a common and important trade in most societies. Recently, many gold-related projects and transactions have emerged in Malaysia, but they are subject of controversy and most of which are not free of usury. Although some types of usury are not detailed in the Holy Quran, there are many Hadiths that explain how riba occurs in the trade of riba-based elements, including gold. Hence, this study will discuss the issue of usury arising from the gold trade and other related fraud programs. The research followed the descriptive and inductive method, tracing the cases and practices that are being implemented in the gold transactions, analysing them, and explaining their legal basis, departing from the legal Islamic texts and the evidences related to this section, in addition to the statement of tricks practiced in the gold trade by fraudsters, the models used in their programs, With their shariah rulings. The research found that most of the frauds in the gold trade involve delay and deferment of delivery and purchase without receipt, and all fraud schemes in the gold trade are not free of usury.
{"title":"Shari'a Issues in Gold trading and Related Fraud Programs","authors":"Azman Mohd Noor, Abdulmajid Obaid Hassan","doi":"10.55188/ijifarabic.v9i2.264","DOIUrl":"https://doi.org/10.55188/ijifarabic.v9i2.264","url":null,"abstract":"Gold trading is a common and important trade in most societies. Recently, many gold-related projects and transactions have emerged in Malaysia, but they are subject of controversy and most of which are not free of usury. Although some types of usury are not detailed in the Holy Quran, there are many Hadiths that explain how riba occurs in the trade of riba-based elements, including gold. Hence, this study will discuss the issue of usury arising from the gold trade and other related fraud programs. The research followed the descriptive and inductive method, tracing the cases and practices that are being implemented in the gold transactions, analysing them, and explaining their legal basis, departing from the legal Islamic texts and the evidences related to this section, in addition to the statement of tricks practiced in the gold trade by fraudsters, the models used in their programs, With their shariah rulings. The research found that most of the frauds in the gold trade involve delay and deferment of delivery and purchase without receipt, and all fraud schemes in the gold trade are not free of usury.","PeriodicalId":322283,"journal":{"name":"مجلة إسرا الدولية للمالية الإسلامية","volume":"46 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-12-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128570510","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 : 2018-06-29DOI: 10.55188/ijifarabic.v9i1.272
Muneer Maher A Al-shatir, Ahmed Sufyan Abdullah, Suhail Shareef
Cryptocurrency is considered a significant financial ground-breaking financial product which has led to a new revolution in financial market, affecting many countries and institutions globally, in both the economic and regulatory level. The huge impact of its existence can be seen by the enormous volume of borderless transactions, which occasionally overwhelming the economic size of some countries. The objective of this article is thus, to explore the reality of cryptocurrency focusing on Bitcoin as a case study. Besides, the article also aims to measure the efficiency of the currency technically and economically as to make assumptions on the probable impacts should it happen that the currency is adopted in main stream monetary system. Eventually, the article concludes that the adoption of the currency (bitcoin) may lead to inefficiency of the economy due to its nature of being overly exposed to the volatile market forces without any supervision. The adverse economic condition such as the risk of piracy and loss of rights, can also be expected as until currently there is no legal jurisdiction that guarantees the rights, apart of the presence of in the currency itself
{"title":"Economic Efficiency of Cryptocurrencies: Model of Bitcoin","authors":"Muneer Maher A Al-shatir, Ahmed Sufyan Abdullah, Suhail Shareef","doi":"10.55188/ijifarabic.v9i1.272","DOIUrl":"https://doi.org/10.55188/ijifarabic.v9i1.272","url":null,"abstract":"Cryptocurrency is considered a significant financial ground-breaking financial product which has led to a new revolution in financial market, affecting many countries and institutions globally, in both the economic and regulatory level. The huge impact of its existence can be seen by the enormous volume of borderless transactions, which occasionally overwhelming the economic size of some countries. The objective of this article is thus, to explore the reality of cryptocurrency focusing on Bitcoin as a case study. Besides, the article also aims to measure the efficiency of the currency technically and economically as to make assumptions on the probable impacts should it happen that the currency is adopted in main stream monetary system. Eventually, the article concludes that the adoption of the currency (bitcoin) may lead to inefficiency of the economy due to its nature of being overly exposed to the volatile market forces without any supervision. The adverse economic condition such as the risk of piracy and loss of rights, can also be expected as until currently there is no legal jurisdiction that guarantees the rights, apart of the presence of in the currency itself","PeriodicalId":322283,"journal":{"name":"مجلة إسرا الدولية للمالية الإسلامية","volume":"1218 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-06-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124837434","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 : 2018-06-29DOI: 10.55188/ijifarabic.v9i1.273
Abdelkader Bouazza, Mouhammadatni Chahrazad
The study aims to analyze the frameworks of activating the social responsibility of the banks operating in Algeria towards the customers, the environment and the society, by identifying the most important areas and elements of social responsibility undertaken by the Islamic banks and by trying to measure the orientations of the customers with these banks in order to know the levels of their orientations related to the most influential elements of social responsibility. 150 questionnaires were distributed to a random sample of dealers with Islamic banks, 93 of which were valid for study and analyses, and were analyzed based on SPSS 23 software. The study concluded that activating the social responsibility of Islamic banks could be enhanced when the banks adhere to social and ethical responsibility towards customers, the environment and society, because this responsibility extends beyond gaining profits.
{"title":"Towards the activation of Corporate Social Responsibility In Islamic Financial Institutions A field study from the point of view of customers with Islamic banks in Algeria","authors":"Abdelkader Bouazza, Mouhammadatni Chahrazad","doi":"10.55188/ijifarabic.v9i1.273","DOIUrl":"https://doi.org/10.55188/ijifarabic.v9i1.273","url":null,"abstract":"The study aims to analyze the frameworks of activating the social responsibility of the banks operating in Algeria towards the customers, the environment and the society, by identifying the most important areas and elements of social responsibility undertaken by the Islamic banks and by trying to measure the orientations of the customers with these banks in order to know the levels of their orientations related to the most influential elements of social responsibility. 150 questionnaires were distributed to a random sample of dealers with Islamic banks, 93 of which were valid for study and analyses, and were analyzed based on SPSS 23 software. The study concluded that activating the social responsibility of Islamic banks could be enhanced when the banks adhere to social and ethical responsibility towards customers, the environment and society, because this responsibility extends beyond gaining profits.","PeriodicalId":322283,"journal":{"name":"مجلة إسرا الدولية للمالية الإسلامية","volume":"127 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-06-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131996798","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 : 2018-06-29DOI: 10.55188/ijifarabic.v9i1.270
Maen Abubaker
This research aims to discuss the root cause of conflict of fatwa (Islamic advisory opinion) between Shariah bodies as it constitutes an obstacle that cannot be overlooked in the distinguished process of Islamic banking business even though it is still at its infancy stage. To get to the root of conflict of fatwā it is of paramount importance to establish the essence of Shariah Committees in Islamic financial institutions. And to point out the danger of the fatwā and confirm high status of fatwā as it is Shariah endorsement on behalf of Almighty Allah pertaining to His [Allah] legal rulings on His servants (mukallafin). Thereby, the research will further examine the core subject and effects of conflict of fatwā, causes and ways to harmonise the conflict. The research uses the descriptive and inductive methods to conduct its investigation. The descriptive method requires to study the phenomenon and analyse it as evidenced by the reality. Subsequently, will explore ways to harmonise the conflict and provide evidence to support it. The research concluded that the conflict of fatwā does not serve the development of Islamic banking operation as anticipated by practitioners whom foresee Islamic banks as alternate to conventional banking system or interest-based banking system. It is believed that Islamic banking operation in this manner will rupture the necessary segment is expected to unite and re-join. Further, the standardisation of fatwā is a difficult task and almost impossible to realise. The only option left is to harmonise it through mutual agreement on common features that regulate ijtihad (juristic reasoning) on Islamic banking operations which result in standardisation of method of fatwā. One of the features of this standardised method is moderation in deducing fiqh rulings. Such moderation does not conflict with adoption of lesser approach as relaxation of fiqh doctrines provided it is furnished by evidence and free from selfdesire. The moderation also can be manifested in the Islamic bank’s disposition to make easy profit or be relieved from certain restrictions taking into account end result and far from hiyal (tricks).
{"title":"Conflict of Fatwā (Islamic Advisory Opinion) Between Shariah Committees of Islamic Financial Institutions and Ways to Harmonise It","authors":"Maen Abubaker","doi":"10.55188/ijifarabic.v9i1.270","DOIUrl":"https://doi.org/10.55188/ijifarabic.v9i1.270","url":null,"abstract":"This research aims to discuss the root cause of conflict of fatwa (Islamic advisory opinion) between Shariah bodies as it constitutes an obstacle that cannot be overlooked in the distinguished process of Islamic banking business even though it is still at its infancy stage. To get to the root of conflict of fatwā it is of paramount importance to establish the essence of Shariah Committees in Islamic financial institutions. And to point out the danger of the fatwā and confirm high status of fatwā as it is Shariah endorsement on behalf of Almighty Allah pertaining to His [Allah] legal rulings on His servants (mukallafin). Thereby, the research will further examine the core subject and effects of conflict of fatwā, causes and ways to harmonise the conflict. The research uses the descriptive and inductive methods to conduct its investigation. The descriptive method requires to study the phenomenon and analyse it as evidenced by the reality. Subsequently, will explore ways to harmonise the conflict and provide evidence to support it. The research concluded that the conflict of fatwā does not serve the development of Islamic banking operation as anticipated by practitioners whom foresee Islamic banks as alternate to conventional banking system or interest-based banking system. It is believed that Islamic banking operation in this manner will rupture the necessary segment is expected to unite and re-join. Further, the standardisation of fatwā is a difficult task and almost impossible to realise. The only option left is to harmonise it through mutual agreement on common features that regulate ijtihad (juristic reasoning) on Islamic banking operations which result in standardisation of method of fatwā. One of the features of this standardised method is moderation in deducing fiqh rulings. Such moderation does not conflict with adoption of lesser approach as relaxation of fiqh doctrines provided it is furnished by evidence and free from selfdesire. The moderation also can be manifested in the Islamic bank’s disposition to make easy profit or be relieved from certain restrictions taking into account end result and far from hiyal (tricks).","PeriodicalId":322283,"journal":{"name":"مجلة إسرا الدولية للمالية الإسلامية","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-06-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129411173","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 : 2018-06-29DOI: 10.55188/ijifarabic.v9i1.271
Majid Mohammed Al-kindi
The economy has been beset by a crisis that has left no one untouched, but the hardest hit has been the low-income class in the society. Islam has spread a social safety net by its economic system, which includes waqf, by which an asset is made inalienable while the usufruct is designated for a charitable purpose. It is a means by which economic amenities are made widely available to individuals in the society, particularly the feeble and the poor. Many people have undertaken this type of donation, seeking reward [from Allah], to the point that the aggregate value of waqf properties is running neck and neck with that of private property. Due to the importance mentioned, and in order to induce a revival of the national economy, Al-Rawaj decided -seeking the help of Allah- to conduct research on the investment of waqf assets in Oman to determine its effectiveness and the efficiency of the institution(s) conducting it. The circumstances dictate that the topic be divided into two sections; the first undertakes to determine the [Shariah] conditions for waqf-related investment. The conclusions reached in this section are then applied to the actual practice of waqf-related investment that is the subject of the study to determine how close or distant it is from them. In case it is close, such efforts should be multiplied. In case it is far removed from achieving the desired results, the institution conducting the administration and investment needs to be reexamined. The research revealed two things: first, the Shariah conditions for waqf-related investment, and [the second,] the actual practice in Oman. As for the conditions for waqf-related investment, the research concluded that they are six: first: the investment must be in Shariah-compliant activities; second: the investment should not transfer the ownership of the waqf asset; third: it should not contradict the stipulations of the waqf donor; fourth: the investment activity should not be high-risk; rather, the probability of profitability should be predominant; fifth: the investment activity should not cause loss to the waqf by giving it a return less than the going market rate for similar use of similar assets; sixth: the activity in which the waqf assets are invested should be consistent with the overall national economic plan. Regarding the practical reality, the research found a vast difference between these conditions and the practice of investment in Oman. Many waqf assets lie dormant, untouched by investment. Moreover, many waqf assets are being leased at below-market rates. This causes a loss to the society of wealth that could reduce the intensity of the present crisis. It also imposes many additional demands on the state budget in order to mitigate the shortfall.
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Pub Date : 2017-12-25DOI: 10.55188/ijifarabic.v8i2.274
A. Gherbi
Researchers are used to distinguishing between Shari’ah-compliant companies and non-compliant companies, and a number of terms have appeared in that regard such as “pure companies”,” mixed companies” and “prohibited companies”. This is because it is unimaginable that all companies would be of the same degree of Shari’ah quality. Therefore, there is an apparent need for Shari’ah stock rating similar to the credit ratings issued by the international rating agencies such as Moody's, Standard & Poor's and Fitch. Shari’ah rating differs from credit rating, which focuses on the company’s solvency and its ability to fulfill its obligations. Shari’ah rating is a complement of the latter. Investors in financial markets check credit ratings to avoid failed companies. Investors in the Islamic stock market would prefer the most Shari’ah-compliant companies; that is, those with the highest Shari’ah quality rating; and they would avoid the stocks of lower purity that is, those with the lowest Shari’ah quality rating. This study presents an appropriate methodology for rating of Shari’ah-compliant stocks.
{"title":"Towards a Gradual Methodology for Sharia Stock Rating","authors":"A. Gherbi","doi":"10.55188/ijifarabic.v8i2.274","DOIUrl":"https://doi.org/10.55188/ijifarabic.v8i2.274","url":null,"abstract":"Researchers are used to distinguishing between Shari’ah-compliant companies and non-compliant companies, and a number of terms have appeared in that regard such as “pure companies”,” mixed companies” and “prohibited companies”. This is because it is unimaginable that all companies would be of the same degree of Shari’ah quality. Therefore, there is an apparent need for Shari’ah stock rating similar to the credit ratings issued by the international rating agencies such as Moody's, Standard & Poor's and Fitch. Shari’ah rating differs from credit rating, which focuses on the company’s solvency and its ability to fulfill its obligations. Shari’ah rating is a complement of the latter. Investors in financial markets check credit ratings to avoid failed companies. Investors in the Islamic stock market would prefer the most Shari’ah-compliant companies; that is, those with the highest Shari’ah quality rating; and they would avoid the stocks of lower purity that is, those with the lowest Shari’ah quality rating. This study presents an appropriate methodology for rating of Shari’ah-compliant stocks.","PeriodicalId":322283,"journal":{"name":"مجلة إسرا الدولية للمالية الإسلامية","volume":"26 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-12-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114516631","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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