Pub Date : 2016-12-26DOI: 10.55188/ijifarabic.v7i2.282
Said Bouheraoua, Sa’id Adekunle Mikail, Riaz Ansary
This research examines the issue of zakāh on non-current banking debts within its theoretical framework. The main problems dealt with are the conflicting contemporary juristic opinions on the issue of zakāh on non-current banking debts as well as the conflicting ways that these opinions have been implemented. This makes it necessary to pinpoint the most important causes for the controversy and to identify the weightiest opinion on the matter. The study begins by defining non-current banking debts and identifying their most salient characteristics. It then undertakes an explanation of the classical scholarly controversy regarding zakāhon debts which are not yet due. The authors have chosen the second view, which is that zakāh is obligatory on debts that are currently due and upon the capital and profits that will come due during the current financial year. Nevertheless, the authors see the necessity of an empirical study relying upon experts in the calculation of zakāh to explore the economic impact that implementation of each of the three views mentioned would have and to choose the opinion that secures justice for both sides of the zakāh function (those upon whom it is due and its rightful recipients). Regarding the aggregate wealth upon which zakāh is due, the study has examined the views of contemporary scholars on the zakātablewealth of financial institutions. This is determined by accounting for all of the institution’s assets and all of its liabilities. The study explains the most prominent resolutions on this matter, as well as the evidence cited, without voicing a preference for one resolution over another. The study also deals with the scholarly controversy regarding the zakāh obligation on the government’s share in Islamic financial institutions in which it owns all or part of the shareholder capital. The authors favor the third approach regarding the obligation of zakāh on mixed wealth, that if the government rules it to be obligatory it shall be levied on all the shares, including those of the government.
{"title":"Zakāh On Non-Current Banking Debts: A Review And Assessment Of The Theoretical Framework","authors":"Said Bouheraoua, Sa’id Adekunle Mikail, Riaz Ansary","doi":"10.55188/ijifarabic.v7i2.282","DOIUrl":"https://doi.org/10.55188/ijifarabic.v7i2.282","url":null,"abstract":"This research examines the issue of zakāh on non-current banking debts within its theoretical framework. The main problems dealt with are the conflicting contemporary juristic opinions on the issue of zakāh on non-current banking debts as well as the conflicting ways that these opinions have been implemented. This makes it necessary to pinpoint the most important causes for the controversy and to identify the weightiest opinion on the matter. The study begins by defining non-current banking debts and identifying their most salient characteristics. It then undertakes an explanation of the classical scholarly controversy regarding zakāhon debts which are not yet due. The authors have chosen the second view, which is that zakāh is obligatory on debts that are currently due and upon the capital and profits that will come due during the current financial year. Nevertheless, the authors see the necessity of an empirical study relying upon experts in the calculation of zakāh to explore the economic impact that implementation of each of the three views mentioned would have and to choose the opinion that secures justice for both sides of the zakāh function (those upon whom it is due and its rightful recipients). Regarding the aggregate wealth upon which zakāh is due, the study has examined the views of contemporary scholars on the zakātablewealth of financial institutions. This is determined by accounting for all of the institution’s assets and all of its liabilities. The study explains the most prominent resolutions on this matter, as well as the evidence cited, without voicing a preference for one resolution over another. The study also deals with the scholarly controversy regarding the zakāh obligation on the government’s share in Islamic financial institutions in which it owns all or part of the shareholder capital. The authors favor the third approach regarding the obligation of zakāh on mixed wealth, that if the government rules it to be obligatory it shall be levied on all the shares, including those of the government.","PeriodicalId":322283,"journal":{"name":"مجلة إسرا الدولية للمالية الإسلامية","volume":"47 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-12-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122971209","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 : 2016-06-26DOI: 10.55188/ijifarabic.v7i1.288
Monir Soliaman Al-Hakim
The study aimed to propose a mechanism for financing working capital in SME’S by Islamic banks using Salam contract coupled with Supply contract as an alternative to traditional borrowing to meet the financing needs of SME’s and instead of using Over Draft, employed by most of SME’s in our time to cover it’s need for funding gap. The study reviewes Salam contract and its distinctive features which allows cash funding and amplitude in its implimentation areas in a known price, and also discusses SME’s funding needs, working capital and its importance for SME’s. The study concludes with some findings and recommendations, among them: the necessity to adopt Salam contract and parallel Salam coupled with supply contract by Islamic Banks according to customer case to be a new investment tools offered by flex Islamic jurisprudence, the study also confirms the necessity of SME’s to cover its finanding gap by using the most important Islamic tool “Salam contract”, which inriches SME’s to resort to forbidden interest-based financing, the study also emphasizes the necessity to deal with problems that may appear in practice by using the ehsan equation.
{"title":"Financing Working Capital in SME’S Using Salam Contract","authors":"Monir Soliaman Al-Hakim","doi":"10.55188/ijifarabic.v7i1.288","DOIUrl":"https://doi.org/10.55188/ijifarabic.v7i1.288","url":null,"abstract":"The study aimed to propose a mechanism for financing working capital in SME’S by Islamic banks using Salam contract coupled with Supply contract as an alternative to traditional borrowing to meet the financing needs of SME’s and instead of using Over Draft, employed by most of SME’s in our time to cover it’s need for funding gap. The study reviewes Salam contract and its distinctive features which allows cash funding and amplitude in its implimentation areas in a known price, and also discusses SME’s funding needs, working capital and its importance for SME’s. The study concludes with some findings and recommendations, among them: the necessity to adopt Salam contract and parallel Salam coupled with supply contract by Islamic Banks according to customer case to be a new investment tools offered by flex Islamic jurisprudence, the study also confirms the necessity of SME’s to cover its finanding gap by using the most important Islamic tool “Salam contract”, which inriches SME’s to resort to forbidden interest-based financing, the study also emphasizes the necessity to deal with problems that may appear in practice by using the ehsan equation.","PeriodicalId":322283,"journal":{"name":"مجلة إسرا الدولية للمالية الإسلامية","volume":"87 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-06-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116906125","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 : 2016-06-26DOI: 10.55188/ijifarabic.v7i1.286
Arif Ali Arif Al-Quradaghi, Hussam Aldin Khalil Faraj Muhammad
This research aims to provide an Islamic Fiqhi perspective on the provisions of redemption by the dissolution (Fasakh). The redemption of investment sukuk by dissolution covers dissolution due to defect, dissolution due to failure of the originator to perform the obligation. The research also discusses the obligation in the event the sukuk originator is bankrupt or not servicing the debt or not-performing the obligation due to the sukukholders. The research has adopted the inductive, deductive, and analytical methods. It ended up to many significant findings. Firstly, each occurrence of the increasing or decreasing of Sukūk assets doesn’t prevents the dissolution of Sukūk contract, and the determination of who is owner of subsequent increasing, or who are responsible about the compensation of subsequent decrease in Sukūk assets, is varies according to difference conditions. Finally, the bankruptcy of the originator and its failure to perform its obligations gives the Sukūk holders the right to resort to justice, for making interdiction (Hajr) on his company including its money and properties, and distribute it on the creditors.
{"title":"The Redemption of Sukūk by the Dissolution (Fasakh) of the Contract: A Comparative Fiqhi Study","authors":"Arif Ali Arif Al-Quradaghi, Hussam Aldin Khalil Faraj Muhammad","doi":"10.55188/ijifarabic.v7i1.286","DOIUrl":"https://doi.org/10.55188/ijifarabic.v7i1.286","url":null,"abstract":"This research aims to provide an Islamic Fiqhi perspective on the provisions of redemption by the dissolution (Fasakh). The redemption of investment sukuk by dissolution covers dissolution due to defect, dissolution due to failure of the originator to perform the obligation. The research also discusses the obligation in the event the sukuk originator is bankrupt or not servicing the debt or not-performing the obligation due to the sukukholders. The research has adopted the inductive, deductive, and analytical methods. It ended up to many significant findings. Firstly, each occurrence of the increasing or decreasing of Sukūk assets doesn’t prevents the dissolution of Sukūk contract, and the determination of who is owner of subsequent increasing, or who are responsible about the compensation of subsequent decrease in Sukūk assets, is varies according to difference conditions. Finally, the bankruptcy of the originator and its failure to perform its obligations gives the Sukūk holders the right to resort to justice, for making interdiction (Hajr) on his company including its money and properties, and distribute it on the creditors.","PeriodicalId":322283,"journal":{"name":"مجلة إسرا الدولية للمالية الإسلامية","volume":"290 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-06-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134467419","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 : 2016-06-26DOI: 10.55188/ijifarabic.v7i1.289
Usama A. Alani
One of the most devastating economic challenges facing the Muslim world is the increasing rate of unemployment, which has devastated the youth and has become alarming. The phenomenon of unemployment has reached level that threatens the future of this generation which is seen as the pillar and key factor for the growth of the entire Ummah. There are many ways to curb the disease of unemployment; however, the discussion in this research focuses on the role of small business due to its global merits and achievement in reducing and eliminating unemployment. The paper would approach it in a new dimension stressing more on the role of the Prophetic (Sunnah) tradition in the administration and financing of small businesses. The paper initiates its discussion with a theory which states that: there are some acts reported in the Sunnah that can contribute to reduction of unemployment and can be harnessed to finance and administer small businesses. This research aims at compiling hadith related to administration of small business and ways to financing it. It also derives fundamental basis which can be easily neglected in contemporary deals. The paper also attempts to proffer practicable proposal to guide small business in light of Sunnah. In order to actualise the very of objectives of the paper and to address its challenges, it has been categorised into three, namely: small projects, Sunnah guidance for employers, financing of small projects/businesses in line with Prophetic requirements. The research finds multiple results among which are: the Prophet (May Allah bless him) (Sunnah Amaliyyah) gives directions in his tradition on strategies for financing small businesses as means to combat unemployment.
{"title":"Management and Financing of Small Businesses from The Perspective of the Sunnah of the Prophet","authors":"Usama A. Alani","doi":"10.55188/ijifarabic.v7i1.289","DOIUrl":"https://doi.org/10.55188/ijifarabic.v7i1.289","url":null,"abstract":"One of the most devastating economic challenges facing the Muslim world is the increasing rate of unemployment, which has devastated the youth and has become alarming. The phenomenon of unemployment has reached level that threatens the future of this generation which is seen as the pillar and key factor for the growth of the entire Ummah. There are many ways to curb the disease of unemployment; however, the discussion in this research focuses on the role of small business due to its global merits and achievement in reducing and eliminating unemployment. The paper would approach it in a new dimension stressing more on the role of the Prophetic (Sunnah) tradition in the administration and financing of small businesses. The paper initiates its discussion with a theory which states that: there are some acts reported in the Sunnah that can contribute to reduction of unemployment and can be harnessed to finance and administer small businesses. This research aims at compiling hadith related to administration of small business and ways to financing it. It also derives fundamental basis which can be easily neglected in contemporary deals. The paper also attempts to proffer practicable proposal to guide small business in light of Sunnah. In order to actualise the very of objectives of the paper and to address its challenges, it has been categorised into three, namely: small projects, Sunnah guidance for employers, financing of small projects/businesses in line with Prophetic requirements. The research finds multiple results among which are: the Prophet (May Allah bless him) (Sunnah Amaliyyah) gives directions in his tradition on strategies for financing small businesses as means to combat unemployment.","PeriodicalId":322283,"journal":{"name":"مجلة إسرا الدولية للمالية الإسلامية","volume":"75 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-06-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127196424","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 : 2016-06-26DOI: 10.55188/ijifarabic.v7i1.287
Alaa 'Adel Alobied
One of the objects of pride in the Islamic governance system is the waqf system. Its importance and positive impacts in societies are manifest clearly throughout different eras. Waqf plays significant role to promote working development and upgrading Islamic societies in various sectors; religious and worldly matters. The profound impact of waqf has stirred up Muslim and non-Muslim societies to study waqf and adopt it to serve their societies. This research seeks to consolidate fiqh awlawiyyah (preference) in waqf expenditures and its application. The research aims at demystifying definition of fiqh awlawiyyah in waqf expenditures and examining technicalities of its current applications. It presents practical idea for analogical methods of awlawiyyat. It is a qualitative research based on inductive and deductive analytical approach. It involves critical analysis and comparative approach for making preference. The researcher finds that it is important to guide waqf expenditures to ensure that it caters for basic needs in society and in line with social preferences and maqasid al-Shariah (objectives of Shariah). The researcher suggests practical accounting method for preferential analogy which is based on consideration of preference (al-tarijih) and maqasid al-Shariah. The research proffers a set of recommendation in line with Maslow’s hierarchy of human needs.
{"title":"Fiqh Awlawiyyah (Fiqh of Prioirity) in Waqf Banks","authors":"Alaa 'Adel Alobied","doi":"10.55188/ijifarabic.v7i1.287","DOIUrl":"https://doi.org/10.55188/ijifarabic.v7i1.287","url":null,"abstract":"One of the objects of pride in the Islamic governance system is the waqf system. Its importance and positive impacts in societies are manifest clearly throughout different eras. Waqf plays significant role to promote working development and upgrading Islamic societies in various sectors; religious and worldly matters. The profound impact of waqf has stirred up Muslim and non-Muslim societies to study waqf and adopt it to serve their societies. This research seeks to consolidate fiqh awlawiyyah (preference) in waqf expenditures and its application. The research aims at demystifying definition of fiqh awlawiyyah in waqf expenditures and examining technicalities of its current applications. It presents practical idea for analogical methods of awlawiyyat. It is a qualitative research based on inductive and deductive analytical approach. It involves critical analysis and comparative approach for making preference. The researcher finds that it is important to guide waqf expenditures to ensure that it caters for basic needs in society and in line with social preferences and maqasid al-Shariah (objectives of Shariah). The researcher suggests practical accounting method for preferential analogy which is based on consideration of preference (al-tarijih) and maqasid al-Shariah. The research proffers a set of recommendation in line with Maslow’s hierarchy of human needs.","PeriodicalId":322283,"journal":{"name":"مجلة إسرا الدولية للمالية الإسلامية","volume":"52 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-06-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130181900","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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