Search results for: Islamic radicalisation
812 Excluded: The Sense of Non-Belonging and Violent Radicalisation in the Case of the United Kingdom
Authors: Lorand Bodo
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There are many stories of young British citizens who have left their country and families to join Islamist militant groups. So, what drives these young people to abandon their families and countries to join terrorist groups such as the so-called Islamic State? Much has been written to explain the phenomenon of violent radicalisation, whereby the concepts of identity and belonging are identified as one of the most significant drivers for violent radicalisation. In this respect, this paper explores the connection between the sense of belonging and violent radicalisation. That is necessary to gain a more nuanced understanding of the process of violent radicalisation in order to create and implement more effective counter-measures for tackling violent radicalisation. By using an inductive approach, this dissertation attempts to answer the question to what extent does the sense of non-belonging lead to the violent radicalisation of a few individuals. Therefore, alongside an expert interview, a survey, and qualitative content analysis of secondary sources, an exclusive semi-structured interview was conducted with a former violently radicalised Jihadi and recruiter. Overall, the sense of non-belonging significantly affects the process of violent radicalisation of a few individuals. Nevertheless, being religiously fundamental is not the problem of becoming violently radicalised in the first place, but belonging to the wrong group that is strongly determined by ideology, constitutes the main problem.Keywords: identity, sense of non-belonging, social identity theory, violent radicalisation
Procedia PDF Downloads 191811 Psychosocial Processes and Strategies behind Islamic Deradicalisation: A Scoping Review
Authors: Carvalho M. Catia, Pinto R. Isabel, Azevedo F. Luis, Guerreiro, T. Alexandre, Barbosa R. Mariana, Pinto S. Marta
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Due to the loss of territory, foreign terrorist fighters who have joined Islamic State are returning to their home countries. In order to counter this threat to international security, it is important to implement deradicalisation programmes, through strategies and processes that can reverse radicalisation. The objectives of this scoping review - which is underway - are to provide a comprehensive overview of the programmes being implemented, its main characteristics, the main motives and processes leading to deradicalisation, and to identify the key findings and the existing gaps in the literature. The methodology to be implemented in this scoping review follows the guidelines proposed by Arksey and O’Malley and by The Joanna Briggs Institute. The main results will be the development of a synthesis map of the deradicalisation programmes existing in the world, its main features, and recommendations to policy-makers and professionals.Keywords: deradicalisation strategies, psychosocial processes, radicalisation, terrorism
Procedia PDF Downloads 382810 A Critical Discourse Analysis of ‘Youth Radicalisation’: A Case of the Daily Nation Kenya Online Newspaper
Authors: Miraji H. Mohamed
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The purpose of this study is to critique ‘radicalisation’ and more particularly ‘youth radicalisation’ by exploring its usage in online newspapers. ‘Radicalisation’ and ‘extremism’ have become the most common terms in terrorism studies since the 9/11 attacks. Regardless of the geographic location, when the word terrorism is used the terms ‘radicalisation’ and ‘extremism’ always follow to attempt to explore the journey of the perpetrators towards violence. These terms have come to represent a discourse of dominantly pejorative traits often used to describe spaces, groups, and processes identified as problematic. Even though ambiguously defined they feature widely in government documents, political statements, news articles, academic research, social media platforms, religious gatherings, and public discussions. Notably, ‘radicalisation’ and ‘extremism’ have been closely conflated with the term youth to form ‘youth radicalisation’ to refer to a discourse of ‘youth at risk’. The three terms largely continue to be used unquestioningly and interchangeably hence the reason why they are placed in single quotation marks to deliberately question their conventional usage. Albeit this comes timely in the Kenyan context where there has been a proliferation of academic and expert research on ‘youth radicalisation’ (used as a neutral label) without considering the political, cultural and socio-historical contexts that inform this label. This study seeks to draw these nuances by employing a genealogical approach that historicises and deconstructs ‘youth radicalisation’; and by applying a Discourse-Historical Approach (DHA) of Critical Discourse Analysis to analyse Kenyan online newspaper - The Daily Nation between 2015 and 2018. By applying the concept of representation to analyse written texts, the study reveals that the use of ‘youth radicalisation’ as a discursive strategy disproportionately affects young people especially those from cultural/ethnic/religious minority groups. Also, the ambiguous use of ‘radicalisation’ and ‘youth radicalisation’ by the media reinforces the discourse of ‘youth at risk’ which has become the major framework underpinning Countering Violent Extremism (CVE) interventions. Similarly, the findings indicate that the uncritical use of ‘youth radicalisation’ has been used to serve political interests; and has become an instrument of policing young people, thus contributing to their cultural shaping. From this, it is evident that the media could thwart rather than assist CVE efforts. By exposing the political nature of the three terms through evidence-based research, this study offers recommendations on how critical reflective reporting by the media could help to make CVE more nuanced.Keywords: discourse, extremism, radicalisation, terrorism, youth
Procedia PDF Downloads 118809 Preventing Violent Extremism in Mozambique and Tanzania: A Survey to Measure Community Resilience
Authors: L. Freeman, D. Bax, V. K. Sapong
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Community-based, preventative approaches to violent extremism may be effective and yet remain an underutilised method. In a realm where security approaches dominate, with the focus on countering violence extremism and combatting radicalisation, community resilience programming remains sparse. This paper will present a survey tool that aims to measure the risk and protective factors that can lead to violent extremism in Mozambique and Tanzania. Conducted in four districts in the Cabo Delgado region of Mozambique and one district in Pwani, Tanzania, the survey uses a combination of BRAVE-14, Afrocentric and context-specific questions in order to more fully understand community resilience opportunities and challenges in preventing and countering violent extremism. Developed in Australia and Canada to measure radicalisation risks in individuals and communities, BRAVE-14 is a tool not yet applied in the African continent. Given the emerging threat of Islamic extremism in Northern Mozambique and Eastern Tanzania, which both experience a combination of socio-political exclusion, resource marginalisation and religious/ideological motivations, the development of the survey is timely and fills a much-needed information gap in these regions. Not only have these Islamist groups succeeded in tapping into the grievances of communities by radicalising and recruiting individuals, but their presence in these regions has been characterised by extreme forms of violence, leaving isolated communities vulnerable to attack. The expected result of these findings will facilitate the contextualisation and comparison of the protective and risk factors that inhibit or promote the radicalisation of the youth in these communities. In identifying sources of resilience and vulnerability, this study emphasises the implementation of context-specific intervention programming and provides a strong research tool for understanding youth and community resilience to violent extremism.Keywords: community resilience, Mozambique, preventing violent extremism, radicalisation, Tanzania
Procedia PDF Downloads 125808 Islamic Finance: Its Theory, Products and a Brief View of Islamic Finance in Europe
Authors: Ahmet Sekreter
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Although there are conceptual similarities in terms of financial products between conventional and Islamic finance, they are entirely different financial systems. Despite Islamic finance’s small size in the conventional finance world, its promising growth makes Islamic finance a hot topic both in academia and business world. Today customers can access sophisticated Islamic financial products not only in Muslim countries but also in Europe. This study analyzes Islamic finance and its products and includes a brief overview of Islamic finance in Europe. Literature review is the basis of this paper. The author analyzed the academic papers, numerical data, and estimations to set a perspective for the future of Islamic finance in Europe. Findings show that UK is the main hub for the Islamic finance, and it will remain so in the near future.Keywords: islamic finance, islamic banking, islamic finance in Europe, finance
Procedia PDF Downloads 233807 Islamic Finance: Challenges of Islamic Banking in Pakistan
Authors: Asif Zaheer Shaikh, Zhaoyong Zhang, Jaime Yong, Ume Laila Shah
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Islamic finance is growing with remarkable pace, especially Islamic banking, a major segment of Islamic finance, is expanding rapidly. This paper discusses the position of Islamic finance and Islamic banking, around the world in general and particularly in Pakistan. History of Islamic banking in Pakistan is protested, presently a significant growth is observed. However Islamic banking is confronting with number of challenges, which are refraining from sustainable growth of this industry in Pakistan. Growth level of Islamic banks should be steeper to contribute substantial share in country’s economy. It is important to formulate effective policies, at institutional and operational level to address these challenges through close collaboration of key stakeholders.Keywords: Islamic finance, challenges, Islamic banking, Pakistan
Procedia PDF Downloads 522806 Mystical Principles of Islamic Art
Authors: Seyed Razi Nousavi Gilani
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Islamic culture and especially the Shia is full of mystical and philosophical elements. A close look at the history of Islamic civilization, which is supposed to represent the teachings and words of faith leaders with the knowledge and use of the philosophical and mystical concepts, has influenced Islamic art. This article explains the influence of Shiite Islamic teachings and their teachings of mystical elements on Islamic art and examines as case studies in the arts such as architecture, calligraphy and painting. These arts have always been associated with mystical and philosophical teachings in view of traditional artists.Keywords: mystics, Islamic Art, Islamic culture, mystic
Procedia PDF Downloads 275805 Islamic Transaction: An Alternative for Customer Satisfaction in the Islamic Banking
Authors: Mohammad Iqbal Maiik
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Islamic marketing ethics combines the principle of value maximization with the principles of equity and justice for the welfare of the society. Adherence to the Islamic ethics in the Islamic banking industry can help elevate the standards of both behavior and living of bankers and customers alike. In a rapidly changing marketing environment, the need to be customer-focused has never been as important as it is today. At present where customers are becoming more demanding and increasingly mobile between competing financial providers, being customer-focused is not enough. Islamic banks and more specifically their customer-contact employees (customer relation advisers or officers) need to be perceived by their customers as being Islamic. This study represents an initial step in analyzing the role of Islamic ethical sales behavior as it may be perceived by the customers of Islamic Banks.Keywords: Islam, ethics, marketing, Islamic banks
Procedia PDF Downloads 411804 Islamic Architecture and the Challenges against It
Authors: Mohammad Torabiyan, Kazem Mosawi Nejad
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Today architecture has become as a powerful media for introducing cultures to the world, which in turn brings about a change in the global insight, power gaining, investment and development. Islamic architecture is based on the language of Koran and shows the depth and richness of Islam through spiritual soul. This is in a way that belief in monotheism and faith in Islamic teachings are manifested as Islam's aesthetic thought in Islamic architecture. Unfortunately, Islamic architecture has been damaged a lot due to lack of necessary information and also successive wars which have overtaken the Muslims as well as the dominance of colonizing counties. Islamic architecture is rooted in the history, culture and civilization of Muslims but its deficiencies and shortcomings should be removed through systematizing the Islamic architecture researchers. Islamic countries should act in a way that the art of Islamic architecture shows its true place in different architecture eras and makes everybody aware that Islamic architecture has a historical root and is connected eternally to the genuineness, religious art and culture of Muslims and civilization.Keywords: art, culture, civilization, Islamic architecture, Muslims
Procedia PDF Downloads 520803 Financial Market Turmoil and Performance of Islamic Equity Indices
Authors: Abul Shamsuddin
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The Islamic stock market indices are constructed by screening out stocks that are incompatible with Islam’s prohibition of interest and certain lines of business. This study examines the effects of Islamic screening on the risk-return characteristics of Islamic vis-a-vis mainstream equity portfolios. We use data on Dow Jones Islamic market indices and FTSE Global Islamic indices over 1993-2013. We observe that Islamic equity indices outperform their mainstream counterparts in both raw and risk-adjusted returns. In addition, Islamic equity indices are more resilient to turbulence in international markets than that of their mainstream counterparts. The findings are robust across a variety of portfolio performance measures.Keywords: Dow Jones Islamic market index, FTSE global Islamic index, ethical investment, finance
Procedia PDF Downloads 345802 Islamic Banks and the Most Important Contemporary Challenges
Authors: Mahmood Mohammed Abdulsattar Aljumaili
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Praise be to Allah and peace and blessings be upon the Messenger of Allah. Islamic banks have not only made a lot of great achievements in a short period, but they imposed themselves in the global market, not to mention the transformation of some conventional interest-based banks to Islamic banks to the large demand on them, this transformation has pushed the Dow Jones Global Foundation to develop a new economic indicator released it (the Dow Jones Islamic market) for those who wish to invest in Islamic financial institutions. The success of Islamic financial institutions today face significant and serious challenges, that embody the serious consequences created by the current events on Islamic banking industry. This modest study, deals with these serious challenges facing the Islamic banking industry, and reflected on the success recorded in the previous period. The study deals with four main topics: The emergence of Islamic banks, the goals of Islamic banks, International challenges facing Islamic banks, internal challenges facing Islamic banks, and finally it touches on, (Basel 1-2) Agreement and its implications for Islamic banks.Keywords: Islamic banks, Basel 1-2 agreement, most important contemporary challenges, islamic banking industry, Dow Jones Islamic market
Procedia PDF Downloads 488801 Islamic State: Franchising Jihad through the New Caliphate
Authors: Janiel David Melamed Visbal
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The Islamic State has become one of the most remarkable threats for international security through their religious extremism and their establishment of a new caliphate by force. The main objective of this organization is to obtain territorial expansions beyond the Middle East and eventually to consolidate an Islamic global order based on their extremist ideology. This paper will conduct an analysis regarding how, over the past year, many jihadist organizations worldwide have pledged their alliagance to the Islamic State, transforming it into the most important jihadist franchise globally.Keywords: Islamic state, franchise, jihad, Islamic fundamentalism, caliphate
Procedia PDF Downloads 344800 Islamic Banking in Ghana: Prospects and Challenges
Authors: Shaibu Ali, Sherif Heiman Shaban, Musah Ismaila, Imoro Alhassan, Yusif Ali
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Purpose: Islamic banking and finance is one of the most rapidly growing segments of the global finance industry. Starting with the Dubai Islamic Bank in 1975, the number of Islamic financial institutions worldwide has shot up astronomically, to over three hundred, with operations in seventy-five countries and assets in excess of US$400 billion. The purpose of this study is to explore the prospects and challenges of Islamic banking introduction in a non-Islamic country like Ghana. Design/Methodology: Data for the study was collected via an expert opinion of three Islamic scholars on Islamic banking from Ghana. Findings: Findings from this study indicates some of the benefits of Islamic banking includes connecting financial markets and economic activity, promoting the principle of financial justice, greater stability, avoiding economic bubbles (and bursts) and reducing the impact of harmful products and practices. The study also identified lack of experts in various fields of Islamic banking, product innovation, moral hazard, and need for experienced staff in Islamic banking as some of the challenges to Islamic banking system’s introduction. Contribution: The study contributes to literature on Islamic banking from a non-Islamic country like Ghana.Keywords: Islamic banking, Shari’ah, Riba, conventional banking
Procedia PDF Downloads 168799 Islamic Financial Engineering: An Overview
Authors: Mahfoud Djebbar
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The past two decades or so have witnessed phenomenal growth of the Islamic financial services industry. The whole industry has been thriving at about 15 percent per annum. This development entails the Islamic financial engineering, IFE, to some kind of crossroads, lagging behind its conventional counterpart. Therefore, IFE, and particularly traded products development, and in order to achieve its goals, two approaches are available, i.e., replicating engineering and innovative engineering. We also try to emphasis the innovative strategy since it guards the Islamic identity of different financial products and processes, and thereby, improves the creativity in the Islamic financial industry. The attempt also centers on sukukization (Islamic securitization), innovation, liquidity management, and risk management and hedging in the Islamic financial system. Finally, the challenges facing IFE are also addressed.Keywords: islamic financial engineering, hedging and risk management, innovation, securitization, money market instruments, islamic capital markets
Procedia PDF Downloads 545798 Risk Management in Islamic Banks: A Case Study of the Faisal Islamic Bank of Egypt
Authors: Mohamed Saad Ahmed Hussien
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This paper discusses the risk management in Islamic banks and aims to determine the difference in the practices and methods of risk management in those banks compared to the conventional banks, and to make a case study of the biggest Islamic bank in Egypt (Faisal Islamic Bank of Egypt) to identify the most important financial risks faced and how to manage those risks. It was found that Islamic banks face two types of risks. The first type is similar to the risks in conventional banks; the second type is the additional risks which facing the Islamic banks only as a result of some Islamic modes of financing. With regard to the risk management, Islamic banks such as conventional banks applied the regulatory rules issued by the Central Banks and the Basel Committee; Islamic banks also applied the instructions and procedures issued by the Islamic Financial Services Board (IFSB). Also, Islamic banks are similar to the conventional banks in the practices and methods which they use to manage the risks. And there are some factors that may affect the risk management in Islamic banks, such as the size of the bank and the efficiency of the administration and the staff of the bank.Keywords: conventional banks, Faisal Islamic Bank of Egypt, Islamic banks, risk management
Procedia PDF Downloads 450797 Planning for a Sustainable Islamic City in Malaysia
Authors: Mohd Yazid M. Yunos, R. Arinah, Nor Kalsum M. Isa, U. Nangkula, Nor A. Ismail, Nor F. Ariffin
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Islamic City planning is a concept of optimizing the overall arrangement of land use without compromising community. The concept was influenced by the specific intentions in mind, applying certain ideological principles and objectives rooted in Islamic faith and Muslim culture using distinct design elements. Holy Quran and hadiths provide a foundation for understanding Islamic Principles as clearly shared by the established Islamic Cities such as Medina, Mecca and Jerusalem. This paper aimed to explore the principles and elements of an Islamic City through the review of relevant literature by the means of Content Analysis method. A theoretical framework of Islamic City Principles was then formulated to be the main outcome of the study. The finding is very important to be a useful starting point for future study, especially for formulating a clear guide for the development of upcoming Islamic City in Malaysia.Keywords: Islamic principles, sustainable city planning, Islamic city, Malaysia
Procedia PDF Downloads 511796 The Dubai World Islamic Finance Arbitration Center and Jurisprudence Office as the Dispute Resolution Center and Mechanism for the Islamic Finance Industry
Authors: Camille Paldi
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As the Islamic finance industry is growing annually at a rate of 10% to 15% per year, it is imperative that a unique, independent legal framework is established in order to effectively adjudicate Islamic finance disputes. Currently, Islamic finance disputes are being adjudicated in inadequate civil and common law courts and arbitration centers where the contracts in dispute are being transformed from Islamic to conventional transactions. Through case analysis combined with an exploration of the efficacy of existing arbitration centers and dispute resolution methods available to Islamic finance, this paper will seek to reveal that the Islamic finance industry currently lacks an adequate dispute resolution mechanism and facility to adjudicate disputes arising from Islamic finance contracts. Hence, now is the time for the Dubai World Islamic Finance Arbitration Center (DWIFAC) and Jurisprudence Office (DWIFACJO) as the Dispute Resolution Center and Mechanism for the Islamic Finance Industry.Keywords: Islamic finance, dispute resolution, Dubai world Islamic finance arbitration center, jurisprudence office
Procedia PDF Downloads 408795 Islamic Banking: An Ultimate Source of Financial Inclusion
Authors: Tasawar Nawaz
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Promotion of socioeconomic justice through redistribution of wealth is one of the most salient features of Islamic economic system. Islamic financial institutions known as Islamic banks are used to implement this in practice under the guidelines of Islamic Shariah law. Islamic banking systems strive to promote and achieve financial inclusion among the society by offering interest-free banking and risk-sharing financing solutions. Shariah-compliant micro finance is one of the most popular financial instruments used by Islamic banks to enhance access to finance. Benevolent loan (or Qard-al-Hassanah) is one of the popular financial tools used by the Islamic banks to promote financial inclusion. This aspect of Islamic banking is empirically examined in this paper with specific reference to firm’s resources, largely defined here as intellectual capital. The paper finds that Islamic banks promote financial inclusion by exploiting available resources especially, the human intellectual capital.Keywords: financial inclusion, intellectual capital, Qard-al-Hassanah, Islamic banking
Procedia PDF Downloads 300794 The Influence of the Islamic State (IS) on India: Recent Developments and Challenges
Authors: Alvite Singh Ningthoujam
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The most recent terror phenomenon, which is also known as the Islamic State of Iraq and Syria (ISIS), or Islamic State (IS), has its influence felt in South Asia. This dreaded Sunni militant group, today, has become a concern in India as well. Already affected by various terror activities in the country, the influence of the IS on the radicalised Muslim youths in India has been watched closely by the security agencies. There had already been a few IS-related incidents in India due to which this issue has emerged as a threat or challenge to India’s internal security. The rapid radicalisation of youths in a few states where there are sizeable Muslim populations has gone, to some extent, in favour of the IS, particularly in the terror outfit’s recruitment process. What has added to the worry of the Indian security agencies is the announcement of the Al-Qaeda leader, Ayman al-Zawahari, of the creation of the Al-Qaeda in the Indian Subcontinent. In fact, this is a worrisome factor as both the militant groups, that is, al-Qaeda and ISIS, have a similar objective to target India and to turn this South Asian country as one of the recruiting grounds for extremists. There is also a possibility that an Indian Mujahedeen (IM) man was believed to be instrumental in recruiting for the ISIS poor Muslims in a few Indian states. If this nexus between ISIS and India’s home-grown terror groups manages to establish a robust link, then the headache of combating such amalgamated force will be a hard task for Indian security agencies. In the wake of the above developments, this paper would seek to analyse the developing trend in India in regard to IS. It would also bring out the reasons as to why further penetration of the IS influence on India would be a grave concern in the internal security of the country. The last section of the paper would highlight the steps that have been taken by the Indian government to tackle this menace effectively.Keywords: India, Islamic State, Muslim, Security
Procedia PDF Downloads 362793 Comparing the Theory to the Practice of Islamic Banking: A Case Study of Pakistan
Authors: Zareen Khan
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Islamic Banking has experienced high growth in Pakistan in recent years and has successfully survived the economic downturn of 2009-2011. Despite the increase in branch network and expansion of services, it is unclear if Islamic banks are truly following the theory and practical application of Shariah Law. This paper explores the theological basis of Islamic finance and examines the discrepancies between the theory and practice of Islamic banking using Pakistan as a case study. It discusses areas where Islamic banks lack proper Shariah compliance and analyzes the financial weaknesses of Islamic banks in terms of the services offered. Furthermore, the paper offers plausible explanations for the clientele of Islamic banks. The case study has three major findings. Firstly, most of the employees of Islamic banks come from conventional banking backgrounds and the banks have to invest in additional trainings to specialize employees in Islamic Banking. Secondly despite the efforts of State Bank of Pakistan, there is a lack of accounting and auditing standards tailored for Islamic Banking. Thirdly, majority of the clients of Islamic banks in Pakistan are accustomed to conventional banking causing the bankers to “speak the conventional banking language.” Combined, these three factors can create gaps in the practical application of Islamic finance in Islamic banks in Pakistan.Keywords: islamic finance, comparing theory with practice, islamic banking, Pakistan
Procedia PDF Downloads 449792 Islamic Social Security: A Discourse
Authors: Safiyya A. Abba, Shehu U. R. Aliyu
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This paper deals with Islamic social security: a discourse explores the meaning and nature of Islamic social security system. The paper reviews the social security framework and operations during the early period. The paper further identifies the instruments of Islamic social security discusses its principles and objectives. The paper discovers that Islamic social security is a personification of a comprehensive welfare approach in view of its varied instruments that are deeply rooted in the Islamic law, unique principles and realistic and achievable objectives. Furthermore, the Islamic social security system has far reaching socioeconomic implications; social justice, cohesion, equity, a catalyst for poverty eradication, income redistribution, economic growth and development.Keywords: Islamic social security, basic needs, zakat, socioeconomic justice, equity
Procedia PDF Downloads 430791 Initial Concept of Islamic Social Entrepreneurship: Identification of Research Gap from Existing Model
Authors: Mohd Adib Abd Muin
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Social entrepreneurship has become a new phenomenon in a country in order to reduce social problems and eradicate poverty communities. However, the study based on Islamic social entrepreneurship from the social entrepreneurial activity is still new especially in the Islamic perspective. In addition, this research found that is lacking of model on social entrepreneurship that focus on Islamic perspective. Therefore, the objective of this paper is to identify the issues and research gap based on Islamic perspective from existing models and to develop a concept of Islamic social entrepreneurship according to Islamic perspective and Maqasid Shari’ah. The research method used in this study is literature review and comparative analysis from 11 existing models of social entrepreneurship. The research finding shows that 11 existing models on social entrepreneurship has been analyzed and it shows that the existing models on social entrepreneurship do not emphasize on Islamic perspective.Keywords: component, social entrepreneurship, Islamic perspective, research gap
Procedia PDF Downloads 436790 Methodology of Islamic Economics: Scope and Prospects
Authors: Ahmad Abdulkadir Ibrahim
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Observation of the methodology of Islamic economics laid down for the methods and instruments of analysis and even some of its basic assumptions in the modern world; is a matter that is of paramount importance. There is a need to examine the implications of different suggested definitions of Islamic economics, exploring its scope and attempting to outline its methodology. This paper attempts to deal with the definition of Islamic economics, its methodology, and its scope. It will outline the main methodological problem by addressing the question of whether Islamic economics calls for a methodology of its own or as an expanded economics. It also aims at drawing the attention of economists in the modern world to the obligation and consideration of the methodology of Islamic economics. The methodology adopted in this research is library research through the consultation of relevant literature, which focuses on the thematic study of the subject matter. This is followed by an analysis and discussion of the contents of the materials used. It is concluded that there is a certain degree of inconsistency in the way assumptions are incorporated that perhaps are alien to Islamic economics. The paper also observed that there is a difference between Islamic economists and other (conventional) economists in the profession. An important conclusion is that Islamic economists need to rethink what economics is all about and whether we really have to create an alternative to economics in the form of Islamic economics or simply have an Islamic perspective of the same discipline.Keywords: methodology, Islamic economics, conventional economics, Muslim economists, framework, knowledge
Procedia PDF Downloads 118789 Islamic Finance in Tunisia: Reality and Development
Authors: Amira Kaddour, Hedia Teraoui, Khmayes Bougatef
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The main purpose of this paper is to determine the major causes of the underdevelopment of Islamic finance in Tunisia. Indeed, it’s surprising to note that Zitouna bank established in May 2010 is the first Islamic Tunisian bank although 99% of Tunisians are Muslim and Islam is the religion of the State according to the Constitution. So we rely in our paper on the opinions of number of professors of finance and economics as educated people to prove or reject our hypothesis that the underdevelopment of Islamic finance in Tunisia can be explained by the ignorance of its main principles and advantages. Ours findings reveal that this branch of finance is still largely unknown, not only from public but also from professionals. The results obtained surprisingly show that this insignificance of Islamic banking cannot be explained by the fact that Tunisia has been governed since its independence by a secular left-wing party. Indeed, only 3% of respondents believe that legislation and regulation in Tunisia represent an obstacle to the development of Islamic finance. Moreover, respondents are not very optimistic about the future role of Islamic financing.Keywords: Islamic banking, Islamic insurance (takaful), Islamic law (shariah), usury (riba)
Procedia PDF Downloads 354788 Timbuktu Pattern of Islamic Education: A Role Model for the Establishment of Islamic Educational System in Sokoto Caliphate
Authors: A. M. Gada, H. U. Malami
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Timbuktu is one of the eight regions in the present day the Republic of Mali. It flourished as one of the earliest centres of Islamic learning in West Africa in the eleventh century CE. The famous Islamic centre in Timbuktu is situated in the Sankore mosque, which is known to be one of the earliest established Islamic University. This centre produced scholars who were zealous in disseminating Islamic education to different parts of West Africa and beyond. As a result, most of these centres adopted the Timbuktu pattern of learning. Some of the beneficiaries of this noble activity are Muslim scholars which are responsible for the establishment of the Sokoto Caliphate in the early nineteenth century. This paper intends to reflect on the pattern of Islamic education of the Timbuktu scholars and see how it impacted on the Islamic centres of learning established by these Jihad-scholars who were successful in the establishment of an Islamic state known as the Sokoto Caliphate.Keywords: Timbuktu, Sankore, Islamic educational system, Sokoto Caliphate, centres of Islamic learning
Procedia PDF Downloads 402787 Islam’s Expediency; The Poison and the Antidote of Islamic Government
Authors: Mahdi Ebrahimi
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One of the most effective factors that can empower and modernize the Islamic government according to the needs of society is the institution of expediency in Islamic governance. At the same time, not paying attention to the foundations and principles of Islamic governance may cause this factor to create the basis for corruption and totalitarianism of the rulers, which ultimately causes a gap between the people and the rulers and the emergence of whole government corruption and dictatorship. Meanwhile, there are specific principles in the doctrine of Islamic Governance that can prevent such an event from happening. Principles such as: remaining popular and pious by the Ulama, Amr Bil-Maroof Va Nahy An Al-Munkar (commanding the good and preventing the bad) by the individuals, the rule of frank criticism with loud voices and clarification and accountability in the fields that cause the corruption of those in charge. In this research, these principles are presented along with their Islamic basis. It is also stated what effect each of these cases will have on preserving Islam in the ruling system.Keywords: expediency, Islamic ruling, Islamic principles, Islam
Procedia PDF Downloads 69786 The Tense Dichotomy Between Shari'ah Compliance and the Goals of an Economic Bank
Authors: Camille Paldi
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The tense dichotomy between Shari’ah compliance and the economic goals of an Islamic Bank produces a proliferation of reverse engineered products, which are barely in compliance with Islamic law. The result is basically a hybrid conventional banking system with conventional products in Islamic disguise using Arabic and Islamic terminology. Many Islamic financial professionals and academics advocate for the use of conventional products and devices despite their non-Shari’ah compliance based on commercial necessity and the need to compete. However, this dangerous trend will lead to the demise of the Islamic finance industry. Rather than thoughtlessly following conventional products and practice, Islamic finance professionals should delve into the Shari’ah to find the answers to the current Islamic banking conundrum and lead the industry on the right path of developing Shari’ah based products and using Shari’ah devices to hedge risk.Keywords: Islamic banking, Shari'ah, finance, investment
Procedia PDF Downloads 338785 Settlement of Dispute and the Islamic Financial Institutions
Authors: Yusuf Sani Abubakar
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This paper investigates mechanisms of settlement of disputes at the Islamic Financial Institutions (IFIs). Dispute settlement at the Islamic Financial Institutions (IFIs) can be both through litigation as well as Alternative Dispute Resolution (ADR). The paper aims to investigate how disputes are settled at the Islamic Financial Institutions (IFIs), as it is natural to have disagreements between different parties involved in the business of Islamic Financial Institutions (IFIs). The paper adopts a qualitative methodology where the sources are taken from journals, books, websites etc. In analyzing the data obtained from the sources, content analysis will be used. In addition to writings on this topic by various writers, this paper will add to the literature and will recommend certain effective ways of solving disputes arising between parties participating in the business of Islamic Financial Institutions (IFIs).Keywords: Islamic finance, dispute resolution, Islamic financial institutions, litigation
Procedia PDF Downloads 160784 Value Analysis of Islamic Banking and Conventional Banking to Measure Value Co-Creation
Authors: Amna Javed, Hisashi Masuda, Youji Kohda
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This study examines the value analysis in Islamic and conventional banking services in Pakistan. Many scholars have focused on co-creation of values in services but mainly economic values not non-economic. As Islamic banking is based on Islamic principles that are more concerned with non-economic values (well-being, partnership, fairness, trust worthy, and justice) than economic values as money in terms of interest. This study is important to know the providers point of view about the co-created values, because, it may be more sustainable and appropriate for today’s unpredictable socioeconomic environment. Data were collected from 4 banks (2 Islamic and 2 conventional banks). Text mining technique is applied for data analysis, and values with 100% occurrences in Islamic banking are chosen. The results reflect that Islamic banking is more centric towards non-economic values than economic values and it promotes team work and partnership concept by applying Islamic spirit and trust worthiness concept.Keywords: economic values, Islamic banking, non-economic values, value system
Procedia PDF Downloads 450783 Implementation of 'Bay Al-Salam' in Agricultural Banking of Bangladesh: An Islamic Banking Perspective
Authors: M. Obydul Haque Kamaly
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This paper aims to provide a brief discussion on bay al-salam as a method of implementing Islamic Banking in the agricultural arena of Bangladesh. For this purpose, the nature and conditions of bay al-salam contracts will be first discussed. Next, the paper will focus on the comparison between conventional banks and Islamic banks and should answer how bay al-salam can be used as a popular method in agricultural transactions in the country. The paper is based on secondary data which is to describe bay al-salam as future proceedings for Islamic banking. Evidence suggests Islamic banking is very much practiced like modern conventional banking with certain restrictions imposed by Sharia and addresses a large number of business requirements successfully. Thus, it’s time for us to implement Islamic banking (bay al-salam) on our agricultural arena and to get most benefits from them.Keywords: bay al-salam, agricultural banking, Islamic banking, implementation
Procedia PDF Downloads 252