Search results for: Islamic pension fund

Authors: Cazadira Fediva Tamzil, Agung Sulthonaulia Utama

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The rise in popularity of Indonesian Islamic fashion displayed and sold through social networking sites, especially Instagram, might seem at first glance like a commonplace and localized phenomenon. However, when analyzed critically, it actually reveals the relations between the global and local Indonesian economy, as well as a deep socio-anthropological dimension relating to religion, culture, class, work, identity. Conducted using a qualitative methodology, data collection technique of literature review, and observation of various social networking sites, this research finds four things that lead to the aforementioned conclusion. First, the rise of online Islamic fashion retailers was triggered by the shift in the structure of global and national Indonesian economy as well as the free access of information made possible by democratization in Indonesia and worldwide advances in terms of technology. All of those factors combined together gave birth to a large amount of middle-class Indonesians with high consumer culture and entrepreneurial flair. Second, online Islamic fashion retailers are the new cultural trendsetters in society. All these show how Indonesians are becoming increasingly pious, no longer only adhere to Western conception of luxury and that many are increasingly exploiting Islam commercial and status-acquiring purposes. Third, the online Islamic fashion retailers actually reveal a shift in the conception of ‘work’ – social media has made work no longer only confined to the toiling activities inside factories, but instead something that can be done from any location only through posting online words or pictures that can increase a fashion product’s capital value. Without realizing it, many celebrities and online retailers who promote Islamic fashion through social media on a daily basis are now also ‘semi-free immaterial labors’ – a slight reconceptualization to Tiziana Terranova’s concept of ‘free labor’ and Maurizio Lazzarato’s ‘immaterial labor’, which basically refer to people who create economic value and thus help out capitals from producing immaterial things with only little compensation in return. Fourth, this research also shows that the diversity of Islamic fashion styles being sold on Instagram reflects the polarized identity of Islam in Indonesia. In stark contrast with the theory which states that globalization always leads to the strengthening and unification of identity, this research shows how polarized the Islamic identity in Indonesia really is – even in the face of globalization.

Keywords: global economy, Indonesian online Islamic fashion, political relations, socio-anthropology

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Authors: Khaled Alotaibi, Salah Alhamadi, Ibraheem Almubarak

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The study attempts to explore both corporate governance (GC) and business ethics (BE) practices in Kuwaiti banks and the relationship between CG and BE, using an accountability framework. By examining the perceptions of key stakeholder groups, this study investigates the practices of BE and CG in Islamic banks (IBs) compared to conventional banks (CBs). We contribute to the scarce studies concerned with relations between CG and BE. We have employed a questionnaire survey method for a random sample of crucial relevant stakeholder groups. The empirical analysis of the participants’ perceptions highlights the importance of applying CG regulations and BE for Kuwaiti banks and the clear link between the two concepts. We find that the main concern is not the absence of CG and BE codes, but the lack of consistent enforcement of the regulations. Such a system needs to be strictly and effectively implemented in Kuwaiti banks to protect all stakeholders’ wealth, not only that of stockholders. There are significant patterns in the CG and BE expectations among different stakeholder groups. Most interestingly, banks’ client groups illustrate high expectations concerning CG and BE practices.

Keywords: corporate governance, GC, business ethics, BE, Islamic banks, IBs, conventional banks, CBs, accountability

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Authors: Khalid Ishola Bello

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Many religions and cultures believe in the existence of invisible beings who co-exist with man on earth. Muslims, for example, believe in malaikah (Angel) and jinn (demon), who have their source of creation from light and flame, respectively. Jinn, according to Islamic texts, possesses unique characteristics which give them an advantage over the man. Invisibility, transforming into or taking possession of another being are parts of advantages jinn have above man. Hence, jinn can attack man and truncate his well-being by causing malfunction of his physiological and psychological realms, which may go beyond physical health care. It is on this background that this paper aims to articulate the possibility of a demonic attack on human health and the care processes recommended by Islam to heal and restore well-being of the victim. Through analysis of the inductive, deductive, and historical approaches, the process of ruqyah (healing method based on recitation of the Qur’an) and hijamah (cupping) therapies shall be analyzed. The finding shows the efficacy of Islamic remedies to demonic possession, which usually complicates health challenges in the care of man. This alternative approach is therefore recommended for holistic health care since physical health care cannot fix spiritual health challenges.

Keywords: wellbeing, healthcare, demonic possession, cupping, jinn

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Authors: Muhadam Labolo, Mughny Ibtisyam Mukhlis, Zulkarnaen, Safira Maulida Rahman Soulisa

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This research is motivated by one of the functions of government is a regulatory function. Aceh Province, especially in Banda Aceh City has special autonomy, one of them is in the application of Islamic law, but when the law implemented to the citizen, there are many problems happens. One of the problems faced by the Government and people of Banda Aceh was Seclusion. Seclusion/nasty silent act between two people mukallafor more of the opposite sex who is not mahram or without marriage. This study aims to determine and analyze how the effectiveness of the policy as well as enabling and inhibiting factors of Qanun Number 14 of 2003 On Khalwat (nasty) in sharia Islam Islamic law in the city of Banda Aceh. This type of research is qualitative research method is a descriptive and inductive approach. The source of data used is People, Problem, Phenomenon, and programs, while the data collection through field studies and literature such as interviews, observation, and documentation. The results of this study were analyzed by using data reduction, display data, conclusions, and verification. The results showed that the Qanun Number 14 of 2003 on Khalwat (nasty) in the establishment of Islamic law in Banda Aceh is still not effective. It is seen from the high number of violations seclusion committed by Banda Aceh citizen, especially among teenagers, lack of socialization, as well as a lack of budgetary support for the implementation of Islamic Law in Banda Aceh. The supporting factors are 1) Coordination and communication among agencies had been walking steadily. 2) Facilities and infrastructure Syar'iah Court of Banda Aceh and the Office of Sharia Islam Banda Aceh that very good. 3) The Cultural majority of the people of Banda Aceh that support. Inhibiting factors: 1) There are no written duties of each institution for the prosecution case Seclusion. 2) The lack of socialization programs. 3) Lack of facilities and infrastructure Municipal Police Unit and the WH less. 4) Lack of control by the family. 5) The absence of training for officials Municipal Police Units and the Wilayatul Hisbah Banda Aceh.

Keywords: effectiveness, Islamic Sharia, Khalwat, Qanun

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Authors: Ahmad Al Aboudi

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The Department of Archaeology at King Saud University conduct a long Term excavations since 2004 at the archaeological site of (Qurh) in Al-Ula area. The history of the site goes back to the eighth century AD. The main aim of the excavations is the training of the students on the archaeological field work associated with the scientific skills of exploring, surveying, classifying, documentations and other necessary in the field archaeology. During the 12th Season of Excavations, an area of 20 × 40 m2 of the site was excavated. The depth of the excavating the site was reached to 2-3 m. Many of the architectural features of a residential area in the northern part of the site were excavated this season. Circular walls made of mud-brick and a brick column drums and tiles made of clay were revealed this season. Additionally, lots of findings such as Gemstones, jars, ceramic plates, metal, glass, and fabric, as well as some jewelers and coins were discovered. This paper will deal with the main results of this field project including the architectural features and phenomena and their interpretations, the classification of excavated material culture remains and stratigraphy.

Keywords: Islamic architecture, Islamic art, excavations, early Islamic city

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Authors: Pedram Saadati, Zahra Nazari

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Today, the role and importance of financial technology businesses in Iran have increased significantly. Although, in Iran, there is no Islamic or non-Islamic personal financial planning field of study in the universities or educational centers, the profession of personal financial planning is not defined, and there is no software introduced in this regard for advisors or consumers. The largest sales network of financial services in Iran belongs to the insurance industry, and there is an untapped market for international companies in Iran that can contribute to 130 thousand representatives in the insurance industry and 28 million families by providing training and personal financial advisory software. To the best of the author's knowledge, despite the lack of previous internal studies in this field, the present study investigates the level of readiness of the salesforce of the insurance industry to accept this career and its technology. The statistical population of the research is made up of managers, insurance sales representatives, assistants and heads of sales departments of insurance companies. An 18-minute video was prepared that introduced and taught the job of Islamic personal financial planning and explained its difference from its non-Islamic model. This video was provided to the respondents. The data collection tool was a research-made questionnaire. To investigate the factors affecting technology acceptance and job change, independent T descriptive statistics and Pearson correlation were used, and Friedman's test was used to rank the effective factors. The results indicate the mental perception and very positive attitude of the insurance industry activists towards the usefulness of this job and its technology, and the studied sample confirmed the intention of training in this knowledge. Based on research results, the change in the customer's attitude towards the insurance advisor and the possibility of increasing income are considered as the reasons for accepting. However, Restrictions on using investment opportunities due to Islamic financial services laws and the uncertainty of the position of the central insurance in this regard are considered as the most important obstacles.

Keywords: fintech, insurance, personal financial planning, wealth management

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Authors: Lorenzo Maiorino, Fabio Fortuna, Giovanni Panebianco, Marco Sanzari, Gabriella Arcese, Valerio Maria Paolozzi

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It is well known that sport is a factor of social cohesion and the breaking down of barriers between people. From this point of view, the aim is to demonstrate how, through the (re)generation of sustainable structures, it is possible to give life to a new social, cultural, and economic pathway, where possible, in peripheral areas with problems of abandonment and degradation. The aim of this paper is, therefore, to study realities such as European programs and funds and to highlight the ways in which planning can be used to respond to critical issues such as urban decay, abandonment, and the mitigation of social differences. For this reason, the analysis will be carried out through the Multiannual Financial Framework (MFF) package, the Next Generation EU, the Recovery and Resilience Facility (RRF), the Cohesion Fund, the European Social Fund, and other managed funds. The procedure will rely on sources and data of unquestionable origin, and the relation to the object of study in question will be highlighted. The project lends itself to be ambitious and exploring a further aspect of the sports theme, which, as we know, is one of the foundations for a healthy society.

Keywords: sport, social inclusion, urban regeneration, sports facilities, European funds

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Authors: Ahmad Tijani Surajudeen, Muhammad Zahiri Awang Mat, Aliy Abdulwahid Adebisi

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With arrival of Islam in the South-Western Nigeria in the late fifteenth and early sixteenth centuries, various masājid established in different parts of the area played vital roles towards the betterment and unity of the Muslims. However, despite the fact that the masājid in the South-Western part of Nigeria contributed immensely to the spiritual and educational enhancement of the Muslims, it has not fully captured the holistic educational roles as a unique model used by the Prophet (S.A.W). Therefore, the primary objective of this paper is to investigate and broaden the roles of masjid towards its compartmentalized and holistic contributions among the Muslims in the south-western Nigeria. The findings from the paper have identified five holistic roles of masjid, namely, spiritual, intellectual, physical, social and emotional contributions which have been exemplified in the prophetic model of masjid. The paper has argued that the five factors must be unreservedly unified towards the betterment of the Muslims and enhancement of Islamic education and Arabic Language in the South-Western Nigeria. However, the challenges of masjid management in the South-Western Nigeria are the main hindrance in achieving the holistic roles of masjid. It is thereby suggested that, the management of masjid should take the identified prophetic model of masjid into account in order to positively improve the affairs of Muslims as well as promoting the teaching and learning of Islamic education and Arabic language among the Muslims in the South-Western Nigeria.

Keywords: worship, Islamic education, Arabic language, prophetic holistic model

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Authors: Sabah Khan

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The idea of universal Islam tends to exaggerate the extent of homogeneity in Islamic beliefs and practices across Muslim communities. In the age of migration, various Muslim communities are in diaspora. The immediate implication of this is what happens to Islam in diaspora? How Islam gets represented in new forms? Such pertinent questions need to be dealt with. This paper shall draw on the idea of religious transnationalism, primarily transnational Islam. There are multiple ways to conceptualize transnational phenomenon with reference to Islam in terms of flow of people, transnational organizations and networks; Ummah oriented solidarity and the new Muslim public sphere. This paper specifically deals with the new Muslim public sphere. It primarily refers to the space and networks enabled by new media and communication technologies, whereby Muslim identity and Islamic normativity are rehearsed, debated by people in different locales. A new sense of public is emerging across Muslim communities, which needs to be contextualized. This paper uses both primary and secondary data. Primary data elicited through content analysis of audio-visuals on social media and secondary sources of information ranging from books, articles, journals, etc. The basic aim of the paper is to focus on the emerging Muslim public sphere and the role of media in expanding public spheres of Islam. It also explores how Muslims in diaspora negotiate Islam and Islamic practices through media and the new Muslim public sphere. This paper cogently weaves in discussions firstly, of re-intellectualization of Islamic discourse in the public sphere. In other words, how Muslims have come to reimagine their collective identity and critically look at fundamental principles and authoritative tradition. Secondly, the emerging alternative forms of Islam by young Muslims in diaspora. In other words, how young Muslims search for unorthodox ways and media for religious articulation, including music, clothing and TV. This includes transmission and distribution of Islam in diaspora in terms of emerging ‘media Islam’ or ‘soundbite Islam’. The new Muslim public sphere has offered an arena to a large number of participants to critically engage with Islam, which leads not only to a critical engagement with traditional forms of Islamic authority but also emerging alternative forms of Islam and Islamic practices.

Keywords: Islam, media, Muslims, public sphere

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Authors: Mazeni Ismail, Nurul Aliah, Hasmadi Hassan

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The purpose of this study is to gather the consensus of experts regarding the use of moral guidance amongst preschool teachers vis-a-vis the Islamic Project module (I-Project Module). This I-Project Module seeks to provide pertinent data on the assimilation of noble values in subject-matter teaching. To obtain consensus for the various components of the module, the Modified Delphi technique was used to develop the module. 12 subject experts from various educational fields of Islamic education, early childhood education, counselling and language fully participated in the development of this module. The Modified Delphi technique was administered in two mean cycles. The standard deviation value derived from questionnaires completed by the participating panel of experts provided the value of expert consensus reached. This was subsequently analyzed using SPSS version 22. Findings revealed that the panel of experts reached a discernible degree of agreement on five topics outlined in the module, viz; content (mean value 3.36), teaching strategy (mean value 3.28), programme duration (mean value 3.0), staff involved and attention-grabbing strategy of target group participating in the value program (mean value 3.5), and strategy to attract attention of target group to utilize i-project (mean value 3.0). With regard to the strategy to attract the attention of the target group, the experts proposed for creative activities to be added in order to enhance teachers’ creativity.

Keywords: Modified Delphi Technique, Islamic project, noble values, teacher moral guidance

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Authors: Muhammad Abdul Aziz

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Justice has been perceived widely in the discourse of Islamic studies as a mere universal virtue (maqṣad ‘ām) taking place in human social relations, which they continue to strive for throughout their lives. Still have a few people realized that the vision of justice may also manifest in the structure of the methodology of a discipline. A case in point is tafsīr maqāṣidī (teleological exegesis), a Qur'anic exegetical method that aims to incorporate in itself the Islamic teleology paradigm, which is, unfortunately, still underdeveloped. By synthesizing the maqāṣid-based thoughts of Quraish Shihab and Yūsuf al-Qaraḍāwī, two prominent figures in the field of maqāṣid al-sharī‘ah (Islamic teleology) respectively representing Indonesian and global contexts, the research seeks to offer a kind of methodology of tafsīr maqāṣidī by which an attempt to realize justice in a Qur’anic interpretation is much more feasible. It suggests that a more balanced methodology in tafsīr maqāṣidī should reflect the visions of both maqāṣid al-qur’ān (Qur’anic teleology) and maqāṣid al-sharī‘ah. Exerting al-Qaraḍāwi’s and Shihab’s elaboration on both discourses, for the methodology of tafsīr maqāṣidī to be just, it may employ two aspects of justice, i.e., a type of justice that comprises theological (‘adl dīnī) and worldly spheres (‘adl dunyāwī) and another one that combines the concepts of goals (maqāṣid) and means (wasā’il). From the Islamic perspective, Indonesia’s Pancasila, which serves as the state’s philosophical foundation, is where a Qur’anic interpretation of the verses of divine governance (āyāt ḥākimiyyah), capitalizing the maqāṣid-based paradigm, manages to realize justice.

Keywords: Tafsīr Maqāṣidī, Justice, Maqāṣid al-Qur’ān, Maqāṣid al-Sharī‘ah, Yusūf al-Qaraḍāwī, Quraish Shihab

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Authors: Fauzanah Fauzan El Muhammady

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In the recent years, the Indonesian government has made tremendous efforts to improve the quality of Indonesia’s Islamic Higher Education Institutions (IHEIs) through the implementation of the institutional transformation policy. This policy has encouraged some IHEIs, such as Islamic Collages and Islamic Institutes to shift their institution from college to Institute or from Institute to university. As one of the requirements, the IHEIs should provide non-religious curriculum and integrate it with the religious curriculum (as the core curriculum of IHEIs). As results, since the 2000s, some Islamic Collages and Islamic Institutes have successfully developed the non-religious curriculum and achieved institutional transformation. However, after 15 years, the impact of the institutional transformation to the IHEIs is still debatable. The institutional transformation policy can be questioned as to whether the goal of status transformation has truly brought significant improvement to the quality of IHEIs. Therefore, based on the situation above, this study aims to explore how far the institutional transformation has effectively brought significant impact to the quality improvement of IHEIs. This study has used literature review method to investigate the current development of the institutional transformation in Indonesia’s IHEIs context. This is a part of literature review development to support the process of doctoral research. Based on the literature review, some studies found that the institutional transformation has led pro and cons to the academic community, society, and local government. Some agreed the institutional transformation has effectively facilitated non-religious curriculum development and it has significantly improved the number of prospective students and the student admitted at Islamic Universities. Meanwhile, others argue the development of non-religious curriculum will gradually eliminate the existence of the religious curriculum itself. On the other hand, the government suggests that the institutional transformation should be based on the quality standards. As a result, recently, the government has taken an initiative to restrict the institutional transformation (moratorium) in order to ensure the quality control of the institutional transformation application and to control the increasing number of the institutional transformation demands. This study provided the current issues that related to the contemporary of the institutional transformation in IHEIs context to disclosure how far both IHEIs and government overcome the quality issues of the institutional transformation development. The study results are expected can be used to advocate government, policymakers, and academic leaders in 1) reviewing the sustainability impact of the institutional transformation to the quality improvement of higher education institutions; 2) and finding effective solutions for the continuity of the institutional transformation in the future, particularly in the IHEIs context.

Keywords: curriculum, higher education, institutional transformation, quality

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Authors: Aqeel Akhtar

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One of prevailing modes of finance in emerging Islamic banking system is Murabah’a; a financial transaction in which cost and profit both must be recognized by buyer. Otherwise the transaction would become invalid. In this mainstream, import Murabah’a transaction is divergent in such a way that the cost is not recognized and identified due to execution of import transaction in foreign currency i.e. US Dollar and the next transaction of Murabaha’a with the client is executed in local currency. Since this transaction is executed in dual currency i.e. bank pays supplier in foreign currency and executes Murabah’a with its client in local currency and it is not allowed in according to Islamic Injunctions as mentioned in hadith narrated by Hazrat Ibn-e-Umar (May Allah be pleased with them) used to sell his camels with Dirhams and take dinars instead and vice versa. Upon revealing before the Prophet (SAW), he was advised that it must not be contingent in the agreement and the ready rate would be applied and possession of one of the consideration is compulsory. The solution in this regard is that the import Murabah’a transaction should be in single currency, however, other currency can be paid in payment at the time of payment in a very indispensable situation provided that ready rate would be applied. Moreover, some of other solutions have also been given in this regard.

Keywords: shariah compliance, import murabaha, islamic banking, product development

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Authors: Yuyun Sri Wahyuni, Fathih Misbahuddin Islam

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Nanggroe Aceh Darussalam is the special district with its long conflict history. The long conflict history started from The Free Aceh Movement’s intentions to implement Islamic principles in Aceh Province, it was actually contradicted with the principles of state. This long conflict was finally ended on 2005. Then, since 2005 Aceh had special authority to administer its local government affairs by applying Islamic principles (syariah), included criminal law matters. To administer it, Aceh Government enacted Law Number 6 of 2014 on the Jinayah. This law consists the criminal act (jarimah) and the punishment (uqubat). Khamr, maisir, khalwat, ikhtilath, zina, sexual harrasment, rape, qadzaf, liwath, and musahaqah are the kinds of the criminal act which are ruled within. Meanwhile, Hudud and Takdzir as the kinds of punishment (uqubat). After 2 years of the issuance of this law inflicting controversy from any sides and being discussed not only locally but also globally. The objectives of this paper are to analyze the fundamental value of the flagellation punishment within this law and Aceh Government review in formulating the law.

Keywords: Aceh province, flagellation punishment, Islamic Principle, Qanun Jinayah

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Authors: Nur Farizah Binte Mohd Sedek

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Divine love is ubiquitous in many religions and philosophies. In the Islamic Sufi tradition, it is recognized as an “intense yearning for unification” with God. Previous literature demonstrates that divine love plays a role in forming meaning and purpose in one’s life. However, previous research has not explored the effects of the Islamic practice of divine love contemplation on meaning and purpose in life. The current study used an experimental design to investigate whether a divine love contemplation intervention has an impact on meaning and purpose in life in Muslims through the framework of Islamic Psychology. The sample consisted of 34 participants (7 males and 27 females) who were randomly assigned to one of two groups: Intervention (n = 20) and Control (n = 14). Participants in the intervention group did a general litany and a divine love supplication and contemplation exercise, while participants in the control group did only a general litany exercise. Three hypotheses were tested using a mixed-design two-way (split-plot) Analysis of Variance (ANOVA) to determine whether participants in the intervention group will report a significant increase in 1) divine love, 2) meaning in life, and 3) purpose in life from before to after the intervention, whereas participants in the control group will not report a significant change in the mentioned constructs. The results supported Hypothesis 1, in that a significant interaction between group and time emerged for divine love. Specifically, the intervention group reported a significant increase in divine love from before to after the intervention, whereas the control group did not report a significant change in divine love. Furthermore, the effect size was large, even though the mean difference was negligible, indicating that this change was substantial enough to have a considerable effect on the sample. However, the tests of the second and third hypotheses were not significant, suggesting that the divine love contemplation intervention did not have a significant impact on meaning or purpose in life. Suggestions for future research include qualitative phenomenological studies that could be conducted to glean experiential insight into the constructs from the participants’ individual accounts.

Keywords: divine love, meaning in life, purpose in life, contemplation, islamic psychology

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Authors: Herjuno Bagus Wicaksono, Emma Almira Fauni, Salma Amelia Dina

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The Efficient Market Hypothesis (EMH) states that, in an efficient capital market, price fully reflects the information available in the market. This theory has influenced many investors behavior in trading in the stock market. Advanced researches have been conducted to test the efficiency of the stock market in particular countries. Indonesia, as one of the emerging countries, has performed substantial growth in the past years. Hence, this paper aims to examine the efficiency of Islamic stock market in Indonesia in its weak form. The daily stock price data from Indonesia Sharia Stock Index (ISSI) for the period October 2015 to October 2016 were used to do the statistical tests: Run Test and Serial Correlation Test. The results show that there is no serial correlation between the current price with the past prices and the market follows the random walk. This research concludes that Indonesia Islamic stock market is weak form efficient.

Keywords: efficient market hypothesis, Indonesia sharia stock index, random walk, weak form efficiency

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Authors: Irfan U. Din

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The growing presence and operational capacity of Islamic State aka Daesh, which emerged in Pak-Afghan region in 2015, poses a serious threat to the already fragile state of the security situation in the region. This paper will shed light on the current state of IS-K network in the Pak-Afghan region and will explain how its presence and operational capacity in the northern and central Afghanistan has increased despite intensive military operations against the group in Nangarhar province – the stronghold of IS-K. It will also explore the role of Pakistani Taliban in the emergence and expansion of IS-K in the region and will unveil the security implication of growing nexus of IS-K and transnational organized groups for the region in Post NATO withdrawal scenario. The study will be qualitative and will rely on secondary and primary data to explore the topic. For secondary data existing literature on the topic will be extensively reviewed while for primary data in-depth interviews will be conducted with subject experts, Taliban commanders, and field researchers.

Keywords: Islamic State of Khorasan (IS-K), North Atlantic Treaty Organization (NATO), Pak-Afghan Region, Transnational Organized Crime (TNOC)

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Authors: Basyir Yaman, Fades Br. Gultom

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The picture and pattern of Islamic education in the Prophet's period in Mecca and Medina is the history of the past that we need to bring back. The Basic Education Institute called Kuttab. Kuttab or Maktab comes from the word kataba which means to write. The popular Kuttab in the Prophet’s period aims to resolve the illiteracy in the Arab community. In Indonesia, this Institution has 25 branches; one of them is located in Semarang (i.e. Kuttab Al-Fatih). Kuttab Al-Fatih as a non-formal institution of Islamic education is reserved for children aged 5-12 years. The independently designed curriculum is a distinctive feature that distinguishes between Kuttab Al-Fatih curriculum and the formal institutional curriculum in Indonesia. The curriculum includes the faith and the Qur’an. Kuttab Al-Fatih has been licensed as a Community Activity Learning Center under the direct supervision and guidance of the National Education Department. Here, we focus to describe the implementation of curriculum Kuttab Al-Fatih Semarang (i.e. faith and al-Qur’an). After that, we determine the relevance between the implementation of the Kuttab Al-Fatih education system with the formal education system in Indonesia. This research uses literature review and field research qualitative methods. We obtained the data from the head of Kuttab Al-Fatih Semarang, vice curriculum, faith coordinator, al-Qur’an coordinator, as well as the guardians of learners and the learners. The result of this research is the relevance of education system in Kuttab Al-Fatih Semarang about education system in Indonesia. Kuttab Al-Fatih Semarang emphasizes character building through a curriculum designed in such a way and combines thematic learning models in modules.

Keywords: Islamic education system, implementation of curriculum, Kuttab Al-Fatih Semarang, formal education system, Indonesia

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Authors: Tianqi Yin

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The sharia had been the legislative basis in the Ottoman Empire since its emergence. The authority of sharia was superlative in the Islamic society compared to the power of the sulta, the nominal ruler of the nation, regulating essentially every aspect of people’s lives according to an ethical code. In modernity, however, as European sovereignty employed forces to re-engineer the Islamic world to make it more like their own, a society ruled by a state, the Ottoman legislation system encountered a great challenge of adopting codified laws to replace sharia with the formulation of the Mecelle being a prominent case. Interpretations of this transformation have been contentious, with the key debate revolving around whether these codified laws are authentic representations of sharia or alien legal formulations authorized by the modern nation-state under heavy European colonial influence. Because of the difference in methodology of the diverse theories, challenges toward having a universal conclusion on this issue remain. This paper argues that the formulation of the Mecelle and other codified laws is a discontinuity of sharia due to European modernity’s influence and that the emphasis on elements of Islamic laws is a tactic employed to promote this process. These codified laws signals a complete social transformation from the Islamic society ruled by the sharia to a replication of the European society that is ruled by a comprehensive ruling system of the modern state. In addition to advancing the discussion on the characterization of the codification movement in the Ottoman Empire in modernity, the research also promotes the determination of the nature of the modern codification movement globally.

Keywords: codification, mecelle, modernity, sharia, ottoman empire

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Authors: Huraizah Arshad, Maizan Baba

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Malaysia is the country that consists of high population of Muslim community with more than 60%; as reported in year 2014. The stability of economy allowed people to contribute towards ongoing charity such as waqf and infaq. Waqf is an important component of the Islamic economic instruments since it is beneficial to help those needy in the community. Although waqf had been implemented in Malaysia for many years, there is no specific framework on how to manage and maintain the waqf properties in effective and efficient practice. Thus, a comprehensive framework related to the management and maintenance of the waqf properties is crucial to ensure that the administration of the fund is fair within the community. The objective of this article is to examine the related literatures in administration, management and maintenance of waqf for the past ten (10) years. The methodology of this article is through qualitative research based on literature on waqf administration and management; waqf planning and development and the application of maintenance concept. Data from each articles related in this field were collected and statistically analyzed using the SPSS software. A variable such as authorship patterns, number of articles published and geographical affiliation are identified in this study. The general finding in this article shows that there are still limited number of articles and papers published by the researchers related to this field. Henceforth, this article provides significant suggestions and strategies for the future research on waqf administration, management and maintenance.

Keywords: Waqf, administration and management, maintenance, improvement, facilities management

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Authors: Isaac Kofi Mensah, Mi Jianing

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The lack of Information and Communication Technologies (ICT) infrastructure in African countries is hampering the successful adoption, development and implementation of e-government in Africa. Electronic government is the use of ICTs to modernize government public administration processes and to provide government services to citizens with a purpose to enhance efficiency, accountability, and transparency in government’s interaction with the citizenry. ICT application in public administration has the potential to modernize and create smarter government and improvement in public service delivery. China’s Internet Plus policy and One Belt One Road strategy present a golden opportunity for countries in Africa to attract the huge financial investment through Chinese IT companies to develop and close Africa’s ICT infrastructure gap. This study recommends the establishment of One Belt One Road ICT Infrastructure Fund for Africa (OBOR ICT Fund for Africa) to enable countries in Africa to source solely for the purpose of ICT infrastructure development in the public sector/government machinery which would in turn promote the adoption and development of e-government in the public sectors of respective countries in Africa.

Keywords: e-government, public service delivery, internet plus, one belt one road initiative, China, Africa

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Authors: Ya'u Saidu

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The introduction of the non-interest banking system in Nigeria was part of the regulators efforts to increase the inclusion of other stakeholders into the financial sector who have stayed out of the sector for some reasons. However, the concept has been misunderstood by various stakeholders within the country where some view it as a Muslim affair which exclude the non-Muslims from gaining despite its existence in advance countries of the world. This paper attempts to fill-in the gap created by the literature especially with regards to the proper education and enlightenment of the Nigerian citizens. Survey research method was employed where primary data was collected using questionnaire and convenience sampling was used to select 100 respondents. The data was analysed using Chi-square. It was found that lack of knowledge on Islamic banking has significant effect on its prospects.

Keywords: finance, non-interest, sustainability, enlightenment

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Authors: Yasmeen Cheema, Parvinder Singh

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The evolution of Islamic State (acronym IS) has an ultimate goal of restoring the caliphate. IS threat to the global security is main concern of international community but has also raised a factual concern for India about the regular radicalization of IS ideology among Indian youth. The incident of joining Arif Ejaz Majeed, an Indian as ‘jihadist’ in IS has set strident alarm in law & enforcement agencies. On 07.03.2017, many people were injured in an Improvised Explosive Device (IED) blast on-board of Bhopal Ujjain Express. One perpetrator of this incident was killed in encounter with police. But, the biggest shock is that the conspiracy was pre-planned and the assailants who carried out the blast were influenced by the ideology perpetrated by the Islamic State. This is the first time name of IS has cropped up in a terror attack in India. It is a red indicator of violent presence of IS in India, which is spreading through social media. The IS have the capacity to influence the younger Muslim generation in India through its brutal and aggressive propaganda videos, social media apps and hatred speeches. It is a well known fact that India is on the radar of IS, as well on its ‘Caliphate Map’. IS uses Twitter, Facebook and other social media platforms constantly. Islamic State has used enticing videos, graphics, and articles on social media and try to influence persons from India & globally that their jihad is worthy. According to arrested perpetrator of IS in different cases in India, the most of Indian youths are victims to the daydreams which are fondly shown by IS. The dreams that the Muslim empire as it was before 1920 can come back with all its power and also that the Caliph and its caliphate can be re-established are shown by the IS. Indian Muslim Youth gets attracted towards these euphemistic ideologies. Islamic State has used social media for disseminating its poisonous ideology, recruitment, operational activities and for future direction of attacks. IS through social media inspired its recruits & lone wolfs to continue to rely on local networks to identify targets and access weaponry and explosives. Recently, a pro-IS media group on its Telegram platform shows Taj Mahal as the target and suggested mode of attack as a Vehicle Born Improvised Explosive Attack (VBIED). Islamic State definitely has the potential to destroy the Indian national security & peace, if timely steps are not taken. No doubt, IS has used social media as a critical mechanism for recruitment, planning and executing of terror attacks. This paper will therefore examine the specific characteristics of social media that have made it such a successful weapon for Islamic State. The rise of IS in India should be viewed as a national crisis and handled at the central level with efficient use of modern technology.

Keywords: ideology, India, Islamic State, national security, recruitment, social media, terror attack

Procedia PDF Downloads 231

Authors: Alireza Naserpoor

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Derivatives are the most important innovation which has happened in the past decades. When it comes to financial markets, it has changed the whole way of operations of stock, commodities and currency market. Beside a lot of advantages, Conventional derivatives contracts have some disadvantages too. Some problems have been caused by derivatives contain raising Volatility, increasing Bankruptcies and causing financial crises. Standard Parallel Salam contract as an Islamic financial product meanwhile is a financing instrument can be used for risk management by investors. Standard Parallel Salam is a Shari’ah-Compliant contract. Furthermore, it is an alternative to conventional derivatives. Despite the fact that the unstructured types of that, has been used in several Islamic countries, This contract as a structured and standard financial instrument introduced in Iran Mercantile Exchange in 2014. In this paper after introducing parallel Salam, we intend to examine a collection of international experience and local measure regarding launching standard parallel Salam contract and proceed to describe standard scenarios for trading this instrument and practical experience in Iran Mercantile Exchange about this instrument. Afterwards, we make a comparison between SPS and Futures contracts as a conventional derivative. Standard parallel salam contract as an Islamic financial product, can be used for risk management by investors. SPS is a Shariah-Compliant contract. Furthermore it is an alternative to conventional derivatives. This contract as a structured and standard financial instrument introduced in Iran Mercantile Exchange in 2014. despite the fact that the unstructured types of that, has been used in several Islamic countries. In this article after introducing parallel salam, we intend to examine a collection of international experience and local measure regarding launching standard parallel salam contract and proceed to describe standard scenarios for trading this instrument containing two main approaches in SPS using, And practical experience in IME about this instrument Afterwards, a comparison between SPS and Futures contracts as a conventional derivatives.

Keywords: futures contracts, hedging, shari’ah compliant instruments, standard parallel salam

Procedia PDF Downloads 392

Authors: Md. Akiz Uddin

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This research attempted to identify the determining factors that extensively persuaded customers of the First Security Islamic Bank Limited (FSIBL) to open accounts and their perception and satisfaction level towards it. Initially, a theoretical model was established based on existing literature reviews. After that, a self-administered structured questionnaire was developed, and data were collected from 180 customers of the FSIBL of Bangladesh using purposive sampling technique. The collected data were later analyzed through a statistical software. Structural Equation Modelling (SEM) was used to verify the model of the study and test the hypotheses. The study particularly examined the determinants of opening accounts, customers’ perception and their satisfaction level towards the bank on several factors like the bank’s compliance with Shariah law, use of modern technology, assurance, reliability, empathy, profitability, and responsiveness. To examine the impact of religious belief on being FSIBL clients, the study also investigates non-Muslim clients’ perception about FSIBL. The study focused on FSIBL customers only from five branches of Dhaka city. The study found that the religious beliefs is the most significant factors for Muslim customers for considering FSIBL to open an account, and they are satisfied with the services, too. However, for non-Muslim customers, other benefits like E-banking, various user-friendly services are the most significant factors for choosing FSIBL. Their satisfaction level is also statistically significant. Furthermore, even if the non- Muslim customers didn’t consider religious beliefs as determinant factors for choosing FSIBL, the respondents informed that they have trust that people who believe in shariah law are more reliable to keep money with them. These findings open up the avenue for future researchers to conduct more study in this area through employing a larger sample size and more branches and extending the current model by incorporating new variables. The study will be an important addition to the potentials of Islamic banking system, literature of service quality and customer satisfaction level, particularly in the success of Islamic banking system in Bangladesh.

Keywords: islamic banking, customers’ satisfaction, customers’ perception, shariah law

Procedia PDF Downloads 76

Authors: Shabnam Dadparvar, Laijin Shen, Farzad Ravanbod

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Regarding the issues that are currently happening in the world, more than any other time the differences between West and Islam is under discussion. The cultural relations between Islam and the West took a drastically new turn when Europe arose as the dominant and unchallenged force of the modern era. The author, by using descriptive- analytical method, tries to analyse one of the most controversial questions facing analysts of relations between the Islamic world and the West: What are the roots of the conflict? This paper addresses the history of the intellectual tradition of the West and the attitude of Muslim world regarding the rise of western modernity. Also, the differences between two groups on philosophical foundations such as religion, power, science and humanism will be explained. The author believes that the real difference between the West and Islam is epistemological.

Keywords: civilization, culture, Islam, West

Procedia PDF Downloads 314

Authors: Noor Suhaida Kasri

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In the last three decades, Malaysia has developed fundamental legal and regulatory structures that aim to accommodate and facilitate the growth of Islamic banking and finance industry. Important building blocks have been put in place, to cite a few, the elevation of the position of the Malaysian Central Bank Shariah Advisory Council (SAC) as the apex advisory body and the empowerment of their Shariah resolutions through the Central Bank Act 1958; the promulgation of the Islamic Financial Services Act 2013 that regulate and govern Islamic finance market with a robust statutory requirement of Shariah governance and Shariah compliance. Notwithstanding these achievements, enforceability of Shariah-compliant contract remains a contentious subject. The validity of Al Bai Bithaman Ajil concept that was commonly used by the Islamic financial institutions in their financing facilities structures and documentation has been unabatedly challenged by the customers in courts. The challenge was due to the manner in which the Al Bai Bithaman Ajil transactions were carried out. Due to this legal challenge, Al Bai Bithaman Ajil financing structure seems to no longer be the practitioners’ favourite in Malaysia, though its substitute tawarruq and commodity murabahah financing structure may potentially face similar legal challenges. This paper examines the legal challenges affecting the enforceability of these underlying Shariah contracts. The examination of these cases highlights the manner in which these contracts were being implemented and applied by the Malaysian Islamic financial institutions that triggered Shariah and legal concern. The analysis also highlights the approach adopted by the Malaysian courts in determining the Shariah issues as well as the SAC in ascertaining the rulings on the Shariah issues referred to it by the courts. The paper adopts a qualitative research methodology by using textual and documentary analysis approach. The outcome of this study underlines factors that require consideration by industry stakeholder in order to ameliorate the efficacy of the existing building blocks that would eventually strengthens the validity and enforceability of Shariah-compliant contracts. This, in the long run, will further reinforce financial stability and trust into the Islamic banking and finance industry in Malaysia.

Keywords: enforceability of Shariah compliant contract, legal challenge, legal and regulatory framework, Shariah Advisory Council

Procedia PDF Downloads 235

Authors: Rahul Ravindranathan, R. P. Gokul

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India, in its efforts towards economic and social development, is currently experiencing a heavy demand for energy. Due to the lack of sufficient domestic energy reserves, the country is highly dependent on energy imports which has increased rapidly at a rate of about 12 % per annum since 2005. Hence, India is currently focusing its efforts to manage this energy supply and demand gap and eventually achieve energy security. One of the most cost effective means to reduce this gap is by adopting Energy efficiency measures in the country. Initial assessments have shown that Energy efficiency measures have an energy conservation potential of about 23%. For an estimated investment potential of USD 8 Billion, the annual energy savings was estimated to be about 180 Billion Units per annum. In order to explore this huge energy conservation potential, many critical factors need to be considered to achieve practical energy savings. Financing options for these investments is one such major factor. Not only has India come out with various policy level as well as technology level drives to promote Energy efficiency but it has also developed various financing schemes to promote investment in Energy Efficiency projects. The Public sector has already come out with certain financing schemes such as the Partial Risk Guarantee Fund (PRGF), Venture Capital Fund (VCF), Partial Risk Sharing Fund (PRSF) etc., and various sectors are gradually utilizing these schemes to implement energy saving measures. However, additional financing options are required in order to explore the untouched energy conservation potential in the country. Hence, there is a need to develop some innovative financing options for India which would motivate the private sectors as well as financing institutions to invest in these energy saving measures. This paper shall review the existing financing schemes launched by the Government of India and highlight the key benefits as well as challenges with respect to these schemes. In addition to this, the paper would also review new and innovative financing schemes for India and how the same could be adopted in other parts of the globe especially in South and South East Asia. This review would provide an insight to the various Governments as well as Financial Institutions in coming out with new financing schemes for their country.

Keywords: energy, efficiency, financing, India

Procedia PDF Downloads 341

Authors: Turkan Harmanbasi, Zeliha Busra Eryigit

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The Anatolian Seljuk State was established in Anatolia by the Seljuks and continued its existence between the 11th and 14th centuries. Iznik was the first capital of Anatolian Seljuks. With the conquest of Konya in 1086, this place was declared as the capital. The Anatolian Seljuk State, with its numerous cultural elements, has produced valuable and permanent works for more than two centuries. Most of the important and monumental works were built in Konya. Anatolian Seljuk Art that makes unique; the technique in his works is the difference in material and style. It has gained an important place in Islamic architecture with this feature. In this period, rich embellishment programs emerged with the use of geometrical ornaments, floral motifs and calligraphy belts. In the Anatolian Seljuks, decoration was mainly applied with façade, crown gates, doors, windows, mihrab, mimbar, cover, transition elements and minarets; built with stone, brick and wooden materials. The minarets are located adjacent to the mosques or outside, as a high place that can be reached by stairs, which is made to invite people to worship and to announce this to people. They are architectural elements that have always been important in Islamic architecture with their compositions, construction techniques and ornaments. In different countries where Islam has spread, it has gained different appearances with the influence of local traditions. In the Seljuk art, minarets have become indispensable architectural elements of mosques and masjids. Stone and brick are generally used as a material in the minarets, and in some examples it can be seen that the tile was accompanied by the material. Ornamental motifs are formed by bringing these materials side by side vertically or horizontally. The scope of this study, the decoration details of the minarets built during the Anatolian Seljuk period will be examined. As a study area, samples from various Anatolian cities, especially Konya, were selected. Aim of studying the decoration of the Anatolian Seljuk minaret can shed some light on one of the most important aspects of the Islamic architecture in Anatolia and the development of the minaret in the Islamic World.

Keywords: Anatolian Seljuk, decoration, Islamic architecture, minaret, ornament

Procedia PDF Downloads 134

Authors: Vorapoj Promasatayaprot, Sumattana Glangkarn

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Background: Early childhood, the first five years of life, is a time of rapid cognitive, linguistic, social, emotional and motor development. This study was descriptive research which the main purpose of this research was to study early childhood development in Child Center of Local Government in order to emphasize the public citizen and communities participate in the Child Development Center. Method: The study designed was Action Research and divided into four steps consisted of (1) Planning (2) Acting (3) Observing and (4) Reflecting. This study was employed the areas and the subjects consisted of 10 committees of the Child Center in Thakhonyang municipality, Kantharawichai District, Maha Sarakham Province, Thailand and 50 representative parents by using the purposive sampling technique. The instrument used in this study were questionnaires. The data were analyzed using descriptive statistic; percentage, mean, standard deviation, maximum value, minimum, median. Qualitative data was collected using the observation and interview and was analysed by content analysis. Results: The results of this research were as follows: The promoting of early childhood development in child center at Thakhonyang Municipality, Kantharawichai District, Maha Sarakham Province, Thailand were 6 procedures ; (1) workshop participation (2) workshop in action plan (3) performing in action plan (4) following supervision (5) self – assessment (6) knowledge sharing seminar. The service model of the Local Fund Health Security in Thailand was passed the qualifications of local fund health security by 6 procedures to be the high potential local fund health security. Conclusion: The key success is that the commission will have to respond the performance at all process of plan to address the issue in the future. Factor of success is to community participate with transparent procedure. Coordination committee should manipulate the child center benefits among stake holders.

Keywords: child center, develop, early childhood development, local government, promote

Procedia PDF Downloads 196