Search results for: Islamic banking and finance

Authors: Morteza Azimi

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The demand for recognition among LGBTQIA+ groups has grown significantly in modern times, particularly since the second half of the twentieth century, when human rights discourse became increasingly prominent, especially in the West. In contrast, the classic readings of the Quran and Hadith, whose roots lie in pre-modern times, and the Shiite Figh (Islamic jurisprudence) seem not to be updated and responsive to the need for recognition by gender minority identities. Moreover, the recognition of such minority identities within Shiite Islam and its intersection with secular frameworks remains an underexplored topic. This paper explores what Islamic texts, such as the Quran, Hadith, and Shiite Fiqh, address regarding the recognition and rights of gender minorities. It further examines the Islamic Republic of Iran as an example of a dominant Shiite political system, comparing it with Turkey and Germany as secular models. While Turkey, a secular state, is deeply influenced by its predominantly Muslim population and culture, Germany represents a Western model characterized by the widespread recognition of LGBTQIA+ rights. The rationale for this comparative approach lies in understanding how different political systems influence the recognition of gender minorities. Moreover, the study investigates whether Shiite Islamic frameworks can provide solutions to these demands or whether secular systems, as exemplified by Turkey and Germany, are more effective in addressing issues of gender minorities. Hence, this study offers a novel perspective by juxtaposing Shiite Islamic textual interpretations with secular legal frameworks to explore the evolving recognition of gender minorities, demonstrating how varying political and cultural contexts shape the lived experiences of LGBTQIA+ individuals in Iran, Turkey, and Germany. This research relies on secondary literature as the primary data source, especially regarding the issue of gender in Shiite Islamic texts. The author employs a comparative textual analysis of Shiite Islamic texts (e.g., Quran, Hadith, and Fiqh) and secular legal frameworks in Turkey and Germany to explore how different systems address the recognition of gender minorities. Findings reveal that classical interpretations of Islamic texts and Shiite Fiqh employed by the Islamic Republic of Iran fail to provide laws and frameworks that recognize LGBTQIA+ identities. This gap contributes to the marginalization of gender minority identities, fostering environments of suppression, violence, and exclusion. The findings of this study could inform policymaking and advocacy efforts by shedding light on the necessity of a change toward inclusive legal and cultural frameworks for gender minorities in Muslim countries like Iran.

Keywords: gender minorities, LGBTQIA+ recognition, shiite islam, comparative analysis

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Authors: Said Baadel

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The belief of a heavenly God is enshrined to all Abrahamic religions which form the three major religions of the world today. Muslims believe in Allah who is above the seven heavens. The youth in the United Arab Emirates (UAE) study Islamic courses as part of their high school curriculum and are required to take at least one Islamic course at the university level to gain credit hours towards their general education (GENED). This paper provides an insight of what the youth studying in the UAE think of where Allah was. Our analysis reveals that a big number of Muslim youth were not sure, especially those from the Middle Eastern and Arab countries bringing to the conclusion that this subject needs to be revisited again in the course work.

Keywords: Allah, Islam, Tawheed, religion

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Authors: Adnan M. Al Assaf

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This research project aims to assess the methods of enhancing tolerant thinking and behavior among Muslim societies. This is in addition to spreading the anti-terrorist approach in their communities. The critical assessment for the Islamic major texts in question is the selected way for convincing, as Muslims adopt these sources as the authentic references for their lives and cultures. Moreover, this research devotes a special room to the analysis of the royal ‘Amman Message’ as a contemporary Islamic approach for enhancing tolerance and anti-terrorism from an Islamic perspective. The paper includes the study of the related concepts, texts, practical applications, with some reference to the history of Islam in human interaction, accepting the others, mercy with minorities, protecting human rights. Furthermore, it assesses the methods of enhancing tolerance and minimizing the terrorist thinking and behavior practically, in the view of Amman message, as well.

Keywords: Islam, tolerance, anti-terrorism, coexistence, Amman Message

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Authors: Abdolmoghset Banikamal

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This study looks at the issue of human needs from Islamic perspectives. The key objective of the study is to contribute in regulating the persuasion of needs. It argues that all needs are not necessarily genuine, rather a significant part of them are delusive. To distinguish genuine needs from delusive ones, the study suggests looking at the purpose of the persuasion of that particular need as a key criterion. In doing so, the paper comes with a model namely Orbit of Needs. The orbit has four circles. The central one is a necessity, followed by comfort, beautification, and exhibition. According to the model, all those needs that fall into one of the first three circles in terms of purpose are genuine, while any need which falls into the fourth circle is delusive.

Keywords: desire, human need, Islam, orbit of needs

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Authors: S. H. Iranmanesh, L. Aliabadi, A. Mollajan

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Integrated resilience engineering (IRE) is capable of returning banking systems to the normal state in extensive economic circumstances. In this study, information system of a large bank (with several branches) is assessed and optimized under severe economic conditions. Data envelopment analysis (DEA) models are employed to achieve the objective of this study. Nine IRE factors are considered to be the outputs, and a dummy variable is defined as the input of the DEA models. A standard questionnaire is designed and distributed among executive managers to be considered as the decision-making units (DMUs). Reliability and validity of the questionnaire is examined based on Cronbach's alpha and t-test. The most appropriate DEA model is determined based on average efficiency and normality test. It is shown that the proposed integrated design provides higher efficiency than the conventional RE design. Results of sensitivity and perturbation analysis indicate that self-organization, fault tolerance, and reporting culture respectively compose about 50 percent of total weight.

Keywords: banking system, Data Envelopment Analysis (DEA), Integrated Resilience Engineering (IRE), performance evaluation, perturbation analysis

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Authors: James Kinsella

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There is currently very little understanding of how the interaction between in- vestors, consumers, the firms (agents) affect a) the transmission of information, and b) the creation and transfer of value and wealth between these two groups. Employing scholarly ideas from multiple research areas (behavioural finance, emotional finance, econo-biology, and game theory) we develop a conceptual the- oretic model (the ‘bow-tie’ model) as a framework for considering this interaction. Our bow-tie model views information transfer, value and wealth creation, and transfer through the lens of “investor-consumer connection facilitated through the communicative medium of the ‘firm’ (agents)”. We confront our bow-tie model with theoretical and practical examples. Next, we utilise consumer and business confidence data alongside index data, to conduct quantitative analy- sis, to support our bow-tie concept, and to introduce the concept of “investor- consumer connection”. We highlight the importance of information persuasiveness, knowledge, and emotional categorization of characteristics in facilitating a communicative relationship between investors, consumers, and the firm (agents), forming academic and practical applications of the conceptual bow-tie model, alongside applications to wider instances, such as those seen within the Covid-19 pandemic.

Keywords: behavioral finance, emotional finance, economy-biology, social mood

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Authors: Abdul Nasir Zamir

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After the downfall of Ottoman Caliphate, it scattered into different small Muslim states. Muslim leaders, intellectuals, revivalists as well as modernists started trying to boost up their nation. Some Muslims are also trying to establish the caliphate. Every Muslim country has its own political system, i.e., kingship, dictatorship or democracy, etc. But these are not in their original forms as the historian or political science discussed in their studies. The laws and their practice are mixed, i.e., others with Islamic laws, e.g., Saudi Arabia (K.S.A) and the Islamic Republic of Pakistan, etc. There is great conflict among the revivalist Muslim parties (groups) and governments about political systems. The question is that the subject matter is Sharia or political system? Leaders of Modern Muslim states are alleged as disbelievers due to neglecting the revelation in their laws and decisions. There are two types of laws; Islamic laws and management laws. The conflict is that the non-Islamic laws are in practice in Muslim states. Non-Islamic laws can be gradually changed with Islamic laws with a legal and peaceful process according to the practice of former Muslim leaders and scholars. The bloodshed of Muslims is not allowed in any case. Weak Muslim state is a blessing than nothing. The political system after Muhammad and guided caliphs is considered as kingship. But during this period Muslims not only developed in science and technology but conquered many territories also. If the original aim is in practice, then the Modern Muslim states can be stabled with different political systems. Modern Muslim states are the hope of survival, stability, and development of Muslim Ummah. Islam does not allow arm clash with Muslim army or Muslim civilians. The caliphate is based on believing in one Allah Almighty and good deeds according to Quran and Sunnah. As faith became weak and good deeds became less from its standard level, caliphate automatically became weak and even ended. The last weak caliphate was Ottoman Caliphate which was a hope of all the Muslims of the world. There is no caliphate or caliph present in the world. But every Muslim country or state is like an Amarat (a part of caliphate or small and alternate form of the caliphate) of Muslims. It is the duty of all Muslims to stable these modern Muslim states with tolerance.

Keywords: caliphate, conflict resolution, modern Muslim state, political conflicts, political systems, tolerance

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Authors: Sevelina Ndlovu

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Financial Technology (fintech) advancement is recognised as one of the most transformational innovations in the financial industry. Fintech has given rise to internet-only digital banking, a novel financial technology advancement, and innovation that allows banking services through internet applications with no need for physical branches. This technology is becoming a new banking normal among consumers for its ubiquitous and real-time access advantages. There is evident switching and migration from traditional banking towards these fintech facilities, which could possibly pose a systemic risk if not properly understood and monitored. Fintech advancement has also brought about the emergence and escalation of financial technology consumption themes such as trust, security, perceived risk, and sustainability within the banking industry, themes scarcely covered in existing theoretic literature. To that end, the objective of this research is to investigate factors that determine fintech adoption and propose an integrated adoption model. This study aims to establish what the significant drivers of adoption are and develop a conceptual model that integrates technological, behavioral, and environmental constructs by extending the Unified Theory of Acceptance and Use of Technology 2 (UTAUT2). It proposes integrating constructs that influence financial consumption themes such as trust, perceived risk, security, financial incentives, micro-investing opportunities, and environmental consciousness to determine the impact of these factors on the adoption and intention to use digital banking apps. The main advantage of this conceptual model is the consolidation of a greater number of predictor variables that can provide a fuller explanation of the consumer's adoption of digital banking Apps. Moderating variables of age, gender, and income are incorporated. To the best of author’s knowledge, this study is the first that extends the UTAUT2 model with this combination of constructs to investigate user’s intention to adopt internet-only digital banking apps in the UK context. By investigating factors that are not included in the existing theories but are highly pertinent to the adoption of internet-only banking services, this research adds to existing knowledge and extends the generalisability of the UTAUT2 in a financial services adoption context. This is something that fills a gap in knowledge, as highlighted to needing further research on UTAUT2 after reviewing the theory in 2016 from its original version of 2003. To achieve the objectives of this study, this research assumes a quantitative research approach to empirically test the hypotheses derived from existing literature and pilot studies to give statistical support to generalise the research findings for further possible applications in theory and practice. This research is explanatory or casual in nature and uses cross-section primary data collected through a survey method. Convenient and purposive sampling using structured self-administered online questionnaires is used for data collection. The proposed model is tested using Structural Equation Modelling (SEM), and the analysis of primary data collected through an online survey is processed using Smart PLS software with a sample size of 386 digital bank users. The results are expected to establish if there are significant relationships between the dependent and independent variables and establish what the most influencing factors are.

Keywords: banking applications, digital banking, financial technology, technology adoption, UTAUT2

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Authors: Muhadam Labolo, Afdal R. Anwar, Sucia Miranti Sipisang

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Electronic Local Finance Management Information System (ELFMIS) is integrated application that was used as a tool for local governments to improve the effectiveness of the implementation of the various areas of financial management regulations. Appropriate With Exceptions Opinion (WDP) of Indonesia Audit Agency (BPK) for local governments Mempawah is a financial management problem that must be improved to avoid mistakes in decision-making. The use of Electronic Local Finance Management Information System (ELFMIS) by Mempawah authority has not yet performed maximally. These problems became the basis for research in measuring the effectiveness LFMIS in Mempawah regency. This research uses an indicator variable for measuring information systems effectiveness proposed by Bodnar. This research made use descriptive with inductive approach. Data collection techniques were mixed from qualitative and quantitative techniques, used questionnaires, interviews and documentation. The obstacles in Local Finance Board (LFB) for the application of ELFMIS such as connection, the quality and quantity of human resources, realization of financial resources, absence of maintenance and another facilities of ELFMIS and verification for financial information.

Keywords: effectiveness, E-LFMIS, finance, local government, system

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Authors: Denila Jinny Arulraj, Thillai Rajan Annamalai

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This paper aims to study the relationship between funding sources and firm performance of Indian private limited SMEs using cross-sectional data obtained from a nation-wide census. A unique feature of the study is that it analyses firms that use only one form of external funding. Employing Propensity Score Matching, we find that obtaining any form of external finance has a negative influence on equivalents of profit margin and return on assets and a negative influence on asset turnover of small firms. But, the impact of institutional sources of funding on small enterprises is found to be lesser than that of non-institutional sources of funding. External/institutional sources of funding have a less negative impact on the profit margin for medium enterprises and have no significant influence on other measures of performance. The contribution of this research is the discovery of institutional sources wielding a lesser influence on performance measures considered. It is also found that institutional sources can benefit small enterprises more than medium enterprises.

Keywords: external finance, institutional finance, non-institutional finance, performance, India, SME

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Authors: Rima A. Ajlouni

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The discovery of quasi-periodic structures in material science is revealing an exciting new class of symmetries, which has never been explored before. Due to their unique structural and visual properties, these symmetries are drawing interest from many scientific and design disciplines. Especially, in art and architecture, these symmetries can provide a rich source of geometry for exploring new patterns, forms, systems, and structures. However, the structural systems of these complicated symmetries are still posing a perplexing challenge. While much of their local order has been explored, the global governing system is still unresolved. Understanding their unique global long-range order is essential to their generation and application. The recent discovery of dodecagonal quasi-periodic patterns in historical Islamic architecture is generating a renewed interest into understanding the mathematical principles of traditional Islamic geometry. Astonishingly, many centuries before its description in the modern science, ancient artists, by using the most primitive tools (a compass and a straight edge), were able to construct patterns with quasi-periodic formations. These ancient patterns can be found all over the ancient Islamic world, many of which exhibit formations with 5, 8, 10 and 12 quasi-periodic symmetries. Based on the examination of these historical patterns and derived from the generating principles of Islamic geometry, a global multi-level structural model is presented that is able to describe the global long-range order of dodecagonal quasi-periodic formations in Islamic Architecture. Furthermore, this method is used to construct new quasi-periodic tiling systems as well as generating their deflation and inflation rules. This method can be used as a general guiding principle for constructing infinite patches of dodecagon-based quasi-periodic formations, without the need for local strategies (tiling, matching, grid, substitution, etc.) or complicated mathematics; providing an easy tool for scientists, mathematicians, teachers, designers and artists, to generate and study a wide range of dodecagonal quasi-periodic formations.

Keywords: dodecagonal, Islamic architecture, long-range order, quasi-periodi

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Authors: M. Otrusinova, E. Pastuszkova

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The article is addressing the currently ongoing reform processes of transforming the public finance accounting based on cash flow principle to accrual principle. The presented analysis concerns the issues associated with the introduction of the state accounting from the perspective of municipal employees in compiling the opinions of financial experts in conditions of the Czech Republic. The aim of this paper is to present outcomes of analysis focused on currently discussed topics which are related to introducing the accrual principle into accounting of selected entities, especially municipalities and municipality-funded institutions. The output of the paper consists of comparing the application of the accrual principle in the financial reporting of municipalities in the Czech Republic and Slovakia. In conclusion and based on the survey, respondents from Slovak municipalities that have already adopted the accrual accounting principle show better opinion than Czech municipalities.

Keywords: accrual principle, accounting, accounting reform, Czech Republic, municipalities, public finance

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Authors: Rady Farag Aziz Ibrahim

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The gap between Islamic terrorism and human rights has become an important issue in the fight against Islamic terrorism worldwide. This situation is repeated because terrorism and human rights are interconnected in such a way that when the former begins, the latter becomes subject to violence. This unknown relationship was recognized in the Vienna Declaration and Program of Action adopted at the International Conference on Human Rights held in Vienna on 25 June 1993, confirming that terrorist acts, in all their forms and manifestations, aim to destroy the rights of individuals. humanity to destroy. Therefore, Islamic terrorism is a violation of basic human rights. For this purpose, the first part of the article will focus on the relationship between terrorism and human rights and the synergy between these two concepts. The second part then explores the emerging concept of cyber threats and how they exist. Additionally, technology analysis will be conducted against threats based on human rights. This will be achieved through analysis of the concept of 'securitization' of human rights and by striking a balance between counter-terrorism measures and the protection of human rights at all costs. This article concludes with recommendations on how to balance terrorism and human rights today.

Keywords: sustainable development, human rights, the right to development, the human rights-based approach to development

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Authors: Zoaib Mirza

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Pakistan is an Islamic country that got its partition from India in 1947 so that the people could practice the religion of Islam. The ideology of Pakistan was based on the notion that sovereignty only belonged to God Almighty (in Arabic, God means “Allah”), and Muslims will live in accordance with Islam principles. The Quran (Holy Book) and Sunnah (authentic practices of Prophet Mohammad, Peace Be Upon Him, that explains the application of the Quran) are foundations of the Islamic principles. It has been over 75 years, but unfortunately, Pakistan, due to its own political, social, and economic mistakes, is responsible for not being able to become a true Islamic nation to justify its partition from India. The rationale for writing this paper is to analyze the factors that led to changes in the democratic movements impacting the country's political, social, and economic growth. The methodology to examine the historical and political context of Pakistan’s history is by referencing the scholarly work of Israr Ahmed, a Pakistani Islamic theologian, philosopher, and Islamic scholar. While from a Western perspective, Karl Marx, Mar Weber, Hannah Arendt, Sheldon Wolin, Paulo Freire, and Jacques Ranciere's philosophies specific to totalitarianism, politics, military rule, religion, capitalism, and superpower are used as the framework to analyze Pakistan’s democracy. The study's findings conclude that Pakistan's democracy is unstable and has been impacted by military and civilian governance, which led to political, social, and economic downfall. To improve the current situation, the citizens of Pakistan have to realize that the success of a nation is only dependent on the level of consciousness of the leader and not the political system. Therefore, it is the responsibility of every citizen to be conscious of how they select their leader and take responsibility for the current situation in Pakistan.

Keywords: Pakistan, Islam, democracy, totalitarianism, military, religion, capitalism

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Authors: Nunik Junara, Sugeng Triyadi

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Sustainable Housing in Islamic perspective, can be defined as a multi-dimensional process that seeks to achieve a balance between economic and socio-cultural aspects on the side, and environmental aspect on the other. There are many quotes verses in the Quran and Hadith that leads to the belief that Islam as a Rahmatan lil Alamin, where men are encouraged to act wisely in treating nature and all living things in it. One aspect of the natural environment that closed to human is plants. In the settlement, the availability of plants or also called green open space is highly recommended. The availability of green open space in the neighborhood, both the public and private green open spaces is expected to reduce the effects of global warming that has engulfed various parts of the world. Green open space that can be viewed from the angle of eco-aestetic and eco-medical in sustainable architecture, is expected to increase the temperature and provide aesthetic impression to the surrounding environment. This paper attempts to discuss the principles of Islamic values related to the natural environment as a major resource for sustainability. This paper also aims to raise awareness of the importance of the theme of sustainability in settlements, especially in big cities. Analysis of the availability of green open space in kampung Kauman Malang is one example of the effort to apply the principles of sustainable housing.

Keywords: green open space, sustainable housing, Islamic values, Kampung Kauman Malang

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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: Rohollah Asadian Kohestani, Nazanin Sedghi

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As the number of banks and financial institutions working in Iran has been significantly increased, the attracting and retaining customers and encouraging them to continually use the modern banking services have been important and vital issues. Therefore, there would be a serious competition without a deep perception of consumers and fitness of banking services with their needs in the current economic conditions of Iran. It should be noted that concepts such as 'brand equity' is defined based on the view of consumers; however, it is also focused by shareholders, competitors and other beneficiaries of a firm in addition to bank and its consumers. This study examines the impact of brand equity on the competitive advantage in the banking industry as intensive competition between brands of different banks leads to pay more attention to the brands. This research is based on the Aaker’s model examining the impact of four dimensions of brand equity on the competitive advantage of private banks in Behshahr city. Moreover, conducting an applied research and data analysis has been carried out by a descriptive method. Data collection was done using literature review and questionnaire. A 'simple random' methodology was selected for sampling staff of banks while sampling methodology to select consumers of banks was the distribution of questionnaire between staff and consumers of five private banks including Tejarat, Mellat, Refah K., Ghavamin and, Tose’e Ta’avon banks. Results show that there is a significant relationship between brand equity and their competitive advantage. In this research, software of SPSS 16 and LISREL 8.5, as well as different methods of descriptive inferential statistics for analyzing data and test hypotheses, were employed.

Keywords: brand awareness, brand loyalty, brand equity, competitive advantage

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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: Marijana Ivanov, Roman Šubić

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The single rulebook together with the Single Supervisory Mechanism and the Single Resolution Mechanism - as two main pillars of the banking union, represent important steps towards completing the Economic and Monetary Union. It should provide a consistent application of common rules and administrative standards for supervision, recovery and resolution of banks – with the final aim that a former practice of the bail-out is replaced with the bail-in system through which bank failures will be resolved by their own funds, i.e. with minimal costs for taxpayers and real economy. It has to reduce the financial fragmentation recorded in the years of crisis as the result of divergent behaviors in risk premium, lending activities, and interest rates between the core and the periphery. In addition, it should strengthen the effectiveness of monetary transmission channels, in particular the credit channels and overflows of liquidity on the single interbank money market. However, contrary to all the positive expectations related to the future functioning of the banking union, low and unbalanced economic growth rates remain a challenge for the maintenance of financial stability in the euro area, and this problem cannot be resolved just by a single supervision. In many countries bank assets exceed their GDP by several times, and large banks are still a matter of concern because of their systemic importance for individual countries and the euro zone as a whole. The creation of the SSM and the SRM should increase transparency of the banking system in the euro area and restore confidence that have been disturbed during the depression. It would provide a new opportunity to strengthen economic and financial systems in the peripheral countries. On the other hand, there is a potential threat that future focus of the ECB, resolution mechanism and other relevant institutions will be extremely oriented to the large and significant banks (whereby one half of them operate in the core and most important euro area countries), while it is questionable to what extent the common resolution funds will be used for rescue of less important institutions.

Keywords: banking union, financial integration, single supervision mechanism (SSM)

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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: Aliyu Aminu Baba

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Ethnic entrepreneurship is defined as a set of connections and regular patterns of interaction among people sharing common national background or migration experience. The disadvantage faced by ethnic minority on paid labour induced them to become self-employed. Also, enclaves motivates trading, creativity, innovation are all to provide specific service or products to certain people. These ethnic minorities are African –Caribbean, Indians, Pakistanis, Banghaladashi and Chinese. For policy development ethnic diversity was among the problem of developing policy in United Kingdom. The study finds that there is a danger in treating all ethnic minority businesses as homogeneous rather than heterogeneous. The diversity is due to religious beliefs, culture and race. This indicates that there is a wide range have shortfall in addressing the peculiarities of ethnic minority businesses in policy formulation. Also, there are differences between ethnic minorities in accessing finance. It is recommended that diversity and peculiarities between ethnic minorities should be considered in policy formulation.

Keywords: ethnic entrepreneurship, finance, policy implication, diversity

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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: Ishmael Obaeko Iwara

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The Point of Sale (POS) cash and cashless semi-formal business has emerged as a significant driver of employment in countries like Nigeria and Kenya, similar to other micro and small-scale enterprises. This business model enables individuals to establish cash in/out outlets, offering entrepreneurs and small business owners a lucrative opportunity to generate additional income. However, the benefits extend beyond employment, as the POS model has become an integral part of the payment system in these countries. It facilitates convenient fund transfers, cash deposits, and withdrawals for individuals residing in both urban and rural areas. Given South Africa's high youth unemployment rate and limited banking services in rural households, coupled with a vibrant informal business economy akin to Nigeria and Kenya, the POS model potentially presents a business opportunity for the unemployed and serves as a banking solution for remote communities. Nonetheless, its implementation within South Africa's entrepreneurial landscape remains a subject of contention. Through qualitative research employing a participatory community-led action research approach, this study analyzes feedback, critiques, and potential interventions from various stakeholders, including business actors, grassroots communities, financial institutions, and policymakers. The findings offer crucial insights into the challenges associated with the adoption of the POS model and suggest mitigating factors to facilitate its successful implementation.

Keywords: grassroots entrepreneurs, rural households, POS banking, youth employment

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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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