Search results for: Islamic Constitution

Authors: Amira Kaddour, Hedia Teraoui, Khmayes Bougatef

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The main purpose of this paper is to determine the major causes of the underdevelopment of Islamic finance in Tunisia. Indeed, it’s surprising to note that Zitouna bank established in May 2010 is the first Islamic Tunisian bank although 99% of Tunisians are Muslim and Islam is the religion of the State according to the Constitution. So we rely in our paper on the opinions of number of professors of finance and economics as educated people to prove or reject our hypothesis that the underdevelopment of Islamic finance in Tunisia can be explained by the ignorance of its main principles and advantages. Ours findings reveal that this branch of finance is still largely unknown, not only from public but also from professionals. The results obtained surprisingly show that this insignificance of Islamic banking cannot be explained by the fact that Tunisia has been governed since its independence by a secular left-wing party. Indeed, only 3% of respondents believe that legislation and regulation in Tunisia represent an obstacle to the development of Islamic finance. Moreover, respondents are not very optimistic about the future role of Islamic financing.

Keywords: Islamic banking, Islamic insurance (takaful), Islamic law (shariah), usury (riba)

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Authors: Ahmet Sekreter

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Although there are conceptual similarities in terms of financial products between conventional and Islamic finance, they are entirely different financial systems. Despite Islamic finance’s small size in the conventional finance world, its promising growth makes Islamic finance a hot topic both in academia and business world. Today customers can access sophisticated Islamic financial products not only in Muslim countries but also in Europe. This study analyzes Islamic finance and its products and includes a brief overview of Islamic finance in Europe. Literature review is the basis of this paper. The author analyzed the academic papers, numerical data, and estimations to set a perspective for the future of Islamic finance in Europe. Findings show that UK is the main hub for the Islamic finance, and it will remain so in the near future.

Keywords: islamic finance, islamic banking, islamic finance in Europe, finance

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Authors: Asif Zaheer Shaikh, Zhaoyong Zhang, Jaime Yong, Ume Laila Shah

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Islamic finance is growing with remarkable pace, especially Islamic banking, a major segment of Islamic finance, is expanding rapidly. This paper discusses the position of Islamic finance and Islamic banking, around the world in general and particularly in Pakistan. History of Islamic banking in Pakistan is protested, presently a significant growth is observed. However Islamic banking is confronting with number of challenges, which are refraining from sustainable growth of this industry in Pakistan. Growth level of Islamic banks should be steeper to contribute substantial share in country’s economy. It is important to formulate effective policies, at institutional and operational level to address these challenges through close collaboration of key stakeholders.

Keywords: Islamic finance, challenges, Islamic banking, Pakistan

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Authors: Sudir Silwal, Surendra KC

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Nepalese legal system was derived from Hindu sacred before the democratic movement in 1990. Before this movement, Nepal had a patrimonial system. Nepal has ratified the UN Convention on the Elimination of all forms of Discrimination Against Women (CEDAW). Women organizations of the various political parties, different social organizations and women activists are playing the significant role to empower the women through the social awareness campaign across the country. As a result, 33% women representation in the local government has ascertained by the current constitution. The Constitution of Nepal-2015 has mentioned the rights of women as a fundamental right and it also has provisioned the National Women Commission as the constitutional body. This constitution is the model of gender friendly constitution in the world. As per this constitution, the Citizenship certificate is issued based on the lineage of the mother or father along with gender identity. The current constitution has guaranteed 33% women participation in judiciary, bureaucracy and legislation. This constitution further states that the parliament must elect a woman either as the president or the vice president. Similarly same rule is applied to elect the speaker and the deputy speaker in the parliament. In the same constitution, rights of the third gender also has guaranteed. The guiding principles of the constitution further explain that the constitution has followed the rule of positive discrimination and proportional representation of women in all elements of the state. This study shows that the state is not only focused in the representation of women in all structure of the nation but also need to emphasize the enhancement of the capability of the women to make them equal to the men.

Keywords: constitution, empowerment, representation, women's rights

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Authors: Seyed Razi Nousavi Gilani

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Islamic culture and especially the Shia is full of mystical and philosophical elements. A close look at the history of Islamic civilization, which is supposed to represent the teachings and words of faith leaders with the knowledge and use of the philosophical and mystical concepts, has influenced Islamic art. This article explains the influence of Shiite Islamic teachings and their teachings of mystical elements on Islamic art and examines as case studies in the arts such as architecture, calligraphy and painting. These arts have always been associated with mystical and philosophical teachings in view of traditional artists.

Keywords: mystics, Islamic Art, Islamic culture, mystic

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Authors: N. Sathish Gowda

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A constitution without fundamental rights will become zero. The very object of constitution of three organs viz, legislature, executive and judiciary under the constitution of India is to protect, preserve and promote fundamental rights guaranteed under part-III. In India, along with express fundamental rights, Supreme Court has also recognized implied fundamental rights. But, unfortunately State has not been implementing these implied fundamental rights. In this regard, this research paper discusses the catalogue of implied fundamental rights evolved by the judiciary in interpreting Article 21 of the Constitution of India and seeks to examine the effects and applicability of these rights in India.

Keywords: fundamental rights, nuances of Article 21, express fundamental rights, implied fundamental rights, procedure established by law

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Authors: Muhammad Ilham Agus Salim, Saufa Ata Taqiyya

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In many Muslim countries, secularization has successfully reduced the role of Islamic law as a formal legal source during this last century. The most obvious fact was the reform of Daulah Utsmaniyah to be Secular Republic of Turkey. Religion is strictly separated from the state authorities in many countries today. But these last decades in Indonesia, a remarkable fact is apparent. Islamic law has expanded its role in Indonesian legal system, especially in districts regulations. In Aceh province, as a case in point, shariah has been the basic source of law in all regulations. There are more provinces in Indonesia which adopted Islamic law as a formal legal source by the end of 2014. Different from some other countries which clearly stipulates the status of Islam in formal ways, Indonesian constitution formally does not render any recognition for Islam to be the formal religion of the state. But in this Muslim majority country, Islamic law takes a place in democratic way, namely on the basis of the voice of majority. This paper will analyze how this reality increases significantly since what so called by Indonesian reformation era (end of nineties). Some causes will be identified regarding this tendency of expansion of role. Some lessons learned also will be recommended as the concluding remarks by the end of the paper.

Keywords: Islamic law, Indonesia, legal reform, Syariah local regulation

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Authors: Mohammad Iqbal Maiik

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Islamic marketing ethics combines the principle of value maximization with the principles of equity and justice for the welfare of the society. Adherence to the Islamic ethics in the Islamic banking industry can help elevate the standards of both behavior and living of bankers and customers alike. In a rapidly changing marketing environment, the need to be customer-focused has never been as important as it is today. At present where customers are becoming more demanding and increasingly mobile between competing financial providers, being customer-focused is not enough. Islamic banks and more specifically their customer-contact employees (customer relation advisers or officers) need to be perceived by their customers as being Islamic. This study represents an initial step in analyzing the role of Islamic ethical sales behavior as it may be perceived by the customers of Islamic Banks.

Keywords: Islam, ethics, marketing, Islamic banks

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Authors: Mohammad Torabiyan, Kazem Mosawi Nejad

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Today architecture has become as a powerful media for introducing cultures to the world, which in turn brings about a change in the global insight, power gaining, investment and development. Islamic architecture is based on the language of Koran and shows the depth and richness of Islam through spiritual soul. This is in a way that belief in monotheism and faith in Islamic teachings are manifested as Islam's aesthetic thought in Islamic architecture. Unfortunately, Islamic architecture has been damaged a lot due to lack of necessary information and also successive wars which have overtaken the Muslims as well as the dominance of colonizing counties. Islamic architecture is rooted in the history, culture and civilization of Muslims but its deficiencies and shortcomings should be removed through systematizing the Islamic architecture researchers. Islamic countries should act in a way that the art of Islamic architecture shows its true place in different architecture eras and makes everybody aware that Islamic architecture has a historical root and is connected eternally to the genuineness, religious art and culture of Muslims and civilization.

Keywords: art, culture, civilization, Islamic architecture, Muslims

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Authors: Akbar Jamali

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According to Hegel’s philosophy, constitution of any given nation is the best expression of its national Self-Consciousness. Since constitution is the place in which freedom and Universal Rights is expressed, and since the essence of Self-consciousness is freedom, the development of self-consciousness and consequently freedom, is the direct cause of the development of constitution. Self-consciousness develops in the human history according to its own internal and external dialectic; therefore, it is essentially a dynamic phenomenon. However, constitution is supposed to be a stable foundation for the legal system of state and society. Therefore, the dilemma is: how the dynamic and contradictory nature of Self-Consciousness is the foundation of constitution that supposed to be the stable base of legal system of state and society. According to Hegel’s philosophy, the contradiction between the dynamic self- consciousness and the static constitution and state has an essential role in the formation of social movements within any given state. Self-consciousness is the phenomenology of Spirit in the human history. Subjective Spirit expresses itself in the different shapes of Self-consciousness in human spirit. These different shapes of self-consciousness must be identical with its contradiction; Objective Spirit. State is the highest form of the objective Spirit. Therefore, state and its foundation namely ‘constitution’ must be identical with Self-consciousness. "Spirit cannot remain forever alienated from its expression." Hegel states. Self-consciousness is the Subjective Spirit, it freely develops according to its internal and external contradictions, but since it must be always identical with its expression namely constitution, its development results to alienation. They way by which self-consciousness became again identical with the constitution determines the nature of legal and political development of any given society and state. In the democratic states, self-consciousness shows itself partially in the public opinion. In the process of election, this public opinion changes the ruling parties that construct the government. In democracies, self-consciousness or subjective spirit is in a dialectical relationship with state or the Objective Spirit. Therefore, it cannot remain alienated with its expression that is political system and its constitution. But, in the autocracies Self-consciousness cannot easily express itself in the government and its constitution. More Self-consciousness develops more it becomes alienated with its expression that is the state and its constitution. Rebel and revolution are the symptom of alienation of Spirit (self-consciousness) with its expression (state and its constitution).

Keywords: alienation, constitution, self-consciousness, spirit

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Authors: Abul Shamsuddin

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The Islamic stock market indices are constructed by screening out stocks that are incompatible with Islam’s prohibition of interest and certain lines of business. This study examines the effects of Islamic screening on the risk-return characteristics of Islamic vis-a-vis mainstream equity portfolios. We use data on Dow Jones Islamic market indices and FTSE Global Islamic indices over 1993-2013. We observe that Islamic equity indices outperform their mainstream counterparts in both raw and risk-adjusted returns. In addition, Islamic equity indices are more resilient to turbulence in international markets than that of their mainstream counterparts. The findings are robust across a variety of portfolio performance measures.

Keywords: Dow Jones Islamic market index, FTSE global Islamic index, ethical investment, finance

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Authors: Mahmood Mohammed Abdulsattar Aljumaili

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Praise be to Allah and peace and blessings be upon the Messenger of Allah. Islamic banks have not only made a lot of great achievements in a short period, but they imposed themselves in the global market, not to mention the transformation of some conventional interest-based banks to Islamic banks to the large demand on them, this transformation has pushed the Dow Jones Global Foundation to develop a new economic indicator released it (the Dow Jones Islamic market) for those who wish to invest in Islamic financial institutions. The success of Islamic financial institutions today face significant and serious challenges, that embody the serious consequences created by the current events on Islamic banking industry. This modest study, deals with these serious challenges facing the Islamic banking industry, and reflected on the success recorded in the previous period. The study deals with four main topics: The emergence of Islamic banks, the goals of Islamic banks, International challenges facing Islamic banks, internal challenges facing Islamic banks, and finally it touches on, (Basel 1-2) Agreement and its implications for Islamic banks.

Keywords: Islamic banks, Basel 1-2 agreement, most important contemporary challenges, islamic banking industry, Dow Jones Islamic market

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Authors: Janiel David Melamed Visbal

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The Islamic State has become one of the most remarkable threats for international security through their religious extremism and their establishment of a new caliphate by force. The main objective of this organization is to obtain territorial expansions beyond the Middle East and eventually to consolidate an Islamic global order based on their extremist ideology. This paper will conduct an analysis regarding how, over the past year, many jihadist organizations worldwide have pledged their alliagance to the Islamic State, transforming it into the most important jihadist franchise globally.

Keywords: Islamic state, franchise, jihad, Islamic fundamentalism, caliphate

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Authors: Shaibu Ali, Sherif Heiman Shaban, Musah Ismaila, Imoro Alhassan, Yusif Ali

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Purpose: Islamic banking and finance is one of the most rapidly growing segments of the global finance industry. Starting with the Dubai Islamic Bank in 1975, the number of Islamic financial institutions worldwide has shot up astronomically, to over three hundred, with operations in seventy-five countries and assets in excess of US$400 billion. The purpose of this study is to explore the prospects and challenges of Islamic banking introduction in a non-Islamic country like Ghana. Design/Methodology: Data for the study was collected via an expert opinion of three Islamic scholars on Islamic banking from Ghana. Findings: Findings from this study indicates some of the benefits of Islamic banking includes connecting financial markets and economic activity, promoting the principle of financial justice, greater stability, avoiding economic bubbles (and bursts) and reducing the impact of harmful products and practices. The study also identified lack of experts in various fields of Islamic banking, product innovation, moral hazard, and need for experienced staff in Islamic banking as some of the challenges to Islamic banking system’s introduction. Contribution: The study contributes to literature on Islamic banking from a non-Islamic country like Ghana.

Keywords: Islamic banking, Shari’ah, Riba, conventional banking

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Authors: Mahfoud Djebbar

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The past two decades or so have witnessed phenomenal growth of the Islamic financial services industry. The whole industry has been thriving at about 15 percent per annum. This development entails the Islamic financial engineering, IFE, to some kind of crossroads, lagging behind its conventional counterpart. Therefore, IFE, and particularly traded products development, and in order to achieve its goals, two approaches are available, i.e., replicating engineering and innovative engineering. We also try to emphasis the innovative strategy since it guards the Islamic identity of different financial products and processes, and thereby, improves the creativity in the Islamic financial industry. The attempt also centers on sukukization (Islamic securitization), innovation, liquidity management, and risk management and hedging in the Islamic financial system. Finally, the challenges facing IFE are also addressed.

Keywords: islamic financial engineering, hedging and risk management, innovation, securitization, money market instruments, islamic capital markets

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Authors: Qamar Raza

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This paper deals with the human concern and onus which every person should provide to his/her society. Especially the rules and regulations described in constitution or traditions which we have inherited from ancestors should be followed, and also our lives should be led in accordance with them. The main concern of paper would be personal behavior with others in a good manner especially what he/she should exercise for society’s welfare. As human beings are the fundamental organ of society, who play a crucial role in reforming the society, they should try their best to develop it as well as maintain harmony, peace, we-feeling and mutual contact in the society. Focusing on how the modern society and its elements keep society successful. Regulations of our constitution and tradition are essential for reforming the society. In a nutshell, a human has to mingle in his society and keep mutual respect and understand the value of others as well as for himself.

Keywords: constitution, human beings, society, traditions

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Authors: Mohamed Saad Ahmed Hussien

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This paper discusses the risk management in Islamic banks and aims to determine the difference in the practices and methods of risk management in those banks compared to the conventional banks, and to make a case study of the biggest Islamic bank in Egypt (Faisal Islamic Bank of Egypt) to identify the most important financial risks faced and how to manage those risks. It was found that Islamic banks face two types of risks. The first type is similar to the risks in conventional banks; the second type is the additional risks which facing the Islamic banks only as a result of some Islamic modes of financing. With regard to the risk management, Islamic banks such as conventional banks applied the regulatory rules issued by the Central Banks and the Basel Committee; Islamic banks also applied the instructions and procedures issued by the Islamic Financial Services Board (IFSB). Also, Islamic banks are similar to the conventional banks in the practices and methods which they use to manage the risks. And there are some factors that may affect the risk management in Islamic banks, such as the size of the bank and the efficiency of the administration and the staff of the bank.

Keywords: conventional banks, Faisal Islamic Bank of Egypt, Islamic banks, risk management

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Authors: Mohd Yazid M. Yunos, R. Arinah, Nor Kalsum M. Isa, U. Nangkula, Nor A. Ismail, Nor F. Ariffin

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Islamic City planning is a concept of optimizing the overall arrangement of land use without compromising community. The concept was influenced by the specific intentions in mind, applying certain ideological principles and objectives rooted in Islamic faith and Muslim culture using distinct design elements. Holy Quran and hadiths provide a foundation for understanding Islamic Principles as clearly shared by the established Islamic Cities such as Medina, Mecca and Jerusalem. This paper aimed to explore the principles and elements of an Islamic City through the review of relevant literature by the means of Content Analysis method. A theoretical framework of Islamic City Principles was then formulated to be the main outcome of the study. The finding is very important to be a useful starting point for future study, especially for formulating a clear guide for the development of upcoming Islamic City in Malaysia.

Keywords: Islamic principles, sustainable city planning, Islamic city, Malaysia

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Authors: Camille Paldi

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As the Islamic finance industry is growing annually at a rate of 10% to 15% per year, it is imperative that a unique, independent legal framework is established in order to effectively adjudicate Islamic finance disputes. Currently, Islamic finance disputes are being adjudicated in inadequate civil and common law courts and arbitration centers where the contracts in dispute are being transformed from Islamic to conventional transactions. Through case analysis combined with an exploration of the efficacy of existing arbitration centers and dispute resolution methods available to Islamic finance, this paper will seek to reveal that the Islamic finance industry currently lacks an adequate dispute resolution mechanism and facility to adjudicate disputes arising from Islamic finance contracts. Hence, now is the time for the Dubai World Islamic Finance Arbitration Center (DWIFAC) and Jurisprudence Office (DWIFACJO) as the Dispute Resolution Center and Mechanism for the Islamic Finance Industry.

Keywords: Islamic finance, dispute resolution, Dubai world Islamic finance arbitration center, jurisprudence office

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Authors: Muhammad Noor Hossain

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The biography of the father of the nation is the path of national life. It is natural that the ideals of the father will be reflected in his nation. In the interest of themselves, it is necessary to keep the father of the nation above controversy as well as necessary to research various aspects of his life. In that light, various aspects of Sheikh Mujibur Rahman's (1920-1975 AD) life are being researched at home and abroad. He is the father of Bengali nation, the architect of Bangladesh's independence, the best Bengali of a thousand years, and a beacon of thought and consciousness of the nation. It is unfortunate but true that there are still doubts among the nation about his religious thought. There are many political and historical reasons behind this. Many consider him to be anti-Islamic. Before independence of Bangladesh, Pakistanis called him Islamophobic, accused India's broker and hero of partitioning Islamic Republic of Pakistan. He was also accused of secularism as the post-independence constitution of Bangladesh adopted secularism as one of its fundamental principles. Many called him a communist due to the inclusion of socialism in the constitution. On the other hand, some intellectuals did not hesitate to call him sectarian after seeing his devotion to religion. As the architect of freedom and the father of the nation, his religious thought should be clear. In the interest of national unity and solidarity, it is necessary to verify the truth of the charges against him and come to a decision. The article was written with the aim of clarifying his religious thought and removing doubts about them. This is an endeavor to review the charges of communalism, secularism, and socialism practiced by him. It is written in the historical and analytical method. The major findings are that he is not communist in the meaning of atheist, nor communalist in the meaning of fundamentalist. He is not socialist or secularist in the meaning of anti-religion. He is a moderate Muslim and devoted to righteousness.

Keywords: Sheikh Mujubur Rahman, religious thought, secularism, socialism, communalism, Constitution of Bangladesh of 1972

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Authors: Valbona Metaj

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The relationship between the state and the religion is different based on the fact that how powerful is the religion faith in a state and of the influences that affected the views of the constitution drafters according to the constitutional system they were based to draft their constitution. This paper aims at providing, through a comparative methodology, how it is regulated by the constitution the relationship between the state and the religion. The object of this study are the constitutions of Italy as a nation with catholic religious tradition, Greece as a nation with orthodox religion tradition, and Turkey as a nation which represents Muslim religion, while Albania as a nation known for its religious plurality. In particular, the analysis will be focused on the secular or religious principle provided in the constitution of each respective state. This comparative overview intends to discern which of the states analyzed is more tolerant and fully respects the freedom of religion. It results that most of the states subject of this study, despite their religious tradition have chosen the secular principle in their constitutions, but the religious freedom is differently guaranteed.

Keywords: constitution, religion, religious freedom, secular

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Authors: Tasawar Nawaz

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Promotion of socioeconomic justice through redistribution of wealth is one of the most salient features of Islamic economic system. Islamic financial institutions known as Islamic banks are used to implement this in practice under the guidelines of Islamic Shariah law. Islamic banking systems strive to promote and achieve financial inclusion among the society by offering interest-free banking and risk-sharing financing solutions. Shariah-compliant micro finance is one of the most popular financial instruments used by Islamic banks to enhance access to finance. Benevolent loan (or Qard-al-Hassanah) is one of the popular financial tools used by the Islamic banks to promote financial inclusion. This aspect of Islamic banking is empirically examined in this paper with specific reference to firm’s resources, largely defined here as intellectual capital. The paper finds that Islamic banks promote financial inclusion by exploiting available resources especially, the human intellectual capital.

Keywords: financial inclusion, intellectual capital, Qard-al-Hassanah, Islamic banking

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Authors: Zareen Khan

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Islamic Banking has experienced high growth in Pakistan in recent years and has successfully survived the economic downturn of 2009-2011. Despite the increase in branch network and expansion of services, it is unclear if Islamic banks are truly following the theory and practical application of Shariah Law. This paper explores the theological basis of Islamic finance and examines the discrepancies between the theory and practice of Islamic banking using Pakistan as a case study. It discusses areas where Islamic banks lack proper Shariah compliance and analyzes the financial weaknesses of Islamic banks in terms of the services offered. Furthermore, the paper offers plausible explanations for the clientele of Islamic banks. The case study has three major findings. Firstly, most of the employees of Islamic banks come from conventional banking backgrounds and the banks have to invest in additional trainings to specialize employees in Islamic Banking. Secondly despite the efforts of State Bank of Pakistan, there is a lack of accounting and auditing standards tailored for Islamic Banking. Thirdly, majority of the clients of Islamic banks in Pakistan are accustomed to conventional banking causing the bankers to “speak the conventional banking language.” Combined, these three factors can create gaps in the practical application of Islamic finance in Islamic banks in Pakistan.

Keywords: islamic finance, comparing theory with practice, islamic banking, Pakistan

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Authors: Safiyya A. Abba, Shehu U. R. Aliyu

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This paper deals with Islamic social security: a discourse explores the meaning and nature of Islamic social security system. The paper reviews the social security framework and operations during the early period. The paper further identifies the instruments of Islamic social security discusses its principles and objectives. The paper discovers that Islamic social security is a personification of a comprehensive welfare approach in view of its varied instruments that are deeply rooted in the Islamic law, unique principles and realistic and achievable objectives. Furthermore, the Islamic social security system has far reaching socioeconomic implications; social justice, cohesion, equity, a catalyst for poverty eradication, income redistribution, economic growth and development.

Keywords: Islamic social security, basic needs, zakat, socioeconomic justice, equity

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Authors: Mohd Adib Abd Muin

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Social entrepreneurship has become a new phenomenon in a country in order to reduce social problems and eradicate poverty communities. However, the study based on Islamic social entrepreneurship from the social entrepreneurial activity is still new especially in the Islamic perspective. In addition, this research found that is lacking of model on social entrepreneurship that focus on Islamic perspective. Therefore, the objective of this paper is to identify the issues and research gap based on Islamic perspective from existing models and to develop a concept of Islamic social entrepreneurship according to Islamic perspective and Maqasid Shari’ah. The research method used in this study is literature review and comparative analysis from 11 existing models of social entrepreneurship. The research finding shows that 11 existing models on social entrepreneurship has been analyzed and it shows that the existing models on social entrepreneurship do not emphasize on Islamic perspective.

Keywords: component, social entrepreneurship, Islamic perspective, research gap

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Authors: Ahmad Abdulkadir Ibrahim

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Observation of the methodology of Islamic economics laid down for the methods and instruments of analysis and even some of its basic assumptions in the modern world; is a matter that is of paramount importance. There is a need to examine the implications of different suggested definitions of Islamic economics, exploring its scope and attempting to outline its methodology. This paper attempts to deal with the definition of Islamic economics, its methodology, and its scope. It will outline the main methodological problem by addressing the question of whether Islamic economics calls for a methodology of its own or as an expanded economics. It also aims at drawing the attention of economists in the modern world to the obligation and consideration of the methodology of Islamic economics. The methodology adopted in this research is library research through the consultation of relevant literature, which focuses on the thematic study of the subject matter. This is followed by an analysis and discussion of the contents of the materials used. It is concluded that there is a certain degree of inconsistency in the way assumptions are incorporated that perhaps are alien to Islamic economics. The paper also observed that there is a difference between Islamic economists and other (conventional) economists in the profession. An important conclusion is that Islamic economists need to rethink what economics is all about and whether we really have to create an alternative to economics in the form of Islamic economics or simply have an Islamic perspective of the same discipline.

Keywords: methodology, Islamic economics, conventional economics, Muslim economists, framework, knowledge

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Authors: A. M. Gada, H. U. Malami

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Timbuktu is one of the eight regions in the present day the Republic of Mali. It flourished as one of the earliest centres of Islamic learning in West Africa in the eleventh century CE. The famous Islamic centre in Timbuktu is situated in the Sankore mosque, which is known to be one of the earliest established Islamic University. This centre produced scholars who were zealous in disseminating Islamic education to different parts of West Africa and beyond. As a result, most of these centres adopted the Timbuktu pattern of learning. Some of the beneficiaries of this noble activity are Muslim scholars which are responsible for the establishment of the Sokoto Caliphate in the early nineteenth century. This paper intends to reflect on the pattern of Islamic education of the Timbuktu scholars and see how it impacted on the Islamic centres of learning established by these Jihad-scholars who were successful in the establishment of an Islamic state known as the Sokoto Caliphate.

Keywords: Timbuktu, Sankore, Islamic educational system, Sokoto Caliphate, centres of Islamic learning

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Authors: Mahdi Ebrahimi

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One of the most effective factors that can empower and modernize the Islamic government according to the needs of society is the institution of expediency in Islamic governance. At the same time, not paying attention to the foundations and principles of Islamic governance may cause this factor to create the basis for corruption and totalitarianism of the rulers, which ultimately causes a gap between the people and the rulers and the emergence of whole government corruption and dictatorship. Meanwhile, there are specific principles in the doctrine of Islamic Governance that can prevent such an event from happening. Principles such as: remaining popular and pious by the Ulama, Amr Bil-Maroof Va Nahy An Al-Munkar (commanding the good and preventing the bad) by the individuals, the rule of frank criticism with loud voices and clarification and accountability in the fields that cause the corruption of those in charge. In this research, these principles are presented along with their Islamic basis. It is also stated what effect each of these cases will have on preserving Islam in the ruling system.

Keywords: expediency, Islamic ruling, Islamic principles, Islam

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Authors: Camille Paldi

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The tense dichotomy between Shari’ah compliance and the economic goals of an Islamic Bank produces a proliferation of reverse engineered products, which are barely in compliance with Islamic law. The result is basically a hybrid conventional banking system with conventional products in Islamic disguise using Arabic and Islamic terminology. Many Islamic financial professionals and academics advocate for the use of conventional products and devices despite their non-Shari’ah compliance based on commercial necessity and the need to compete. However, this dangerous trend will lead to the demise of the Islamic finance industry. Rather than thoughtlessly following conventional products and practice, Islamic finance professionals should delve into the Shari’ah to find the answers to the current Islamic banking conundrum and lead the industry on the right path of developing Shari’ah based products and using Shari’ah devices to hedge risk.

Keywords: Islamic banking, Shari'ah, finance, investment

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Authors: Yusuf Sani Abubakar

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This paper investigates mechanisms of settlement of disputes at the Islamic Financial Institutions (IFIs). Dispute settlement at the Islamic Financial Institutions (IFIs) can be both through litigation as well as Alternative Dispute Resolution (ADR). The paper aims to investigate how disputes are settled at the Islamic Financial Institutions (IFIs), as it is natural to have disagreements between different parties involved in the business of Islamic Financial Institutions (IFIs). The paper adopts a qualitative methodology where the sources are taken from journals, books, websites etc. In analyzing the data obtained from the sources, content analysis will be used. In addition to writings on this topic by various writers, this paper will add to the literature and will recommend certain effective ways of solving disputes arising between parties participating in the business of Islamic Financial Institutions (IFIs).

Keywords: Islamic finance, dispute resolution, Islamic financial institutions, litigation

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