Search results for: Islamic perspective

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: Mohd Adib Abd Muin, Shuhairimi Abdullah, Azizan Bahari

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Problem: The research problem is lacking of model on social entrepreneurship that focus on Islamic perspective. Objective: The objective of this paper is to analyse the existing model on social entrepreneurship and to identify the research gap on Islamic perspective from existing models. Research Methodology: The research method used in this study is literature review and comparative analysis from 6 existing models of social entrepreneurship. Finding: The research finding shows that 6 existing models on social entrepreneurship has been analysed and it shows that the existing models on social entrepreneurship do not emphasize on Islamic perspective.

Keywords: social entrepreneurship, Islamic perspective, research gap, business management

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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: Tahira Imtiaz, Karim Ullah

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This paper aims to incorporate the banks employees’ perspective on acceptability of Islamic banking by the customers of Peshawar. A qualitative approach is adopted for which six in-depth interviews with employees of Islamic banks are conducted. The employees were asked to share their experience regarding customers’ acceptance attitude towards acceptability of Islamic banking. Collected data was analyzed through thematic analysis technique and its synthesis with the current literature. Through data analysis a theoretical framework is developed, which highlights the factors which drive customers towards Islamic banking, as witnessed by the employees. The practical implication of analyzed data evident that a new model could be developed on the basis of four determinants of human preference namely: inner satisfaction, time, faith and market forces.

Keywords: customers’ attraction, employees’ perspective, Islamic banking, Riba

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Authors: Hakam Junus, Natassha Chrysanti

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The international relations theory currently is dominated by the western theoretical perspectives. Although the western theories are often used by many scholars as the universal perspective to explain the phenomena that occur in the world, sometimes the existing theories are failed to explain various issues that occur in the non-western world, for example, in the studies concerning on terrorism issues. Using inappropriate theories to explain the international issues such as terrorism will cause a failure in the decision-making process. The lack of understanding regarding Islamic perspective could be one of the factors that make international society unable to eradicate violent terrorism in the name of religion. Thus, this paper is argued that considering Islamic perspective as one of the major studies in international relations is significant to build a bridge between the Islamic world and the western world. It is believed that enhancing the study of Islamic perspective will create better understanding of the Islamic world and will enrich the study of international relations. This paper is conducted through a qualitative approach, in which data is obtained from the literature analysis. Considering Islamic perspective is important because Islam is listed as one of the major religions in the world. It is also due to the geopolitical spread of the Muslim in the world and the likelihood of the Islamic perspective to shape and influence Muslim’s behavior in the international level. The study of Islamic perspective in the international level is neither to contempt nor to oppose the existing western theories; rather it is needed in order to broaden the perspective in the international relations studies. The Islamic perspective is different compared to the non-western school of thought such as realism, and liberalism in some respects. The Islamic perspective cannot be explained through the lens of rationalist approaches. Compares to the post-positivism international relations perspectives, Islamic perspective is probably closer to the constructivist school of thought. However, the Islamic perspective offers some uniqueness that is not limited to the socially constructed ideas as in the constructivist arguments. This paper will be developed according to the discussion of three aspects that make Islamic perspective different with the existing international relations theories. The first aspect is the main actors in the international level. The second aspect is regarding on what appears to be the most important point for the actors in the international relations. The third aspect is regarding the pattern of relationship between the actors in the international level. In addition, this paper will briefly discuss the perspective of Islam in economics compare to the existing theories in the realm of international political economy.

Keywords: international relations, Islam, non-western theories, societies

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Authors: Hideki Kitamura

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Since Islamic banking has broadly started in the late 1970s, Islamic economy has been paid much attention by both academia and the business world. However, despite abundant studies, descriptive exploration of practices of Islamic economy from a sociological/anthropological perspective is underrepresented, and most are basically designed for evaluating current practice or proposing ideal types of Islamic economy in accordance with their religious conviction. Overall, their interest is not paid to actors of Islamic economy such as practitioner’s decision-making and thought, while sociological/anthropological studies on Muslim’s religious life can be observed well. Herein, the paper aims to look into the possibilities of sociology/anthropology for exploration of the role of actors of Islamic economy, by revisiting the benefit of sociological/anthropological studies on the religion of Islam and its adaptability to the research on Islamic economy. The paper suggests that practices of Islamic economy can be assumed as results of practitioner’s dilemma between Islamic ideals and market realities in each society, by applying the perspective of social constructivism. The paper then proposes focusing on the human agency of practitioners in translating Islamic principles into economic behavior, thereby enabling a more descriptive inquiry into how Islamic economy is produced and operated.

Keywords: Islamic economy, economic sociology/anthropology, human agency, social constructivism

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Authors: Mohammad Iqbal Malik

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Economic development of a country depends on its business ethics and values. Islamic teachings provide obvious guidelines in this regard. Mutual understanding, honesty and ethics possess central place in Islamic teachings. These teachings not only prohibit from amalgamation, black-marketing, hoarding and deception but also force to treat a customer amiably. Business ethics are broad spectrum in Islamic society due to these high moral values. One can estimate the importance of business ethics in Islam for economic development in Islamic society is evident by the Hadith of Prophet Muhammad (PBUH) in which He excluded a trader from Muslim community who did not behave in good manners with his clients. In this study we present impact of business ethics on economic development of a Muslim society. This study is based on basic teachings of Quran and Sunnah, Fiqh, Economics and other books. This study explores the behavior of Muslim traders and reveals useful inferences. Policy makers, traders, academia, scholars, and general public may learn lessons from this study with respect to business ethics in Islamic perspective.

Keywords: ethics, business, Islam, economic perspective

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Authors: Fatma Ezzahra Kateb, Neila Boulila Taktak, Mohamed Kabir Hassan

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We examine the impact of Islamic accounting and auditing standards issued by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) on the income smoothing perspective of Islamic financial institutions located in the Middle East and North Africa region between 2013 and 2018. Based on General Least square regression for panel data, we find a significant and positive relationship between intentional income smoothing and earning persistence and cash flow predictability in all models. However, we discovered that AAOIFI accounting standards (FAS) had a negative and significant effect on intentional income smoothing and earning persistence. As a result, the income smoothing efficiency is lower for IFIs that use FASs than IFIs that use IFRSs. Our findings emphasize the need for specific standards to enhance the relevance of financial reports disclosed by Islamic financial institutions.

Keywords: AAOIFI, financial reporting quality, income smoothing perspective, MENA countries

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Authors: Risanda Alirastra Budiantoro, Riesanda Najmi Sasmita, Sri Herianingrum

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Allah has given the guidance in the form of Islam for Muslim to take and lead all the aspects of life including the economic activity. The Islamic economic system is believed to be the answer to the economic problems that exist at this time. The goal is to achieve falah in kaffah by not doing some economic activities that are in violation as prescribed by Islam. An example for this is riba. Discourse on riba can be said ‘classical’ both in the development of Islamic thought and in Islamic civilization because riba often occurs in all aspects of public life, especially economic transactions (in Islam called muamalah). Riba is an additional retrieval, either in a sale and purchase transaction or lending in a false or contrary to the principle of muamalah in Islam. Prohibition of riba is obtained from various sources by the Qur'an and Hadith Rasulullah SAW, so the scholars firmly and clearly defined the prohibition of riba because there are exploitative elements that can harm the others. So, this study is aimed to identify Islamic economic system and the prohibition of riba in historical perspective. From the results of this study, it is expected to be a good reference for the reader to understand the Islamic economic system and riba in the future.

Keywords: economics system, riba, historical perspective, economy

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Authors: M. Obydul Haque Kamaly

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This paper aims to provide a brief discussion on bay al-salam as a method of implementing Islamic Banking in the agricultural arena of Bangladesh. For this purpose, the nature and conditions of bay al-salam contracts will be first discussed. Next, the paper will focus on the comparison between conventional banks and Islamic banks and should answer how bay al-salam can be used as a popular method in agricultural transactions in the country. The paper is based on secondary data which is to describe bay al-salam as future proceedings for Islamic banking. Evidence suggests Islamic banking is very much practiced like modern conventional banking with certain restrictions imposed by Sharia and addresses a large number of business requirements successfully. Thus, it’s time for us to implement Islamic banking (bay al-salam) on our agricultural arena and to get most benefits from them.

Keywords: bay al-salam, agricultural banking, Islamic banking, implementation

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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: Nik Abdul Rahim Nik Abdul Ghani, Mat Noor Mat Zain, Ahmad Dahlan Salleh

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Ownership of asset is an important aspect in ensuring the validity of sale contract. Nevertheless, in Islamic finance, the issue of beneficial ownership as practiced in the current system is seriously debated among Shariah scholars. It has been argued as violating the real concept of ownership (milkiyyah) in Shariah law. This article aims at studying the status of beneficial ownership from the Shariah perspective. This study begins with examining the meaning of ownership and its attributes from the Islamic point of view and followed by the discussion on the origin of beneficial ownership from the legal perspective. The approach that is applied to clarify the concept of beneficial ownership is content analysis. Subsequently, this study explains some current applications of beneficial ownership in Islamic finance to be analyzed further from the Shariah aspect. The research finding suggests that beneficial ownership should be recognized as a real ownership due to the fact that Shariah allows the transfer of ownership after the execution of offer (ijab) and acceptance (qabul).

Keywords: beneficial ownership, ownership, Islamic finance, parameter

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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: Qamar Ul Haq, Talat Hussain, Mufti Fahad Ahmed Qureshi

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From the Islamic perspective, managing human resource meets various challenges, especially in the modern organizations. The adoption of Western practices in various aspects of management have caused gaps in justice, trustworthy, responsibility and other values of workers in Muslim countries. Thus, the interference of Islamic principles in human resource management (HRM) can be considered as a great solution for treating employees fairly and justly. This research aims to examine the level of Islamic practices in HRM, in which includes recruitment and selection, training and development, career development, performance management and rewards. The paper will analyze the relationships between HRM practices and organizational justice which focus on three elements, which are distributive justice, procedure justice and interactional justice. The data will be collected from selected Malaysian Government-Linked Company (GLC). Convenience sampling will be used to select the respondents for completing questionnaires. This conceptual paper essentially provides organizations with effective ways of understanding and implementing HRM by using Islamic principles. It also can be used as guidance for decision-making and day-today HR activities and will help organization to face uncertainties in the business world as well.

Keywords: human resource management, organizational justice, Islam, Islamic banking

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Authors: Umar Sheikh Tahir

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Before al-Ghazālī, Islamic scholars perceived logic as an intrusive knowledge. The knowledge therefore, did not receive ample attention among scholars on how it should be adapted into Islamic sciences. General scholarship in that period rejects logic as an instrumental knowledge. This attitude became unquestionable to the scholars from different perspectives with diversification of suggestions in the pre-al-Ghazālī’s period. However, al-Ghazālī proclaimed with new perspective that transform Logic from ‘intrusive knowledge’ to a useful tool for Islamic sciences. This study explores the contributions of al-Ghazālī to epistemology regarding the use and the relevance of Logic. The study applies qualitative research methodology dealing strictly with secondary data from medieval age and contemporary sources. The study concludes that al-Ghazālī’s contributions which supported the transformation of Logic to useful tool in the Muslim world were drawn from his experience within Islamic tradition. He succeeded in reconciling Islamic tradition with the wisdom of Greek sciences.

Keywords: Al-Ghazālī, classical logic, epistemology, Islamdom and Islamic sciences

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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: Ahmad Syauqi

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This paper analyzes the permissibility of demonstrations against a leader's decision, policies, as well as statements against Islamic values from an Islamic point of view. Recorded at the end of 2016, a large demonstration in Jakarta involving many people, mostly from Muslim society against the former Governor of Jakarta, Basuki Tjahaja Purnama, was considered a form of harm to the value of harmony and the unity of religious communities in Indonesia. Hence, this paper aims to answer the question that became a tough discussion and a long debate among Indonesian Muslims after an immense demonstration known as the 212 movements, ‘how exactly Islam sees such act of demonstration?’. Is there any particular historical source in Islamic history that mention information related to demonstration? A phenomenological qualitative method was implemented throughout the process of this research to study the perspective of various Muslims scholars by reviewing, and comparing their opinions through the classical source of Islamic history and Hadith literature. One of the main roots of this extensive debate is due to the extremist group, which bans all forms of demonstration, assuming that such acts had come from the West and unknown culture in the Islamic history. In addition, they also claim that all the demonstrators are Bughat. While some other groups, freely declare that demonstration can be done anytime and anywhere, without specific terms and regulations associated. The findings of this research illustrate that the protests which we now know of today, in terms of demonstration had existed since ancient times, even from the time of the prophet Muhammad (peace be upon him). This paper reveals that there is a strong evidence that demonstration is justified in Islamic law and has a historical root. This can, therefore, be a proposition of such permissibility. However, there are still a number of things one has to be aware of when it comes to the demonstration, and clearly, not all demonstrations are legal from the Islamic perspective.

Keywords: Basuki Tjahaja Purnama, demonstration, Muslim scholars, protest

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Authors: Ameen Alshugaa, Farrukh Habib

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Shariah (the Islamic law) sanctions a plethora of profit-sharing arrangements for financial transactions. However, when it comes to the practice of Islamic banking, it is felt by the scholars and practitioners that many of these arrangements often fail to compensate different parties of a financial transaction compared to conventional banking, due to the Riba (interest / usury) element. This issue is caused by the parties inability to codify these compensations in any contract so as to avoid Riba. Here, hibah (gift) may be regarded as one of the solutions. In essence, hibah is a unilateral charity contract where a party voluntarily gives away something to another party without any counter value. This paper attempts to analyse theoretical and practical aspects of hibah from the perspective of Islamic law, enunciating its legality and detailing its allowance in Islamic banking. It also discusses several practices evaluating the role of hibah in resolving issues related to Riba. In particular, these practices demonstrate the validity of hibah as a way to distribute revenues and compensate parties in Islamic financial transactions, while achieving competitive advantage over conventional banking, and avoiding the element of Riba.

Keywords: hibah (gift), Islamic Finance, Islamic Law of Contract, profit distribution, Shariah

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Authors: Suprihatin Soewarto

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The background of writing this paper is to assess the truth of rejection of some Muslim scholars who develop Islamic economics on the concept of consumer satisfaction and replace it with the concept of maslahah. In the perspective of Islamic law, this rejection attitude needs to be verified in order to know the accuracy of the replacement of this concept of satisfaction with maslahah as part of consumer behavior. This is done so that replacement of rejection of the term satisfaction with maslahah is objective. This objective replacement of the term will surely be more enlightening and more just than the subjective substitution. Therefore the writing of this paper aims to get an answer whether the concept of satisfaction needs to be replaced? is it possible for Islamic law to confirm the theory of consumer satisfaction? The method of writing this paper using the method of literature with a critical analysis approach. The results of this study is an explanation of the similarities and differences of consumer satisfaction theory and consumer theory maslahah according to Islamic law. disclosure of the concept of consumer gratitude according to Islamic law and its implementation in Muslim consumer demand theory.

Keywords: consumer's gratitude, islamic law, confirmation, satisfaction consumer's

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Authors: S. M. Tavakoli Sani, M. Sabbet Moghadam, Y. Khorram Farhadi, Iraj Rezayi Nejad

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The concept of national security in Iran is a permanently effective factor in acceptance or rejection of many international obligations. These obligations had been defined according to the type of legislation of Iran in many aspects. Therefore, there are several treaties at international level which requires Iran’s security to come in contact with obligations in these treaties in a way that an obstacle to join to them and their passage in parliament. This issue is a typical category which every country pays attention to be accepted in treaties or to include their national security in that treaties and also they can see the related treaties from this perspective, but this issue that 'what is the concept of Iran’s national security', and 'To what extent it is changed in recent years, especially after Islamic Revolution' are important issues that can be criticized. Thus, this study is trying to assess singed treaties from the perspective of Iran’s national security according of the true meaning of treaty and to investigate how the international treaties may be in conflict with Iran’s national security.

Keywords: treaties, national security, Iran, Islamic Revolution

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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: 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: Olga Bernikova, Oleg Redkin

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Islamic Studies and the Arabic language are indivisible from each other starting from the appearance of Islam and formation of the Classical language. The present paper demonstrates correlation among linguistics and religion in historical perspective with regard to peculiarities of the Arabic language which distinguish it from the other prophetic languages. Islamic Studies and Linguistics are indivisible from each other starting from the invent of Islam and formation of the Classical language. In historical perspective, the Arabic language has been and remains a tool for the expression of Islamic rhetoric being a prophetic language. No other language in the world has preserved its stability for more than 14 centuries. Islam is considered to be one of the most important factors which secure this stability. The analysis and study of the text of Qurʾān are of special importance for those who study Islamic civilization, its role in the destinies of the mankind, its values and virtues. Without understanding of the polyphony of this sacred text, indivisible unity of its form and content it is impossible to understand social developments both in the present and the past. Since the first years of Islam Qurʾān had been in the center of attention of Muslim scholars, and in the center of attention of theologians, historians, philologists, jurists, mathematicians. Only quite recently it has become an object of analysis of the specialists of computer technologies. In Arabic and Islamic studies mediaeval texts i.e. textual documents are considered the main source of information. Hence the analysis of the multiplicity of various texts and finding of interconnections between them help to set scattered fragments of the riddle into a common and eloquent picture of the past, which reflects the state of the society on certain stages of its development. The text of the Qurʾān like any other phenomenon is a multifaceted object that should be studied from different points of view. As a result, this complex study will allow obtaining a three-dimensional image rather than a flat picture alone.

Keywords: Arabic, Islamic studies, linguistics, religion

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Authors: Rafat Y. Alwazna

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Certain religious texts are deemed part of legal texts that are characterised by high sensitivity and sacredness. Amongst such religious texts are Islamic legal texts that are replete with Islamic legal terms that designate particular legal concepts peculiar to Islamic legal system and legal culture. However, from the syntactic perspective, Islamic legal texts prove lengthy, condensed and convoluted, with little use of punctuation system, but with an extensive use of subordinations and co-ordinations, which separate the main verb from the subject, and which, of course, carry a heavy load of legal detail. The present paper seeks to examine the syntactic features of Islamic legal texts through analysing a short text of Islamic jurisprudence in an attempt at exploring the syntactic features that characterise this type of legal text. A translation of this text into legal English is then exercised to find the translation implications that have emerged as a result of the English translation. Based on these implications, the paper compares and contrasts the syntactic features of Islamic legal texts to those of legal English texts. Finally, the present paper argues that there are a number of syntactic features of Islamic legal texts, such as nominalisation, passivisation, little use of punctuation system, the use of the Arabic cohesive device, etc., which are also possessed by English legal texts except for the last feature and with some variations. The paper also claims that when rendering an Islamic legal text into legal English, certain implications emerge, such as the necessity of a sentence break, the omission of the cohesive device concerned and the increase in the use of nominalisation, passivisation, passive participles, and so on.

Keywords: English legal texts, Islamic legal texts, nominalisation, participles, passivisation, syntactic features, translation implications

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Authors: Elmamy Ahmedsalem

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The world has witnessed the collapse of many corporate giants as a result of unethical behavior in recent decades. This has induced a series of questions by the global community on why such occurrences could happen, even with corporate governance in place. This paper attempts to propose a philosophical approach from an Islamic perspective to be consolidated with current corporate governance in order to confront contemporary dilemmas. In this paper, ethical theories are presented as a discussion followed by their applications to modern cases of financial collapses. Virtue ethics by Aristotle, justice and fairness by John Rawls, deontology by Immanuel Kant, and utilitarianism by John Stuart Mill, are the four theories which can then be contrasted with the paradigm of Muslim scholars. Despite the differences between the fundamental principles of Islamic and Western worldviews, their ethical theories are aimed at making right decisions and solving ethical dilemmas based on what is good for society. Therefore, Islamic principles should be synthesized with Western philosophy to form a more coherent framework. The integration of Islamic and western ethical theories into business is important for sound corporate governance.

Keywords: business ethics, Islamic philosophy, western philosophy, Western and Islamic worldview of ethics

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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: Trisiladi Supriyanto

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Although much research has been done on the pricing benchmark both in terms of fiqh or Islamic economic perspective, but no substitution for the concept of interest (rate of interest) up to now in the application of Islamic Banking because some of the jurists from the middle east even allow the use of a benchmark rate such as LIBOR (London Interbank Offered Rate) as a measure of Islamic financial asset prices, so in other words, they equate the concept of rate of interest with the concept of rate of profit, which is the core reason (raison detre) for the replacement of usury as instructed in the Quran. This study aims to find the concept of rate of profit on Islamic banking that can create economic justice and stability in Islamic Banking and Capital market. Rate of profit that creates economic justice and stability can be achieved through its role in maintaining the stability of the financial system in which there is an equitable distribution of income and wealth. To determine the role of the rate of profit as the basis of the sharing system implemented in the Islamic financial system, we can see the connection of rate of profit in creating financial stability, especially in the asset-liability management of financial institutions that generate a stable net margin or the rate of profit that is not affected by the ups and downs of the market risk factors including indirect effect on interest rates. Furthermore, Islamic financial stability can be seen from the role of the rate of profit on the stability of the Islamic financial assets that are measured from the Islamic financial asset price volatility in Islamic Bond Market in Capital Market.

Keywords: Rate of profit, economic justice, stability, equitable distribution of income, equitable distribution of wealth

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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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