Search results for: Islamic social security

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: Mohamad Ibrahim Al Ladan

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Social networks, such as Facebook, Myspace, LinkedIn, Google+, and Twitter have experienced exponential growth and a remarkable adoption rate in recent years. They provide attractive means of online social interactions and communications with family, friends, and colleagues from around the corner or across the globe, and they have become an important part of daily digital interactions for more than one and a half billion users around the world. The various personal information sharing practices that social network providers encourage have led to their success as innovative social interaction platforms. However, these practices have resulted in ample concerns with respect to privacy and security from different stakeholders. Addressing these privacy and security concerns in social networks is a must for these networks to be sustainable. Existing security and privacy tools may not be enough to address existing concerns. Some guidelines should be followed to protect users from the existing risks. In this paper, we have investigated and discussed the various privacy and security issues and concerns pertaining to social networks. Moreover, we have classified these privacy and security issues and presented a thorough discussion of the implications of these issues and concerns on the future of the social networks. In addition, we have presented a set of guidelines as precaution measures that users can consider to address these issues and concerns.

Keywords: social networks privacy issues, social networks security issues, social networks privacy precautions measures, social networks security precautions measures

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Authors: Homa Parmoon, Narges Hamzeh

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Since today's urban spaces are disposed towards behavioral disorders and lack of security, both qualitative and quantitative aspects of security especially social and physical security are considered as basic necessities in urban planning. This research focused on the variable of place of living, examined social security in the old and new textures, and investigated the amount of residents’ social security in Shiraz including safety, financial, emotional and moral security. To this end, two neighborhoods in region 1 of Shiraz- Qasr-Al-Dasht (old texture) and Moalem (new texture)- were examined through a comparative study of 60 samples lived in two neighborhoods. Data were gathered through two-way ANOVA between the variables of residential context and internal and external security. This analysis represents the significance or insignificance of the model as well as the individual effects of each independent variable on the dependent variable. It was tested by ANCOVA and F-test. Research findings indicated place of living has a significant effect on families’ social security. The safety, financial, emotional, and moral security also represented a great impact on social security. As a result, it can be concluded that social security changes with the changing in place of living.

Keywords: social security, damaged area, two-way ANOVA, Shiraz

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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: Alvite Singh Ningthoujam

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The most recent terror phenomenon, which is also known as the Islamic State of Iraq and Syria (ISIS), or Islamic State (IS), has its influence felt in South Asia. This dreaded Sunni militant group, today, has become a concern in India as well. Already affected by various terror activities in the country, the influence of the IS on the radicalised Muslim youths in India has been watched closely by the security agencies. There had already been a few IS-related incidents in India due to which this issue has emerged as a threat or challenge to India’s internal security. The rapid radicalisation of youths in a few states where there are sizeable Muslim populations has gone, to some extent, in favour of the IS, particularly in the terror outfit’s recruitment process. What has added to the worry of the Indian security agencies is the announcement of the Al-Qaeda leader, Ayman al-Zawahari, of the creation of the Al-Qaeda in the Indian Subcontinent. In fact, this is a worrisome factor as both the militant groups, that is, al-Qaeda and ISIS, have a similar objective to target India and to turn this South Asian country as one of the recruiting grounds for extremists. There is also a possibility that an Indian Mujahedeen (IM) man was believed to be instrumental in recruiting for the ISIS poor Muslims in a few Indian states. If this nexus between ISIS and India’s home-grown terror groups manages to establish a robust link, then the headache of combating such amalgamated force will be a hard task for Indian security agencies. In the wake of the above developments, this paper would seek to analyse the developing trend in India in regard to IS. It would also bring out the reasons as to why further penetration of the IS influence on India would be a grave concern in the internal security of the country. The last section of the paper would highlight the steps that have been taken by the Indian government to tackle this menace effectively.

Keywords: India, Islamic State, Muslim, Security

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Authors: Malik Imtiaz Ahmad

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The prime sources of Islamic Law or Shariah are Quran and Sunnah and is applied to the personal and public affairs of Muslims. Islamic law is deemed to be divine and furnishes a complete code of conduct based upon universal values to build honesty, trust, righteousness, piety, charity, and social justice. The primary focus of this paper was to examine the development of Islamic jurisprudence (Fiqh) over time and its relevance to the field of Islamic finance. This encompassed a comprehensive analysis of the historical context, key legal principles, and their application in contemporary financial systems adhering to Islamic principles. This study aimed to elucidate the deep-rooted connection between Islamic law and finance, offering valuable insights for practitioners and policymakers in the Islamic finance sector. Understanding the historical context and legal underpinnings is crucial for ensuring the compliance and ethicality of modern financial systems adhering to Islamic principles. Fintech solutions are developing fields to accelerate the digitalization of Islamic finance products and services for the harmonization of global investors' mandate. Through this study, we focus on institutional governance that will improve Sharia compliance, efficiency, transparency in decision-making, and Islamic finance's contribution to humanity through the SDGs program. The research paper employed an extensive literature review, historical analysis, examination of legal principles, and case studies to trace the evolution of Islamic law and its contemporary application in Islamic finance, providing a concise yet comprehensive understanding of this intricate relationship. Through these research methodologies, the aim was to provide a comprehensive and insightful exploration of the historical evolution of Islamic law and its relevance to contemporary Islamic finance, thereby contributing to a deeper understanding of this unique and growing sector of the global financial industry.

Keywords: sharia, sequencing Islamic jurisprudence, Islamic congruent marketing, social development goals of Islamic finance

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Authors: Mehry Daraei

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The goal of this study was to survey the components and affective factors on organizational commitment of Islamic Azad university Khoramabad Baranch’s faculty members. The research method was correlation by causal modeling and data were gathered by questionnaire. Statistical society consisted of 147 faculty members in Islamic Azad University Khoramabad Branch and sample size was determined as 106 persons by Morgan’s sample table that were selected by class sampling. Correlation test, T-single group test and path analysis test were used for analysis of data. Data were analyzed by Lisrel software. The results showed that organizational corporate was the most effective element on organizational commitment and organizational corporate, experience work and organizational justice were only in direct relation with organizational commitment. Also, job security had direct and indirect effect on OC. Job security had effect on OC by gender. Gender variable had direct and indirect effect on OC. Gender had effect on OC by organizational corporate. Job opportunities out of university also had direct and indirect effect on OC, which means job opportunities had indirect effect on OC by organizational corporate.

Keywords: organization, commitment, job security, Islamic Azad University

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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: 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: Mina Dousti

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Like many women worldwide, and especially those living in the Middle East, Iranian women are struggling to have equal rights as men. The Islamic Republic regime, established in 1979, made this path even more difficult for Iranian women. Media and the Islamic Republic's powerful propaganda are the main factors and advertisers in omitting women's social rights and civic activities. Also, the hijab (veil), which became obligatory immediately after the revolution based on the Qur'an and religious Hadiths, was another way of suppressing women. Since the Islamic Republic Revolution and the following Iran-Iraq war (1980-1988), the Iranian female community has been experiencing different social and legal challenges. Aside from the Islamic regime's role in ignoring women, their families have also contributed to this limitation via unreasonable zeals and religious prejudices. Subsequently, all these factors led to pushing Iranian women to the corner and public dormancy. During the eight-year war, many Iranian women directly participated in the war front line. Although they became martyred, the regime intentionally ignored their public presence employing Islamic justifications and Sharia as an excuse. The government did these actions to justify censorship and unfairness toward women.

Keywords: Iranian women, Islamic Republic Regime, hijab, revolution, Iran-Iraq war, Martyr

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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: Md. Abu Yousuf

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Islamic social financing (ISF) refers to the fair distribution of wealth and financial dealings and prevents economic exploitation at all levels. ISF instruments include Islamic institutions Zakat (obligatory charity), Sadaqah (voluntary charity) and Waqf (endowment) based on philanthropy such and Qard-al Hasan (beautiful loan), micro takaful (insurance) and social investments through Sukuk (bonds) based on cooperation. ISF contributes to socio-economic development, end poverty, protects environmental sustainability, promotes education, equality, social justice and above all, establishes social well-being since the birth of Islam. ISF tools are instrumental towards achieving sustainable development goals (SDGs) set by United Nations (UN). The present study will explore the scope of ISF for community development in Bangladesh and examine the challenges in implementing ISF tools and will provide the most practical model of ISF. The study will adopt a mixed-method (MM) design in the process of data collection and analysis. The researcher will consider all issues related to ethics, reliability, validity and feasibility while conducting the study.

Keywords: Islamic social financing, sustainable development goals, poverty eradication, zakat, waqf, sadaqah, Islamic microfinance

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Authors: Irfan U. Din

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

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

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Authors: Adel Bessadok

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The theory of values postulates that each human has a set of values, or attractive and trans-situational goals, that drive their actions. The Basic Human Values as an incentive construct that apprehends human's values have been shown to govern a wide range of human behaviors. Individuals within and within societies have very different value preferences that reflect their enculturation, their personal experiences, their social places and their genetic heritage. Using a focus group composed by Islamic religious Preachers and a sample of 800 young students; this ongoing study will establish Moderate Islamic Values parameters. We analyze later, for the same students sample the difference between Moderate Islamic Values and Schwartz’s Basic Human Values. Keywords—Moderate Islamic Values, Basic Human Values, Exploratory Factor Analysis and Confirmatory Factor Analysis.

Keywords: moderate Islamic values, basic human values, exploratory factor analysis, confirmatory factor analysis

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Authors: Abolfazl Alishahi Ghalehjoughi

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Economic independence and security of Islamic world is the top priority. Economic dependence of Muslim countries on economies of non-Muslim imperialist countries results in political and cultural dependencies, and such dependencies will jeopardize the noble Islamic culture; because the will of a dependent country to implements the noble teachings of Islam would be faced with challenges. Solidarity of Muslim countries to achieve a uniformed and resistive economy-based Islamic economic system can improve ability of Islamic world to resist and counteract economic shocks produced by imperialists. Islam is the most complete religion in every aspect, from ideological and epistemological, to legislative and ethical, and economic aspect is no exception. Islam provides solutions to develop a flourishing economy for the whole Islamic nation. Knowledge of such solutions and identification of mechanisms to operationalise them in Islamic communities can highly contributed to establishment of the superior Islamic economy. Encourage of hard working, achievement and knowledge production, correction of consumption patterns, optimized management of import and export, avoiding Islamically prohibited income, economic discipline and equity, and promotion of interest free loan and the like are among the most important solutions to realize such resistive economy.

Keywords: resistive economy, cultural independence, Islam, solidarity

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Authors: Muhammad Alhaji Maidugu

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The role played by Arabic and Islamic Studies in the history of Nigeria - particularly Northern part of the country - cannot be overemphasized. Before the British colonialism, Arabic language was the official language in some of the great empires in Nigeria such as the Kanem Borno Empire. Islam, on the other hand, is the state religion. Both the rulers and the ruled were deeply involved in the pursuit of Arabic and Islamic knowledge traveling as far as Egypt, Saudia Arabia for scholarship. Their homes are like a modern library where Islamic books are kept and used to teach the community the different fields of Arabic and Islamic Studies. Scholars of Arabic and Islamic Studies were highly regarded and well respected in the society as they were the decision makers, diplomats and advisers to the authorities. Unfortunately, the colonizers used their influence and force to replace this language with a foreign language. In fact, they tried to exterminate it. Arabic became less important in the country. Arabic and Islamic Students became less significant and anybody studying Arabic or Islamic Studies is looked down at with disdain, and the course is considered unprofessional. This paper aims at casting a glance in the position of Arabic and Islamic Studies in Yobe State, Nigeria and social, political, economical and moral challenges faced by the students at institutions of learning.

Keywords: challenges, students of Arabic and Islamic studies, tertiary, institutions, Yobe

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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: Rahmoune Abdelhaq

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Systemic Islamic banking has been in practice for long but started receiving due attention and high popularity since last decade. It has received a warm welcome from all over the world and these banks operating on Islamic principles have been able to get a sizeable business not only in Islamic countries but in non-Islamic countries too. Despite exemplary advancements and achievements, there remains number of controversies over various underlying concepts and practices. This paper basically explores and highlights all those controversies and challenges which are in minds of different school of thoughts and are needed to be addressed and overcome if Islamic banking continues flourishing the way it is at present. The authors have also tried to suggest suitable remedies to overcome these challenges where appropriate. As well, This paper makes an attempt to review major principles surrounding the working of Islamic banking and its historical growth. A brief overview of main differences between the Islamic banking and the conventional banking. In addition, references are particularly made to implications arising from the emergence of e-commerce and the realities that the Islamic Shari’ah law has to consider in adopting the new phenomenon into its banking system. This paper shows, whilst the conventional banking and financial system is based on the principle of rationality and interest, the Islamic financial system is based on morality and social justice which prohibits interest as a means of speculation and injustice. The concepts of e-business such as e-commerce and e-banking are acceptable in Islam as since in Islam anything is halal unless prohibited by Shari’ah, dealing with business by internet is considered as Shari’ah compliant. This paper, therefore, provides the latest thinking of e-business from an Islamic viewpoint, thus creating a reference point and valued information for a future research.

Keywords: Islamic Finance, principles of Islamic banking, Islamic commerce, Shari’ah compliant

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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: Yasmin Umar Assegaf, Falikhatun, Salamah Wahyuni

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This study aims to provide empirical evidence about the influence of Islamic Corporate Social Responsibility Disclosures of the financial performance of Islamic banking with the characteristics of the company, as a control variable in Islamic banking in Indonesia. ICSR disclosures are an independent variable, while the Financial Performance is the dependent variable (proxied by Return on Assets (ROA), Return on Equity (ROE), Income Expense Ratio (IER), and Non-net Interest Margin (NIM). The control variables used are firm size, firm age and the type of audit. The population of the study was all Islamic Banks (BUS) operate in Indonesia. The research sample is Islamic Commercial Bank which has existed in Indonesia since 2002 and publishes financial statements between the years of 2007-2011. The sample of the study were include 31 Annual Report published. The results of this study concluded that there are significant influences between the ICSR Disclosures and financial performance. The disclosure is partially effect on ROA, IER and NIM, whereas there is no influence on ROE. Further result shows that all control variables (Firm Size, Age, and Type of Audit Companies) does not have any influence on ICSR Disclosures in Indonesia. This research gives a suggestion for further research to compare these ICSR disclosures in Indonesia with ICSR disclosures in other countries that have Islamic banking, by using other measure variables of financial performance, to get more comprehensive model and real picture.

Keywords: ROA, ROE, IER, NIM, company size, age of the company, audit type, Islamic banking

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Authors: Narges Sadat Myrmousavy, Maryam Eslampanah

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The aim of this study was to investigate the relationship between social capital and knowledge sharing is the Ministry of Culture and Islamic Guidance. They are descriptive correlation study. The study sample consisted of all the experts in the Ministry of Culture and Islamic Guidance helping professionals headquarters in Tehran in the summer period is 2012, the number is 650. Random sampling is targeted. The sample size is 400. The data collection tool was a questionnaire that was used for the preparation of a standard questionnaire. They also examine the assumptions of the regression coefficient for the relationship between variables in order to investigate the main hypothesis test is used. The findings suggest that the structural and knowledge-sharing between components, there is a direct relationship. The components of the relationship between Impression management and knowledge sharing, there is a direct relationship. There was no significant relationship between Individual pro-social motives and knowledge sharing. Both components of the cognitive aspects of open mindedness and competence are directly related with knowledge sharing. Finally, the comparison between the different dimensions of social capital, the largest of its structure, and its relationship with knowledge sharing is the least relation.

Keywords: social capital, knowledge sharing, ministry of culture and Islamic guidance (Iran), open mindedness, pro-social motives

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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: 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: 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: Jordan Daud, Satriya Wibawa, Wahyu Wardhana

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In the summer of 2014, the leaders of the Islamic State of Iraq and Syria proclaimed the founding of religious-political system known as the caliphate which titled Islamic State (IS). As Caliph, Abu Bakr Baghdadi advocated Jihad from the Ummah (the Muslim community) to defend the Islamic state from unbelievers. This call for Jihad by IS had encouraged some radical organization in Southeast Asia pledge allegiance to IS and established bases for IS operation in Southeast Asia. This development had increased security concern for possible terrorism action in Southeast Asia, which currently not very active due to counterterrorism efforts from ASEAN member states and its cooperation with the world. This paper firstly tries to draw understanding from Ulema (Muslim cleric) about the conception of caliphate and Jihad based on Quran and Hadith. Secondly, this paper will elaborate counterterrorism efforts from ASEAN countries to prevent radicalization and terrorism act in addressing the call for jihad to establish IS in Southeast Asia. The third, this paper will recommend the role of the social community, especially Ulema, in Southeast Asia to prevent the misunderstanding of Jihad which usually used by terrorist to justify their action. Hopefully, this social community role will decrease the radicalization of Muslim community in Southeast Asia alongside with the counterterrorism efforts to create secure and stable ASEAN community based on shared norm and values.

Keywords: caliphate, jihad, ASEAN, counterterrorism, social community

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Authors: Camille Paldi

Abstract:

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

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

Procedia PDF Downloads 323

Authors: Ahmad Dahlan, Aries Indrianto

Abstract:

Conceptually, mudarabah is the practice of fiqh (jurisprudence) in the bank institutions business that became the basis of the economic development model of modern Islamic financial system. In mudarabah, profit and loss sharing mechanism are integrated between mudarabah on liability side (funding) with mudarabah on the asset side (financing). Islamic (Sharia) Bank is positioned as an intermediary institution like investment manager, although the bank is also involved in direct investment based on bank equity. In practice, mudarabah cannot be done as much as effective at financing because the dominance of debt-financing products. This is a major criticism among experts and Islamic banks practitioners. Ironically, the criticism gets less attention by practitioners of Islamic banks due to many factors. The epistemologies of Islamic banks prioritize shareholder values than stakeholder values, and social culture that has not been ready with the mudarabah totally.

Keywords: two tier mudarabah, intermediary institution, shareholder value, stakeholder value

Procedia PDF Downloads 137