Search results for: sharia economics

Authors: Gemala Dewi, Wirdyaningsih, Farida Prihatini

Abstract:

The development of sharia business activities at present has solidified its societal mark and has crossed influence between several nations. In the practice, there may be disputes, breaches and other forms of conflict that occurred along the way. In the meantime, alternative settlements of disputes are utilized differently between nations in the context of their political, social, economic, legal and infrastructural (technology and transportation) scope. Besides the various conditions, there is a common driving factor, which is a consequence of the need for businesses to settle conflicts in an efficient and cost-efficient manner. This factor is paired symbiotically with the limitations of the court and legal processes. Knowing this, Indonesia and Egypt represent countries that have similar social, political, economic and legal conditions. This academic research establishes a normative analysis that looks and compares the rules that regulate the prospects and challenges in the regards of dispute settlements in reference to sharia economics in Indonesia and Egypt. This work recommends that sharia economics dispute settlement is significant to be incorporated in both Indonesian and Egyptian legal systems.

Keywords: sharia economics, dispute resolution, Indonesia, Egypt

Procedia PDF Downloads 285

Authors: Santi Mutiara Asih, Sinta Kemala Asih

Abstract:

Along with the development of tourism in Indonesia, which is increasingly a lot of domestic and foreign public interest in sharia tourism, the Indonesian government is currently developing the program. It was seen that this program would have a good impact, especially for Indonesian tourism. So it is necessary to develop appropriate marketing strategies. Then to develop tourism prospects sharia government could use such a marketing strategy, for instance, marketing mix and Segmenting, Targeting, and Positioning (STP). The marketing mix is a set of marketing tools used by a state or a company to continue achieving its marketing objectives in target market. STP is the most important initial step in identifying customer value. In such away, it is expected from the use of this strategy could make sharia tourism as a market leader in the field of tourism in Indonesia, it also could attract more tourists to visit and increase economic returns.

Keywords: STP, marketing mix, market leader, sharia tourism

Procedia PDF Downloads 717

Authors: Tianqi Yin

Abstract:

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

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

Procedia PDF Downloads 61

Authors: Rosyidah, Permata Wulandari

Abstract:

We investigate the price effect of addition and deletions from the Indonesia Sharia Stock Index (ISSI) and Jakarta Islamic Index (JII). Using event study methodology, we measure abnormal returns for firms over the period June 2019 - to December 2021. Through the sample of 107 additions and 95 deletions, we find evidence to support the theory of Muslim country investment behavior. We find that additions to the Islamic index led to a significant positive stock market reaction and deletions to the Islamic index led to a negative stock market reaction on Jakarta Islamic Index (JII) and there is no significant reaction of addition and deletion on Indonesia Sharia Stock Index (ISSI).

Keywords: abnormal return, abnormal volume, event study, index changes, sharia index

Procedia PDF Downloads 88

Authors: Renny Wulandari

Abstract:

This study aims to determine how the influence of Non Performing Financing, Financing Deposit Ratio, Operating Expenses and Operating Revenue and Net Income Margin on the disclosure of financial risk in Sharia banks. To achieve these objectives conducted associative research method with data source in the form of secondary data that is annual report data with period 2013-2016. The population in this study is the sharia banking industry in Indonesia and who issued the annual financial statements. A method of sampling use probability sampling. Analysis in this research is with SEM-PLS. The result is Net Income Margin has a significant effect on financial risk disclosure while Non Performing Financing (NPF) Financing to Deposit Ratio (FDR), Operating Expenses and Operating Revenue (OEOR) have no effect on the disclosure of financial risk in sharia bank.

Keywords: Sharia banks, disclosure of risk financial, non performing financing, financing deposit ratio, operating expenses and operating revenue, net income margin

Procedia PDF Downloads 205

Authors: Mehriban Ahmadova

Abstract:

Country of origin has been found to be an important determinant of the level of corporate social disclosure. The purpose of this study is to investigate the differences of corporate social disclosure, including sharia non-compliant information, by Islamic banks. The study applies content analysis approach of annual reports of fully-fledged Islamic banks from 24 countries. International differences are found in terms of level, methods and location of disclosure.

Keywords: Content analysis, Corporate social disclosure, Islamic banks, Sharia non-compliant disclosure

Procedia PDF Downloads 117

Authors: Farida Prihatini

Abstract:

As a largest Muslim country in the world with around 215 Muslim inhabitants, Indonesia interestingly is not an Islamic country. Yet, Indonesia is not a secular country as well. The country has committed to be a unity in diversity country where people from various socio-political background may be coexistent live in this archipelago country. However, many provinces and Muslim groups are disposed of special regulation for Muslim people, namely local ordinances with sharia nuances, applied specifically in provinces, cities or regions where Muslim inhabitants are the majority. For the last two decades, particularly since Indonesia reform movement of 1998, a lot of local ordinances (Peraturan Daerah) with Sharia nuance have been enacted and applied in several provinces, cities and regions in Indonesia. The local ordinances are mostly deal with restriction of alcohol, prohibition of prostitution, Al Qur'an literacy, obligation to wear Muslim attire and zakat or alms management. Some of local ordinances have been warmly welcomed by society, while other ordinances have created tension. Those who oppose the ordinances believe that such things regulated by the ordinances are in violation of human rights and democracy, part of privacy rights of the people and must not be regulated by the State or local government. This paper describes the dynamic of local Ordinances with sharia nuances in Indonesia, in this research is limited to three ordinances: on the restriction of alcohol, prohibition of prostitution and obligation to wear Muslim attire. The researcher employs a normative method by studying secondary data and local ordinances in selected areas in Indonesia. The findings of the paper are that local ordinances with sharia nuances are indeed part of the needs of society, yet, in their implementation must take the pluralism of Indonesia and the state basic foundation, which is Pancasila (five pillars) into account.

Keywords: local, ordinances, sharia, rights

Procedia PDF Downloads 241

Authors: Md Abu Saieed

Abstract:

Crafting and implementing public policy is one of the indispensable works in any form of state and government. But the policy objectives, methods of formulation and tools of implementation might be different based on the ideological nature, historical legacy, structure and capacity of administration and management and other push and factors. Public policy in Islamic economic system needs to be based on the key guidelines of divine scriptures along with other sources of sharia’h. As a representative of Allah (SWT), the governor and other apparatus of the state will formulate and implement public policies which will enable to establish a true welfare state based on justice, equity and equality. The whole life of Prophet Muhammad (pbuh) and his policy in operating state of affairs in Madina is the practical guidelines for the policy actors and professionals in Islamic system of economics. Moreover, policy makers need to be more meticulous in formulating Islamic public policy which meets the needs and demands of contemporary worlds as well.

Keywords: formulation, Islam, public policy, policy factors, Sharia’h

Procedia PDF Downloads 305

Authors: Ibrahim M. Alwehaibi

Abstract:

Recently the windows of globalization weirdly open, which increase the trade between the Western countries and Muslim nations. Sales of goods contracts are one of the most common business transaction in the world. This commercial exchange has faced many obstacles. One of the most concerned obstacles is the conflicts between laws. Thus, United Nation created a Convention on Contracts for the International Sale of Goods (CISG). Some of Islamic countries have ratified the CISG, while other Islamic countries have concerns about the feasibility of ratification of the CISG, and many businessmen have a concern of application of the convention. The concerns related to the conflict between CISG and Sharia, and the long debate about the success, ambiguity, and stability of the CISG. Therefore, this research will examine the feasibility of Muslim countries and Muslim businessmen to adopt the CISG by following steps: First, this research will introduce sharia Law (Islamic contracts law) and CISG and provide backgrounds of both laws. Second, this research will compare the provisions of CISG and Sharia and figuring out the conflicts and provide possible solutions for the conflicts. Third, this study will examine the advantages and disadvantages of adopting the CISG and examining the success of the CISG. Fourth, this study will explore the current situation in Islamic countries by taking Saudi Arabia as a case and explore how the application of Sharia law works and the possibility to enforce the CISG and explore the current practice of foreign Sales in Saudi Arabia. The research finds that there are some conflicts between CISG and Sharia Law. The most notable conflicts are interest and uncertainty in considerations. Also, this research finds that it seems that ratification of CISG is not beneficial for Muslim countries because the convention has not reached its goal which is uniformity of laws. Moreover, the CISG has been excluded and ignored by businessmen and some courts. Additionally, this research finds that it could be possible to enforce CISG in Saudi Arabia, provided that no conflict between the enforced provision and Sharia Law. This study is following the competitive and analysis methodologies to reach its findings. The researcher analyzes the provision of CISG and compares them with Sharia rules and finds the conflicts and compatibilities. In fact, CISG has 101 articles, so a comprehensive comparison of all articles in CISG with Sharia is difficult. Thus, in order to deeply analyze all aspects of this issue, this study will exclude some areas of contract which have been discussed by other researchers such as deliver of goods, conformity, and mirror image rules. The comparative section of this study will focus on the most concerned articles that conflict or doubtful of conflict with Sharia, which are interest, uncertainty, statute of limitation, specific performance, and pass of risk.

Keywords: Sharia, CISG, Contracts for International Sale of Goods, contracts, sale of goods, Saudi Arabia

Procedia PDF Downloads 126

Authors: Mohsin Sadaqat, Hilal Anwar Butt

Abstract:

Following the stock selection guidelines provided by the Sharia Board (SB), we segregate the firms listed at Pakistan Stock Exchange (PSX) into Sharia Compliant (SC) and Non-Sharia Compliant (NSC) stocks. Subsequently, we form portfolios within each group based on market capitalization and volatility. The purpose is to analyze and compare the performance of these two groups as the SC stocks have lesser diversification opportunities due to SB restrictions. Using data ranging from January 2004 until June 2016, our results indicate that in most of the cases the risk-adjusted returns (alphas) for the returns differential between SC and NCS firms are positive. In addition, the SC firms in comparison to their counterparts in PSX provides excess returns that are hedged against the market, size, and value-based systematic risks factors. Overall, these results reconcile with one prevailing notion that the SC stocks that have lower financial leverage and higher investment in real assets are lesser exposed to market-based risks. Further, the SC firms that are more capitalized and less volatile, perform better than lower capitalized and higher volatile SC and NSC firms. To sum up our results, we do not find any substantial evidence for opportunity loss due to limited diversification opportunities in case of SC firms. To optimally utilize scarce resources, investors should consider SC firms as a candidate in portfolio construction.

Keywords: diversification, performance, sharia compliant stocks, risk adjusted returns

Procedia PDF Downloads 155

Authors: Khairul Hasni

Abstract:

A Memorandum of Understanding (MoU) for the cessation of hostilities was signed by Aceh's longstanding adversaries (the Government of Indonesia and the Free Aceh Movement (GAM) in August 2005. The Government of Indonesia has given the autonomy to Aceh Province of Indonesia, the Law Number 11 of 2006 the authority of the Aceh government to the implementation of the Islamic Sharia. The implementation of Islamic Sharia, Aceh can be a role model of Islam that glorifies women, the implementation of Islamic law in Aceh when enacted and got legality because it supported the socio-cultural and historical community. The value of the value of women's lives is shifted under the pressure of applying Islamic law, with this argument, the importance of justice and equality of policy enforcement in women's lives. Based on interviews conducted in 2016 and 2017 with women's activists, government officials, women non-governmental organizations in Aceh, this paper finds that there is lack of gender balance because of the many problems involving women in the enactment of regional regulations and control policies on women's bodies. The research points to ensure the implementation of Islamic Sharia practitioners have only directed to women and discrimination against women.

Keywords: women, policy, Islamic law, social

Procedia PDF Downloads 266

Authors: Deden Misbahudin Muayyad, Lavlimatria Esya

Abstract:

Up to the month of June 2015, Indonesia has 12 Islamic Commercial Banks, 22 Islamic Business Unit, 327 offices in 33 provinces. The initial purpose of the establishment of Islamic financial institutions is to achieve and the welfare of the people in this world and in the hereafter. To realize these goals, the Islamic financial institutions in every kind of aspect of product development and in terms of operations should be based on maqashid sharia, namely keeping the faith, keep the soul, keep the sense, maintain the property, keeping the offspring. To see whether Islamic banking grounded in maqasid sharia, the Islamic banking performance measurements based on the principles of maqasid sharia. Banking performance measurement is not only focusing on profit and other financial measures, but put other values of banks reflects the size of the benefit of non-profit in accordance with the bank's objectives. The measurement using the measurement of financial performance called maqasid sharia index. Maqasid syariah index is a model of Islamic banking performance measurement in accordance with the objectives and characteristics of Islamic banking. Maqasid syariah index was developed based on three main factors, namely the education of individuals, the creation of justice, the achievement of well-being, where the three factors were in accordance with the common goal of maqasid sharia is achieving prosperity and avoid evil. Maqasid syariah index shows that maqasid sharia approach can be a strategic alternative approach to describe how good the performance of the banking system and it can be implemented in the comprehensive policy strategy. This study uses a model of performance measurement framework based on maqasid syariah, in addition to financial performance measures that already exist. Methods to develop the idea of a performance measurement framework of Islamic banking by maqasid sharia is the Sekaran method. Operationally, the methods have now able to describe the elements that will be measured by this study. This is done by observing the behavior of the dimensions illustrated through a concept that has been set. These dimensions translate into derivative elements that can be observed and more scalable, so it can establish measurement indices. This research is descriptive quantitative. Techniques are being made to collect data in this paper is by using purposive sampling method, with 12 Islamic Commercial Banks that qualify as research samples. The financial data taken at 12 banks was sourced from the annual financial statements the period 2008 to 2012 with consideration of the database and ease of access to data. The ratio measured in this study only 7 ratio used in determining the performance of Islamic banking, namely: four ratio refers to the sharia objectives related to education. three ratio while again referring to sharia objectives related to the achievement of welfare. While other ratios associated with justice can not be used in this study because of the limited data used. Total overall calculation of performance indicators and performance ratios on each goal for each bank describes the maqasid syariah index.

Keywords: Islamic banking, Maslahah, maqashid syariah, maqashid syariah index

Procedia PDF Downloads 235

Authors: Erwanda Nuryahya, Aas Nurasyiah, Sri Yayu Ninglasari

Abstract:

Indonesia is the fourth most populous country that still has many troubles in its development. One of the problems which is very important and unresolved is poverty. Limited job opportunity is one unresolved cause of it until today. The purpose of making this scientific paper is to know benefits of E-Money Paytren Application to enhance its partners’ income, owned by company Veritra Sentosa International. The methodology used here is the quantitative and qualitative descriptive method by case study approach. The data used are primary and secondary data. The primary data is obtained from interviews and observation to company Veritra Sentosa International and the distribution of 400 questionnaires to Paytren partner. Secondary data is obtained from the literature study and documentary. The result is that the Paytren with a system direct sales tiered syariah proven able to enhance its partners’ income. Therefore, the Optimization Financial Technology through E-Money Paytren Application should be utilized by Indonesians because it is proven that it is able to increase the income of the partners. Therefore, Paytren Application is very useful for the government, the sharia financial industry, and society in reducing poverty in Indonesia.

Keywords: e-money PayTren application, financial technology, poverty, direct sales tiered Sharia

Procedia PDF Downloads 101

Authors: Damanhur Munardi, Muhammad Hafiz, Dina Nurmalita Sari, Syarifah Ridani Alifa

Abstract:

Purpose: This research aims to analyze the Benefits, Opportunity, Cost, and Risk aspects of applying the Green Finance concept and to obtain the right Green Finance financing strategy to be implemented within a long-term and short-term strategic framework.Methodology: This research method uses a qualitative-descriptive analysis approach. The analysis technique uses Analytical Network Process (ANP) with a BOCR network structure approach.Findings: The research results show that the most priority long-term strategic alternative based on the long-term BOCR analysis is increasing awareness among the public and industry by 52% and the importance of coordination between related institutions by 50%. Meanwhile, the most priority short-term strategic alternatives are the importance of coordination between related institutions 29%, increasing awareness among the public and industry 28%, the banking industry proactively funding environmentally friendly companies and technology 23%, the existence of Green Finance POS (Standard Operating Procedures) 20%.Implications: This research can be used as a reference for regulators and policymakers in making strategic decisions that can increase green finance financing. The novelty of this research is identifying problems that occur in green finance financing in Aceh province by analyzing opinions from experts in related fields and financial regulators in Aceh to create a strategy that can be implemented to increase green finance financing in Aceh province through BPD in Aceh, namely Bank Aceh.

Keywords: green financing, banking, sharia, islamic

Procedia PDF Downloads 38

Authors: Saadan Man, Razidah Othmanjaludin, Madiha Baharuddin

Abstract:

Nowadays, the pharmaceutical products are produced through the mixing of active and complex ingredient, naturally or synthetically; and involve extensive use of prohibited animal products. This article studies the challenges faced from fiqh perspective in the production of halal pharmaceutical products which frequently contain impure elements or prohibited animal derivatives according to Islamic law. This study is qualitative which adopts library research as well as field research by conducting series of interviews with the several related parties. The gathered data is analyzed from Sharia perspective by using some instruments especially the principle of Maqasid of Sharia. This study shows that the halal status of pharmaceutical products depends on the three basic elements: the sources of the basic ingredient; the processes involved in three phases of production, i.e., before, during and after; and the possible effects of the products. Various fiqh challenges need to be traversed in producing halal pharmaceutical products including the sources of the ingredients, the logistic process, the tools used, and the procedures of productions. Thus, the whole supply chain of production of pharmaceutical products must be well managed in accordance to the halal standard.

Keywords: fiqh, halal pharmaceutical, pharmaceutical products, Malaysia

Procedia PDF Downloads 161

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

Abstract:

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

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

Procedia PDF Downloads 419

Authors: K. C. Mujeebu Rahman

Abstract:

Over the years, discussions in India regarding personal law in India have focused on its deficiencies, increasing involvement of the judiciary, and the pursuit of uniformity. However, little attention has been given to understanding how the law functions in a multicultural nation committed to political secularism. This paper addresses this gap by exploring the mahallu system in Malabar, shedding light on the decision-making process within Muslim personal law. It reveals that this process is deeply rooted in everyday micro-politics, sectarian dynamics, social pressure, and emotions. Through an in-depth examination of a triple talaq case, the paper demonstrates how love (or the lack of it), family expectations, and community authority intersect in resolving marital disputes. Instead of a straightforward legal interpretation, this process leads to a complex maze of micro-politics involving local religious factions and authorities. The paper underscores that the non-state quasi-legal institutions within the mahallu system represent a distinct form of legal pluralism characterized by intricate power dynamics at multiple levels. Moreover, it highlights the interplay between what is considered legally valid and what is deemed socially legitimate.

Keywords: islamic law, sharia, fatwa, muslim personal law

Procedia PDF Downloads 36

Authors: Samir Srairi

Abstract:

This paper investigates the impact of the internal corporate governance on bank performance by constructing a corporate governance index (CGI) for 27 Islamic banks operating in five Arab Gulf countries. Using content analysis on the banks’ annual reports for 3 years (2011-2013), the index construction uses information on six important corporate governance mechanisms, namely board structure, risk management, transparency and disclosure, audit committee, Sharia supervisory board and investment account holders. The results demonstrate that Islamic banks adhere to 54% of the attributes addressed in the CGI. The most frequently reported and disclosed elements are Sharia supervisory board followed by board structure and risk management. The findings related to countries revealed that only two countries, the United Arab Emirates and Bahrain, possess a higher level of CGI. Our regression results provide evidence that Islamic banks with higher levels of corporate governance report high operating performance measured by return on assets and net interest margin. Finally, as of the effect of internal and external factors, we identified four variables that were associated with bank performance, namely size, equity, risk and concentration.

Keywords: governance mechanisms, corporate governance index, bank performance, Islamic banks, GCC countries

Procedia PDF Downloads 292

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

Abstract:

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

Keywords: effectiveness, Islamic Sharia, Khalwat, Qanun

Procedia PDF Downloads 199

Authors: Ahmad Abdulkadir Ibrahim

Abstract:

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

Procedia PDF Downloads 89

Authors: Abdu Bedru Hussien

Abstract:

The purpose of this study was to examine the determinants of Takaful insurance in Addis Ababa. In this study, descriptive and explanatory research design was used. We have taken marketing and business development from 17 insurance company and manager and officer from 5 insurance company those are active currently in takaful and all of them were taken as a sample. Questionnaire was used as instrument for data collection. The questionnaire contained 79 items with 5-point Likert scale, 1 being strongly disagree and 5 being strongly agree. The questionnaire was developed based on past literature and a pilot test was conducted to check normality, reliability and validity of the scale. The dependent variable used in this research was Takaful Insurance and the independent variables were Awareness, human resource, sharia rules, Regulation and interest free banking service. The collected data was analyzed using descriptive Statistics, correlation, and multiple leaner regressions through SPSS 25. The result of this research indicates that Awareness and interest free banking service have a positive and significant impact on Takaful Insurance. However, this research did not find any significant impact of human resource, sharia rules and regulation on Takaful. And also, the research indicates that, any positive improvement on these variables will result in improvement Takaful insurance. Therefore, this research recommends that the Ethiopian insurance companies to formulate strategies that boost Takaful insurance awareness as well as train manpower for the service.

Keywords: Takaful, insurance, human resource, IFB

Procedia PDF Downloads 14

Authors: Khaleed Alsufyyan

Abstract:

This doctoral research has been successfully approved by a specialist upgrade panel, and it presents the proposition that the KSA policy for combating maritime terrorism is inadequate and current governance frameworks, including laws, are insufficiently developed to respond effectively and fairly to maritime terrorism. It will examine the legal system in the KSA in terms of effectiveness fairness, as well as investigate this proposition to determine what factors have contributed to such a deficiency. The main focus of this research will draw upon the policies, laws, and practices of the KSA, as well as UK and international laws and policies, to assess whether it is feasible to apply them in the context of the KSA. This thesis will recommend strategies regarding maritime terrorism to enrich the legal and policy frameworks and address the current and future dynamics of maritime terrorism adequately. To derive suitable improvements, UK policies, laws, and practices will be considered for policy transfer purposes. As for studies focused on the KSA, since the KSA is a Muslim state, it will be important to assess the impact of Islamic Law or Sharia Law subject to the doctrines of fairness and effectiveness to comprehend how the KSA’s legal system operates and determine the boundaries it sets for the response to maritime terrorism. This thesis will propose that more reforms are needed to effectively and fairly deal with maritime terrorism based on the prevailing understanding of Sharia law. The research will address the international perspectives on the problem of maritime terrorism and international cooperation of the KSA regarding maritime terrorism and consider the need for further developments.

Keywords: maritime terrorism, maritime security, combat maritime terrorism in the KSA, protecting maritime transport against terrorism

Procedia PDF Downloads 49

Authors: Badran Leena, Rimmerman Arie

Abstract:

Arab society in Israel is undergoing modernization and secularization. However, its approach to disability and mental illness is still dominated by religious and traditional stereotypes, as well as folk remedies and community practices. The present study examines differences in Muslim social workers' and Imams' recommendations in marriage/divorce and child custody cases of persons with intellectual disabilities (ID) or mental illness. The study has two goals: (1) To examine differences in recommendations between Imams and Muslim social workers; (2) To explore variables related to their differential recommendations as observed in their responses to vignettes—a quantitative study using vignettes resembling existing Muslim religious (Sharia) court cases. Muslim social workers (138) and Imams (48) completed a background questionnaire, a religiosity questionnaire, and a questionnaire that included 25 vignettes constructed by the researcher based on court rulings adapted for the study. Muslim social workers tended to consider the religious recommendation when the family of a person with ID or mental illness was portrayed in the vignette as religious. The same applied to Imams, albeit to a greater extent. The findings call for raising awareness among social workers and academics regarding the importance of religion and tradition in formulating professional recommendations.

Keywords: child custody, intellectual and developmental disability, marriage/divorce, mental illness, sharia court, social workers

Procedia PDF Downloads 158

Authors: Hariyadi, Rili Windiasih

Abstract:

Halal tourism is a recent global phenomenon that emerged out of the needs of Muslim tourists. However, works on halal tourism rarely discuss the connection of it to the rising religiosity in Indonesia since halal tourism has been mostly studied in the sphere of tourism, business, and management studies. A few works on the increase of Islamic expressions in Indonesia do mention the recent booming of non-mandatory pilgrimage to Mecca and the emergence of sharia compliant accommodation, yet they do not go into details on the issue. To our best knowledge, there is a lack of more critical, cultural political studies on halal tourism in which the paper attempts to fill in. The paper is a result of fieldwork research in Central Java, Indonesia. The study focuses on sacred sites for pilgrimage and sharia-compliant hotels. It combines in-depth interviews and participatory observation methods to gather the data. It is important for us to take a look at the network of halal tourism actors (businessperson, local government, clerics, etc.) in Central Java, how they conceive halal tourism, and how their networking shape halal tourism discourses, policies, and practices. Despite having numerous Islamic pilgrimage places and being designated by the Ministry of Tourism as one of 12 Muslim friendly tourist destinations, the province is not yet widely recognised as the main destination for halal tourism as it is known as the place for more secular, nationalist groups rather than for more Islamic oriented ones. However, in some of its municipalities, there is increasingly more attention to develop halal tourism. In this study, we found out that the development of halal tourism in Central Java connected to dynamics of Islamisation and ideological competition as well as the influence of the more pragmatist businesspersons in a 'nationalist province' in Indonesia.

Keywords: actor networking, halal tourism, Islamisation, Indonesia

Procedia PDF Downloads 136

Authors: Malik Imtiaz Ahmad

Abstract:

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

Procedia PDF Downloads 34

Authors: Mohamed Almagsoudi

Abstract:

The aim of this paper is to deal with two issues. One of them is about the theoretical side of codification, and the other is related to the practical side. At first, I have tried to criticize the debate running about codification of Islamic and Saudi Law, through observing and analyzing views of opponents and advocates. I tried to prove a hypothesis that both parties could not completely succeed in reviewing the theoretical base of this topic where discussion would not deal with irrelevant matters. It is a crucial shortcoming that made advocates unable to answer the critical questions addressed by those opponents.

Keywords: Codification, Saudi Law, Islamic law, Sharia

Procedia PDF Downloads 96

Authors: Muhammad Farooq

Abstract:

The present article explores the woman's consent as a paramount element in contracting a Muslim marriage. Also, whether permission of the wali (guardian) is a condition per se for a valid nikah (marriage deed) in the eye of law and Sharia. The researcher attempts to treat it through the related issues, inter alia; the marriage guardian, the women's legal capacity to give consent whether she is a virgin or nonvirgin and how that consent is to be given or may be understood. Does her laugh, tears or salience needs a legal interpretation as well as other female manifestations of emotion explained by the Muslim jurists? The silence of Muslim Family Law Ordinance 1961 (hereafter; MFLO 1961) in this regard and the likely reasons behind such silence is also inquired in brief. Germane to the theme, the various cases in which the true notion of woman's consent is interpreted by courts in Pakistan are also examined. In order to address the issue in hand, it is proposed to provide a brief overview of a few contemporary writers' opinions in which the real place of woman's consent in Muslim marriage is highlighted. Key to the idea of young Muslim woman's marriage, the doctrine of kafa'a (equality or suitability) between the man and woman is argued here to be grounded in the patriarchal and social norms. It is, therefore, concluded that such concept was the result of analogical reasoning and has less importance in the present time. As such it is not a valid factor in current scenarios to validate or invalidate marital bonds. A standard qualitative convention is used for this research. Among primary and secondary sources; for examples, Qur'an, Sunnah, Books, Scholarly articles, texts of law and case law is used to point out the researcher's view. In summation, the article is concluded with a bold statement that a young woman being a party to the contract, is absolutely entitled to 'full and free' consent for the Muslim marriage contract. It is the woman, an indispensable partaker and her consent (not the guardian' permission) that does validate or invalidate the said agreement in the eye of contemporary personal law and in Sharia.

Keywords: consent of woman, ejab (declaration), Nikah (marriage agreement), qabol (acceptance), sui juris (of age; independent), wali (guardian), wilayah (guardianship)

Procedia PDF Downloads 110

Authors: Yurnalis Usman

Abstract:

In an organization, institution or enterprise, human resource is very important aspect since many human skills cannot be replaced by technology tools even though technology has advanced rapidly now. The relationship among people is very necessary to create a subordinate and leader relation in the assumption that human beings are creatures who have feeling, desires, needs, aspirations and ideas differing from one another. This study on human relation was conducted at the Faculty of Economics of UNSYIAH, Darussalam, Banda Aceh, while the research object is associated with human relations and employee performance in Faculty of Economics of UNSYIAH. To determine the extent of employee relations in Faculty of Economics with fellow employees or superiors, the employees are given some questions. The result shows that human relations influence the employee performance at Faculty of Economics UNSYIAH strongly.

Keywords: human relation, employee performance, communication, Syiah Kuala

Procedia PDF Downloads 243

Authors: Osiris Jorge Parcero, Néstor Gandelman, Flavia Roldán, Josef Montag

Abstract:

This paper uses cross-country unbalanced panel data of up to 146 countries over the period 1996 to 2015 to be the first study to identify potential determinants of a country’s relative research output in Economics versus Business. More generally, it is also one of the first studies comparing Economics and Business. The results show that better policy-related data availability, higher income inequality, and lower ethnic fractionalization relatively favor economics. The findings are robust to two alternative fixed effects specifications, three alternative definitions of economics and business, two alternative measures of research output (publications and citations), and the inclusion of meaningful control variables. To the best of our knowledge, our paper is also the first to demonstrate the importance of policy-related data as drivers of economic research. Our regressions show that the availability of this type of data is the single most important factor associated with the prevalence of economics over business as a research domain. Thus, our work has policy implications, as the availability of policy-related data is partially under policy control. Moreover, it has implications for students, professionals, universities, university departments, and research-funding agencies that face choices between profiles oriented toward economics and those oriented toward business. Finally, the conclusions show potential lines for further research.

Keywords: research output, publication performance, bibliometrics, economics, business, policy-related data

Procedia PDF Downloads 98

Authors: M. Obydul Haque Kamaly

Abstract:

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

Procedia PDF Downloads 232