INCEIF Knowledge Repository (INCEIF University)
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Microfinance for poverty reduction and quality of life enhancement from the Shariah perspective - the case of Amanah Ikhtiar Malaysia (AIM)
No full textEvery human needs a good and quality life. A quality living is essential to ensure positive physical, mental as well as spiritual development in an individual. This balanced individual will form a stable family unit and later on contribute to a progressive community in a bigger social entity. A comfortable life is usually challenged by indispensable social ill called poverty. It is a global phenomenon that has challenged the economic, social and political landscape of every society in the world including Malaysia ..
Islamic commercial law
No full textThis book combines the theory and practice of Islamic commercial law in an English-language text. From the experts at the International Islamic University Malaysia, the book examines the source materials in the Qur'an and Hadith, and highlights the views and positions of leading schools of Islamic law, without burying the reader in juristic minutia. It combines theory with practice to address the needs of students while providing a pragmatic treatment of Islamic contracts. It provides diagrams for individual contracts to reveal the type and nature of the contractual relationships between parties and discusses all types of fundamental transactions, including sales, loans, debt transfers, partnerships, and more
Does a firm's political connection to government have economic value?
No full textThis paper reports new findings about differential impacts political events have on share prices of firms connected to government in power compared to firms with no political connections. Political connection has been alleged as valuable in popular press in this mid-income economy studied, so it is worth an investigation. Significant share price increases of 4% or more abnormal returns accrue to connected firms relative to unconnected firms when identical political events occur. The impact is very pronounced during a severe economic crisis, when the stakes were high about an incumbent government being re-elected. Our finding of higher value of politically connected firms is due to the expected value of preferential treatments, preference in project selections and access to state benefits. Thus, share prices of politically connected firms react with greater impacts than non-politically connected firms to announcements of identical political events
Insights into the Malaysian family takaful market: the scope for growth
No full text12 takaful operators providing family takaful products. Total contribution is around RM 4.2 billions. Average growth rate is around 22%. The market will double every five years. Only slightly more than half (54%) of the population have either life insurance or family takaful. Family takaful penetration is still low at 11%
Jenayah dan penentu ekonomi sosio-makro: kointegrasi pembetulan ralat panel
No full textThis study investigates the relationship between crime and socio and macro economic variables such as income, unemployment, inflation, interest rate, and also the political violence, both domestic and regional. The main motivation of the study is to have a better understanding of crime as well as finding and suggesting alternative ways of approaching crime. We analyzed 21 countries, with data spanning from 1960 to 2001.We adopted the model and framework introduced by Viren (2001) based on Becker (1968), Block and Heineke (1975). However, we slightly modified by rephrasing it in order not to only capture the long run relationship but also the short run adjustment. We employed the panel error- correction based cointegration (Persyn and Westerlund (2008)) to analyze and estimate the model. A number of important findings are extracted from the analysis in accordance to the objectives of this study. Firstly, we discover a negative long run relationship between income and crime; positive long run relationship between inflation and crime; unemployment and crime; as well as lending rate and crime. As for the political violence variable, domestic political violence seems to be negatively related; on the contrary regional political violence is positively related. We believe this might be attributed to the spillover effect. All the signs are as anticipated and justified in this study; and are concurrent with most of the past literatures
Measuring financial stress in Turkey
No full textThis study examines episodes of financial stress and develops a financial stress index for the Turkish economy for the 1997-2010 period. We consider various variables that summarize different aspects of financial conditions in the economy to gauge financial stress. We construct the index and show that financial stress affects economic activity significantly. Specifically, the index is a leading indicator of economic activity in Turkey. We then discuss how information provided by the financial stress index can be used to fine tune macroeconomic policy
Al-qawa'id al-fiqhiyyah fil-Shari'ah al-manzumah lil aistithmarat al-mushtarakah: ra's al-mal al-jari' namudhajua
No full textAn abstract is written in Arabic
Monetary policy in Islamic framework for Malaysia
No full textMonetary policy is an important available tool for governments to pursuit macroeconomic objectives. However, the recent financial crisis has revealed the weaknesses of the conventional monetary policy framework. Monetary policy has been found to be a prominent cause of financial instability. Inability of expansionary monetary policy to induce new lending in many economies is considered as evidence of the impairment of conventional monetary policy transmission mechanism. Additionally, the post-crisis diagnostics have revealed that monetary policy failed to address asset market imbalances. A large number of these studies have focused on the reforms of the conventional system. Some suggest major structural changes while others infrastructural. This concept paper is an attempt to search for an alternative and more efficient monetary policy framework, which is also Shariah-compliant for Malaysia. It will also propose risk-sharing instruments as substitute monetary policy tools
The foundations of Islamic finance and the maqasid al-Shari'ah requirements
No full textThe emergence of Islamic finance as a system of thought and practice is timely in the midst of world crisis and the uncertain proposals for solving it. It is hoped that Islamic finance offers a coherent perspective for understanding real economic problems as well as a genuine alternative to the very foundations of how economics and finance should be managed to actualize human prosperity. In addressing those expectations and challenges, sufficient attention to the foundations should be given to develop solid conceptual scheme of a new finance in Islamic perspective and to resolve the tensions in the current development. This paper attempts to discuss the foundations of Islamic finance and the requirements in developing Islamic finance from the basic principles of maqasid al-Shari'ah (the objectives of Shari'ah). Islamic finance, in this perspective, must realize its full potential as a system, not merely a lawful means in doing financial business or a stopgap means of surviving the crisis. It must go beyond that to provide the guidelines for managing a good economy, stimulating growth and development, realizing socio-economic justice and promoting employment and stability as implied in the objective of Shari'ah (maqasid al-Shari'ah)
Application of doctrine of judicial precedent in Shariah courts
No full textThe doctrine of judicial precedent plays an empirical role in common law, but it has only persuasive value in European continent countries which are practicing civil law system.It has not been recognised as having binding force in Islamic judicial system. In Islam, each case has to be decided based on its own merit and previous decisions can only be considered as guidance for the future cases. This position is still being maintained by some countries such as Malaysia and Saudi Arabia. In Pakistan and Nigeria the doctrine of judicial precedent is applied in deciding cases. Due to this contradiction among Islamic judicial system in various countries, a question arises relating to the feasibility of the application of the doctrine of judicial precedent in Shariah courts. Accordingly, in this paper, the factual nature of the judicial precedents in Islamic judicial systems have been examined comparatively in some details with reference to some selected countries such as Malaysia, Nigeria and Pakistan. This paper points out that the doctrine of stare decisis and judicial precedent can be applied in Shariah courts as guiding precedents but not as binding since there is no express prohibition in Shariah to take judicial guidance from previous decisions