INCEIF Knowledge Repository (INCEIF University)
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Memperkasa ekonomi ummah
No full textEkonomi merupakan asas hidup yang amat penting dan bermakna. Masalah ekonomi boleh menjelma dalam berbagai cara. Ketidak seimbangan ekonomi menonjolkan perasaan negatif antara mereka yang berada dan yang tidak berada. Paras harga yang tinggi juga boleh menjadi masalah besar. Inflasi boleh menghakis pendapatan terutama mereka yang berpendapatan rendah. Pengangguran juga akan membawa akibat yang buruk kepada negara. Yang paling penting ialah kadar kemiskinan yang semakin meninggi boleh menjajaskan kesetabilan sosial dan politik negara
Ethics and governance for financial advisors: a time for reflection
No full textEthics and ethical judgments are often referred to in day-to-day conversations but rarely unmistakably understood in terms of how they support our position when making decisions or choices that usually involve conflicting interests, benefits and the rights or well-being of others. Professionals have to consider their clients and leaders have to deal with the direction of the organization and the often conflicting claims of shareholders and stakeholders. We as citizens have to be guided by the law so that our self interests do not go against that of others and cause hardship or harm in the process. Ethics are relevant in social or interpersonal interactions. We can't escape having to deal with doing the right thing in the societal, business and social roles that we play. And we have to deal with these issues in the proper way given that we are not the only ones to judge the rightness or wrongness of our actions. What is perceived by us as good may be evaluated negatively by others perhaps due to the different criteria used to determine the worth of the action. To do the right thing requires that we know the basis of what is right and acceptable or praiseworthy, and what is wrong and therefore not acceptable. In other words, we have to be aware that our decisions or actions meet the standards or norms of right conduct or good behaviour. Just being a good and well intentioned person is therefore no guarantee that the action is ethical. Well intentioned incompetence is as bad as dishonesty
Islamic finance in multipolar world
No full textContinuation of a debt-based financing regime will not necessarily allow the benefits of emerging multipolarity to accrue to the world economy. The new system can be more effective with a new regime of financing. Indications are that almost all emerging countries in Asia are actively considering risk sharing via Islamic finance as a possible alternative
Special legal features of the Islamic wa'd or pledge: comparison with the conventional law on promise within the sphere of Islamic finance
No full textThe purpose of this paper is to theoretically assess the legal position of the Islamic doctrine of wa'd (or pledge) in relation to 'aqd (within the sphere of Islamic finance), and compare it with the conventional viewpoint, while discussing the several modes/means/usages in terms of applied Shariah. The paper utilizes a doctrinal approach to focus on the theoretical aspect of the concept while attempting to suggest practical adaptation and structuring, enabling smoother and more efficient use. The status quo was dependent on the wa'd being an operational instrument in today's world and further development in terms of bridging the understanding was the approach
Takaful insurance: concept, history and development challenges
No full textTakaful is derived from its Arabic root word 'kafala' which literally means 'to guarantee'. In terms of usage and implication, the term kafala certainly, denotes the agreement by one party to indemnify another for any liability that has been pre-agreed upon
Human capital development in Islamic finance: initiatives and challenges
No full textThe chief of Bank Negara, the central bank of Malaysia, at the ceremony to mark the establishment of the International Center for Education in Islamic Finance in 2006, alluded to the fast growth of the Islamic finance industry during the previous ten years. This observation is all the more relevant as the industry was in the process of being integrated within the international financial system as shown by the increasing demand for Shari'ah (Islamic common laws)-compliant products and services that had been desined over some four decades
Financial integration of East Asian economies: evidence from real interest parity
No full textIn this article, we investigate the financial linkages between the East Asian economies with Japan and the United States. We test for long-run Real Interest-rate Parity (RIP) using an array of panel-data techniques, including recent techniques developed by Breuer et al. (2002) and Carrion-i-Silvestre et al. (2005). This study offers two important results: first, the failure to account for structural breaks in the industrialized countries and Asian emerging economies is likely to provide evidence of nonstationary series that are stationary. Second, we found strong evidence that the parity condition holds in all the Asian countries. The failure of earlier studies to confirm mean reversion of Real Interest-rate Differential (RID) may reflect the choice of estimation/testing procedure rather than any inherent deficiency in the RIP
The possibility of the application of salam in Malaysian Islamic banking system
No full textIslamic banking is flourishing in the world today. Malaysia is a leading country of it in the world. In Malaysia, there are various types of Islamic banking products used. However, salam has never been used as a mode of financing in the country, though it is utilised for sukuk or Islamic bond. Salam is an exceptional contract in Islamic law, which has been legalised to facilitate the people, especially the poor farmers. It has been stated here that Malaysia is an agricultural nation and farmers here are looking for modes to finance their productions and hence application of salam contract in Malaysia would be vital. However, the banks are hesitant to use this product due to risky factors. The main objective of this paper is to analyse and formulate a feasible way to implement salam contract in Malaysia
Islamic banking in Malaysia: unchartered waters
No full textThis paper explores the Islamic banking business in Malaysia since its beginning in 1983. The Islamic banking sector has achieved its target of 20% market share in assets and deposits in 2010. To boost the industry's competitiveness and efficiency, the demands of the market forces will have to be delicately balanced with the dictates of the Shari'ah. The search for niche Islamic banking products warrants enhancements in the current regulatory, legal, and fiscal infrastructure for Islamic banking, without which these products cannot be a viable alternative to the conventional ones. While the prevailing infrastructure is conducive to Islamic banking products that hold similar characteristics with interest-bearing loans, Shari'ah compliance can be a futile exercise when the purpose of the law (maqasid al-shari'ah) is overlooked, for there is much more to Islamic banking than the elimination of interest
Bay' al-dayn wa-atharuhu fi al-aswaq al-maliyah
No full textThe sale of debt is part of the jurisprudence of Islamic financial transactions that is used by people for a long time; however, it has become more prevalent in the present day. It is among the features of the modern era that an individual is either creditor or debtor, rather modern day institutions are based on debt transactions such as financial markets. A great number of people and institutions are dealing with debt- based transactions in all its forms and types without knowing whether this kind of transaction is halal (permissible) or haram (prohibited); this negligence is pointed out in the Prophetic tradition that states: "A time will come when a man doesn't mind if he is earning halal or haram money". In addition to that all types and forms of the sale of debt have significant impact on the deterioration of the traditional financial markets all over the world; it has become in the present day the anchor of financial markets which handle thousands of billions of dollars. Today, the world is drowning in debt at the level of individuals, companies, governments and international