INCEIF Knowledge Repository (INCEIF University)
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1768 research outputs found
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Cross-border banking transactions: is there a need to uniform stock screening procedures
No full textIslamic stock screening bodies are vital due to the increase in the numbers of mixed companies in the world. This creates a dilemma as there is no uniform Islamic stock screening procedure followed by the screening bodies. This has created confusion among the investors to some extent. The objective of this paper is to provide an overview of the criteria used in the screening process and also to examine the different methods and approach used by the different providers of stock screening solutions. The questions addressed in this paper are; whether the different procedures and yardsticks used to screen stocks are acceptable; whether the procedures inhibit the growth of Islamic equities in the global market; and whether there is a need for uniform stock screening procedures worldwide
Revisiting the fiqh characterisations of the rahn-based Islamic microcredit product
No full textThe rahn-based Islamic microcredit product is an increasingly popular financing option among small entrepreneurs, lower income groups and gold traders. However, its Shari'ah structure has been sharply criticised by some Islamic scholars despite its success for those who offer it such as Islamic banks and Islamic pawnshops. Hence, it is undeniable that there are some debatable Shari'ah issues that need further examination and immediate solution. This situation is most likely a result of using the contract of rahn (pledge) in an income-generating product, which obviously contravenes the fundamental purpose of rahn. In fact, rahn is merely a security contract ('aqd al-tawthiq) that serves as a legitimate guaranty of debt, whether the debt arises from loan contracts (qard) or deferred contracts of exchange (bay' mu'ajjal)
Waqf accounting and management in Indonesian waqf institutions: the cases of two waqf foundations
No full textThe purpose of this study is to examine accounting and management practices in two Indonesian awqaf institutions. It intends to seek evidence with regard to how mutawallis discharge their accountability. Two case studies were undertaken on two awqaf institutions in Indonesia, i.e. ABC and XYZ waqf foundations. Data were collected through various methods, i.e. interviews, document reviews and direct observations.The findings show that ABC shows more efficient management and greater transparency and accountability than XYZ due to the presence of Islamically committed professionals in the former, despite the better accounting information system and more “academically” qualified personnel in the latter. This study only concentrates on two Indonesian awqaf institutions.The paper is the first attempt to address accounting issues in awqaf institutions, particularly in Indonesia
Globalization, governance and leadership development in the Middle East
No full textThe question of whether management culture is universal of society specific has long been debated in the Middle East, with htose who accept the latter suggesting that there may be some characteristics of Arab and Islamic culture that are inimical to business development. Business leaders in the Middle East appear to accept cultural relativist arguments, believing that their values are rooted in their culture and religion
Islamic case study: zakah alleviating poverty through tax rebate
No full textFrom a mere glance at Muslim countries today, we realize that they are classified as third world countries even though they are adopting a secular system. The recent statistical data of 2009 shows that the majority of people who live below poverty are found in Muslim countries such as; Afghanistan 53%, Eritrea 50%, Yemen 45%, Bangladesh 45%, Sudan 40%, Pakistan 24%, Algeria 23%, Egypt 20%, Turkey 20%, and Indonesia 18%. Some scholars related this fact to the oppression, humiliation and the bad policies which had been imposed to almost all Muslim countries during colonization and which continued up to the present time. Others related this to the incompetence and the corruption on the part of their governments. We cannot deny the above mentioned reasons as the catalyst for the spread of poverty in the Islamic world and the recent uprisings
Dynamics of Islamic financing in Malaysia: causality and innovation accounting
No full textThe article evaluates dynamic interactions between Islamic financing and macroeconomic and financial variables for Malaysia using the Toda-Yamamoto (1995) causality test and innovation accounting approach. The results suggest strong causal influences of interest rate on Islamic financing but insignificant causal relations from real stock prices or real production to Islamic financing. Thus, while the results suggest that Islamic financing in Malaysia is resilient to boom/bust cycles of the stock market or fluctuations in real activity, Islamic banks under a dual-banking environment are not spared from fluctuations in interest rate or monetary conditions of the country
Hilah in the Islamic banking instruments in Malaysia
No full textThe main focus of this paper is to identify the hilah committed in the Islamic banking and finance instruments in Malaysia with reference to other jurisdictions and analyse the complexity in ascertaining the legal status of such practice either in equity or debt based financing when its practice associates with the interest of the people and a need to fulfill the maqasid al-Shariah. At the end of the paper, the authors would attempt to answer the question whether there is a need to uniform the Islamic banking instruments in all the jurisdictions of the world to facilitate cross-border transactions
Long term causes of decline of the Ottoman/Islamic economies
No full textIn this article I will attempt to explain long term causes of decline of the Islamic world with specific reference to the Ottoman empire. The emphasis on the Ottoman empire is due to the enormous territories this empire controlled until the twentieth century as well as the survival of the rich Turkish archives. These archives contain some 400 million documents and are unique in the Islamic world. During the period 1453 to 1606, from the conquest of Constantinople to the treaty of Sitva-Torek (Zitvatorok), the Ottoman Empire emerged as a world power. As a world power it was capable of directly challenging Spain in the Western Mediterranean and supporting its enemies, the newly emerging Protestant nations of England, the Netherlands and Catholic France as well as projecting its power in the Indian Ocean all the way to Sumatra, to aid the Muslims of the region against the Portuguese
Knowledge is already 'Islamic': why do we want to Islamise it?
No full textThe world today has become a heterogeneous village with multiple cultures, religions and ethnicities competing for wealth and prestige. We are so diverse that even among the similar, differences surface over time. In such a world it is a real challenge to manage and disseminate true knowledge. Distortions, influences and manipulations among others shape the knowledge before reaching its intended audiences. Thus what is usually referred to as 'knowledge' may not be the true or comprehensive knowledge. With a broader degree of distortion due to proponents of various ideologies attempting to manipulate knowledge to their advantage it is crucial that knowledge be understood as a mere stool pigeon rather than an absolute. Some may raise the question of knowledge being Islamic as 'truth' is in direct conformity with Islam and cannot be contradictory as god is the source of both. The common misconception of knowledge already being Islamic will be discussed in this paper and will also attempt to highlight the major epistemological dimensions of knowledge both from secular and Islamic perspective. Why one may arrive at the connotation would also be discussed. Islamising something Islamic does not seem viable and thus the paper will try to shed light on the need to Islamise knowledge and the Islamisation of knowledge movement