INCEIF Knowledge Repository (INCEIF University)
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Al-manzumat al-qanuniyat wal raqabiyat wa atharuha fi tahqiq himayat hamlat al-sukuk: tajribat Maliziya
No full textOne of the basics of the regularity of the Islamic financial industry is that it is subject to many legal and regulatory protections that directly or indirectly affected the progress of its financing and investment activities. The Islamic capital market sector, especially sukuk, is one of the most affected products. However, the tradability of sukuk at the international and local levels may be hindered by differences in the legal system and jurisprudential schools of thought, which may lead to a lack of certainty and a defect in the applicable laws. There is no doubt that investing in sukuk requires providing reassurance and confidence from investors on the abundance of the necessary protection from the law, the supervisory apparatus, the unity of the regulatory framework and its adequacy with the nature of sukuk. In this context, this research comes to study the legal and supervisory system applied to sukuk in Malaysia and how to it help sactualize sukuk-holders� protection. A descriptive and analytical approach were employed to study the status of this system and the relevant data and sources, along with its analysis, to derive the elements of protection for sukuk holders.The research finds that the most important objectives of the legal and regulatory system lie in gaining the confidence of investors, providing reassurance, transparency, and consolidating justice, the difference in laws and the instability of regulatory systems are stumbling blocks to all that. It is noteworthy that the development of the Islamic finance industry is in urgent need to either have its own regulatory framework or to improve the existing ones to address challenges or reduce them. It should be given competitive opportunities with the conventional financial industry on an equal footing
Funding the refugee crisis in Turkey: a case for social impact sukuk
No full textThe 20th century has generated a gradually intensifying refugee crisis that has amplified into an ongoing social crisis, especially since the Cold War in 1989. Civil wars, the internal conflict of countries, mass famine, and many faltering economic, political, and social institutions (US Mission to UN, Global Humanitarian Emergency 1995) contributed to this intensification. The host countries that receive these refugees bear the cost of managing the refugees at the expense of the country's economy (Mandel, 1997). Consequently, when countries face an impossible task of efficient control and maintenance of the livelihood of these refugees on a sustainable basis, they will impose restrictions on the refugee inflow, which has recently created a global crisis. Turkey is one good example of a country with a refugee crisis due to conflicts in Syria. By December 2019, the official number of Syrian refugees in Turkey reached 3,571,000, with an estimation of more than half a million unregistered refugees (Multeciler Dernegi, 2020). Almost every major city in Turkey is experiencing a refugee problem, and in some cities like Kilis, refugees comprise as high as 81% of the city's population. The refugee problem in Turkey is a good example of a long-standing social problem that the Turkish people have experienced at the expense of their economy and politics
Islamic finance: Shariah and the SDGs - thoughts leadership series part 4 - October 2021
No full textThis report is the last part of a four-part thought leadership series delivered by the International Shari'ah Research Academy for Islamic Finance (ISRA) in partnership with the Islamic Finance Council UK (UKIFC). The series is intended to inspire IFIs to embrace the SDGs and demonstrate to the world that consideration for people, planet and purpose can coexist with profit and form the heart of the next generation of Islamic financial products. This part will mainly document the current level of knowledge, understanding and perspectives on the SDGs amongst key IF industry stakeholders, primarily Shariah scholars. The concept of sustainable development was articulated for the first time in the Brundtland Report, also called "Our Common Future", published in 1987 by the World Commission on Environment and Development (WCED) and supported by the UN. According to the Report, sustainable development is defined as "development that meets the needs of the present without compromising the ability of future generations to meet their own needs"
The emerging Shari'ah issues of the COVID-19 pandemic in contemporary Islamic financial applications
No full textThe outbreak of the coronavirus epidemic (COVID-19), classified by the World Health Organization as a pandemic, has led to the emergence of many challenges. It started as a health crisis and then turned into a global economic crisis that most countries could not manage or control as a result of lockdown policies and restrictions on movement and travel. This is not to mention the forms of damage that have affected the contractual obligations and rights of various contracting parties at the level of financial institutions such as banks, takaful companies and others. The challenges imposed by the coronavirus pandemic have led to a reexamination of the fiqh treatment of catastrophes. The role of Islamic economic experts and the Islamic financial industry has had to be clarified in addressing its effects on contractual relations and future obligations in distressed financing contracts. The theory of catastrophes (jawa'ih) is one of the most important jurisprudential theories in Islamic fiqh. It comprises a set of principles and provisions that deal with the harmful effects upon one of the parties bound by a contract as a result of damage to what the party is obliged to deliver, or failure to obtain the intended benefit from the obligation. It is based on achieving justice in the practical application of financial transaction contracts, removing difficulty, taking into account arising circumstances, and preventing abuse in the exercise of rights and the freedom to contract. It thus regulates the rights of people related to the exchange of properties and usufructs
The need for Shariah governance framework for Islamic crowdfunding
No full textThe concept of crowdfunding entails the process of financing an idea, a project, a person or a cause through the collection of small amounts of money from a large number of providers. There are four types of crowdfunding namely lending or P2P crowdfunding, donation-based, reward-based and equity-based. Islamic crowdfunding provides an opportunity for investors, donors and entrepreneurs to support the socio-economic development of the micro and small enterprises sector in Islamic countries. In the absence of a proper Shariah governance framework applicable for Islamic crowdfunding, there could be cases in which Shariah non-compliance circumstances could occur, and without the implementation of a proper internal Shariah governance framework, it may not be detected within the service provider. For any country that is planning to establish Islamic Banking and a financial structure, the key objectives which they have to follow are systematic stability, an adequate level of compliance with Shariah rules, and an international acceptance of the Islamic banking operations. Malaysia has an Islamic as well as a conventional banking system, and they share the same governance structure and legal framework. With regards to Islamic crowdfunding, it is imperative to determine a proper Shariah governance framework
Sumbangan Profesor M. Kabir Hassan terhadap literatur kewangan Islam: suatu kajian bibliometrik
No full textThis study presents Professor M. Kabir Hassan's productivity, citations, collaborations with fellow researchers, publications, and content analysis with future research direction in conjunction with his 30th academic anniversary which is marked in 2021. The bibliometric and thematic analysis of the scientific legacy of Professor M. Kabir Hassan was conducted based on his publications from 1991 to 2021. During his long career, he has published 346 journal articles with 23,059 citations and collaborated with 292 authors globally. The findings of conceptual and empirical research papers published by Professor M. Kabir Hassan are crucial for the theoretical developments of Islamic finance, as well as its practical developments as a distinctive discipline. We have derived several research areas for future research based on the research works published by Professor M. Kabir Hassan, as follows: i) the issue of Islamic common market that needs to be examined further in the light of new data and changing global perspectives; ii) a study on the issues faced by Islamic banks in adopting Basel III and capital adequacy framework for Islamic banks; iii) new models for takaful need to be explored; iv) the cost of faith-based investing needs to be studied in the recent times, especially to understand the impact of the pandemic on it; v) a study to understand the perception of the government of Bangladesh, and international and multilateral organisations on the role of zakat to alleviate poverty; vi) the level of technology adoption by Islamic banks can be studied; and vii) the successful implementation of equity-based Islamic finance contracts could be empirically studied. It is anticipated that this research will motivate young and emerging scholars, as well as existing scholars, to excel in their arenas by producing quality research and publications in a consistent manne
The role of technology in effective distribution of zakat to poor and needy
No full textThese are the slides presented by Associate Professor Dr. Aishath Muneeza entitled "The role of technology in effective distribution of zakat to poor and needy" at the International Conference on Islamic Finance (ICIF) 2021, Doha, Qatar
Reconciling selection criteria of Islamic banking services: a survey on perception of Islamic bankers, institutional clients and retail customers in UAE
No full textThis paper aims to investigate the differences in patronage factors influencing "retail customers" and "institutional clients" to bank Islamically and to identify the reasons bankers perceive that their customers' bank with them in the United Arab Emirates (UAE). A total of 237; 416; and 70 balanced responses were collected from Islamic bankers, retail customers and institutional clients of UAE, respectively. Weighted average scores were computed for ranking the selection criteria factors across the data set and paired comparison analysis was conducted to analyse the variation of selection criteria between the data sets. Empirical results indicate that Islamic banking practitioners maintain an identical perception with retail customers in relation to the selection criteria of Islamic banking products and services, with the "Shari'ah-compliance" factor dominating other factors under examination. With respect to the perception regarding institutional/corporate clients, Islamic bankers exhibited a divergent perception in connection with selection criteria of Islamic banking products and services and the factor "cost and affordability" and "rates and return" are prioritized above factor "Shari'ah-compliance". The scope of the study is limited to a single country. Hence, the finding of this study cannot be generalized to the other regions. Although the study covers a considerable sample from each segment, still there is an avenue for improvement by covering more respondents into the survey. Consequently, the results of this study should be read with these limitations. Further, analysis of the variation among intra divisions of each segment such as Muslim and non Muslim with respect to retail customers; the different level of management at the banks and focusing the specific sector of the industry is beyond the scope of this study. These directions provide avenues for future research
Does sectoral diversification of loans and financing improve bank returns and risk in dual-banking systems?
No full textThis paper investigates the effects of sectoral diversification of loans and financing on the risk and the returns of banks in dual-banking systems. We employ the system GMM estimator on a unique panel data of 46 Islamic and 60 conventional banks from six countries over the period 2000-2015. Our findings reveal that sectoral diversification of loans and financing reduces the returns and increases the risk of both Islamic and conventional banks; the impact of sectoral diversification on returns varies across risk levels, with negative effects at low- and no effect at moderate- and high-risk levels; the difference between the impacts on Islamic and conventional banks across risk levels are marginal, and the adverse effects of sectoral diversification were exacerbated during the 2008 financial crisis. Expansion of loan and financing portfolios into new sectors has no impact on bank returns and risk in our sample. The findings may provide valuable implications for all stakeholders, regulators, and policymakers
Second Shariah advisor and outstanding performance of BML Islamic in the Maldives
No full textIn the first two months of 2021, some progress has been witnessed in the Islamic finance industry of the Maldives, indicating that the year could be a prosperous one for Islamic finance