Minhaj University OJS
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Political risk and portfolio performance: Implications for Shariah-compliant investors
No full textThe COVID-19 pandemic has forced the Malaysian economy into a recession, with GDP plummeting to negative growth for the first time since the 1998 Asian Financial Crisis. Fiscal and monetary tools are inevitable during this crisis. Businesses have been forced to close shops due to a series of Movement Control Orders (MCO), resulting in massive layoffs and a rise in the unemployment rate, which is a red flag for the economy. On the other hand, zakat has emerged as a poverty alleviation tool in the Islamic economy landscape and is particularly relevant during an economic crisis. However, there is a lack of literature discussing the impact of macroeconomic indicators on zakat. Therefore, this study was conducted to examine whether the unemployment rate explains the trend in zakat collection. Time series data from the period between 2006 and 2020 was utilized, and linear regression analysis was conducted. An interesting finding is that the zakat collection trend by State Islamic Religious Councils (SIRCs) and the movement of the unemployment rate are not statistically significant. This indicates that zakat collection is not affected by high unemployment in the labor force market and remains strong even during an economic slump, thanks to increased digitalization efforts and FinTech adoption
On The Prerequisites Of Islamic Environmental Ethics
Full text linkThis article discusses various difficulties arising out of the concept of environmental ethics from an Islamic theological perspective. The author begins by describing growing Muslim awareness of environmental issues. Since the issue of manufactured climate change could not be raised in traditional Islam, the need arises to work out an environmental ethics based on the Qur’an. Subsequently, the Qur’anic concepts of hilafa and amana become the main focus of the article. The author highlights the need to develop a consistent view of Islamic ethics within the rise of Islamic theology in the European context, a view that is consistent with pre-modern Islamic scientific traditions and that deals with the contemporary understanding of ethics
Shariah Status of Conventional Insurance: An overview of Takaful Framework in Pakistan
Full text linkEmerging awareness of the necessity for protection is creating the demand for takaful. Islamic Finance and Takaful have appealed for the strong ethics of the system of fairness, transparency, and distribution of wealth leading to social goodness and an environmentally friendly focus for generating economic activity. In this study, we will provide a comprehensive concept of takaful along with its legal status under Shari’ah law. This study will clarify the differences between conventional insurance and Takaful and the significant emerging importance of Takaful in Pakistan. Conventional insurance is based on uncertainty with the traditional system, which is not allowed under Shariah Law. The rich data also show this difference, so this study will also deal with the legal status of conventional insurance along with the conceptual and practical framework of Takaful in Pakistan. We used a qualitative approach based on library research, books, articles, research papers, and juristic analogies. The main purpose of this study is to provide a comprehensive conceptual framework of Takaful and conventional insurance and its legal status under Shari’ah law in Pakistan
A Vatican Encyclical and the Abu Dhabi Declaration
No full textThe encyclical Fratelli Tutti rarely mentions explicitly the encounter between religions. Nevertheless, it is profoundly marked by the effort of mutual understanding between religions and provides important new impulses for interreligious dialogue. This article examines the dialogical structure of the encyclical and analyses central themes that the encyclical shares in common with the Abu Dhabi Declaration. These are, in particular, a theology of alterity, a decentralized ecclesiology and an anthropology of social connectivity. Finally, the extent to which these papal initiatives resonate in the Islamic context is examined
Entrepreneurship in The Light of The Qur’an, Ḥadīth, And Iqbal’s Philosophy
Full text linkThis research examines the differences between Islamic and Western perspectives on entrepreneurship and linked it with Iqbal’s philosophy so that Muslim entrepreneurs can understand the significance of Islam's guiding principles and teachings as they forge ahead in their ventures. This research highlights all the values, principles, and teachings of Islam concerning entrepreneurship because, in today's dynamical changing world, every Muslim entrepreneur wants to be successful but doesn't value the founding principles. This research is divided into two sections: the first section explains the significance of business activity by citing verses from the Glorious Qur’an and Ḥadīth from the Holy Prophet (PBUH), while the second section uses the poetry of Allama Muhammad Iqbal to emphasize the characteristics and approach of successful business owners and the benefits of adhering to Islamic principles in the course of doing business. Iqbal employed unique words like ‘Khudi’ that are hard to describe and grasp. Khudi was explained differently by each scholar. This study used the concept of khudi as Perceived Entrepreneurial Self‐Efficacy and justify by western scholars of entrepreneurship
The impact of Islamic Finance towards Socio-Economic Development of Sokoto State - Nigeria: Problems and Prospects
Full text linkThis research is on the impact of Islamic Finance towards the Socio-Economic Development of the Muslim Community in Sokoto State of Nigeria. The purpose of this research is to highlight the role played and contributions gained from the practice of Islamic Finance and also to explore possible challenges experienced so far with the hope that such challenges will be overcome in the near future. The research results revealed that although Islamic finance was practiced in Sokoto for over two hundred years, a lot still needs to be explored from the contemporary practice of Islamic Finance being experienced globally to achieve the desired socio-economic development. The research finally concluded by drawing the attention of the government and people of Sokoto State to explore more avenues in utilizing Islamic Finance window so that there will be paradigm shift from the shackles of conventional finance experienced over the years
India’s Untouchables Still Awaiting Equality
Full text linkThis article considers the history and current situation of the Dalits of India, also known as the Untouchables. A range of primary source material is consulted, including Hindu sacred scripture that defines the caste system, writings by Indian leaders who advocated on behalf of social equality, constitutional documentation, and census data. This research shows that, although there has been much progress towards breaking down India’s caste system and achieving a greater degree of social equality, much remains to be done. This is especially the case in India’s rural regions where caste distinctions endure. The article also considers caste among the Hindus of Bali, showing that Indonesia’s Hindus are free of the worst kinds of caste discrimination that remain a problem in India
The Efficiency of Waqf Practice in Human Resource Development: Evidence from Different Countries
Full text linkWaqf is as an Islamic charity foundation for the realization of goals through property and finance allocated to a legal foundation. In Muslim countries, there are many projects [1]that are operated through waqf benefices and assets. Waqf is often channelled to humanitarian projects, cultural, economic, health, education and training, among other social welfare projects. This paper discusses the efficiency of waqf practice in human resource development, particularly in Algeria, Bangladesh, Sudan, Morocco, Indonesia, Singapore, Kuwait and Malaysia. The significance of this paper manifests in its analysis of the waqf models practiced in the sampled countries from which the paper concludes that waqf is inefficiently managed in Indonesia, Bangladesh, Algeria and Morocco. However, waqf is efficiently practiced in Singapore, Kuwait, Sudan and Malaysia. The study raises awareness of the role of waqf in social development. It attempts to define a new approach which attempts to merge waqf models from successful countries with those in which waqf appears to be inefficient particularly in regards to its application for the development of human resources. Furthermore, the paper claims that waqf is the most suitable mechanism for poverty alleviation
Assessment of ESG Integration in Corporate Valuation in GCC Region
Full text linkThe concept of Sustainability has been gaining steam in the past few decades in the boardrooms of corporations and regulators in order to decisively address the ecological and social impacts of operations carried by thousands of organizations around the globe. The ESG Score has been established in order to uniformly assess the considerations and effectiveness of initiatives taken by organizations to improve their ecological outlook, or internal relations and interactions among various levels of staff throughout the organizational structure. This paper aims to assess any relationship that may arise between the valuation and capital structure of an organization through assessing the ESG Score, as well as its individual components, namely Environmental, Social and Governance components, upon the Cost of Equity, Cost of Debt, Return on Equity, and Dividend Payout Ratio. The methodology used to observe any correlation between these variables is to conduct OLS regressions between the ESG Score, as well as each of its individual components, with the variables relating to the different methods of valuation, namely the Discounted Cash Flow Model and the Dividend Discount Model. A positive causality was observed between the environmental score and both free cash flow and profitability. Furthermore, we noted a strong association between the overall ESG score and the dividend payout ratio. Further observations were derived from juxtapositions between indices of publicly traded companies ranked based on their ESG performance and companies ranked by their equity, in the markets situated in the United Arab Emirates and the United States. Comparisons were also made between indices assessing the performance of conventional Bonds and Green Bonds
Muslim Identity in India and Pakistan
No full textAllama Iqbal (d. 1938) lamented the backwardness of his own contemporary Muslim society. Sir Sayyid Ahmad Khan (d. 1898) had also seen the need for Muslims of his time to become aware of their culture and identity as Muslims. Both Iqbal and Ahmad Khan were aware of the positive as well as the negative influence of the British and the Hindu cultures on their own Muslim cultural identity. They realised that Muslims needed to become aware of their cultural legacy so as to recover an awareness of their own Muslim cultural values. Furthermore, both of these Muslim leaders saw education as the key to maintaining and transmitting the values of Islam to subsequent generations. Without education, the next generation would lose this sacred legacy. This article presents the basic elements of Allama Iqbal’s philosophy of education. The author explains the notion of khudi, which was Iqbal’s term for one’s own self-identity. Iqbal’s philosophy of education gives Muslims a framework by which to transmit their culture and identity to subsequent generations