Minhaj University OJS
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Implementation of Syirkah Principles (Partnership) in the Establishment of a Waqf Asset Management Company
Full text linkThe waqf institution is one of the economic potentials in Islam which in its history has made a major contribution to the progress of human civilization, including improving economic welfare in society. Managing waqf in a trustworthy and professional manner is important to increase waqf assets and benefits. In this case, the nazhir plays an important role in managing waqf both independently and in collaboration with business entities. Partnerships can be entered into by nazhir with various parties including the Company. In Islamic Law, we recognize the concept of Syirkah (partnership) for business collaboration, including in the formation of companies. This research examines how syirkah as a concept of economic cooperation originates from Islamic law in nazhir partnerships managing waqf assets including the potential for forming waqf-based companies. The analysis method is a normative juridical, namely through a legal approach, both national law and Islamic law, which is supported by empirical data in the field related to companies that manage waqf. Through this article, it is hoped that we can provide an appropriate model for implementing the syirkah/partnership concept in waqf management, including the concept of forming a waqf-based company that can be offered to increase the professionalism of waqf management. Syirkah as the basic concept of company formation in Islam, can be integrated into the formation of a company to manage waqf assets. syirkah amlaak which comes from joint ownership assets that are donated and managed productively, then the results are distributed according to the purpose of the waqf pledge. Besides that, the principles of syirkah inan and syirkah mudharabah can also be applied, which are components of cash waqf that are used as business capital and the profits for the purpose of waqf. An interesting new paradigm for collaboration between waqf and companies includes the Corporate Social Responsibility (CSR) Program. Through the CSR Program, Waqf Management will synergize with company activities in a professional and sustainable manner
The Messiah, His Disciples, And the Law of Moses
Full text linkThis article explores the relationship between the Messiah Jesus, his disciples and the Law of Moses, to which the Qur’an, the Torah [Hebrew Bible] and the New Testament all refer.. After initial references to the Qur’an and the Hebrew Bible, the author discusses four separate scenes in the New Testament, which highlight the relationship between Jesus and the Torah. The author discusses the contrast between the attitude of the Pharisees and that of Jesus to the Law but explains that, by rejecting the laws about food, Jesus was not abolishing the totality of the Law but simply abrogating its dietary regulations. The author concludes that the food laws mentioned in the Torah were of a temporary nature and that the death, resurrection and ascension of Messiah Jesus introduced a new era and a new covenant, which included people from all nations of the world as the people of God without their having to adhere to all the regulations of the older covenant
Do Financial Indicators Affect the Performance of the Banking Ecosystem of Bahrain? A Study of Covid-19 Unprecedented
No full textThe main objective of this study is to address the growth of the banking system in Bahrain and analyze the impact of Covid-19 on its financial performance due to the global pandemic effect. The sample has been taken from the banking sectors of Bahrain, which include three clusters: Islamic banking, conventional banking, and entire banks. Data were collected from the Central Bank of Bahrain (CBB), with quarterly data extracted from 2019-2020. This paper measures the impact of pre- and post-Covid-19 financial performance of Bahraini banks to determine the factors affecting the financial indicators that influence the banking sectors of Bahraini banks. The outcomes of the t-statistic failed to reject the null hypothesis, indicating no significant difference between the pre- and post-financial performance of the complete banking sectors of Bahrain. Furthermore, the study diagnoses the factors analysis, including capital adequacy, asset quality, profitability, and liquidity of the banking system of Bahrain. Islamic banking maintained a strong financial position in the pre- and post-Covid-19 periods, along with capital adequacy, asset quality, and profitability. It was observed that pre-Covid-19 conventional banks performed below par in terms of capital adequacy, asset quality, and liquidity, but post-Covid-19, the profitability ratio improved. The entire banking sector, before Covid-19, worked under pressure to generate profit, but after the coronavirus crisis, it recorded profits due to timely actions taken by the Government of Bahrain to reduce the adverse impact of Covid-19. This is a time of survival and growth for the banking industry during uncertainty, aiming to facilitate knowledge-driven insights for financial success
Impact of Islamic Financial Inclusion on Economic Growth in Nigeria
Full text linkAlthough the connection between finance and growth is well deliberated in literature, attentions are now geared to non interest inclusive finance with understanding the deficiency of traditional inclusive finance. However, the impact of interest free inclusive finance on growth still is partly examined. This research work dealt with Islamic inclusive finance - growth nexus. The research employed quarterly data spanning from (2010-2020). In this work, a novel index of Islamic financial inclusivity was constructed using the (PCA) and a recently developed Bootstrap ARDL (BARDL) Cointegration technique was used in analyzing the data. The finding indicates a number of results. First, the results of BARDL demonstrates a robust association among Islamic Inclusive finance and Growth. As such, it demonstrates the presence of positive and statistically significant nexus between Islamic inclusivity finance and growth. Moreover, findings also reveal presence of cointegration among Islamic inclusivity finance and growth. As such, interest free finance can be used as a tool to help nations to exit from economic recession and other macroeconomic challenges
A Proposed Model of Halal Insurance Policy Scheme
Full text linkIt is a well-known fact that Muslim scholars have declared commercial insurance in modern times religiously prohibited (Harm), mainly for the reason that it contains riba (insurance), gharar (misleading), and maysir (gambling or speculation). The Islamic Figh Academy declared the same because it causes a major element of risk, which voids the insurance contract; therefore, it is prohibited. Takaful insurance, a Shariah-compliant insurance, was introduced to replace commercial insurance by eliminating the prohibited elements in commercial insurance. While successfully introduced, Takaful still did not fulfill Shariah's purpose in preventing the injustice practiced, including profiting out of the agony of others. The author introduces a new Islamic insurance (FAWZ) to eliminate the elements of prohibiting commercial insurance while still fulfilling the purpose of Shariah (Maqasid al-Shariah). FAWZ-Insurance is based on a partnership model between the two parties, the insured and the insurer, a model or a transaction called for by Shariah as manifested in Surat Anissa, Verse 29, declaring that Tijara (commerce) is the only permissible transaction amongst believers, whereas Musharakha (partnership) is a form of commerce that is used. 
The Relationship Of Philosophy And Religion
Full text linkPhilosophy is the love of wisdom and religion has had a significant role in human history. This article investigates the relationship between the religious quest and the philosophical pursuit in the light of two sub-themes, namely, the philosophy of religion and religious pluralism. The article begins with an overview of the historical connection between Christian thought and philosophy in the West. To illustrate and explain this connection more effectively, the author presents arguments for the existence of God and discusses religious pluralism as illustrative examples of the ‘philosophy of religion’. The author concludes by saying that the role of philosophy is to clarify the exact nature of religious identity to prevent it from becoming an exclusive attitude that militates against civilizational dialogue and religious harmony
The Search for Justice and Peace - A Christian Perspective on the Theology of Abdullah Saeed
No full textAbdullah Saeed, a Muslim theologian who teaches in Australia, seeks to ground universal human rights in the Islamic tradition. He does this by rethinking the traditional Islamic understanding of revelation and by addressing questions about the nature and interpretation of the Qurʾan. His contextual approach to Qurʾan interpretation can offer resources for peace building because it encourages Muslims to affirm the dignity of every human being without distinction of any kind through a process of inter-religious dialogue. His practical orientation leads to a search that is on-going and encourages Muslims and Christians to collaborate in the search for peace by remaining committed to a process of dialogue
Masculinity in Islam: Exploring the Dynamic Shift in Gender Roles in A Postmodern Context
Full text linkThis research investigates the evolving gender roles in the light of Islam, focusing on the understudied and much-neglected concept of masculinity in the context of postmodernism. Masculinity in Islam refers to men being the sole providers, breadwinners, and protectors of the family, whereas postmodernism acknowledges diverse and malleable expressions of masculinity. This study employs a multi-dimensional approach, analysing Islamic scriptures, historical perspectives, and ongoing discourse on gender roles, guided by postmodern principles and Islamic beliefs. It analyses whether Islam accommodates reinterpreted, newly constructed concepts of masculinity within postmodern discourses and how Muslim men should navigate tensions between traditional Islamic roles assigned to them and new approaches. Additionally, it delves into the influence of contemporary societal changes on shaping modern Islamic masculinity. By doing so, this study makes a valuable contribution to the wider discourse on gender, particularly masculinity, in Islam under the postmodern lens. The significance of these findings lies in their potential to promote intercultural dialogue, challenge stereotypes, and foster gender equity within Muslim communities
Economic System of Islām as a Panacea to Economic Recession in Nigeria
Full text linkThe National Bureau of statistics in July 2016 officially announced that Nigeria has entered into a recession, its first in 29 years. According to the data provided by the World Bank, the most recent time that the nation saw such a significant instance of economic downturn was while Ibrahim Babangida was in power. During that time period, the economy of Nigeria had a decline of 0.51% in the first quarter of 1987 and 0.82% in the second quarter of the same year. The disaggregation of the results for 2016 into its individual quarters revealed the sharpest decline, which was 2.4 percent, and a turning point after that. This is going by the manifestation of economic hardships experienced by the populace, even up to this moment. In point of fact, Nigeria's economy went from a level of economic buoyancy to a level of economic recession in the second quarter of 2016, and it has maintained negative growths in all quarters of that year up to 2017. This downward trend is expected to continue throughout 2017. In a bid to cushion the effect of this situation, the government in the short and medium terms took some measures (policies and reforms) to reverse the recession and put it on the path of growth reliance. In spite of these encouraging developments and despite the fact that it has been two years since the National Bureau of Statistics (NBS) officially declared that Nigeria had emerged from recession in its quarterly report on the country's Gross Domestic Product (GDP), the country's economic situation is still difficult, particularly with regard to the continued high cost of food. For a long-term solution, this paper, therefore, examines some measures of Islamic economic system, which is recession proof, due to the fact that it is basically premised on the fundamental sources of Islam, Sharī῾ah. The paper concludes that if these measures are taken into consideration by the government, it will not only lift the economy out of its current phase but will also guarantee a secure economy. The paper adopts analytical research methods, using majorly secondary data collection
The Civilizational Approach to the Study of Islam
No full textThe paper explores the study of Islam as a civilization and considers the lived experiences of Muslims from a sociological perspective. The history of Islam is intertwined with world history and consists of many genuine encounters and exchanges between Muslims and non-Muslims. The civilizational approach to the study of Islam indicates that Muslims and Muslim societies were ready to learn from other religious groups. This article will examine the situation in Baghdad and Cordoba during the 10th-century and show how different socio-economic, political, and religious systems were enriched by means of exchanges between diverse religious groups. Instead of becoming involved in debates about doctrine, which can be divisive, the study of Islam from a civilizational perspective can promote understanding and encourage cooperation among different religions