Minhaj University OJS
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Beyond Binary Distinctions: Reappraising the Intricate Nature of Apocrypha in the Sūtra Of Perfect Enlightenment
Full text linkFactoring in historical records and philological intricacies, this study reconsiders the historical and cultural complexity underlying the development of the Sūtra of Perfect Enlightenment (SPE), a text previously categorized as a Chinese apocryphal scripture. With a broadened scope that transcends the conventional theories, the study explores the shared teachings and terminologies in the SPE and the Śūraṅgama, addressing their complex origins. The article proposes that the origins of such texts could involve multiple authors and a fusion of influences from Indian and Chinese thought, reflecting the spiritual and cultural contexts of their time. A pivotal focus is the detailed analysis of a unique four-stage meditation practice in the SPE, presenting compelling parallels with Indian Mahāyāna texts and suggesting a profound Indian lineage within this purportedly apocryphal Chinese scripture.
Despite its profound influence on the development of Huayen and Chan meditative practices, the Yuanjuejin (Sūtra of Perfect Enlightenment, hereafter “SPE” ) has been regarded by many scholars as a Chinese apocryphal text since the late 19th century, when Mochizuki Shinkō first proposed that the sūtra was forged in China with an identifiable doctrinal inclination found in another Chinese apocryphal Buddhist text, the Dasheng qixin lun (Awakening of Faith in the Mahāyāna, hereafter “Awakening of Faith”).[1] This direction of locating spurious and pseudo-Buddhist texts was soon picked up in Chinese academia, when Liang Qichao and Hu Shih began to look further into the clues to prove that the SPE, the Awakening of Faith, and the Śūraṅgama Sūtra (Lengyan jing) were all Chinese composition in the guise of Indian Buddhist texts. Regarding the SPE, Hu Shih speculates that the text was likely composed by Zongmi (748-841) who single-handedly popularized the text.[2] Lü Cheng, another very well-respected Buddhist scholar in China at the beginning of the 20th century, further proposed that the SPE was fabricated on the basis of other Chinese apocryphal texts, using the Awakening of Faith as the basis and further enriched by the contents of the Śūraṅgama Sutra.[3] In the West, James Benn also pointed out that “[o]ne might regard the Sūtra of Perfect Enlightenment, which has only one fascicle, as opposed to the Śūraṃgama’s ten, as a précis of the essential points of the Śūraṃgama.”[4]
[1] Mochizuki Shinkō. Bukkyō kyōten seiritsu shiron (On the History of the Establishment of Buddhist Canon). Kyoto: Horankan, 1946: pp. 509–12.
[2] Hu Shih, Hu Shih yanjiang ji (A Collection of Lectures by Hu Shih). Taipei: Hushi jinian guan, 1970.
[3] Lü Cheng, Zhongguo foxue yuanliu luejiang (Brief Lectures on the Origin and Development of Chinese Buddhism), Taipei: Liren shuju, 1985.
[4] James Benn, “Another Look at the Pseudo-Śūraṃgama sūtra,” Harvard Journal of Asiatic Studies, Vol. 68, No. 1 (June., 2008), p. 63
Islamic Banking: Role of Customer’s Perception and Awareness to make it competitive with Conventional Banking
No full textThe present study aims to highlight the issues related to the growth of Islamic Banking. Because of various modes of Islamic banking, the banking system is growing not only in Muslim countries but also in non-muslim countries. Likewise, Islamic banking is also growing in Pakistan in terms of its market capitalization as well as its banking accounts. However, despite the dominance of Muslims in the Islamic Republic of Pakistan, the growth of Islamic banking is not up to expectations. The present study aims to highlight the issues that create hurdles in the growth of Islamic banking. Based on the survey from the users and non-users of banking, the study postulates the reasons for the slow growth of Islamic banking. This study analyzes the customers’ perception and awareness level towards the IBI. It further investigates the relationship between different demographic variables and the perception and awareness of customers. A sample of 267 respondents from different regions of Muzaffarabad was selected. For the analysis, descriptive statistics & Logistic regression was adopted to check the relationship between demographic variables and perception and awareness. The respondents expressed their perception of some of the services and expressed dissatisfaction with few. Customers indicate that they are aware of different products but do not adopt these products
Factors Affecting Liquidity Risk in Islamic Banking in Pakistan
No full textThis study aims to examine the influence of market cost of funds, credit risk, profitability, and size on the funding strategy and liquidity risk in Islamic banking. The analysis utilizes quarterly aggregated time series data on Islamic banking from September 2006 to June 2022. All variables are found to be integrated into order one, indicating they are I(1). The study employs the Vector Error Correction Model (VECM) to investigate the short-run and long-run relationships. The findings indicate that size and credit risk are positively associated with liquidity risk. Furthermore, credit risk demonstrates a long-term co-movement with liquidity risk. Additionally, the results reveal a negative association between profitability and funding strategy, suggesting that higher profitability is associated with a more conservative funding approach. Lastly, the cost of funds exhibits a negative association with funding strategy, implying that lower market cost of funds is linked to a more aggressive funding strategy.
In Search of a Sustainable Economy; Will Islamic Banking Help Nepal and Nepali Muslims?
No full textThis article attempts to shed light on the issue of "why Nepal should adopt Islamic banking." The research presented in this conceptual and theoretical work is based on a thorough review of the literature. This paper will begin with a discussion of why the current banking system needs to be updated or changed, followed by an examination of its characteristics and how it might benefit Nepal's economy. The possibility of Islamic finance functioning as a microfinance tool by involving those who do not engage in economic activity will also be explored in this study. This article also argues for the need to set aside theological differences in order to embrace Islamic financing for the upliftment of underprivileged Muslim and non-Muslim minorities. Islamic finance has several advantages that cannot be dismissed based solely on the name or the notion that it is only for Muslims. To assist underprivileged populations in escaping poverty, Nepal's economy requires a banking system that would operate for welfare rather than profit. The only means of helping those who are below the poverty line to increase their wage rate are interest-free loans and microfinance tools
Investigating the Institutional Quality Integration with Islamic Banking Development in Promoting Entrepreneurship
No full textEmpirically, conventional finance has proven insufficient while providing the required finance for startups and entrepreneurs. While handling the risks, entrepreneurs tend to avoid the high-cost nature of the debt, which limits their true potential leading to sub-optimal resource utilization. For this, Islamic finance provides a participative and equitable alternative for new ventures with proven merits, but a lack of regulation hinders its penetration among entrepreneurial aspirants. This study investigates how Islamic finance assists entrepreneurial decisions and the role of institutional quality in aligning Islamic law with commercial law requirements. This study selected the unbalanced panel data of 37 countries between 2011 and 2020 and used panel quantile regression to estimate the quadratic Islamic financial development effects and the moderation of institutional quality. The results showed that generally, Islamic financial development has a U-shaped relation with entrepreneurship, but with the improvement in institutions, the U shape is flipped to inverted-U shape. This study points toward the potential of Islamic financing when coupled with better regulations for the economies which are developing the nascent Islamic financing system
Competency of Shariah Auditors in Islamic Banking Institutions: Challenges and Pragmatic Solution
No full textIslamic banking is a Shariah-compliant alternative to the conventional banking system. All operations, products, and businesses adhere to Shariah guidelines in Islamic banking. The responsibility of Shariah auditors is to ensure that all the operations of the Islamic bank align with Shariah rules and principles. The job of Shariah auditors is very sensitive compared to any other audit because the findings of Shariah auditors serve as the basis for the Shariah board to form an opinion about the Shariah compliance environment of Islamic banks. The study will focus on the challenges of the competence of Shariah auditors in the Islamic finance industry and will draw conclusions using qualitative and quantitative methods. The paper will be divided into two parts: in the first part, researchers will collect data using survey methods and analyze it; in the second part of the study, interviews with experts will be included. The paper will be helpful for practitioners, policymakers, and specifically for the State Bank of Pakistan to enhance the Shariah compliance environment in the Islamic Finance Industry
Financial Performance of Islamic and Conventional Banks in Qatar: A Comparative Analysis
Full text linkThe goal of bank performance evaluation is to guarantee that they efficiently utilize resources. Financial performance analysis is a critical tool for recognizing the bank's weaknesses and strengths across its numerous activities. The CAMELS technique is regarded as a supervisory tool to evaluate bank performance based on several aspects, according to the literature review. Regulators use on-site and off-site monitoring tools to assess a bank's financial stability. The CAMELS rating system encourages transparency, evolution, and change in all financial institutions. Furthermore, this method identifies the structural strengths and weaknesses of financial organizations. This study conducts a comparative analysis of Islamic and conventional banks in Qatar using the CAMELS rating scale from 2015 to 2020. We used a sample of 14 banks in Qatar, four of which were Islamic while the others were conventional. The findings indicate that Islamic banks showcase superior performance in Qatar while outperforming their conventional counterparts in many variables. However, none of the banks in Qatar could obtain a rating of 1, indicating areas of weaknesses that need to be worked on, particularly in the area of liquidity, which was a critical factor for all banks. According to this study, the Qatar Central Bank should improve the monitoring and screening of all Islamic banks in Qatar. Furthermore, it is suggested that the Qatar central bank employs the CAMELS system to track operations and field offices for banks functioning to facilitate regular access to a stable banking sector. Banks can use CAMELS to track their performance, and the necessary actions must be undertaken.
THE NOTION OF THE SOUL IN THE SUFI SPIRITUAL PATH
Full text linkNot all Muslims accept the fact that the spiritual path of Sufism (tasawwuf) is part of mainstream Islam. However, this article clearly affirms that Sufism is an integral part of Islam. The author draws repeatedly from the Qur’an to show that the spiritual path practiced by the great Sufi masters throughout Islamic history was inspired by revelation. The seven stages of the spiritual path are an expression of the transformation that takes place in the soul of spiritual wayfarers as they gradually leave behind all that may hinder them from reaching their destination. Each of these seven stages has its own characteristic aspects but the final goal of the Sufi path is to experience an intimate reunion with God Himself
Questions About God: Overcoming Some Theological Barriers in Muslim Christian Dialogue
Full text linkBelief in and worship of one God is the most basic tenet of both Muslim and Christian faith. This might be seen as a significant area of common ground, and yet there are theological barriers within sections of both communities that unnecessarily widen the gap between the two faiths.
Some Christian leaders and writers have asserted the view that Muslims and Christians do not worship the same God. This paper will argue that it is unhelpful to think in terms of Christians and Muslims worshipping two completely different entities. It will respond to the two main forms of argument, (1) theological differences in the attributes and character of God, and (2) Muslim denial of the doctrine of the trinity.
Among Muslims there is often suspicion that the monotheism of Christians is severely compromised by their belief in the trinity and the divinity of Christ. This paper will argue that ‘mainstream’ Christianity, is a truly monotheistic faith and will seek areas of common understanding in moving forward in dialogue, while recognising continued differences
A Literature Review on Awareness and Factors of Consumers Behaviour Towards Crowdfunding
No full textCrowdfunding, which has made it possible for individuals to directly support others who need financial assistance in an emergency, has changed the landscape of traditional fundraising in recent years. This has helped to break down barriers and fuel the rising trend of individual giving. The aim of this research is to identify the awareness and factors that affect consumer behavior towards crowdfunding. This study explores the awareness and different possible factors that affect consumer behavior towards crowdfunding. The methodology used in this research is based on previous studies conducted on consumer behaviors, awareness, and attitudes towards crowdfunding. Findings show more awareness among consumers towards donation and reward-based crowdfunding. This research suggests that crowdfunding websites should be redesigned to prevent online fraud and corruption in order to encourage consumer engagement