Intellectual Discourse (Journal)
Not a member yet
597 research outputs found
Sort by
Dispute management in Islamic financial services and products: A maqāṣid-based analysis
Get PDFThe increasing expansion of the Islamic financial services industry beyond its original frontiers has not only come with success stories but has also been affected by the growing preference for litigation as the mode of dispute resolution. Exorbitant legal fees and cost of sustaining protracted litigation are two major challenges that require the attention of major stakeholders in the industry. This paper examines these challenges through a Maqāṣid al-Sharī‘ah focused prism considering the importance of the sustainable dispute management framework in Islamic financial services and products. While singling out the important higher objective (maqṣad) of ḥifẓ al-māl, this study argues that preservation of wealth and financial resources requires effective means of resolving increasingly diverse disputes in the Islamic financial services industry. It is further argued that an effective dispute management framework will consider the original value proposition of Islamic financial intermediation which promotes maṣlaḥah (benefits) and prevents mafsadah (hardship) and ḍarar (financial harm). This makes a case for the affirmative relevance, potential adoption, and systemic modernisation of Islamic dispute management mechanisms such as ṣulḥ, taḥkīm, and muḥtasib in order to fulfil the overarching objective of protection and preservation of wealth and financial resources as one of the core objectives of Sharī‘ah
Absolute assignment in takāful industry: Sharī‘ah contracts, issues and solutions
Get PDFThis article deliberates on the Islamic contracts used in absolute assignment in takāful industry and identifies Sharī‘ah issues that might accrue from it. The article studies the market practice of absolute assignment in takāful industry in Malaysia and proposes the adequate Islamic contracts that can be used in absolute assignment and at the same time resolve any Sharī‘ah issues that might occur from it. This research consists of both library-based research and fieldwork research. The researchers interviewed some practitioners and studied the related documents and acts used in executing absolute assignment in takāful industry in Malaysia. The study infers that there are two types of absolute assignments. The first one is between an individual to an individual on the basis of hibah and the second one is between an individual and a financier/bank on the basis of kafālah
Matching leadership qualities of male and female leaders from the Qur’ānic perspective: An exegetical analysis
Get PDFThe topic of female leadership has yet to be conclusively and impartially investigated, especially from the Islamic perspective. The current study bridges the gap between the original Qur’ānic teachings and dominant Muslim culture by highlighting the Qur’ānic conceptualisation of female leadership and investigates the myth that only men are the best leaders. It identifies female leadership qualities of Queen Āsiyah, Queen Balqīs and Maryam, the daughter of ‘Imrān and mother of Prophet ‘Īsā, and matches them with male leadership qualities of Prophet Muhammad, Dhū al-Qarnayn, Țālūt, and Prophet Sulaymān as narrated in the Qur’ān. The research documents the traits of a leader’s personality, leader-follower relation, task structure, and crisis management as four principal axes to the study, relying on the dominant theories of leadership. The inference reveals conformity between both male and female patterns of leadership, except for minor differences related to physical strength, and war conducts
Business sustainability and the UN Global Compact: A “public interest” analysis for Muslim majority countries
Get PDFSince 2000, different types of organisations have registered for the UN Global Compact (UNGC), an essential guide for undertaking socially and environmentally responsible business. As revealed by the UNGC data, enthusiasm in Muslim majority countries (MMCs) for subscribing to the Compact is comparatively much less than in any other parts of the world. Analysing the phenomenon and the possible reasons thereof, this article examines individuals’ economic responsibility in these MMCs in adhering to the principles of the UN Global Compact. The work shows that regime types, economic conditions, economic structures (with agriculture sector primacy informally employing the largest percentage of the labour force), and civil society conditions seem to have contributed significantly in the UN Global Compact participation by organisations in MMCs. The paper argues that Muslims should fulfil their individual religious obligation by valuing, upholding, and applying the principles of “public interest” (maṣāliḥ al-mursalah) in all commercial dealings not awaiting national consent or the organisations’ conformity to the Global Compact
The role of Bank Negara Malaysia in limiting imprudent consumption
Get PDFThis study identifies the role that Bank Negara Malaysia plays in regulating imprudent consumption. In doing so, the author reviews the Guidelines on Responsible Financing introduced by the Bank in 2012 to regulate the consumer credit market. Since consumers are highly dependent on credit to purchase what they desire, the Bank tightened lending procedures. The author also argues that despite the claimed ethical superiority of Islamic finance, there is no apparent difference when it comes to providing loans (or rather financing) to consumers. The findings of this study suggest that such procedures reduced the growth of household borrowing and consumer loans/financing. As such, the study concludes that Bank Negara Malaysia has an effective role to play in limiting the negative effects of imprudent consumption
The roots and constructs of Ibn Khaldūn’s critical thinking
Get PDFMany current researches have sought to explore the thought and contributions of Ibn Khaldūn to the various disciplines of human knowledge including philosophy of history, historiography, politics, economics, and education. Little interest, however, is given to his contributions to the theory of critical thinking. This research investigates Ibn Khaldūn’s perspective on critical thinking and critique of intellectual disciplines while exploring its origin and dimensions. The research shows that Ibn Khaldūn’s critical thinking is essentially entrenched in the fundamental vision and origins of Islam, and reflective of the broad Islamic scholarship and the practices of Muslim scholars across the different religious and rational disciplines. What characterises Ibn Khaldūn’s contribution to the field of critical thinking is his ability to apply it across various fields of scholarship yet with a conscious attention to society’s dynamics, particularly the practical dimensions and implications of his theory of human society (‘umrān basharī)
