Intellectual Discourse (Journal)
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Measuring the performance of Islamic banks using maqāṣid-based model
Get PDFThe vision and mission of Islamic banks were supposed to reflect the adherence of their activities and aspiration to Maqāṣid al-Sharī‘ah. However, there are contentions that Islamic banks have been converging towards conventional banking system. Efforts have been expended to reverse the tide and harmonise Islamic banking to its Sharī‘ah objectives. Hitherto, the existing conventional yardsticks have failed to measure the impact of the harmonisation exercise on Islamic banks’ performance. Therefore, using maqāṣid based yardstick to measure the performance of Islamic banks becomes imperative. This study has made use of al-Imām al-Ghazālī’s theory of Maqāṣid al-Sharī‘ah and Ibn ‘Āshūr’s reinterpretation, adopting content analysis and Sekaran (2000) behavioral science methods to develop a Maqāṣid Based Performance Evaluation Model (MPEM) to measure the performance of Islamic banks. Experts’ opinions have validated the model and its acceptability. Suggestions are provided to policy makers and future research
Combatting corruption: Understanding anti-corruption initiatives in Malaysia. By Anis Yusal Yusoff, Sri Murniati, and Jenny Gryzelius
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Islamic and Western perspectives on applied media ethics
Get PDFThis study discusses the compatibility of Islamic theories of ethics with Western theories of ethics regarding the ethics of global journalism. The study examines Western and Islamic approaches and perspectives on ethics and applied ethics in the field of journalism. Central to the discussion are global journalism values of freedom of expression, individual right for privacy, public right to know, and the global clashing values of media ownership vs. freedom, and consumerism values vs. media values of social responsibility. These clashing media values are part of the broader practices of newsgathering and news reporting that encompass many ethical dilemmas in the field of media and journalism. The study concludes by discussing Western perspectives on character education. It also provides an Islamic moral perspective based on character education as an approach compatible with the Western perspective on moral education. This perspective will help reconcile global clashing media values
Islamic banking and finance in South-East Asia: Its development and future (3rd ed.). By Angelo M. Venardos
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Harmonising legality with morality in Islamic banking and finance: A quest for Maqāṣid al-Sharī‘ah paradigm
Get PDFScholars in Islamic Finance Industry (IFI) have been calling for the integration of Islamic morality with legal theories in the industry. Among the reasons for this call is an unethical trend in product innovation. Implementing Islamic banking and financial practices would require adopting their undergirding Islamic legal and moral frameworks. Departing from these foundations of Islamic law could render the activities conducted under its name religiously unacceptable. Many approaches have been put forward to achieve this cause. One of the most complex yet subjective approaches is the quest for Maqāṣid al-Sharī‘ah. This paper critically examines the feasibility of harmonising morality with legality in Islamic finance. In doing so, it will reveal what constitutes morality and legality in Islamic legal theory, and critically examine the approaches of Muslim classical scholars in fusing the two elements together for the realisation and actualisation of the very objectives of Sharī‘ah. Questions of the relationship between morality and legality are raised, and samples of Islamic finance products are evaluated to expose their moral and legal dimensions. Lastly, the role of Maqāṣid al-Sharī‘ah in the process of harmonisation is discussed with some observations and reservations on the practicality of their implementation