Al-Shajarah Journal of the International Institute of Islamic Thought and Civilization (ISTAC)
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PUSHING THE FRONTIERS OF ISLAMIC FINANCE THROUGH SOCIALLY RESPONSIBLE INVESTMENT SUKUK
No full textThis study explores the potentials of SRI sukuk as a source offinancing for projects that address community and social issues, thusgiving positive impact to the society. Focusing on several cases ofSRI sukuk in critical yet not so commercially-attractive forprofit-motivated financial institutions to participate in such aseducation, environment and health sectors, this study highlights themechanisms and challenges as well as potentials of SRI sukuk as asource of financing for these projects. Since the field of SRI sukuk isstill in its infancy stage especially in Islamic finance, this study hopesto contribute towards enriching the literature as well as exploringthe potentials for further applications in other areas in the Islamicfinance industry
EXPLORING MULTI-DOMAINS OF ISLAMIC FINANCE EDUCATION CURRICULUM
No full textWith exponential growth in the Islamic financial services industry(IFSI), issues on the quality of Islamic finance curriculum andprofessional development, relevant to the sustainability of the IFSIhave been raised in both academia and industry. In particular, thedefinitions of Islamic finance and program nomenclature of Islamicfinance programmes need clarification and systemization to facilitatethe development of meaningful and coherent Islamic financeeducation initiatives. The fundamentals of Islamic education and itsrelevance to Islamic finance, are highlighted in this concept paper toemphasize the importance of the nature of man as an ethical being,infused with right and proper knowledge in Islamic financeeducation. Derived principles involving finance behaviour withreference to ‘efficiency’ or ‘opportunistic gains’ are re-examined inthe light of Shari’ah based on the sources of belief, values andpractice of the Religion of Islam. This is to facilitate clarity in thedefinition of Islamic finance and the purpose of Islamic financeeducation. Furthermore, the Malaysian Qualifications Agency(MQA) Muamalat Islamic Finance (MIF) Standard was analysed toexplore the domains for an inclusive Islamic finance curriculumdomain framework to facilitate the development of ‘fit and proper’Islamic finance educators and professionals. Shari’ah prescribedguiding principles and rulings are then discussed within the legaland economic perspectives of banking, capital markets andtakaful/insurance. This paper reaffirms the essence of Islamic financeeducation, given proper adab and akhlaq, in realizing the goals ofthe maqasid al-Shari’ah in Islamic finance
CAN THE EYE TRACKER REVEAL HOW THE QUR'AN CAN BE LEARNED BY HEART
No full textMemorization is a mental process that enables one to remember verbatim. This skill is important to Muslims as Muslims are encouraged to memorize the Qur’an regardless of what their first language is. Various researches have been conducted and published in describing the best techniques to memorize the Qur’an. Huffaz (i.e., individuals who have memorized all the 6236 verses of the Qur’an) also often share their strategies on how the Qur’an, which is in Arabic, can be memorized. These published works, however, are based on off-line information (i.e., information based on what the huffaz thought took place while they were learning the Qur’an by heart). On-line information, however, is equally important, particularly because it provides information even on the unconscious activities that the huffaz engage in when memorizing the Qur’an. One way of collecting on-line information from the huffaz and tahfiz students (i.e., students who are memorizing the Qur’an) is through the use of the eye tracker, a device that enables researchers to track the eye movements of those who read the Qur’an to memorize it. Hence, this manuscript illustrates how the eye tracker can be used to investigate the cognitive processes that tahfiz students go through when the act of memorizing the Qur’an is performed
THE HISTORY OF ISLAM IN THE MALAY ARCHIPELAGO: AN ANALYTICAL STUDY OF ABDULLAH BIN NUH'S WORKS
No full textThe topic on the coming of Islam to the Malay world has become an intellectual debate among scholars around the world for both Muslim and Western scholars. There are at least four elements of debate on these issues, in particular, on the originality of Islamic doctrines in the Malay world, the theory of the coming of Islam to the Malay world, the times of the coming of Islam as well as the spreading of Islam in the Nusantara. This research will be on attempt in explicating Abdullah bin Nuh’s works particularly in his discourses of the coming of Islam to the Nusantara. It focuses on three works by Abdullah bin Nuh, entitled Sejarah Islam di Jawa Barat hingga Zaman Keemasan Banten, Ringkasan Sejarah Wali Songo, al-Islām Fi Indūnīsiyyā, and his articles delivered in the Seminar on The Advent of Islam in Indonesia held in Medan in 1963. The approach of this study is based on textual analysis, using descriptive, analytical methods from various works of the subject under study, comparison and contrast in order to get additional information from the other ulama’ in the same era as Abdullah bin Nuh. This study concludes that Abdullah bin Nuh believes that Islam came to Nusantara in particular to Indonesia since 7th century CE even though there is a claim that says Islam came much earlier from the Arab Peninsula plus encounters the theory most of Western scholars who view that Islam came in 12th century CE
DEMOCRACY AND SOCIO-ECONOMIC INCLUSION IN NIGERIA: REDUCING THE MUTUAL EXCLUSIVITY THROUGH ISLAMIC MICROFINANCE
No full textNigeria’s return to democratic rule about 18 years ago heralded anew beginning that was expected to promote political stability,ensure economic prosperity and build societal civility. However,Nigeria is now politically disintegrated, socially dislocated andeconomically unstable mainly due to many reasons but chieflysocio-economic exclusion. Notwithstanding its large Muslimpopulation, policy recommendations from the West towards solvingits myriad of political-economy issues often discounts Islamicalternatives. This has brought to the fore a challenge to the statusquo as well as the philosophy that underlines Nigeria’spolitical-economy inclinations and implications for its teemingpopulation. The objective of this theoretical paper is to stimulatediscourse on the policy directions that are in alignment with politicaleconomy reality of Nigeria as a Muslim majority country.Specifically, this paper profiles Nigeria’s current socio-economicrealities, and its political economy vis-à-vis the global economicorder. The paper argues that the various Islamic social financeplatforms especially Islamic microfinance may play a big role inmitigating the mutual exclusivity of democracy and socio-economicinclusion of Nigerians especially the Muslims
THE ROLE OF SHAYKH ABD AL-RA'UF AL-FANSURI IN THE RECONCILIATION OF SUFISM AND SHARI'AH OF 17TH CENTURY THE MALAY WORLD
No full textThe tension between Sufism and sharīcah, i.e., the conflict of wujūdiyyah in Acheh in the 17th century had led Ṣūfī scholars, particularly cAbd al-Ra’ūf al-Fanṣūrī to seek the convergence between Sufism and sharīcah. Therefore, this study is carried out to examine the efforts of cAbd al-Ra’ūf to reconcile Sufism with sharīcah. It examines cAbd al-Ra’ūf’s approaches of reconciliation of Sufism and sharīcah in the general context as well as in the context of the controversial issue, i.e., the doctrine of waḥdat al-wujūd. It is a qualitative research which employs document analysis. The result of the study shows that cAbd al-Ra’ūf had played a significant role in reconciliating Sufism with sharīcah in 17th century Malay world. The approaches employed by cAbd al-Ra’ūf supported Sufism based on Qur’ān and Sunnah. They were also based on founding Sufism by orthodox (Sunnī) theology, emphasizing the significance of observance of practising sharīcah and integrating good conducts to Sufism. Meanwhile cAbd al-Ra’ūf’s approach of reconciliation in the controversial interpreted waḥdat al-wujūd in the orthodox sense and criticized the extreme approach in Islamic creed, i.e., passing judgement on Muslims as infidels
SEPARATION OF CONJOINED TWINS FROM THE COMMON LAW AND SHARI'AH PERSPECTIVES: THE LEGAL AND ETHICAL CONUNDRUM
No full textThe birth of conjoined twins is a comparatively rare event, constituting 1 in 100,000 births. Being a product of a single fertilised egg, these twins are believed to be the result of an incomplete division of embryo, which inhibits complete development of various organ systems. As a result, they usually suffer from physical malformation manifested in for instance, conjoined hearts, lungs, livers, limbs or even genito-urinary tracts. Thus, their chronic medical condition tends to require surgical intervention. However, separating them triggers a plethora of legal and ethical issues as separation may involve the possibility of sacrificing one twin if they are sharing organs. This inevitably creates a range of ethical dilemmas, particularly, in choosing between sanctity of life and quality of life as the survival of one twin threatens the life of the other. In certain circumstances, separation may not lead to the demise of the other but may cause severe harm to the other or a possible hazard to at least one twin’s cognitive outcome. Nevertheless, in spite of their physical attachment, the twins are legally and morally distinct and are different individuals with competing needs and interests. Legal issues arising from the separation of conjoined twins such as criminal liability, parental autonomy and the determination of the “best interests” criterion has been the subject of much debate in courts. Thus, this research paper seeks to discuss the legal and ethical issues arising from the separation of conjoined twins from the common law and shari’ah perspectives
SHARI’AH GOVERNANCE PRACTICES IN CREDIT COOPERATIVES IN MALAYSIA
Get PDFCooperative sector governance is instrumental in ensuring theeffectiveness, responsibility, and accountability in both conventionaland Shari’ah-compliant cooperatives. This study examines Shari’ahgovernance (SG) arrangements within the cooperatives in Malaysia.The objectives of this paper are to explore the application of SG inthe cooperative sector in Malaysia and to evaluate the adequacy ofSG adoption in cooperative. This study uses qualitative methodswhere the data are collected using focus group discussions andin-depth interviews with regulators, experts, and the governanceorgans of the cooperatives. The study focuses on credit cooperativesthat have been listed in the 100 Best Cooperative Directory issued bySuruhanjaya Koperasi Malaysia (SKM) annually from 2012 to 2016.The findings from thematic analysis on interviews conducted indicatethat the first objective, most respondents agreed that cooperativesshould be operated based on the objectives of its establishment. Thefindings on the adequacy of adoption of SG in Shari’ah-compliantcooperatives indicate that the practice is at an infancy stage, withplenty of support and motivation are needed to ensure effective andefficient implementation of SG. Emergent findings from the interviewsreveal that the Islamic attributes are crucial for a cooperative’s SGorgans such as Islamic accountability, Shari’ah mindset, Islamicculture, awareness and readiness, manpower competencies andcooperation (ta'awun). It is vital for the SG organs to have suchattributes in order to foster awareness among them to be moreresponsible and willing to adopt good SG practices. The observationof good SG practices in the cooperative sector in Malaysia can helpthe cooperative movement to positively grow and contributeequitably to community
A REVIEW OF SHARIAH PRINCIPLE APPLIED FOR TAKAFUL BENEFITS PROTECTION SCHEME AND ITS APPLICATION BY MALAYSIAN DEPOSIT INSURANCE COOPERATION (PIDM)
Get PDFTakaful and Insurance benefits protection scheme is an innovativeproduct introduced by the Malaysian Deposit Insurance Coporation(PIDM) to provide takaful certificate and insurance policy ownerswith an explicit protection against the loss of part or all of theirbenefits in the event of an insurer member failure. The main objectiveof takaful and insurance benefits protection is to promote publicconfidence in Malaysia’s financial system by protecting takafulcertificate and insurance policy owners against the loss of theirbenefits. This paper reviews the possibility of implementingal-kafalah bi al-ajr, or charging fee from or a guarantee fromShari’ah perspective. It also attempts to explore other possible viablealternative instrument in compliance to Shari’ah principles. Anyissues and recommendations in this paper are intended to providepositive and constructive improvement for the benefit of the Islamicfinance industry
ZAKAT ON LEGAL ENTITIES (SHAKHSIYYAH I’TIBARIYYAH): A SHARI’AH ANALYSIS
Get PDFThe purpose of this study is to explore the issues related to zakatimplementation on shakhsiyyah i'tibariyyah (legal entities) toestablish whether they are subject to zakat and the methodology forzakat payment. The study examines the issues from the Shari’ahperspective and concludes on several issues based on ijtihad(independent reasoning) relying majorly on the sources of theShari’ah, opinions of classical and contemporary scholars and theresolutions of the fiqh academies. Primarily, the Shari’ah recognisesthe concept of shakhsiyyah i’tibariyyah. Although the imposition ofzakat is still largely vested on the shareholders of the company, thecompany may still pay zakat at the company’s level provided that thecompany is authorised to do so (by way of its Articles of Associationor decision made by the general assembly) or because the lawdictates so. This shows that the imposition of zakat is still vested withthe individuals, even though it can be paid at the company’s level. Italso proposes that, if the payment of zakat is to be made at thecompany’s level, it also includes all shareholders includingownership of non-Muslims, government-owned shares and sharesowned by waqf ahli. Nevertheless, the portion of payment to be paidby the governments, non- Muslims, etc, are in actual fact not zakat.However, for the purpose of consistency, there is no harm to nameand itemising this payment in the financial report of the company aspayment of zakat. The study also stresses on the need to facilitate fora proper methodology for zakat payment and to offer properincentive for the payment of zakat in the manner that will bebeneficial to companies which pay zakat, the enforcement agenciesand the recipients