Al-Shajarah Journal of the International Institute of Islamic Thought and Civilization (ISTAC)
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THE IMPORTANCE OF UNDERSTANDING THE MAQASID OF SHARI’AH IN THE DEVELOPMENT OF ISLAMIC BANKING AND THE FINANCIAL SYSTEM
Get PDFThis paper will delienate the importance of understanding the maqasid of shari’ah in the development of Islamic banking and the financial system. The objectives of Islamic economics that are in line with the objectives of the maqasid of shari’ah need to be translated into various aspects of wealth acquisition, investment and expenses. There are specific objectives of the shari’ah in relation to financial transactions, such as the establishment of justice to the contracting parties, transparency, proper circulation of wealth and security that are the basis of the prohibitions of fraud, gambling, bribery, and all kinds of prohibitions that may render the transactions to be null and void; hence the incomes generated cannot be recognized
INCULCATING THE ESSENCE OF ‘WASATIYYAH’ IN MUSLIM SOCIETY: THE STATE PROMOTION AND MUSLIM INTELLIGENTSIA RESPONSES IN MALAYSIA
Get PDFUnlike many Middle Eastern countries which face drastic changes and upheaval from mass riots which express undesirable protest against the established status quo, the Malaysian government’s response to da‘wah movements since the early developmental stage of the Islamic resurgence in the 1970’s to 1980’s can be categorized into three responses, namely, confrontation, cooptation and accommodation. Recently, in June 2011, the government launched its official slogan of “Wasatiyyah” or moderation to revitalize its legitimacy for the purpose of gaining support from the Malay-Muslims by applying the Islamic concept of moderation in handling the challenge of religious extremism and Islamic resurgence at the national level, as well as championing this issue in the global arena. This paper discusses the concept of moderation in Islam or wasatiyyah as elucidated by al-Quran and as-Sunnah, as being the primary sources, Islam, and compares them with the slogan of Wasatiyyah as promulgated by the Malaysian government. This paper also analyzes the establishment’s or ruling party’s campaign to popularize the concept of moderation and strengthen its role to represent the Muslims’ aspiration for the country against its traditional competitor, Pan-Malaysian Islamic Party (PAS), which is typically known for its so-called “extreme demand to implement the Sharī‘ah laws” , namely Hudud Laws, and establish an Islamic state. The concept of moderation introduced by the government has been described through various government official institutions, new media of mass communication or social networks and websites. As expected from the beginning of its pronouncement, PAS response to the state campaign of this religious slogan is predictable. In response to this commonly well-known concept in Islam, Wasatiyyah or the concept of moderation, has been extensively discussed and has become the main topic in seminars, colloquiums and conferences by Muslim intelligentsia and scholars. This study employs content analysis of leaders’ speeches in newspapers, official reports, government websites; and secondary sources, uses methods of observation and interview to evaluate the slogan used by the state, and examines feedback from the opposition and intellectuals. Reactions of Muslim intelligentsia and scholars may reflect psychological support of this knowledgeable group of people for the established regime which could influence the majority’s acceptance
SOCIO-ECONOMIC REFORMS IN LINE WITH THE MAQĀSID AL-SHARĪʿAH : THE CASE OF CALIPH ʿUMAR IBN ʿABD AL-ʿAZĪZ
Get PDFThe paper addresses the practical approach of the rightly-guided caliph, ʿUmar ibn ʿAbd Al-ʿAzīz. Its emphasis is on the unique and successful methods used by this exceptional leader. He led the Muslim community with justice and this in itself helped regain the prestige of the Muslims. The reforms he employed helped the society achieve not only one maqāṣid, but many maqāṣid. How did he manage to eradicate poverty to the extent that no Muslim needed charity during his reign? Success lies in re-tracing the footsteps of those who was regard as role models that provide a better example for later generations to emulate. What could possibly have the power to rejuvenate a failing society such as ours other than the realization of the awareness of Allah the All-Mighty over everything? Thus the paper will suggest some practical utilization of those indicated methods above that the government in our current society can emulate in order to ensure a better future for human socio-economic development. The main bases of this research are the historical facts and data addressing the current situation of the Muslim community
VALORIZING TIME AS A CIVILIZATIONAL ASSET: GLIMPSES INTO THE VIEWS OF MALIK BENNABI AND SAID NURSI
Get PDFThis paper examines the notion of time not only as an interval orperiod or unit of measurement made of seconds, minutes, hours,days, weeks, months and years, but essentially as a civilizational andspiritual asset. We need to valorize time as a source of civilizationalprogress and development. Time is seen as a value and a source ofcivilizational activity leading to progress and socio-culturaldevelopment. Our understanding, appreciation and utilization of timewill partly depend on our perspective of life itself be it temporal oreternal. How our worldviews articulate the notion of time bearsheavily on our action and dynamism in history and life. Ourworldview will make the notion of time a civilizing power and a placefor added value and progress or a way to decline. This paperaddresses the question of civilizational and spiritual value of timestressing the need for educating people about time as a wealth that iscrucial in their self and collective development and progress. Itexamines the notion of time as a civilizational asset that adds valueto the life and development of the individual and society as well. Aspecial reference will be made to selected views of both MalikBennabi (1905-1973) and Said Nursi (1878-1960), who might beconsidered among the pioneering Muslim thinkers, who studied thenotion of time reflecting on its civilizational and spiritualdimensions. The paper concludes that both scholars have madeimportant contribution to the study of time from an Islamicperspective. While Malik Bennabi underscores the civilizational andsocial aspects of time, Said Nursi stresses the importance ofmetaphysical, spiritual and moral aspects of time. This paper also shows that the Quranic view of time is more comprehensive and all-encompassing
ISLAMIC CAPITAL MARKET AND DEBT FINANCING OF SHARIAH-COMPLIANT FIRMS IN INDONESIA
Get PDFIslamic Capital Market (ICM) is expanding rapidly worldwide and Indonesia is following very closely. Examining 290 shariah-compliant Indonesian firms, we found that certain firm and industry level determinants do influence the debt financing without ignoring the shariah principles governing the decisions. The ICM accelerating growth is very much reflected in the findings, thus contributing significantly in the literature and to the policymakers as well. Being shariah-compliant does not hinder them from engaging in higher debt with Islamic debt instruments employed as alternatives
THE BEHAVIORAL BIASES OF MUSLIMS IN ISLAMIC BANKING AND FINANCE: A SECOND-ORDER SELF-REPORTED RELIGIOSITY MEASUREMENT INVARIANCE
Get PDFThis study examines a measurement invariance of a second-order factor model of the behavioral biases in Islamic banking and finance activities among Muslims in Malaysia. Data elicited via a survey questionnaire was subjected to structural equation modeling analysis using the Amos 23.0 software. The study revealed that behavioral biases as a second-order factor is indicated by herding, cognitive dissonance, anchoring, regret aversion and overconfidence of firstorderfactors. Measurement invariance was tested based on self-reported religiosity across a number of hierarchically structured invariance analysis models, including configural at the first-order level, metric, intercepts, and residuals at both the first-order and second-order levels. A significant variance was observed between the high and low self-reported religiosity groups. However, no difference was observed between the two groups and the ‘moderate’ self-reported religiosity groups. Furthermore, based on the critical ratio score of statistical significance at alpha of 0.001, the latent mean difference tests of the second-order model indicates statistical significance across groups based on a path-by-path analysis
QUR’ANIC CONCEPTS OF MAN AND NATURE AND THEIR ETHICAL IMPLICATIONS FOR HUMAN BEHAVIOR: DEVELOPING AN ALTERNATIVE ISLAMIC FRAMEWORK
Get PDFThe question of ethics in economic development has taken centre stage in recent years. The recurring financial crises and the devastation of the environment provide opportunities to revisit the issue of re-introducing ethics into economics. Even in mainstream academic discourse, global scholarship is searching for appropriate ethical foundations to be the basis of human behavior in dealing with nature while at the same time enabling man to enjoy maximum well-being. Mainstream neoclassical economics is criticized for not having a holistic perspective that would be the basis of genuine sustainable development. This criticism emanates primarily from the microfoundations of neoclassical economics that idealize individual rationality within a framework that glorifies self-interest/selfish behavior and utility maximization postulates. In this paper, we attempt to investigate the Islamic perspective on the relationship of man and nature, vis-a-vis the framework of an ethics-based approach to development. A new micro-foundational framework of the man-nature relationship will be presented. This paper attempts to develop outlines of the conceptual framework based on selected Qur’anic concepts that represent the moral foundations of Islam, which require the individual to attain taqwa (piety) and full consciousness of huquq (rights and obligations) vis-à-vis oneself, others and nature while being motivated to maximize maslahah (benefit) and avoid mafsadah (harm) to oneself, society and nature. The intended goal is to attain self-betterment/realization that incorporates spiritual transformation. We argue that in this proposed conceptual framework man and nature are recognized as having mutual co-existence, whereby one cannot exist without the other, and the well-being of one depends on the well-being of the other. This will provide balance and harmony to better achieve sustainable development
SEEKING SELF-WORTH THROUGH COMMODITY NARCISSISM & COMMODITY NIHILISM IN THE LIGHT OF SECULAR AND TAWHIDI PARADIGMS
Get PDFWith the depiction of Western lifestyles in various media outlet at the global level, the desire for conspicuous consumption has reached an all time high. Why do people engage in conspicuous consumption? Generally speaking, we could put these motivations under two categories: intrinsic and extrinsic. In this paper, we will examine one of the intrinsic factors behind conspicuous consumption: self-worth. Even though there are some studies exploring the relationship between self-esteem and consumption, this is the first study exploring the relationship between self-worth and consumption. The paper is organized as follows: First, it provides a brief review of how humans lost value since the Enlightenment through the adoption of a secular paradigm in both the modern and post- modern eras. Second, it examines the engagement of conspicuous consumption due to self-worth depletion through commodity fetishism, commodity narcissism, and commodity nihilism. Third, it outlines the Tawhidi paradigm in terms of its ontological, epistemological, anthropological, and teleological worldviews. Fourth, it explores self-worth from the perspective of Tawhidi paradigm. Fifth, it compares secular and the Tawhidi paradigms in terms of their contribution to conspicuous consumption because of self-worth depletion
SHI’ISM IN THE ISLAMIC REPUBLIC OF IRAN: ITS MUSLIM WORLD POLICY
Get PDFReligion and politics are closely linked in the Islamic Republic of Iran, especially their Muslim World policy. The Islamic Republic of Iran policies in Afghanistan, Iraq, Syria and the Republic of Yemen suggest that it promotes Shi’ite religious doctrinal values in its Muslim World policy. This study argues that the Islamic Republic has mainly provided political, diplomatic, economic, philanthropic and military assistance to the minority Shi’ite population of the Sunnite majority Muslim states with the aim, entailed in its 1979 revolution, of integrating the Shi’ite minority population of the Muslim states into the deep state or political processes coupled with a mission of ultimate control of the politics of the Muslim World. The Islamic Republic’s policies are purportedly going to bring about Muhammad Hassan al Mahdi’s return to the world to establish a universal divine just political order. The Islamic Republic believes that the Sunnite majority Muslim states are the real threat to its grand design, and hence, undergirded by the principle of taqiyyah (dissimulation) it should cooperate with the West or any other state to achieve itsmission and global interests and intentions
DISPUTE RESOLUTION MECHANISMS IN THE ISLAMIC FINANCE INDUSTRY IN MALAYSIA: TOWARDS A LEGAL FRAMEWORK
Get PDFThe recent groundbreaking reforms in the legal and regulatory framework for Islamic banking and finance in Malaysia usher in a new phase in the modern history of this hitherto niche market. As part of these latest reforms, a major paradigm shift in the process of dispute resolution has taken place through the introduction of the financial ombudsman scheme (FOS) that typifies the classical muḥtasib model in Islamic law. Against this backdrop, this paper provides a theoretical framework of dispute resolution mechanisms in the Islamic banking and finance industry in Malaysia with special reference to the Islamic legal paradigm. While adopting an analytical approach in examining the relevant issues, the paper argues that effective dispute resolution mechanisms that are annexed to the traditional litigation process, based on the Islamic legal paradigm, will enhance the grievance redress system. It therefore proposes an Islamic-based multi-tiered process of dispute resolution that does not only take into consideration the classical processes of dispute resolution in Islamic law, but also their potentials in streamlining the prevailing dispute resolution framework in the Islamic banking and finance industry in Malaysia