Al-Shajarah Journal of the International Institute of Islamic Thought and Civilization (ISTAC)
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RENTAL YIELD AS AN ALTERNATIVE TO INTEREST RATE IN PRICING MUSYARAKAH MUTANAQISAH HOME FINANCING – THE CASE FOR MALAYSIA
Get PDFThe current practice of the Islamic banks in Malaysia is relying onthe market interest rate as the reference benchmark pricing formusyarakah mutanaqisah home financing. It has been a subject ofintense debate among scholars, researchers, industry players, andpolicymakers. While it is not prohibited, Muslim scholars have highlydiscouraged this practice as it could lead to a possible convergencebetween the practices of the Islamic banks and the conventionalcounterparts. Therefore, this study proposes rental yield analternative reference benchmark pricing mechanism for musyarakahmutanaqisah home financing. The aim of the study is to assesswhether rental yield is reflective of the real economic conditions. Inachieving its objective, the study tests the relationships betweenrental yield with the macroeconomic and housing market variables.The study focuses on Malaysia and uses annually data frequencycovering the period from 1988 to 2015 using AutoregressiveDistributed Lag (ARDL) cointegration test. The study providesevidence that the proposed rental yield has long-run and short-runrelationships with macroeconomic and housing market variables.The analysis shows that a short period required for the model toconverge to the long-run equilibrium. The findings of this studywould provide important insights on the viability of rental yield as analternative to interest rate in pricing musyarakah mutanaqisah homefinancing
THE USE OF FLOATING CHARGE AS AN ISLAMIC COLLATERAL INSTRUMENT: A SHARIAH COMPATIBILITY ANALYSIS
Get PDFThe provision of collateral or security is imperative in modernbanking as it serves as a significant form of risk mitigation againstcustomer’s default in financing activities. One of the most commonsecurity instruments utilized by financial institutions is a charge. Inthe context of a client which is a body corporate, it may create eithera fixed or a floating charge. A floating charge has some uniquefeatures whereby it constitutes a charge on a class of a company’spresent and future assets. From the Shari’ah perspective, an Islamicfinancial institution’s collateral arrangements must primarily complywith the Shari’ah. The unique feature of a floating charge where thecharged assets may constantly change from time to time may requirethorough Shari’ah deliberation to determine its Shari’ah status. Thispaper specifically analyses floating charge from the Shari’ahperspective juxtaposing the discussion with the known legalcharacteristics of a floating charge under the law. The paperevaluates the compatibility of floating charge with the Shari’ah,using rahn contract and requirements as the benchmark framework.From the assessment, it is observed that a floating charge does notfulfil the rahn requirements as stipulated by the majority of jurists(Hanafi, Shafi’i and Hanbali). Nonetheless, the Maliki opiniontolerates the features of floating charge involving uncertain orunknown assets. In this regard, Maliki jurists are generally of theview that rahn is a secondary contract, hence, it remains valid evenwhen there are gharar elements in the rahn asset. Another issue in afloating charge is the possibility of the charged assets becomingShari’ah non-compliant or mixed with Shari’ah non-compliant assetsin the future. The Malikis along with the majority of classical juristsdo not allow rahn on impermissible assets. However, the paper findssome contemporary Shari’ah opinions arguing that they can still beused as marhun, provided that the prohibited elements are externaland can be eliminated/excluded
CHINESE MIGRANTS AND INDIGENOUS PEOPLE OF SABAH: LOCAL DEVELOPMENT THROUGH CULTURAL COOPERATION
No full textThe clash of cultures that happened in Sabah since the 19th century brought positive physical and spiritual development until today. In this survey, the term ‘clash of cultures’ refers to the culture of the native people and the Chinese community. During the colonial period, the Chinese were one of the immigrant communities induced to seek a better life in Sabah. The natives could accept the presence of Chinese, whereas the Chinese could adapt the ways of life of the natives. While mingling and living side-by-side, they continued to preserve and maintain their unique civilizations and individuality. The Chinese brought worldly knowledge while the native people providing an open-minded and accepting social structure. This importance of knowledge and attitudes as elements that contributed to the development of a positive relationship between the groups. The idea of cooperation between both is highlighted in order to re-develop Sabah from the heavy destruction wrought upon it by conflict between colonial powers. It is significant even to study in order to know the level of acceptance between these two groups and to understand the positive relationship between natives and the Chinese community in Sabah-- in the present and future as well as in the past
EDUCATIONAL LEADERSHIP MODEL: AN ISLAMIC PERSPECTIVE
No full textThis paper discusses a model of leadership from an Islamic perspective. Drawn from a concatenation of authentic Islamic texts and sources, the model comprises ten principles synopsized simply as L-E-A-D-E-R-S-H-I-P with each letter illustrating a principle of good governance. The principles were derived from a thorough examination and analysis of various sources that included the Qur’an, prophetic traditions, biographies of the Prophet's companions, thoughts of classical and contemporary scholars, and best practices in Islamic leadership. In essence, the model proposes that a leader should lead like an imam in prayers, educate and be educated, communicate explicit organisational aims and vision, use effective delivery strategies, empower those under him rather than keeping all power to himself, and lead in piety with justice, integrity and humility. The model is comprehensive--offered as a solution to guide the leadership and management practices of educational institutions in the Muslim world. The application of the model and adherence to its principles should help to develop Muslim leaders’ competencies, promote organisational transformation among Muslim institutions, and forge greater solidarity within their workingcommunities
TEACHERS’ SCHOOL GUIDANCE PRACTICE TOWARD PISA ENHANCEMENT: A COMPARISON BETWEEN MALAYSIA AND FINLAND
No full textThis study aimed to compare Malaysian and Finnish subject teachers’ perceptions of the practice of school guidance. In addition, it is aimed to compare Malaysian and Finnish subject teachers’ perceptions of PISA and its significance and Finnish subject teachers’ perceptions of the school guidance practice towards PISA enhancement. This study is a qualitative research, employing semi-structured interviews with four subject teachers; two participants from Finland and two participants from Malaysia. The study uses a purposive sample and the sample size consists of 4 participants. The selected interviewees are teachers in secondary schools in both countries. The data collected are analysed using three phases of thematic analysis with the help of analysis computer software, Nvivo for a more visible systematic analysis. Teachers have different interpretations of what constitutes school guidance; its meaning, definition, framework. Additionally, the personnel involved in school guidance differs in Malaysia and Finland. In terms of the teaching context, participant teachers in consensus agreed that PISA assessment plays little role in the determination of what they believe is important for their students’ needs (skills) to survive in their life after school. School guidance has the potential to contribute towards PISA enhancement if and when the school guidance programme is financially supported plus a strong support or desire from students, teachers, counsellors and the school administration as a whole
SPIRITUALITY IN MODERN LITERATURE: KAHLIL GIBRAN AND THE SPIRITUAL QUEST
No full textThis study explores the various mystical aspects that encompassGibran’s creative works in English and Arabic. It presents anoverview of theistic mysticism followed by an examination of themystical themes represented by Gibran such as Truth, Perfect DivineBeing, mystic path, and spiritual morality with analogies fromIslamic and Christian mysticism. The study finds that Gibran adoptedmysticism as a universal answer to questions about the meaning oflife and as a path that seeks to elevate man into a world of spiritualand moral perfection. Gibran uses a prophetic voice to guide the soulfrom its transcendental origin through a journey of purification,gnosis, and love to reach mystical unity with God. The study showsthat the mystical element is the link that unifies his Arabic andEnglish works, and propels them to enduring literary and popularsuccess across cultures. In this, he places himself as a writer in atraditional context of mysticism, taking the esoteric heart andspiritual core of all religions to be one. Additionally, the moralvalues promoted by Gibran are based on his mystical outlook and hisconception of a just and loving God
EXPLORING REPEATING STUDENTS’ FEELINGS AND ATTITUDES TOWARDS LEARNING ESL WRITING
No full textIn ESL writing classes or courses, we often observe studentsstruggling to learn the writing skills. Some students even fail thesame writing course repeatedly. Failing and repeating the samewriting course will certainly affect the repeaters in several aspects.Hence, this study sought to explore the feelings and attitudes of thesestudents who were repeaters in learning writing in a pre-sessionalEnglish course at the International Islamic University Malaysia(IIUM). Based on semi-structured interviews with the repeaters andtheir writing instructors, it was revealed that the repeaters had somenegative feelings and attitudes, namely feeling uncertain with one’sown ability, lacking motivation, suffering from anxiety and havingpoor relationship with their teachers. This paper further discussedthese negative feelings and attitudes in light of scholarly thoughts ofpast and contemporary Muslim scholars to shed some light onaspects that are essential in ensuring successful language learningfor repeating student, particularly in relation to their feelings andattitudes towards learning English writing skills. This study hasmajor significance especially in enabling writing instructors tounderstand the repeaters better and to help them develop positiveattitudes towards learning writing in English. The pedagogicalimplications and recommendations are also discussed
AL-QIYAM AL-ISLAMIYYAH AND ITS IMPACT ON MUSLIM COMMUNITIES’ STABILITY
No full textAl-Qiyqmia is an Arabic term that means values. The term: Qiyam isa plural of Qimah which means value. It addresses every aspect of aMuslim’s life, from greetings to international relations. It is universalin its scope and in its applicability. The distinction of human beingsover other creatures is that human behaviour is controlled or limitedby certain ethical values (qiyam) which purify their soul. Theseqiyam are reliable benchmarks to measure the individual’s andsocieties’ behaviour, especially those who are enjoying Islamicethics. Thus, the authorities running educational institutions andtraining centers are bound to teach the Islamic Qiyam to motivatetolerance, justice and equity among Muslims. The objective of thispaper is to explore the role of Islamic qiyam in protecting humanbehaviour, its implications on the consolidation of unity amongMuslim societies with diverse cultures and the participation ofeducational institutions in instilling these qiyam among individuals,which eventually leads to the development of Muslim nations;educationally, culturally, scientifically, economically and politically,etc. The paper is based on a descriptive and analytical method, sinceit describes the qiyam suggested by the Holy Qur’an and the Sunnahand to analyse the prevailing ethical problems among Muslims andhow it could be resolved. The paper is intended to identify the mostimportant values (qiyam) to be taught by various educational ortraining institutions in Islamic countries to serve as a comprehensiveunifying framework for the Muslim ummah
CLASSIFICATION OF DEFAULTERS IN THE PAYMENT OF DEBT IN ISLAMIC BANKING PRACTICES
No full textThis paper discusses the issue of treatment of debt defaulters fromSharÊ‘ah perspective and its current practices in Islamic banking andfinance. In doing so, the paper first explains the concept of debt andits payment obligation from Islamic point of view. The paper alsocritically reviews the current practice of treating defaulters byIslamic banks. A thorough analysis on various opinions and views ofthe classical and contemporary jurists in determining the types ofdefaulters is also provided. The paper concludes that besides thecategorization of defaulters to solvent and insolvent in the modernIslamic banking practice, a new category namely, muta‘atthir (asolvent debtor who is facing temporary shortage of liquidity) shouldalso be considered. These debtors are not insolvent based on theratio of their total assets to debts. However, they are in situation ofdefault due to temporary shortage of liquidity that they are facing.Hence, this new category might have its own ruling from Sharī‘ahpoint of view in terms of debt settlement and restructuring where itdoes not carry the ruling of insolvent debtor
THE PHENOMENON OF IRHAB (TERRORISM): MEANING, HISTORY AND CAUSES
No full textThis paper presents a brief study of the history of terrorism, including political, intellectual, cultural, social, economic, individual, and spiritual causes. In addition to analytical historicity, the writer applies qualitative content analysis of Qur’ānic verses and prophetic traditions that are relevant to the Islamic intellectual discourse on the subject. The author clarifies the Arabic term, irhāb, both literally and technically, as per lexicons and contemporary use in political and diplomatic circles. Moreover, a brief analytical survey of definitions taken from select research is offered, included perspectives of Western and Muslim writers. To demonstrate several applications of the term, which are used to identify individuals and groups as "terrorists", the survey also includes meanings and implications from the UN General Assembly, the UN Security Council, the European Union and NATO