247 research outputs found
Sosyal adaletsizliklerin azaltılması ve sürdürülebilir kalkınma hedefleri açısından islam ekonomisinin rolü
No full textBILIMNAMEToday, the most severe problems faced by people are the income injustice and increase of poverty. During the rapid change process that began in the 1980s, the problem of the income distribution was no longer perceived as a common economic problem, but as a political and social problem. Economic and social policies implemented since the 1950s have not been able to solve the problems and have made many problems more apparent. In short, in today's world, an unbalanced structure has emerged, where financial prosperity is increasing, and social welfare is gradually diminishing. This study addresses three main problems (i) what the answers to a more livable life expectancy that will meet the needs of everyone and every sector based on the understanding that the Islamic economy has a future-oriented understanding, (ii) what are the strategies for eliminating injustices in income distribution in terms of Islamic economy are? (iii) what are the perspectives of Islamic economy that will be put forward in order to develop the concept of Sustainable Development? In this study, because the Islamic economy has an understanding of the future, it will address the inequalities in income distribution and the strategies that will be put forward for the formation of sustainable development understanding, which will meet the needs of everyone and all segments and will provide answers to a more livable life expectancy. In order to approach the injustices in income distribution and sustainable development strategies from the perspective of Islamic economy, it is necessary to put forward political stability on this issue, to revise the ideas put forward to date, to present complementary proposals by identifying missing aspects of current developments and to identify the current threats and opportunities. This study will reveal the social vision of the Islamic economy by addressing all aspects of income injustice and sustainable survival strategies
From Money to Merely a Precious Metal: A Historical Journey of Gold in Muslim World and Gold’s Price Correlation with Other Financial Indicators in the Contemporary Financial System
No full textFor many centuries Islamic coins, such as the dīnār (pl. danānīr), have attracted the attention of historians and chroniclers. The initial appearance of Islamic coinage came as a response to economic requirements prevailing in the Middle East following the Arab invasion. The motivation behind the inception of Islamic coinage was in absolute harmony with the monetary traditions of the Near Eastern economy. Even though, the external features of the coinage might have been influenced by some sociopolitical factors, their intrinsic value was determined by the contemporary economic conditions. During periods 1870-1930 the world monetary system was mainly built on gold. However, with the establishment of Bretton Woods System in 1944, the world was set on the new monetary system involving a fixed exchange rate system. With the collapse of the Bretton Woods system in 1971 the price of gold increased to USD 38 per ounce. In April 1974, following the high volatility in monetary markets and oil crisis the price of gold increased 453% and reached USD 172 per ounce. As the U.S. economy increased in power, the I.M.F. diminished the monetary role of gold so that subsequently, gold was viewed as merely a precious metal commodity that was subject to a market value and changes in the price of gold. This article examines the monetary history of gold during Rashidun, Umayyad, Abbasid, Fatimid and Ottoman Caliphates. In particular, this study focuses on golds’ performance during global financial crisis of 2007-2009 (GFC) and correlation analysis is conducted to measure the strength and direction of a linear relationship between gold and other selected asset classes as well as financial indicators such as real interest rates, inflation rates, silver price, Dow Jones Industrial Average, Trade Weighted U.S. Dollar Index, money supply and crude oil prices
Waqf Al-Gharimin Approach for Non- Performing Loans of Cooperative Banks with a Special Focus on Marawi Case
No full textThe Battle of Marawi which continued from 23 May 2017 to 23 October 2017, took place in Marawi city, the capital of Lanao del Sur province in the Philippines. As an aftermath of the terror attack, the town was left in ruins with 95% of the structures within the four square kilometers of the main battle area heavily damaged or completely collapsed. 3,152 buildings were utterly destroyed, and 2,145 buildings were partially or heavily damaged due to the five-month heavy bombardment during the battle. Government estimates have placed the number of displaced residents at 200,000. These people are in urgent need of housing. However, it is almost impossible for them to get loans from commercial banks due to the credit risk. In this study, we are proposing a sustainable model which will assist the residents in rebuilding or renovating their houses with a unique model of financing,
which adapts to a waqf and zakat system. This paper proposes a sustainable model which refers to the practices implemented in the history of the Muslim world, namely waqf model that existed during Ottoman times in the 18th century and onwards known as Waqf to Release the Indebted Prisoners to suggest an innovative solution based on waqf to cover a Non-Performing Loans. The study also investigates earlier text on debt from Al-Majalla Book IV: Transfer of Debt as well as existing fatawa on the implacability of the model without contradicting the rules of Shariah
EVALUATION OF SUKUK IJARAH CONTRACTS: CASE OF NAKHEEL SUKUK
No full textİslam Ekonomisi ve Finansı Dergisi (İEFD)Journal of Islamic Economics and Finance (JIEF)Sukuk, İslami sermaye piyasasının en hızlı büyüyen segmentlerinden biridir. Sukuk, sertifikalar anlamına gelir ve ticari ve diğer ticari faaliyetlerden kaynaklanan finansal yükümlülükleri temsil eden kağıtlar veya dayanak varlık veya iş girişimindeki bölünmemiş intifa hakkı sahipliğini temsil eden güven sertifikaları olarak tanımlanır. En yaygın sukuk sınıflandırmaları, temelde yatan şeri akştlere dayanmaktadır. Bunlara murabaha, salam, istisna, ijarah, müşaraka, mudaraba ve vakalah dahildir. Sukuk, satışa dayalı, kiraya dayalı, ortaklık bazlı ve acente bazlı olmak üzere dört ana kategoriye ayrılmaktadır. Kiraya dayalı sukuk (ijara sukuk), en baskın ve yaygın olarak kullanılan yapılardan biridir. Kiralamaya dayalı sukuk, satış ve geri kiralama ve kiralama ve geri kiralama olmak üzere iki ana kategoriye ayrılır. Satış ve geri kiralama ijarah sukuku ayrıca, sukuk ijarah muntahiyah bi al-tamlik (mülkiyet devri ile biten kiralama) ve sukuk ijarah mawsufah fi al-dhimmah (vadeli kiralama) olmak üzere iki ana yapıya bölünmüştür. Bu çalışma, sukuk ijarah muntahiyah bi al-tamlik adresinde ijarah sukukunun genel çerçevesine, tanımına, özelliklerine ve önemine ışık tutmakta ve Dubai'de ihraç edilen ve şu ana kadar dünyada gerçekleştirilen en kapsamlı sukuk ihracı olarak bilinen Nakheel Sukuk davasını incelemektedir.Sukuk is one of the fastest growing segments of the Islamic capital market. From an Islamic finance perspective, sukuk in its simplest form refers to “certificates of investment” that entitle the holder to a proportionate ownership interest in the key assets of the sukuk or in a business venture. Sukuk in general are Shariah contracts, which are classified according to their technical and commercial characteristics, and the nature of the underlying assets. Lease based sukuk or Sukuk ijarah is one of the most dominant and widely used structures in sukuk market. Lease-based sukuk is divided into two main categories: sale and leaseback, and lease and leaseback. Sale and leaseback is further divided into two main structures: sukuk ijarah muntahiyah bi al-tamlik (lease ending with transfer of ownership) and sukuk ijarah mawsufah fi al-dhimmah (term lease). This study sheds light on the general framework, definition, characteristics and importance of sukuk ijarah muntahiyah bi al-tamlik and examines the case of Nakheel Sukuk, which is known as the most comprehensive sukuk ijarah issuance in the world so far
Islamic Finance System as a Catalyst for Sustainability in the Economy
No full textSpringer International PublishingSustainable Development is a development model that can meet the needs of today's generations without sacrificing its ability to meet the needs of future generations. It has taken its place in the world's agenda toward the end of the twentieth century and int became a worldwide implementation plan with the international agreements signed in the 1990s. Today, the most serious problems faced by people are income injustice and increase in poverty. During the rapid change process that began in the 1980s, the problem of income distribution was no longer perceived as an ordinary economic problem, but as a political and social problem. Economic and social policies implemented since the 1950s have not been able to solve the problems and have made many problems more apparent. In short, in today's world, an unbalanced structure has emerged, where financial prosperity is increasing and social welfare is gradually diminishing. © Springer Nature Switzerland AG 2021. All rights reserved
The suitability of gold as a high quality liquid asset
No full textThe 2008-2009 global financial crisis affirmed that most of the commercial banks do not have enough liquid assets to withstand liquidity risk associated with financial stress. Therefore, in December 2010 the Basel Committee of Banking Supervision (BCBS) introduced two new ratios, the Liquidity Coverage Ratio (LCR) and the Net Stable Funding Ratio (NSFR) to ensure that banks have an adequate amount of High Quality Liquid Assets (HQLA) during times of financial turmoil. Gold, however, has so far not been included in the HQLA stock. This study examines each of the characteristics of HQLA and analyses how gold cope with them. Our results suggest that except of the one factor, which is low volatility, gold has no restrictions to be accepted as HQLA. Furthermore, the volatility of gold is an inverted asymmetric volatility to positive and negative shocks, such as positive shocks increase the volatility by more than negative shocks. Which means that the price of gold tends to rise during the times of financial distress thus making it an ideal hedge and safe haven asset which should be included in HQLA stock
Author Self-Citation in the Turkish Otorhinolaryngology Literature
No full textObjective:To evaluate the prevalence and other characteristics of author self-citations in six Turkey-originated general otorhinolaryngology (ORL) journals of Turkish ORL literature.Methods:A total of 970 articles published in six Turkey-originated general ORL journals (ENT Updates, Journal of Ear Nose Throat and Head Neck Surgery, KBB-Forum, Praxis of Otorhinolaryngology, The Turkish Journal of Ear Nose and Throat, and Turkish Archives of Otorhinolaryngology) in 2016-2020 were analyzed for author self-citations. The association between author self-citations and journal types, study types, study topics, country of origin, and compatibility with the topic were also evaluated.Results:There were 265 author self-citations (0.273 per article) which corresponded to 1.36% of all citations. There was no significant difference between the journal types, study topics, and origin of the studies in terms of mean self-citation values per study, whereas case reports had significantly lower self-citations than review and original investigations. There were three citations (1.1%) that were irrelevant to the study topic.Conclusion:To the best of our knowledge, this is the first study that investigated the practice of author self-citation in Turkish ORL literature. Author self-citation rate in the Turkish-originated general ORL journals was found remarkably lower than the medical literature, whereas the self-citations were found compatible with the study topic to a very large extent. Members of the scientific community including authors, readers, and journal editors should be cautious regarding the unethical practices of self-citations
Islamic Finance Education: Theoretical Developments And Practical Challenges
No full textKing Abdulaziz University Scientific Publishing CenterThe role of Islamic finance education is important for meeting the human resource needs of the Islamic finance (IF) sector in the long run. Therefore, in order to produce quality human resource, several approaches are used such as: (i) university degree programs; (ii) specialized trainings and workshops; (iii) distance learning programs; and (iv) publications, webinars, and other media. Teaching of IF started in the 1990s following the arrival of Islamic banking, and mainly focused on the doctrinal debates on ribā. In 1991, International Islamic University Malaysia (IIUM) offered an Islamic banking and Islamic financial system course at the undergraduate level. By 2017, there were 688 Islamic finance education providers from 76 countries around the world. However, today, the IF education sector faces some issues and major challenges. This article looks at the current state of IF education; discusses the divergence between theory and practice with special focus on the issues and major challenges in Islamic finance education; and discusses IF education in the context of quantity versus quality with focus on IF scientific output. © 2020. All Rights Reserved
Financial market risk and gold investment in an emerging market: the case of Turkey
No full textThis study aims to identify the opportunity cost of holding gold, in relation to the stock market for case of Turkey. The focus is to detect if gold acts as a safe haven or a hedge asset in times of distress. The Threshold GARCH (TARCH) model was utilized. The analysis used daily data for the period 2005-2014. The data for selling prices of gold was represented by selling prices derived from Precious Metals and Diamonds Markets (PMDM). The returns on Borsa Istanbul (BIS) was employed to represent aggregate prices of stock market investment. It was found that gold has safe haven asset features which shows that gold outperforms the average portfolio during times when stock market faces distress
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