43 research outputs found
The role of Bank Negara Malaysia in limiting imprudent consumption
No full textThis study identifies the role that Bank Negara Malaysia plays in regulating imprudent consumption. In doing so, the author reviews the Guidelines on Responsible Financing introduced by the Bank in 2012 to regulate the consumer credit market. Since consumers are highly dependent on credit to purchase what they desire, the Bank tightened lending procedures. The author also argues that despite the claimed ethical superiority of Islamic finance, there is no apparent difference when it comes to providing loans (or rather financing) to consumers. The findings of this study suggest that such procedures reduced the growth of household borrowing and consumer loans/financing. As such, the study concludes that Bank Negara Malaysia has an effective role to play in limiting the negative effects of imprudent consumption
Editorial. Special Issue
No full textThis special issue of KEMANUSIAAN the Asian Journal of Humanities comprises of nine
articles that discuss various topics related to humanities and religiosity, focusing mainly
on Islamic thought and religious ideals. The first article ventures to uncover an extremely
crucial aspect that was often neglected in the treatment of Islamic scriptures. It attempts to
study the possibility of applying the art and science of voice intonation when reading the
scriptures, particularly the ḥadīth. This study not only looks at how voice intonation could
help identify various linguistic and prosodic elements as well as styles, but also how it
could significantly affect the understanding of a certain ḥadīth. The preliminary analysis of
this study has successfully raised this problem for further scholarly endeavours in religion
and humanity studies.
The second article explores the linkages between Islamic spirituality and the instruction
of science. This explorative study on Islamic spirituality and science demonstrates that
the inclusion of spirituality in the teaching of natural sciences is beneficial for students as
it will help them connect their spiritual experience with the content of science, use their
innate abilities to further understand nature, and learn how to grasp the meaning of things.
The third article, on the other hand, aims at delineating Islamic position with regard to
the conflict between the habituation method and the moral autonomy. The study shows
that habituation method is incompatible with the goal of Islamic education, which is the
rational growth and development of the youth. Hence, it cannot be accepted in Islamic
moral education.
The fourth article examines a Persian travelogue written by Ḥājj Sayyāḥ, entitled
Safarnāmaḥ-i Ḥājj Sayyāḥ bih Farang, which presents a journey of escaping the captivity
of ignorance and heading towards absolute freedom by disciplining the soul in a sufi way.
Moving to a modern application of Islamic thought, the fifth article examines the issue
of Islamic governance from an epistemological point of view as inspired by the general
theory of Maqāṣid al-Sharīʿah. The study utilises an “inductive qualitative methodology”
(istiqrā’) to explore some conceptual frameworks and critically analyse the texts from
authentic Islamic sources. The sixth article, however, invites the readers to explore the past.
It analyses the structure of authorities and syncretic practices related to the development
of socio-political and cultural-religious environment in South East Asia prior to the spread
of Islam in the region.
The seventh article not only reveals that Islamic movements played a very significant role
in reforming da‘wah work, but also proves that the differences in political ideology were
not a major obstacle for Islamic movements in developing da‘wah work in the country.
The eighth article, interestingly, parades the life-changing experience of two Westerners’
conversion to Islam based on their autobiographies. In his autobiography The Road to
Mecca (1954), Leopold Weiss aka Muhammad Asad, a Jewish convert to Islam narrates
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the road that took him to Islam. Meanwhile, Kristiane Backer, an MTV celebrity presenter
who converted to Islam wrote an autobiography entitled From MTV to Mecca: How Islam
Inspired My Life (2012).
The ninth and final article in this issue assesses the underlying reasons for the sinicization
of Chinese Muslims apart from the obvious political necessity of the Chinese imperial
government, and the effects of the process on the Muslim community. This paper utilises
qualitative and library research methods to look at various factors which contributed to
the sinicization of Muslims in China and gives attention to the stimulus for synthesis byThis paper utilises
qualitative and library research methods to look at various factors which contributed to
the sinicization of Muslims in China and gives attention to the stimulus for synthesis by
Muslim intellectuals and scholars.. The findings of this paper indicate that one of such lasting impacts of sinicization is the formation of the Gedimu School which was essentially the synthesis of Chinese and Islamic ideas and traditions.
Nor Faridah Abdul Manaf
Muhammad Adli Musa
Guest Editor
Guardianship of balance: bridging spirituality and sustainability in the light of Quran and Sunnah
No full textNegotiating meanings: engagement with problematic or contradictory hadiths in medieval and modern times
No full textMarāqī Ulī al-Nuhā: on futuring and other relevant issues in contemporary Qurʾan and Sunnah studies
No full textQur'anic style in disclosing the behavioural features of Hypocrites
No full textHypocrite is a person who acts as a pious believer, though not having faith, or is a person whose inward reality differs from outward appearance. Hypocricy is an extremely dangerous disease of Ummah that weakens a believer’s faith and damages his soul. That is why Allah (SWT) warns the true believers against hypocrisy. The Holy Qurʾān addressed hypocrisy in several verses in different styles. Form the time of the Prophet (P.B.U.H) until now, these hypocrites are being considered a great threat for Islam and Muslims. In this connection, the aim of this paper is to identify the way Qurʾān unveils the characteristics of hypocrites with different styles by using inductive as well as analytical method. Among the most significant findings of this paper is that Qurʾān did not focus on their behavioural features only rather noted their intention, thinking, statements, activities, feelings and provided some symbolic signs to disclose their behavioural feature
The role of Bank Negara Malaysia in limiting imprudent consumption
No full textThis study identifies the role that Bank Negara Malaysia plays in regulating imprudent consumption. In doing so, the author reviews the Guidelines on Responsible Financing introduced by the Bank in 2012 to regulate the consumer credit market. Since consumers are highly dependent on credit to purchase what they desire, the Bank tightened lending procedures. The author also argues that despite the claimed ethical superiority of Islamic finance, there is no apparent difference when it comes to providing loans (or rather financing) to consumers. The findings of this study suggest that such procedures reduced the growth of household borrowing and consumer loans/ financing. As such, the study concludes that Bank Negara Malaysia has an effective role to play in limiting the negative effects of imprudent consumption
The role of Bank Negara Malaysia in limiting imprudent consumption
No full textThis study identifies the role that Bank Negara Malaysia plays in regulating imprudent consumption. In doing so, the author reviews the Guidelines on Responsible Financing introduced by the Bank in 2012 to regulate the consumer credit market. Since consumers are highly dependent on credit to purchase what they desire, the Bank tightened lending procedures. The author also argues that despite the claimed ethical superiority of Islamic finance, there is no apparent difference when it comes to providing loans (or rather financing) to consumers. The findings of this study suggest that such procedures reduced the growth of household borrowing and consumer loans/financing. As such, the study concludes that Bank Negara Malaysia has an effective role to play in limiting the negative effects of imprudent consumption
Ethics and Islamic finance: a study of Islamic financial ethics and Islamic banks in Malaysia
No full text© 2015 Dr. Muhammad Adli MusaAlthough theology and religion have in the past been important in promoting ethics in business, their contributions may be ignored in the current discourse and literature on business ethics. Currently, business ethics is treated narrowly as an applied philosophy and social science, even though, on a practical level, religious teachings inform and shape the morality of a substantial portion of the business population. While business ethics is considered to be integrated within the wider framework of established Islamic ethical norms, a large part of Islamic literature on the subject is either theologically oriented or superficial and inadequate in its assessment of Islamic business principles. The literature is fragmented and spread over a variety of sources, and does not sufficiently provide a systematic framework of business ethics despite the existence of many rich discussions about this concept in Islamic sources. The institutionalisation of Islamic finance aimed at promoting certain ethical values, such as the prohibition of unjust practices, encouraging moderation, balance and harmony in life, and assisting the underprivileged. However, current practices of Islamic financial institutions have been criticised for failing to promote such values, as they often adopt a ‘form over substance’ approach in Islamising conventional finance.
My aim in this thesis is to analyse the discourse on ethics in Islamic finance to identify: (i) the similarities and differences between mainstream and Islamic business and financial ethics; (ii) the relationship between ethics and Islamic finance; and (iii) the ways in which ethics has been infused in the formulation of legislation, guidelines and standards for the Islamic finance industry in Malaysia. I also aim to develop an Islamic financial ethics framework that can then be used to assess the extent to which practices of Islamic banks in Malaysia are consistent with the expectations derived from such a framework. In doing the above, I depended on the available relevant literature, interviews with Islamic finance experts and practitioners, a survey of the perception Islamic bank executives, and secondary data in the form of annual reports and annual financial statements of four selected Islamic banks in Malaysia.
My findings suggest that notions related to the concept of tawḥīd, such as accountability to God, revelation as a source of ethical guidance, and belief in life in the Hereafter appear to be the unique features of Islamic business and financial ethics. Nonetheless, mainstream and Islamic business and financial ethical norms are more or less similar. In the same way that law seems to be insufficient in warranting ethical behaviour, compliance with sharīʿah rules also does not guarantee ethicality, especially when focus is on the letter of the law as opposed to the spirit underlying it.
I identified that the ethicality of Islamic finance is often established on the basis of the following premises: (i) its Islamicity renders it inherently ethical; (ii) prohibitions of ribā, gharar, maysir and involvement in ḥarām activities serve ethical purposes; and (iii) the macro maqāṣid of the Islamic financial system is to establish socio-economic justice. However, there is a general sentiment that the establishment of Islamic financial institutions have yet to infuse ethics into the current financial system as they concentrate on Islamising conventional financial products and services because of: (i) the desire to expand and prove their financial viability; (ii) competition with their conventional counterparts; and (iii) the conventional background of most Islamic finance practitioners.
On the basis of three guiding principles, tawḥīd, ʿadālah and iḥsān, I developed an Islamic financial ethics framework. From each principle, I derived practical expectations. Islamic financial institutions are expected to: (i) ensure operations are based on sharīʿah principles; (ii) fulfil social responsibilities; (iii) emphasise profit/loss-and-risk-sharing financial intermediation; (iv) fully disclose material information; (v) fulfil their contractual obligations; (vi) avoid exploitation; (vii) promote financial inclusion through microfinance; (viii) provide qarḍ ḥasan and be lenient in recovering debts; and (ix) deliver quality services.
My assessment of the practices of the selected Malaysian Islamic banks reveals that they are committed to operating on the basis of sharīʿah principles and aim to fulfil their social obligations through corporate social responsibility initiatives. Bank Negara Malaysia has made it compulsory for Malaysian banks to be transparent and disclose pertinent information, and that corporate and sharīʿah governance structures are in place to promote integrity in fulfilling their duties. However, in general, the banks depend heavily on sale and lease based contracts in providing financing. Profit/loss-and-risk-sharing contracts are almost absent. The banks have also yet to actively introduce microfinancing schemes, and there seems to be a decline in the percentage of financing provided to small and medium enterprises. Only two out of the four banks recorded providing qarḍ ḥasan, and only one bank disclosed the manner in which it dealt with clients facing difficulties in fulfilling their financial obligations. Generally, the banks endeavour to provide quality services, but the observations and experiences of some of my interviewees indicate that they fell short of meeting their expectations. It can be argued that the agreement between the banks’ practices and the framework developed through this research was mainly driven by legal requirements. Meanwhile, the inconsistencies were mainly caused by a failure to appreciate the higher objectives of the sharīʿah in relation to Islamic finance
The concept of naṣīḥah as the philosophy of Islamic spiritual care
No full textThis paper proposes the Islamic concept of naṣīḥah as the core concept for the philosophy of Islamic spirituality and by extension Islamic spiritual care. Naṣīḥah in this context is not treated as merely verbal advice, rather it is elaborated in such a way that it covers the actualisation of the tawḥidic paradigm, and methodologically, as permitted by its semantic, embraces synthesis, integration, purification, filtering, relevantisation as well as Islamisation or Islamicisation. Hence, naṣīḥah represents the crux of religion and the raison d’etre of Islam as declared by the Prophetic ḥadīth. The paper discusses its postulation by addressing two main concepts: first, al-riʿāyah as the idea of Islamic spiritual care, second, naṣīḥah as the conceptual framework of al-riʿāyah. Its arguments are based mainly on the interpretation of related Qurʾanic verses, Prophetic ḥadīths and the Islamic intellectual tradition. The conclusion shows that naṣīḥah suits as a unifying concept, moreover if appreciated as a key philosophical and civilisational concept in Islamic worldview
