99 research outputs found
Accelerating distribution of Muslim inheritance in the light of Irtikāb Akhaf al-Dararayn (Act-on Lesser of The Two Harms) / Saheed Abdullahi Busari
Get PDFIslamic inheritance is one of the ḥudūd in Islamic law that observes strict regulations in the textual evidence. However, the quest for the acceleration of inheritance in recent times is due to fear of greater harm from the violation of the rights of weak heirs since there are reported cases of possible denial of female children, women, underage and baby in the foetus, which requires protection in the estate of the bequeather. This study explores the juristic interpretation of the term "death of the bequeather" as a condition of distributing the estate and the juristic implication of the dire circumstances that may trigger the acceleration before the death of the bequeather in contemporary realities. This study uses the doctrinal approach in the qualitative method to explore the implication of death of the bequeather a primary condition in the distribution of the estate in Islamic inheritance, and the possibility of applying the principle of Akhāfu al-Dararayn to establish the acceleration of distribution of Islamic inheritance. The study found that the quest for the acceleration of the distribution of inheritance is mostly related to the Muslim minority society where Shariah is not recognised and applied in family-related issues triggering the call for a safety net to protect the interest of the weak among the heirs to achieve the higher Shariah objective of protection of family and wealth through the transfer of ownership and benefit. This study suggests the need to assess the implications of applying the principle of Irtikāb akhāfu al-dararayn in the acceleration of wealth distribution
Ownership transfer of digital assets in Islamic wealth management: a juristic analysis / Saheed Abdullahi Busari, Hassan Suleiman and Habeebullah Zakariyah
Get PDFThe concept of wealth transfer is a fundamental element of Islamic wealth management that promotes the creation, distribution, and transfer of wealth from one generation to another to enhance continuous ownership and benefit from (1) personal assets like jewellery, furniture appliances, (2) investment like cash savings, shares, gold and pensions, and (3) digital assets like cryptocurrencies, reward cards, vouchers, and business IP. However, growth in the acquisition of digital assets in recent times has generated concerns among legal and shariah experts about the consequences of ownership transfers after the death of the bequeather. This study aims to explicate the meaning of digital assets from an Islamic jurisprudential perspective. It also explores the meaning of true sale and its implication for digital asset acquisition and the transfer of ownership from one generation to the other. The study uses a doctrinal approach to gathering and analysing issues from a shariah perspective. This study found that despite the opportunity for wealth creation through digital assets, there are issues around ownership and transfer based on the concept of true sale, rent, gift, and endowment from the owner to third parties. The ownership right and possession to transfer a digital asset from one person to another seem unclear and deceptive because when a buyer clicks the button “buy” it might mean “rent”. To address the ownership issues in digital assets, further study can explore the presence of digital asset creators and miners from Muslim countries and the legal status of the contractual agreement to ascertain the effects and reality of ownership transfer of digital assets on the growth and development of the Muslim economy across the globe
Islamic wealth management towards sustainable development: a state-of-the-art analysis / Saheed Abdullahi Busari ... [et al.]
Get PDFIn recent times, Islamic Wealth Management (IWM) has garnered increasing attention for its potential impacts on sustainable development goals, yet its role in achieving these goals remains under-researched. This study employs an advanced analytical approach to explore the relationship between IWM and SDGs, aiming to illuminate emerging trends and address key issues. Utilizing a comprehensive methodology, the research synthesizes insights from a variety of scholarly articles, journals, and research papers over a specified timeframe. By critically analyzing existing knowledge, the study seeks to understand how IWM contributes to or challenges sustainable development. Key areas of focus include wealth distribution mechanisms, ethical investment practices, and the alignment of Islamic financial principles with SDGs. Additionally, it examines practical aspects, such as the implementation of Islamic financial instruments and the role of Islamic institutions in promoting sustainable socio-economic growth. The study also addresses contemporary challenges faced by IWM, providing a nuanced understanding of its current state and potential future paths. By highlighting both successes and obstacles, this research enriches the discourse on Islamic financial practices and the evolving landscape of global Islamic wealth management. Ultimately, the study identifies a significant interplay between IWM and sustainable development, focusing on wealth distribution, ethical investments, and practical implementation
The financial distress of corporate personality: a perspective from fiqh
No full textOriental scholars discuss the concept of corporate personality
without any reference to Islamic law. A leading proponent of this view is
Joseph Schachta western scholar of jurisprudence who contended that Islamic
jurisprudence is limited to individual personality and devoid of corporate laws,
hence, contractual agreements between corporations has no basis in Islamic
law. Several scholars and researcher have responded with sufficient literature
on the status of an artificial person in Islamic law, but there are still issues with
the legal implication of corporate personality in the event of financial distress.
This study aims to explore Islamic threshold on fundamental principles of
corporate personalities and its contemporary applications in the situation of
financial trouble. The study will employ the analytical approach in describing
the essential characteristics of a corporation as inherent in Islamic law through
interpolation from the natural person and the possibility of adapting the existing
conventional bankruptcy laws. This study employs an analytical approach to Islamic literature and regular related works. The study found out that even
though the concept of financial distress has basis in Islamic law, it remains
complicated as it entails insolvency, bankruptcy and interdiction in a debtorcreditor relationship. Overall, further efforts need to be done to put these
concepts into contemporary and applicable perspectives without violating
Islamic fundamental principle of justice and fair dealings
The scope of ‘Illah (causal effect) of riba prohibition on gold and silver: a juristic analysis / Saheed Abdullahi Busari, Ridwan Ayomide Akanbi and Akhtarzaite AbdulAziz
Get PDFThere is a consensus among Muslim scholars that ribā (usury) is generally forbidden in Islamic law. However, there is a subjective interpretation of the scope and limitations regarding its criteria and subrulings. The jurists are unanimous that the prohibition of ribā in Islam is definitive, but the application to different modern currencies is subject to interpretation. Whether the ‘illah (causal effect) of the prohibition of ribā should be limited to gold and silver or extended to other currencies recognized as mediums of exchange. According to a tradition of the Prophet PBUH, that considers exchange of gold, silver, wheat, barley, and dates as ribawī items (usurious) unless the exchange is done hand to hand and in equal amounts. This study aims to explain why the classical jurists of the Shafi’i school of law opined that gold and silver are the main currencies considered mahal al-‘illah (place of causal effect), where ribā is likely to occur. This opinion further stresses that the ‘illah of ribā is limited to gold and silver because they were mainly used as prices in the classical era. However, there is a need to explicate the sociological influence that suggests the position of the classical Shafi’i scholars for limiting the application of the ‘illah to gold and silver specifically, without consideration for non-gold or silver coins as substitute currencies. There is a need for further investigation into the reasons behind non-extension, whether its extension is prohibited in this matter or because there was no available paper currency during the classical time, which made some of the scholars of Shafi’i limit mahal al-‘illah to only gold and silver. The paper uses a doctrinal approach of qualitative methods to analyze the reasons why some classical scholars of Shafi’i positioned that the ‘illah of ribā prohibition is limited to gold and silver, while others contend the permissibility of analogical deduction (qiyās) to extend and interpolate the‘illah of ribā from gold and silver to modern currencies
The Application of Ar-rahan-based Microcredit facility as an Alternative Instrument for poverty alleviation in Nigeria
No full textConflicts and food diplomacy: an Islamic perspective
No full textThe importance of food as the main source of livelihood usually concerns policymakers, leaders, family heads, and individuals during shortages of supply. However, people seldom noticed some diplomacy around food supply and demand in society which usually enhances food security and stabilizes the economy(Wan & Zhou, 2017). Globally, economies of scale have encouraged international trade of import-export of goods between countries which might be challenging in the event of a World War or regional war stocking the movement of food between countries(Mcdonald, n.d.). It is interesting to ask why food is important at every official meeting, event, or conference. The political class has invented the heading “lunch invitation” for political alliances and coalitions. Religious organizations have recently used the term breakfast time, lunch day, and weekend dinner to invite neighbors to enhance inclusiveness and understanding(Epstein, 2002; Busari, 2021). Food diplomacy has been used to promote countries' image, improve international ties, and broker peace between nations especially warring parties or political rivals who are invited for peaceful negotiation and cooperation through dinner gatherings. The global Thai food initiative to expand the number of local restaurants from 5,500 to 8000 to provide food around the world was considered by the Economist newspaper in 2002 as global food diplomacy by the Thai government, perhaps to improve its national image across the globe. South Korean cuisine with an organized culinary event across the world since 2009 was another food diplomacy success story to improve country image and international ties with other nations, especially in trade and tourism(Caroline Sabater, 2021). The United States of America has also explored the potential of food diplomacy since 2012 by creating a committee of 80 American chefs for the advertising and promotion of American food across the globe(The Diplomatic Insight, 2023). The Malaysian open house is a cultural and religious custom where visitors and strangers are generally welcome to the house or center for dining and celebrating religious festivals such as Hari Raya Puasa, Chinese New Year, Deepavali, and Christmas. Open houses in Malaysia are another food diplomacy strategy to promote harmony among races and to enhance understanding, respect, and tolerance among different cultural and religious groups(Solleh, 2015)
Role of Islamic wealth in sustainable development
No full textIslamic wealth management (IWM) characteristically aligns with the central principles of sustainability and social
responsibility, making it a major potential contributor to global sustainable development goals (Busari et al., 2024).
Hence, this chapter focuses on how Islamic wealth management could be gainfully explored to address contemporary
social and environmental challenges, particularly through its principles of investments in ethical, green, and
impact-focused initiatives. It highlights how its social financial instruments and institutions, including waqf, zakat,
qard hasan and sustainable sukuk, could be deployed as veritable mechanisms to mobilise resources not only for
poverty alleviation programmes but also renewable energy and community development projects. Furthermore,
the chapter addresses the growing concerns of Environmental, Social, and Governance (ESG) criteria in Shari’a�compliant investments which is one of the key components of Islamic wealth management and financial planning.
This chapter also provides insightful practical recommendations on how to position Islamic wealth management as
a holistic and universal socio-financial ecosystem that could be used as a transformative tool to achieve global
sustainable development goals
Exploring the Islamic approach to Halal science: analysis of Ijtihad methodology for determining permissibility and prohibition of blood plasma in food additives
No full textThe significance of the Islamic principles of Halal and haram to a sustainable society cannot be overemphasized in the current global struggle against socio-economic, medical, and environmental issues. Halal science products and services are becoming attractive to corporate industries, especially in the food industry. Although related studies in the Halal industry have been gaining attention in recent times, with the global economic outlook to hit $4.96 trillion by 2030, little is known about the research that speaks to the fundamental Islamic principles of halal and haram in the food and services industries. Modern industries are conscious of employing workers who can contribute to the sustainability of the business amid the emerging contemporary realities. This study explicates contemporary Ijtihad methodology of Taḥqīq manāt al-hukm (verifying causal effect existence) and takhrīj manāt al-hukm (coming up with effective cause) in food additives like blood plasma content. To this effect, the study employs qualitative methodology in data gathering and analysis of classical and contemporary literature reviews. This study found that comprehensive Ijtihad methodology and application is a necessity for understanding the modern realities of Halal and Haram in food additives using blood plasma contents
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