Takaful) by Bouaziz Cheikh
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Shariah Issues in the Application of Repurchase Undertaking in Sukuk Mudarabah
International Journal of Business and Technopreneurship Volume 10, No 2, June 2020 [173-182] Shariah Issues in the Application of Repurchase Undertaking in Sukuk Mudarabah Ibraheem Alani Abdulkareem1*, Mohd Sadad Mahmud1, AbdulFattah AbdulGaniyy2 and Ahmad Shukri Yazid1 1Faculty of Business and Management, Universiti Sultan Zainal Abidin (UNISZA), 23100, Gong Badak, Terengganu, Malaysia. 2Department of Accountancy, Federal Polytechnic, Kaura Namoda, Zamfara State, Nigeria. ABSTRACT The Malaysia Sukuk market has grown quickly over the past two decades which makes it an integral part of the Malaysia capital market. It keeps embracing innovative structure, as underlined by the dispatch of Sukuk utilizing the ideas such as ijarah, salam, musharakah and mudarabah. The higher level of dynamism in the market is reflected by the growth of sophisticated Sukuk arrangements that are now structured-based on numerous Shariah ideas to meet the needs of the customer (Sukuk holders). Owing to the foregoing, the objective of this paper is to show that there are few Shariah issues which require further discussion to guarantee compliance with Shariah (Islamic law). This paper discusses Shariah issues in Sukuk mudarabah and focuses on the application of repurchase undertaking in Sukuk mudarabah structure using Malaysia as a case study. The methodology applied for this study is based on previous studies and literature related to the topic which were gathered from different published articles, reports and several sources. This paper recommends that Shariah scholars across the globe should converge for harmonization of opinion to arrive at a given standard for the operation of Islamic products unification globally. Keywords: Sukuk, Mudarabah, Repurchase Undertaking, Shariah. -
New Model of Salam Sale for Agricultural Development Finance
Research Article New Model of Salam sale for Agricultural Archives of Development Finance Al Siddig Talha M Rahma* Agriculture Imam Mohammed Ibn Saud Islamic University, College of Economics &Business administration, Kingdom of Saudi Arabia Research and Abstract Technology (AART) The new financial economic model derived from the traditional Salam situation. This scenario is based on the idea behind the treatment of risks facing traditional Salam applications, which includes high rates of inflation and the exit of financing from its approved aspects, which cannot enable the farmer or producer to disburse this monetary benefit in the Volume 1 Issue 3, 2020 fields of agriculture. Then Banks and financial institutions lose huge amounts of money that are wasted. In addition, lack of understanding of the process of obtaining loans between farmers and producers, this new model can solve many problems Article Information and risks in the classic sales of Salam, which rely mainly on granting cash loans. Received date: May 28, 2020 Published date: July 07, 2020 The paper works to monitor and limit the risks posed by the traditional Salam and pushes that agricultural financing loses. It is most important input to financing and then corrects the paper and it relies on this innovative model, which aims to provide the necessary inputs to farmers and producers. This paper attempts to solve this problem by providing inputs directly *Corresponding author by updating production through regular and timely operation of modern scientific inputs. Al Siddig Talha M Rahma, Imam Mohammed Ibn Saud Islamic University, The study identified the structural equation model to analyze the results of the analysis of descriptive statistical data, College of Economics & Business which resulted in the preferred cash financing for farmers as a desirable situation. -
Islamic Economic Thinking in the 12Th AH/18Th CE Century with Special Reference to Shah Wali-Allah Al-Dihlawi
Munich Personal RePEc Archive Islamic economic thinking in the 12th AH/18th CE century with special reference to Shah Wali-Allah al-Dihlawi Islahi, Abdul Azim Islamic Economics Institute, King Abdulaziz University, Jeddah, KSA 2009 Online at https://mpra.ub.uni-muenchen.de/75432/ MPRA Paper No. 75432, posted 06 Dec 2016 02:58 UTC Abdul Azim Islahi Islamic Economics Research Center King Abdulaziz University Scientific Publising Center King Abdulaziz University http://spc.kau.edu.sa FOREWORD The Islamic Economics Research Center has great pleasure in presenting th Islamic Economic Thinking in the 12th AH (corresponding 18 CE) Century with Special Reference to Shah Wali-Allah al-Dihlawi). The author, Professor Abdul Azim Islahi, is a well-known specialist in the history of Islamic economic thought. In this respect, we have already published his following works: Contributions of Muslim Scholars to th Economic Thought and Analysis up to the 15 Century; Muslim th Economic Thinking and Institutions in the 16 Century, and A Study on th Muslim Economic Thinking in the 17 Century. The present work and the previous series have filled, to an extent, the gap currently existing in the study of the history of Islamic economic thought. In this study, Dr. Islahi has explored the economic ideas of Shehu Uthman dan Fodio of West Africa, a region generally neglected by researchers. He has also investigated the economic ideas of Shaykh Muhammad b. Abd al-Wahhab, who is commonly known as a religious renovator. Perhaps it would be a revelation for many to know that his economic ideas too had a role in his reformative endeavours. -
Understanding Islamic Law (Sharī’A)
Understanding Islamic Law (Sharī’a) bhala understanding 2e.indb 1 7/6/16 8:09 AM bhala understanding 2e.indb 2 7/6/16 8:09 AM Understanding Islamic Law (Sharī’a) second edition Raj Bhala Associate Dean for International and Comparative Law and Rice Distinguished Professor, University of Kansas School of Law Carolina Academic Press Durham, North Carolina bhala understanding 2e.indb 3 7/6/16 8:09 AM Copyright © 2016 Carolina Academic Press LLC All Rights Reserved Library of Congress Cataloging-in-Publication Data Names: Bhala, Raj, author. Title: Understanding Islamic law / Raj Bhala. Description: Second Edition. | Durham, North Carolina : Carolina Academic Press, [2016] | Includes bibliographical references and index. Identifiers: LCCN 2016027161 | ISBN 9781632849502 (alk. paper) Subjects: LCSH: Islamic law. Classification: LCC KBP144 .B49 2016 | DDC 340.5/9--dc23 LC record available at https://lccn.loc.gov/2016027161 Carolna Academic Press LLC 700 Kent Street Durham, NC 27701 Telephone (919) 489-7486 Fax (919) 493-5668 www.caplaw.com Printed in the United States of America bhala understanding 2e.indb 4 7/6/16 8:09 AM Bismillah ir Raḥmān ir Raḥīm (In the Name of God, the Most Gracious, the Most Merciful) Christians and Muslims are brothers and sisters. We must therefore consider ourselves and conduct ourselves as such. Together, we must say no to hatred, to revenge and to violence, particularly that violence which is perpetrated in the name of a religion or of God himself. God is peace, salām. His Holiness, Pope Francis (1936–), Bishop of Rome Address and Meeting with the Muslim Community Central Mosque Bangui, Central African Republic 30 November 2015 May the pure, brilliant sun of bodhicitta [enlightened mind] Dawn in each and every heart and mind Dispelling the darkness of suffering and confusion Unstoppably — until all are illumined and awakened. -
The Theory of Punishment in Islamic Law a Comparative
THE THEORY OF PUNISHMENT IN ISLAMIC LAW A COMPARATIVE STUDY by MOHAMED 'ABDALLA SELIM EL-AWA Thesis submitted for the Degree of Doctor of Philosophy in the University of London, School of Oriental and African Studies, Department of Law March 1972 ProQuest Number: 11010612 All rights reserved INFORMATION TO ALL USERS The quality of this reproduction is dependent upon the quality of the copy submitted. In the unlikely event that the author did not send a com plete manuscript and there are missing pages, these will be noted. Also, if material had to be removed, a note will indicate the deletion. uest ProQuest 11010612 Published by ProQuest LLC(2018). Copyright of the Dissertation is held by the Author. All rights reserved. This work is protected against unauthorized copying under Title 17, United States C ode Microform Edition © ProQuest LLC. ProQuest LLC. 789 East Eisenhower Parkway P.O. Box 1346 Ann Arbor, Ml 48106- 1346 2 , ABSTRACT This thesis deals with the theory of Punishment in Islamic law. It is divided into four ch pters. In the first chapter I deal with the fixed punishments or Mal hududrl; four punishments are discussed: the punishments for theft, armed robbery, adultery and slanderous allegations of unchastity. The other two punishments which are usually classified as "hudud11, i.e. the punishments for wine-drinking and apostasy are dealt with in the second chapter. The idea that they are not punishments of "hudud11 is fully ex- plained. Neither of these two punishments was fixed in definite terms in the Qurfan or the Sunna? therefore the traditional classification of both of then cannot be accepted. -
Blasphemy, Charlie Hebdo, and the Freedom of Belief and Expression
Blasphemy, Charlie Hebdo, and the Freedom of Belief and Expression The Paris attacks and the reactions rashad ali The horrific events in Paris, with the killing of a group of Other reactions highlight and emphasise the fact journalists, a Police officer, and members of the Jewish that Muslims are also victims of terrorism – often the community in France have shocked and horrified most main victims – a point which Charlie Hebdo made in commentators. These atrocities, which the Yemen branch an editorial of the first issue of the magazine published of the global terrorist group al-Qaeda have claimed the following the attack on its staff. Still others highlight responsibility for,1 have led to condemnations from that Jews were targeted merely because they were Jews.2 across the political spectrum and across religious divides. This was even more relevant given how a BBC journalist Some ubiquitous slogans that have arisen, whether appeared to suggest that there was a connection between Je suis Charlie, Ahmed, or Juif, have been used to show how “Jews” treated Palestinians in Israel and the killing of empathy with various victims of these horrid events. Jews in France in a kosher shop.3 These different responses illustrate some of the divides in The most notorious response arguably has not come public reaction, with solidarity shown to various camps. from Islamist circles but from the French neo-fascist For example, some have wished to show support and comedian Dieudonne for stating on his Facebook solidarity with the victims but have not wished to imply account “je me sens Charlie Coulibaly” (“I feel like Charlie or show support to Charlie Hebdo as a publication, Coulibaly”). -
Sukuk in Focus the Necessity for Global Common Practices Deloitte Islamic Finance Insights Series Leading by Engaging
Sukuk in focus The necessity for global common practices Deloitte Islamic Finance Insights Series Leading by engaging Sukuk in focus | The necessity for global common practices Contents 04 05 06 07 Foreword from Deloitte Foreword from ISRA Acknowledgments Executive summary 09 10 12 17 Introduction: Strategic Shariah governance and Practice and market Regulatory capabilities and practice approach sustainability institutions market development 40 41 Sustainability in focus Thinking further ahead: Practice and policy considerations 03 Sukuk in focus | The necessity for global common practices Foreword from Deloitte Dear Islamic finance practitioners, For Islamic finance practitioners, this will require re-thinking and re-modelling of For nearly two decades, many financial their governance frameworks and regulators and investment institutions business operating channels. Most around the world have been committed importantly, practitioners need to harness to strengthening practices in Islamic their Islamic finance corporate culture capital markets, and leverage standards and embrace a ‘back to basics’ approach for Sukuk as a key investment asset class. and adhere to designing products and Embedded within this has been an services in line with the ‘equity-base’ equally strong commitment from industry differentiator to fund real economy standards setters and other business projects. supporting institutions (BSIs) to address practice differences and inconsistency. Clearly, this can be streamlined in the first place, with Maqasid Al Shariah, which It is with great pleasure that we produce reflects values and practices of social and Dr. Hatim El Tahir, FCISI this report, and put forward our thoughts economic inclusion and sustainable Director, Islamic Finance Group on a number of business practices community development. -
Lending, the Poor & Islamic Scripture
Lending, the Poor & Islamic Scripture: Islamic Finance versus Welfare Islam Pejman Abedifar Centre for Responsible Banking & Finance, School of Management, University of St Andrews, UK Email: [email protected]; Tel.: +44 (0)1334 462795; Fax: +44 (0)1334 462812 Abstract. This paper contributes to Islamic studies literature, by exploring why many Islamic scholars believe that Islam bans conventional lending and mandates Islamic finance, and how the scriptural injunction against ribā is redefined when we consider the features of modern economic systems. The article advocates the view that ribā and charity are inextricably linked, and must therefore be considered together. The latter emphasizes helping the poor and the former prevents exploiting them. Islamic finance, however, has been incepted by erroneous juxtaposing trade with lending. The study also discusses the fallacies raised by many Islamic scholars against conventional lending. This manuscript demonstrates the necessity of modernizing our religious understanding to accelerate poverty reduction in the Muslim world. JEL Classifications: G21; G23; Z12 Keywords: Islamic Finance; Economics of Religion; Riba. Acknowledgement: I would like to gratefully thank Thorsten Beck, Kais Bouslah, David Cobham, Mohammad Omar Farooq, Laurence Lasselle, Samuel Mansell, Philip Molyneux, Philip Roscoe, Vuk Talijan, Wijdan Tariq and John Wilson for their helpful comments on the paper. I would also like to thank seminar participants from the University of St Andrews, the third annual conference of the British Association for Islamic Studies, Edinburgh conference on legal institutions and finance, Imam Sadiq University, Sharif University of Technology and the 50th Annual Conference of Money, Macro & Finance Research Group organized by Heriot Watt University for their constructive comments. -
Resolutions of the Shariah Advisory Council of the SC
RESOLUTIONS OF THE SHARIAH ADVISORY COUNCIL OF THE SECURITIES COMMISSION MALAYSIA 31 December 2020 Resolutions of the Shariah Advisory Council of the Securities Commission Malaysia Resolutions of the Shariah Advisory Council ii of the Securities Commission Malaysia CONTENTS PART A 2 INTRODUCTION AND OBJECTIVES PART B 3 RESOLUTIONS OF THE SHARIAH ADVISORY COUNCIL OF THE SECURITIES COMMISSION MALAYSIA PRINCIPLES AND CONCEPTS OF MUAMALAT IN THE ISLAMIC CAPITAL MARKET 1. Ta`widh 4 2. Bai` `Inah (i) Implementation of Bai` `Inah 8 (ii) Implementation of Resolution on Bai` `Inah in Sukuk Structuring 12 3. Ibra’ 14 4. Wa`d and Muwa`adah 16 5. Tawarruq 20 6. `Aqd al-Tawrid 21 ISLAMIC CAPITAL MARKET PRODUCTS 7. Nature of Shares 25 8. Crude Palm Kernel Oil Futures Contract (FPKO) 26 9. Single Stock Futures (SSFs) Contract 27 10. Islamic Business Trusts 29 11. Islamic Exchange-Traded Fund Based on Gold and Silver 31 12. Stapled Securities 34 Resolutions of the Shariah Advisory Council iii of the Securities Commission Malaysia 13. Issuance of Redeemable Convertible Unsecured Islamic Debt 35 Securities (RCUIDS) with Free detachable Warrants Based on Shariah Principle of Murabahah (via Tawarruq Arrangement) 14. Islamic Securities Selling and Buying-Negotiated Transaction (iSSB- 39 NT) Model 15. Islamic Real Estate Investment Trusts (Islamic REIT) 40 SHARIAH ISSUES IN RELATION TO THE ISLAMIC CAPITAL MARKET TYPES OF IJARAH 16. Ijarah Mudhafah Ila Mustaqbal 54 17. Ijarah Mawsufah Fi Zimmah 56 18. Ijarah Muntahiyah Bi Tamlik 58 19. Sublease 60 20. Implied Sublease 61 IJARAH ASSET 21. Asset and Usufruct as Mahal al-`Aqd in Ijarah Contract 63 22. -
Parolin V9 1..190
Citizenship in the Arab World IMISCOE International Migration, Integration and Social Cohesion in Europe The IMISCOE Network of Excellence unites over 500 researchers from European institutes specialising in studies of international migration, integration and social cohesion. The Network is funded by the Sixth Framework Programme of the European Commission on Research, Citizens and Governance in a Knowledge-Based Society. Since its foundation in 2004, IMISCOE has developed an integrated, multidisciplinary and globally comparative research project led by scholars from all branches of the economic and social sciences, the humanities and law. The Network both furthers existing studies and pioneers new research in migration as a discipline. Priority is also given to promoting innovative lines of inquiry key to European policymaking and governance. The IMISCOE-Amsterdam University Press Series was created to make the Network’s findings and results available to researchers, policymakers and practitioners, the media and other interested stakeholders. High-quality manuscripts authored by IMISCOE members and cooperating partners are published in one of four distinct series. IMISCOE Research advances sound empirical and theoretical scholarship addressing themes within IMISCOE’s mandated fields of study. IMISCOE Reports disseminates Network papers and presentations of a time-sensitive nature in book form. IMISCOE Dissertations presents select PhD monographs written by IMISCOE doctoral candidates. IMISCOE Textbooks produces manuals, handbooks and other didactic tools for instructors and students of migration studies. IMISCOE Policy Briefs and more information on the Network can be found at www.imiscoe.org. Citizenship in the Arab World Kin, Religion and Nation-State Gianluca P. Parolin IMISCOE Research This work builds on five years of onsite research into citizenship in the Arab world. -
Blasphemy Laws in Pakistan
Blasphemy Laws in Pakistan A Historical Overview Center for Research and Security Studies (CRSS), Islamabad House#36-B, Street#30, F-8/1 Tel: 051-8314801-03, Fax: 051-8314801 www.crss.pk 0 Acknowledgements CRSS owes its gratitude to Mohammad Nafees, Senior Research Fellow (CRSS) for writing this report. Thanks also to Zeeshan Haider (CRSS Media Consultant) and to Imdad Ullah, Senior Research Fellow, CRSS for useful editing contributions to this valuable report. CRSS also thanks Peace Education and Development (PEAD) Foundation for helping out with the publication of this report. 1 Contents Executive Summary 4 Introduction 6 Chapter 1: British India and blasphemy laws History of blasphemy laws 295, 296, & 298 8 Chapter 2: Political background of Pre-partition India Two nation theory in its inception 10 Hindu-Muslim unity and disunity 12 Introduction to blasphemy law 295A 13 Causes for introduction of blasphemy law 295A 14 Chapter 3: Blasphemy laws before Zia-ul-Haq era 19 Chapter 4: Blasphemy laws after Zia-ul-Haq era: 21 Introduction of new blasphemy laws 21 Chapter 5: Historical background of communal riots in Pakistan 24 Political challenges of the new country 24 Communal riots in Punjab and East Pakistan 25 Communal hatred – a breeding ground for dictatorship in Pakistan 29 Chapter 6: Controversies of new blasphemy laws 34 Ambiguity of blasphemy laws 35 A study of blasphemy law 295C 36 Punishment of blasphemy laws in Pakistan and other Muslim countries 39 Chapter 7: Use and Misuse of the blasphemy laws 42 Unprecedented rise of blasphemy -
1 the Practice of Murabaha
THE PRACTICE OF MURABAHA: A COMPARATIVE STUDY BETWEEN BANK MUAMALAT INDONESIA AND ALBARAKA BANK IN SOUTH AFRICA Thesis Submitted to the Shari’a and Law Faculty in Partial Fulfillment of the Requirements for the Degree of Strata 1 By: Shiraaj Buziek 105046103559 ISLAMIC ECONOMICS SHARI’A AND LAW FACULTY SYARIF HIDAYATULLAH STATE ISLAMIC UNIVERSITY JAKARTA 2011 1 2 THE PRACTICE OF MURABAHA: A COMPARATIVE STUDY BETWEEN BANK MUAMALAT INDONESIA AND ALBARAKA BANK IN SOUTH AFRICA Thesis Submitted to the Shari’a and Law Faculty in Partial Fulfillment of the Requirements for the Degree of Strata 1 By: Shiraaj Buziek 105046103559 Under the Guidance Advisor DR. Phil. JM. Muslimin, MA NIP. 150 295 489 ISLAMIC ECONOMICS SHARI’A AND LAW FACULTY SYARIF HIDAYATULLAH STATE ISLAMIC UNIVERSITY JAKARTA 2011 3 PENGESAHAN PANITIA UJIAN Skripsi berjudul “The Practice Of Murabaha: Comparative Study Between Bank Muamalat Indonesia and Albaraka Bank In South Africa” telah diujikan dalam Sidang Munaqasyah Fakultas Syariah dan Hukum Universitas Islam Negeri (UIN) Syarif Hidayatullah Jakarta pada 5 April 2011. Skripsi ini telah diterima sebagai salah satu syarat memperoleh gelar Sarjana Ekonomi Syariah (SE.Sy) pada Program Studi Muamalat (Ekonomi Islam). Jakarta, 5 April 2011 Mengesahkan Dekan, Prof.Dr.H. Muhammad Amin Suma, SH, MA, MM NIP. 195505051982031012 PANITIA UJIAN 1. Ketua : Dr.H.A.Mukri Adji, M.A NIP. 195703121985031003 2. Sekretaris : Mu‟min Roup, S.Ag., MA NIP. 150281979 3. Pembimbing : Dr. Phil JM Muslimin, MA (…………..) NIP. 150295489 4. Penguji I : Dr. H. Anwar Abbas, M.Ag, MM NIP. 195502151983031002 5. Penguji II : Drs. Noryamin Aini, MA NIP. 196303051991031002 4 IN THE NAME OF ALLAH THE MOST BENFEICIENT THE MOST MERCIFUL 5 DECLARATION I declare that the thesis “The Practice Of Murabaha: Comparative Study Between Bank Muamalat Indonesia and Albaraka Bank In South Africa” is hereby submitted to the Shari‟ah and Law Faculty at UIN Syarif Hidayatullah State Islamic University of Jakarta in Partial Fulfillment of the Requirements for the Batchelors Degree.