Understanding Islamic Law (Sharī’A)
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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. -
Interpreting the Qur'an and the Constitution
INTERPRETING THE QUR’AN AND THE CONSTITUTION: SIMILARITIES IN THE USE OF TEXT, TRADITION, AND REASON IN ISLAMIC AND AMERICAN JURISPRUDENCE Asifa Quraishi* INTRODUCTION Can interpreting the Qur’an be anything like interpreting the Constitution? These documents are usually seen to represent overwhelming opposites in our global legal and cultural landscapes. How, after all, can there be any room for comparison between a legal system founded on revelation and one based on a man-made document? What this premise overlooks, however, is that the nature of the founding legal text tells only the beginning of the story. With some comparative study of the legal cultures that formed around the Qur’an and the Constitution, a few common themes start to emerge, and ultimately it turns out that there may be as much the same as is different between the jurisprudence of Islam and the United States. Though set against very different cultures and legal institutions, jurists within Islamic law have engaged in debates over legal interpretation that bear a striking resemblance to debates in the world of American constitutional theory.1 We will here set these debates next to * Assistant Professor, University of Wisconsin Law School. The author wishes to thank Frank Vogel and Jack Balkin for their support and advice in the research that contributed to this article, and Suzanne Stone for the opportunity to be part of a stimulating conference and symposium. 1 Positing my two fields as “Islamic” and “American” invokes a host of potential misunderstandings. First, these are obviously not mutually exclusive categories, most vividly illustrated by the significant population of American Muslims, to which I myself belong. -
Raj Bhala† Table of Contents I. the Schismatic Environment
DOHA ROUND SCHISMS: NUMEROUS, TECHNICAL, AND DEEP Raj Bhala† Table of Contents I. The Schismatic Environment ................................... 6 II. Fall 2007 Negotiations on Agriculture .......................... 8 A. The Familiar Agriculture – Industry Trade-Off and Sequencing Problem ....................................... 8 B. Special Treatment for Customs Unions? .................... 8 C. American Agreement to Deeper Farmer Subsidy Cuts ....... 10 D. Green Box and Export Competition ........................ 11 E. Special Products .......................................... 12 III. Fall 2007 Negotiations on NAMA and Services ................. 13 A. The Indian NAMA Discussion Paper ....................... 13 B. Developing Countries, RAMs, and NAMA ................. 15 C. Environmental Goods ..................................... 17 D. Services .................................................. 19 IV. The November 2007 Draft Text on Trade Remedy Rules ........ 23 A. Antidumping and Countervailing Duties .................... 23 B. Proposed AD Rule Changes ............................... 24 C. Proposed CVD Rule Changes .............................. 30 D. More Hard Bargaining..................................... 32 E. Fishing Subsidy Disciplines ................................ 37 V. The Winter Working Papers on Agriculture ..................... 39 † Rice Distinguished Professor, The University of Kansas, School of Law, Green Hall, 1535 West 15th Street, Lawrence, Kansas, U.S.A. 66045. Telephone: (785) 864-9224; Fax: (785) 864-5054. Email: -
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. -
Why Forbidden Alcohol in the Islam? It Is a Well Known Fact That Muslims Don’T Drink Alcohol
Why forbidden alcohol in the Islam? It is a well known fact that Muslims don’t drink alcohol. It is haraam, forbidden. They don’t eat foods with ethanol, they don’t wear perfumes containing alcoholic ingredients and they stay away from all forms of intoxicating substances . For most Muslims, alcohol is "haraam," or forbidden. Muslims abstain from alcohol because the Prophet Muhammad , to whom Muslims believe the word of God was revealed in the Qur'an, spoke against it. Though Muhammad said alcohol may have some medicinal value, as recorded in the Qur'an, he believed its potential for sin was "far greater" than its benefits. Muhammad also forbade Muslims from consuming other intoxicants, including hashish, believing the substances would cloud judgment and lead to unlawful behavior in the same way as alcohol. Alcohol in Islam Arabic for “wine”, is alcohol derived from grapes. This is what is (ر رر) Linguistically, khamr prohibited by specific texts of the Quran (see 5:90). Therefore alcohol is categorically unlawful (haraam) and considered impure (najis). Consuming any amount is unlawful, even if it doesn’t create any drunken effects. The Prophet Muhammad of Islam said, “Intoxicants are from these two trees,” while pointing to grapevines and date-palms. Alcohol derived from dates or raisins is also prohibited, again regardless of the amount consumed, as explained on Islamic site Seekers Guidance. At first, a general warning was given to forbid Muslims from attending prayers while in a drunken state (Quran, 4:43). Then a later verse was revealed to Prophet Muhammad which said that while specifically alcohol had some medicinal benefits, the negative effects of it outweighed the good (Quran, 2:219). -
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. -
PENDAPAT MADZHAB HANAFI TENTANG PERBEDAAN KHAMR DAN NABIZ DAN IMPLIKASINYA TERHADAP PENENTUAN HUKUM SKRIPSI Diajukan Untuk Memen
PENDAPAT MADZHAB HANAFI TENTANG PERBEDAAN KHAMR DAN NABIZ DAN IMPLIKASINYA TERHADAP PENENTUAN HUKUM SKRIPSI Diajukan untuk Memenuhi Tugas dan Melengkapi Syarat Guna Memperoleh Gelar Sarjana Hukum (SH) dalam Ilmu Syari’ah dan Hukum oleh: Faisal Nur Arifin NIM : 140202613 HUKUM PIDANA ISLAM FAKULTAS SYARI’AH DAN HUKUM UNIVERSITAS ISLAM NEGERI WALISONGO SEMARANG 2019 Drs. H. Eman Sulaeman, M.H. Tugurejo A. 3 RT. 02/RW. 01 Tugu Semarang Dr. Hj. Naili Anafah, S.H.I, M.Ag Jl. Sendang Utara RT. 05 RW. 08 Gemah Semarang PERSETUJUAN PEMBIMBING Lamp : 4 (empat) eksemplar Hal : Naskah Skripsi An. Faisal Nur Arifin Kepada Yth. Dekan Fakultas Syari’ah dan Hukum UIN Walisongo Semarang Assalamu’alaikum Wr. Wb. Setelah kami meneliti, mengoreksi dan mengadakan perbaikan seperlunya, bersama ini kami kirimkan naskah skripsi saudara: Nama : Faisal Nur Arifin NIM : 1402026133 Jurusan : Hukum Pidana Islam Judul Skripsi : Pendapat Madzhab Hanafi tentang Perbedaan Khamr dan Nabiz dan Implikasinya Terhadap Penentuan Hukum Dengan ini kami mohon kiranya skripsi mahasiswa tersebut dapat segera di munaqasyahkan. Demikian harap menjadi maklum adanya dan kami ucapkan terimakasih. Wassalamu’alaikum Wr.Wb. Semarang, 25 Juli 2019 Pembimbing I Pembimbing II Drs. H. Eman Sulaeman, M.H. Hj. Naili Anafah, S.H.I, M.Ag NIP. 19650605 199203 1 003 NIP. 19810622 200804 2 022 .ii PENGESAHAN ii. i MOTTO . “Hai orang-orang yang beriman, Sesungguhnya (meminum) khamr, berjudi, (berkorban untuk) berhala, mengundi nasib dengan panah adalah Termasuk perbuatan syaitan. Maka jauhilah perbuatan- perbuatan itu agar kamu mendapat keberuntungan” iv. PERSEMBAHAN Bismillahirrahmanirrahim Segala puji syukur bagi Allah SWT yang telah memberikan segala kenikmatan kepada penulis. -
WTO CASE REVIEW 2003* Raj Bhala** & David A. Gantz*** Table
Arizona Journal of International & Comparative Law Vol 21, No. 2 2004 317 WTO CASE REVIEW 2003* Raj Bhala** & David A. Gantz*** Table of Contents Page PART ONE: INTRODUCTION I. Developments in the Appellate Body.………….......................................…….325 II. Compliance Problems…………………..…….......................…..........…….....326 III. Greater Controversy for the Appellate Body in 2004?………….………....330 * This WTO Case Review is the fourth in an annual series on the substantive international trade adjudications rendered by the World Trade Organization’s Appellate Body. Each Review explains and comments on the Appellate Body reports adopted by the Dispute Settlement Body during the preceding calendar year (Jan. 1 – Dec. 31), excluding decisions on compliance with recommendations contained in previously adopted reports. See Raj Bhala & David Gantz, WTO Case Review 2000, 18 ARIZ. J. INT’L & COMP. L. 1 (2001); Raj Bhala & David A. Gantz, WTO Case Review 2001, 19 ARIZ. J. INT’L & COMP. L. 466 (2002); Raj Bhala & David A. Gantz, WTO Case Review 2002, 20 ARIZ. J. INT’L & COMP. L. 143 (2003). We are very grateful to the Editors and Staff of the Arizona Journal of International and Comparative Law for their excellent editorial assistance and continuing support of our work. Specifically, we would like to thank Vanessa Deans, Scott Jones, Sara Wallace, and Melissa Lin for their long hours spent editing this article. The WTO reports we discuss are available on the web site of the WTO, www.wto.org. The texts of the WTO agreements we discuss are available on this web site, and published in a variety of sources, including RAJ BHALA, INTERNATIONAL TRADE LAW HANDBOOK (2nd ed. -
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. -
Introduction to Takaful
+ Introduction to Takaful Zulkifli Hasan, PhD + Contents n Insurance n Takaful + HISTORICAL BACKGROUND OF WESTERN CONCEPT OF INSURANCE n 1. Ottoman Empire- First introduce western concept of insurance- Maritime Code 1863. n 2. Ottoman Law of Insurance 1874-only life insurance is haram or unlawful n Since then, western concept of insurance is practiced almost in all countries in the world + Insurance? n Financial protection which involves the execution of contracts between the insurer and the insured in which the insurer agrees to underwrite the subject risk of such contracts. + Definition n Insurance is an economic device whereby the individual substitutes a small certain cost (premium) for a large uncertain financial loss (the contingency insured against) that would exist if it were not for the insurance. +Socio-Economic Benefits of Insurance n Risk Coverage n Habit of Thrift n Safe and Profitable Investment n Secure working environment for Businesses n Planning for life stage needs n Capital formation in the Economy + Nature of Insurance Contract General Insurance Premium Compensation Life Insurance Premium Compensation + Insurance from Islamic Perspective n Three major groups. 1. Those who consider both the concept and practice of commercial insurance un-Islamic. 2. Those who are in agreement with the present insurance and find nothing wrong in it. 3. Those who accept the concept of insurance, but find prohibited elements in its present practice. + Rulings of Collective Fiqhi Bodies n Islamic Research Institute of Al-Azhar Uni: 1965 n Council of Grand Ulama of Saudi Arabia n Majlis Tahqiqat-e-Shari'yah Lucknow, India n Islamic Fiqh Academy of Rabita al-Aa'lam-e-Islami n Al Majma’ Al-Fiqhi Al- Islami of OIC: 1975 n Council of Islamic Ideology, Pakistan: 1983 n International conference on islamic economic 1976 n European Council for Fatwa. -
Manchester Journal of International Economic Law
Manchester Journal of International Economic Law Volume 11 Issue 1 2014 ISSN 1742-3945 Editor-in-Chief: Professor Asif H Qureshi School of Law, Korea University, Seoul, Korea Associate Editor: Dr Xuan Gao Office of the General Counsel, International Fund for Agricultural Development Assistant Editors: Jing Dong, MA, University of Manchester Ajay Kumar, LLM, University of Aberdeen Current Development Editors: David Collins, City University, International Investment Disputes Dr Cecilia Juliana Flores Elizondo, University of Manchester, International Trade Disputes Book Review Editors: Chief Book Review Editor: Professor (Munir) AFM Maniruzzaman, University of Portsmouth Book Review Editor: Professor Lin Zhang, School of Law, Korea University Honorary Associate Book Review Editor: Dr Priscilla Schwartz, University of East London, Printed and bound by Antony Rowe Ltd. Eastbourne UK ElectronicPublications.Org Manchester Journal of International Economic Law Editorial Board: Professor Mads Andenas, School of Law, University of Leicester, UK Professor Emilios Avgouleas, School of Law, University of Edinburgh, UK Professor Indira Carr, School of Law, University of Surrey, UK Dr Gail Evans, Centre for Commercial Law Studies, Queen Mary, London, UK Ms Janelle M. Diller, Deputy Legal Adviser, International Labour Organization, Geneva, Switzerland Professor Mary Footer, School of Law, University of Nottingham, UK Professor Duncan French, School of Law, University of Sheffield, UK Professor Fiona Macmillan, Birkbeck College, School of Law, -
Takaful) by Bouaziz Cheikh
POINT DE VUE POINT OF VIEW Assurances et gestion des risques, vol. 81(3-4), octobre-décembre 2013, 291-304 Insurance and Risk Management, vol. 81(3-4), October-December 2013, 291-304 Abstract To Islamic Insurance (Takaful) by Bouaziz Cheikh ABSTRACT Takaful is the means of bringing the social and economic benefits of modern insurance coverage, in a form consistent with their religious beliefs, to Muslims and to the merging economics of many predominantly Muslims countries. As such, the development of Takaful is crucial, both to social inclusion in non–Muslim countries, and to economic development in a number of countries with emerging market economies. It is therefore only surprising that the Takaful industry is undergoing a period of rapid growth. Yet the development of Takaful faces some formidable barriers that are largely due to the complex structure of takaful unders- tandings and the unresolved issues associated with it. These issues contribute to making the development of an appropriate legal and regulatory infrastructure, as well as financial reporting, corporate governance, rating and other related matters, problematic for the Takaful industry. RÉSUMÉ L’assurance « takaful » apporte des valeurs sociales et économiques aux bénéfices de l’assurance traditionnelle actuelle, qui sont en harmonie avec les croyances religieuses islamiques que l’on retrouve dans de nombreux pays. En cela l’assurance « takaful » opère en parallèle dans les pays non-islamiques notamment dans les économies émergentes et se développe rapidement depuis ces dernières années. L’auteur Bouaziz Cheikh est Commissaire Aux Comptes / Chercheur, École De Hautes Études En Assurance (Alger) : Master En Assurance.