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Developing a Sharīʿah-Compliant Precious Metal Backed Cryptocurrency
JKAU: Islamic Econ., Vol. 33 No. 1, pp: 3-20 (January 2020) DOI:10.4197/Islec. 33-1.1 Developing A Sharīʿah-Compliant Precious Metal Backed Cryptocurrency Mousa Ajouz Assistant Professor, Institute of Islamic Banking and Finance, IIUM, Malaysia Adam Abdullah Associate Professor, Al-Qasimia University, College of Economics and Management, UAE Salina Kassim Associate Professor, Institute of Islamic Banking and Finance, IIUM, Malaysia ABSTRACT. Under the fiat standard, money is no longer backed by any assets, but rather it is backed by debt. The implication of such a system is the emergence of many socio-economic problems. Restoring the value of money has long been a controversial topic, hampered in part by the lack of theoretical and empirical evidences. Therefore, this research aims to develop a Sharīʿah-compliant precious metal backed crypto- currency (PMBC) mechanism. To achieve this, a general product development process is adopted, which consists of four phases involving planning, concept development, system-level design, and testing. In addition, Sharīʿah scholars and financial experts were interviewed to validate the mechanism theoretically. The result of this research was to introduce a Sharīʿah-compliant PMBC where the description and the modus operandi of the PMBC were presented. This research defined PMBC as a digital currency, backed by precious metals that uses strong cryptography. It is designed to fulfill all the functions of money in accordance with Sharīʿah while operating as a peer- to-peer payment system. Overall, it was found that all the resources needed to develop and implement PMBC are already available. The scholars and experts interviewed supported the implementation of PMBC, but there are a variety of challenges and reservations. -
Perkembangan Perekonomian Ekonomi
i PERKEMBANGAN PEMIKIRAN EKONOMI ISLAM i Sanksi Pelanggaran Hak Cipta Undang-Undang Republik Makassar No. 19 Tahun 2002 tentang Hak Cipta Lingkup Hak Cipta Pasal 2: 1. Hak Cipta merupakan hak eksklusif bagi pencipta dan pemegang Hak Cipta untuk mengumumkan atau memperbanyak ciptaannya, yang timbul secara otomatis setelah suatu ciptaan dilahirkan tanpa mengutrangi pembatasan menurut peraturan perundang-undangan yang berlaku. Ketentuan Pidana Pasal 72: 1. Barang siapa dengan sengaja atau tanpa hak melakukan perbuatan sebagaimana dimaksud dalam pasal 2 ayat (1) atau pasal 49 ayat (1) dan (2) dipidana dengan pidana penjara masing-masing paling singkat 1 (satu) bulan dan/atau denda paling banyak Rp 5.000.000.000,00 (lima milyar rupiah). 2. Barang siapa dengan sengaja menyiarkan, memamerkan mengedarkan, atau menjual kepada umum suatu ciptaan atau barang hasil pelanggaran Hak Cipta atau Hak Terkait sebagaimana dimaksud dalam ayat (1) dipidana dengan pidana penjara paling lama 5 (lima) tahun dan/atau denda paling banyak Rp 500.000.000,00 (lima ratus juta rupiah). ii DR. ABDUL RAHIM S.Ag,M.Si,MA PERKEMBANGAN PEMIKIRAN EKONOMI ISLAM PENERBIT YAYASAN BARCODE 2020 iii PERKEMBANGAN PEMIKIRAN EKONOMI ISLAM Penulis: Dr. Abdul Rahim,S.Ag.,M.SI,MA Tata Letak/Desain Cover: Sulaiman Sahabuddin, S.Pd.i Editor : Juhasdi SE,MM Copyright © 2020 Perpustakaan Nasional: Katalog Dalam Terbitan (KDT) ISBN: 978-623-285-080-4 23x15 cm Diterbitkan pertama kali oleh: YAYASAN BARCODE Divisi Publikasi dan Penelitian Jl. Kesatuan 3 No. 11 Kelurahan Maccini Parang Kecamatan Makassar, Kota Makassar Email: [email protected] HP. 0813-4191-0771 iv KATA PENGANTAR Puji syukur kita panjatkan kepada Allah SWT. -
Qardhul Hasan Principles Applied to Micro Finance Facilities Paper to Be
Research Center for Islamic Economics and Finance Universiti Kebangsaan Malaysia Bangi 43600, Selangor, Malaysia Fax: +603-89215789 http://www.ekonis-ukm.my E-mail: [email protected] Working Paper in Islamic Economics and Finance No. 1021 Qardhul Hasan Principles Applied to Micro Finance Facilities Abdul Ghafar Ismail1 Bayu Taufiq Possumah2 Research Center for Islamic Economics and Finance School of Economics Universiti Kebangsaan Malaysia Bangi, 43600 Selangor D.E., Malaysia Fax: +603-8921 5789 e-mail: [email protected] Paper to be presented at The 2nd International Workshop in Islamic Economics Theory: Islamic Micro-finance Towards Global Poverty Alleviation and Sustainable Development, 8-9 December 2010, Bangi Abstract During the last ten years, several developing Muslim countries experienced an interesting phenomenon. Where they are able to build his country's economy through the economic empowerment of small communities. The role of microfinance institutions cannot be denied. Through microfinance programs, the country can further improve the welfare of the poor and reducing poverty. Accordingly, Muslim countries have to combat it by using religious institution and culture. In this case, the role of Qardh al Hasan, as traditional Islamic financing in tackling of poverty is very relevant and important. Qardh al Hasan is supposed to be an important to investigate and provide much needed social service to the poor effectively. The Qardh al-hasan is one of financing-product provided by microfinance institutions. Unlike other financing products, the qardhul-hasan has some unique characteristics, including to entertaint a very specific customers who might be categorized as the dhuafa’ group. The purpose of this paper is to show how microfinance programmes based on Qardh al Hasan financing principles can be established. -
The Law of Islamic Finance in the United Kingdom: Legal Pluralism and Financial Competition
Ercanbrack, Jonathan G (2011) The Law of Islamic Finance in the United Kingdom: Legal Pluralism and Financial Competition . PhD Thesis, SOAS (School of Oriental and African Studies) http://eprints.soas.ac.uk/13598 Copyright © and Moral Rights for this thesis are retained by the author and/or other copyright owners. A copy can be downloaded for personal non-commercial research or study, without prior permission or charge. This thesis cannot be reproduced or quoted extensively from without first obtaining permission in writing from the copyright holder/s. The content must not be changed in any way or sold commercially in any format or medium without the formal permission of the copyright holders. When referring to this thesis, full bibliographic details including the author, title, awarding institution and date of the thesis must be given e.g. AUTHOR (year of submission) "Full thesis title", name of the School or Department, PhD Thesis, pagination. THE LAW OF ISLAMIC FINANCE IN THE UNITED KINGDOM: LEGAL PLURALISM AND FINANCIAL COMPETITION BY JONATHAN G. ERCANBRACK SCHOOL OF LAW SCHOOL OF ORIENTAL AND AFRICAN STUDIES (SOAS) UNIVERSITY OF LONDON THESIS SUBMITTED FOR THE PHD IN LAW 15 SEPTEMBER 2011 1 DECLARATION FOR PHD THESIS I have read and understood regulation 17.9 of the Regulations for students of the School of Oriental and African Studies concerning plagiarism. I undertake that all the material presented for examination is my own work and has not been written for me, in whole or in part by any other person. I also undertake that any quotation or paraphrase from the published or unpublished work of another person has been duly acknowledged in the work which I present for examination. -
The Nature of Riba in Islam
THE NATURE OF RIBA IN ISLAM By: M. Umer Chapra1 Abstrak Perdebatan masalah riba seperti tidak pernah selesai di diskusikan oleh banyak kalangan, baik akademis, organisasi keagamaan, bahkan sampai pada forum-forum intenasional. Beberapa terminologi dibahas dengan baik dalam tulisan ini yang dimulai dengan pelarangan riba itu sendiri kemudian pembagian-pembagian riba, diantaranya riba al-Nasi’ah dan riba al-Fadl, serta implikasi dari dua bentuk riba tersebut. Pembahasan didukung dengan pendapat-pendapat para ulama dan ekonom yang merujuk langsung dari ayat-ayat al-Qur’an, sampai pada perdebatan hukum. Demikian juga al-Qur’an sangat jelas membedakan antara riba dan perdagangan, namun pelarangan riba sangat jelas bahkan diperkuat dengan hadits-hadits yang dengan eksplisit melarang riba. Dijelaskan pula tentang perbedaan antara riba dan bunga bank. Islam sangat menentang bunga bank karena Islam berharap terjadinya sistem ekonomi yang mengeliminasi seluruh bentuk ketidakadilan dengan memperkenalkan keadilan antara pengusaha dan pemilik modal, yaitu berbagi resiko dan berbagi hasil. ŭ ΊņĨŧ Ώ 1 ΎỲŏΉė ΞΊẂ ĤΣΔĜŧ ΔΩė ĥ ĜẃΐĨľė Έ΅ Ή ģŊΜūΕ╬ė ĥ ĜΡĜỳΉė ΎΙā ŋķā ĤΡŊĜųĨ⅝Ϋė – ĤΣẂĜΐĨį Ϋė ĤΉėŋẃΉė ŋẃħ ĥ ĜẃΐĨĴ ΐΊΉ ĤĢŧ ΕΉĜġΛ .ĤΡĜỳΉė ΖōΙ ⅜Σ⅞ĸĨΉ ĤẃĢĨ╬ė ĥ ĜΣĴ ΣħėŏĨŦΫė ∟ ĥ ĜẃΐĨľė Ίħ ╚ġ ‛ άĨŅė ŊΜį Λ ΒΏ ĤΣĴ ΣħėŏĨŦΫė Ίħ ŏŲĜΕẂ ŋķā ΞΊẂ ⅜₤ėΜħ Ĥ╤ ªΌάŦΩėΛ ĤΣΔėŏųΕΉėΛ ĤΡŊΜΚΣΉėΛ ĤΣŦΛŋΕ▀ė ŭ ŅΧė ΞΊẂΛ ªĤΣΕΡŋΉė Η╠ė ŋ⅝ ⌠ΛΧė ĤīάĬΉė ĥ ĜΔĜΡŋΉė ẀĜĢħā ΒΏ ♥ė╙Ģ΄ ♥ĜĢΔĜį ΑĜ΄ ėŌċΛ .ŊΜ⅞ΕΉė Ŵėŏ⅝ċ ΒẂ ĤΊųĸĨ╬ė ģŋĕĜ℮Ήė ┐ŏ╡ ΜΙΛ ĜΏ ΑĈġ ĤΉŊĜľė ΑΜΉΛĜ► ΝŏŅΧė ĥ ĜΔĜΡŋΉė ẀĜĢħĈġ ΠŦĈĨΉė ∟ ╚ĢỲėŏΉė ╚ΐΊŧ ╬ė -
2 Institutional Perspective of Islamic Economics
Notes 2 Institutional Perspective of Islamic Economics 1. North (1995). 2. Uslaner (2008). 3. Geoffrey Brennan and James M. Buchanan (1985). 4. Verses of the Qur’an are referred to in the text by [verse: chapter]. 5. Al-Hakimi, Al-Hakimi and Al-Hakimi (1989). 6. One such scholarly study is S. K. Sadr (1996). 7. Al-Hakimi, et al. (1989). 8. Al-Hakimi (1989). 9. Al-Hakimi, et al. (1989). 10. Al-Hakimi, et al. (1989). 11. Al-Hakimi, et al. (1989). 12. Al-Hakimi, et al. (1989). 13. Al-Hakimi, et al. (1989). 14. Al-Hakimi, et al. (1989). 15. Al-Hakimi, et al. (1989). 16. McMillan (2002). 17. McMillan (2002). 18. McMillan (2002). 19. McMillan (2002). 20. Metz (1967); Kister (1965); Shihata (1977). 21. Al-Hakimi et al. (1989); Iqbal and Mirakhor (2011). 22. Knack and Keefer (1997). 23. E. Lorenz (1999); Uslaner (2008); Fukuyama (1995); Alesina and La Ferrara (2002); Berg and McCabe (1995); Zak and Knack (2001); Mirakhor (2005); Askari, Iqbal and Mirakhor (2009); Fehr and Kosfeld (2005). 24. Knack and Keefer (1997). 25. See the Prophet’s saying number 2218 in A. Payandeh, Nahjul-Fasaha, Tehran: Sazemane Entesharate Javidan (1974). 26. Al-Hakimi, et al. (1989); Qutb (1953). 27. Al-Hakimi, et al. (1989); Qutb (1953). 250 M Notes 3 Economic and Social Justice: The Policy Objective in Islam 1. Verses in the Quran also stress the importance of fair treatment, such as, Allah commands justice and beneficence [9:16]; Allah loves those who treat others with justice [25:57]; give (others) full weight and measure in justice and do not delib- erately undervalue the goods (produce or labor) of other humans and do no evil on earth, causing corruption [85:11]. -
Islamic Banking Slides
Lehrstuhl für Bankwirtschaft und Finanzdienstleistungen Prof. Dr. Hans-Peter Burghof with Ahmad Abu-Alkheil and Ulli Spankowski Islamic banking & Finance •Introduction •Evolution 2 IslamicBankingandFinance Glossary : IslamicBankingandFinance Term in Arabic Meaning Reba Interest Al-wadiah Safe keeping Bai'muajjal Deferred-payment sale Bai'salam pre-paid purchase Zakat Islamic tax Halal lawful Haram unlawful Ijara leasing Mudaraba profit-sharing Mudarib Entrepreneur-borrower Murabaha Cost-plus or mark-up Musharaka Equity participation Qard hasan Benevolent loan (interest free) Gharar Uncertainty or chance Sukuk Islamic bond Qirad Mudaraba Rabbul-mal Owner of capital Shariah Islamic law Shirka Musharaka 3 Islamic Economics Islamiceconomics: •Is economics in accordance with Islamic law . GoalsofIslamicEconomics: •Broad-based economic well-being with full employment and optimum rate of economic growth. •Stability in the value of money to enable the medium of exchange to be a reliable unit of account and a stable store of value. •A just return is ensured on investment and development projects. •Effective rendering of all services normally expected from the banking system. •Socio-economic justice and equitable distribution of income and wealth 4 IslamicBankingandFinance Rules regardingIslamicfinance: •Any predetermined payment over and above the actual amount of prprincipalincipal is prohibited •The lender must share in the profits or losses arising out of ththee enterprise for which the money was lent •Making money from money is not Islamically acceptable (Asset Based Financing) •Gharar (Uncertainty, Risk or Speculation) is also prohibitprohibiteded •Investments should only support practices or products that are nnotot forbidden 5 IslamicBankingandFinance Islamicbanking: A banking system that is based on the principles of Islamic law (also known as Sharia, and guided by Islamic economics). -
Gold Currency Model in Aceh
Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah (Journal of Islamic Economics) Volume 12 (2), Jul-Dec 2020 P-ISSN: 2087-135X; E-ISSN: 2407-8654 Page 207- 234 Gold Currency Model in Aceh Bedjo Santoso Kadri Abstract. Complementary currency has been a trending issue. This is because the complementary currency can reduce people’s dependency on the government in serving the currency as a medium of exchange. However, many studies neglected the role of idle gold. Aceh is one province of Indonesia that reserves the right of special autonomy to implement Sharia. Aceh, being renowned for its fertility in the cultivation of some agricultural products such as coffee, tobacco, and palm oil, has become a strategic trade center. Aceh is also equally rich in gold mines, with the approximate result of five tons a year. This research attempts to design a model of complementary currency based on physical gold in Aceh. This study uses unstructured interviews with scholars, leaders, business people, and the government. The result reveals that stakeholders agree with the gold complementary currency, support and willing to recommend it. Besides, this model is believed to be beneficial. However, the most challenging factor is the support from the government which is essential to develop this gold currency model. Keywords: Complementary Currency, Aceh Economy, Gold-Based Money, Islamic Currency. Abstrak. Mata uang komplementer (complementary currency) menjadi isu yang masih terus menjadi pembahasan. Hal ini karena mata uang komplementer dapat mengurangi ketergantungan terhadap pemerintah dalam melayani kebutuhan mata uang sebagai media pertukaran. Mata uang komplementer, termasuk yang berbasis emas, dapat meningkatkan ketahanan masyarakat terhadap krisis moneter. -
The Role of Zakah and Islamic Financial Institution Into Poverty Alleviation and Economics Security No ISBN: 978‑602‑1154‑24‑1
No ISBN: 978‑602‑1154‑24‑1 FACULTY OF ECONOMICS FACULTY OF ISLAMIC AND BUSINESS INSTITUTE OF ISLAMIC BANKING AND FINANCE UNISSULA ‑ SEMARANG UIN SUNAN KALIJAGA ‑ YOGYAKARTA IIUM ‑ MALAYSIA SEMARANG, NOVEMBER 18–19TH 2015 The Role of Zakah and Islamic Financial Institution into Poverty Alleviation and Economics Security No ISBN: 978‑602‑1154‑24‑1 FACULTY OF ECONOMICS FACULTY OF ISLAMIC AND BUSINESS INSTITUTE OF ISLAMIC BANKING AND FINANCE UNISSULA ‑ SEMARANG UIN SUNAN KALIJAGA ‑ YOGYAKARTA IIUM ‑ MALAYSIA i FOREWORD Assalamualaykum.Wr.Wb As a steering committe of 3rd ASEAN INTERNATIONAL CONFERENCE ON ISLAMIC FINANCE (AICIF-2015), firstly I would like to say “Thank You Very Much” to all parties for their enermous effort toward the detailed arrangement for hosting this conference. The 3rd AICIF is organized by Faculty of Economics - Sultan Agung Islamic Unisversity (UNISSULA), Faculty of Islamic Economics and Busisness - State Islamic University Sunan Kalijaga Yogyakarta (UIN Yogyakarta), and Institute of Islamic Banking and Finance – International Islamic University Malaysia. The conference is aimed to discuss “Role of Zakah and Islamic Financial Institution into Poverty Alleviation and Economoics Security”. Islamic financial institution, such as Islamic banking, Islamic unit trust, Islamic insurance, etc.. has growth very fast for last decade. They become important part relating to the efforts improving the quality of life of the society as well as relieving the society from the riba trap. In the context of recent economy, the Islamic financial institutions as economy pillar continues to chalange effort of poverty alleviation. Conference aims to bring together researchers, scientists, and practitioners to share their experiences, new ideas and research results in all aspects of the main conference topics. -
Thirty Years of Research in the History of Islamic Economic Thought: Assessment and Future Directions
Thirty Years of Research in the History of Islamic Economic Thought: Assessment and Future Directions Abdul Azim Islahi Islamic Economics Research Center King Abdulaziz University, Jeddah. K S A E-mail: [email protected] Paper for the Seventh International Conference on Islamic Economics, Islamic Economics Research Center, King Abdulaziz University, Jeddah, Kingdom of Saudi Arabia April 1-3, 2008 Contents Section …………………………………………………………………… Page Abstract ……………………………………………………………………… 1 Introduction …………………………………………………………………… 1 1. Phases in development of Islamic economic thought ………………………… 2 2. Earlier works on the history of Islamic economic thought ………..… 3 A. Works during the first half of the Twentieth Century B. Progress of literature from 1950 to 1975 3. During the last 30 years, 1976-2006 …………………………………………. 5 A. The First international conference on Islamic Economics: a Turning Point B. The Author wise C. The Idea wise D. Collected papers and General Themes 4. Impact of this literature on history-works of main stream economic thought 12 5. Future research agenda ……………………………………..………… 14 English Sources ……………………………….……………………………… 16 Non-English Sources …………………………………………………………..... 24 1 Thirty Years of Research on History of Islamic Economic Thought: Assessment and Future Directions Abdul Azim Islahi* ABSTRACT The present paper examines and evaluates research experiences in the area of the history of Islamic economic thought during the last 30 years with the objective to see the pace of research and its coverage, both author-wise and idea-wise, and to determine the future research agenda in the light of the past progress and trends of the literature. The paper begins with a brief survey of the early literature on the history of Islamic economic thought, prior to 30-years, to provide a background. -
An Evolution of Mudarabah Contract: a Viewpoint from Classical and Contemporary Islamic Scholars
View metadata, citation and similar papers at core.ac.uk brought to you by CORE provided by Elsevier - Publisher Connector Available online at www.sciencedirect.com ScienceDirect Procedia Economics and Finance 35 ( 2016 ) 349 – 358 7th International Economics & Business Management Conference, 5th & 6th October 2015 An Evolution of Mudarabah Contract: A Viewpoint From Classical and Contemporary Islamic Scholars Noraina Mazuin Sapuana,* aDepartment of Finance and Economics, Universiti Tenaga Malaysia, 26700 Muadzam Shah, Pahang, Malaysia Abstract Currently, in the competitive Islamic financial system, mudarabah (profit sharing) is seen as an alternative mechanism in financing techniques that differentiate it from the conventional financing that consist interest mechanism. Since its introduction, mudarabah (profit sharing) has gone through various evolution to fulfill the needs of the fast-developing Islamic financial market. However, in the current Islamic financial system, mudarabah (profit sharing) has become less preferable compared to Islamic debt financing instruments such as murabahah and bai’ bithaman ajil. This is caused by the existence of asymmetric information that continuously presents in mudarabah (profit sharing) contracts and creates problems of adverse selection and moral hazard. Due to this, mudarabah (profit sharing) has declined it importance as a financing vehicle. Therefore, the objectives of this study are twofolds, first, to examine the thought and evolution of mudarabah (profit sharing) from the viewpoints of classical and contemporary Islamic scholars and second, to evaluate the asymmetric information that continuously exist in this type of contract. ©© 20162015 The The Authors. Authors. Published Published by by Elsevier Elsevier B.V. B.V. This is an open access article under the CC BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/). -
Implementasi Akad-Akad Muamalat Pada Pola Pembiayaan Syariah)
Asyari FIQH PERBANKAN (Implementasi Akad-akad Muamalat Pada Pola Pembiayaan Syariah) STAIN BUKITTINGGI PRESS 2014 Daftar Isi Hal Kata Pengantar BAB I Mudharabah __________________________ 1 BAB II Bai Salam_____________________________ 21 BAB III Ijarah________________________________ 39 BAB IV Syirkah_______________________________ 50 BAB V Qard________________________________ 61 BAB VI Kafalah______________________________ 81 BAB VII Hiwalah_____________________________ 101 BAB VII Penutup_____________________________ 105 Daftar Bacaan Riwayat Hidup Penulis Mudharabah Mudharabah berasal dari kata dharaba yang berarti memukul, bergerak, berjalan (safar). Muhammad Rawwas Qal’iji mengartikan kata dharb dengan memukul dengan maksud seseorang memukulkan kakinya ke tanah menjalankan usaha1. Dalam al-Quran, kata–kata yang seakar dengan dharaba ditemui sebanyak 53 kali, diantaranya dalam Surat Rum, ayat: 28, Yasin, ayat :78, an-Nisa’, ayat : 93 dan :100, al-A’raf ayat :58 dan al- Baqarah ayat :83. Dalam beberapa literatur fiqih, mudharabah ini disebut juga dengan qirad dan muamalat. Kata qirad sendiri berarti potongan. Makna ini memberikan gambaran bahwa pada kegiatan qirad ini, pemilik modal memotongan bagian hartanya untuk diserahkan kepada pekerja untuk diperdagangan serta keuntungan yang diperoleh dibagi berdasarkan kesepakatan. Kata qirad ini lebih populer digunakan dalam mazhab fiqih Maliki dan Syafii. Sedangkan kata Mudharabah lebih banyak digunakan pada mazhab Hanafi dan Hanbali. Menurut Nazih Hammad2, secara bahasa mudharabah, yang