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Usman Hayat
Islamic economic thought and finance are rooted in Islamic ethics. Their ideals and means are not, however, exclusive to Islam. The principles of Islamic finance emphasize market-based risk-sharing modes of financing that promote assets and enterprise, deploy finance in service of the real economy, and facilitate redistribution of wealth and opportunity. Modern Islamic financial practices, however, privilege legal form over economic substance, which creates an expectations gap between Islamic finance’s theory and practice. In the wake of the global financial crisis of 2007–2008, the ideas underlying Islamic finance appeal to those more concerned with the broader impact of finance on society.
Rethinking Ribā and the ‘Islamic’ Banking Experimentation
2021 •
Hakeem Waqas
The efficiency of a financial intermediation system is assessed by its ability to achieve allocative efficiency, asset transformation and the subsequent economic development. In case of an Islamic Banking and Finance as an alternate financial intermediation system adherence to the injunction of Islam is also critical. A critical appraisal of the state of contemporary Islamic Banking and finance (IBF) reveals that IBF has neither been able to achieve the aspirations of Islamic rhetoric, nor has been efficient in terms of asset transformation and economic development. This paper is an intuitive pursuit to explore the economic sense of established principles of IBF, and the reasons of the persistent divergence of IBF, being accused to be based on ruses and sophistry. Disentangling the varying viewpoints, the underdevelopment of IBF has been attributed to misinterpretation of Ribā, which has been explicated through a narrow fiqhi and legally deterministic approach. Deeming ‘a collaborat...
INVESTMENT OPPORTUNITIES FOR Sukuk IN THE ARGENTINE OIL AND GAS SECTOR: USING Sharia-COMPLIANT INSTRUMENTS TO PROMOTE GROWTH AND DEVELOPMENT OPORTUNIDADES DE INVERSIÓN PARA EL Sukuk EN EL SECTOR DEL PETRÓLEO Y GAS ARGENTINOS: EL USO DE INSTRUMENTOS QUE CUMPLEN CON LA SharÍa PARA PROMOVER
Juan Alfredo Alcorta
Business Ethics, Env & Resp. 2022;31:257–271.
Islamic financial services industry Aspirations and achievements Wiley BEER 2021
2021 •
Muhammad Ayub
Islamic Financial Services Industry (IFSI) crosses the age of 40 years, and sufficient empirical evidence exists to evaluate in light of the distinctive aspirations. This study fills the gap in the literature by evaluating the performance of IFSI in light of Islamic finance objectives—financial stability, equitable distribution of wealth and social responsibility; Shari’ah principles, and professional practices. Our investigation documents the achievements based on real accounting data from 23 countries, and the suitability of tools in practice to achieve the stated objectives by promotors of IFSI. Findings suggest that the objectives of IFSI have been achieved to an extent. However, visible contribution to the achievement of socio-economic justice is yet to emerge. Practical application of tools shows divergence (in spirit) from the original design, primarily to achieve integration and coherence with the prevailing conventional financial system. IFSI needs collaborative efforts to overcome the challenges at hand. KEYWORDS economic systems, equitable wealth distribution, financial stability, Islamic finance, socioeconomics
Medical Takaful (Insurance) Reform Model and Structure (JIBF Pp 22-38).pdf
Prof Dr Mohd Ma’Sum Billah.
El-Barka: Journal of Islamic Economics and Business
The Value Propositions and The Nature of The Islamic Banks Products and Services in Providing The Solution/s for The Financial Needs of Bimb Business Customer Segments
Mohammed Meeran Jasir Mohtesham
The present study discusses the value proposition of the presently offered by Islamic banks (IBs) products and services. It also elaborates the nature of the Islamic banks’ products and services in providing the solutions for the financial needs and investment requirements of their retail and business customer segments. The study has adopted a qualitative approach, as this research paper justifies the value propositions and the nature of the IBs's products in providing the solution for the financial needs and investment to their clients. In collecting the data, the following sources were used, such as library research, content analysis, research articles. Journals, conference papers and websites in the literature review. With the practical implications of Islamic banking products offered by Bank Islam Malaysia Berhad (BIMB) such as the financing, deposit, and investment products, customers have now shifted more towards embracing IBs’s products due to the benefits derived throug...
Journal of Sustainable Finance & Investment
Analysing Islamic banking ethical performance from Maqāṣid al-Sharī‘ah perspective: evidence from Indonesia
2020 •
Salah Alhammadi
Choice Reviews Online
Islamic finance: law, economics, and practice
2007 •
Reazul Islam
Islamic Economics and Finance
مولد مكوخا
Islamic economics is a comprehensive and independent economic theory which defines economic principles in accordance with Islamic law and taking into account, all aspects of human life: the spiritual, material, social and political aspects et cetera. Just like many other economic systems, the Shari'ah aspires to attain economic ideals such as efficient and equitable use of resources, full employment and satisfaction of basic human needs such as food, shelter and clothing. However, it differs fundamentally from man-made laws in defining the economic problem by adding a moral and religious dimension as part and parcel of the problem. In fact, whereas, the conventional economic systems are based on principles such as scarcity, self-interest, opportunity, cost-benefit and free functioning, Islam on the contrary allows human beings to exploit the world's resources to the best of their ability in a spirit of justice and brotherhood towards human beings and putting in consideration that profit should not be earned to the detriment of the environment. All these are addressed in the different topics of this book .
International Journal of Islamic and Middle Eastern Finance and Management
The internal challenges facing Islamic finance industry
2016 •
Abdulazeem Abozaid
