Islamic Banking and Finance and its Role in the GCC and the EU Relationship: Principles, Developments and the Bridge Role of Islamic Finance

2010 ◽  
Author(s):  
Mehmet Asutay
Keyword(s):  
Islamic Finance ◽  
Islamic Banking ◽  
Banking And Finance ◽  
The Eu

scholarly journals The Role of Musharakah in the Economic Development of Tehsil Dargai, District Malakand, Khyber Pakhtunkhwa, Pakistan

2019 ◽  
Vol 6 ◽  
pp. 80-97
Author(s):  
Suhail Ahmad ◽  
Ejaz Aslam ◽  
Prof. Dr. S. Ghiasul Haq ◽  
Prof. Dr. Mohd Ma'Sum Billah
Keyword(s):  
Response Rate ◽  
Islamic Finance ◽  
Islamic Banking ◽  
Limited Data ◽  
Khyber Pakhtunkhwa ◽  
Banking And Finance ◽  
Finance Industry ◽  
Muslim Countries ◽  
Job Opportunities

Islamic finance industry has been growing for the last twenty years, both in Muslim and non-Muslim countries around the world. There are different modes of Islamic finance which provide job opportunities across the globe. In Pakistan, the contemporaneous growth of Islamic banking and finance is not different from other countries. Islamic banking and finance does not only provide employment for individuals, indeed it also offers various products and services to customers across the country. Musharakah is a form of business in Islamic finance that is being adopted rapidly by most of the customers in Islamic banking and finance institutions. Therefore, the purpose of this study is to examine the role of Islamic finance, mainly how Musharakah is playing its due role in creating employment and maintaining sustainable development projects which in turn are causes of the development of the economy, particularly of Tehsil Dargai. For this purpose, this study collected data through a questionnaire that was randomly distributed among 100 respondents in Tehsil Dargai, District Malakand, Khyber Pakhtunkhwa (KP), Pakistan and the response rate was 60%. We found that Islamic finance is rapidly growing in Dargai; indeed, people are practicing different modes of Islamic finance and Musharakah is the most popular form of Islamic finance in this area. This study utilizes limited data because it was only conducted in Dargai.

scholarly journals Analyzing the Role of Islamic Finance in Kuwait Regarding Sustainable Economic Development in COVID-19 Era

2022 ◽  
Vol 14 (2) ◽  
pp. 701
Author(s):  
Salah Alhammadi
Keyword(s):  
Economic Development ◽  
Best Practices ◽  
Management Strategies ◽  
Islamic Finance ◽  
Islamic Banking ◽  
Banking And Finance ◽  
Sustainable Economic Development ◽  
Grounded Theory Method ◽  
The Impact

The aim of the present study was first to consider the impact of COVID-19 on Kuwait’s economy. Second, it attempted to examine the role of Islamic banking and finance in achieving socioeconomic justice and attaining best practices by securing social goods. Hence, the research assessed how Islamic banking and finance can help in reconstructing the economy based on Maqasid Al-Shari’ah (higher ethical objectives) to redevelop social, economic, and environmental welfare, especially in the COVID-19 era. A theoretical approach was adopted, namely, the grounded theory method (GTM), to explore COVID-19 related solutions for achieving sustainable economic development. The findings show that Islamic banking and finance can be employed to mitigate the impact of coronavirus and can be used as an alternative financial system to support both affected people and entrepreneurs. The paper expands on previous literature discussing the role of Islamic finance in management strategies through Islamic ethical objectives, with a particular focus on Kuwait’s post-COVID-19 era. This research can help policymakers to develop mechanisms and supporting approaches for Kuwait’s economy.

Artificial Intelligence and  NLP -Based  Chatbot for Islamic Banking and Finance

2021 ◽  
Vol 11 (3) ◽  
pp. 65-77
Author(s):  
Shahnawaz Khan ◽  
Mustafa Raza Rabbani
Keyword(s):  
Artificial Intelligence ◽  
Language Processing ◽  
Research Study ◽  
Banking Industry ◽  
Customer Engagement ◽  
Islamic Finance ◽  
Islamic Banking ◽  
Banking And Finance ◽  
Use Of Technology

The role of artificial intelligence (AI) is becoming increasingly important in the field of banking and finance. It has come a long way, and the trend is likely to continue for some time in the future as well. This research study reviews the role of artificial intelligence and use of technology in the finance and banking industry and how AI has changed the way the banks and financial institutions do their business. Customer engagement is one of the most critical parts of the finance and banking industry. This research proposes an artificial intelligence and natural language processing (NLP)-based chatbot model for advising the customers of Islamic banking and finance. Presently, the proposed chatbot is the first chatbot that will help the Islamic finance and banking customers to interact in real time and get Islamic financial advice based on the principles of Sharia related to individual's financial needs.

Fudhuli Transactions:Potential Applications and Parameters

2021 ◽  
Vol 12 (3) ◽  
pp. 2801-2811
Author(s):  
Ahmad Zakirullah Mohamed Shaarani Et.al
Keyword(s):  
Islamic Finance ◽  
Islamic Banking ◽  
Banking And Finance ◽  
Library Research ◽  
Do So

Tasarrufal-Fudhuli refers to transactions or contracts carried out by a person who does not have the authority or legitimacy to commit the transaction, and these contracts include exchange contracts such as sales, rent and services, or charitable contracts such as representation/wakalah, hibah, loans, guarantees, and so on. In the context of Islamic finance, although it is a type of transaction that is argued and debated by the jurists and fuqaha, some have begun to realize its great potential in keeping with current developments, especially in the field of Islamic banking and finance. Besides looking at Fudhuli in terms of its meaning and the Shariah rules that govern it, the main focus of this study is the discussion of its dhawabhit/ parameters as it has its own risks associated with it compared to other established types of Islamic contracts. The study utilizes a full library research by analyzing scholar`s debates and their arguments on this kind of contract, the contract`s potential, followed by analyzing the parameters that should be adopted in operationalizing this contract together with the discussion on the issues of fudhulithat are relevant to current Islamic banking and finance operations. The results of this study show that the views that allow this contract has strong arguments, and that it has also been widely practiced outside of Malaysia, but is relatively new in Malaysia. While it is permissible, however, some parameters must be put in place so that it is not in conflict with Shariah, and comply with the Shariah requirement of each contract done on a fudhuli basis. There must also be an urgent and genuine need to do so, and not involve ribawi items that require immediate delivery of the asset, as well as the existence of a council or body that controls and monitors the process and implementation by the involved parties

scholarly journals ??? ???? ??????? ??????? ?? ??????? ??????? ??? ??????? ????????? ?? ????????? ??????? ?? ??????: ????? ????? ?????? ?????

2016 ◽  
Vol 1 (2) ◽  
pp. 215
Author(s):  
Hatta Syamsuddin ◽  
Abdul Khaliq Hasan ◽  
Moh Muinudinillah
Keyword(s):  
Supervisory Board ◽  
Islamic Finance ◽  
Islamic Banking ◽  
Finance Industry ◽  
Islamic Jurisprudence ◽  
Banking Business ◽  
Rules And Principles ◽  
Muslim Communities ◽  
Financial Transactions

The emergence of Islamic banking was considered as a response to the desire of Muslim communities to disassociate from usury (riba-based) system. The development of time increasing the diversity of financial transactions, both in trading and banking business, which has no provisions in the old sources of Islamic jurisprudence. This dangerous phenomenon was the reason for the importance of a Sharia Supervisory Board to ensure all of the banking transactions comply with the rules and principles of sharia. This research focused on the role of National Sharia Board and his methodology in the fatwa. This research uses analytical descriptive methodology. The limitations of this research were about: how the National Sharia Board played their roles in Indonesia and how the method applied by the National Sharia Board in issuing a fatwa. The research found that: the National Sharia Board in Indonesia has played their roles, especially in developing Islamic finance industry, ensuring financial and banking transaction comply with the rules and principles of sharia, and providing awareness and guidance to the Muslim communities. The issuing of fatwa on financial transactions was the authority of the National Sharia Board. The National Sharia Board hold on procedures, specific steps, and certain agreed methodology in issuing the fatwa. Nevertheless, there still some fatwas that caused controversy in the Islamic community

Revisiting Companionship and the Socio-Economy of the Islamic Guilds

2021 ◽  
pp. 112-147
Author(s):  
Hasan Shahpari ◽  
Tahereh Alavi Hojjat
Keyword(s):  
Islamic Banking ◽  
Clear Understanding ◽  
Banking And Finance ◽  
Legal Foundation ◽  
History Of ◽  
Conventional Banks ◽  
Islamic Economic ◽  
Craft Guilds ◽  
The Relationship

This chapter is an introduction to the history of the formation of guilds and how they connect them to the religious and social structures that molded them. The craft-guilds are one of the most interesting and characteristic phenomena of medieval Muslim civilization. The guild in Muslim life was built essentially on the idea of the market and based on the needs of the guildsmen. Many different countries officially claim their commitment to Islam and Islamic economics. However, Islam and Islamic economic systems differ significantly from one country to another. Analysis of the Islamic economic system is impossible without a clear understanding of the legal parameters that shaped such a system. The legal foundation of the Islamic society, known as Shari'a, is considered eternally valid and applicable to all times and places. Islamic laws not only provide society with collections of laws and prescriptions which indicate the Islamic path, they also focus on specific human activities and classify them according to their degree of desirability from God's perspective. Different viewpoints on the relationship between religion, culture, and economic performance are investigated here. Finally, the role of the central bank and Islamic banking and finance will be discussed in detail. While Islamic banks play roles similar to conventional banks, fundamental differences exist between the two models. The main difference between Islamic and conventional banks is that the former operate in accordance with the rules of Shari'a, the legal code of Islam. The central concept in Islamic banking and finance is justice, which is achieved mainly through the sharing of risk. Stakeholders are supposed to share profits and losses, and charging interest is prohibited.

Revisiting Companionship and the Socio-Economy of the Islamic Guilds

2016 ◽  
pp. 198-233
Keyword(s):  
Islamic Banking ◽  
Clear Understanding ◽  
Banking And Finance ◽  
Legal Foundation ◽  
History Of ◽  
Conventional Banks ◽  
Islamic Economic ◽  
Craft Guilds ◽  
The Relationship

This chapter is an introduction to the history of the formation of guilds and how they connect them to the religious and social structures that molded them. The craft-guilds are one of the most interesting and characteristic phenomena of medieval Muslim civilization. The guild in Muslim life was built essentially on the idea of the market and based on the needs of the guildsmen. Many different countries officially claim their commitment to Islam and Islamic economics. However, Islam and Islamic economic systems differ significantly from one country to another. Analysis of the Islamic economic system is impossible without a clear understanding of the legal parameters that shaped such a system. The legal foundation of the Islamic society, known as Shari'a, is considered eternally valid and applicable to all times and places. Islamic laws not only provide society with collections of laws and prescriptions which indicate the Islamic path, they also focus on specific human activities and classify them according to their degree of desirability from God's perspective. Different viewpoints on the relationship between religion, culture, and economic performance are investigated here. Finally, the role of the central bank and Islamic banking and finance will be discussed in detail. While Islamic banks play roles similar to conventional banks, fundamental differences exist between the two models. The main difference between Islamic and conventional banks is that the former operate in accordance with the rules of Shari'a, the legal code of Islam. The central concept in Islamic banking and finance is justice, which is achieved mainly through the sharing of risk. Stakeholders are supposed to share profits and losses, and charging interest is prohibited.

scholarly journals POSITIONING ISLAMIC LEGAL THEORY IN THE DEVELOPMENT OF ISLAMIC FINANCE

JURISDICTIE ◽  
2019 ◽  
Vol 10 (1) ◽  
pp. 18
Author(s):  
Nuha Qonita
Keyword(s):  
Islamic Law ◽  
Legal Theory ◽  
New Product ◽  
Islamic Finance ◽  
Islamic Banking ◽  
Modern Time ◽  
Islamic Legal Theory ◽  
Islamic Jurisprudence ◽  
The World

<p>Islamic finance continues to grow over the world, the development of technology plays a crucial role to support Islamic finance. The great innovation of technology may come to dig up the potential of Islamic financing, yet digital system needs for sharia compliance, both are in similar needs for sharia overviews regardless different opinions of ijtihad in this modern time. Emphasizing case by case of Islamic finance has been done by the sharia scholars in producing the new product of Islamic banking and financing. The Islamic jurisprudence however should consider the substence and maqasid form of sharia. The objective of this paper is to enlight some vital parts of Islamic legal theory as part of Islamic law in implementing sharia compliance. Furthermore, provide the role of legal system which takes a crucial place in implementing the system, it should be harmonized in the existing condition of Islamic finance. This paper is qualitative methods with deep analysis on Islamic legal theory among muslim scholars.</p>

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