Islamic Finance and Revitalization of the Traditional Islamic Economic Institutions

2015 ◽  
Author(s):  
Shinsuke Nagaoka
Keyword(s):  
Islamic Finance ◽  
Economic Institutions ◽  
Islamic Economic

Globalization’s Vulnerabilities and the Response of Islamic Economics

2000 ◽  
Vol 17 (3) ◽  
pp. 70-94
Author(s):  
Tahir Beg
Keyword(s):  
Global Governance ◽  
National Policy ◽  
Economic Institutions ◽  
Wide Scope ◽  
Global Capital ◽  
Theoretical Premise ◽  
Islamic Economic

The philosophical-theoretical premise of globalization is ignorant of thevalues of justice, equity, and oneness of humanity, hence it leads to verticalintegration of humanity, systemic vacuum in global governance,drastic erosion in national policy autonomy, and accountability-freeempowerment of global capital. The Islamic worldview provides analternative paradigm for globalization and offers wide scope for refprmof contemporary globalization by re-exploring the interrelationshipbetween the concepts ‘Ummah’ and ‘one humanity.’ This suggests thatoperational re-orientation of Islamic economic institutions is greatlyneeded to protect the Ummah and humanity against the vulnerabilitiesof contemporary globalization

scholarly journals An economic theory of Islamic finance

2017 ◽  
Vol 9 (2) ◽  
pp. 117-132 ◽  
Author(s):  
Mabid Ali Al-Jarhi
Keyword(s):  
Design Methodology ◽  
Islamic Finance ◽  
Economic Systems ◽  
Monetary Reform ◽  
Content Type ◽  
Reform Agenda ◽  
Banking And Finance ◽  
Economic Rationale ◽  
Islamic Economic ◽  
Set Up

Purpose This paper aims to provide an economic rationale for Islamic finance. Design/methodology/approach Its methodology is simple. It starts with listing the contributions to economic analysis relevant to the required rationale in the theories of banking, finance, price, money and macroeconomics, to identify the main rationale for Islamic finance. A concise description of the author’s model for an Islamic economic system, within which Islamic finance can be operational, is provided. Findings The paper finds distinct advantages of Islamic finance, when properly applied within the author’s model. Islamic finance can therefore be a candidate as a reform agenda for conventional finance. It opens the door for significant monetary reform in currently prevalent economic systems. Research limitations/implications The first limitation of the paper is that the distinct benefits of Islamic finance are all of macroeconomic types which are external to Islamic banking and finance institutions. They are therefore not expected to motivate such institutions to apply Islamic finance to the letter, without regulators interference to ensure strict application. The second limitation is the necessity to set up enabling institutional and regulatory arrangements for Islamic finance. Originality/value The results are unique as they challenge the received doctrine and provide non-religious rationale for Islamic finance.

scholarly journals Leveraged buyout booms and busts: can Islamic finance help prevent and mitigate such market distortions?

2019 ◽  
Vol 16 (1) ◽  
pp. 299-318
Author(s):  
Mouad El Haloui ◽  
Rajae Aboulaich
Keyword(s):  
Financial Crises ◽  
Private Equity ◽  
Wealth Distribution ◽  
Common Factors ◽  
Islamic Finance ◽  
Agent Based ◽  
Leveraged Buyout ◽  
Islamic Economic ◽  
Mimetic Behavior ◽  
Reduction Of Uncertainty

The industry of private equity and leveraged buyout has been, since its beginnings, subject to several chapters of bubbles and busts, the majority of whom are initiated under similar circumstances (excess of liquidity, junk debt and mimetic behavior).The Islamic finance is a financial system that complies with the rules of the Sharia Law, and which naturally allows the achievements of purposes of Sharia, such as protection of property and capital, fair wealth distribution, reduction of uncertainty and speculation, to name a few.From this perspective, this paper discusses the capacity of Islamic finance to help prevent some factors that trigger financial crises in the leveraged buyout market and to accomplish the intended purposes through this asset class.In the first part of this paper, the authors try to break down some of these common factors that trigger or catalyze the economic booms of the leverage buyout industry, and propose a framework to visualize their effects through an agent-based Simulation program. The second part of the paper describes how Islamic economic principles constitute brakes to some distortions and excesses in the market, in such a way that the probability of occurrence of a boom decreases drastically. Finally, these Islamic features are added up to the simulation to provide a comprehensive benchmark.

Value- based Islamic banking and reporting in Bahrain

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Akhtar Ali Saeed Mohammed ◽  
Fadillah Mansor
Keyword(s):  
Annual Reports ◽  
Islamic Finance ◽  
Islamic Banking ◽  
Islamic Banks ◽  
Reporting Standard ◽  
Content Type ◽  
Islamic Financial Institutions ◽  
Islamic Economic ◽  
Practical Implications ◽  
Specific Contribution

Purpose This paper aims to analyse whether the practices of Islamic banks in Bahrain are in line with value-based Islamic banking (VBIB) and reporting disclosure in the annual reports towards achieving their fundamental objectives of human-centred economic development and social justice. Design/methodology/approach Based on Islamic finance, Islamic economic principles and perception of Maqasid al-Shari’ah, this paper examines and assesses the current practices of Islamic financial institutions (IFIs) in Bahrain through content analysis of financial and annual reports of Islamic banks in Bahrain and interviews of Islamic banking experts. Findings The findings reveal that value-based banking (VBB) has not been translated fully into practice by the Islamic banks in Bahrain. Research limitations/implications The data analysis was restricted to Islamic banks in Bahrain. Practical implications This paper identifies the need for reporting standard development to improve the VBB practice in Bahrain in the future. Looking at the objectives of the IFIs, this paper introduces the concept of VBB in Bahrain, which includes ethical banking, responsible banking and social responsibility. The study adds value not only to the current Islamic finance literature but also helps many stakeholders, including prospective academics, who may conduct comparative studies in different jurisdictions throughout the world. Originality/value The specific contribution of this paper is the identification of the VBB practices and related disclosure in the Islamic banking industry in Bahrain. The study is useful to harmonise and standardise the practices of VBIB by the contemporary Islamic banks in Bahrain.

scholarly journals Ekonomi Syariah Sebagai ‘Trend’ di Era Globalisasi

2016 ◽  
Vol 1 (2) ◽  
Author(s):  
Jefri Putri Nugraha
Keyword(s):  
Economic Development ◽  
Economic System ◽  
Economic Activity ◽  
Human Life ◽  
Economic Thought ◽  
Islamic Finance ◽  
Economic Problems ◽  
The World ◽  
Islamic Economic

Islam is a universal religion that regulates all dimensions of human life both; the world and the hereafter. Islam has also arranged economic problems since Islam was revealed through the Prophet Muhammad. Al-Quran and al-Hadith as the main reference of sharia economic thought. Islamic finance has become an economic system that was born along with the birth of Islam, but only this decade Islamic economic system become trending topic of discussion. Considering followers conventional notions began to look at the economic system of Syariah. In the era of globalization, there are a tendency in economic development for more attention to ethics in economic activity. This paper aims to explore in depth discussion on the trend of global economic and its development at the same time, reveals the opportunities and challenges in the economic development of sharia in the context of global economic development era.

scholarly journals Analysis of Newest Possibilities of Functioning of Islamic Finance in Europe

2021 ◽  
Vol 110 ◽  
pp. 01020
Author(s):  
Iryna G. Kurochkina
Keyword(s):  
Economic System ◽  
Islamic Finance ◽  
Historical Aspects ◽  
The Republic ◽  
Islamic Economic

The article is devoted to the analysis of newest possibilities of functioning and specifics of Islamic finance in Europe. It was considered main tools of the Islamic economic system, historical aspects of the emergence of Islamic finance in Europe. Also it was investigated the prospects of implementing and development of Islamic finance in Europe and in the Republic of Crimea.

scholarly journals Does Technology Matter?: literature Review Adopsi Teknologi Dalam Riset Ekonomi Keuangan Syariah

2019 ◽  
Vol 3 (2) ◽  
pp. 117-136
Author(s):  
Wasyith Wasyith
Keyword(s):  
Literature Review ◽  
English Language ◽  
Descriptive Analysis ◽  
Islamic Finance ◽  
Islamic Banking ◽  
New Era ◽  
Technology Sector ◽  
Technological Advances ◽  
Islamic Economic ◽  
Financial Research

Technology disruption brings us to a new era full of opportunities and challenges. In digital transformation, various cutting-edge innovations in the economy were born and developed. At this point, Islamic economics and finance can utilize the advantages provided by technological advances, such as features of generativity, convergence, and culture of democratization to promote ethical principles such as togetherness, justice, equality, and honesty. In the realm of research, if previously the issue of technology had not been enough of the attention of researchers, then the trends were slowly changing. This research tries to review the research on the theme of Islamic economics and finance with the emphasis on the use of the technology sector in it. This research is a literature review and uses a descriptive analysis of 28 English-language articles based on Google Scholar. The sample articles are those published from 2014 to 2019. The results showed that technology adoption has become a common concern of researchers in the field of Islamic economics and finance. The theme of developing technology-based Islamic economic and financial instruments in various sectors continues to emerge, from Islamic banking, Islamic finance, Islamic monetary systems, and zakat. Besides, this research also offers a framework on how to develop Islamic economic and financial research going forward.  

scholarly journals Opportunities and challenges halal marketplace in Indonesia

2021 ◽  
Vol 4 (2) ◽  
pp. 90
Author(s):  
Wahyu Setyorini ◽  
Ana Raudlatul Jannah ◽  
Uci Wulansari ◽  
Mir'atun Nisa
Keyword(s):  
Total Population ◽  
Market Potential ◽  
Islamic Finance ◽  
Economic Literacy ◽  
Literature Study ◽  
Muslim Population ◽  
The Public ◽  
Online Transactions ◽  
Online Trading ◽  
Islamic Economic

The development of information technology encourages the emergence of various online transaction activities, one of which is online trading transactions through the marketplace. Currently, Indonesia has the largest Muslim population, which is 87% of the total population who also takes part in buying and selling activities and online transactions. Muslim awareness and interest in halal products is increasing, but there is a need of understanding regarding transactions according to Sharia. The purpose of this study: to analyse the potential and challenges of the halal marketplace in Indonesia using a literature study research method. The results of this study indicate that in Indonesia the halal marketplace has a large market potential and is an innovation in the development of the existing marketplace. Besides this potential, the halal marketplace also has challenges in its development, including the low level of Islamic economic literacy among the public, low inclusion of Islamic finance, and the lack of utilization of the halal marketplace platform by halal MSMEs. It is hoped that these potentials and challenges can become views in determining and developing policies.

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