Articles

Embedding Value-Based Principles in the Culture of Islamic Banks to Enhance Their Sustainability, Resilience, and Social Impact

Submitted by Munir on Fri, 08/12/2022 - 19:42
Value-based banks strive to build a self-sustaining banking model with inclusive and transparent governance that is sustainable and resilient to external disturbances. Initiatives for value-based intermediation in Islamic finance started in Malaysia. The growth in VBIBs is accompanied by claims about its relative resilience to crisis and efficiency compared to VBBs and conventional banks. However, little empirical evidence is available to support such claims. This study aims to analyze the resilience and efficiency of VBIBs compared to the VBBs and GSIBs.

Re-Thinking Sustainable Development within Islamic Worldviews: A Systematic Literature Review

Submitted by Munir on Fri, 08/12/2022 - 19:36

Many models of economic growth and sustainable development like circular economy, doughnut economy, and sharing economy were articulated to address the global issues including poverty, climate change, and inequity. However, these models were not informed by traditional value- based worldviews. This systematic literature review aims to gain insights on the different models, practices, and drivers for Islamic sustainable development to inform a new discourse for sustainability.

China's transition to a digital currency does it threaten dollarization?

Submitted by Munir on Fri, 08/12/2022 - 19:07
This article provides a detailed introduction to China's launching of a digital currency. We conduct a comparative analysis concerning whether digital currency is a more stable and reliable currency than cryptocurrency and investigate whether a digital renminbi (or yuan) could replace the US dollar as a medium of exchange in international transactions. China has gained a first-mover advantage by rolling out a central bank digital currency (CBDC). But the outcome will depend on the US response as well as the future evolution of the US and Chinese economies.

Buying Citizenship: A Boon to District-Level House Prices in Istanbul

Submitted by Munir on Fri, 08/12/2022 - 18:52
Citizenship by investment (CBI) programs have recently garnered significant academic and media attention. Turkey introduced such a program in 2017 that offers citizenship in exchange for investment in residential property. Through the program, thousands of foreigners, mainly from the Middle East and Asia, have purchased houses, particularly in Istanbul. Foreigners’ share of total houses sold in Istanbul almost sextupled and exceeded 10% of total sales.

مراجعة مقاصدية لقضية الجمع بين العقود

Submitted by Munir on Fri, 08/12/2022 - 18:45
The paper aims to analyze the Shariah objectives of the Shariah texts related to the prohibition of combining contracts rightly observe the prohibition, as it is feared that some literal interpretations of those texts may have led to unnecessar restrictions of peoples' financial transactions. The paper reconciles those texts and the general Shariah objectives relating to financial transactions.

Shariah and Maqasid Analysis of Financial Derivatives and the Attempts to Islamize them

Submitted by Munir on Fri, 08/12/2022 - 16:50
There have been increasing attempts recently to Islamize some financial derivatives. These attempts were initially meant to provide solutions to certain problems like the need to buy a currency or some commodity at a predetermined price on a future date for hedging purposes, but they later developed to include using the same strategies for speculation purposes. The later development involves serious effects on economics, for speculations have been proved to be a major reason behind the occurrence of financial crisis.

Siffin Arbitration Agreement and Statecraft in Early Islamic Political Documents

Submitted by Munir on Fri, 08/12/2022 - 10:23
In this article we study the different recensions of the Ṣiffīn Arbitration Agreement and classify them into six different versions. Despite the differences in length and language among them, we note that these can be traced to a source document. We then highlight the key features and terminology found in the different versions of the Ṣiffīn Arbitration Agreement and observe the striking parallels that they share with the covenants attributed to the Prophet Muḥammad.

Entrepreneurial Finance, Agency Problems And Islamic Ethics: Complementarities And Constraints

Submitted by Munir on Fri, 08/12/2022 - 10:06

This paper examines the interactions between Islamic ethics related to entrepreneurs and finance and discusses their implications on entrepreneurial finance. The practice of Islamic entrepreneurial ethics creates trust that helps to mitigate agency problems. In such cases, investors can use contracts involving Islamic financial ethics. However, in the absence of the practice of normative entrepreneurial ethics, agency problems arise that need to be resolved contractually.

Islamic Social Finance and UN Sustainable Development Goal Education: An Integrative Approach

Submitted by Umar Farooq Patel on Thu, 08/11/2022 - 09:49

This study sheds light on the novel intersections between Islamic Social Finance (ISF) and UN Sustainable Development Goal Education (SDGED). It offers a localized maqāṣid al-Sharīʿa [higher purposes of Sharī’a]-based approach to the secular and universalized UN Sustainable Development Goal Education (SDGED) Framework. The article contends that approaches which utilize Islamic pedagogical principles and values are better suited for meeting SDGED’s goals in

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