Featuring high-level analysis of Islamic law, this book examines fintech in Islamic finance from both theoretical and empirical perspectives. Whilst building on existing approaches, it also discusses the current application of fintech in promoting financial inclusion through innovative solutions in
The purpose of this study is to examine the academic polemics, stakeholder perceptions and publishing prospects for Islamic economics and finance (IEF) research. This study adopts both quantitative and qualitative methods with a view to understanding the aforementioned aspects of published IEF research. The main part of the study constitutes searching through selected databases to identify leading journals and publishing outlets for IEF research.
The adoption of the 2030 sustainable development goals (SDGs) by the UN member nations is of great importance. These goals seek to ensure that no single individual is left behind, and everyone is carried along. Key to achieving these goals is to ensure the availability of data and skills necessary for interpreting such data. Paucity of data is a major issue faced by several developing countries towards achieving the sustainable developing goals. Non-traditional data sources can augment and compliment the traditional data sources in planning and monitoring the implementation of the SDGs.
The main article of this book addresses the Maqasid (Higher Objectives of Sharia) of Tamweel (finance) in connection with the individual, the community, the state, and the global economy. It attempts to answer critical questions including How to evaluate the progress made by Islamic finance so far (e.g. the Islamic banks, Islamic Development Bank, and the Dow Jones Islamic Market Indices). And to what extent has Islamic finance introduced an alternative paradigm?
This book attempts to address the question: “From an Islamic perspective, what are the main objectives of ‘Islamic Finance’ in relation to the individual, society, state, and global economy?” It begins with a discussion of what it means, from a methodological perspective, to adopt a purposive approach (maqasidi) to understanding Islamic law (Sharia). It then proceeds to discuss the meaning of the purposive approach to finance grounded in the norms of Islamic Sharia.
It is a well-established rule in the Shariah (Islamic law) that a loan contract is of a charitable nature and as such the lender may not stipulate any excess or benefit from the borrower. However, it is also known in the Shariah that if the benefit from a loan comes to the lender voluntarily and it is not stipulated in the loan contract then it is permissible. This exception derives from some reports that the Prophet used to repay his debt with some increment, and to this effect he said: "The best amongst you are those who benevolently repay their debts”.
This paper investigates the impact of remittance inflows on economic growth and poverty reduction for seven African countries using annual data from 1992-2010. By using the depth of hunger as a proxy for poverty in a Simultaneous Equation Model (SEM), we find that remittances have statistically significant growth-enhancing and poverty-reducing impact. Drawing on our estimates, we conclude that the financial development level significantly increases the remittances inflows and strengthens poverty alleviating impact of remittances.
With the increasing instances of malfeasance and frauds coming to light in the financial services industry, trust has become a key concern for customers. Fortunately, in the case of Islamic Finance, trust is a central tenet, and its importance can be seen through the emphasis of Amanah or trustworthiness that should be present in every financial transaction. However, it has been argued that the principle of trust has not been truly realized in Islamic Finance, or that there are still issues of distrust regarding anything which is obtrusively branded as “Islamic”.
This research aims to provide an Islamic Fiqhi perspective on the Options Contract, one of the most prominent contracts in international capital markets. The research begins with a historical introduction that illustrates the emergence of this contract and its evolution. It then moves on to explain its terminology and linguistic meanings.
فرض ظهور العملات الرقمية المشفرة تحديات جديدة على فقه الاقتصاد الإسلامي، فقد شاع الاتجار والتعامل بهذه العملات في الآونة الأخيرة على نحو يستدعي بيان الحكم الشرعي فيها. وبيان الحكم الشرعي يستدعي فهم ماهية هذه العملات، وخصائصها، وأوجه التعامل بها، وأبعادها الإقتصادية. وتشمل أحكامها الشرعية تعامل الناس بها تداولا وتجارة، وما إذا كانت الشريعة تعترف بثمنيتها فتأخذ أحكام النقود، فتخضع لأحكام الربا الخاصة بالعملات وبالذهب والفضة.