Articles

A study on Islamic banking education and strategy for the new millenium- Malaysian experience

Submitted by Anonymous (not verified) on Thu, 08/22/2019 - 16:08

Muslims make up 53% of the population of Malaysia, but Islamic banks capture only 1.5% of the country’s banking industry. What is the cause of this imbalance? Islamic banks are not being marketing appropriately. Although almost 100% of the

The offshore services industry in the Caribbean: a conceptual and sub-regional analysis

Submitted by Anonymous (not verified) on Thu, 08/22/2019 - 16:08

Bananas have always been a key generator of revenue for the Windward Islands. Now, the banana industry is experiencing a precipitous decline due to the increase in Caribbean offshore centers. The development of offshore sector frameworks must include deliberate public policy-making aimed at enhancing economic diversification in the region.

The role of khiyar al-'ayb in al-bay' bithman ajil financing

Submitted by Anonymous (not verified) on Thu, 08/22/2019 - 16:08

The widespread application of al-bay' bithaman ajil (BBA) contract in the Islamic banking business today requires a serious reexamination. This is to see that the welfare of consumers is protected, which all Islamic contracts must provided for. It is made by way of making the existence of 'iwad in profit arising from BBA or murabahah transactions evidently clear. One of the component of 'iwad is the right of the buyer to annul the contract when a defect is evident in the product sold, namely

Nurtured by 'kufr': the Western philosophical assumptions underlying conventional (Anglo-American) accounting

Submitted by Anonymous (not verified) on Thu, 08/22/2019 - 16:08

Conventional Accounting parades itself as an objective, value-free technical discipline which provides information to shareholders and creditors to enable them to make informed decisions. This is supposed to result in efficient allocation of resources in the economy leading to social welfare (AAA, 1975). Any infusion of normative values (such as Islamic religious values) is thus taken as unwarranted interference of a metaphysical discipline in the realm of social science, which we are told can only make accounting biased and unscientific (Watts & Zimmerman, 1986).

Regulation of Islamic banking in Bangladesh: role of the Bangladesh Bank

Submitted by Anonymous (not verified) on Thu, 08/22/2019 - 16:08

All banks in Bangladesh are supervised and inspected under the same rules of operation. In some cases, Bangladesh Bank has given special provisions to Islamic banks. To facilitate the growth and prosperity of Islamic banks, Bangladesh Bank must devise separate regulatory and supervisory guidelines for Islamic banks. Islamic banks operate differently than conventional banks, so it stands to reason that they need a unique set of rules.

Economic rationale for the state collection of zakah

Submitted by Anonymous (not verified) on Thu, 08/22/2019 - 16:08

The state collection of zaka would help improve the quality of society. The collection of zaka would be more beneficial than the percent of income taxes currently allocated to charitable organizations by the U.S. government. Data from 1990 shows means-tested payments are approximately 2.5% of the U.S. national income. The potential of zaka is not limited, as some critics have claimed in the past.

Modeling monetary stability under dual banking system: the case of Malaysia

Submitted by Anonymous (not verified) on Thu, 08/22/2019 - 16:08

The ultimate aim of any successful monetary policy is to achieve economic growth, reduce inflation, and lower unemployment. Under an Islamic monetary system, such targets can only be achieved through monetary instruments consistent with Islamic teachings. It is important to determine the demand for Islamic monetary instruments in dual banking systems. How valid and effective are Islamic monetary instruments in such a system?