Islamic Finance

Modern takāful insurance raises important questions about its alignment with the principles and legal foundations of mutual insurance. Often presented as a Shariʿah-compliant mutual alternative to conventional insurance, takāful in practice operates through a hybrid structure: policyholders contribute to a shared risk pool managed by an external operator. Unlike classical mutual insurers, where policyholders are both insured and co-owners, takāful separates ownership from risk sharing, allowing operators to earn management fees and investment profits. Drawing on the French mutual insurance model, the analysis compares main legal caracteristics such as governance, legal form, capital structure, and surplus distribution. The findings suggest that prevailing takāful models resemble profit-oriented insurance more than true mutuality and encourage regulators in Muslim countries to consider integrating mutual frameworks into their legal systems to better reflect the cooperative and ethical spirit of insurance in Islam.

The Islamic finance industry is growing at a rapid rate. Its products and services are widely offered all over the world. The ultimate vision of the emergence of Islamic finance industry is to avoid the prohibited practices of conventional financial institutions such as interest, uncertainty, gambling, and investment in prohibited items. If Islamic Financial Institutions (IFIs) manifest by excluding this vision, then they have failed in their mission. Consequently, shari’ah risk, i.e., non-shari’ah compliant risk is the main risk that IFIs must manage to maintain its distinguished status as shari’ah compliant institutions. Shari’ah governance is used as the guideline to mold the operational practices of IFIs to achieve the mission of shari’ah compliance. For this purpose, the shari’ah committee members are the main players for implementing good shari’ah governance practices. However, due to the limited authority of Shari’ah committee members in performing their tasks, IFIs are volun...

Financial Technology (Fintech) is rapidly transforming the financial industry, with advanced features enhancing speed, convenience, and accessibility. Islamic Financial Institutions (IFIs) and Islamic Social Institutions must adopt FinTech to remain resilient and develop innovative products and services. This qualitative study analyzes the function of Blockchain technology in Zakat institutions and the challenges faced in adopting it. It examines recent publications, focusing on Islamic Financial Technology, the financial sector, and non-financial sectors. However, this article search was limited to scholarly works. Using the library's database, Google Scholar, and the Emerald Insight database, the search is conducted for relevant, primarily peer-reviewed articles, using the appropriate filters and keywords. Therefore, the purpose of this article is to identify the role of Blockchain technology in Zakat institutions and therefore analyze the current challenge faced by Zakat inst...

This research explores the basic questions that stand behind the evolution of financial markets, like the emergence of digital assets, the growth of sustainable investing, and the ongoing fintech revolution. It explains how these trends reshape risk and opportunity in the global economy by putting accent on the messages they send to markets and investors. Contemporary finance is acomplex socio-technical environment generated by global processes, technological change and regulatory shifts. The current global instabilities, such as slow economic growth and geopolitical risks, require an analysis of market trends by investors and policymakers. Potential trends are derived from crosssectional global financial data, composite market indices and select economic indicators. While risks and opportunities are determined from Constellation by using the scenario approach and risk management models. New trends that are applicable, sustainable and growth models like blockchain adoption, ESG inve...

Global warming is global issue in modern times.Global warming and climate change  have affected the entire world. It  is essential to take preventive measures to reduce heat wave and  temperature  of Earth for protection of  human life animal life and plant life. Islamic ecological instructions can play an important role to eradicate current global warming. Deforestation is main cause of global warming.Trees are natural sources of oxygen and cooling in the atmosphere .Trees play  a key role in maintaining   natural ecological balance of planet Earth.The plants and trees  provide humane life  with fresh, clean  and cool oxygen to breath. Heat wave in recent times  must be controlled by  planting as many  trees as possible.30 percent  area of Pakistan was covered with  forest and green trees in 1947 but gradually it has shrunk to 5 percent in these days. Deforestation has increased imbalance, disorder, global warming, climate change, air pollution and other many more  ecological and b...

Purpose-This study aims to critically discuss the hibah offerings in mu � dārabah investment accounts and develop necessary sharīʿah parameters and controls for providing hibah to fill the gap between actual and expected returns on mu � dārabah deposits.

This is a demo file for proyect WNR. Max Weber’s death in 1920 left unfi nished what would arguably have been a central pillar of his Sociology of the World Religions: a systemati c, comparati ve analysis of Islam. For 105 years, this absence has limited Weberian scholarship and, more broadly, the comparati ve dialogue between Western social science and Islamic intellectual traditi ons. In a multi polar world , completi ng this work is both an academic and civilizati onal task: it restores symmetry to Weber’s comparati ve design (Protestanti sm, Judaism, Confucianism, Hinduism … and Islam) and opens a rigorous, shared framework for future scholarship.

This study assessed, in empirical terms, the roles that effective internal control systems play on the performance of insurance business in Nigeria, using selected insurance companies in Adamawa State in the North Eastern part of the country, as case study.  The population consists of all insurance companies in Nigeria, random sampling was used to select five of the existing sixteen active insurance companies in Adamawa State and primary data were used to elicit responses on seven structured questionnaire administered. Pilot survey was adopted for the reliability test and it yielded correlation coefficient of 0.82. Pearson Product Moment Correlation Coefficient was used to analyze the relationship between internal control system and performance of insurance companies. The study found a positive relationship between the independent and dependent variables, indicative of the fact that effective and efficient internal control system plays major roles on performance of insurance busines...

Bank Management (in Arabic) is a new book relate banking. The book consists of 31 chapters which covers new topics such Functions of Banks, Capital of Bank, Organization of Banks, Deposit Management, Credit Department Management, Credit Analysis < Lending Process , Small & Medium Loans , Commercial & Industry Loans , Consumer Loans , Real Estate Loans , Lease , Islamic Banking , Review & Collection of Loans , Investment Management , Letter of Gurantee , Letter of Credit , Deposit Insurance , International Banking , Corporate Goverance in Banking , Operation Department , Customer Services , KYC , Quality of services , Internal Auditing , Compliance , AML , Financial Inclusion , HR Department < Legal Department , Customer Satisfaction , Risk Management , Diversification in Banking , Performance Evaluation

The profit and loss sharing financing may be effect on the performance indicators of Islamic banks. This paper aims to tests the relationship between PLSF and profitability, liquidity and risk indicators and analyzes why the Islamic banks neglect the long term financing, based on empirical case of thirteen bank at level of thirteen Islamic countries namely: Algeria,

The profit and loss sharing financing may be effect on the performance indicators of Islamic banks. This paper aims to tests the relationship between PLSF and profitability, liquidity and risk indicators and analyzes why the Islamic banks neglect the long term financing, based on empirical case of thirteen bank at level of thirteen Islamic countries namely: Algeria, Bahrain, Bangladesh, Dubai, Indonesia, Iran Jordan, Kuwait, Malaysia, Pakistan, Qatar, Saudi Arabia and Sudan, during 1997 to 2013. We use the regression analysis model with unbalanced panel data. The relationship between PLSF and performance indicators (Profitability, liquidity, risk) is significant, and the dual fixed effects model is accepted which shows the difference in the relationship between the variables differs depending on the characteristics of the bank and the country as well as period. We propose to re-test this problematic with distinction between Mudharaba, Musharaka and PLSF, and the use of other econome...

Integrasi ekonomi Indonesia-China ( Asean-China Free Trade Area) dihipotesiskan berdampak positif terhadap kinerja perekonomian Indonesia melalui kegiatan perdagangan dan investasi. Namun, hal tersebut masih banyak diperdebatkan oleh peneliti-peneliti sebelumnya. Mereka berpendapat bahwa kerjasama tersebut banyak memberikan keuntungan kepada China dibandingkan negara-negara ASEAN lain terutama Indonesia. Tujuan penelitian ini adalah untuk mengetahui apakah integrasi ekonomi yang terjadi antara ASEAN khususnya Indonesia ke China berpengaruh terhadap perekonomian Indonesia. Penelitian ini menggunakan metode Ordinary Least Square (OLS). Hasil analisis menunjukkan bahwa ekspor Indonesia ke China berpengaruh positif signifikan namun impor berpengaruh negatif signifikan terhadap perekonomian Indonesia. Sedangkan Investasi dan integrasi ACFTA baik sebelum dan sesudah berpengaruh positif tidak signifikan terhadap perekonomian Indonesia.

Collected ZIS funds can be the best solution of the economy booster and public welfare. Strategic ways can be taken to utilize and distribute ZIS funds by utilizing competent human resources in the ZIS sources of field. ZIS should be managed by a professional institution, accountable, trustworthy and its management must be in accordance with the

Hajj and Umrah represent profound religious obligations for Muslims worldwide, yet escalating costs due to inflation, travel expenses, and post-COVID regulations have rendered them financially inaccessible for many, particularly low-income individuals in regions like Southeast Asia, the Middle East, and North Africa. This study explores Shariah-compliant financial services—such as Murabaha (cost-plus financing), Mudarabah (profit-sharing), Takaful (Islamic insurance), and savings plans—as viable solutions to enhance affordability and inclusivity. Employing a mixed-methods approach, including regression analysis, hypothetical simulations, surveys of 500 pilgrims, and interviews with 20 experts from Islamic financial institutions, the research evaluates product effectiveness, accessibility, and challenges. Findings reveal Murabaha as the most adopted and effective model, reducing financial burden by up to 3.8% through structured repayments, while Takaful provides essential risk protection but minimal cost savings (0.6%), and Mudarabah remains underutilized due to complexity. Key barriers include low financial literacy, regulatory gaps, and fraud, mitigated by technological innovations like the Nusuk app and blockchain. Policy recommendations emphasize strengthening regulatory frameworks, promoting financial education, subsidizing low-income pilgrims, and leveraging digital platforms to foster equitable access. Ultimately, this paper advocates for a sustainable, ethical Islamic finance ecosystem to enable all Muslims to fulfill their pilgrimage duties.

The vision and mission of Islamic banks were supposed to reflect the adherence of their activities and aspiration to Maqāṣid al-Sharī‘ah. However, there are contentions that Islamic banks have been converging towards conventional banking system. Efforts have been expended to reverse the tide and harmonise Islamic banking to its Sharī‘ah objectives. Hitherto, the existing conventional yardsticks have failed to measure the impact of the harmonisation exercise on Islamic banks’ performance. Therefore, using maqāṣid based yardstick to measure the performance of Islamic banks becomes imperative. This study has made use of al-Imām al-Ghazālī’s theory of Maqāṣid al-Sharī‘ah and Ibn ‘Āshūr’s reinterpretation, adopting content analysis and Sekaran (2000) behavioral science methods to develop a Maqāṣid Based Performance Evaluation Model (MPEM) to measure the performance of Islamic banks. Experts’ opinions have validated the model and its acceptability. Suggestions are provided to policy maker...

Geleneksel finans sisteminin faiz temelli yapısının yarattığı sosyal ve ekonomik riskler, adil ve sürdürülebilir alternatiflerin arayışını hızlandırmıştır. Bu noktada, İslami finans ilkelerine dayanan ve faizsiz yatırım esasına göre şekillenen Katılım Endeksi, Türkiye’deki yatırım ortamında dikkat çeken güçlü bir alternatif olarak öne çıkmaktadır.
Katılım finans ekosisteminin gelişimiyle birlikte, özellikle dini hassasiyetleri nedeniyle sermaye piyasalarına mesafeli yaklaşan yatırımcılar için Katılım Endeksi, güvenli ve İslami ilkelere uygun bir yatırım aracı sunmaktadır. Devlet güvencesi altında, şeffaflık ve etik ilkelere dayalı yapısıyla Katılım Endeksi, yerli şirketlere sermaye aktarımında da önemli bir köprü görevi üstlenmektedir. Bu politika öneri raporumuzda; Katılım Endeksi’nin ortaya çıkış serüveni ve Katılım Endeksi kriterleri, Müslüman yatırımcılar için sunduğu avantajlar ve imkanlar, sermaye piyasalarındaki rolü ve ekonomik katkısı, gelecek projeksiyonları ve stratejik politika adımları detaylı şekilde ele alınmakta ve Türkiye’nin katılım finans vizyonuna katkı sunacak somut öneriler paylaşılmaktadır.

Knowledge management (KM) involves the systematic management of vital knowledge resources and associated processes of creating, organizing, gathering, utilizing, diffusing, and exploiting data. A key emerging challenge is to learn to encourage knowledge sharing (KS) within firms because knowledge is an organization&#39;s intellectual capital and plays an important role in gaining competitive advantage. Isolated initiatives for KS and team collaboration promotion without considering the limitations and constraints of KS can hinder further development in the KM culture of an operation. How companies can become better at knowing and sharing what they know has become the focus of KM research in recent years. KM literature focuses on why people share knowledge or why they fail to do so. The discussion on what people actually share has been focused on the concept of best practices. This study argues that KS involves not only the sharing of best practices. Bank managers should enhance KS a...

Tidak ada lagi tempat untuk bersembunyi. Langit telah pecah. Bumi berhenti menyembunyikan wajah aslinya. Kael terbangun di tengah hamparan tanpa batas. Semua suara sunyi. Hanya ada satu gema: dzikir dari jiwa yang belum hancur oleh dunia. Ia melihat sekelilingnyabukan dunia baru, melainkan dunia lama yang telah dibuka tabirnya. Di sinilah manusia akan dikumpulkan. Di sinilah Mahsyar terbentang. Dan Kael tahu… jika ini adalah tempat pengumpulan ruh, maka surga dan neraka pun tak jauh darinya.

İslam iktisadı ve finansı ekosistemi, özellikle son 20 yılda, dünya genelinde giderek artan bir ilgi görmektedir. Bu ilgi, kapitalist sistemin getirdiği adaletsizliklere karşı daha adil ve insani alternatif sistem arayışının bir yansımasıdır. İKAM tarafından hazırlanan “Türkiye’de İslam İktisadı ve Finansı Ekosistem Raporu 2024” İslam iktisadı ve finansının Türkiye’deki mevcut durumunu ve gelecek potansiyelini kapsamlı bir şekilde ele almaktadır.

Raporda ekosistem içerisindeki zorluklara ve mevcut problemlere yönelik çözüm önerileri de sunulmaktadır. Raporun amacı, İslam iktisadı ve finansı ekosisteminin ve sunduğu fırsatların daha geniş kitlelere ulaşmasını sağlamak ve bu alandaki farkındalığı artırmaktır. Bu bağlamda, raporun bulguları ve önerileri, politika yapıcılar, akademisyenler ve sektör temsilcileri için önemli bir kaynak teşkil etmektedir.

After the pandemic, public finance challenges must address climate change issues, requiring countries that have ratified the Paris Agreement to fulfil their commitments. Likewise, the Sustainable Development Goals (SDGs) require huge funding to achieve their targets by 2030. Islamic finance is increasingly embracing Islamic blended finance, a powerful scheme that combines sukuk – representing Islamic commercial finance – with Islamic social finance to create robust sustainable funding solutions. Historically, sukuk has undergone a transformation from a sakk instrument to esham and then to sukuk as it is known today. Esham is the first Islamic financial securitization instrument in history. It successfully helped the Ottoman Empire manage the crisis that followed the war defeat. The term “esham”, which refers to the origin of sukuk, is a form of blended Islamic finance. This chapter aims to propose a framework for Islamic green blended finance. It will focus on using esham, a financial tool with no redemption, to create perpetual green sukuk. This chapter will explore the concept and philosophy of esham, recognized as the pioneering framework for sukuk. It is imperative that we uphold and enhance this fundamental principle to protect and advance the integrity of today’s sukuk market. Islamic financial engineers should explore how the idea of institutional history can support Islamic sustainable finance and Islamic fiscal sustainability.

عدالت که اصل اول قوانین اجتماعی و اخلاقی به شمار می رود به نامهای ارت و اشَ (راستی و درستی) و رشن (عدالت) در ایران باستان شناخته شده و معروف بوده اند و برای وی فرشته هایی با همین نامها قائل بوده اند. در آیین شیعی هم اصل عدالت به اصول دین افزوده شده است ولی آن به معنی عدالت اجتماعی و اخلاقی نیست و  تفسیر جالبی ندارد (خدا عادل است و ظالم نیست). چون اگر عدالت را به عدالت اجتماعی تسّری دهند با تضاد اسلام و کفر متناقض می گردد. اگر این تناقض به نفع آزادی و عدالت اجتماعی حلّ میشد اسلام شیعی با مدرنیته سازگار می گردید. ولی واژهٔ آزادی در قاموس اوستایی مغان هم مورد توجه قرار نگرفته است گرچه در دورهٔ اشکانی و ساسانی آزادگان نام طبقه ای اجتماعی بوده است:
अदिति f. aditi freedom

Perdebatan tentang sejauh mana perusahaan harus mempertimbangkan faktor sosial dan lingkungan dalam pengambilan keputusan perusahaan masih terus berkembang. Perbedaan pendapat tentang pentingnya pelaksanaan tanggung jawab sosial (corporate social responsibility -CSR) sebagai salah satu aktivitas perusahaan muncul berkaitan dengan pemahaman suatu perusahaan mengenai manfaat CSR bagi perusahaan yang bersangkutan. Perusahaan didirikan untuk memperoleh laba yang digunakan untuk menjaga kelangsungan hidup perusahaan secara terus menerus dan berkembang (survival and growth). Menurut Schnietz (2005) menyatakan bahwa para manajer harus membuat keputusan yang memaksimalkan kekayaan pemegang saham perusahaan mereka. Apabila kegiatan tanggung jawab sosial tidak konsisten dengan tujuan ekonomi, logika ekonomi tradisional menunjukkan bahwa CSR harus dihindari. Pelaksanaan CSR dapat dijalankan apabila alokasi sumber daya perusahaan yang dilakukan untuk program CSR memberikan kontribusi bagi optimalisasi laba perusahaan yang sama dengan aktivitas alokasi sumber daya perusahaan untuk kegiatan lainnya. Beberapa alasan mengapa kalangan pelaku usaha menolak pelaksanaan CSR dijadikan sebagai kewajiban perseroan adalah : pertama, bahwa praktik CSR di brought to you by CORE View metadata, citation and similar papers at core.ac.uk provided by Udinus Repo

Perdebatan tentang sejauh mana perusahaan harus mempertimbangkan faktor sosial dan lingkungan dalam pengambilan keputusan perusahaan masih terus berkembang. Perbedaan pendapat tentang pentingnya pelaksanaan tanggung jawab sosial (corporate social responsibility -CSR) sebagai salah satu aktivitas perusahaan muncul berkaitan dengan pemahaman suatu perusahaan mengenai manfaat CSR bagi perusahaan yang bersangkutan. Perusahaan didirikan untuk memperoleh laba yang digunakan untuk menjaga kelangsungan hidup perusahaan secara terus menerus dan berkembang (survival and growth). Menurut Schnietz (2005) menyatakan bahwa para manajer harus membuat keputusan yang memaksimalkan kekayaan pemegang saham perusahaan mereka. Apabila kegiatan tanggung jawab sosial tidak konsisten dengan tujuan ekonomi, logika ekonomi tradisional menunjukkan bahwa CSR harus dihindari. Pelaksanaan CSR dapat dijalankan apabila alokasi sumber daya perusahaan yang dilakukan untuk program CSR memberikan kontribusi bagi optimalisasi laba perusahaan yang sama dengan aktivitas alokasi sumber daya perusahaan untuk kegiatan lainnya. Beberapa alasan mengapa kalangan pelaku usaha menolak pelaksanaan CSR dijadikan sebagai kewajiban perseroan adalah : pertama, bahwa praktik CSR di brought to you by CORE View metadata, citation and similar papers at core.ac.uk provided by Udinus Repo

feature and value proposition of surplus in takÉful. The study affirms that, in actual practice, the surplus generated from the takÉful fund is distributed between participants and takÉful operators, with variation seen from the perspectives of frequency of distribution, method of distribution and specific SharÊÑah contracts used to underlie the distribution. Several improvements on the disclosures of information on surplus are also suggested in the paper.

The Civil Code of Lithuania re-established enterprise (business) as a self-sufficient object of civil rights and introduced several legal transanctions with it, the so-called asset deals (sale-purchase of enterprise and lease of enterprise). Since every transfer of enterprise comprises the transfer (delegation) of debts to the new owner, the legal regulation on asset deals must be orientated to the protection of creditors' rights. However, the legal practice showed that the existing legal regulation regarding asset deals, in particular the mechanism of the protection of creditors' rights, is complex, and thus unappealing to legal practitioners. Therefore, this research focuses on an analysis of the legal regulation of the mechanism of the protection of creditors' rights applicable to asset deals and its impact on the civil turnover of enterprise as an object of civil rights. In order to thoroughly examine the problem of the efficient mechanism of the protection of creditors' rights, the national legal regulation is analysed in comparison to the legal systems of France, Germany and Russia.

The Civil Code of Lithuania re-established enterprise (business) as a self-sufficient object of civil rights and introduced several legal transanctions with it, the so-called asset deals (sale-purchase of enterprise and lease of enterprise). Since every transfer of enterprise comprises the transfer (delegation) of debts to the new owner, the legal regulation on asset deals must be orientated to the protection of creditors' rights. However, the legal practice showed that the existing legal regulation regarding asset deals, in particular the mechanism of the protection of creditors' rights, is complex, and thus unappealing to legal practitioners. Therefore, this research focuses on an analysis of the legal regulation of the mechanism of the protection of creditors' rights applicable to asset deals and its impact on the civil turnover of enterprise as an object of civil rights. In order to thoroughly examine the problem of the efficient mechanism of the protection of creditors' rights, the national legal regulation is analysed in comparison to the legal systems of France, Germany and Russia.

The Civil Code of Lithuania re-established enterprise (business) as a self-sufficient object of civil rights and introduced several legal transanctions with it, the socalled asset deals (sale-purchase of enterprise and lease of enterprise). Since every transfer of enterprise comprises the transfer (delegation) of debts to the new owner, the legal regulation on asset deals must be orientated to the protection of creditors’ rights. However, the legal practice showed that the existing legal regulation regarding asset deals, in particular the mechanism of the protection of creditors’ rights, is complex, and thus unappealing to legal practitioners. Therefore, this research focuses on an analysis of the legal regulation of the mechanism of the protection of creditors’ rights applicable to asset deals and its impact on the civil turnover of enterprise as an object of civil rights. In order to thoroughly examine the problem of the efficient mechanism of the protection of creditors’ rights, ...

Lietuvos Respublikos civiliniame kodekse įtvirtinus atskirus sandorius dėl įmonės, kilo abejonių dėl sių sandorių teisinio reguliavimo tinkamumo ir pakankamumo. Teisinė praktika parodė, kad dabar galiojantis sandorių dėl įmonės perleidimo (įmonės pirkimo-pardavimo ir įmonės nuomos) teisinis reglamentavimas yra sudėtingas ir ne itin patrauklus teisininkams-praktikams, nes Lietuvoje įmonių, kaip turtinių kompleksų, civilinė apyvarta pagal galiojantį teisinį reglamentavimą beveik nevyksta. Lyginant įmonės pirkimo–pardavimo ir nuomos sutarcių teisinį reglamentavimą su kitomis pirkimo–pardavimo ir nuomos sutarcių rūsimis, tampa akivaizdu, kad įmonės pirkimui– pardavimui bei nuomai taikomi griežtesni sutarties formos, sudarymo tvarkos ir kreditorių teisių apsaugos reikalavimai. Dėl to, kaip rodo teisinė praktika, salys dažnai sudaro atskiro turto pirkimo–pardavimo arba nuomos sandorius, o ne įmonės pirkimo–pardavimo ar nuomos sutartį, taip isvengdami minėtų imperatyviųjų reikalavimų taiky...

Companies operating in the Financial Technology (FinTech) industry use cutting-edge technical solutions to provide a comprehensive variety of financial services to their customers. The key purpose and research topic will be investigated to evaluate whether they are more similar to traditional banks or trendy tech businesses that are using their innovation to promote financial inclusion and sustainability. This is because while evaluating Fin Techs, one can pose the issue of whether or not they follow the conventional processes that are used in the evaluation of technology businesses, banks, and other financial intermediaries. According to the early results of the empirical research, the second hypothesis is more in keeping with the present attitude in the stock market. Through the comparison and contrast of the market valuation methodologies used by traditional banks and FinTech businesses, as well as the demonstration of the potential for digital engagement and the crosspollination of complementary business models, the objective of this study is to fill a vacuum that has been identified in the existing body of literature. In terms of methodology, the stock market values of these firms and the multipliers accompanying them will be used to conduct an experimental analysis of the inequalities. Findings.

Purpose -The purpose of this research is to demonstrate how legal strategies can be used to enhance the effectiveness of value-added tax (VAT) and how taxation laws can synergise with economic goals to strengthen the economy. Design/methodology/approach -This study uses a comprehensive approach to explore various aspects of VAT, including its mechanics, collection process and global trends. It uses a comparative analysis of different types of taxes and their potential impact on economic growth. Additionally, it examines the role of the law in establishing tax systems, and how the law makes VAT more effective. Findings -The research highlights the importance of legal frameworks in implementing VAT strategies and addressing associated challenges. It also identifies the advantages and disadvantages of VAT and discusses its role in diversifying economic income sources to ensure a sustainable national revenue stream. Originality/value -This research contributes to the literature by offering insights into the interplay between law, taxation and economic development, particularly focusing on the effectiveness of VAT. It provides original perspectives on legal strategies to optimise VAT systems and enhance economic growth.

Since the advent of Prophet Muhammad(SAW) till the nineteenth century CE, there has been a consensus among all the Muslims of all schools of thoughts that the Prophet(SAW) was the last of the Prophets(AS) and no new prophet will appear till the end of this world. Then came Mirza Ghulam Ahmad of Qadyan (1835-1908 CE) and claimed that, though the Prophet(SAW) was the seal of the prophets (Khaatam-an-Nabiyeen), another prophet (nabi) can come after him as a reformer. Couched in his utmost praise of the Prophet(SAW) , he inserted his claim of future revelation. Though Mirza Ghulam Ahmad of Qadyan made many other claims, the objective of this paper was to analyze Mirza Ghulam Ahmad of Qadyan's interpretation of the Quranic term 'khaatam' from the Quranic perspective.

An analysis of the Quranic usage of the term 'khaatam' suggests that Allah(ST) has only used it for 'blocked' in the Quran. This is contrary to Mirza Ghulam Ahmad of Qadyan's claim that the term 'khaatam' also stands for 'the best'. Allah(ST) , instead of grading the Prophets(AS) in terms of good, better, and best, has mentioned the fadheelat of many Prophets in the Quran without compromising the stature of other Prophets(AS). Instead of us grading the Prophets in terms of who was good, better, or the best, which is disrespectful to the Prophets(AS) , we should focus on the fadheelat of the Prophets(AS) , as has been done by Allah(ST).

The followers of Mirza Ghulam Ahmad of Qadyan are humbly requested to abandon the misinterpretation of 'Khaatam-an-Nabiyyin' coined by him and return to the meaning (blocked) ascribed to it by Allah(ST) in the Quran. Hazoor Mirza Masroor Ahmad is also humbly requested to follow into the footsteps of Honorable Warith Deen Mohammed who rejected the fallacious version of Islam promoted by his father, Elijah Muhammad, the leader of the Nation of Islam. Honorable Warith Deen Mohammed disbanded the original Nation of Islam (NOI) and transformed it into an ostensibly orthodox and mainstream Islamic movement. He rejected the previous deification of Wallace Fard Muhammad, and forged closer ties with mainstream Muslim communities.

After the Global financial crisis, Islamic finance gets worldwide attention and it increased with fast pace especially in Pakistan where total assets of Islamic Banks crossed Rs. 1.7 Trillion. This paper explores empirically the relationship between the development of Islamic banking system and economic growth in the Islamic Republic of Pakistan. Using econometric analysis, quarterly time-series data of economic growth and Islamic banks' financing from 2006 to 2015 were used. In this paper Islamic Banks, private lending and total assets as a proxy for the development of Islamic Finance and GDP and GFCF as a proxy for Economic Growth. For the analysis, the unit root test, descriptive stats, regression analysis, cointegration test, and Granger causality tests were done. Empirical results generally signify that in the long run Islamic banks' financing is positive and significantly correlated with economic growth in Pakistan which reinforces the idea that a well-functioning Islamic banking system promotes economic growth. Meanwhile, there is no short-term relationship exist in between Islamic banking and economic growth.

Emas dan mata uang merupakan satu kelompok benda ribawi  meskipun beda jenis. Syarat pertukaran pun menjadi berlaku, boleh mengambil nilai lebih (tidak setara) tetapi harus dilakukan pada waktu itu juga (tunai) Artikel ini penulis mencoba menjawab pertanyaan apakah emas hanya sekedar sebagai komoditasi atau dapat digunakan sebagai mata uang sebuah negara. Menjadikannya sebagai komoditas, tentu ini membuka pintu riba dan seolah membatalkan hadis-hadis Nabi Muhammad Saw., sedangkan menjadikan emas sebagai mata uang pun bukan pekerjaan yang ringan, dikarenakan di tiap negara tidak memiliki sumberdaya alam penghasil emas.

The paper assesses the relationship between Nigeria’s stock market returns, interest rate and gross domestic product from 1991Q1 to 2016Q4. VAR model and analysis were used; the results show an inverse relationship between interest rate and stock return. And interest rate shocks affect stock market and gross domestic product. The study recommendation of the study implies that a timely monetary policy adjustment by the monetary policy committee (MPC) and real adjustments in inflation targets and money supply will help to achieve stability in the stock market and economic growth. Also this will help in promoting the desired confidence among participants and economic stability in the stock market. Keyword: Stock Market, Interest Rate, Economic Growth, VAR JEL Classification: G12, C 60, 011, C 1

মানবজীবনে বিশ্বাস একটি সুনির্দিষ্ট ও সুরক্ষিত সীমারেখা। সে দেয়ালের মধ্যেই মানুষ তার চিন্তা ও কর্মের কক্ষপথে জীবনকে নির্বাহ করে থাকে। সে জন্য ইসলাম তার অনুসারীদের কাছে বিশেষভাবে দাবি করে বিশ্বাস, চিন্তা ও কর্মের মাঝে সুসাদৃশ। তাই আমরা জানি, বিশ্বাস ও কর্মের সমন্বয়ে গঠিত জীবন হবে মুসলিম জীবন। এ দুটি উপাদানকে একই মুদ্রার এপিঠ-ওপিঠের মত দেখা যাবে। আয়ানার মত এক পাশ খুবই স্বচ্ছ আরেক পাশ ঘন পারদের আড়ালে থাকবে, তা কখনই গ্রহণযোগ্য নয়। বিশ্বাসকে দেখা যায় না। সেটি দেখার বিষয়ও নয় সত্য। কিন্তু প্রমাণ না পেলে তা অর্থহীন হয়ে পড়ে। সে জন্য বিশ্বাসের প্রকাশ পাওয়াটা অনিবার্য। আর সেটি ঘটে থাকে কর্মে। সুতরাং একজন মুসলিমের কাজ বলে দেয় সে কিসে বিশ্বাসী। তার বিশ্বাসের গভীরতা, সৌন্দর্য, স্বচ্ছতা ও সুরভী প্রতিনিয়ত কাজে মাঝে ফুটে উঠবে- এটাই বাস্তবতার দাবি। যৌক্তিকভাবে ইসলাম দাবি করে সে স্বভাবধর্ম- যাকে পালন করা অনুসারীদের জন্য শ্বাস-প্রশ্বাসের মতই স্বাভাবিক করা হয়েছে। যদিও আমরা তাকে কঠিন হিসেবে মনে করে থাকি।

The objective of this study is to combine the both Islamic micro finance portfolio and structured finance within the limits of Shariah. However, sustainability and access to traditional funding sources by micro finance institutions (MFI) have remained a pressing issue for the finance industry. The traditional sources of finance such as commercial banks have been unwilling and reluctant to join hands with micro finance institutions. A unique structured proposal for business model is suggested in this paper. It combines synergies of structured finance solution for Islamic banks to join hands with existing micro finance providers. The proposed business model will enhance the financing capacity of the existing micro finance Industry by a staggering two thirds, simply by bringing in matching funds from traditional sources. These funds are based on the strong business model using synergies and financially innovative structured solution proposed for risk management etc. It is a commerciall...

Standard terms are widely used in making contracts at national and international levels. The Qatari Civil Code (QCC) does not govern such terms directly. Instead, it associates them with adhesion contracts, which also govern model contracts. In contrast, the UNIDROIT Principles of International Commercial Contracts (UPICC) and the Principles of European Contract Law (PECL) expressly recognise contracting under standard terms. This article first examines the concept of an adhesion contract under QCC in lights of the historical origin of this contract as well as its jurisprudential and judicial interpretation in light of its use in other jurisdictions, including France, Saudi Arabia and Egypt. It then analyses the concept and requirements of standard terms under QCC and the aforementioned international instruments. Based on the comparative analysis of the rules of standard terms under all these instruments, this article recommends that the Qatari legislature should discard standard terms from adhesion contracts.

The assessment of the performance of the Islamic banks is still an unexplored area, and there is a limited perspective of performance evaluation, which affects the level of Islamic banking performance and remains arguable. This study has tried to conceptualized Kaplan & Norton&#39;s (1996, 2001) Balanced Scorecard and its comparison with the current presentation calculation structure of the Islamic banks. This study has introduced guidelines to the better output of Islamic banks for Shariah Compliance by using BSC measures. This study has found a useful connection among BSC estimates, attributes of Shariah Compliance, and Islamic banks&#39; performance. Tremendous improvement has been seen by Banks, which used both; the BSC and Shariah estimates. The research was limited in its scope of investigation for implementation and applicability of the stabilized Scorecard theory (Kaplan and Norton, 1992) in the Islamic Banking Sector only due to time constraints. For future researchers, thi...

Penelitian ini bertujuan untuk menganalisis Faktor- Faktor yang Mempengaruhi Jumlah Penyaluran Kredit pada Bank Umum yang terdaftar di BEI pada periode 2012-2016. Variabel dependen yang digunakan didalam penelitian ini adalah kredit. Untuk melihat seberapa besar perusahaan perbankan melakukan penyaluran kredit dengan menggunakan variabel Dana Pihak Ketiga (DPK), Non Performing Loan (NPL) dan Loan to Deposit Ratio (LDR). Sampel penelitian yang digunakan dalam penelitian ini terdiri dari 28 perusahaan perbankan umum di Bursa Efek Indonesia (BEI) periode 2012-2016 dipilih berdasarkan criteria tertentu dengan menggunakan metode purposive sampling. Analisis data digunakan didalam penelitian ini adalah analisis regresi linear berganda yang diolah dengan menggunakan software SPSS versi 21. Dari model regresi linear berganda yang digunakan dalam penelitian ini, hasil pengujian secara parsial (uji t) menunjukkan bahwa variabel Dana Pihak Ketiga berpengaruh positif terhadap Jumlah Penyaluran ...

The efficiency of an investment fund is one of the main components in evaluating the performance of the fund. This study seeks for introducing and comparing risk and performance evaluation ratios. The paper is aimed at testing the worked out ratios and at distinguishing between the best ones for the purpose of evaluating the performance of Lithuanian mutual funds. Scientific studies show that a standard deviation, alpha, beta, Sharpe and Treynor ratios are mostly employed for identifying the performance of mutual funds that are also compared with their benchmark index to establish if these funds are outperformed and if is it worth paying management fees to investment banks for managing mutual funds. Historical data were selected for the period from 20120102 to 20131015 analysing the prices of monthly funds. The paper points out the areas of a practical ap plication of the proposed model for investment fund valuation, which may not only provide valuable outcomes for practitioners but also may inspire further research on this article.

TEZ11924Tez (Yüksek Lisans) -- Çukurova Üniversitesi, Adana, 2019.Kaynakça (s. 93-104) var.xii, 107 s. : tablo ; 29 cm.Emtia fiyatları, artan tüketim, tükenen kaynaklar, küreselleşme olgusu ve teknolojik gelişmelerle birlikte son yıllarda önemli bir oynaklık göstermeye başlamıştır. Dünya ekonomisinde yaşanan gelişim ve değişimler üretim, yatırım ve tüketim aracı olarak kullanılan emtiaların genişlik, büyüklük ve süre bakımından fiyatlarının dalgalanmasına ve bu dalgalanmanın diğer piyasalara yansıyarak makroekonomik dinamikler üzerinde değişimler yaratmasına neden olmuştur. Bu durum, son dönemde dünya ekonomisinde görülen en belirgin değişimlerden birisini oluşturmaktadır. Emtia fiyatlarındaki bu dalgalanmalar özellikle gelişmekte olan ülkelerin kırılgan olan ekonomilerini ciddi biçimde etkileyen bir unsur haline dönüşmüştür. Çalışmada, emtia fiyatlarının makroekonomik etkilerinin analizi için, sanayi girdisi ve yakıt fiyatlarının, sanayi üretim endeksi üzerindeki etkisi incelenmişt...

An attempt has been made to quantify the targeting of the microfinance and its economic impact on the borrowers. The study has employed the Difference of the Difference Approach to find the net effect of microfinance by employing data collected by Pakistan Poverty Alleviation Fund. The study found that about 30 percent of the borrowers were poor, while 70 percent of the borrowers were non-poor. The impact on the poverty status was found to be marginal. The income of the poor borrowers hardly could grow by 2 percent during the study period. However, the consumption of the poor borrowers increased by 10 percent, which indicates that poor primarily borrow for smoothing their consumption. A significant net effect of microfinance on the consumption (6.71 percent) and income ( about 6 percent) of non-poor borrowers has been found. Results show that poor non-borrowers were better off in terms of change in most of their assets compared to the poor borrowers. However, the net effect of microfinance on households durables of the non-poor borrowers was marginal' while the net effect of microfinance on few household durable items like fan, bicycle and sewing machine , of the poor borrowers was found to be positive. Compared to the poor borrowers, the majority of the poor non-borrowers reported no change in their livestock. Similarly, some poor borrowers reported positive changes in their livestock as compared to poor non

… a Continent where its people consume what it does not produce and produces
what it does not consume …1
1. Le principali cause della povertà
le principali cause della povertà nei paesi a basso reddito, in particolare
nell’africa sub-sahariana, sono molteplici e spesso interconnesse. alcune
delle ragioni chiave della povertà includono:
maNCaNza DI RIsoRsE ECoNomIChE: molte nazioni in africa sub-sahariana
affrontano la mancanza di risorse economiche sufficienti per sostenere
una popolazione in veloce crescita. la limitata disponibilità di
capitale investibile, lo scarso accesso al credito e la debolezza delle infrastrutture ostacolano lo sviluppo economico.

Islamic finance (IF) is the latest form of international financial system that emerged to offer an alternative source of financing development particularly among some countries in the global South. The aim of this article is to explore the role of diplomacy in the emergence of IF as an alternative financing source particularly for the global South. This article argues that IF was born out of diplomatic process, like its counterpart the Bretton Woods system. It further argues that, to understand the emergence and the forces behind the emergence of Islamic financial system, there is need to look at the context of the notion of South-South Cooperation that was conceived in 1950s and gained momentum in 1960s. The notion of South-South Cooperation showed to the Muslim world the possibility of creating a new financial system that began with the formation of the Organization of Islamic Conference (OIC) in 1969, the establishment of Islamic Development Bank (IDB) in 1973 and consolidated with the Mecca Conference in 1976. This article concludes that although international financial systems are always the product of diplomacy, however, the nexus between the two has been overlooked by researchers. It, therefore, recommends that future studies examine this relationship in an in-depth manner.