Shariah issues in takaful

This research paper presents a comprehensive comparative analysis of the legal frameworks governing Takaful (Islamic insurance) under both English Common Law and Shariah principles. The study examines the fundamental differences in approaches to risk, uncertainty, and insurance contracts between these two legal systems, while exploring potential areas of convergence and compatibility. Through qualitative analysis of primary legal sources, regulatory frameworks, and scholarly literature, the research investigates how these differences affect the implementation and operation of Takaful in the UK market. The study reveals significant disparities in risk management approaches, with English Common Law emphasizing risk transfer and commercial practicality, while Shariah principles focus on risk-sharing and mutual cooperation. The research identifies critical challenges in implementing Takaful within the UK's regulatory framework, including issues related to Shariah compliance, corporate governance, and the limited availability of Retakaful (Islamic reinsurance) capacity. Despite these challenges, the study finds potential areas for harmonization, particularly in risk measurement standards, transparency requirements, and consumer protection mechanisms. The research contributes to the existing literature by proposing practical solutions for developing appropriate regulatory frameworks that respect both legal traditions while ensuring operational efficiency. Key recommendations include establishing specific Takaful regulations within the UK framework, developing standardized Shariah compliance guidelines, and implementing specialized reporting requirements. These findings have significant implications for policymakers, regulators, and financial institutions seeking to develop and expand Takaful services in Western markets. The study concludes that successful integration of Takaful in the UK market requires a balanced approach that acknowledges the fundamental principles of both legal systems while addressing practical operational considerations.

مقالة د. حاتم الجوهري في عدد سبتمبر  من مجلة "آفاق التجديد "؛ حول المفاهيم الثقافية والجدل بين ظروف الإنتاج الغربية، وظروف التلقي والاستقبال العربية، أي إشكالية التمرد والبحث عن الذات، والقدرة على الانتقال من التلقي إلى الإنتاج والوعي بطبيعة السياق وظرفياته، وتجاوز الاختيارات التقليدية المطروحة امام الثقافة العربية وتياراتها التاريخية النمطية.

Existing theories rarely focus to explore the factors of Takaful model through bancassurance channel in Pakistan.This research will theoretically discuss takaful business in Pakistan and will further explore the factors influencing penetration of takaful business through bancassurance model. The purpose of the study is to drive implications for takaful business through bancassurance model and explore the factors of penetration of takaful product through conventional business model window. Takaful is a kind of Islamic protection / insurance, where individuals contribute cash into a pooling framework keeping in mind the end goal to promise each other against misfortune or harm. Takafulmarked protection depends on Shariah, Islamic religious law, and clarifies how it is the obligation of people to coordinate and secure each other. A Qualitative technique is used to explorethe factors in the study through thematic analysis and literature review based on existing theories on takaful as well as bancassurance model to depict the link between two models of life insurance.

The Shariah Committee is entrusted with the duties and responsibilities to ensure that the Islamic banking and takaful institutions comply with the Shariah principles in its operations and business activities. The procedures of appointment and cessation are among the important points that should be discussed in relation to the Shariah Committee. Such elements reflect the effectiveness, objectivity and independence of the Shariah Committee in discharging their duties. In Malaysia the appointment, re-appointment and cessation of the member of the Shariah Committee are regulated by legislations governing Islamic financial business. With the objective to scrutinize the procedures prescribed by legislations, this study adopted legal research method. By using content analysis, the study found that several loopholes existed in the existing legislations which should be addressed by relevant authoritative. This is significant in order to strengthen the legal framework as well as to avoid any...

In this paper, we provide micro-econometric evidence on the determinants of life insurance demand in China, the largest emerging market in the world. We employ the China Household Income Project (CHIP) dataset for the year 2002 in the analysis. The timing is ideal, because of the nature of the less well developed capital markets and social security systems in China in 2002, which sets a suitable stage to study the insurance demand behavior of emerging markets. The results indicate that both the human capital protection motive and the asset allocation motive are important in explaining the purchase of life insurance in China. In addition, we present three empirical regularities: (1) the positive correlation between the returns to human capital and the returns to market portfolio decrease the demand for life insurance; (2) both the current wealth and future income of a household exert curvilinear impacts on life insurance demand; (3) the breadth of a households social connections has substantial impacts on life insurance demand.

Volume 1, Issue 3 (2024) of the journal Legal Transformation in Muslim Societies presents a wide-ranging exploration of how Islamic law is evolving in response to contemporary challenges. The issue opens with a discussion on the dynamic nature of Islamic legal systems, emphasizing their adaptability to cultural, political, and institutional transformations. Articles in this issue examine diverse topics such as child marriage, assisted reproductive technologies, inheritance rights, and the recognition of Muslim personal law in secular legal systems. One article explores the historical and modern Islamic legal discourse on child marriage, revealing both conservative and progressive interpretations and their tension with international human rights norms. Another article investigates the permissibility of assisted reproductive technologies like IVF and surrogacy within Islamic law, analyzing their implications for maternal identity and lineage. A detailed critique of Pakistan’s Section 4 of the Muslim Family Laws Ordinance (1961) questions its Islamic legitimacy and proposes alternatives rooted in traditional jurisprudence. The issue also includes a comprehensive analysis of South Africa’s Constitutional Court ruling on Muslim marriages, highlighting its legal and religious implications, particularly for women’s rights. A study on Bangladesh examines the legal and Shari’ah-based obligations of husbands to provide maintenance to wives, including post-divorce support, and calls for legislative reform. Other contributions address Pakistan’s constitutional structure, the role of Islamic principles in governance, and the evolving doctrine of humanitarian intervention in international law. The issue concludes with book reviews and comparative legal analyses, offering a rich platform for scholarly engagement with Islamic legal transformation. Collectively, the articles underscore the need for nuanced, context-sensitive approaches to legal reform in Muslim societies, balancing tradition with modernity and religious principles with human rights.

The emergence of Islamic finance in the United Kingdom ('UK') has rendered it a remarkable alternative to conventional finance. The following paper studies how the English and Welsh courts interpret and apply Shariah-based Islamic finance principles under English law. The paper takes the view that Islamic finance arrangements and the Shariah principles that inspire them are capable of being conveyed through their conventional counterparts under English finance law, insofar as doing so does not contravene English law. The focal points enshrined under this paper are: [1] the means through which Islamic finance arrangements are interpreted and applied under English law; [2] the approaches undertaken to honour such Islamic finance principles without contravening English law; and [3] the approach taken when the courts are faced with a conflict of laws. Using legal analysis, this paper finds no one-fit-for-all method for the English and Welsh courts when dealing with Islamic finance cases. However, the unanimous principle is that Islamic finance arrangements will never be treated exceptionally to their conventional counterparts.

This article explores how, in the early 20th century, Muslim jurists, faced with the absence of an Islamic insurance model, endorsed the French mutual insurance framework as compatible with Islamic law. It concludes the urgent need of an in-depth comparative analysis of the two models.

The research aimed to identify the role of secondary school teachers in developing technological awareness among students. The researcher used the descriptive approach to achieve the research aims. The research sample consisted of 300 secondary school students in Al-Kharj region in Saudi Arabia. The research set a suggested proposal to activate the role of secondary school teachers in developing technological awareness among studentsto achieve the Kingdom's Vision 2030.

The main aim of this research manuscript is to explore how various pedagogical strategies were applied by Prophet Muhammad (PBUH) and how these strategies are still in vogue in the modern world of education, as it is clear that innovation always takes place in every field of life in this world of technology. The young generation is technology-obsessed and must be engaged in teaching-learning effectively and innovatively. This generation cannot easily be engaged and satisfied unless a variety is incorporated into the teaching-learning process. All

Shariah compliance is fundamental to the operations of Islamic banks (IBs), ensuring that all activities conform to Islamic law (Shariah). To maintain Shariah compliance, IBs must establish a Shariah committee (SC), which plays a key role in providing guidance, oversight, and approval for Islamic banking products and services. The aim of this study is to investigate whether IBs in Malaysia effectively comply with the regulatory requirements for SC composition, with a particular focus on SC size and member qualifications. The findings reveal that, despite a few instances of non-compliance, most IBs in Malaysia have adhered to the stipulated requirements for SC composition. The conclusions of this study are beneficial to the regulators, IBs, and researchers.

Shariah governance (SG) refers to a framework designed to ensure that Islamic financial institutions (IFIs) adhere to Shariah principles in their operations and activities. This study examines SG practices in Malaysia, one of the top countries in Islamic finance governance, and discusses the lessons that can be drawn from them. The analysis focused on SG guidelines implemented in Malaysia, which provide a structured approach to ensuring Shariah compliance. The key lessons derived from these practices include the establishment of a comprehensive regulatory framework for Islamic finance governance, the implementation of dual SG structures, the enhancement of Shariah committee roles, the adoption of internal Shariah control functions, the promotion of accountable boards and management, and the incorporation of transparent approaches to SG practices. These insights offer valuable guidance for countries aiming to develop and strengthen their Islamic finance governance frameworks.

Islamic financial system presents a novel approach to the modern financial system with its procedures and applications. The underpinnings of Islamic financial system sharply contrast with the traditional financial system because it is developed outside the current financial system and a strong emphasis on common mutual benefits. This paper explains literature references from a series of papers which examined the evolution and emergence of Takaful (Islamic insurance). The study explores Takaful concept as an Islamic perspective of risk coverage which is an alternative to conventional insurance. The study also discusses Takaful structure, mechanism and elaborates how it differentiates from conventional insurance. Further, Takaful categories and Takaful models are explained which are being applied in the current Takaful market. The study concludes by exploring current Takaful market globally with reporting future prospects of Takaful and suggesting directions for its further sustainabl...

The Shariah Committee (SC) is entrusted with the duties and responsibilities to ensure that the Islamic banking and Takaful institutions comply with the Shariah principles in its operations and business activities. The procedures of appointment and cessation are among the important points that should be discussed in relation to the SC. Such elements reflect the effectiveness, objectivity and independence of the SC in discharging their duties. In Malaysia the appointment, re-appointment and cessation of the member of the SC are regulated by legislations governing Islamic financial business. With the objective to scrutinize the procedures prescribed by legislations, this study adopted legal research method. By using content analysis, the study found that several loopholes existed in the existing legislations which should be addressed by relevant authoritative. This is significant in order to strengthen the legal framework as well as to avoid any legal conflict in the future.

Deposit Insurance Scheme (DIS) has assumed the position of universal importance as a consumer protection scheme for the depositors and investors in the banking sector of nations' economy. The role of Islamic deposit insurance is to create a level playing field between Islamic and conventional banks apart from maintaining a foundation for public confidence in the banks it is also to reinforce the consumer protection aspects that are inherent in Islam. However virtually all the existing DISs are established on legal, regulatory and operational framework devoid of any Islamic bias, meanwhile the Islamic banks and their customers are as much in need of this protection, assurance and sustenance of confidence produced by the scheme as their conventional counterparts. The research therefore examines some of the controversies in the operation of Deposit Insurance as well as its compatibility with Shariah rules under which Islamic banks operate. It looks into the needs and the extent to which Islamic banks can participate into the scheme. The paper concludes that objectives of DIS is compatible with Shariah but also finds out that its designs and some of its operations need to be adjusted for Islamic banks to fully integrated without impairing the provisions of Shariah.

Purpose -This study intends to examine the legal aspects and the actual practices of Shariah governance in Sri Lanka's IFIs. Further, it examines the law and regulations on Shariah governance as well as identifies the macro and micro level application of Shariah governance in Sri Lanka. Research method -The literature observation and document analysis were applied to explore the relevant domestic and international regulation on Shariah governance in the country. As a qualitative study, the data were gathered through the primary sources such as the information derived from the interview with experts, legislations, international Shariah standards, annual reports and other institutional documents from the IFIs; and supported by the secondary data available in the literatures such as articles in journals, books, newspaper reports, the IFIs websites, and other sources. Lanka that legally enforces on Shariah governance framework at macro level. But, each IFIs has setup Shariah governance institutionally at micro level. Recommendation -The recommendations are put forward to fill the gap found and to improve the legal status of Shariah governance in Sri Lankan Islamic financial industries.

The Shariah Committee is entrusted with the duties and responsibilities to ensure that the Islamic banking and takaful institutions comply with the Shariah principles in its operations and business activities. The procedures of appointment and cessation are among the important points that should be discussed in relation to the Shariah Committee. Such elements reflect the effectiveness, objectivity and independence of the Shariah Committee in discharging their duties. In Malaysia the appointment, re-appointment and cessation of the member of the Shariah Committee are regulated by legislations governing Islamic financial business. With the objective to scrutinize the procedures prescribed by legislations, this study adopted legal research method. By using content analysis, the study found that several loopholes existed in the existing legislations which should be addressed by relevant authoritative. This is significant in order to strengthen the legal framework as well as to avoid any...

The Central Bank of Malaysia (hereinafter referred to BNM) has introduced the guideline on Shariah Governance Framework for Islamic Financial Institutions (IFIs)(hereinafter referred to as SGF 2010) in October 2010 to have proper Shariahgovernance. All Islamic Financial Institutions in Malaysia are required to adopt SGF 2010 effectively on 1 st January 2011, giving the IFIs six months to comply with. Within such period, the IFIs need to confirm that they have met all the requirements and are operating in accordance with it. After one year of the implementation there is a need to study the effects of SGF 2010 on IFIs.Thus, this article investigates the advantages and constraints resulting from the implementation of SGF 2010.. The findings and analysis show that the SGF was well received by IFIs. However there are few constraints and challenges need to be rectified.. This survey was conducted through the collection of data and information by distributing the questionnaire to the respondents who are involved in IFIs' industries such as the management of the IFIs, be it Islamic banks and Takaful institutions, Shariah Committee and Shariah Officers. Most of the data in this study were collected and analyzed using the Statistical Package for Social Sciences (SPSS) software version 16.0 and Microsoft Excel. Additional the descriptive analysis is used to determine the number of frequencies and percentages.

Islamic banking, takaful and Islamic Capital Market are the main component of Islamic financial system in Malaysia. Shari'ah compliance is one of the attributes to distinguish Islamic Financial Institutions (IFIs) from its counterpart. Adherence to Shari'ah principles is fundamental to the operations of IFIs and such adherence is a continuing process as long as such institutions operate. The Shari'ah Advisors appointed by the IFIs are responsible in ensuring the Shari'ah compliance of IFIs in carrying out its Islamic financial business. The requirement for the appointment of Shari'ah Advisors in IFIs has been included in the statutes governing IFIs as well as guidelines and circulars issued by authoritative bodies related to Islamic banking, takaful and Islamic Capital Market. This indicates that, the appointment of Shari'ah Advisors in IFIs is a vital to the industry. A specific regulatory framework on Shari'ah Advisors is essential in regulating their duties and responsibilities as may be in ensuring that the operations of IFIs conform to Shari'ah principles. Furthermore, a strong regulatory framework on Shari'ah Advisors is one of the factors in ensuring the resilience development of Islamic finance industry. Henceforth, this study seeks to analyze the Malaysian regulatory framework on Shari'ah advisors as their significant roles and responsibilities in ensuring Shari'ah compliance of IFIs.

Puji syukur penulis ucapkan atas kehadirat Allah SWT, yang telah melimpahkan rahmat dan karunia-nya kepada kita semua sehingga penulis dapat menyelesaikan makalah Manajemen Keuangan Syariah tentang "Asuransi Syariah". Salawat besertakan salam semoga tetap tercurahkan limpah kepada junjungan kita nabi Muhammad SAW. Begitu juga kepada para keluarga sahabat dan para pengikutnya yang setia hingga akhir zaman. Makalah ini penulis susun untuk memenuhi salah satu syarat dalam mengikuti mata kuliah Manajemen Kuangan Syariah serta menjadikan referensi bagi pembaca untuk menambah wawasan. Penulis sadari dan terima segala kelapangan dada jika dalam makalah ini terdapat kekurangan. Dengan hati terbuka penulis tampung segala masukan bapak/ibuk, dan teman-teman demi perbaikan kedepannya. Penulis menyadari bahwa hasil penulisan makalah ini masih jauh dari sempurna. Untuk itu kami mohon maaf jika terdapat kekurangan atau kekeliruan dalam makalah ini. Dan kami sangat mengharapkansaran dan kritik dari berbagai pihak untuk kemajuan di masa yang akan datang.

Professor Mustafa Al-Zarqaa's scholarship. Al-Zarqaa has argued that conventional insurance companies comply with Sharia law as long as Sharia prohibited investment activities such as alcohol, pork, riba (interest), maysir (gambling), are specifically excluded. Furthermore, by use of the principle of qiyas (reasoning by analogy as a Sharia source), the thesis also argues that the same Sharia alternative applying to Takaful be applied to re-Takaful. The thesis proposes the adoption of Al-Zarqaa's modified re-insurance approach as a Sharia alternative to conventional (commercial) re-insurance and re-Takaful. Al-Zarqaa's modified re-insurance approach allows Islamic re-insurance to operate in a similar way to conventional re-insurance and under joint-stock companies-but insists on the requirement of avoiding and excluding all Sharia prohibited investment activities. listed Takaful insurance companies in operation. 7 Currently, there are 33 Takaful companies as two companies have failed. 8 This thesis distinguishes early forms of Takaful insurance based on mutual insurance with no shareholders from modern forms of Takaful operated by joint-stock companies (JSCs) with shareholders. The thesis argues that efforts to mould a mutual non-profit model of insurance to fit for a profit stockholding company insurer are practically unworkable. The early forms of Takaful envisaged dominance of the policyholder interests with entitlement to surpluses in the underwriting fund and participation in decision-making. But under a JSC, the duties of the Board of Directors (elected by shareholders) are to its shareholders who expect a reasonable return on investments through dividends. The interests of policyholders are pitted against shareholders. This thesis argues that except for industry type funds a Takaful model operating under JSCs is, as a matter of practicality, not possible. This thesis examines the regulation of Takaful insurance in Saudi Arabia, and puts forward recommendations for reform of Takaful practices in Saudi Arabia. These recommendations can contribute to the governance and regulation of Takaful in other Islamic countries and to Western countries where Takaful insurance is offered by conventional insurance companies. This thesis examines the problems associated with Takaful insurance compliance with Sharia law in Saudi Arabia with particular emphasis on current Takaful models, the effect of corporate status, and conflicts of operator interests. It explores the rights and obligations of Takaful participants and shareholders, and the issues of risk management and profit distribution. Finally, it examines whether there is scope for Sharia-compliant reforms that could be introduced to modernise Takaful insurance.

في محاولة لتتبع السردية الصهيونية في الحرب على غزة، وتفكيك رموزها اللغوية ورمزيتها التعبوية تأتي هذه الورقة هادفة إلى تحليل لساني للغة السردية الصهيونية في الإعلام، كاشفة عن مفرداتها ومصطلحاتها، وتحيزاتها الدلالية، وأثر ذلك في المتلقي وموقفه من الحرب على غزة، متوسلة في ذلك بمناهج تحليل الخطاب.

is one of the most important cases on the nature of Muslim marriage and its legal consequences in British India. Syed Mahmood -the author of the judgment-is considered to have propounded that marriage under Islamic law is a civil contract. The holistic analysis conducted in the paper questions this attribution to Syed Mahmood and argues that he alluded to such notion for judiciously resolving the issue at litigation, i.e. maintainability of the suit for restitution of conjugal rights in case of non-payment of dower. It was not his objective to propound an absolute theory of universal application as to civil nature of marriage. The main contribution of Abdul Kadir v Salima was to facilitate the transplantation process of the suit for restitution of conjugal rights into Anglo-Muhammadan law and augment its religious sanctity by equating it with mutual rights of cohabitation of spouses under Islamic law. Additionally, the paper juxtaposes some of the main propositions of Abdul Kadir v Salima with Pakistani cases to appreciate the points of converge and divergence.

This article examines the ongoing debates and reform efforts surrounding the Muslim Marriage and Divorce Act of 1951 (MMDA) in Sri Lanka. The Act has faced substantial criticism for its inability to adapt to the evolving needs of modern society, often prioritizing men's interests over women's rights. Despite numerous reform attempts, reaching a consensus on crucial provisions has proven challenging, creating significant obstacles to amending the MMDA. Employing library research, this article analyzes reports from various committees to assess current practices, which reveal conflicting perspectives between committees and civil society organizations. This study re-evaluates the MMDA's provisions to determine whether proposed reforms align with Sharia law while meeting international legal standards, particularly Sri Lanka's obligations to eliminate all forms of discrimination against women, while considering religious and cultural sensitivities. The article underscores the need for collaborative dialogue among stakeholders to foster reforms that address the evolving Muslim community's legal needs, focusing on justice and equality.

The surplus refers to the balance remaining in the takaful fund after paying all claims and other obligations. This study aimed to explore surplus management and allocation in various sustainable scopes and discuss relevant Shari`ah and regulatory requirements. Data was collected primarily through qualitative interviews with market leaders comprising Shari`ah and operational experts in takaful. A thematic analysis was carried out to explore qualitative data. The study found that sharing with participants and operators, managing deficits of takaful funds, supporting takaful funds of other operators, financial assistance to micro-takaful, donating in waqf and other charity works, etc., are some notable scopes for surplus allocation. It identified some critical Shari`ah and regulatory requirements for surplus utilization, including consent of the participants, fairness and effective communication with them, viability and solvency of takaful funds, and overseeing surplus sharing practices. The study concluded that utilizing surplus in various sustainable modes promotes equitable wealth distribution, financial inclusion, and social well-being and helps to realize Maqasid al-Shari`ah. It posits a regulatory update to facilitate surplus allocation for various charitable scopes as the current regulation restricts it between participants and operators.

The common law reciprocal duty of maintaining the spouses has been part of the Sri Lankan legal regime with the incorporation of the maintenance law directions, with the enforcement of Maintenance Ordinance, No. 19 of 1889, which was subsequently repealed by the Maintenance Act, No. 37 of 1999. "Living in adultery" has been recognized as an exemption to qualify to claim maintenance from the spouse as per the provisions of both statutes. Nevertheless, the scope of the term, "living in adultery" has been developed by the domestic judiciary following numerous approaches of construction. This research aims to evaluate the effectiveness of the domestic judiciary in dealing with the concept of "living in adultery." It also analyses different approaches used by the judiciary in interpreting the term and determining whether the burden of proof required to establish "living in adultery" has been consistently applied in accordance with Section 3, 4, and 5 of the Maintenance Ordinance (1889) and Section 2(i) proviso of the Maintenance Act (1999). The black letter approach and comparative legal research methodologies have been employed in order to achieve the objective of the study. Finally, the study reveals that the judicial determination under both statutes have had attempted to construct the phrase"living in adultery" based on the circumstantial evidence provided by each case, yet the level of burden of proof expected to establish the "living in adultery"shall remain unclarified.

Discuss the features and functions and principles of insurance. Insurance has many features, including: Risk sharing: Insurance is a risk-sharing policy that helps prevent damages from loss. Indemnity: The principle of indemnity states that the insurance will only cover the loss that has happened, and the insurer will calculate the losses. Insurable interest: The subject matter of the insurance contract must provide some financial gain to the insured, and also lead to a financial loss if there is any damage. General insurance : General insurance protects valuable assets from fire, theft, burglary, or any other unfortunate accident. Term insurance : Term insurance provides a fixed sum assured that is paid to the nominees in case of death during the policy term. Functions of Insurance: Protection: Insurance provides protection against unexpected losses, accidents, and uncertainty. It can help with losses due to economic fluctuations, theft, fire, medical emergencies, critical illness, and more. Risk sharing: Insurance is a cooperative scheme that shares the risk of unfavorable outcomes. Certainty: Insurance provides a sense of assurance to policyholders. Capital formation: The premiums paid by policyholders are pooled together to create a fund for the insurance company to invest. Economic growth: Insurance can help boost the economy. Efficiency: Insurance can help improve efficiency. Principles of insurance: Utmost Good Faith: The fundamental principle is that both the parties in an insurance contract should act in good faith towards each other Proximate Cause: This principle applies when the loss is the result of two or more causes. The insurance company will find the nearest cause of loss to the property. If the proximate cause is the one in which the property is insured, then the company must pay compensation.

It has been more than five decades since the concept of materiality is applied in
the auditing practice. However, a unanimous method towards consistency is evidently a bridge too far and additionally, certain cases such as fraud and the ‘gain-keeper’ to
name a few might exacerbate the logical debate. Therefore, this paper aims to achieve enlightenment regarding the concept of materiality from the Islamic perspective. In
practical terms, the study exhibits that it is highly possible to achieve uniformity and
reduce the gap of materiality threshold while the employed general principles could be derived from a holistic value such as Maqasid al-Shariah and Maslahah and be
accommodated under both moderate legal systems i.e. Shariah and a regime in which
an organization is operating. As per the Shariah issues and legal issues, this study
substantiates that the Islamic bank as well as other stakeholders such as the
government, the auditor, and the accountant should be vigilant in practising
materiality. In the most stringent point of view, the concept of materiality may be
placed as a devaluation of Maqasid al Shariah in the level of wealth. Having said that, the Shariah might accommodate the materiality with certain size, degree, and
agreement by virtues of gharar and luqathah. Moreover, this study suggests that Islamic banking should put their heads together to instil consistency and reliability in the implementation of materiality. Thus, the most possible way is the legislation of
materiality in which the bank is governed.

Application of equilibrium principal in Islam very is suggested, to be comprehended as life balance in world and eternity which must be carried by entrepreneur of moslem in this bearing ( Insurance). Hence this balance concept, inviting to all entrepreneur of moslem to be able to realize actions in business which can place x’self a others and moslem prosperity of life safety and world eternity.Other side, in have business to oblige the existence of business ethics Islamly which is put down above values of normatifias religion. Ethics is ideal moral values which must be applied in Islam business as business identity which have Islam bases. Business of Islam is the way of have business which clear of manipulation actions, exploitation, and from goods of lap. But most principal in characteristic have business of Islam conducted on the basis of is voluntary (antaradhin) and accepting each other between one another. So that from conducting business transaction it in an optimal fashion.In...

The First Annual Conference of Islamic Economics & Islamic Finance

Organized and edited by Dr. Ghada Gomaa A. Mohamed

Conference Venue: Chestnut Conference Centre, University of Toronto, Toronto, Ontario, Canada

Conference Proceeding: Library & Archive Canada

https://epe.lac-bac.gc.ca/100/201/300/annual_conference_islamic/n01.pdf

Recently, it has become necessary for various institutions to implement social responsibility activities and practices, in order to achieve their social role towards improving society and prosperity for all its parties, and thus becoming socially responsible institutions, which benefits them and contributes to improving their mental image and supports their competitiveness. Museums are among the cultural and educational institutions that have become obligated to practice the social responsibility activities, due to the many benefits they gain as a result of their application process, in addition to achieving several other benefits for the museum workers as well as members of the surrounding community.
Therefore, this study aims to describe the current situation. to execute social responsibility in both the Coptic Museum and the Islamic Museum in Cairo, as they are among the Egyptian museums are adopted the use of specific mechanisms for their application process, a qualitative methodology was relied upon to collect data and information, as personal interviews were conducted with workers in both museums, and the results of the field study revealed that the activities social responsibility is applied greatly and effectively at both the Museum of Islamic Art and the Coptic Museum.
The study also found many advantages that accrue to museums as a result of adopting and realizing social responsibility practices, in addition to shedding light on the challenges facing the process of employing them in museums. The study concluded by presenting a set of proposals that contribute to strengthen the process of applying social responsibility in museums.

في الآونة الأخيرة أصبح من الضروري قيام المؤسسات المختلفة بتطبيق أنشطة وممارسات المسئولية المجتمعية، لكى تقوم بدورها المجتمعي نحو الارتقاء بالمجتمع وتحقيق الرفاهية والازدهار لكافة أطرافه، وبالتالي تصبح مؤسسات مسئولة مجتمعيًا، وهو ما يعود بالنفع عليها ويساهم في تحسين الصورة الذهنية لها ويساعد على زيادة قدرتها التنافسية، وتعد المتاحف من المؤسسات الثقافية والتعليمية التي أصبح لزامًا عليها القيام بتطبيق أنشطة المسئولية المجتمعية، وذلك بسبب الفوائد العديدة التي تجنيها كنتيجة لعملية تطبيقها، إلى جانب تحقيق عدة مزايا أخرى تعود على العاملين بالمتاحف وكذلك أفراد المجتمع المحيط، ولذلك تهدف هذه الدراسة إلى وصف الوضع الحالي لتطبيق المسئولية المجتمعية بكل من المتحف القبطي ومتحف الإسلامي بالقاهرة باعتبارهما من أوائل المتاحف المصرية التي تبنت استخدام آليات محددة لعملية تطبيقها، وقد تم الاعتماد على المنهجية النوعية لجمع البيانات والمعلومات، حيث تم اجراء مقابلات شخصية مع العاملين بكلا المتحفين، وقد كشفت نتائج الدراسة الميدانية أن أنشطة المسئولية المجتمعية يتم تطبيقها بشكل كبير وفعال بكل من متحف الفن الإسلامي والمتحف القبطي، كما توصلت الدراسة إلى العديد من المزايا التي تعود على المتاحف جراء تبنيها لتنفيذ ممارسات المسئولية المجتمعية، هذا إلى جانب القاء الضوء على التحديات التي تواجه عملية تطبيقها في المتاحف، وقد انتهت الدراسة إلى تقديم مجموعة من المقترحات التي تساهم في تعزيز عملية تطبيق المسئولية المجتمعية في المتاحف.

Economy is a crucial section which can influence and give impact to the society and peoples, therefore a lot of contemporary issues has been discussed by the experts in order to improve the economic system practiced worldwide. The establishment of Takaful scheme is one of the new alternative to promote and improve the economy system. In addition, Takaful also is an alternative to the replacement of previous insurance which mostly was a conventional insurance and not comply with Shariah. Literally, Takaful is derived from the Arabic word, “kafala” which means guarantee. Takaful also can be defined as scheme whereby a group of participants agree to mutually guarantee each other against a defined loss. The history and development of Takaful practice can be seen through the practice of custom al-‘aqilah which practised by tribe of ancient Arab. There are many differences between Takaful and conventional insurance. For example, Takaful is not following any prohibiton mentioned by Allah s...

The Shariah Committee is responsible to ascertain that the banking and financial activities of the Islamic financial institution it represents, comply with the principles of Shariah. In fact, the bank has to consult with the Shariah Committee and has to adopt its advice on Shariah matters. Generally, from Islamic law perspective, the original ruling for banking and financial activities is the permissibility, which implies that any business activity is lawful or Shariah compliant unless evidence to the contrary exists. The ruling would change when the prohibited elements are established. This becomes the primary responsibility of the Shariah Committee to determine the ruling of such activities whether they remain lawful or are effectively changed to being prohibited. This would necessitate the Shariah Committee to adopt a specific methodology in order to arrive at the correct decision. This article studies on the Shariah decision making process adopted by the Shariah Committee in Malaysia. The writing also examines the methodology adopted in determining the issues of Shariah compliance of financial instruments. The study also looks into the need of the concerted effort between the Shariah Committee and the industry practitioners so that the requirement of Shariah compliance is fully met in the banking and financial businesses in Malaysia.

Purpose-The study documents the performance of the Islamic banking services industry (IBSI) in light of the Islamic finance objectives, notably financial stability, equitable distribution of wealth, and social responsibility. Design/Methodology/Approach-After drawing the performance evaluation framework based on the objectives, the research conducts a balance sheet analysis of the IBSI in Pakistan for 32 quarters (2013Q4-2021Q3). The analysis examines sources and uses of funds by looking at the application of financial contracts and sectoral distribution of financing. Objectively classified data trends are reported through graphs. Findings-Findings suggest that the domestic IBSI has shown progress in achieving primary and intermediate objectives, including commercial performance, contribution to equitable wealth distribution, and financial stability. However, the industry's in-practice business models lack any significant contribution to the social sector, which represents a more advanced objective. Originality/Value-The contributions to the literature include development of a performance evaluation framework based on Islamic finance objectives, and documentation of findings on the IBSI's achievements in Pakistan. Research Implications-The study recommends that regulators develop a legal framework for business models of the IBSI. It also recommends that managers of domestic Islamic banks include the social sector as well as agricultural and rural areas in financing and investment portfolios.

The growth of Ṣukūk market has been nothing short of phenomenal. Many countries and corporations are looking to raise funds using Ṣukūk. However,  several countries face legal impediments and regulatory constraints. Muslim countries such as Algeria is still yet to develop unique regulation to implement Ṣukūk due to current conventional legal and regulatory hindrances. Thus, this paper aims to critically examine the feasibility of the current laws in issuing Ṣukūk. This research is an exploratory study that utilizes qualitative analysis for the review of commercial and financial laws to find out the key elements from the current legal system in Algeria and examine whether it can permit the introduction of Ṣukūk.  The study finds that the legislative provisions in commercial law, civil law, and other regulations, which are general in nature, are facilitative to the issuance of Ṣukūk. However, the current regulations in the capital market constitute an obstacle to the listing of Ṣukūk ...

In Malaysia, a relatively new but fast developing sub-sect of the financial sector is the Islamic banking and industry. Despite its recent history, Malaysia's Islamic Banking institutions (IBIs) have dramatically increased in number and currently have seventeen (17) full-fledged and emerging Islamic Banking Institutions. It has been observed that despite the current global economic recession, the Islamic finance and banking industry has sustained its growth at extraordinary levels, having now become an essential part of global financial services landscape. The development of IBIs normally has been effected by internal and external environment, but the most important of development is on IBIs' products and services. The aim of this paper is provide a conceptual understanding on history and development of IBIs by exploring the awareness facing by banking staff towards Islamic banking systems in Malaysia.

This study was conducted in Aswan Governorate, "Wadi Al-Naqra", and the sample size reached 351 respondents, which is a simple random sample. The data was collected through the researcher's personal interview with the respondents using a questionnaire that was designed for this purpose during the months of October and November 2023. The researcher used it to tabulate the data. It was analyzed using numerical tally tables, percentages, the coefficient of congruence (K 2), and the simple correlation coefficient. The most important results were the following: There was a significant relationship at a significant level of 0.01 between the variables of gender, academic qualification, marital status, job, and residence of the respondents and the extent of feeling about the values of citizenship. The Chi-square values calculated, respectively, reached 278.315, 430.847, 397.878, 351.532, and 171.025, which is greater than its tabular counterpart, and therefore the previous statistic can be completely rejected and the alternative research hypothesis accepted. There is a significant correlation between the variables: age, monthly income, number of family members, agricultural possession of the respondents, and the extent of feeling about the values of citizenship, where the calculated values of the simple correlation coefficient reached, respectively, 260, 335, 408, and 434. Therefore, the previous statistic can be completely rejected and accepted. The Chisquare values calculated respectively reached 2106.000, 1521.000, 589.210, 906.032, which is larger than its tabular counterpart and therefore the statistic can be rejected.

تتمتع معظم البلدان العربية بمحتوى تراثي غني ومتنوع باعتبار المنطقة العربية مهد ومنشأ الحضارات وكانت على مدار العصور بوتقة لتفاعل الثقافات مما خلف ذلك المحتوى التراثي الغني والمميز الجاذب للزوار من مختلف دول العالم.
وتقع بعض البيئات التراثية في البلدان العربية في مناطق جبلية, حيث تحظى تلك المواقع بجذب سياحي مضاعف لما تحمله تلك البيئات التراثية من قيم متنوعة, وما تحمله المناطق الجبلية من بيئة طبيعية ومناظر خلابة, وقد حظت تلك البيئات التراثية الواقعة في مناطق جبلية باهتمام الحكومات وربما كان لها الأولوية في خطط التنمية بالمقارنة للبيئات التراثية الواقعة في مناطق غير جبلية, بل وتسعى الحكومات الى ادراج بعضها على لائحة التراث العالمي في اليونسكو.
ومع التوجه العالمي نحو تطبيق مفهوم الاستدامة في مجال السياحة, وتوجه الحكومات والوكالات الدولية والقائمون على صناعة السياحة نحو وضع سياسات جديدة لتشجيع الممارسات المستدامة في القطاع السياحي، وتحويل المقاصد السياحية الهامة لمقاصد سياحية مستدامة، وضع المجلس العالمي للسياحة المستدامة، معايير عالمية للسياحة المستدامة تم تصميمها بما يجعلها قابلة للاستخدام من قبل كل المقاصد على اختلاف انواعها ونطاقاتها، بحيث تمثل الحد الأدنى التي يجب ان تلتزم به أي منظمة معنية بالإدارة السياحية وترغب في تحقيق مبادئ الاستدامة.
يستعرض البحث ثلاث نماذج عربية لبيئات تراثية هامة تقع في مناطق جبلية, وهي منطقة دير سانت كاترين الأثري وجبل موسى بسيناء في مصر، وقرية رجال ألمع التراثية في عسير بالمملكة العربية السعودية، ومزار سيدة لبنان بحريصا بلبنان.
حيث يهدف البحث إلى تقييم تلك المقاصد السياحية التراثية طبقا للمعايير العالمية للسياحة المستدامة، محاولة لتقييم مدى استدامة الوضع الراهن لتلك المقاصد ووضع آليات لاستكمال تطبيق المعايير المستدامة التي لم يتم تحقيقها وصولا لتحويل تلك المناطق التراثية المميزة لمقاصد سياحية مستدامة.
ويخرج البحث بنتائج وتوصيات تصلح للتطبيق على النماذج محل الدراسة في إطار تحويلها كمقاصد سياحية مستدامة وعلى البيئات التراثية الأخرى التي تقع في مناطق جبلية والتي قد تتشابه وحالة النماذج المختارة محل الدراسة.

The Shariah supervision system is a process to ensure Shariah compliance in business and economic activities. Nowadays, the Shariah supervision system is structured within the Shariah governance framework. Owing to its development directly from the Islamic financial system, it is somehow presented as if it is new, substantiated by a modern theoretical framework. Less attention has been paid to its background from an Islamic perspective, which, as seen in Islamic historical records, is well connected to many practices. This loophole has to some extent downplayed the significance of the contributions of Islam to this supervision system in the economy. This article offers a review of relevant literature to unearth evidence of the evolution of Shariah supervision from the time of the ancient Islamic world untill now. Using a qualitative research approach, data was collected from Islamic literature relating to the issue, and was analysed thematically. This study found that Shariah superv...