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The American Journal of Islamic Social Sciences (AJISS) is an interdisciplinary journal that publishes a wide variety of scholarly research on all facets of Islam and the Muslim world: anthropology, economics, history, philosophy and metaphysics, politics, psychology, religious law, and traditional Islam. Submissions are subject to a blind peer review process.
Ahmad Alkhamees defines Creative Shari‘ah compliance as compliance with the letter but not the objectives of Shari‘ah. In recent years, Islamic finance industry practises have come under scrutiny, with strong critiques levelled against many institutions that claim to provide Shari‘ah-compliant products and services, which in fact undermine the spirit and the objectives of Shari‘ah. This book significantly contributes to the sphere of Islamic finance in three main ways. First, it critically appraises justifications of creative Shari‘ah compliance practises. Second, it examines how Shari‘ah supervisory board (SSB) governance practises, and the inconsistent fatwas issued by SSBs, contribute to the issue of creative Shari‘ah compliance. Most importantly, it suggests regulatory mechanisms which regulators can employ in Islamic countries such as Saudi Arabia and in secular countries such as the United Kingdom to deal with the issue of creative Shari‘ah compliance.
Fraud (kecurangan) merupakan tindakan penyimpangan dan perbuatan melanggar hukum yang dilakukan dengan sengaja untuk tujuan tertentu. Oleh karena itu, tindakan fraud merupakan suatu bentuk kemungkaran (kejahatan) yang menurut syariah harus ada upaya untuk mencegahnya. Salah satu upaya pencegahan tindakan fraud adalah dengan menerapkan tata kelola yang baik, yang meliputi penerapan manajemen risiko dan sistem pengendalian internal yang handal. Beberapa prinsip tentang tata kelola yang baik, prinsip-prinsip manajemen risiko, serta prinsip-prinsip pengendalian internal dari sudut pandang Al-Quran dibahas secara luas dan mendalam di dalam buku ini.
Inilah referensi utama yang membahas masa depan Pasar Modal. Syariah di Indonesia berdasar metode penelitian yang sudah teruji secara ilmiah. Buku ini menilik kebijakan regulator, sekaligus harapan masa depan setelah menganalisis realitas produk syariah di pasar modal Indonesia. Filosofi dan nilai dasar sistem pasar modal yang transparansi termasuk dalam analisis dan pembahasan buku ini. Rujukan penting ini tidak hanya memberikan wawasan baru tentang Pasar Modal Syariah dari sisi praktik dan mekanismenya, tetapi juga dari perspektif pengembangan kebijakannya regulasi produk syariah di pasar modal Indonesia. Buku persembahan penerbit PrenadamediaGroup
This text explains how Islamic banking works and what it offers as an alternative model of financial intermediation. Important questions addressed include: Why Islamic banking started and where it is going? Who are the main players at present and whom it will attract in future? What are its strengths and weaknesses? Will Islamic banks survive in highly competitive and globalized financial markets? What are their prospects and potentials? How does the relative performance and efficiency of Islamic banks compare to conventional banks?
This paper investigates the determinants of the pattern of Islamic bank diffusion around the world using country-level data for 1992 - 2006. The analysis illustrates that income per capita, share of Muslims in the population and status as an oil producer are linked to the development of Islamic banking, as are economic integration with Middle Eastern countries and proximity to Islamic financial centers. Interest rates have a negative impact on Islamic banking, reflecting the implicit benchmark for Islamic banks. The quality of institutions does not matter, probably because the often higher hurdle set by Shariah law trumps the quality of local institutions in most countries. The 9/11 attacks were not important to the diffusion of Islamic banking; but they coincided with rising oil prices, which are a significant factor in the diffusion of Islamic banking. Islamic banks also appear to be complements to, rather than substitutes for, conventional banks.
Countries differ in the extent to which their financial systems are bank-based or market-based. The financial systems of Germany and Japan, for example, are considered bank-based because banks play a leading role in mobilizing savings, allocating capital, overseeing investment decisions of corporate managers, and providing risk management vehicles. The systems of the United States, and the United Kingdom are considered more market-based. Using bank-level data for a large number of industrial and developing countries, the authors present evidence about the impact of financial development, and structure on bank performance. They measure the relative importance of bank or market finance by the ...
The first book to offer comprehensive coverage of Islamic finance and banking and its applications to the rest of the world, now fully revised and updated The ongoing international financial crisis has reignited debate over the development of a risk-sharing financial system, such as that required in Shariah Law. An Introduction to Islamic Finance: Theory and Practice, Second Edition highlights the core principles of risk sharing in Islam, arguing that a risk-sharing financial system is exactly what we need to promote greater financial stability. Providing comprehensive coverage of the fundamental theory behind Islamic finance and banking, according to the core concepts of Shariah law, author...