Islamic law: an introduction

This work is an attempt to provide some light into the basic principles of Islamic law in order to understand the purpose of the revelation of rulings in Islam. This understanding is very important to be understood particularly by students and researchers in the field of islamic law. This book also examines five important legal maxims, namely: al-umur bi maqasidiha (matters determined according to intention), al-yaqin la yazulu bi al-shakk (certainty cannot be removed by doubt), al-mashaqqah tajlubu al-taysir (hardship begets facility), la darara wa la dirar (harm shall not be inflicted nor reciprocated) and al-'adah muhakkamah (custom as arbitrary). Theese are considered as supporting sources of Islamic law. In the last part of the work, the development of Islamic from the time of the Prophet (pbuh) till the present is discussed. Finally, the work outlines about the present state of Islamic law and provides some suggestions for the way forward. It is hoped that this work will shed some light for those who are interested in understanding the basics of Islamic law. The author would like to thank the International Islamic University Malaysia for ganting him sabbatical leave and financial assistance for the realisation of this work

Innovation versus Replication: Some Notes on the Approaches in Defining Shariah Compliance in Islamic Finance

Shariah contains the principles and foundations upon which financial system from an Islamic perspective is established and acts as guidance and framework on which the direction of the industry is set. This would include the whole processes from product conceptual inception of developing shariah product compliance manual, developing product structure, reviewing the legal documentation, and producing report or opinion on the product application in the market. Islamic finance is expected to offer something new to the market instead of a mere replication and modification of conventional practices in Islamic forms. The paper attempts to survey the approach in developing Islamic finance, including the debate on replication and innovation in a product to the structure as well as the gaps between ideals and practices.  [Keuangan Islam dikembangkan berdasarkan atas semangat, filosofi dan prinsip-prinsip hukum Islam sebagaimana terangkum dalam ekonomi shariah. Makalah ini berusaha mengamati berbagai pendekatan dalam mengembangkan keuangan Islam, perdebatan mengenai replikasi ekonomi konvensional, dan inovasi dalam produk hingga struktur maupun kesenjangan antara yang ideal dengan kenyataannya. 

Islamic Financial Services Act (IFSA) 2013 and the Sharīʿah-compliance requirement of the Islamic finance industry in Malaysia

Purpose - This paper aims to observe the development of the Sharīʿah governance framework (SGF) and practice in Islamic financial institutions (IFIs) in Malaysia. Design/methodology/approach - The study is a qualitative-based research. It uses various documents and content analysis approach to understand and analyze the structure, process and practice of SGF in IFIs in Malaysia. Findings - It is found that the Central Bank of Malaysia, Bank Negara Malaysia, has attempted to develop a comprehensive framework of Sharīʿah governance for IFIs in Malaysia. The framework governs the practice of the industry, covers stakeholders’ scope of duties and responsibilities and provides details on processes and procedures in the operations of IFIs to achieve the objective of Sharīʿah compliance. To maintain the relevance of the SGF to the needs of the industry, the framework has also been updated recently in 2017. The amendments aim to strengthen the effectiveness of Sharīʿah governance implementation within the Islamic finance industry. Originality/value - This study attempts to comprehensively examine the evolution of the SGF Sharīʿah governance framework for IFIs in Malaysia. The Malaysian model of the SGF is unique and could be emulated by other countries in developing the Islamic finance industry in their respective jurisdictions

WAQF IN MALAYSIA:THE DEVELOPMENT Of LEGAL AND INSTITUTIONAL FRAMEWORK

تطورت الأموال الوقفية في ماليزيا من كونها أموالا غير منقولة  يتم استخدامها لأغراض دينية مثل المدارس والمساجد إلى عقاراتٍ استثمارية منتجة ذات استخدامات متعددة كالفنادق والمكاتب والمباني التجارية. وتعتبر الفتوى الوطنية الصادرة في عام 2007 والتي سمحت باعتماد الوقف النقدي من الفتاوى المهمة التي ساهمت في تنويع أموال الوقف من خلال تقديم مشاريع متعددة للوقف النقدي من قبل المصارف المحلية والمجالس الإسلامية للولايات، والمؤسسات التعليمية. كما عرف الوقف تطورا واضحا في مفهوم "وقف الشركات" و "الأسهم الوقفية" علاوة على منتجات الوقف المبتكرة في قطاع التأمين التكافلي وسوق رأس المال الإسلامي بماليزيا. ومن ضمن التطورات الهامة التي عرفها الوقف أيضا بماليزيا اِطلاق مؤسسة لابوان الدولية للوقف(LIWF)  من قبل مركز لابوان الدولي للأعمال والتمويل (LIBFC) في عام 2015. اِعتمدت هذه الدراسة على المنهج الاستقرائي في جمع المعلومات المتعلقة بالأطر التنظيمية للوقف وذلك من خلال المراجع والتقارير الحديثة الصادرة عن الجهات الإشرافية الماليزية. واعتمدت الدراسة أيضا على المنهج التحليلي لرصد تطور الوقف في ماليزيا وتقويم مدى نجاعته وذلك من خلال دراسة الحوكمة وإطار العمل القانوني والمؤسساتي لإدارة الوقف، بالإضافة إلى الإصلاحات والتحولات التي شهدها نظام الوقف بماليزيا. كما تناولت الدراسة أيضا الاستخدام المبتكر للوقف في تعزيز الشمول المالي واعتماد المنصات الإلكترونية لجمع أموال الوقف واستثمارها. كلمات مفتاحية: الوقف، الحوكمة، الاطار القانوني، الوقف النقدي، التحول، الإصلاح، ماليزيا.Awqaf properties in Malaysia have evolved over the years from being in the nature of consumptive immoveable properties used for religious purposes like madrasahs and mosques into productive and mixed-use type real estate properties like hotels, office buildings and commercial type properties. The regulatory and legal frameworks have played a vital role in the evolution of waqf sector and its management through the State of Islamic Religious Councils (SIRCs), the Department of Waqf and Hajj (JAWHAR) and Yayasan Waqaf Malaysia (YWM). In fact, waqf in Malaysia operates under three separate laws, namely: Islamic Law, Federal Territory Act or State Enactments relating to administration of the Islamic Law, State Waqf Enactments. In addition, the 2007 national fatwa permitting cash waqf in Malaysia brought about diversification of awqaf properties through the introduction of several cash waqf schemes by local banks, federal agencies as well as State Islamic Religious Councils (SIRC). Further developments were seen with the development of the concept of ‘corporate waqf’ and waqf shares as well as innovative awqaf products in the takaful sector and the Islamic capital market. Another significant development occurred in 2015 with the introduction of the Labuan International Waqf Foundation (LIWF) by the Labuan International Business and Financial Centre (LIBFC). Through qualitative research and content analysis, this paper traces these developments in Malaysia through the lenses of governance, reformation and transformation. The research also adopts the analytical method to evaluate the viability of waqf in the Malaysian context. Some of the issues that will be touched on are whether the regulatory framework for waqf in Malaysia has moved in tandem with these developments, innovative use of waqf for financial inclusion, as well as the online platforms to collect waqf funds

Maqasid Al-Shariah dalam perlaksanaan waqaf

Apakah yang dimaksudkan dengan maqasid syariah, apa itu wakaf,apakah objektif pensyariatan wakaf dan apakah faedah memahami objektif pensyariatan wakaf? Kepentingan memahami objektif pensyariatan wakaf bertitiktolak daripada fakta bahawa hukum-hakam berkaitan wakaf asasnya adalah persoalan ijtihad. Oleh sebab itu, memahami objektif pensyariatan wakaf akan dapat membantu para mujtahid menerangkan hukum-hakam berkaitan wakaf dengan mudah

Classification and types of risk for properties belonging to low-income and poor individuals in Malaysia

In Islam, the presence of risk is not only acknowledged but steps need to be taken to manage it properly through the process of risk management. One of the processes is the identification of risk which involves classification and types of risk. Specifically, in the development of properties, the presence of risks is inevitable. Improper management of risk especially for properties belonging to the low-income and poor individuals could mean that they will suffer from a bigger loss and poverty. Existing literature has shown and identified the inherent risks in the development of properties in Malaysia. However, risks exposed to in the development of properties belonging to the low-income and poor individuals in Malaysia are not properly identified. Consequently, a study is conducted to identify risks exposed to in the development of properties belonging to low-income and poor individuals in Malaysia. This study combines literature review and interview with experts and practitioners from various fields such as mua’malat, risk management, construction, developers, Majlis Agama Islam Negeri-Negeri (MAINs) and contractors. Findings from this study suggested that i) 94 risks were identified related to the development of properties belonging to low-income and poor individuals in Malaysia, and ii) Shariah elements i.e mua’malat and its requirements are included as one of the risks in the development of properties belonging to low-income and poor individuals in Malaysia. The findings become the basis and considered significant in assisting authorities and related organizations to understand and address risks accordingly and may assist the future development of a comprehensive Shariah compliance risk management for the development of properties in Malaysia

Shari'ah and legal maxims

Bai

Introduction to shari'ah and islamic jurisprudence

This book also examines five important legal maxims