Turnitin Artikel Good Finance Integration of Ethics and Shariah in Islamic Finance

Islamic Financial industry is moving towards the global integration. There is a considerable acceptance of Islamic financial practices across the globe. Islamic finance is viewed positively as an attractive financial system that could be adopted in modern context. One of the reasons for this acceptance could be due to its ethical promises. Islamic finance is perceived as an ethical based finance that is operating with a set of good ethics in financial dealings. With that ethical back up as the underlying principles in financial activities, there is wide expectation that it could offer a different perspective and approach in finance and a coherent perspective for understanding real economic problems faced by human being and hence could elegantly solve the crisis as regularly faced in the conventional financial system. Islamic finance is developed with the aim of capturing the moral high ground of banking and financial practices in an increasingly volatile world by offering a financial philosophy based on the triumph of ethics and dealing with customers in a more humanistic approach for the betterment of society. In this regard, the moral mastery is not only expected to be the hallmark of Islamic financial professionalism, but it is also desired to be naturally integrated in the system and its practitioners. Islamic finance aims to achieve a fair wealth circulation in society, fair and transparent financial dealings and justice in micro and macro dimension. The paper attempts to discuss the concept of ethics in Islamic finance, its basis, principles and objectives in the contemporary world

Islamic Financial Services Act (IFSA) 2013 and The Sharīʿah-Compliance Requirement of The Islamic Finance Industry in Malaysia

This paper aims to observe the development of the Sharīʿah governance framework (SGF) and practice in Islamic financial institutions (IFIs) in Malaysia. 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. 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. 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 jurisdiction

Turnitin Artikel Pembangunan Ekonomi Islam dengan Tipologi Ilmiah

Economic development in Islam, the scientists have different approaches vary. Differences in the approach because of differences in background of science the scientists involved in building the Islamic economy and also differences in terms of vision, ie where Islamic economics as a science would be directed. This paper observes three main approaches taken by scientists in the development of Islamic economics, namely (1) the methodology Usul al-fiqh economic development in Islam, (2) methodological pluralism, which uses a variety of scientific methodology in the scientific tradition of the West and Islam, and (3) the methodology developed in the program of Islamiza tion of knowledge (Islamization of knowledge). The paper tried to examine the basic conception of the methodology used by scientists to build an Is lamic economy and also notes the advantages and weaknesses of these ap proaches

Turnitin Artikel Individual and Society in an Islamic Ethical Framework

The paper aims to produce new key terminologies for the microfoundations of Islamic economics. The paper attempts to investigate the microfoundations of Islamic economics by exploring new perspective in the key concepts and key terminologies that would explain the behavior of individual and society in an Islamic ethical framework. The paper is a conceptual paper that attempts to explore the microfoundations of Islamic economics from the primary sources of Qur’anic texts. Literature on the topics, from an Islamic and mainstream economics perspective, are reviewed critically in a comparative perspective. The key concepts of self-interest, utility maximization and rationality are critically evaluated in an Islamic perspective and new key concepts of huquq,maslahah maximization and taqwa are proposed as alternatives. Those new key terminologies will broaden the horizon in understanding of economic realities of man and society and their relationship and well-being. The findings of this paper will give insights of the microfoundations of Islamic economics as a discipline. Those unique key terminologies derived from the textual source of Islam (nusus) and intellectual tradition (turath) are important in the attempt to develop a solid body of knowledge

Turnitin Artikel Theory of Distributive Justice in Islamic Perspective

In economic discourse, the problem of distribution in society is considered as an extension of consumption and production. Distribution is about distributing the output of production, in the form of goods and services and also its factors of payment (interests, wages and profits) to the owner of the factors of production. The consumption of society will be efficiently distributed through market mechanism. The discussion, however, has been extended to include ‘what’ should be distributed and how ‘distributive justice’ can be achieved. Various theories have been proposed to answer that problem, such as strict egalitarian, the difference principles of John Rawls, resources-based principles, welfare-based principles ala utilitarianism, desert-based principles, and libertarian principles. The theories differ in the object of distribution, goals of distribution and the basis of a just distribution. The theories are developed based on certain philosophical vision of its proponents upon observing the ideal structure of society. Some differences with Islamic principles of distribution could be seen. Islamic economics develops its concept and framework of distribution based on the worldview and teaching of Islam. Islam aspires to establish a just and equitable society whereby individuals’ right over personal wealth is acknowledged, but public right to personal wealth is also guaranteed. Wealth concentration in certain hands in the society is not welcomed. Instead, wealth should be freely and justly circulated in the society at large. This paper aims at elaborating Islamic concept and principle of distributive justice by exploring the principles from the teachings of Islam in the Qur’an. The paper also attempts to compare and contrast the conventional theories of distributive justice with Islamic framework of a just and equitable distribution

Islamic Financial Services Act (IFSA) 2013 and the Sharīʿah-Compliance Requirement of the Islamic Finance Industry in Malaysia

This paper aims to observe the development of the Sharīʿah governance framework (SGF) and practice in Islamic financial institutions (IFIs) in Malaysia. 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

Turnitin Artikel Worldview and the Construction of Economics

Economics as a system of thought and body of knowledge is constructed based on certain philosophical foundations derived from a particular worldview. The term worldview, which originated from the German Weltanschauung (composed of Welt, ‘world’, and Anschauung, ‘view’ or ‘outlook’) refers to a world perception, or the concept and framework of ideas through which human interprets the human life and world. The term worldview, in general, refers to belief, doctrine, perspective and values in the sense that it supplies views, assumptions and images of how to perceive things. The worldview which is the perspective in understanding the existence and realities decorates also fundamental in supporting the development of a science and its progress. Mainstream economics is developed from the foundation of Secular Worldview which is characterized as materialist (excluding the metaphysics), reductionist (reducing the epistemological basis on positivism with atomistic perspective) and individualist (isolating individual from society). Islamic economics, on the other hand, is developed on the basis of Islamic worldview. The Islamic worldview is claimed to be more comprehensive, integrative and holistic in nature. This would make Islamic economics having a potential to answer the shortcoming found in conventional economics. The paper would explore the nature of worldview in Secular and Islamic tradition and its implications in developing discipline of economics and Islamic economics. The paper also seeks to develop some foundations for Islamic economics to be a distinct discipline

Methodology of Islamic Economics: Typology of Current Practices, Evaluation and Way Forward

The sustainable development of Islamic economics as a discipline depends also on methodological development that provides a clear direction on how to appraise economic theories and provide evidence of its reliability. This paper attempts to study the methodology of Islamic economics in two ways: (1) by examining the works by scholars in their specific writings on this subject, and (2) by observing the writings on Islamic economics, banking, and finance to see how Islamic economists develop their discipline. The paper found three categories of writings, namely: (1) the usul al-fiqh methodology applied in economics, (2) methodological pluralism that tries to utilize various methodologies developed in both western and Islamic tradition, and (3) the conventional mainstream positive economic methodology applied in Islamic cases. These are evaluated thoroughly and suggestions are made as to what needs to be done to assist Islamic economics’ development

Consumption and Morality: Principles and Behavioral Framework in Islamic Economics

Consumption in Islamic economics is viewed as a positive action that would contribute to human wellbeing. Islam sees consumption as having a moral agenda and noble goals rather than viewing it as a mere wants-fulfillment enterprise in a personal self-pleasure agenda. The goal of consumption in an Islamic framework is not to gain personal wants satisfaction per se, as such effort would be a waste of time and meaningless. The goal instead, is to direct the consumption in achieving the individual and social wellbeing (maṣlaḥah) and the higher purpose of achieving God’s pleasure. With that perspective, the Qur’ān and Sunnah have laid down the guiding principles in consumption that would form the framework for consumption behavior in an Islamic economic perspective. The Islamic economic agents are expected to adopt the Islamic morality principles in their actual consumption. The orientation of the paper is normative in nature with the aim of conceptualizing the principles and behavioral framework of moral consumption in an Islamic perspective and elaborating the goals and guiding principles of consumption in an Islamic economic framework