Assalam Alikum Wa Rahmatu Allah Wa Barakatuh;
أحدث أبحاث في المالية والصيرفة الإسلامية
ISRA Research Paper
ISRA Research Paper (No. 1/2009)
Banking for the Poor : The Role of Islamic Banking in Microfinance Initiatives
* Assoc. Prof. Dr. Asyraf Wajdi Dusuki, Head of Research Affairs
Department
* RM 7.00 (18 pages)
* English
* AbstractThe main purpose of this paper is to review the microfinance
scheme and discuss how Islamic banks can
participate in such an endeavor without actually compromising the issue of
institutional viability and sustainability. The paper is based on
an extensive review of microfinance with the objective of building a
case for Islamic banking to participate in a microfinance initiative.
This paper concludes with a proposal to use of a special purpose
vehicle (SPV) as one of the possible alternatives for Islamic banks
channeling funds to the poor. It is worth mentioning that this paper
won the Emerald Literati Network 2009 Outstanding Paper Award.
ISRA Research Paper (No. 2/2009)
Is the Ban on "Organised Tawarruq" The Tip of The Iceberg?
* Rafe Haneef, Research Fellow, ISRA
* RM 7.00 (31 pages)
* English
* AbstractThe paper discusses and analyses the perspectives of both
opponents and proponents of tawarruq with the view of ascertaining the
soundness of the Fiqh Academy ruling.
Interestingly, the tawarruq ruling epitomizes the growing divide between
proponents and opponents of the contemporary Islamic Finance industry
as a whole. Generally, those who oppose tawarruq also abhor murabahah
lil amir bil shira’, Ijarah muntahiah bittamlik, contemporary sukuk
al-mudharabah, musharakah and wakalah and many other contemporary
Islamic finance products (hereinafter referred to as “Contemporary
Contracts”. The critics view the ban on tawarruq as the tip of the ice
berg. The critics want the whole iceberg, the contemporary Islamic
finance industry itself, to be exposed and transformed in its totality.
Many of the critics believe that the transformation can only be realized by
banning all Contemporary Contracts and rejuvenating the classical
mudharabah and musharakah contract. Hence, it is important to discuss
the tawarruq ban within the overall Islamic Finance context.
ISRA Research Paper (No. 3/2009)
Insurable Interest in Takaful Pracitices : An Analysis
* Nusaibah Mohd Parid, Researcher, ISRA
* RM 7.00 (38 pages)
* English
* AbstractThis paper seeks to examine the
application of insurable interest to takaful practices in general, with
special reference to section 152 of the Insurance Act 1996. It is found
that the unique features of takaful do allow for the application of
insurable interest, but section 152 should be adopted in the Takaful Act only
with certain modifications and guidelines, as have been discussed
in the paper. However, it was found that there are still some unresolved issues
in current takaful practice that require significant attention,
issues related to the fundamental principles underlying takaful
practices, such as the contract itself. It must be stressed, once again, that
this paper only intends to bring forward a perspective or view
over insurable interest in takaful practice, especially from the
perspective of the Shari’ah, which can be further discussed, examined
and modified, if necessary.
ISRA Research Paper (No. 4/2009)
The Concept of Promise and Bilateral Promise in Financial Contracts : A
Fiqhi Perspective
* Assoc. Prof. Dr. Mohamad Akram Laldin, Executive Director, ISRA
* RM 7.00 (38 pages)
* English
* AbstractThe topic of promises is a topic
that needs clarification and precise determination. It is a vitally
important topic because promises are related to a great number of
contemporary issues. The paper thus reviews the types of promises in
Shariah and the juristic opinion of the binding nature of promise. It
concludes by highlighting nine (9) Shariah parameters that must be
applied in allowing promises. It argues that if fulfilling promises is a
binding obligation, then promises should be not be used
indiscriminately. Rather parameters must be laid down to govern the use
of promises. Among the suggested parameters include that promises should not
displace and impede the objectives of contracts. For example,
partnership contracts are intended to make the contracting parties share in the
profit and loss, therefore promises should not be used to negate the feature of
sharing profit and losses. For the remaining 8
parameters, download the paper!
ISRA Research Paper (No. 5/2009)
Challenges of Realizing Maqasid Al-Shari'ah (Objectives of Shari'ah) in the
Islamic Capital Market : Special Focus on Equity-Based Sukuk Structures
* Assoc. Prof. Dr. Asyraf Wajdi Dusuki, Head of Research Affairs
Department, ISRA
* RM 7.00 (30 pages)
* English
* AbstractOne of the most popular instruments
used today in Islamic Capital Market is Sukuk. Various structures of
Sukuk based on Ijarah, Musharakah, Mudharabah and hybrid forms have
evolved. However these innovations have invoked many Shariah issues and
controversies. This paper argues that some innovations which try to
achieve the same economic outcome like conventional instruments distort
the vision of Islamic economics based on justice and equitability. These
visions are deeply inscribed in the objectives of Shariah, also known
as Maqasid al-Shariah. This distortion stems from the restricted view of
understanding Shariah, by only focusing on the legal forms of a
contract rather than the substance especially when structuring a
financial product. The overemphasis on form over substance lead to
potential abuse of Shariah principles in justifying certain contracts
which in fact contradictory to the Shariah text and ultimately
undermining the higher objectives of Shariah. In the final analysis, the paper
concludes that the substance of a contract that has greater
implications to the realisation of Maqasid al-Shariah should be equally
looked into.
ISRA Research Paper (No. 6/2010)
The New Central Bank Act 2009 (Act 701) : Enhancing the Integrity and Role of
the Shari'ah Advisory Council (SAC) in Islamic Finance
* Hakimah Yaacob, Researcher, ISRA
* RM 7.00 (31 pages)
* English
* AbstractThe new Central Bank of Malaysia Act 2009, known as Act 701,
was gazetted on the 3rd of September 2009.
Anything related to Islamic finance is thoroughly discussed in Part VII
of the Act. The previous Central Bank of Malaysia Act 1958 (Act 519)
only discussed the Shariah Advisory Council in one section of Part II
under the heading of establishment, capital and administration of the
bank, whereas the new Act provides comprehensive details for the
function of the Shariah Advisory Council in Part VII. The aim of the
paper is to review the anamolies in reference to the Shariah Advisory
Council (SAC) prior to the amendment of the Central Bank Act and
highlights the nature of the amendements made. The paper also elaborates the
role of expert opinion (al-ra’yu al-khabir) form an Islamic
perspective before concluding by summarizing the effect of the amendment to the
industry as a whole.
ISRA Research Paper (No. 7/2010)
Derivatives in Islamic Finance
* Dr. Sherin Kunhibava, Researcher, ISRA
* RM 7.00 (55 pages)
* English
* AbstractThe main objective of this paper is
to review the use and status of derivatives in Islamic finance. This is
done by first explaining the basic derivative contracts of forwards,
futures, options and swaps. Thereafter, the discussion turns to the use
of derivatives with Sukuk. The paper then explores the debate between
scholars on the admissibility or otherwise of forwards, futures and
options in Islamic finance. It then examines contracts in Islamic
finance that have derivative-like features and which can be used for the same
purposes of hedging as forwards, futures, options and swaps. It
concludes by highlighting the area for future research.
ISRA Research Paper (No. 8/2010)
Critical Appraisal of Shari'ah Issues on Ownwership in Asset-based Sukuk as
Implemented in The Islamic Debt Market
* Assoc. Prof. Dr. Asyraf Wajdi Dusuki, Head of Research Affairs
Department, ISRA & Shabnam Mokhtar, Researcher, ISRA
* RM 7.00 (32 pages)
* English
* AbstractSukuk is one of the fastest-growing
segments of the Islamic debt capital market. This paper aims to shed
light on Shariah issues that arise in asset based Sukuk structure and
operation. It first discusses the concept of Sukuk and delineates the
difference between asset based and asset backed Sukuk. It then discusses
Shariah issues with regards to ownership (qabd). From the analysis of
case studies conducted, three major issues was identified in the
operation of asset based Sukuk. They are Sukuk-holders’ interest in the
underlying assets, restrictions on asset disposal, and due diligence
regarding Sukuk assets. The paper concludes that restriction of the
right of disposal poses a serious doubt whether asset-based Sukuk
structures truly comply with Shariah principles. Furthermore, the
coupling of this restriction of disposal with the purchase undertaking
at par effectively turns Sukuk into a debt instrument. Hence the paper
suggests that there is a need to move towards asset backed Sukuk that
clearly fulfils the Shariah requirement. Nonetheless the paper
recognizes that currently there are challenges in the legal framework to
facilitate the issuance of asset backed Sukuk. Instead of making
overnight changes to the Sukuk market, the paper highlights that there
is a need for all stakeholders to come together and thoroughly discuss
on the transition that need to be done to improve the market.
ISRA Research Paper (No. 9/2010)
Islamic Banks and Wealth Creation
* Prof. Dr. Abdul Ghafar Ismail
* RM 7.00 (16 pages)
* English
* AbstractThis paper aims to examine how
wealth is created by Islamic banks: how customers as depositors invest
their money through the banks; how the banks invest the funds at their
disposal; and how economic agents such as individuals, firms and
government use these funds. It also examines how this money generates
profit, which is then distributed to Islamic banks and depositors, and
hence preserves and develops the wealth (mal) of economic agents. It
also raises the larger question of whether Islamic banks contribute to
the well-being of society by focusing on return to depositors and to
shareholders.
ISRA Research Paper (No. 10/2010)
Can Bursa Malaysia’s Suq al-Sila’ (Commodity Murabahah House) Resolve the
Controversy over Tawarruq?
* Assoc. Prof. Dr. Asyraf Wajdi Dusuki, Head of Research Affairs
Department, ISRA
* RM 7.00 (32 pages)
* English
* AbstractIn 2009, Bursa Malaysia launched a
new trading platform called Suq al-Sila’ or Commodity Murabahah House.
The platform is introduced to facilitate Islamic financial transactions
particularly the application of commodity murababah which is based on
the principle of tawarruq. This platform is claimed to provide genuine
commodity transactions where possession and delivery of the commodity
can take place without any hindrance, as opposed to the controversial
practice of tawarruq using a platform like the London Metal
Exchange (LME). This paper aims at discussing the practice of tawarruq using
Bursa Malaysia’s Commodity MurÉbaÍah House. In particular the
paper provides comprehensive discussion on the debates over tawarruq
which subsequently lead to declaration by OIC Fiqh Academy deeming
organized tawarruq as impermissible. This paper concludes that despite
the criticisms and some unresolved SharÊÑah matters entangling the
practice of tawarruq, the effort made by Bursa Malaysia to
introduce a platform such as Commodity Murabahah House is commendable.
Furthermore, since the nature of modern organized tawarruq may not strictly
comply with Shariah principles, the reasons behind using
this facility should be carefully taken into consideration, especially
in situations of real urgency and cases of need.
ISRA Research Paper (No. 11/2010)
Reshaping the Islamic Finance Industry Applying the Lessons Learnt from the
Global Financial Crisis
* Rafe Haneef, Research Fellow, ISRA & Edib Smolo, Researcher,
ISRA
* RM 7.00 (29 pages)
* English
* AbstractIn the last 27 years, the world has
witnessed more than 124 distinct financial crises. The financial
meltdown caused by the current global financial crisis brought the
financial world to its knees. This paper aims to discuss how the Islamic
finance industry can reshape itself by learning lessons from the global
financial crisis. To achieve this aim, the paper firstidentifies the
lessons that can be learnt from the crisis including risk transfer
& imprudent credit growth, failure of risk management, liquidity and leverage,
lax regulation and opaque disclosure. The paper then
suggests how the economic agents’ behavior and responsibilities could
be reshaped by highlighting the sellers’ standard of care and
regulatory responsibility. The paper concludes that the global
financial crisis revealed the weaknesses of the global financial
architecture on one side and provided an opportunity for Islamic finance to
show its inherent strengths and qualities on the other. To
facilitate this, the paper offers some possible Shariah-based solutions that
can help the financial world avoid similar crises in the future
ALLAH BLESSES MOHAMMAD AND GIVES HIM PEACE
Your Brother;
NIDAL ALSAYYED, PhD Researcher at ISRA ( www.isra.my ), MSc, CIFE™
Islamic Economics, Banking and Finance
Kuala Lumpur, Malaysia
Tel. +60172559700, Fax. +603 414 70700
Email(1): [email protected]
Email(2): [email protected]
On Google: http://groups.google.com/group/nidal_islamic-finance
On LinkedIn: http://www.linkedin.com/in/alsayyed
On Skype: nidal_IslamicFinance
On Fringe: nsayed70
On Facebook: [email protected]
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