Hafas Furqani

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Publication

  Title Category / Type
1

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

Purpose This paper aims to observe the development of the Shariah 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…

Journal (English)
2

Islamic Finance and Sustainable and Responsible Investment (SRI): An Ethical Dimension

EXECUTIVE SUMMARY The immoral behaviour of some conventional bankers in the lead-up to the Global Financial Crisis of 2007-2008 focused public attention on the social costs of marginalizing ethical considerations in the financial system. Islamic finance garnered substantial positive publicity…

Research Paper
3

Shari'ah Scholars, Ijtihad and Decision Making in Islamic Finance [Journal of Islamic Business and Management (JIBM)]

Islamic finance is developed based on the spirit, philosophy and principles of Shari‘ah. Shari‘ah  contains  the  principles  and  foundations  upon which financial  system  from  an Islāmic  perspective  is  established.  These fundamentals  act  as  guidance  and  framework  on  which  the  direction…

Articles
4

Worldwide Development of Islamic Finance: Trends, Prospects and Challenges - [Journal of Islamic Business and Management (JIBM)]

Islamic  banking  has  developed  immensely  and has  gained  global  acceptance. From  a  local system  of  finance  with  limited  assets  and  market  shares,  Islamic  banking  now  emerges  as  a multinational  industry  holding  assets  of  around  US$  1.3  trillion  (2011)  as  compared …

Articles
5

HIGHER OBJECTIVES (MAQASID AL-SHARIAH) IN THE ISLAMIC CAPITAL MARKET (ISRA-TR REPORT 2017)

The Islamic capital market (ICM), like its conventional counterpart, is an important component of the overall Islamic financial system. It facilitates the transfer of investible funds from economic agents with financial surpluses to those requiring funds. In its operations, the…

Articles
6

STANDARDIZATION AND HARMONIZATION OF ISLAMIC FINANCIAL PRACTICES: THE APPROACH OF THE CENTRAL BANK OF MALAYSIA (ISRA-TR Report 2016)

Industry practitioners have long believed that the absence of globally accepted standards in Shariah, accounting, legal, regulations and others, are among the factors that impede the realization of the full potential of Islamic finance and hamper the strategic objective of…

Articles
7

Debt from Shariah and Economic Perspectives: Concepts, Issues and Implications

Stakeholders in the Islamic finance industry have been debating the relative importance of debt-based and equity-based financing for decades. Islamic economists generally advocate a shift toward equitybased instruments while some Sharīʿah advisors and practitioners defend the existing reliance on debt-based…

Research Paper
8

Contemporary Islamic Economics: The Missing Dimension of Genuine Islamization

The First International Conference on Islamic Economics held in Makkah, Saudi Arabia in February 1976 is now seen by many as the birthplace of contemporary Islamic economics and its related disciplines. Since that historic conference, many developments have taken place,…

Articles
9

Risk Taking in Islamic Commercial Transactions: A Fiqhi Perspective

Islamic finance has distinctive characteristics built upon the Shari'ah principles that govern and regulate contractual relationships in financial transactions. Islamic finance is distinguished, not only by its strong connection to Islamic law, but also by Islamic ethics that provide the…

Research Paper
10

THE NATURE OF WEALTH IN THE QURAN

Global Islamic Economic Magazine
11

Takaful and the Agenda of Maqasid Al-Shari’ah

Global Islamic Economic Magazine
12

Hybrid Sukuk: An Overview - July 2014 - Fatwa in Islamic Finance

ISRA Bloomberg Bulletin Fatwa in Islamic Finance
13

Maqasid Al-Shari'ah And Stipulation Of Conditions (Shurut) In Contracts

This study looks into the issue of contracts by exploring the nature of conditions (shuruf) in Islamic contract law, their types and classifications, and by examining their relationship with the objectives of the Shariah.

Journal (English)
14

The Role of Shari'ah Advisors in Sukuk Issuance - November 2013 - Fatwa in Islamic Finance

ISRA Bloomberg Bulletin Fatwa in Islamic Finance
15

The Contract of Wakalah and its Application in Islamic Finance - August 2013 - Fatwa in Islamic Finance

ISRA Bloomberg Bulletin Fatwa in Islamic Finance
16

The Foundations of Islamic Finance and The Maqasid al-Shari'ah Requirements

  The emergence of Islamic finance as a system of thought and practice is timely in the midst of world crisis and the uncertain proposals for solving it. It is hoped that Islamic finance offers a coherent perspective for understanding real economic…

Articles
17

Islamic Banking and Economic Growth: Empirical Evidence from Malaysia

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Articles
18

Developing the Ethical Foundations of Islamic Economics: Benefitting from Toshihiko Izutsu

-Toshihiko Izutsu (1914-1993) is among the few 20th Century scholars who attempt to derive ethical principles of Islam from the Quran by applying semantic analysis of Quranic terms/concepts. Can his approach contribute to the development of an Islamic science in general, and of…

Articles
19

Contemporary Islamic Economics: The Missing Dimension of Genuine Islamization

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Articles
20

The Objective Of The Shari'ah In Islamic Finance: Identifying The Ends (Maqasid) And The Means (Wasa'il)

Islamic finance attempts to rearrange modern financial practices in line with Shari'ah principles and requirements. The industry has grown considerably over the last three decades and has a global reach. As it rapidly develops in Muslim countries, it is also…

Research Paper
21

Islamic Economics, Banking And Finance: Contemplating Raisons D'etre And Future Directions

The emergence of Islamic economics, banking and finance as a system of thought and practice is timely in the midst of world crisis and the uncertain proposals for solving it. It is hoped that Islamic economics, banking and finance (IEBF)…

Research Paper
22

Maqasid al-Shari'ah and the Foundational Requirements in Developing Islamic Banking and Finance

This research discusses the role of maqasid al-Shari'ah in developing the Islamic financial system with the aim of shedding light on how the maqasid al-Shari'ah should be treated as the main parameter for Shari'ah-compliant finance. The discussion will cover the investigation of…

Journal (English)