Journal Articles

Maqasid Syariah in Islamic Finance Context

2024-10-09T07:30:09Z

Maqasid Syariah in Islamic Finance Context Mohammadtahir Cheumar; Nur Diana binti Mohd Yusof; Yusuf Haji Othman This paper aims at reviewing the Maqasid Shariah. Hence, issues related to the Maqasid Shariah such as its definition, the development of the Maqasid Shariah, the importance of Maqasid Shariah in general and specifically in Islamic Finance and also the fundamental theory of Maqasid Shariah were discussed. The method adopted is essentially literature review, as such the paper is conceptual in nature. It was concluded that the Maqasid Syariah summarises the overall purpose of shariah in a simpler and more easily understood way. Maqasid Syariah principles can be designed as a tool in solving contemporary problems and challenges, which indicates its significance. Finally, the realisation of the Maqasid al-Shari’ah involves serious obligations and personal sacrifices on the part of those involved in the Islamic financial services industry including the financial institutions. Individuals need therefore to always search their own conscience and avoid what is really right or wrong in the moral sense.

The Development of Aqidah Islamiyyah as Core for Islamic Finance Practitioners

2024-10-09T07:15:46Z

The Development of Aqidah Islamiyyah as Core for Islamic Finance Practitioners Mohammadtahir Cheumar; Nur Diana binti Mohd Yusof; Mohd Shahid Azim Mohd Saufi This paper aims at reviewing the development of Aqidah Islamiyyah. Hence, issues related to the Aqidah Islamiyyah such as its definition and the development of the Aqidah from the era of Prophet and Companions, then on 30H to 100H, till the second century after Hijrah were discussed. The method adopted is essentially literature review, as such the paper is conceptual in nature. It was concluded that the Aqidah Islamiyyah is the true basis of unity, that very same pristine pure aqidah that brought together and united the hearts of the Companions (radiallaahu anhum). Any call to rectification or any da'wah that is based upon other than this foundation, or ignores this foundation, or wishes to unite Muslims whilst the foundations of the house have huge cracks and splits and flaws is greatly misguided in his or her action, and is attempting to achieve the impossible.

Conceptual Analysis of Shariah Advisory board in the Corporate Governance of Islamic Financial Institutions in Minority Muslim Country: The case of Uganda

2024-10-03T07:42:36Z

Conceptual Analysis of Shariah Advisory board in the Corporate Governance of Islamic Financial Institutions in Minority Muslim Country: The case of Uganda Ssonko Muhammedi; Mohammadtahir Cheumar; Yusuf Haji-Othman The Islamic finance industry has grown rapidly not only in Muslim countries such as Kuwait, Malaysia, and Saudi Arabia, but also in non-Muslim countries such as the United Kingdom, France, and Ghana. Shariah Advisory Board plays an important role in corporate governance of Islamic Financial Institutions. The primary goal of this paper is to address proper understanding of Shariah and Shariah Advisory Board in order to place them in their proper corporate governance in minority Muslim countries like Uganda as a new market for Islamic financial institutions. Furthermore, the research focus on the role of Shariah Advisory Boards and the qualifications for Shariah scholars on the board. It also demonstrates the importance of Shariah Advisory Board’s independence in implementing its decisions using the previous studies. The research is an exploratory study, the data was gathered from secondary sources such as statutes, articles, online materials and annual reports of Islamic financial institutions that were accessible in different countries. The study's findings are expected to be extremely beneficial to Islamic financial institutions in Uganda and other countries where there is no proper literature on Shariah advisory board concept and corporate governance.

The Influence of People's Knowledge on Their Interest in Saving in Islamic Banks

2024-10-03T07:39:44Z

The Influence of People's Knowledge on Their Interest in Saving in Islamic Banks Putri Nuraini; Mohammadtahir Cheumar This study discusses in depth the importance of the influence of people’s knowledge on their interest in saving in Islamic banks, because the knowledge about the interest in making transactions in Islamic banking includes the information about products, services, mechanisms and activities of Islamic banks influencing people's interest in saving in Islamic banks. The type of the study is field research with a quantitative descriptive approach, this study applies a survey method in which the primary data is carefully collected through questionnaires. The sample of the study consists of 200 respondents, namely the people in Bengkalis Regency, Riau, Indonesia. The data analysis technique of the study is simple linear regression analysis with data processing performed by SPSS software Version 22. The hypothesis testing is through the partial analysis (t-test) and the coefficient of determination test (R2). The main findings of the study show that there is a significant influence between knowledge and interest in saving at Islamic banks. This is proven by the t-count value of the knowledge variable (X) of 12.239 and the t-table value of 1.972, so it is known that: t-count > t-table (12.239 > 1.972) with a significance level of 0.000 < 0.05. Furthermore, the Coefficient of Determination (R2) value is 0.431. It means that 43.1% of the variable of people's interest in saving in Islamic banks is influenced by the knowledge variable, while the remaining 56.9% is influenced by other variables not examined in this study. For further study, it is suggested to examine other variables such as religiosity, excellent service and attitude.