Sitara Karim, Shahnawaz Khan, Hana Bawazir, Mustafa Raza Rabbani · 5 authors
The purpose of this study is to explore the possibility of applying smart contracts in Islamic finance transactions and to explore the application of smart contracts in Mudaraba contract. Mudaraba financing is an ancient Islamic contract where one party known as Rabb-Ul-Maal provides the fund to the other party known as Mudarib to do the business on his behalf and share the profit on agreed terms and conditions. The study is an exploratory in nature as it explores the possibility of Islamic finance tool 'Mudaraba' to fight the adversities of COVID-19. Based on the extensive review of literature, the study proposes a Fintech model based on smart contract for Mudaraba transactions. The study will help in better understanding and application of smart contract in Islamic finance. It will also help the users of Islamic finance services to grab the opportunity and adopt the smart contract technology in their business practices. The proposed model can be a useful tool in fighting the adverse effects of disasters like COVID-19, war and earthquake, etc., and it will help in uplifting the standard of living of the poor by creating employment opportunities and contributing to the GDP.
Trisna Taufik Darmawansyah, Farhan Firdaus, Yani Aguspriyani
Cryptocurrency merupakan sebuah terobosan baru yang mulai di kenal dunia investasi dan keuangan. Peluang serta ancaman dalam berbagai factor menjadi bahan pertimbangan, perbedaan pendapat untuk Cryptocurrency menjadikan orang enggan apakah akan menggunakan atau menolak Cryptocurrency. Di sisi lain, Cryptocurrency membawa keuntungan serta kerugian yang tidak bisa di hindari. Cryptocurrency hanya digunakan secara online sehingga rentan terhadap ancaman dan bahaya. Tulisan ini mencoba mengkaji pandangan maqashid al-syariah terhadap Cryptocurrency dengan pendekatan analisis SWOT kemudian akan dikaji lebih mendalam dengan pendekatan maslahah serta mafsadah sebagai factor terpenting dalam maqasid al-syariah. Oleh karena itu, penelitian ini perlu dikaji lebih lanjut karena maslahah dan mafsadah terkadang bertukar peran sebagai mashlahah khusus dan maslahat umum. Sebuah sistemnya selalu dirancang untuk kemaslahatan, namun tidak sedikit menimbulkan implikasi negatif. Tulisan ini dirancang penulis berdasarkan struktur Cryptocurrency yang dinamis dalam memenuhi kebutuhan pasar.
One of the problems that occur in the development of cash waqf in Indonesia is the managerial system and financial reporting. Currently, the safety of waqf data is not guaranteed and is not integrated yet between Islamic Financial Institution – Cash Waqf Recipient/LKS-PWU (Lembaga Keuangan Syari’ah – Penerima Wakaf Uang), Nazir, and BWI (Badan Wakaf Indonesia). The blockchain system comes with changing a centralized approach to being decentralized. The use of the blockchain system in managing waqf funds can be a solution to the problem of waqf that occurs. Therefore, this study aims to examine the implementation of blockchain technology in increasing the accountability and transparency of cash waqf in Indonesia. This study adopts an interview technique with seven practitioners and academics in collecting data and using thematic analysis in the analysis. The research finds that the level of accountability in the waqf management by the LKS-PWU of the Islamic bank is quite acceptable, as evidenced by the fulfillment of five accountability indicators by the LKS-PWU. However, it must be improved in several aspects such as data security, data integration, and real-time reporting. Strategies for increasing accountability include the blockchain implementation in the waqf management both in collecting and distributing waqf by LKS-PWU. The opportunity to apply blockchain to waqf management is very potential because the blockchain system has several advantages such as speed, transparency, and a higher level of security than the conventional system.
Cryptocurrency is a digital or virtual currency, which does not have a physical form like fiat money. This crypto currency can only be used through devices such as PCs, laptops, smartphones and other devices that are connected to the internet. There are several advantages in a crypto system that uses blockchain system, such as transaction security, convenience, speed and can be used across countries and continents, however cryptocurrency which is currently circulating also still have weaknesses, including there is no supervisory authority, even many countries have disagreements over the legality of this cryptocurrency. The debate about the pros and cons regarding to the use of cryptocurrency becomes dynamics among the experts including the scholars who have study from Islamic point of view. This research aims to examine the dynamics of using cryptocurrency from ushul fiqh point of view, where the methods which used in this research are al-qur'an, al-Hadith, Qiyas and Sad-Adzariyah. Basically the use of cryptocurrency is allowed to meet cetain conditions that is by removing batil elements as in Quran surah An-Nisa verse 29, those batil elements are gharar and mayshir. Moreover, cryptocurrency must also have clear legality in a country for security in their use.
This paper discusses the blockchain frameworks for evaluating trustworthiness in managing waqf management system. The frameworks are Ethereum, Hyperledger, Finterra Waqfchain and Waqf Blockchain (WB). The invention of the blockchain has offered many benefits to the waqf institution since this institution faced many challenges such as lack of data transparency, accountability issues, weak of historical records, improper audit and improper compliance practices that may breaks donors' trust to use waqf system as a platform to make donation. However, the framework has their own pros and cons in order to make waqf management system more transparent, trusted and efficient. As a result, Ethereum framework shows the most suitable blockchain platform that can be used for the waqf management system.
The invention of the computer which was originally a calculating machine (Difference Engine no. 1) which was discovered by Charles Babbage (1791- 1871) is something very famous in the history of computer development and is the first automatic calculator. With the very rapid development of the digital world, in 1983 an American cryptography expert David Chaum used cryptographic electronic money called e-cash, and in 1995, he implemented it through Digichash, which became the initial form of collaboration between the digital world of computers and Money, which is a cryptographic electronic payment instrument that requires user software to pull notes from the bank and designate a specific encrypted key before it can be sent to the recipient. And in 1996, the NSA, namely the United States National Security Agency, which was founded by President Harry S. Truman on November 4, 1952, had the task and function of collecting and analyzing communications from other countries, as well as protecting information belonging to the United States. The agency published a paper entitled How to Make a Mint: The Cryptography of Anonymous Electronic Cash, describing the Crypto currency system that first published it on the MIT mailing list, later in 1997, in the journal The American Law Review (Vol. 46, Issue 4). It was these researches that eventually led the developers to start developing what is known today as blockchain which is basically a distributed open ledger to record transactions between two parties efficiently and in a verifiable and permanent way. The discovery of Bit coin in 2009 which was declared as electronic money was developed by an institution or individual who has the initials Satoshi Nakamoto, the technology used is using a peer to peer network without centralized storage so that verification can be done anywhere in the world anywhere that dedicates a computer, to do this or it is called mining. Since 2009 other coins and tokens have started to appear, as we can see on CoinMarketcap which has more than 6000 coins and tokens. The utilization and use of this technology is still being debated from the point of view of Muslims in Indonesia, as stated by Yenny Wahid in the activities carried out by the Islamic Law Firm (ILF), this is due to the uncertainty of the asset value which can change at any time.
Open access
2 source records
Terrorism, Counterterrorism, and Political Violence
Zulfikri Zulfikri, Auwal Sadiq Adam, Salina Kassim, Anwar Hassan
There is an indication that zakat institutions are inefficient and lack transparency in terms of distributing and managing their funds. This leads to a lack of trust between Muzakee and zakat institutions; hence, they prefer to pay zakat to Mustahiq directly. This means that zakat institutions may be collecting far less in zakat funds than the maximum amount that is potentially available. Meanwhile, the invention of blockchain technology has disrupted the financial sector as it offers transparency in transactions, meaning intermediaries are no longer needed. The use of blockchain in zakat management is important for improving transparency in the distribution of zakat. The objective of this paper is to explore the determinant factors that influence trust in zakat institutions using blockchain technology as a mediating effect. The results of the literature review revealed that these factors are reputation, satisfaction with zakat distribution, service quality and disclosure practice. This study expects that trust in zakat institutions can be enhanced through the use of blockchain technology.
Zakat as means to help Muslims to increase their living standard and to sustain socio-economic justice. The efficiency in zakat management especially in zakat collection and zakat distribution is still lack due to low transparency and ineffectiveness distribution process. The evolving Fintech has become an important integrated practice, especially in financial transactions. Blockchain technology seems to increase the efficiency in zakat fund data collection which leads to enhance the effectiveness of zakat distribution. The purpose of this study is to identify the integration of Blockchain in zakat management to optimize zakat collection and zakat distribution. This study employed qualitative research, attempting to describe the contribution of Fintech in Zakat institutions. The synergy of Blockchain technology and zakat management contributes to higher transparency in the collection and distribution of zakat. However, there is a limitation on the integration of Blockchain technology in the zakat management which needs profound discussions in the future.
<p><em>The cryptocurrency industry has exploded, with an increasing number of individuals investing in digital assets — even Malaysians who adhere to Shariah financial norms. The surge in Islamic faith members' involvement in cryptocurrencies such as Bitcoin and Ethereum has given birth to Zakat payments. Zakat is the third pillar of Islam, and it compels Muslims to make charitable contributions if they have sufficient means. The major considerations to explore are whether zakat is required on cryptocurrency investments and how the community sees zakat on cryptocurrencies. As a result, this paper will investigate the prospect of </em><em>cryptocurrencies as a digital assets</em><em> being a new source of revenue for zakat from an Islamic perspective by acquiring appropriate rulings (fatwas) and then investigating community attitudes on zakat on cryptocurrency.</em><em></em></p>
Raja Aishah binti Raja Adnan, Mahazan Abdul Mutalib, Muhammad Ridhwan Ab Aziz
Purpose This research paper aims to determine the factors needed to propose a platform where waqf (Islamic endowment) organizations can collaborate with government public hospitals to develop corporate waqf hospitals. Consequently, the elements of governance and sustainability are included in the management of corporate waqf hospitals thereby leading to the corporatization of public hospitals. Design/methodology/approach This study adopts the qualitative research methodology and undertakes content analysis of data collected from journal articles, magazines and official websites. Data analysis involves open coding with NVivo 12. Findings General findings from the literature review have shown that architectural and engineering fundamentals were essential factors in the success of past waqf hospitals of the era between 8th and 14th centuries. In that era, the decentralized waqf-based hospitals employed the mutawalli (the trustee/manager of the waqf assets) to govern the administration of the hospitals. Present corporate waqf hospitals can exploit the elements identified from past waqf-based hospitals and additionally adopt the private-public partnership model in the form of a muḍārabah (profit-sharing contract) agreement to design a sustainable waqf governance model for Malaysian public healthcare services. Research limitations/implications The proposed platform is designed for a corporate waqf model developed in collaboration between Malaysian waqf institutions and public healthcare services. It abides by both the Malaysian fatwa (Islamic rulings) on waqf and the laws of the Malaysian Government. Practical implications There is potential for developing the Malaysian corporate waqf-governance healthcare model which will enable the hospital to provide better quality healthcare to more patients through upgrading the quality of equipment used in hospitals and/or better facilities at equal or lower costs. Consequently, this will not only improve waqf management and distribution but also result in reduction of government expenditure. Social implications This research promotes the concept of a corporate waqf hospital which will provide innumerable beneficial healthcare services in terms of improved healthcare quality at affordable costs to the general public and at no cost to the poor and the underprivileged. Originality/value Although waqf has played an important role as a vehicle for Islamic financing in the society for centuries, a model of collaboration or partnership of waqf with public healthcare services has yet to be explored and developed. With proper corporate governance and well-managed sustainability in a corporate waqf model, this newly developed partnership between waqf institutions and public healthcare providers can be a first step in many more interesting collaborative arrangements that can be established between waqf institutions and public services in the future.
Abstract: The emergence of innovation in the world of digital finance in recent years has received attention from various parties commonly known as financial technology. This innovation is in the form of crowdfunding and blockchain platforms. These two innovations can not only be used for commercial, but also social purposes, including waqf. There is a huge potential of cash waqf in Indonesia. However, the realization is relatively still low. This study aims to analyze at a glance waqf blockchain in Indonesia that can optimize the realization of waqf development in Indonesia. Qualitative research methods is used in this paper through the study of literature. The results of the study show that Indonesia is very likely to implement waqf blockchain because the Muslim population reaching more than 80%, the flexible concept of waqf fiqh and the emergence of the halal industry. The most challenges faced are related to waqf literacy to increase public awareness. Investigating about perceived intention to use waqf blockchain through questionnaire and a deep interview with the stakeholders is important for the future research. Keywords: technology, blockchain, waqf.
Samer Ali Al–shami, Abdullah Al Mamun, Nurulizwa Rashid, Mohammed Al-shami
Microcredit financing is extensively considered as an effective development method for poverty mitigation and women empowerment. Nevertheless, relevant studies reflected opposing outcomes on microfinance effects consisting of positive, zero, and negative impacts. Thus, this research investigated Al-Amal Bank’s microcredit impacts on women empowerment in Yemen, one of the poorest Middle Eastern nations. A panel dataset and primary and secondary data were gathered through household surveys and propensity score matching to restrict intangible variables’ possible effects. The empirical results revealed that microcredit had a significant positive effect on monthly household incomes and accumulated asset values. Although microcredit facilitated female entrepreneurship and income generation for improved household incomes and expenditure, no influence was found on female household decisions and mobility following the patriarchal system practised in many Arabian nations, including Yemen. Hence, the study finding has theoretically and practically contributed to the body of knowledge in three ways. First, a novel proof of how microcredit interactions affected several Yemeni women empowerment elements was identified. This study also provides new insight into the empowerment theory by explaining how access to microcredit influences numerous features of women’s economic and social empowerment. Lastly, social and family traditions significantly influenced female attributes and lifestyles by reflecting how communal and family rituals affected microcredit impacts on women empowerment and vice versa. Conversely, this study guides Yemeni policymakers and those from other nations on extending financial services for self-development to reduce poverty and drive women empowerment rather than relying on government and international agencies.
Objective – This study proposes a conceptual framework of Zakat based management model using blockchain technology with its transparent, secure, auditable, and efficient system in order to enhance the trust in zakat agencies. Design/methodology – This study is based on literature and theoretical reviews. This study took BAZNAS as the model of the Indonesian zakat agency to use Blockchain-based zakat payment on which zakat payers can track the fund allocated to the beneficiaries directly. Results – This research demonstrates the importance of Blockchain and smart contract technologies in zakat management by developing a model that combines zakat management agencies with the components of Blockchain and smart contract technologies. Research limitations/implications – The proposed model can contribute to the sustainability and efficiency of zakat agencies and is in line with the poverty eradication effort in Indonesia.
Purpose After the COVID-19 outbreak, the Federal Reserve has undertaken several monetary policies to alleviate the pandemic consequences on the stock markets leading to a misunderstanding on the cryptocurrency market response. This paper aims to evaluate the effects of the Federal Reserve monetary policy on the Islamic and conventional cryptocurrency dynamics during the COVID-19 pandemic. We, specifically, examine the associate bubbles and feedbacks effects. Design/methodology/approach This paper developed a novel methodology that detects market bubbles using the statistical indicators defined by Psychological (PSY) tests. It also investigated the effect of the Federal Open Market Committee (FOMC) announcements on conventional and Islamic cryptocurrencies compatible with Islamic laws “Shari’ah” by using the event-driven regression. Findings The empirical results show that the FOMC announcements have a positive significant effect after one day of the event and a negative effect before two days of the announcement on the conventional cryptocurrency markets. However, the reaction of Islamic cryptocurrencies to these events is not significant except for Hello Gold after one day of the announcement. Besides, the Hello Gold and X8X cryptocurrencies present no bubbles during this period. However, Bitcoin and Ethereum markets have short-lived bubbles. Research limitations/implications The main contribution of this study is the investigation of the response and vulnerability to pandemic shocks of a new category of cryptocurrencies backed by tangible assets. This work has practical implications as it provides new insights into trading opportunities and market reactions. Originality/value To our knowledge, this work is the first study that compares the response of Islamic and conventional cryptocurrency markets to FOMC announcements during the COVID-19 pandemic and examines the presence of bubbles in these markets. Besides, the originality of this work is derived from the novelty of the data employed and the method used (PSY tests) in this study.
The global financial market is influenced by relatively new technologies such as cryptocurrencies; namely Bitcoin, Ethereum, Litecoin, and others. Cryptocurrencies are a challenging area in finance that requires additional attention from the academic community as they can have a potentially large impact on society and the economy.
Blockchain technology is rapidly gaining the attention of financial institutions around the world, especially among decision makers in Islamic financial institutions who are planning to apply this innovative technology into their institutions activities which could be an upright solution for their issues and challenges. This paper contributes to the emerging literature on financial technology by discussing some of the innovative applications of blockchain in Islamic financial institutions. In addition, this paper sheds light on the main opportunities and challenges facing application of Blockchain Technology in the Islamic financial industry and highlight the way forward to address these issues. Relying on the previous literature and analysis; this paper confirms the enormous opportunities for utilizing blockchain technology in various Islamic financial applications such as Waqf, Zakat and Sukuk. On the other hand, the main challenges towards implementing blockchain in this industry are the complexity of Islamic finance products added to the opacity of its application which end up with unclear regulations and lack of standards.
Marwan M. Abdeldayem, Saeed Hameed Al Dulaimi, Fuaad Hameed Al Dulaimi
The purpose of this study is two-folded. The first purpose is to examine the perception of Islamic finance experts and Shariah scholars on the Islamic cryptocurrency (i.e., GOLDX and OneGram). The question is whether it has a role in reconciling cryptocurrency in Islamic finance. The second is to introduce the new Islamic cryptocurrency to serve these rich Islamic populaces. The study used a qualitative research approach by conducting interviews to explore the Islamic scholars’ views on the framework of the new Islamic cryptocurrency. The scholars have been deemed to meet particular requirements of having comprehensive knowledge and have extensive experience in both the Islamic Shariah and cryptocurrency. Accordingly, the number of such scholars was limited, and eventually, with the access offered only to five scholars from different Islamic countries. We thoroughly analyzed the collected data from the interviews. The findings reveal that Islamic law is absent on the essential models for the conventional cryptocurrency utilization(such as bitcoin) as either a legitimate or illicit apparatus exchange device. Consequently, introducing new Islamic cryptocurrencies is to reconcile cryptocurrencies such as GOLDX and OneGram. They will play a vital role in attracting more than 1.5 billion Muslims around the globe to enter the world of cryptocurrency.
&lt;p style=&quot;text-align: justify;&quot;&gt;Changes in the payment systems of some countries, initiated by the use of cryptocurrencies, have opened up many dilemmas in the economic literature. Although knowledge of this phenomenon has not been yet sufficiently crystallized, some states managed to regulate its use. In this paper, we investigate whether cryptocurrencies can be considered аs а currency, which has drawn increasing attention from regulators who are concerned about tax, insurance and other consequences related to the legal treatment of cryptocurrencies. The subject of the paper is to analyze the history, characteristics and level of cryptocurrency regulation in the world. The aim of the paper is to analyze the possibilities for regulating cryptocurrencies in the Republic of Serbia through the analysis of countries where the use of cryptocurrencies is legal.&lt;/p&gt;
In Terrains of Exchange: Religious Economies of Global Islam (2014), historian Nile Green suggests a theoretical framework that could be employed to analyse Muslim responses to colonialism. Especially he analyses how individual Muslims as well as Islamic organisations transformed themselves or developed as they struggled with each other in order to stake claims on an increasingly connected world. One such development was the ideology of Pan-Islamism, which strives to unite Muslims of all creeds in an effort to meet the challenges posed by colonialism and modernity. The Pan-Islamic current was, however, merely one of many Islamic ideologies that developed during the late nineteenth and early twentieth centuries, and rather than being a time of Muslim unity, the period in question witnessed the emergence of a multitude of Islamic factions. One of these was the Aḥmadiyya Jamāʿat which will be in focus in the current article. In his study, Green turns the spotlight on such processes and attempts to “look beyond the discursive surface similarities of Muslim ‘beliefs’ to probe instead the multifarious – and indeed competing – social producers of religion.”11 Nile Green, Terrains of Exchange: Religious Economies of Global Islam (New York: Oxford University Press, 2014): 2. A further objective of his study is to suggest a terminology that will, in contrast to using emic vocabulary, better allow us to analyse Islam as an “internally competitive field of social actors and organizations.”22 Green, Terrains of Exchange, 10. The aim of this article is to make use of Green’s conceptualisations and terminology in order to analyse the evolution of the Aḥmadiyya Jamāʿat as it transformed from being a Sunnī reform movement into the world’s largest Islamic new religious organisation. The Aḥmadiyya Jamāʿat is to be understood here as an Islamic new religious movement based upon the fact that it was founded by a charismatic leader, Mīrzā Ghulām Aḥmad (1835-1908), who emerged as a preacher connected to Islamic reformist currents in nineteenth-century India but who later increasingly developed a theology rejected by other Muslims.33 For a discussion of the concept of new religious movements, see David, G. Bromley, “The Sociology of New Religious Movements”, in Hammer, Olav & Rothstein, Mikael (eds.). The Cambridge Companion to New Religious Movements. (Cambridge: Cambridge University Press, 2012): 13-28. For a discussion of the Aḥmadiyya Jamāʿat as an Islamic new religious movement, see Brian Arly Jacobsen; Göran Larsson & Simon Sorgenfrei, “The Ahmadiyya Mission to the Nordic Countries”, in James R. Lewis & Inga Bårdsen Tøllefsen (ed.), Handbook of Nordic New Religions, (Brill: Leiden, 2015): 359-373. In his framework, Green directs our attention to what he labels “firms” and “entrepreneurs” as “producers” of religious goods through “adaptations” and “innovations” used to attract “consumers” on a developing religious “market”. “Adaption,” in Green’s usage, is employed to signify how such Muslim entrepreneurs might use and modify the techniques of their competitors in order to suit their own purposes while “innovation” refers to forms of religious strategies that go beyond adaptation so that new (often hybridised) religious forms may be generated.44 Green, Terrains of Exchange, 9-10. A subordinate aim of Green’s book is to develop an analytical terminology and we must therefore not confuse the analytical term “innovation” with the emic use of the term, i.e., as a translation of the Arabic bidʿa. As in other economies, religious entrepreneurs and firms are dependent upon consumers for their success and therefore might need to adapt their products so that they become more attractive and desirable than the goods offered by their competitors. This might be done by making use of new forms of technology; novel and more effective organisational structures; or various interpretations of religious sources or practices, some of which may be more creative than others. In regard to such new markets, Muslim entrepreneurs having educational backgrounds other than the traditional madrasah education became more common, and they also increasingly disseminated their teachings through novel forms.55 Francis Robinson, “Technology and Religious Change: Islam and the Impact of Print”, in Modern Asian Studies, Vol. 27, No. 1, (1993): 229-251; Göran Larsson, Muslims and the New Media: Historical and Contemporary Debates, (Farnham, Surrey: Ashgate, 2011). The growing popularity of such preachers gradually undermined the authority of the ʿulamāʾ in regard to a market where “any Ahmad, Mahmud or Muhammad could claim to speak for Islam.”66 Francis Robinson, “Technology and Religious Change: Islam and the Impact of Print”, in Modern Asian Studies, Vol. 27, No. 1, (1993): 245. Mattias Dahlqvist, The Politics of Islam, Non-Violence, and Peace: the Thought of Maulana Wahiduddin Khan in Context. Diss. (Umeå: Umeå University, 2019): 54. Let us now take a closer look at the market context in which Mīrzā Ghulām Aḥmad emerged. By 1834, when the American Presbyterian Mission was established in Ludhiana near Mīrzā Ghulām Aḥmad’s hometown of Qāḍiān, British missionary churches had already been active in India for some twenty years, and they were then bustling with activity.77 Spencer Lavan, The Ahmadiyyah Movement: A History and Perspective. (Delhi: Manohar Book Service, 1974): 44. Missionary stations were built, and through them new forms of religious organisations were introduced alongside novelties such as the printing press. Missionaries published apologetic Christian tracts and refutations of local religions as well as grammars and dictionaries of Punjabi, Urdu, Persian, Hindi, and Kashmiri. Shortly afterwards came translations of Hindu, Sikh, and Islamic religious texts. Through such new and often belligerent methods of evangelism, Christian missionaries quickly expanded their activities throughout the Punjab and the so-called North-West Frontier.88 Simon Ross Valentine, Islam and the Ahmadiyya Jama'at: history, belief, practice, (London: Hurst & Co, 2008): 44. This antagonism could not go unanswered for long and demanded therefore responses from local religious leaders. The new situation both provoked and intrigued them, and efforts were subsequently made to learn about the competing religions and the methods of the European missionaries. It also forced them to engage creatively with their own traditions. This situation resulted in a wide range of Sikh, Hindu, and Muslim reform and fundamentalist movements.99 Valentine, Islam and the Ahmadiyya Jama'at, 44. Historical developments were, however, also great sources of inspiration when developing such new responses. In regard to Islamic developments, which is the main focus of this article, Islam in India had been negotiated by a growing number of competing preachers and groups at least since the time of Shāh Walī Allāh al-Dihlawī (1703-1762), who argued for the need of ijtihād – active interpretations of the Islamic sources rather than taqlīd, conformity to institutionalised earlier interpretations – and who developed a means of Islamic reform that combined elements from both historical Sufi and modern Wahhabi currents stemming from the Arabian peninsula.1010 For a thorough discussion of ijtihād and taqlīd, see Rudolph Peters, “Ijtihad and Taqlid in 18th and 19th Century Islam” in Die Welt des Islams, vol. 20, no. 3–4, (1980): 131–145. The Barelwī movement could be described maybe as a of and the movement is a Sufi while the were to the Wahhabi Islamic in British Oxford University Press, The emergence of religious reform therefore be understood both as a to and as by the and by the British and the of modern for and the of on the of the in in & and the of University of the Press, with and Global Religious in of the American of vol. no. The about by also resulted in the development of a new and the of this often had a more or European education that became dependent upon British to their in Modern Islam in A 2. New also a in time as a to this a growing number of religious subsequently a need to their religious and them in a to and with the modern then In his study Modern Islam in analyses the development of reformist Islam in India in the development of Aḥmad by European educational founded Muslim University in This was to be a modern educational based upon a European to the new than being Islam to similarities and Islam, and developed a to Islam as being with European and Modern Islam, The in is who was active during a period when the was developing a of in regard to the British and was also a new of that resulted in European and a in Islamic than Aḥmad Islam, to was not with but the of therefore argued that was as a to Islam, and through such of he was to attract or of the new than the that were to Aḥmad Modern Islam, The development is by the was in and was a when Mīrzā Ghulām Aḥmad while at the local was to become a and in as well as in and from to his to he developed from the Islamic since Aḥmad In his book The of Religious Thought in Islam for for a but Islam, one that take into both the and of Islam while being to modern developments in and other of Modern Islam, also Muhammad The in Contemporary of Press, were also other currents and active that must be in such as the or Wahhabi current with a themselves that had in with Arabian in of their of or sources for Islam other than the and the of the was the which could be as an made by ʿulamāʾ to develop a that of the of Aḥmad and the of Lavan, The Ahmadiyyah For a thorough see Islamic and the who argued for a Islam that to and charismatic Islamic the nineteenth a wide of Muslim themselves in to Islamic sources and through of all in to and and the of Christian missionary not by to the of Christian missionary firms religious by in and preachers to a traditional of The of religious to new by Christian missionary firms and later by both and Muslim missionary new as well as new Green, Terrains of Exchange, One of the in which Christian missionary churches new religious economies, a that be and developed by the of colonialism and missionary was to and which were by Hindu, Sikh, and Muslim Mīrzā Ghulām Aḥmad was into a Punjab of historical for the but which at the time of his in and in to in the by the and later by the to A Muslim in University Press, 2015): an education for a of his with by when he was was by a Sunnī of who in the and the of he Arabic with a connected to the he Arabic and with a In to the he also with his who was a of and in to The of he had the of the Islamic of nineteenth-century India and also Ghulām Aḥmad’s later that the fact that Mīrzā Ghulām Aḥmad had madrasah education could be of for his later evolution as he was therefore to the of such an of Religious Thought and Oxford University Press, he not a or also in with other Islamic of the late nineteenth and early twentieth to In Aḥmadiyya this fact been used to develop an of Ghulām Aḥmad as i.e., in the as the to as Khan Ghulām Aḥmad’s education was which could some of the in his when to historical Sunnī the development of his later theology and Spencer and Khan that Ghulām Aḥmad had a or some other of Sufi as a number of his and of his terminology be to Sufi teachings that were in in Punjab and the India of the Lavan, The Ahmadiyyah Khan that is the it Ghulām Aḥmad in with earlier such as the Shāh Walī Allāh al-Dihlawī as it he indeed with and also Sufi Mīrzā Ghulām Aḥmad was employed as a in the of the of which also was a for Christian missionary in not Ghulām Aḥmad time to religious in and and in that other to As Khan also a of during the he in but what he was his had It is Khan these the which later came to of Ghulām Aḥmad’s to to Green’s concept of of this is an of how the methods and of their and them into of Ghulām Aḥmad was not the to and in he also the of Aḥmad and other currents of Islamic It however, that he was to a by the more of than by the of Aḥmad to It is also during these that we Ghulām Aḥmad’s Sufi as it was then that he the to In Mīrzā Ghulām Aḥmad was in and with his It as he his religious on his but is also to been in with local as well as with of the to his in Ghulām Aḥmad to a on both a and had by then for local but was a of that allow to the of he had to was forced to on his own and his in the world. By Ghulām Aḥmad in the reformist and the more fundamentalist as well as the Christian active in the to and develop into a and with his and of increasingly being by his and the he was about to the Aḥmadiyya The of Christian missionary churches in India to the of a of who also were in to Lavan, The Ahmadiyyah to It was these and as a to such challenges that Mīrzā Ghulām in the published his of the It was in and Christian and In a to he so by to the Islamic sources to new interpretations which he argued were more for his time and the challenges of his In the the of Ghulām Aḥmad’s described is creatively in a was now developing his own of what a of an modern Islam might look The book was well and was a by of the who Mīrzā Ghulām Aḥmad’s of and the religious Lavan, The Ahmadiyyah in the early Mīrzā Ghulām Aḥmad was a reformist Muslim and was for his apologetic who his in other he had a to attract consumers on the religious market of which he was now a One of the we that Ghulām Aḥmad with Christian missionaries in the is the of Christian missionaries in India used the about not being on the but instead being to to their that they then it must also be the that is to since and but as an Valentine, Islam and the Ahmadiyya Jama'at, to of Christian to to and the of his had a for many Khan and he was indeed the then was it who was in while Muhammad in to This also to Mīrzā Ghulām and he to develop his interpretations of the and Islamic on throughout his theology on the was published in a book in in and published translation of the book is The is a of how the competitive situation could and to their own as well as their religious and with the being creative new be the Mīrzā Ghulām Aḥmad to to the Islamic while a to the as the of that not from the and to which he was he argued Islamic that had in fact on the and was later and the of his as a in and where he of as other had done and as Mīrzā Ghulām in from the and to Islam Valentine, Islam and the Ahmadiyya Jama'at, to the of in Valentine, Islam and the Ahmadiyya Jama'at, Mīrzā Ghulām Aḥmad’s teachings about as an early of what Green an “innovation” made to a Christian on Islam and of how might and in the of teachings and upon in University of Press, Christian missionaries to use Islamic teachings about in order to Islam, and as a Mīrzā Ghulām Aḥmad creatively developed an about the Christian A later of his it “The of was, by the of the Aḥmadiyya movement as the of Valentine, Islam and the Ahmadiyya Jama'at, In developing his own interpretations of the of however, Mīrzā Ghulām not Christian but also interpretations It is in to that Ghulām Aḥmad and the Ahmadiyya been as being in to Islamic Göran Larsson, of in & the of Muslims in in of In later he came to the or and the or of where was the and was the of the and was the of the Muslims instead to be the and to from a based upon the is not the of but he is the of and the of the and is of all by which was by of the was to Ghulām that had the of but rather that be a they are the of The of the he is that had he had who might be his of and were while came not with a new but instead came to the of also Valentine, Islam and the Ahmadiyya Jama'at, the which are the of of the and the In a and a of Muslim must in religious from also Valentine, Islam and the Ahmadiyya Jama'at, in to his Mīrzā Ghulām Aḥmad argued for his and through the he to which was in by in his he was in a to the of the which increasingly on from Sunnī charismatic see Olav & Mikael Rothstein, to New Religious Movements”, in Olav & Mikael The Cambridge Companion of New Religious (New York: Cambridge University Press, 2012): Ghulām Aḥmad’s as a was, however, also his his and was one of the of the what become as the and the the regard Mīrzā to be a the the of i.e., that was the In Mīrzā Ghulām Aḥmad that had to a i.e., an that and the of Islam” and the of Islam all from Valentine, Islam and the Ahmadiyya Jama'at, also to As the the of the the was to the often in the of that was late nineteenth-century The in and in the the of the Aḥmadiyya Jamāʿat was Ghulām Aḥmad by then had as well as Valentine, Islam and the Ahmadiyya Jama'at, to Green, this of was not at a time when a number of such Muslim religious firms were founded by who had in the religious of their and he also how such in organisational more Christian than Green, Terrains of Exchange, In the of Ghulām Aḥmad’s a of was the the Jamāʿat developed as an to local religious in India and the teachings of Mīrzā Ghulām Aḥmad in a that the Christian but the and of the Jamāʿat were also connected to Islamic For the of Mīrzā through a in a to for Sufi or as the be to the in Islamic in of Islam, Ghulām Aḥmad’s to on a market was through a to Islamic as it was connected to a that not the from the of Muhammad Book was understood as a of in the and Mīrzā Ghulām Aḥmad was as being that that Islam to and it throughout the Muhammad The of the Ahmadiyya Ahmadiyya Through such an and the could be as missionary of at a time when that Ghulām Aḥmad was increasingly attention from other Muslims in This use of a that Mīrzā Ghulām Aḥmad and his Jamāʿat at a in time and also be as a with other new religious & Rothstein, to New Religious The organisational that had by then developed was to missionaries and by Mīrzā Ghulām Aḥmad and his the Jamāʿat was by a of who their to Ghulām but the of his he however, to the organisational framework of the In the of the Aḥmadiyya was to his his Valentine, Islam and the Ahmadiyya Jama'at, One of the of the was, and to a i.e., Mīrzā Ghulām Aḥmad’s Valentine, Islam and the Ahmadiyya Jama'at, we might to modern forms of and to early Islamic and the of the The organisational of the Jamāʿat developed further the and the and is by Simon Ross of Muslim reform Valentine, Islam and the Ahmadiyya Jama'at, As of this Mīrzā Ghulām Aḥmad also established educational to the further and of his In the was founded in as a for the education of the of the and to them the of Mīrzā Ahmad, Ahmad, Press, the was a modern connected to Islamic and in the Mīrzā Ghulām Aḥmad as the that Islamic as well as modern so that may to 2. In the education at the which by then had into a was into own – the The the developed into own the which was established in in Punjab as a missionaries to be into the in order to local Aḥmadiyya are established in in and in of Islam in the Vol. In developing the educational and missionary Mīrzā Ghulām Aḥmad and the Aḥmadiyya Jamāʿat were by traditional Islamic as well as by their Christian Islamic in the (New York: Oxford University in their educational activities and in their translation and of the and Ghulām Aḥmad’s in an growing number of their activities methods employed by Christian missionaries in and who and published the in local and also the for apologetic The of the Islamic of the movement the into the Aḥmadiyya to the European in India was to and One of Christian missionary activities in British India that Mīrzā Ghulām Aḥmad and other Muslim was the of on Islam and translations of the in and local done by British such as and which and Islam on The The Muslim or the in Vol. No. 1, In order to engage in the disseminated by both Aḥmad and had their published in in and with a in Modern Islam, As we Ghulām Aḥmad to the on a and the the Aḥmadiyya Jamāʿat in being founded was the that Green as the religious at that time and one of the in the missionary that was then – a printing Valentine, Islam and the Ahmadiyya Jama'at, the of the printing in Muslim see Larsson, Muslims and the New As Ghulām Aḥmad had and his own was he with to his own to his own tracts as well as other Islamic he their own printing them not to Mīrzā Ghulām Aḥmad’s but also and i.e., modern a The and were published in Urdu, but already in they published the of The of in a that is in as a In The of Religions, Mīrzā Ghulām Aḥmad’s teachings and the activities could be to the in India more to As European missionaries and also translations having and that many Muslims as A was long the translation of the into done by a Muslim was by an early of Mīrzā Ghulām In published his translation The with on the and the of the and been The that his translation a and Islam, from developments throughout as well as from by it rather than Muslims might on it is a European that he had in The he for his to a of the to the For a of Aḥmadiyya translations of the into see Sorgenfrei, of the into by Aḥmadiyya A in of Studies, and Mīrzā Ghulām Aḥmad however, a and it that already the that his translation was on a new translation was by of Mīrzā Ghulām Maulana who also Mīrzā Ghulām Aḥmad’s into Maulana translation of the was published in and is introduced by a long about Islam as a and the as Muhammad The the Arabic with and Islamic and translations – with their what they to be European at the time that they an Aḥmadiyya of Islam – might therefore be to be what in which the to or in of Studies, vol. no. the time that the of Mīrzā Ghulām Aḥmad to be as a period during which his developed into a but their in their own the of techniques and missionary methods such as the printing new and translations of the into Ghulām Aḥmad and the to develop as an Islamic new religious movement and into an increasingly As the market a market Mīrzā Ghulām Aḥmad was but one of many Muslim active in British India during the nineteenth and early twentieth centuries, as he argued for the of ijtihād and therefore the of the ʿulamāʾ by that was a need for a Islam that could meet the challenges of Lavan, The Ahmadiyyah use of Green’s we regard as a religious making use of and and in a he be attractive on the religious market of his his and were well but his popularity in to the of his The he was was or to attract the the and from Mīrzā Ghulām Aḥmad developed his theology the and of the it further be argued that Mīrzā Ghulām his and the development of other new religious in such as the and the of Through an use of both Christian and Islamic he developed his own both as a religious and as an in an As Ghulām Aḥmad his from a Islam that could be attractive to the of Muslims to as a and his market in as the market Mīrzā Ghulām Aḥmad and the Aḥmadiyya Jamāʿat increasingly developed of such as translation and a of Green’s and theoretical framework as these were the new of that Muslims other of in the nineteenth Green, Terrains of Exchange, the the Aḥmadiyya Jamāʿat being established was a printing so that Ghulām Aḥmad’s could be in and then increasingly in Through the of his the of Ghulām Aḥmad and his and the Aḥmadiyya became increasingly as by a growing number of who Ghulām Aḥmad and the Aḥmadiyya in a later refutations of Ghulām and the Aḥmadiyya Jamāʿat as he had to the they were to be as or see also Larsson, of It was rejected and developed into an Islamic new religious movement the charismatic and later of Mīrzā Ghulām Aḥmad and his It could here be that this is not in to Ghulām Aḥmad and the Aḥmadiyya As we he was but one of many more or interpretations of sources to a market of consumers for religious to a social In to some of the other Muslim he was in his efforts to attract the Sunnī but in to he was charismatic or to a that on with of the world.
The paper aims to provide a review of literature on the Islamic social institution of WAQF, dissecting the components of WAQF and the classic Islamic laws that guide its formation and implementation. WAQFs are Islamic social finance institutions that have played a critical role in achieving sustainable development in Islamic society. During the Ottoman era, it was operated effectively to ensure the founder's wishes until the advent of Islamic finance. The study highlights the challenges that the WAQF institution faces and the viability of the Blockchain system in mitigating these challenges and managing WAQF across the globe, which should help achieve the convectional objectives WAQF. Approach/Methodology/Design: The study reviewed the most recent research papers on the WAQF Islamic social finance institution to isolate the institution's components, legal framework and challenges, and outline the solutions Blockchain system can provide.
Tarkhani Ayoob Ibrahim Ahmed, Mohamad Sabri B. Zakaria
This research study will endeavour, in principle, to make a significant contribution to the field of zakat management. It basically aims at suggesting a unique approach that would be practical and effective in managing the zakat sector through blockchain technology. The paper additionally deals with several current challenges encountered in the adopted approaches of managing zakat in Muslim societies; including, inter alia, inefficiency, lack of transparency in terms of fund collection, managing and distribution. In the meantime, it is hoped that blockchain technology would be adoptable effectively to address such relevant problems in a transparent and immutable manner in effect. This article will basically adopt the qualitative and data collection method. Main data will be collected through articles and dissertations because related data mainly exists in the articles and thesis rather than books. This study assumes certain fiqhi (Islamic jurisprudence) issues of using blockchain for managing zakat distribution such as establishing full-possession or tamlīk (Ownership), transporting zakat funds, and transferring zakat funds directly without ruler or government interference. The findings of this paper indicate that providing a novel method, which would contribute to reducing routine procedures and playing an effective role to put an end to the administrative and financial inefficiencies that have paralysed zakat institutions. The main significant aspect of this research will be establishing an active Technological Department for the purpose of serving charitable projects and reconstructing the trust between groups managing zakat and donors.
Tujuan penelitian untuk mengetahui kointegrasi, kausalitas berikut pengaruh antara Bitcoin dan nilai tukar Rupiah. Metode penelitian uji regresi linier sederhana dengan metode ARCH- GARCH, Kointegrasi Johansen, dan Kausalitas Engel Granger. Data Bitcoin dan nilai tukar menggunakan data mingguan selama enam tahun (2013-2019). Penelitian ini mendapatkan Bitcoin tidak memiliki kointegrasi jangka panjang dengan nilai tukar Rupiah. Hubungan kausalitas berbentuk pola satu arah yang terjadi pada Bitcoin terhadap nilai tukar Rupiah. Bitcoin memiliki pengaruh positif terhadap nilai tukar Rupiah. Transaksi Bitcoin tidak memenuhi salah satu rukun maupun syarat dalam al-sharf sehingga tidak sesuai dengan ketentuan syariat Islam serta transaksi tidak dapat dibatalkan walaupun terjadi pending order. Bitcoin lebih beresiko pada maysir, batil, dan gharar.
Nur Firas Nazim, Nabiha Mohd RAZIS, Mohammad Hatta
Blockchain technology has been a buzzword globally especially among financial industrial players. It can be observed that most developed countries had begun to legalise the implementation of blockchain technology including European Union as well as the member states of G20 in order to secure their leading position in supporting the Fourth Industrial Revolution. Be that as it may, scholars admitted that Malaysia had been a bit desolated primarily in terms of its legalisation on the blockchain’s adoption in the country despite various initiatives that had been taken initially. Hence, this study was conducted to investigate the behavioural intention to adopt blockchain technology specifically among bankers in Malaysia Islamic financial system. A combination of theories, mainly the Unified Theory of Acceptance and Use of Technology 1 (UTAUT 1) as well as Technology-Organization-Environment (TOE) Framework had been chosen to be used in the study. This research implemented the quantitative method in which more than 200 questionnaires were distributed to 12 domestic banks in Malaysia through both self-administered method and online survey. Multiple regression analysis was applied to further verify the hypothesis made. Based on this study, it had been proven that effort expectancy, social influence and facilitating condition are the only factors that affect the behavioural intention to adopt blockchain technology with effort expectancy being the most significant factor among all. However, the results had also proven that the non-factors of the variables strengthened the fact that Malaysia is still at the primitive stage in respect to blockchain adoption. Thus, it signifies the importance for the industry to begin adopting instead of attempting by considering the best initiatives recommended in accordance to Malaysia’s mould in which the banks could opt to start working on the institution voluntary regulation whereas for the government, perhaps they could commence a consortium which consists of Islamic financial institutions in the country to develop their experience before implementing on their own. It is hopeful that the initiatives could help to secure the position of Malaysia as the world Islamic financial hub in the coming years.