Salman Ahmed Shaikh's Blog, page 17

Islamic Social Finance and Commercial Finance: A Marriage Made in Heaven

This paper aims to explore different forms and models of integration between Islamic commercial finance and social finance including the problem that arise as well as the solution of each of the models to promote inclusive economic growth.

Conceptual flaws in realizing Maqasid al-Shari’ah in Islamic Finance

This paper discusses the application of Maqasid-e-Shari’ah in Islamic finance discourses and attempts to clarify some misconceptions. The paper also recommends formulating a framework of actualizing Maqasid-e-Shari’ah in Islamic finance.

Islamic Finance Involvement in Supply Chain of Financed Assets

This paper is a novel attempt to analyze the involvement of Islamic financial institutions in supply chain of financed assets. It argues that since Islamic bank has to have ownership and possession of the asset besides undertaking risk of the asset in trade and lease contracts, Islamic bank has to engage more intently in supply chain than the conventional bank.

Establishing Zakat on Oil and Gas in Malaysia

The purpose of this paper is to deliberate on the establishment of Zakat on oil and gas in Malaysia. Similar to gold and silver, oil and gas are valuable minerals, which, upon extraction, should be subject to Zakat payment. In Malaysia, however, this is not the case. The authors argue that Zakat calculation for oil and gas can involve Nisāb adjustment, but not the Hawl (the requirement for one full Islamic year of ownership for the assets), by analogy with Zakat on agricultural produce.

Environmental Crisis in the Islamic World

In this paper, the author explains that the origin of current environmental crisis can be traced back to industrial revolution. While industrialization provided many benefits, the greed and avarice in human beings need conditioning through morality and values.

Estimation of Zakat Proceeds in Bangladesh

This research study calculates potential Zakat proceeds collectible in Bangladesh by using both classical and contemporary or alternative Zakat calculation methods. The results reveal that the percentage of potential Zakat collectible amount to GDP is significant as the estimates range between 2.3% to as much as 3.8%.

From Streamlining to Mainstreaming “Islamization of Knowledge”

International Islamic University of Malaysia (IIUM) was established according to the visions developed by prominent Islamic scholars Ismail al-Faruqi (Co-founder of the International Institute of Islamic Thought in Virginia [IIIT]), Abdul Hamid Abu Sulayman (Current Chairman of IIIT), and Syed Muhammad Naqib al-Attas (Founder of the International Institute of Islamic Thought & Civilization [ISTAC]), with the aim of linking what they call ‘revelation and heritage’ with social and human sciences.

Prohibition of Interest in the Context of Böhm-Bawerk’s Time Preference Theory of Interest

This paper discusses the theory of interest espoused by Böhm-Bawerk. He described time preference as the origin of the legitimacy of the existence of interest. Time preference is defined as people’s attribution of more value to present goods than future goods with the same quality and quantity. Future goods can be consumed only in the future, whereas present goods can be consumed both now and in the future. 

Report Launch of Islamic Social Finance for Social Protection

Landmark Report on Islamic Social Finance for Social Protection Launched by IPS

Issuing Licenses for Digital Banking to Conventional Financial Institutions

It is suggested that the SBP makes amendments in the Digital Banking License Framework so that only Islamic licenses will be issued. This will ensure that future digital banks that are established in the country also operate under Islamic banking principles. Deposits in Islamic banking have grown more swiftly than in conventional banking. Hence, it is in the best interest of any new player in this market segment to offer Shari’ah compliant financial services than otherwise.