#5 The Things Exchanged in a Transaction Part II: Lawful Disposal Over the Property, Being Determinately Known Introduction Islamic transactions
Approaches to Islamic Finance and The 14 Qur’anic Principles Introduction Numerous principles in the Qur’an address fiqh muamalat (فقه المعاملات)
#4 Stipulating an Option to Cancel Period & The Things Exchanged in a Transaction Introduction The article explores key concepts
Wealth in Islam and Intentions in Islamic Finance How much wealth is okay? Wealth is a resource that is given
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Singapore’s Islamic finance sector is set for significant growth in 2024, bolstered by rising awareness and educational initiatives. Key developments include strategic regional partnerships, such as the MoU with Malaysia, and anticipated product launches. As Southeast Asia’s market for Islamic financing expands, Singapore is well-positioned to capitalize on emerging opportunities.
In part one of the second lesson in Messenger’s Money Morals, we begin by delving into one of the primary sources we will explore: Sahih al-Bukhari. This foundational text forms a cornerstone of the course, as we seek to understand how our beloved Prophet Muhammad ﷺ might and would have responded to the challenges of our modern era. Studying the history of the author is also a nod to traditional Islamic sciences, allowing us to gain blessings and renew our commitment as we engage with the vast wealth of Islamic knowledge available.
In the third paragraph of the book on Sale (كتاب البيع), the scholar, Imam Naquib Al Misri, summarises the options of both the buyer and seller when it comes to cancelling the sale. Imam Naquib also expands on the different scenarios such as the number of days the agreement can be cancelled, which party can have the right to cancel and what transactions should have immediate exchange of possessions. We delve further below:
The first lesson, “Introduction and Revealed Guidance Navigation,” delves into the foundational sources of Shariah in Islamic finance, highlighting the Qur’an, Sunnah, and Ijma’ as key elements. The lesson explains how these sources guide the principles of Islamic finance, ensuring alignment with Shariah values such as fairness, justice, and ethical integrity. It emphasizes the importance of understanding the Sunnah, which includes the verbal, physical, and tacitly approved practices of Prophet Muhammad صلى الله عليه وسلم, to maintain the moral and legal standards in Islamic finance. By adhering to these principles, Islamic finance promotes a sustainable and just economic system that benefits both individuals and communities.
The summary for this paragraph in the book The Reliance of the Traveller (عـمـدة الـسـالـك و عـدّة الـنـاسـك) offers an easy-to-understand overview of Islamic sale transactions, particularly on the aspect of the buyer and the seller. It explains the key requirements for a transaction to be valid, such as the importance of maturity, sanity, and consent. The notes highlight situations where transactions are not allowed, like those involving minors, individuals with mental challenges, or selling religious items like the Qur’an to non-Muslims. It also touches on specific rules for transactions involving slaves and when coercion might be justified in legal settings. Overall, it provides a clear and practical guide to navigating Islamic financial transactions with integrity.
“The Reliance of the Traveller” by Imam Naquib Al Misri is a foundational Shafi’i Fiqh text, guiding Muslims in spiritual living and legal transactions, emphasizing ritual worship and lawful sales. It elucidates six components of valid transactions, including spoken offers and acceptances.
It is proposed that the wage maximization is one of the fundamental principles of Islamic economics, and should be counterposed to the profit maximization principle of private capital. Wage maximization needs to be analyzed for both the macroeconomy as well as for the microeconomy, since wage maximization has to be realized at the level of the firms of the microeconomy. A mathematical model for the Islamic macroeconomy is postulated that determines how to maximize macroe conomic wages. A model for a firm is proposed that pays minimum wages based on macroeconomic wage maximization. Wages can be further augmented by wages having a variable component based on profit and loss sharing with the firm, and which entails a degree of risk. Fixing the variable wage component results in the rate of profit of all firms becoming equal to the macroeconomic wage maximizing macroeconomic rate of profit.
At this point in history, the pace of practical developments in society is fast surpassing their ethical framing and religious jurispudential deliberations. One clear example is how we are far from reaching consensus in determining the permissublility of cryptocurrencies and other emerging financial tools in accordance to Islam. While some scholars and religious organisations have ruled cryptocurrencies as haram (prohibited), others hold an an opposing opinion.
Through a sharing on the diversity of approaches and views from a critical lens and Islamic Juristic perspective, the notes shared aims to foster a nuanced understanding of Islamic Financial ethics within contemporary financial landscape and explore a roadmap for Muslims to navigate and thrive in the complexities of today’s economic world, empowered, and guided by maqasid and Islamic principles.
In this paper, we explore how economic policy to support sustainability can coordinate efforts to tackle climate risk, overcome environmental challenges and ensure human security. The financial system faces very significant risks posed by climate change, as well as the transition to a low carbon economy. As such, the ESG framework as it is needs to be enhanced in order to be itself effective and sustainable. Hence, we propose an enhanced ESG framework that is grounded in strong Islamic fundamentals to anticipate gaps that can be exploited. Considering human relationships with the natural world from the perspective of Islamic teachings holds great promise for rethinking resource management and preservation. A fundamental role of humans in Islam is that of trustees of creation. The need to achieve sustainable economic development globally and its transition to a low-carbon economy requires strong policies and initiatives to drive green and sustainable finance for the purpose of achieving public policy objectives effectively.
The recent growth of Islamic finance industry reflects that the Shariah-based financial systems has started earning a consistent attraction and global inclination as the new alternatives and viable options to the long-deep rooted conventional finance.
Singapore, famed for its ingenuity and perseverance in the face of shortage, has maintained its success trajectory in 2023. Sustained prosperity in the country has been attributed to its strategic focus on developing a highly qualified workforce, promoting a vibrant digital economy, preserving top-notch infrastructure and sustaining a strong regulatory framework. On the other hand, the Islamic finance industry, which has been largely founded on the efforts of private citizens and organizations, might seem young. Nonetheless, 2023 established the framework necessary for the success of creative Islamic financing projects. In the upcoming year, these programs aim to establish stronger foundations, promoting increased collaboration and growth.
Much can be said about Singapore when it comes to the world stage. Despite being a tiny country surrounded by resource-rich countries, the little red dot remains at the forefront in almost every aspect of business and finance. With rising uncertainty over the global economy as well as tensions in the geopolitical arena, it is no surprise that affluent families and wealth managers are looking at Singapore as a haven. In March 2023, Farro Capital amassed SG$1.35 billion in assets under management (AUM) despite only being launched for four months.
Singapore Report 2023 INTRODUCTION – EMERGING DESTINATION OF CHOICE The island nation of Singapore, home to over 5.6 million people, scored
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Hardship begets facility المشقة تجلب التيسير – Hardship begets facility – Quranic Evidence: وما جعل عليكم في الدين من حرج
Dangers and Prohibitions of Riba ‘Aun Bin Abu Juhaifah reported from his father (عنهما االله رضي (that the Prophet (صلى
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Dangers and Prohibitions of Riba Abu Hurairah (عنه االله رضي (reported that The Prophet (صلى الله عليه وسلم (said, “Avoid
