(Al-Falah Wa Al-Salah) and to eliminate economic injustice and unfairness. One of the ways to achieve this aim is through an effective operation of Islamic banking institutions according to Islamic Jurisprudence. Thus, existing literatures on Islamic banking institutions seems to suggest the inadequacy and the failure to comprehensively settle many aspects of economics and financial problems of the world, especially the Muslims. In Mu’amalat, a Muslim must ensure that the buying and selling transaction are set according to religious guidelines, so that one can avoid falling into forbidden transactions and unlawful forms of earning. In order to achieve the objectives of this study, through documentary review of existing literatures, narratives, as well as conceptual approach of analysis are used to present a sound legal theory of Fatwa under Islamic Jurisprudence. At the end, this paper proves that the use of classical Islamic Fatwa indicates that it provides one of the best forms of eliminating economic injustice and unfairness that sufficiently provides for the endeavours toward sustainable human wellbeing. Other financial institutions might use and adopt classical Islamic Fatwa in Mu’amalat aspect for better and smooth take-up of other types of Islamic financial institutions regarding Fatwa issuance. Keywords: classical Islamic Fatwa, banking institutions, Mu’amalat, sustainable, human well-being
Fatwa shopping attitude is a process of searching Sharia opinions from different Sharia scholars for suitable and convenient Fatwa to suit the need of bank managers (BMs) even at the minimum level of Sharia compliance. This research was conducted to identify the Sharia Board Members (SBMs) and the new attitude of Fatwa shopping within the supervisory and advisory mandate. The objectives of this study are to identify the mandate of SBMs of IBs and to review the attitude of Fatwa shopping within the advisory and supervisory mandate. Data was collected by way of documentary review method of existing literatures, narrative analysis as well as conceptual approach of analysis. The study gathered that both SBMs and BMs have different objectives when assessing new products which create disagreement of objectives at the strategic level. The study concluded that the leniency in issuing Fatwa ruling might lead SBMs to exercise the attitude of Fatwa shopping or easily compromise toward BMs objectives. A situation of this kind has resulted many challenges toward Sharia complaint, then the products approved by SBMs which have been alleged as non-compliant to Sharia. The findings of this paper can be recommended for regulators, policy makers of Islamic banks and the body of knowledge of researchers for positive use of conceptualizing the current system to suit core component of Islamic Fatwa framework (IFF) in which the attitude of Fatwa shopping would be matter of history in near future.
The banking in Indonesia has undergone several changes in the market structure that ultimately impacts the prevailing policies and regulations. This study aims to examine the impact of changes in the banking market structure identified through the level of market concentration in the banking environment and examine the factors that influence the level of concentration of the banking market from 2005 to 2016. The study also examined the impact of changes in banking structure during the global crisis. The measurement of banking concentration used in this study is the Herfindahl-Hirschman Index (HHI). Furthermore, the influential factors consist of: (1) Bank specification, including bank size (Size), credit risk (NPL), profitability (ROE), banksoundness(CAR),(2)Market specification,namely the number of standingbank (NUM), and (3) Global crisis. The study used GLS (Generalized Least Square) method to detect autocorrelation on each variable.The results show that banks in Indonesia tended to have a low level of market concentration. The results are also in accordance with the SCP paradigm which states that banks tend to generate high profits when the level of banking market concentration is high.Keywords : Market Concentration, Competition, Dual-Banking, Bank Specification, Market Specification, Global Crisis.
This paper sought to provide an overview of current mosque situation in Malaysia after the incident of covid-19 pandemic, which necessitated Malaysian Islamic affairs to close the place of worship and reduce mass gathering including Muslim five daily congregational prayers at Masjids as well as weekly congregational prayers in all of the Malaysian states more especially the most affected areas i.e. Kuala Lumpur, Selangor, Khedah and Penang. The decision from Islamic point of view according to Islamic Fatwa is backed and supported with Muslims scholar’s Fatwa view according to analogical view (Qiyas) as well as Maslaha mechanism. However, could Islamic Fatwa be sufficient enough to address and attract Muslims congregation in accepting religious authority and mosque management decision for 1m SOP distancing as well as reducing mass gathering in congregations? And how this influence spiritual and health feelings of Muslims after the above-mentioned SOP implemented? The paper has two objectives. First, to identify the current situation of congregational prayers based on 1m SOP in Malaysia and its spiritual effect. Secondly, to analyse the current situation of congregational prayers based on 1m SOP according to Al- Ta’seel Al-Fiqhee. The documentary review of existing literatures and past researches also library research data from classical and contemporary Islamic scholars would be used to present a sound legal theory of successful Fatwa to straighten the decision made by religious authorities and mosque management. Thus, the obtainable data seems to suggest the sufficient enough Islamic Fatwa views to inspiring the adopted decision which influenced spiritual and health feelings of Muslims after the implementation of the 1m SOP.
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