Urbanisation has created a disparity between the standard of living in urban and rural areas. Subsequently, more and more people are migrating from the rural areas to the urban areas due to the lure of wider economic opportunities and greater access to infrastructure and facilities. Unfortunately, massive urban migration gradually limited economic opportunities for migrants, and this has led to wide-spread urban poverty. This article will explain the phenomenon of urban poverty and discuss urban poverty eradication from an Islamic perspective. This study employs the qualitative approach by applying the inductive, deductive and comparative content analysis method where the primary data are derived from library research, as well as from previous studies. The study found that the authority and community both play an important role in addressing urban poverty. This can be addressed through several measures of poverty eradication implemented in Islam, which include correcting belief about the economy, ensuring a balance wealth distribution from the rich to the poor, and changing attitudes and motivation at the ground level. In this regard, the authority should focus on creating a balanced distribution of wealth, facilitating a strategic economic management plan, adopting priority-based economies, effective implementation of poverty eradication policies, adoption of growth strategies, improving basic facilities and focusing on institutional roles.
Charitable giving is deemed as one of the most important obligations in Islam which impacts in the wellbeing of an individual and the welfare of the society as a whole. Thus, this paper aims to explore the concept of charity in Islam by basing on the two important sources which are the Quran and Hadith. An analysis based on the verses of Quran and Hadith pertaining to charity is conducted and it is found that there are two words commonly used for charity in Islam which are ṣadaqah and infaq. Further probe on the definition and types of charity yields a result of a complete classification of charity which is broken down into two major categories; the mandatory and the voluntary charitable giving. Four conditions of charity are also discussed which are the donor, recipient, gift and intention describing the flexibility and dynamic of this act. Lastly, some verses of Quran containing the economic role of charitable giving are examined showing the growing nature of this act that promotes prosperity to the donor, recipient and the society.
Produk Pembiayaan Secara Islam telah mula berkembang pesat dalam arus industri perbankan dan kewangan pada masa ini. Keadaan ini antaranya boleh dilihat melalui pertambahan aset perbankan Islam saban tahun di samping penyertaan lebih banyak institusi yang menawarkan produk secara Islam. Produk pembiayaan perumahan Islam contohnya menampilkan pengaplikasian konsep syariah seperti Murabahah, Bay ‘Bithaman Ajil (BBA), BBA komoditi, Ijarah Thumma Bay‘, Istisna’ dan Musharakah Mutanaqisah (MM). BBA paling banyak digunakan dalam menawarkan produk pembiayaan perumahan secara Islam sementara penggunaan konsep lain seperti MM masih lagi dianggap baru. MM adalah kontrak hibrid berasaskan perkongsian dan diakhiri dengan pemilikan tunggal. Konsep ini mula diaplikasi dalam amalan perbankan di Malaysia selepas tahun 2000. Konsep berasaskan ekuiti adalah sangat digalakkan penggunaanya dalam muamalat Islam berbanding konsep berasaskan hutang seperti BBA. Justeru kajian ini akan menganalisis kelebihan yang terdapat dalam produk berasaskan konsep MM dengan tumpuan kepada produk pembiayaan perumahan yang ditawarkan Kuwait Finance House Malaysia Berhad (KFHMB). Kata kunci: Produk pembiayaan perumahan Islam; Musharakah Mutanaqisah Islamic finance products has grown rapidly in the current banking and financial industry. This situation can be seen by the increasing of Islamic banking assets each year in addition to the participation of more institutions offering Islamic products. Islamic home financing products in Islamic banks use the concepts of Murabahah, Bay ‘Bithaman Ajil (BBA), BBA commodities, Ijarah Thumma Bay ‘, Istisna’ and Musharakah Mutanaqisah (MM). BBA concept is the most mode of financing use in Islamic home financing products, while others use the concept of MM. MM is a hybrid contract–based on partnerships. This concept was applied in banking practice in Malaysia since 2000. The concept of equity–based are very much encouraged to be used in the Islamic muamalat than debt–based concepts such as the BBA. Hence, this study will analyze the advantages of the products based on the concept of MM with a focus on home financing products offered by Kuwait Finance House Malaysia Berhad (KFHMB). Key words: Islamic home financing products; Musharakah Mutanaqisah
The government of Malaysia has developed an Islamic Interbank Money Market (IIMM) since January 1994 with the objective to facilitate funding for the Islamic banking sector in the country. This platform also enables Islamic banks to obtain Shariah-compliant funds from other Islamic banks. This article examines the effects of interbank investment and financing risk on the financing decisions of Malaysia's Islamic bank between 1994 The financing decisions are used as financing measures to determine the effect of investing in the interbank market and financing risk indicators on financing. Research methodologies are the descriptive, correlation and dynamic panel analysis results are derived with the help of Limdep 9.0 software. The study found a negative relationship between the interbank investment variable with the financing decisions of Islamic banks. This reflects that an increase in interbank investment leads Islamic banks to reduce their level of financing. These findings prove the investment activities between Islamic banks had a "substitution effect" and decreased their capability of financing because of their tendency to maintain liquidity. Islamic banks are confident that they will generate higher profits in the coming financial year. The economic conditions of Malaysia do not influence Islamic banks' financing decisions, whereas Islamic banks in this study are more dependent on the balance sheet indicators.
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