Combating Money Laundering and Terrorism Financing: Perspectives from <i>Maqāsid al-Sharīʿah</i>

Alias, Raja Madihah Raja; Yasin, Norhashimah Mohd; Ibrahim, Badruddin; Kepli, Mohd Yazid Zul

doi:10.1108/978-1-78973-545-120191014

Cited by 3 publications

(3 citation statements)

References 5 publications

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“…Shariah seeks to prevent the disputes caused by ambiguities and confusions in the ownership, contracts, and transactions due to the lack of clarity. Thus, clarity ensures the protection of wealth by preventing destruction of property and thereby helps in warding off evil in the society (Alias et al, 2019). Ownership is protected by clarity in its modes of transfer and acquisition, inheritance, Iltizam (unilateral commitment), and contracts of exchange.…”

Section: Qrfm 132mentioning

confidence: 99%

“…According to Ibn Ashur the application of thubat is imperative to avoid conflicts and establish the legal claim or right for assets and business transactions. Thus, stability and proof is imperative for preservation of wealth since ownership claim and any contract can only be verified to be true if it has some legal proof (thubat) (Alias et al, 2019). Moreover, it is also serves as a means (Wasilah) toward ascertaining clarity (Wuduh) because legal proof is required for determining the ownership of an asset.…”

Section: Qrfm 132mentioning

confidence: 99%

“…Justice induces the protection of wealth and its growth by ensuring a secure environment which is characterized by protection of ownership rights and equitable distribution of opportunities and wealth (Kamali, 2017). Shariah ascertains justice in economic and business realm by laying down the principles of economic and distributive justice that ensure the fair production and distribution of wealth in the society (Alias et al, 2019). Moreover, Shariah bounds the state authority through divine injunctions to regulate the economy in a way that is conducive to the justice and economic security of people (Amini, 2009).…”

Section: Qrfm 132mentioning

confidence: 99%

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Nexus between higher ethical objectives (Maqasid Al Shari’ah) and participatory finance

Nouman

Siddiqi

Ullah

et al. 2021

QRFM

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Purpose This paper aims to conceptualize the nexus between the participatory finance and the higher ethical objectives within the Islamic moral economy, also termed as Maqasid al Shari’ah. Design/methodology/approach Insights from the extant Islamic economics and finance literature are integrated through an interpretative systematic review using the principles from critical interpretative synthesis (CIS). Findings A coherent framework is synthesized comprising the typology of the Maqasid al Shari’ah, the axioms of participatory finance and their nexus which is formulated by theorizing the common thread of meaning through the axioms of participatory finance and Maqasid al Shari’ah at the interpretative level. This framework postulates that the participatory finance fits well in the ethos and the value system of Islam. Moreover, “social well-being” invariably provides the nexus between the Maqasid al Shari’ah and participatory finance. Originality/value This study contributes to the Islamic economics and finance literature by integrating the dissenting views from the divergent literature related to the basic philosophy of Shari’ah and participatory finance and provides grounds for policy implications, particularly, for designing the financial products. Moreover, it demonstrates an application of interpretative systematic review in Islamic banking and finance research.

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Section: Qrfm 132mentioning

confidence: 99%

Section: Qrfm 132mentioning

confidence: 99%

Section: Qrfm 132mentioning

confidence: 99%

See 1 more Smart Citation

Nexus between higher ethical objectives (Maqasid Al Shari’ah) and participatory finance

Nouman

Siddiqi

Ullah

et al. 2021

QRFM

View full text Add to dashboard Cite

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A critical analysis of Somalia’s current antimoney laundering and counter financing of terrorism regime: a comparative study with Malaysia

Hersi

2023

JMLC

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Purpose Concerns on money laundering (ML) and terrorist financing increased, as ML accounted 2%–5% of the global GDP, with Switzerland, the USA, Canada, India and Russia having high laundering rates. Banks were fined over US$320bn in 2008, but money laundering still accounted for 3.6% of global GDP in 2009, thereby indicating the need for effective regimes. Therefore, this study aims to critically analyze the antimoney laundering (AML)/CFT regime of Somalia, identify loopholes in the regime, raise awareness and propose recommendations for regime improvement. Design/methodology/approach The qualitative research approach is used to compare Somalia’s AML/CFT regime with the corresponding regime of Malaysia through the black letter method combined with document analysis. Malaysia is selected as a benchmark for two reasons: firstly, it is an Islamic country like Somalia, and secondly, Malaysia has complied with integrity-related standards. Findings This study revealed that an impactful AML/CTF regime is reached by closing loopholes in the law, reevaluating and improving regulatory agencies and measures, facilitating formal financial services and collaborating with regional and international standard setters. According to the results, Somalia AML/CFT regime is counterproductive in criminalizing offenses; regulating digital currencies and mobile money, disclosures and nonfinancial business and provisions; and governing training requirements for regulatory agencies and financial institutions. Originality/value To the best of the author’s knowledge, this paper is the first of its kind in the study of Somalia’s regime building. Also, this study incorporates rich scholarly discourse on effective regime building.

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A Unified Model of Shariah Indices for Human Development and Prosperity

Atiq-ur-Rehman

Bhatti

2021

ICR Journal

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In recent years, several attempts have been made to measure human prosperity using shariah objectives. These, however, have failed to propose a unified model that incorporates the ‘means to achieve these objectives’. This paper attempts to fill this gap by arguing that a large proportion of shariah-led prosperity measures are in line with the United Nations’ Millennium and Sustainable Development (MSD) goals to achieve global development targets and reduce poverty. This paper proposes a global unified model for a human development index that identifies existing development data that can be utilised in accordance with the objectives of shariah. The proposed model attempts to build a bridge between shariah-based Islamic development indices and MSD goals to achieve prosperity via religiosity.

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Combating Money Laundering and Terrorism Financing: Perspectives from Maqāsid al-Sharīʿah

Cited by 3 publications

References 5 publications

Nexus between higher ethical objectives (Maqasid Al Shari’ah) and participatory finance

Nexus between higher ethical objectives (Maqasid Al Shari’ah) and participatory finance

A critical analysis of Somalia’s current antimoney laundering and counter financing of terrorism regime: a comparative study with Malaysia

A Unified Model of Shariah Indices for Human Development and Prosperity

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