Hoarding versus circulation of wealth from the perspective ofmaqasid al-Shari'ah

Abstract

Purpose – The purpose of the paper was to explore the issue of hoarding and dishoarding in a modern context, especially as it relates to circulation of wealth, an important economic objective from the Islamic viewpoint. Design/methodology/approach – This paper presents a survey of scholarly positions on the issue of hoarding and circulation of wealth from Islamic perspectives and analyzes how these positions affect the shaping of financial and economic dimensions of life in our contemporary time. The paper draws on the primary sources, the Qur'an and hadith, and examines the positions of the classical and contemporary scholars, especially in the context of the growing interest in finance, the financial system and economy from the Islamic perspective. Findings – The paper identifies the fact that the notion of hoarding (kanz) needs significantly revised understanding, as money as a concept and tool has evolved substantively in modern times. It also examines variant positions regarding the concept of hoarding and finds more merit in favor of the position that paying zakat is not enough to be exempted from the Qur'anic implications about hoarding. It also identifies and examines securitization, such as sukuk, as an important tool for better circulation of wealth. Originality/value – Hoarding and dishoarding are not widely explored topics in contemporary literature on Islamic economics and finance. This paper makes a valuable contribution in its attempt to highlight the problem of hoarding and the challenge toward greater circulation of wealth.

Maqasid Syariah as a Performance Framework for Islamic Financial Institutions

“…At last, some studies on the applica tion of maqasid sharia in a business focused solely on the financial and economic aspects; and have not given more attention to the as pects of stakeholders (Abdullah, 2012;Alam, Hasan & Said, 2015;Birton, 2015;Ibrahim, Elatrash & Farooq, 2014;Laldin & Furqa ni, 2013;Muchlis & Sukirman, 2016). This study provided a path to demonstrate that the realization of maqasid sharia at the Is lamic financial institutions is not only mea sured from financial aspect but also non-fi nancial aspect; not only economic but also noneconomic; not only physical but also nonphysical; and not just for certain parties within the company but for all stakeholders as a whole without exception, so that the ide als of sharia to reach the full maslaha can be realized.…”

Konsep Akuntansi Syariah Dalam Budaya Mahar

“…Beberapa contoh lain terkait kearifan lokal (local wisdom) terjadi pada penetapan mahar dalam perkawinan adat masyarakat Muna yang ditentukan berdasarkan empat stratifikasi sosial: Golongan Kaomu (bangsawan), Walaka (adat-hukum), Anangkolaki (petani, nelayan), dan Maradika (jelata) (Aisyah, 2018; Ar- Razak, 2018;Raden, 2011) Laporan keuangan yang meliputi aset (harta), liabilitas (kewajiban/utang), dana syir kah temporer, ekuitas (modal), penerimaan dan beban termasuk keuntungan dan kerugian, arus kas, dana zakat dana kebajikan juga menunjukkan pertangggungjawaban administrasi atas pemanfaatan sumber daya yang diamanahkan kepada mereka (Ibrahim, Elatrash, & Farooq, 2014;Mukhlisin, Hudaib, & Azid, 2015). Data paparan keuangan mengenai entitas syariah bersama penjelasan lain dalam notasi laporan keuang an yang diperoleh dalam daftar pemerian keuangan ditampilkan untuk mencapai proyeksi sirkulasi kas waktu yang akan datang (Ikatan Akuntan Indonesia, 2017).…”

The Disclosure of Sharia Non-Compliance Income: Comparative Study between Full-fledged and Subsidiaries Malaysian Islamic Banks

“…Historically, it was proved that reckless lending practices and greedy exploitation had caused a crisis. Islamic banking may satisfy the human needs and fulfil the essential objectives of the Shari'ah by preserving and increasing wealth according to the teachings of Islam (Ibrahim, Elatrash, & Farooq, 2014).…”