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on Islamic Finance |
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Issue of 2020‒02‒03
three papers chosen by |
| By: | Yildirim, Ramazan; Ilhan, Bilal |
| Abstract: | Bu çalışmanın ana amacı halihazırda çeşitli kurumlar tarafından uygulanan farklı metodolojilere dayanılarak elde edilmiş “fıkhi uygunluk kriterleri”ne yönelik eleştirilere dönük önerilerde bulunmaktır. Ayrıca, bu çalışma, İslamın birincil kaynaklarından (Kuran ve Sünnet) elde edilen bulgular ışığında, fıkhi uygunluk kriterlerini oluşturan metodolojilerde görülen farklılıkların standartlaştırılması için çözümler üretmeye çalışmaktadır. İslamın birincil kaynakları olan Kuran ve Sünnet’ten elde edilen güçlü çıkarımlar gösterir ki bir firmanın fıkhi uygunluk kriterlerine uygun olup olmadığı hakkındaki hakkaniyetli ve adil bir hüküm ancak o firmanın kontrolü altında olan içsel faktörlere bakılarak verilebilinir. Bu çalışma ayrıca fıkhi uygunluk kriterlerinin bir bütün halinde İslami finansin temel prensiplerini yansıtmasının önemine ve bu minvalde Bakara Suresi’nin 275’inci ayetinin ruhuna uygun olmasının elzemliğine vurgu yapmaktadır. Bu çalışmanın halihazirda var olan fıkhi uygunluk kriterlerindeki farklılıklardan harmoni/standartlaşma üretme potansiyeli ile İslami hassasiyetlere sahip yatırımcıları sağladığı bilinçlenme ve güvenilirlik sayesinde daha fazla yatırım yapmaya teşvik etmesi beklenmektedir. Bu çalışma kanıksanmış düşünme tarzlarının dışına çıkarak, fıkhi uygunluk kriterlerinin İslamın birincil kaynaklarına dayanılarak nasıl elde edilmesi gerektiği ana sorusuna kapsamlı bir şekilde cevap üretmeye çalışmaktadır. The purpose of this paper is to address to a long-standing criticism of the various Shari’ah screening methodologies implemented by Islamic index providers. This study aims to provide evidences derived from the Islamic sources (Qur’an and Sunnah) and offers a potential solution for the harmonization of Shari’ah screening methodologies. Strong evidences from the Qur’an reveal that the most righteous and fair judgment is provided when the only factors that are considered are the entirely endogenous factors. This study further emphasizes the importance of using a screening methodology that supports the main notions of Islamic finance as a whole, and adheres to the essence of the ayah (Al-Baqarah: 275). This study exhibits a potential towards the harmonization of Shari’ah screening methodologies which encourages the participation of Muslim investors by ensuring better awareness and confidence regarding stock investments. This paper fulfils an identified need to study how Shari’ah screening methodologies can be derived from the Islamic sources yet is based on “out-of-the-box” thinking. |
| Keywords: | Fıkhi filtreleme, İslami Katılım Endeksi, Sermaye Piyasa Değeri, Toplam Borç, Kuran ve Sünnet |
| JEL: | G11 G15 G18 |
| Date: | 2018–11 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:90417&r=all |
| By: | Joana Silva Afonso (Portsmouth Business School); Joe Cox (Portsmouth Business School); Andy Thorpe (Portsmouth Business School) |
| Abstract: | This paper explores the features and consequences of heterogeneity among clients of the largest Islamic microfinance institution in Pakistan, identifying differences in business and household outcomes between sub-groups of borrowers. The research is based on a longitudinal survey conducted between 2015 and 2017 of 500 new clients of the institution, providing a unique dataset of low-income entrepreneurs applying for interest-free microcredit loans. The data was analysed using t-tests to establish baseline differences between borrowers, and regression analysis to explore variations in business and household outcomes over the period. Evidence of significant heterogeneity was found among entrepreneurs at the time of the baseline survey. The longitudinal analysis shows that management experience was positively associated with business growth, but no significant association was found for gender, poverty level and credit experience and these variables were not found to associate with significant variation in employment creation. Nevertheless, the analysis does demonstrate a greater reduction in household poverty levels among those entrepreneurs that were poorer at the time of the baseline survey. Additionally, there was a general decrease of savings frequency over the sample period, particularly among female entrepreneurs. |
| Keywords: | Islamic Microfinance, Entrepreneurship, Client Heterogeneity, Impact, Pakistan |
| Date: | 2020–01–24 |
| URL: | http://d.repec.org/n?u=RePEc:pbs:ecofin:2020-03&r=all |
| By: | Clingingsmith, David (Case Western Reserve University); Khwaja, Asim Ijaz; Kremer, Michael |
| Abstract: | We estimate the impact on pilgrims of performing the Hajj pilgrimage to Mecca. Our method compares successful and unsuccessful applicants in a lottery used by Pakistan to allocate Hajj visas. Pilgrim accounts stress that the Hajj leads to a feeling of unity with fellow Muslims, but outsiders have sometimes feared that this could be accompanied by antipathy toward non-Muslims. We find that participation in the Hajj increases observance of global Islamic practices, such as prayer and fasting, while decreasing participation in localized practices and beliefs, such as the use of amulets and dowry. It increases belief in equality and harmony among ethnic groups and Islamic sects and leads to more favorable attitudes toward women, including greater acceptance of female education and employment. Increased unity within the Islamic world is not accompanied by antipathy toward non-Muslims. Instead, Hajjis show increased belief in peace, and in equality and harmony among adherents of different religions. The evidence suggests that these changes are likely due to exposure and interaction with Hajjis from around the world, rather than a changed social role of pilgrims upon return. |
| Date: | 2017–12–21 |
| URL: | http://d.repec.org/n?u=RePEc:osf:socarx:a7q5m&r=all |