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The monitoring of upstream and downstream halal standards is crucial for Indonesia due to its large Muslim population and the increasing global demand for halal products. Indonesia has the potential to become a leading center for the Sharia economy and finance. Thus, developing the halal food and Islamic finance sectors is one strategy to unlock their potential, while strengthening the halal-value chain ecosystem further aids the expansion of the halal food industry. Therefore, this study aims to develop the halal food sector and the Islamic financial sector by integrating the halal value chain into the establishment of a food court financed through the Cash Waqf Linked Sukuk (CWLS) Islamic financial instrument. This study used qualitative methods with primary and secondary data sources. The primary data came from observations and interviews with the Indonesian Waqf Board (BWI). While the secondary data used in this study includes research findings regarding the Halal Value Chain as well as the framework for the application of CWLS funds. The result shows that accelerating the establishment of a halal food court ecosystem can be implemented through CWLS funding. This framework offers financial assistance while maintaining the halal status of food court management. This study provides suggestions to the government on how to enhance the halal ecosystem for Indonesia’s halal ecosystem improvement.

Gadai emas syariah merupakan produk pembiayaan rahn yang menjadi unggulan berbagai lembaga keuangan syariah, termasuk Bank BPD DIY Kantor Cabang Syariah. Tingginya minat masyarakat terhadap produk gadai emas perlu diimbangi dengan peningkatan pengawasan terhadap praktik akuntansi dalam transaksinya. PSAK 407 tentang Akuntansi Ijarah digunakan sebagai akad pendamping dalam pembiayaan gadai emas syariah. Tujuan penelitian ini untuk mengetahui mekanisme dan kesesuaian implementasi PSAK 407 tentang Akuntansi Ijarah yang mencakup pengakuan dan pengukuran serta penyajian dan pengungkapan pada gadai emas syariah di Bank BPD DIY Kantor Cabang Syariah. Pendekatan kualitatif deskriptif digunakan dengan mengambil sumber data primer dan sekunder. Data dikumpulkan melalui observasi, dokumentasi dan wawancara dengan Pemimpin Bidang Pelayanan Operasional, Penyelia Gadai ADP, dan Penaksir Gadai Emas. Analisis data dengan model Miles dan Huberman mencakup reduksi data, penyajian data, dan penarikan kesimpulan/verifikasi. Hasil menunjukkan mekanisme pembiayaan gadai emas syariah di Bank BPD DIY Kantor Cabang Syariah telah sesuai dengan pedoman Fatwa DSN MUI No.26/DSN-MUI/III/2002 tentang rahn emas dan telah mengimplementasikan PSAK 407 mencakup pengakuan dan pengukuran serta penyajian dan pengungkapan. Penelitian ini dapat menjadi referensi industri perbankan untuk perbaikan dan pengembangan lebih lanjut dalam praktik akuntansi gadai emas syariah, serta mendukung terciptanya ekosistem keuangan syariah yang lebih transparan dan akuntabel.

Praktek gadai syari’ah (Rahn) sebagai produk pembiayaan yang diunggulkan dalam pegadaian syariah dengan prinsip syariah, berbeda dengan pembiayaan Ijarah (penitipan barang). Namun realitanya kedudukan akad Ijarah dalam gadai syariah pada pegadaian syariah di Kota Yogyakarta juga menggunakan akad Ijarah sebagai akad tambahan dalam pelaksanaan gadai syariah selain akad Rahn (Hybrid Contract). Masalah yang dikaji dalam penelitian ini mengenai implementasi Hybrid Contract dalam akad Al-Ijarah wa ar-Rahn pada Pegadaian Syariah, dan implikasi hukum terhadap Hybrid Contract dalam akad Al-Ijarah wa ar-Rahn pada praktik pegadaian syari’ah di Kota Yogyakarta. Kajian ini menggunakan penelitian yuridis normatif yang dianalisis secara kualitatif. Kajian ini menyimpulkan bahwa akad yang benar seharusnya digunakan dalam praktik pegadaian syariah adalah akad Rahn saja sebab penyaluran uang pinjaman atas dasar hukum gadai. Keadaan yang demikian dapat menimbulkan perbedaan konstruksi hukum yang berimplikasi berbedanya hubungan hukum antar pihak. Kedudukan akad Ijarah dalam gadai syariah pada pegadaian syariah secara praktik harus dipisahkan dengan akad Rahn, karena akad Ijarah dengan akad Rahn adalah dua akad yang berbeda, menurut Undang-undang Nomor 21 Tahun 2008 tentang Perbankan Syariah.

The history of Islamic banking in Pakistan parallels the global rise of Islamic banking. An essential part of State Bank of Pakistan (SBP) strategic vision has continued to be advancing Islamic finance as a competitive and robust part of the financial system through supportive legal, regulatory, and supervisory frameworks. Under Islamic banking, there are many products which are Shariah compliant such as current accounts, saving accounts, auto finance, fixed deposits etc. Car Ijarah - a car financing mode which stipulates that the Bank would buy the automobile and rent it to the consumer for an agreed-upon time--usually between one and five years--after the contract is signed, the car will either be given to the customer or sold for a reasonable amount at the end of the Ijarah period. This study defines how Islamic banking product Car Ijarah affects the growth, profitability and promotion of Islamic banking division of one of the reputed private banks of Pakistan Bank Al Habib Limited. Special customers of Islamic Banking who are well aware of Car Ijarah were selected as a sample to fill an online survey questionnaire along with the Head of auto finance Department to collect required data. Also, the data is gathered from previous research journals and annual reports of different Islamic banks. The results from the analysis confirmed that the product of Car Ijarah has proven to be an innovative and effective product and it positively effects growth of Islamic banking. [ABSTRACT FROM AUTHOR]

The metaverse is a virtual world that exists alongside the actual world. While the actual world refers to the real, physical world, the metaverse is a digital world that is accessed through technology. Evidently, several international brands have integrated their businesses with the virtual metaverse providing business opportunities. However, there are currently several gaps in the sector of Shariah finance that need to be addressed in order to take full advantage of the potential of the metaverse. For instance, rare studies enlighten the concept of Ijarah, a substitute for conventional leasing in the metaverse virtual world. Undoubtedly, the metaverse has the potential to revolutionize the Shariah finance industry by providing new opportunities for financial inclusion and innovation. Therefore, for the readiness of Islamic finance institutions, this study is an attempt to explore the possibility of executing Shariah principles that could be utilized in the metaverse. More specifically, this study is an endeavor to explore and discuss how Shariah-based leasing i.e., Ijarah integrates with the recent metaverse technologies. Additionally, this study also discusses the metaverse evolution and its integration into international business brands, the metaverse virtual assets ownership, the metaverse virtual leasing, non-fungible tokens (NFTs), and virtual real estate in the metaverse. Indeed, this study is a novel addition to the Shariah finance literature, which helps policymakers to generate new strategies that guide the execution of Ijarah contracts in the virtual universe of the metaverse.

This research is entitled tenant compensation for the use of hotel room facilities according to the DSN-MUI fatwa NO: 112/DSN-MUI/IX/2017 (Case study of sharia hotels in North Rantau District, Labuhan Batu Regency), this study aims to find out how the provisions for compensation the tenant's loss for the use of hotel room facilities, how is the implementation of compensation for the tenant for the use of hotel room facilities according to the DSN-MUI fatwa NO: 112/DSN-MUI/IX/2017 in Rantau Utara District, including, Wisma Syariah Hotel, Ahza Syariah and Rifana Residence Syariah. This research uses field research. The research method used is a qualitative research method and data sources were obtained through interviews with 3 tenants (Musta'jr) and 3 lessees (Mu'jir). The results of this study indicate that there are still hotels that enforce compensation laws for the use of room facilities, this clearly violates the rules according to the Fatwa of the National Syari'ah Council Number 112/DSN-MUI/IX/2017 concerning Ijarah Contracts which states that Musta'jir in ijarah contract 'ala ala'yan, is not obliged to bear the risk of losses arising from utilization, except for al -ta'addi, al -taqshir, or mukhalafat al-syuruth, and violates the contents and terms of the contract. So that the implementation of leasing creates harm or direct impacts such as a party who is harmed where this contains dharar and includes tyrannical actions against tenants.

The purpose of this aims to examine whether those four types of financing respectively impact ROA, revenue, and ROA through revenue at Islamic Commercial Banks in 2017-2020. This quantitative associative study analyzes data using the SPSS version 25 program. Also, SOBEL, a macro developed by Andrew F. Hayes which is integrated with SPSS, is used for testing the mediation effect. The population includes all Islamic Commercial Banks with samples of Islamic banks performing the transaction of the four financings are Bank Muamalat Indonesia, Bank Mandiri Syariah, BNI Syariah, BRI Syariah, Bank Jabar Banten Syariah, BCA Syariah, and Bukopin Syariah. The study shows that those financings simultaneously have a positive effect on ROA and revenue. In addition, revenue is able to mediate the influence of murabahah, mudharabah, and ijarah financing on ROA, but it fails to mediate musyarakah. This study concludes that the four financings are the factors that can affect the rise and fall of the ROA value and revenue of Islamic banks from the distribution of financing. Keywords: murabahah; mudharabah; musyarakah; ijarah; roa; revenue ABSTRAK Tujuan dari penelitian ini adalah untuk menguji apakah keempat jenis pembiayaan tersebut masing-masing mempengaruhi ROA, pendapatan, dan ROA melalui pendapatan pada Bank Umum Syariah tahun 2017-2020. Studi kuantitatif asosiatif ini menganalisis data dengan menggunakan program SPSS versi 25. Juga, SOBEL, makro yang dikembangkan oleh Andrew F. Hayes yang terintegrasi dengan SPSS, digunakan untuk menguji efek mediasi. Populasi dalam penelitian ini adalah seluruh Bank Umum Syariah dengan sampel Bank Syariah yang melakukan transaksi keempat pembiayaan tersebut adalah Bank Muamalat Indonesia, Bank Mandiri Syariah, BNI Syariah, BRI Syariah, Bank Jabar Banten Syariah, BCA Syariah, dan Bukopin Syariah. Hasil penelitian menunjukkan bahwa pembiayaan tersebut secara simultan berpengaruh positif terhadap ROA dan pendapatan. Selain itu, pendapatan mampu memediasi pengaruh pembiayaan murabahah, mudharabah, dan ijarah terhadap ROA, namun gagal memediasi musyarakah. Penelitian ini menyimpulkan bahwa keempat pembiayaan tersebut merupakan faktor-faktor yang dapat mempengaruhi naik turunnya nilai ROA dan pendapatan bank syariah dari penyaluran pembiayaan.

Copyright of El-Jizya: Jurnal Ekonomi Islam is the property of UIN Saizu Purwokerto and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Jurnal Ilmu Manajemen Terapan (JIMT). is the property of Dinasti Publisher and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

There are many problems in car rental services, one of the problems is excess rental time which eventually causes additional fees or charges. The purpose of this study is to find out how the agreement is between the tenant and the lessor and how the law does not pay the Charges from the perspective of the Fatwa of the National Syari'ah Council Number 112/DSN MUI/IX/2017 Concerning Ijarah Contracts. The research method used is empirical legal research. The results of the study show that the law of payment of Charges on car rental overtime due to car damage from the perspective of the Fatwa of the National Syari'ah Council Number 112/DSN-MUI/IX/2017 concerning Ijarah Contracts is mandatory because it has been agreed upon in the contract according to the fatwa regarding Ijarah. So that the obligation to pay Charge money is a form of agreement in the agreed contract related to excess time.

This study aims to analyze the effect of mudharabah financing, murabahah financing, and ijarah financing on return on assets (ROA) with operating costs and operating income (BOPO) as intervening variables. This research is quantitative research using secondary data in panel data with a purposive sampling technique. The sample used is three Islamic commercial banks registered with the financial services authority from 2017 to 2020. Data analysis includes descriptive test, stationary test, regression test, classical assumption test, path analysis test, and Sobel test. The results of this study indicate that mudharabah financing and ijarah financing do not affect ROA. Murabahah and BOPO financing has negative and significant effects on ROA. BOPO did not mediate the effect of mudharabah, murabahah, and ijarah financing on ROA.

Copyright of Nisbah: Jurnal Perbankan Syariah is the property of Universitas Djuanda and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Islamic banking industry is apart from conventional banking but still it has rivalry with conventional banking as both serve the same set of customers. Islamic banks are way behind conventional competitors in terms of innovation and product development. The innovation of Islamic banking and finance sector is dependent on hybrid contracts. The customer needs have become complicated. It requires the Islamic banks to introduce new products. But, Islamic banks cannot evolve without indulging into hybrid contracts. The standing of early Islamic jurists and scholars have made hybrid contracts somewhat contradictory as they have differences of opinion. Their opinion is based on the four Hadiths prohibiting four types of hybrid contracts, but some scholars have applied it to all other hybrid contracts. It has caused a major setback to the progress and development of Islamic finance industry. The apprehension of induction of prohibited elements like riba, maysir, and gharar has virtually paralyzed this sector. Last few decades have observed a progress as contemporary fuqha have stepped forward to reinterpret the Shariah instructions to develop Islamic banking. This study has researched the scope and potential of hybrid contracts for product development. The work of famous scholars has been consulted to understand the contradiction. Prominent contemporary scholars were consulted to get their profound opinion. It is concluded that the hadiths addressing trade contracts can be reinterpreted through mutual Fiqhi consensus. New products developed through hybrid contracts should be free from clearly prohibited elements and it should not contradict with clear shariah instructions. The use of hilah (trick) to turn the haram into halal is a sin and hybrid contracts should not be used to gain riba. The focus of hybrid contract based products should be on profiting from trade rather than riba. [ABSTRACT FROM AUTHOR]

Copyright of Dinbilimleri Journal is the property of Dinbilimleri Journal and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Ijarah mawsufah fi al-dhimmah (hereinafter referred to as IMAD), also known as forward ijarah¸ is an Islamic financial product that involves the sale of an identified asset currently being produced or constructed for a future delivery such as a property, office, factory, and so forth. In the classical fiqh literature, it has been discussed under the general purview of leasing and forward sale contracts. However, in the context of modern Islamic finance practice Islamic banks and financial institutions have upheld its usage as an independent financial instrument. The contemporary scholars claim that except for Hanafi, other key fiqh schools consider IMAD as an Islamic financial product. The study is an attempt to prove that such a claim is merely based on assumption. Besides, it is motivated by lack of holistic study of Hanafi’s original reference books. The methodology chosen for this study is content analysis of the relevant published literatures. The study finds that no classical scholars including those of Hanafi school of thought were in disagreement so far over the IMAD to consider it as an independent and standalone Islamic finance product. The study aims at reconciling scholars’ different views on the issue of IMAD for its wider acceptance.

This research aims to identify the impact of financing contracts on the risks confronted by Islamic banks measured by Non-Performing Financing (NPF). The data indicate that the value of NPF tends to annually increase along with a value close to the maximum limit set by Bank Indonesia (BI). The data of this study utilized secondary data in the form of monthly time series data in the period of January 2014 to December 2017 and cross-section data from the two types of Islamic Banking (Bank Usaha Syariah and Unit Usaha Syariah). The result indicates that the financing scheme which is based on the empirical scheme of profit-sharing schemes is proven to increase financing risk.

Copyright of Jurnal Syarikah: Jurnal Ekonomi Islam is the property of Universitas Djuanda and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of El-Jizya: Jurnal Ekonomi Islam is the property of UIN Saizu Purwokerto and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Contrary to its conventional counterpart, which uses interest-based methods of financing, Islamic banks commonly use sale, lease, or partnership modes of financing. The murābaḥah (cost-plus sale) and ijārah muntahiyah bi-t-tamlīk (lease-to-own) products achieve similar end-results, where both products are used as Islamic financial mechanisms for Islamic banks to achieve profits on financed assets, and where the client benefits from the financed asset—leading the client to ultimately own the asset at the end of the financing tenor without limitations (whether releasing the asset as a collateral for a murābaḥah or transferring the title deed to the client at the end of an ' ijārah muntahiyah bi-t-tamlīk ' contract). Using a qualitative methodology, this article investigates how Islamic banks choose between using murābaḥah or ijārah muntahiyah bi-t-tamlīk when financing a customer. This article includes empirical work by analysing primary and secondary data pertaining to three Islamic banks in the Kingdom of Bahrain. [ABSTRACT FROM AUTHOR]

Current accounts and Ijārah has been foremost and important tools operated by the Islamic Financial Institutions. This study attempts to explore a few misgivings in the handling of current accounts by the Islamic banks in Pakistan. Financial management of Islamic banks is not under consideration which leads to the violation of Shari'ah’s fundamentals. Also, in case of Ijārah, a bank’s client suffers from financial losses which must be borne in Islamic Banking system. Islamic Banks transfer the burden of some charges emerging form ownership of leased asset on their clientele which does not have any justification according to Shari'ah. This research has been carried out by taking unstructured interviews from some of the concerned staff of Islamic Banks. The results depict that current accounts and Ijārah is in operation and need to be revised and refined and must comply with Shari'ah

This paper aims to determine the optimal contract for the principal and the agent in imperfect market, when murabahah and ijarah are used. The financial contracting enforceability approach is employed to determine the contract that maximizes the value of the firm subject to agents’ constraints when the shock is low and high, and regarding market frictions. Furthermore, this approach allows us to assess the level of market frictions that agents may bear in case of low shock and high shocks. Findings reveal that the simulated values of the market frictions’ parameters for both contracts increase when moving from the low shock to the high shock. Such evidence implies that the agent is more likely to cheat and hide significant information about the project when the shock is high. As a response to this higher risk, the simulated values of the profit margin parameters for the principal rise also when the shock is high in order to compensate for the increase of market frictions and mitigate conflicts of interest. By comparing both contracts based on the simulated optimal values of the firm, it is noticeable that the gap between both contracts is very tight, which can be attributed to their common debt-based financial arrangements. However, the results show that ijarah allows the principal and the agent to generate the highest value in case of low shock and high shock, comparing to murabahah. Therefore, ijarah seems to be more attractive for the principal and the agent than murabahah.

The tittle of this research is the effect of Yield financing composition, Murabahah, and Ijarah towards Sharia financial institutions performance. The purpose of this research is to test the effect of the composition of financing for the outcome, Murabahah, and Ijarah on the performance of sharia Bank and sharia business Unit. Financial performance is viewed based on Return On Asset (ROA) percentages. This research is a quantitative study using secondary data. The population in this study amounted to 14 for sharia banks and 20 Sharia business units. Sampling techniques in this study using purposive sampling so that the samples obtained as many as 8 Sharia banks and 6 Sharia business units. The period of research is quarterly for a period of 2 years so that the total amount of data is 64 sharia Bank and 48 Syariah business units. The data analysis technique used is a double linear regression analysis. The results of this test showed that a variable of financing composition for the outcome significantly negative impact on the financial performance of Sharia General Bank (BUS). The composition of murabahah financing has a significant positive impact on the financial performance of Syariah General Bank (BUS). The composition of financing Ijarah has a significant positive impact on the financial performance of Syariah General Bank (BUS). The composition of financing for the results has a significant positive impact on the financial performance of Syariah business units (UUS). The composition of murabahah financing has significant positive impact on the financial performance of Sharia Business Unit (UUS). The composition of financing Ijarah has significant negative impact on the financial performance of Syariah business Unit (UUS). And the composition of Sharia Business Unit financing is better than Sharia Commercial Banks

Artikel ini merupakan penelitian hukum yang menggunakan pendekatan perundang-undangan, pendekatan konsep dan pendekatan kasus. Hasil penelitian menunjukkan bahwa karakteristik pembiayaan ijarah multi jasa adalah mengambil manfaat dengan jalan pengganti. Dikaitkan dengan sistem perbankan syariah sebagai bagian dari konsep ekonomi Islam, maka tidak hanya dituntut untuk menghasilkan keuntungan melalui setiap transaksi komersial saja. Akan tetapi, juga dituntut untuk mengimplementasikan nilai-nilai syariah yang sesuai dengan Al - Qur`an dan Hadist. Kriteria wanprestasi pada pembiayaan ijarah multi jasa dan upaya penyelesaiannya adalah masing-masing pihak harus memenuhi kewajiban yang timbul dari akad. Apabila salah satu tidak memenuhi kewajiban dalam akad, penyelesaian wanprestasi dalam perbankan syariah dengan mediasi atau melalui BASYARNAS.

One of the common problems that occur in Indonesia concerning the issuance of Sukuk is the limited issuance of Sukuk by companies. There were only two types of Sukuk issuance issued by companies, namely Mudaraba Sukuk and Ijarah Sukuk, and based on the data of OJK Sukuk Statistics, as of 2017 the issuance of Ijarah Sukuk still dominates Sukuk issuance. We investigated to discover how issuers of Sharia bonds (Sukuk) choose between the issuance of Mudaraba Sukuk and Ijarah Sukuk structures, based on the determinant factors of company characteristics, variables related to Sharia, and type of company industry. The population in this study were companies that issue Mudaraba Sukuk and Ijarah Sukuk. The sampling technique used is purposive sampling. The selection of the research sample consists of 27 issuers that issued 59 Ijarah Sukuk and 31 Mudaraba Sukuk during the period of observation. By implementing a probit regression analysis, the results showed that leverage level, Sharia compliance, and financial industry type might all influence the choice of companies to issue Mudaraba Sukuk.

Turkey Accounting and Financial Reporting Standards (TMS/TFRS) describe suitability for need and fair presentation as the most basic concepts of qualitative characteristics of financial information. Accordingly, it would be more useful if financial information is comparable, verifiable, timely and understandable. Although this is also valid for the information provided to the related parties of interest-free financial institutions, it is not sufficient for a financial statement user that is sensitive to Islamic law. Related parties of interest-free financial institutions are also interested in whether a financial transaction is in accordance with religious principles or not. Therefore, both qualitative aspects and quantitative characteristics of financial information are very important for related parties of interest-free financial institutions. This study focuses on leasing transactions, which is one of the methods of interest-free loaning. In this context, what will be examined are the procedures and principles of the Interest-Free Finance Accounting Standard (FFMS) regarding İjarah (Leasing) and İjarah Muntahia Bittamleek (Leasing Contracts Ending with the Transfer of Ownership) transactions, which was published by the Public Oversight, Accounting and Auditing Standards Authority (KGK) via 06.09.2019 dated and 30880 numbered Official Gazette and which is started to apply voluntarily by participation banks as of 2020. Besides, accounting records based on FFMS aimed to scan and the differences between TMS/TFRS and FFMS criteria are aimed to reveal. [ABSTRACT FROM AUTHOR]

Islamic banking is the system where interest is prohibited, gambling is banned, gharar is forbidden, where everything is upheld by tangible assets, where investors have lower risk. All rules and regulations of the banking system are governed by Shariah Rules, providing collective impartiality and fairness, while gratifying the financial requirements of the community and maintaining high principles of moral values, simplicity and wisdom of accountability. This study focuses on the difference between Ijarah and Conventional leasing which is done through descriptive analysis, Quran and Hadith is used for Shariah guidelines and in-depth interviews by customers of banks who leased any asset are used for customer's perception. The findings of the study show that Ijarah is permissible by Islam but there is a need to create awareness in society regarding Islamic banking practices. This paper will help investors understand the difference in light of available literature, Quran & Hadith and the perception of customer will help policy makers understand the need to highlight the difference between these two. [ABSTRACT FROM AUTHOR]

One of the purposes of the establishment of non-governmental organizations (NGOs) is to help the needy people to get a better life. They help them by doing fundraising to the public. As they get the public donation, they are also allowed to take the commission from the donation according to the Islamic contracts that have been existed in Islam. The purpose of this study is to analyse the types of contract that have been applied by the NGOs in collecting public donation. The methodology used in this research is qualitative method by using document analysis and interview. The informants involved are from the six selected NGOs which have been registered under Companies Commission of Malaysia (SSM) or Registry of Societies Malaysia (ROS). These NGOs are chosen due to their enthusiasm, activeness and success in implementing the public donation other than based on their expertise relating to the donation collection of the organization. Besides, they cooperated very well from the beginning of the research until the end. The data obtained is analysed using content analysis. The finding shows that Islamic Relief Malaysia (IRM), Aman Palestin, Majlis Perundingan Pertubuhan Islam Malaysia (MAPIM), Cinta Syria Malaysia (CSM) and Muslim Volunteer Malaysia (MVM) apply the contract of ijarah, wakalah and ji’alah which comply with the law of Sharia. Yet, Serantau Muslim does not apply any contracts as they do not take any commission from the public donation. Further research needs to be done to identify the similarity of the contract applied by the other NGOs. [ABSTRACT FROM AUTHOR]

Ijarah mawsufah fi al-dhimmah (hereinafter referred to as IMAD), also known as forward ijarah¸ is an Islamic financial product that involves the sale of an identified asset currently being produced or constructed for a future delivery such as a property, office, factory, and so forth. In the classical fiqh literature, it has been discussed under the general purview of leasing and forward sale contracts. However, in the context of modern Islamic finance practice Islamic banks and financial institutions have upheld its usage as an independent financial instrument. The contemporary scholars claim that except for Hanafi, other key fiqh schools consider IMAD as an Islamic financial product. The study is an attempt to prove that such a claim is merely based on assumption. Besides, it is motivated by lack of holistic study of Hanafi's original reference books. The methodology chosen for this study is content analysis of the relevant published literatures. The study finds that no classical scholars including those of Hanafi school of thought were in disagreement so far over the IMAD to consider it as an independent and standalone Islamic finance product. The study aims at reconciling scholars' different views on the issue of IMAD for its wider acceptance. [ABSTRACT FROM AUTHOR]

Poverty and inequality are global phenomena that have increased in recent times. The condition of poverty is alarming at global level as it was reported that some 57million children were out of school. Hence Ahmad and Hassan (2015) posit that half of this number was in Sub-Saharan Africa (SSA). With Nigeria as the largest nation in Africa thus it has the highest figure of these out of school children. Poverty indicates lack of income and necessary ways to achieve a standard of living. Islamic finance plays critical role in reducing the level of poverty and inequality through the profit and loss sharing among investors. Therefore, this study explores alternative way to reduce poverty and inequality from Islamic perspective in Nigeria. This would contribute to the economic development of the country. The method adopted is to review previous literature on the impacts of various Islamic financial instruments in addressing the menace of poverty and economic inequality. The study concludes that profit and loss products of Musharakah and Mudarabah, and cost based products which include Murabaha, Ijarah, Sukuk contribute to poverty reduction and promote economic activities. It thus recommends the adoption of these products in Nigeria to address the prevailing infrastructural deficit and promote economic development. [ABSTRACT FROM AUTHOR]

In this study, new methods of financing and their impact on the profitability of companies are investigated in Iran's capital market. New financing methods include rental or leasing Sukuk issuance which can be considered as a suitable alternative for financing companies. Sukuk is an Islamic debt instrument that is backed by real assets to be released. In this study, financial information of 24 companies listed on Tehran stock exchange, which have attempted to issue Sukuk until the date of preparation of this study, has been studied using the econometric software EViews during the period 2007-2014. Research model employs the OLS regression approach and panel data estimates. Research results suggest that if companies use Ijarah Sukuk, the profit process in these companies is improved and profitability rises by increasing the use of islamic leasing bonds, but Murabaha Islamic bonds do not impact on profitability.

Recently Islamic banks are experiencing rapid growth in Islamic countries as well as non-Islamic countries. The profitability of the Islamic banks is based on the different instruments as a share of total financing. Mainly there are two categories of financing instruments are available, first is the trade based and the second is finance based. Modes of trade are instruments having low risk and fixed returns, whereas the modes of finance are instruments having high risk and possibly high returns. This study started with the proposition that both modes have different effects on the profitability as both have different roots in Islamic finance. For the analysis the data is collected which comprises of 19 full-fledged Islamic banks from 7 countries, the study used SEM framework controlling for macroeconomic effects and country effect. The results indicated that modes of finance have positive and modes of trade have a negative effect on the growth of assets and equity of Islamic banks. These results reiterate the faith-based model of Islamic finance and propose Islamic banks to promote the partnership based mode of finance, which is more socially beneficial to the banks and to the economy.

The price of a house that is increasingly expensive makes not everyone can afford it because home is one of the basic needs for everyone. Bank Muamalat Indonesia has a financing product for the home namely is financing musyÄrakah mutanÄqiÅŸah wal ijÄrah. This research is both a descriptive analysis, i.e. the author lays out all the data that includes data about the reasons to use the musyÄrakah mutanÄqiÅŸah wal ijÄrah in financing Residential Sharia in PT.Bank Muamalat Indonesia Branch Ponorogo. contract relationships and data on musyÄrakah mutanÄqiÅŸah and ijÄrah in financing Residential Sharia in PT.Bank Muamalat Indonesia Branch systematically Ponorogo, meticulous and factual with the deductive pattern i.e. a fringe theories or propositions that are common on musyÄrakah mutanÄqiÅŸah then do an analysis of the data concerning multi contract to acquire a specific conclusion.This research concluded that the reason Bank Muamalat Indonesia branch using contract Ponorogo musyÄrakah mutanÄqiÅŸah wal ijÄrah in financing the residence of Islamic Muamalat (PHSM) namely musyÄrakah mutanÄqiÅŸah wal ijÄrah is suitable for contract be used as an alternative solution in financing PHSM in Bank Muamalat Indonesia branch Ponorogo.Bank Muamalat Indonesia branch using contract Ponorogo musyÄrakah mutanÄqiÅŸah wal ijÄrah in financing the residence of Islamic Muamalat (PHSM) is reviewed from a multiple of contract that is allowed under Islamic law and does not include the category of the prohibition Hadith.The relationship contract musyÄrakah mutanÄqiÅŸah and ijÄrah in Islamic Muamalat Residential Financing (PHSM) in Bank Muamalat Indonesia branch Ponorogo i.e. Shirkat al-' Belong ' (shared ownership) and ijÄrah.

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Copyright of Millah: Jurnal Studi Agama is the property of Millah: Jurnal Studi Agama and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)