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The Dilemma Facing Islamic Finance and Lessons Learned from the Global Financial Crisis
Abstract
In the aftermath of the recent global financial crisis, there has been an ongoing and renewed debate concerning the direction that the Islamic finance industry should be taking next. Amid the growth frenzy, the risk of noncompliance with Shariah is sometimes being ignored or underestimated, which has been tarnishing the industry's credibility, and may increase its vulnerability to ailments that have crippled the conventional financial sector. Consequently, there has been a recent call for a "revolution", that is a speedy change, rather than a "slow-paced evolution" of Islamic finance, in light of the revelations of the crisis. This paper examines ramifications of the crisis to Islamic finance in light of lessons learned by the conventional sector. An emphasis is placed on the area of managing and controlling Shariah risk. The role played by Shariah scholars in this respect is discussed.
... The use of ODR to resolve disputes emanating from Shariah complaint transactions is capable of enhancing risk management practices of Muslim businesses (Ghoul, 2011;Mansoor Khan & Ishaq Bhatti, 2008). With the adoption of ODR, there is a threefold bene it for the IFIs risk management vis-à-vis protection from Shari'ah risk, legal risk and reputational risk. ...
... Existing studies examine the role of Islamic finance and the Islamiccompliant financial products and services in improving the broader financial inclusion among Muslim groups (e.g., Bose et al., 2016;Demirgüc-Kunt et al., 2013;Elzahi, 2015;Leon & Weill, 2018;Mohieldin et al., 2012;Morrissey, 2012;Naceur et al., 2015;Usman & Tasmin, 2016), while others focus on the effect of religious beliefs on using financial services (Ghoul, 2011;Onakoya & Onakoya, 2014;Zulkhibri, 2016). ...
Our paper explores whether social crowdfunding triggers the success of social projects by focusing on the role of the Italian platform Meridonare. By examining 140 projects between 2016 and 2018, our study analyzes how the platform acts in facilitating the interaction between non-profit organizations and private investors willing to participate in the financing of social projects. Our results support the relevant role a social crowdfunding platform has on the success of a campaign. The involvement of the population through actions that leverage the human-touch relationship, and the social nature of the project increases the propensity to achieve the funding objectives.
... An index that has the same color indicates a very close relationship. There are several causes of the financial crisis from an Islamic economic perspective, including; Social instability, namely shocks that cause fluctuation in social aspects, such as rampant crime, corruption, and poverty, which hinder or stop economic activity (Ghoul, 2011;Hassan & Kayed, 2009), Speculation is the Volume 2, Nomor 2, Juli -Desember 2022 practice of financial transactions to benefit from short-term fluctuations. Or medium in the market value of tradable goods, such as financial instruments (Ahmed, Rosser Jr, & Uppal, 2010;Almoharby, 2011;Chapra, 2008;Farooq, John, & Jacome, 2009;Seidu, 2009;Siddiqi, 2008;Trabelsi, 2011), Ineffective Fiscal System, namely the fiscal system as a whole does not work well, where some income does not go into the state treasury, while some expenditures are not spent for the public interest (Chapra, 2007;Iqbal & Khan, 2004;Khan, 2001), Hedonism is the belief or idea that everyone has the right to do everything in their power to achieve as much pleasure as possible for them (Almoharby, 2011;Siddiqi, 2008), Fractional Reserve Banking System is a practice in which banks lend more than what they have on deposit. ...
The financial crisis impacts the economy of developing countries. The existence of a financial crisis causes the economic growth of a country to decline. Islam has a perspective on the economic crisis issue. This research aims to find out and map research related to trends in the Islamic Economic Crisis published by leading journals from 1978 to 2022 and have been indexed by Scopus. Analysis of keyword trends, authors, and institutions. no one has used bibliometric analysis in this study. The data analyzed were 531 research publications using descriptive statistical methods and bibliometric analysis. The results show that the number of articles discussing the theme of the Islamic Economic Crisis has an increasing trend from year to year, along with the global economic crisis in 2008. the most prolific is Hassan M.K. Meanwhile, the country with the most famous writers and the most in Malaysia. Based on the bibliometric analysis, the leading causes of the financial crisis are; Natural Disasters, Political Instability, Social Instability, Faction Reserve Banking System, and Product Derivation. The research provides information for researchers who focus on research in the field of the Islamic Economic Crisis. In the end, this theme is possible to continue to develop.Krisis keuangan berdampak pada ekonomi negara-negara berkembang. Adanya krisis keuangan menyebabkan pertumbuhan ekonomi suatu negara menurun. Islam memiliki perspektif terhadap isu krisis ekonomi. Penelitian ini bertujuan untuk mengetahui dan memetakan penelitian terkait tren Krisis Ekonomi Islam yang diterbitkan oleh jurnal-jurnal terkemuka dari tahun 1978 hingga 2022 dan telah terindeks Scopus. Analisis tren kata kunci, penulis, dan institusi. Tidak ada yang menggunakan analisis bibliometrik dalam penelitian ini. Data yang dianalisis sebanyak 531 publikasi penelitian menggunakan metode statistik deskriptif dan analisis bibliometrik. Hasil penelitian menunjukkan bahwa jumlah artikel yang membahas tema Krisis Ekonomi Islam memiliki tren yang meningkat dari tahun ke tahun, seiring dengan krisis ekonomi global pada tahun 2008. yang paling produktif adalah Hassan M.K. Sementara itu, negara dengan penulis paling terkenal dan terbanyak di Malaysia. Berdasarkan analisis bibliometrik, penyebab utama krisis keuangan adalah; Bencana alam, ketidakstabilan politik, ketidakstabilan sosial, sistem perbankan cadangan faksi, dan derivasi produk. Penelitian ini memberikan informasi bagi peneliti yang fokus pada penelitian di bidang Krisis Ekonomi Islam. Pada akhirnya, tema ini memungkinkan untuk terus berkembang.
... The use of ODR to resolve disputes emanating from Shariah complaint transactions is capable of enhancing risk management practices of Muslim businesses (Ghoul, 2011;Mansoor Khan & Ishaq Bhatti, 2008). With the adoption of ODR, there is a threefold bene it for the IFIs risk management vis-à-vis protection from Shari'ah risk, legal risk and reputational risk. ...
Modern Dispute resolution mechanisms have been positively influenced by the advent of the internet. Through Online Dispute Resolution (ODR), several ADR mechanisms have been adapted to for small claims, online and cross-border inancial transactions. Existing ODR mechanisms seem to ignore certain underpinnings of Islamic jurisprudence in the development. This has made dispute resolution automation unattractive to shariah complaint sectors. Therefore, this paper seeks to examine the relevance of ODR under Islamic jurisprudence. The paper adopts a doctrinal method to expound principles of Islamic jurisprudence (usul-ul-fiqh) which supports new ways of resolving disputes using the internet. The study finds that existing Islamic law ethos such as: sulh, maslahah, sad-ul-dhariah among others are in agreement with the modern realities of online dispute resolution.
... The use of ODR to resolve disputes emanating from Shariah complaint transactions is capable of enhancing risk management practices of Muslim businesses (Ghoul, 2011;Mansoor Khan & Ishaq Bhatti, 2008). With the adoption of ODR, there is a threefold bene it for the IFIs risk management vis-à-vis protection from Shari'ah risk, legal risk and reputational risk. ...
... In line with the national development objectives in Indonesia to achieve the creation of a just and prosperous society based on economic democracy, economic systems must be developed to support the realization of the development objectives. The presence of an Islamic banking institution is supposed to be an alternative means to achieve that goal (Dogarawa, 2012;Ghoul, 2011). ...
Legislation on the Islamic Banking Acts in
Indonesia is inseparable from the condition
of national politics and global economics that
continues to develop. In this paper, the main
issue to be discussed is whether the formation
of the Islamic Banking Act in Indonesia is based
on political interests, or if there is also a legal
value associated with economic development of
this act. The findings suggest that the legislation
on the Islamic Banking Act in Indonesia has
relevance to the political and legal foundation
that developed at that time; and the legislation
on the Islamic Banking Act is based not only
on the political but also the philosophical
aspects of law that emphasize principles of the
common good or maṣlaha and/ an alignment
with national goals.
... Islamic financial institutions have brought to the Global financial market a robust and stable alternative to conventional finance (Siddiqi, 2000). The alternative finance presented by Islam, though criticized in many climes as copycat (Ghoul, 2011) has come with unique and reliable products and services that are only derivable from the provisions, authority and objectives of Shari'ah (Maqasid-Al-Shari'ah). The fact that Islamic finance and its products have been bought into by conventional banks in various corners of the globe-from Africa to Australia-lays credence to the acceptance and viability of the Islamic finance and its products (Al Omar & Iqbal, 2011). ...
Islamic finance has come a long a way in the last three decades as an alternative finance. However, there are issues with Islamic finance products and one of the products in the spotlight is Bai Salam which is considered as a concession by Shariah. This study looks at the application of Bai Salam as a product in contemporary Islamic finance, issues, challenges, and recommendation.
... Sheikh Taqi Usmani menyatakan sebanyak 85% terbitan sukuk berdasarkan perjanjian pembelian balik yang tidak mematuhi syariah kerana dianggap telah meniru produk sekuriti hutang konvensional. Impak daripada kritikan mengenai sukuk pada 2007, jumlah terbitan sukuk mengalami kejatuhan pada tahun tahun 2008 (Wafica Ali Ghoul 2011). Kenyataan Sheikh Taqi Uthmani ini turut menyebabkan kemerosotan pasaran sukuk pada penghujung pada tahun 2007. ...
... Sheikh Taqi Usmani menyatakan sebanyak 85% terbitan sukuk berdasarkan perjanjian pembelian balik yang tidak mematuhi syariah kerana dianggap telah meniru produk sekuriti hutang konvensional. Impak daripada kritikan mengenai sukuk pada 2007, jumlah terbitan sukuk mengalami kejatuhan pada tahun tahun 2008 (Wafica Ali Ghoul 2011). Kenyataan Sheikh Taqi Uthmani ini turut menyebabkan kemerosotan pasaran sukuk pada penghujung pada tahun 2007. ...
Takaful industry was first introduced into Malaysia about 30 years ago when the first takaful operator was established to fulfil the need of the Muslim community to be protected based on the Islamic principles. Takaful operations are regulated and supervised by BNM and various changes have been made to ensure the strengthening and stability of the takaful industry including the shariah governance legislation. The aim of this paper is to analyze the legal provisions of Central Bank of Malaysia Act 2009 and Islamic Financial Services Act 2013 in terms of shariah governance in takaful industry at Malaysia. This study interviewed seven informants comprising officers from the Department of Shariah and Shariah Committee of Takaful Company (SPT), which have involved directly in the shariah governance process of takaful industry. The findings indicate that the legal provisions of Islamic Financial Services Act 2013 have given positive implication for shariah governance of takaful industry since the legal provisions are clear and detailed such as the role of the SAC of BNM and the SC of Takaful Operators.
... Examiners of the legal premises of the wa'ad contract such as Al-Masri (2002), Wisham et al. (2011) and Bello and Hassan (2013) have indicated that the acceptance of the wa'ad is still controversial. This inherent controversy with regards to the wa'ad structure stems from the differing interpretations of Islam from the various schools of Muslim thought (see Ayub, 2011 andGhoul, 2011). As highlighted by Firoozye (2009) in his seminal work on describing the various schools of Islamic thought, "While classical jurist has a wide range of opinions on this matterfrom deliberate failure to uphold a wa'd being morally reprehensible (Hanafi, Hanbali, Shafi'I majority opinions), to being legally actionable subject to the promise suffering loss due to reliance upon the promise (similar to promissory estopple, the opinion held by majority Malikis), whereas modern jurists have for the most part said it is cause for legal action if it is a wa'ad given with specific conditions." ...
Purpose
– The purpose of this paper is to highlight the possibility of structuring an Islamic option which includes an element of risk sharing as opposed to risk transfer.
Design/methodology/approach
– The approach adopted in this research involved a combination of a wa’ad (promise) and murabaha (cost plus sale) and examining if they could form a risk-sharing Islamic option. The payoffs were assumed to be dependent on bi-period outcomes.
Findings
– The paper attempted to create a hybrid risk-sharing option by combining elements of both wa’ad (promise) and murabaha (cost plus sale). The results yielded are dependent on the eventual direction of the market (in-the-money, at-the-money and out-the-money). While the results are not definitive, they do provide arguments for the adoption of a risk-sharing, as opposed to a risk-transfer, methodology when it comes to structuring risk management instruments.
Research limitations/implications
– One of the major limitations of this research is the inability to assess the Shariah compliance of the proposed instrument. Shariah compliance is determined by a Shariah Supervisory Board, and every effort has been made to ensure that Shariah financial principles are adhered to in the creation of this structure.
Practical implications
– The structure provides some interest arguments in the creation of risk management tools under a Shariah financial framework. The structure illustrates the benefits of having a risk-sharing mode over the conventional risk-transfer stances of most risk management tools.
Originality/value
– The paper offers a new way of structuring a risk management tool in Islamic finance. It explores the highly debated area of derivatives in Islamic finance and proposes a new way of creating a risk management tool that involves some elements of risk sharing.
Using the World Bank’s Global Findex database, we provide an exploratory analysis of the patterns of financial inclusion and the gender gap among 56 Islamic and 101 non-Islamic countries during the period 2011 to 2017. We show that financial inclusion is still relatively low in our sample, but it is particularly challenging in the sampled Islamic countries and for women. Our study suggests that the strength of the economy, social and institutional environment, as well as banking market conditions and technology are among the potential determinants of financial exclusion in Islamic countries compared to their non-Islamic counterparts.
The ongoing global financial crisis, which was triggered by US subprime mortgage crisis since 2007 and has spread to some EU countries, is just a repeat of previous financial crises. The new financial crisis usually has wider, deeper and more devastating impacts on the economy and the people. In the history of capitalism, there have actually been crises almost continuously for the past 200 years except for during one short period, 1945-1971, under Bretton Woods Agreement. Failing to learn the lessons from history will assure that the crises will continue to hobble the financial system. This study applies Vector Error Correction Model (VECM) to determine and compare conventional and Islamic quantitative variables of the financial crisis, as well as to analyze the impact of the real determinants of financial crisis to output and inflation.
The results show that the real determinants of financial crisis are structural in unstable monetary system (interest system and fiat money system), poor governance (administered price), and unsustainable fiscal system (volatile food), as well as misbehavior of economic actors (expectation). Interest system (Monetary) is the number one determinant of financial crisis with 43.66% share in inducing inflation and 24.85% share in curbing economic growth, followed by administered price (Governance) with 14.41% share in inducing inflation and 5.33% share in curbing economic growth, fiat money (Monetary) with 5.54% share in inducing inflation and 13.49% share in curbing economic growth, and volatile food (Fiscal) with 5.79% share in inducing inflation and 9.11% share in curbing economic growth. Meanwhile, the best cure of financial crisis is single global currency (External) and just money (Monetary) using gold standard with 8.03% share in curbing inflation and 3.50% share in inducing economic growth, followed by profit-and-loss sharing (Monetary) with 0.02% share in curbing inflation and 0.09% share in inducing economic growth.
In the past two centuries financial crises have occurred one after another repeatedly since the first financial crisis in England 1825 until current ongoing global financial crisis triggered by the US subprime mortgage crisis in August 2007. These repeated man-made financial crises happened due to the transgressions of Allah " s laws in financial dealings, especially in the abandonment of main pillars of Islamic financial system, namely prohibition of ribā (usury or interest), prohibition of maysir (game of chance or speculation)
The ongoing global financial crisis, which was triggered by US subprime mortgage crisis since 2007 and has spread to some EU countries, is just a repeat of previous financial crises. The new financial crisis usually has wider, deeper and more devastating impacts on the economy and the people than those of previous ones. In the history of capitalism, there have actually been crises almost continuously for the past 200 years except for during one short period, 1945-1971, under Bretton Woods Agreement. Failing to learn the lessons from history will assure that the crises will continue to hobble the financial system. This study applies Vector Error Correction Model (VECM) to determine and compare quantitative variables of the root causes of financial crisis using conventional and Islamic variables, as well as to analyze the impact of the main determinants of financial crisis to output and inflation. The results show that the root causes of financial crisis are structural in unstable monetary system (interest system and fiat money system), poor governance (administered price), and unsustainable fiscal system (volatile food), as well as misbehavior of economic actors (expectation). Interest rate (Monetary) is the number one root cause of financial crisis with 43.66% share in inducing inflation and 24.85% share in curbing economic growth, followed by administered price (Governance) with 14.41% share in inducing inflation and 5.33% share in curbing economic growth, fiat money (Monetary) with 5.54% share in inducing inflation and 13.49% share in curbing economic growth, and volatile food (Fiscal) with 5.79% share in inducing inflation and 9.11% share in curbing economic growth. Meanwhile, the number one cure of financial crisis is single global currency (External) with 8.03% share in curbing inflation and 3.50% share in inducing economic growth, followed by profit-and-loss sharing (Monetary) with 0.02% share in curbing inflation and 0.09% share in inducing economic growth.
The most salient values of the Islamic financial system are fairness and socio-economic justice. The exuberance of Islam’s uncompromising commitment to the well-being of humankind goes beyond its caring for existing generations to ensuring a sustainable future for generations to come. This is evident by giving utmost priority to the environment and preserving earth’s valuable–yet limited–endowments and resources, and by limiting public borrowings to available resources hence freeing future generations from the burden of debt. The Islamic system of production and finance based on profit-and-loss sharing (PLS) is more efficient and equitable in distribution of wealth and income. Allocation of funds under risk sharing will be based on the viability and expected profitability of the proposed entrepreneurial undertakings rather than on the creditworthiness of competing entrepreneurs. Furthermore, risk sharing offers both entrepreneurs and investors incentives to be truly engaged in productive economic activities, wherein entrepreneurs will be encouraged by the prospect of seeing their ideas transformed into business entities, and financers will be obliged to assess the risk involved more cautiously, and effectively monitor the use of funds by the entrepreneurs. The appropriate implementation of such partnership contracts increases the likelihood of business success, injects more discipline into the financial market by reducing excessive lending, and ultimately will have positive implications for the socio-economic well-being of society at large.
Sub-prime mortgages in the United States appear to have triggered the current global financial crisis. The crisis appears to be the combined result of adverse macro-economic conditions, bad corporate governance and loose regulatory oversight. Consequently, current views of the crisis differ primarily on the emphasis they attach to each of these perspectives, and tend to include other insights as contributing causes. This article, however, supports the view that flawed governance practices in both the public and private sector are largely responsible for the financial catastrophe. It also argues that the current tendency to blame it on the United States is overplayed and that bad governance practices are a global phenomenon. The article relies on secondary data analysis and observations of relevant banking practices to support this contention.
No Islamic Banks (IBs) are considered as having ethical identity, since the foundation of their business philosophy is closely tied to religion. In this article, we explore whether any discrepancy exists between the communicated (based on information disclosed in the annual reports) and ideal (disclosure of information deemed vital based on the Islamic ethical business framework) ethical identities and we measure this by what we have termed the Ethical Identity Index (EII). Our longitudinal survey results over a 3-year period indicate the overall mean EII of only one IB out of seven surveyed to be above average. The remaining six IBs suffer from disparity between the communicated and ideal ethical identities. We further found the largest incongruence to be related to four dimensions: commitments to society; disclosure of corporate vision and mission; contribution to and management of zakah, charity and benevolent loans; and information regarding top management. The results have important implications for communication management if IBs are to enhance their image and reputation in society as well as to remain competitive.
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Shariah Scholars and Islamic Finance: Towards a More Objective and Independent Shariah-Compliance Certification of Islamic Financial Products
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Prioritizing Growth Over Ethics Shariah Banking Is Growing Fast
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