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DEVELOPING ISLAMIC BANKING PERFORMANCE MEASURES BASED ON MAQASID AL-SHARI’AH FRAMEWORK: CASES OF 24 SELECTED BANKS Mohammed, Mustafa Omar; Md Taib, Fauziah
Journal of Islamic Monetary Economics and Finance Vol 1 No 1 (2015)
Publisher : Bank Indonesia

Islamic banking has achieved remarkable growth that has surpassed the growth of the conventional banking system. Yet, studies show that the performances of Islamic banks (IBs) seem to be trailing behind the conventional banks (CBs). Is the poor performance of IBs the result of mismatch between their objectives and their performance measurement criteria or it is a reflection of their true performances? The objectives of Islamic banking had not been formally addressed. Mustafa and Taib (2009) derived the objectives of Islamic banking from Abu Zahara’s theory of the objectives of Shari’ah (Maqasid al-Shari’ah) and, based on these Shari’ah objectives, developed a model of Islamic banking performance measures. They named it as Performance Measures based on Maqasid al-Shari’ah framework or the PMMS model. This paper has tested the PMMS model on a sample 24 banks (12 IBs and 12 CBs). The twenty four banks were also evaluated using the traditional conventional financial measures. Mann-Whitney U-Test results show IBs faring well in their performances when measured using the PMMS model than when they are measured using the conventional banking performance yardstick. Policy prescriptions and recommendations for further studies are provided at the concluding section of the paper.

Guiding Fiqh Analysis of Crypto Assets: A Proposed Framework Mohammed, Mustafa Omar; El Amri, Mohamed Cherif; Bakr, Ayman Mohammad
AHKAM : Jurnal Ilmu Syariah Vol 24, No 2 (2024)
Publisher : Universitas Islam Negeri Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/ajis.v24i2.37346

The emergence of cryptocurrencies has brought about revolutionary changes in financial transactions, offering speed, cost-efficiency, and enhanced privacy without the involvement of traditional intermediaries. Despite these advantages, crypto assets pose several challenges from a fiqh perspective. Firstly, there are discrepancies among researchers attempting to define them. Secondly, technological complexities have led to misunderstandings of their concept. Thirdly, there is a general misconception about their similarity to Bitcoin. Fourthly, there is a notable dearth of comprehensive fiqh studies on the topic. Therefore, this study has adopted a qualitative method to address these four research gaps in extant literature. It has critically reviewed the literature to identify the issues and propose a definition of crypto assets and has categorized them into six types. Content analysis research method was used to develop a conceptual framework for the fiqh analysis of crypto assets. The framework is expected to equip Muslim researchers and jurists with processes, risk analysis methods, and benchmarks to objectively evaluate a given crypto asset. AbstrakKemunculan mata uang kripto telah membawa perubahan revolusioner dalam transaksi keuangan, dengan menawarkan kecepatan, efisiensi biaya, dan peningkatan privasi tanpa keterlibatan perantara tradisional. Terlepas dari kelebihan tersebut, aset kripto menimbulkan beberapa tantangan dari sudut pandang fiqh. Pertama, terdapat perbedaan di antara para peneliti yang mencoba mendefinisikannya. Kedua, kompleksitas teknologi telah menyebabkan kesalahpahaman terhadap konsep mereka. Ketiga, terdapat kesalahpahaman umum tentang kemiripannya dengan Bitcoin. Keempat, masih kurangnya kajian fiqih yang komprehensif mengenai topik ini. Karena itu, studi ini mengadopsi metode kualitatif untuk mengatasi empat kesenjangan penelitian dalam literatur yang ada. Studi ini telah meninjau literatur secara kritis untuk mengidentifikasi masalah dan mengusulkan definisi aset kripto dan mengategorikannya menjadi enam jenis. Metode penelitian analisis isi digunakan untuk mengembangkan kerangka konseptual analisis fiqih aset kripto. Kerangka kerja ini diharapkan dapat membekali proses, metode analisis risiko, dan tolok ukur kepada para peneliti dan ahli hukum Muslim untuk mengevaluasi aset kripto tertentu secara objektif.

DEVELOPING ISLAMIC BANKING PERFORMANCE MEASURES BASED ON MAQASID AL-SHARI’AH FRAMEWORK: CASES OF 24 SELECTED BANKS Mohammed, Mustafa Omar; Md Taib, Fauziah
Journal of Islamic Monetary Economics and Finance Vol. 1 No. 1 (2015)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v1i1.483

Islamic banking has achieved remarkable growth that has surpassed the growth of the conventional banking system. Yet, studies show that the performances of Islamic banks (IBs) seem to be trailing behind the conventional banks (CBs). Is the poor performance of IBs the result of mismatch between their objectives and their performance measurement criteria or it is a reflection of their true performances? The objectives of Islamic banking had not been formally addressed. Mustafa and Taib (2009) derived the objectives of Islamic banking from Abu Zahara’s theory of the objectives of Shari’ah (Maqasid al-Shari’ah) and, based on these Shari’ah objectives, developed a model of Islamic banking performance measures. They named it as Performance Measures based on Maqasid al-Shari’ah framework or the PMMS model. This paper has tested the PMMS model on a sample 24 banks (12 IBs and 12 CBs). The twenty four banks were also evaluated using the traditional conventional financial measures. Mann-Whitney U-Test results show IBs faring well in their performances when measured using the PMMS model than when they are measured using the conventional banking performance yardstick. Policy prescriptions and recommendations for further studies are provided at the concluding section of the paper.

THE ISLAMIC PHILANTHROPY MOVEMENT IN INDONESIA: A CONTRIBUTION TO NATION BUILDING AND WORLD SOCIETY Armiadi Musa; Mohammed, Mustafa Omar
JURISTA: Jurnal Hukum dan Keadilan Vol. 8 No. 2 (2024): JURISTA: Jurnal Hukum dan Keadilan
Publisher : Centre for Adat and Legal Studies of Aceh Province (CeFALSAP)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22373/jurista.v8i2.168

This study tries to unravel the contribution of the philanthropic movement in Indonesia in various sectors that have been carried out, both by government, private and voluntary institutions. The method used is to use a juridical normative approach, where data is obtained from secondary data, namely from previous research relevant to this research, as well as a number of fatwas of scholars in the field of muamalah fiqh. The results show that Islamic philanthropy in Indonesia is experiencing significant development, marked by the increasing enthusiasm of the ummah in philanthropy and influenced by the revitalisation of the world vision of Islamic philanthropy, which tries to transform the old paradigm of philanthropy with a new paradigm that is more creative and innovative. A number of solidarity and faith-based national philanthropic institutions have been born, both government-owned, privately-owned and even individually to make a real contribution to strengthening the vision of national development and contributing to the world community

Guiding Fiqh Analysis of Crypto Assets: A Proposed Framework Mohammed, Mustafa Omar; El Amri, Mohamed Cherif; Bakr, Ayman Mohammad
AHKAM : Jurnal Ilmu Syariah Vol. 24 No. 2 (2024)
Publisher : Universitas Islam Negeri Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/ajis.v24i2.37346

The emergence of cryptocurrencies has brought about revolutionary changes in financial transactions, offering speed, cost-efficiency, and enhanced privacy without the involvement of traditional intermediaries. Despite these advantages, crypto assets pose several challenges from a fiqh perspective. Firstly, there are discrepancies among researchers attempting to define them. Secondly, technological complexities have led to misunderstandings of their concept. Thirdly, there is a general misconception about their similarity to Bitcoin. Fourthly, there is a notable dearth of comprehensive fiqh studies on the topic. Therefore, this study has adopted a qualitative method to address these four research gaps in extant literature. It has critically reviewed the literature to identify the issues and propose a definition of crypto assets and has categorized them into six types. Content analysis research method was used to develop a conceptual framework for the fiqh analysis of crypto assets. The framework is expected to equip Muslim researchers and jurists with processes, risk analysis methods, and benchmarks to objectively evaluate a given crypto asset. AbstrakKemunculan mata uang kripto telah membawa perubahan revolusioner dalam transaksi keuangan, dengan menawarkan kecepatan, efisiensi biaya, dan peningkatan privasi tanpa keterlibatan perantara tradisional. Terlepas dari kelebihan tersebut, aset kripto menimbulkan beberapa tantangan dari sudut pandang fiqh. Pertama, terdapat perbedaan di antara para peneliti yang mencoba mendefinisikannya. Kedua, kompleksitas teknologi telah menyebabkan kesalahpahaman terhadap konsep mereka. Ketiga, terdapat kesalahpahaman umum tentang kemiripannya dengan Bitcoin. Keempat, masih kurangnya kajian fiqih yang komprehensif mengenai topik ini. Karena itu, studi ini mengadopsi metode kualitatif untuk mengatasi empat kesenjangan penelitian dalam literatur yang ada. Studi ini telah meninjau literatur secara kritis untuk mengidentifikasi masalah dan mengusulkan definisi aset kripto dan mengategorikannya menjadi enam jenis. Metode penelitian analisis isi digunakan untuk mengembangkan kerangka konseptual analisis fiqih aset kripto. Kerangka kerja ini diharapkan dapat membekali proses, metode analisis risiko, dan tolok ukur kepada para peneliti dan ahli hukum Muslim untuk mengevaluasi aset kripto tertentu secara objektif.

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