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This Author published in this journals
All Journal Journal of Islamic Economic and Business Research Talaa : Journal of Islamic Finance
Mohd Owais
International Islamic University Malaysia, Malaysia
Religion Economics, Econometrics & Finance

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The Current Issue of Reporting Zakat in Indonesia: A Critical Analysis Mohammad Qutaiba; Mohd Owais; Abdus Salam Muharam
Journal of Islamic Economic and Business Research Vol. 4 No. 1: June 2024
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jiebr.v4i1.227

Abstract

The functions of zakat collection and distribution in Indonesia are carried out by both government and private institutions. Zakat funds hold significant economic development potential. Despite rapid growth in the past decade, the true potential of zakat remains largely untapped. Various factors contribute to suboptimal zakat management in Indonesia, such as ineffective zakat collection organizations, high administrative costs, and ineffective dissemination of information on the importance of zakat payment. This study focuses on the governance of zakat institutions in Indonesia, with a primary emphasis on the National Amil Zakat Agency (BAZNAS) and authorized Private Zakat Institutions (LAZ). This paper is based on a descriptive-analytical method, and it adopts qualitative research for the analysis of the available literature. The research is crucial for building trust, ensuring efficient zakat utilization for poverty alleviation, and enhancing social welfare within the Indonesian context. This research delves into the governance of zakat institutions in Indonesia, primarily focusing on the National Amil Zakat Agency (BAZNAS) (Zakat Institution of the Republic of Indonesia) and authorised Amil Zakat Institutions (LAZ) LAZ (Private Zakat Institutions). Despite official recognition, a lingering lack of trust among some members of the Muslim community necessitates a closer examination of transparency and accountability in zakat collection and distribution. The study aims to assess the reporting practices of zakat institutions, identifying areas for improvement to bolster confidence in the Muslim community. The research holds significance in fostering trust, ensuring effective zakat utilisation for poverty alleviation, and promoting social welfare.
Exploring the Importance and Presence of Maqāsid al-Sharī’ah in Islamic Banking Products and Services Mohammad Qutaiba; Mohd Owais
Talaa : Journal of Islamic Finance Vol. 4 No. 2: December 2024
Publisher : Department of Sharia Financial Management, Institut Agama Islam Negeri Sultan Amai Gorontalo, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54045/talaa.v4i2.767

Abstract

This study explores the importance and presence of Maqāsid al-Sharī’ah in Islamic banking products and services, emphasizing their role in promoting justice, equity, and general welfare. While Islamic banking adheres to Shariah principles, such as the prohibition of riba and gharar, questions persist about the alignment of its products with the broader ethical objectives envisioned by Maqāsid al-Sharī’ah. These objectives, which include the preservation of religion, life, intellect, lineage, and wealth, aim to transform financial practices into instruments of socio-economic justice and communal well-being. The study critically examines whether Islamic banking products, such as Mudarabah and ijarah, genuinely uphold these principles or simply replicate conventional financial instruments under a Shariah-compliant framework. Drawing from academic literature, industry reports, and case studies, the research evaluates the design, implementation, and impact of key Islamic banking products to assess their alignment with Maqāsid al-Sharī’ah. It also highlights successes and areas for improvement within the industry, addressing concerns about the practical realization of ethical objectives in a competitive financial landscape. This paper underscores the necessity of integrating these higher objectives into financial practices. The findings contribute to a deeper understanding of how Islamic banking can serve as a true alternative to conventional systems, fostering holistic socio-economic progress and addressing global challenges such as poverty alleviation, wealth inequality, and environmental sustainability
Co-Authors Abdus Salam Muharam Mohammad Qutaiba