No abstract

Hadith of Prophet Muhammad (pbuh) stated that dinar and dirham are ribawi items and subject to law of riba. Nevertheless, nowadays the currency notes take over the function of dinar and dirham as a medium of exchange. Lately, some people actively promoting get-rich scheme through sale of gold or silver with deferred delivery. They claimed that this sale is allowed according to Shariah since currency notes are not considered as ribawi item. Therefore, the purpose of this study is to analyses the status of currency notes from Shariah perspective. All views of Islamic scholars have been examined thoroughly. The result of this study shows that ‘illah of riba in gold and silver is thamāniyyah or money used as a medium of exchange. Hence, currency notes are subject to law of riba and must comply with the rule of exchange as required in shariah. Keywords: Money, dinar, dirham, fulus, riba, medium of exchange Abstrak Hadith Nabi Muhammad s.a.w. menyatakan bahawa dinar dan dirham adalah item ribawi dan tertakluk kepada hukum riba. Pada masa kini, wang kertas telah mengambil alih peranan dinar dan dirham sebagai alat pertukaran. Kini sesetengah pihak mempromosikan skim cepat kaya melalui penjualan emas dan perak secara bertangguh. Mereka mengatakan jualan ini adalah sah dari segi Syariah kerana mata wang kertas tidak dianggap sebagai item ribawi. Kajian ini menganalisa status wang kertas daripada perspektif Syariah. Semua pandangan ulama dalam persoalan ini dikaji dengan mendalam. Hasil kajian menunjukkan wang kertas adalah tertakluk kepada hukum riba dan mesti mematuhi hukum pertukaran yang ditetapkan oleh Syariah. Kata kunci: Wang, dinar, dirham, fulus, riba, alat pertukaran

Foreign exchange is the largest market in the world and operates 24 hours a day. Foreign exchange consists of FX Spot, FX Forward, and FX Swap. Shariah guidelines stipulate that any currency exchange must adhere to the rule of al-ṣarf whereby the exchange of different currencies must exchanged immediately hand-to-hand. Generally, conventional foreign exchange practice contradicts the requirements of al-ṣarf because it involves an element of riba. However there are different views from Islamic scholars on the permissibility of these transaction. Therefore, the aim of this study is to analyse these foreign exchange transactions from a Shariah perspective. The result of this study shows that

The main challenges for the HEIs are to provide a market driven academic programmes and able to respond to the changing needs of economic sectors. Apparently, the recent challenges require the staff to equip themselves with leadership quality in order to achieve organizational goals. Previous studies have shown several factors such as EI influenced effective leadership. Another significant issue in leadership is ethical behaviors. Therefore, this study intends to examine the relationship between EI and leadership practices when Islamic work ethic is practiced in Malaysian public universities. The respondents will consist of middle administrators in Malaysian public universities. Using qualitative and cross sectional approaches, surveys will be distributed to the stratified randomly selected respondents. Most of the past results suggested there were significant relationships between the variables. The findings are expected to have some contributions both to the practical and theoretical aspects and enable PHIs to improve their leadership training programmes.Key words: Emotional intelligence, Islamic work ethic, and leadership