2018
DOI: 10.1177/2158244018770237
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Shariah Risk: Its Origin, Definition, and Application in Islamic Finance

Abstract: Risk" is widely used to explain an event pertaining to the probability of an outcome to occur. This paper provides the review of risk from its origin, where the concept of risk has been a concern for humanity since days of old, without the usage of its proper terminology. The study relies solely on related literature and highlights the application of risk in Islamic finance. Reviews of previous studies normally have its own terminology in research methodology. This section covers the issues of how risk is defi… Show more

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Cited by 23 publications
(12 citation statements)
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“…In this context, most are described in terms of opposition through the term (Jarosz, 2014). Leadership not only applies their leadership but also instills leadership values and ethics which are the main principles of leadership in becoming effective leadership (Fairholm & Gronau, 2015;Kalman, et al, 2016;Noor, et al, 2018). Indicators of success in effective leadership can be seen from the interpretation of programs effectively and efficiently through the support of all members (Arifin, et al, 2018).…”
Section: Resultsmentioning
confidence: 99%
“…In this context, most are described in terms of opposition through the term (Jarosz, 2014). Leadership not only applies their leadership but also instills leadership values and ethics which are the main principles of leadership in becoming effective leadership (Fairholm & Gronau, 2015;Kalman, et al, 2016;Noor, et al, 2018). Indicators of success in effective leadership can be seen from the interpretation of programs effectively and efficiently through the support of all members (Arifin, et al, 2018).…”
Section: Resultsmentioning
confidence: 99%
“…As discussed before, finance theories need to adjust the risk concept to accommodate risk in Islamic finance. Islamic finance introduces the risk concept closely related to God's willing that will result in good or bad outcomes (Noor et al, 2018). God's willing is based on Alquran, especially surah Al-Baqarah, 2:195 (Noor et al, 2018).…”
Section: Discussionmentioning
confidence: 99%
“…Sehingga hari ini, masih tidak terdapat definisi khusus bagi risiko, kecuali ditakrifkan berdasarkan sektor atau bidang-bidang berkaitan seperti insurans, ekonomi, statistik dan lain-lain (Redzuan et al, 2006). Mary Douglas selanjutnya mendapati konotasi berkaitan dengan risiko telah berubah mengikut perkembangan masa (Mohd Noor et al, 2018).…”
Section: Sorotan Literaturunclassified