The original socio-cultural and economic context for practicing shirkat-ul-aqd

Javaid, Omar

doi:10.1504/ijpee.2015.075854

Cited by 9 publications

(14 citation statements)

References 0 publications

Supporting

Mentioning

Contrasting

Order By: Relevance

“…In this context, the religiously-oriented entrepreneurial communities may offer an intriguing alternate, where entrepreneurial activity is highly encouraged though the tendency to compete and accumulate purely for self-interest is rather discouraged (Javaid, 2015;Levin, 1974;Menning, 1997). The goal of starting the business is, perhaps, not to amass wealth for oneself, rather ensure financial security to one's family and the coming generation.…”

Section: Discussionmentioning

confidence: 99%

“…Entrepreneurship in this context can be seen as a process of creation of a for-profit-an enterprise that is family-driven JEC 14,3 and engages the community on multiple levels (Ratten et al, 2016). This phenomenon has also been frequently observed in Muslim history (Javaid, 2015). It may be inferred that the religious code may not just motivate for a culture of mutual support and sacrifice, but can also encourage economic independence through a family-driven community-based entrepreneurial activity.…”

Section: Socioeconomic Jusɵcementioning

confidence: 95%

“…In addition to the idea of offering mutual support where needed, the religious code followed by the community members interviewed in this study also inspires its followers toward generating their own source of livelihood (Javaid, 2015). Entrepreneurship in this context can be seen as a process of creation of a for-profit-an enterprise that is family-driven JEC 14,3 and engages the community on multiple levels (Ratten et al, 2016).…”

Section: Socioeconomic Jusɵcementioning

confidence: 97%

See 2 more Smart Citations

Religious entrepreneurial communities as a solution for socioeconomic injustice

Javaid

Shamsi

Hyder

2020

JEC

Self Cite

View full text Add to dashboard Cite

Purpose There are many entrepreneurial communities in the Asian subcontinent, which are known for their economic resilience and religious orientation but have received limited attention in extant literature. These communities include Memon, Delhiwala, Chinioti, Ismaili and Bohri, which have been persistent in keeping their members economically stable, as many centuries, while also retaining their religio-sociocultural identity. This paper aims to add to the body of literature by documenting the possible factors, which contribute toward advancing socio-economic justice for the members of respective communities. Design/methodology/approach This study uses Eisenhardth research strategy within a social constructivist paradigm to process data from in-depth interviews, memos and documentary sources to explore the internal dynamics of three most prominent of these communities (Memon, Delhiwala and Chinioti) in Pakistan. Findings The findings reveal that the secret to their resilience is, perhaps, rooted in their religio-sociocultural communal norms, which may not just ensure effective wealth redistribution among the deserving segments of the society but may also enable its deserving members to achieve self-reliance through community-supported–entrepreneurial–activity. This study proposes that a culture of community-based–family–entrepreneurship coupled with the spirit of cooperation, sacrifice and reciprocity may eliminate the possibility of socioeconomic injustice. Social implications The religious entrepreneurial communities may be seen as an alternate to free-market or state-driven methods to impart socioeconomic justice where needed. The voluntary inclination of entrepreneurs in such communities to facilitate those in need may, perhaps, reduce or even eliminate the need to involve state intervention to redistribute wealth through taxation, which may also eliminate the cost of the state bureaucracy, which is used for the collection and redistribution of taxes. Originality/value The findings add to the body of literature which could help similar communities to improve their socioeconomic stability in a just manner for all its members. Policymakers can also take notice of the religio-sociocultural norms at the source of socioeconomic justice within the respective communities to formulate policies conducive to sustaining such norms where necessary.

show abstract

Section: Discussionmentioning

confidence: 99%

Section: Socioeconomic Jusɵcementioning

confidence: 95%

Section: Socioeconomic Jusɵcementioning

confidence: 97%

See 1 more Smart Citation

Religious entrepreneurial communities as a solution for socioeconomic injustice

Javaid

Shamsi

Hyder

2020

JEC

Self Cite

View full text Add to dashboard Cite

show abstract

“…SUA or joint enterprise is an interestingly broad concept of Islamic finance that allows joint contractual ownership and control of all sorts of assets, tangible or intangible, including activities that may give rise to value creation in the future. Javaid (2015) has comprehensively presented institutional arrangements for Shirkat contracts in a Hollingsworth framework. His paper is a worthy read to understand how we can incorporate institutionalism within Islamic finance models with very conventional roots dissimilar to contemporary finance.…”

Section: Literaturementioning

confidence: 99%

Due Diligence and Risk Alleviation in Innovative Ventures—An Alternative Investment Model from Islamic Finance

Jehan

2021

JRFM

View full text Add to dashboard Cite

Risk is a big concern for anyone contemplating investing in new, especially innovative ventures. However, if successful, the returns can be extraordinary, serving as an impetus for many venture capitalists to provide greater funding. Still, many new ventures never see the end of the tunnel, and success stories are scant. The venture capital market is growing, yet many investors feel on edge when investing in new and innovative ventures. This paper is based on field survey data to evaluate the importance of risk and return components of an alternative venture investment approach called diminishing Musharakah (DM). DM has roots in Islamic modes of investment that are more suited for ventures with a higher risk profile. This paper focuses on four key ingredients, i.e., due diligence (DD), flexibility (Flex), moral hazard reduction (MHR), and risk reduction (RR) inherent in this mode of investment. All these components contribute towards the end goal of any investment, i.e., value enhancement (VE). DM is based on investment modes approved by Islamic law, called Shariah, and Islamic jurisprudence, called Fiqh. The analysis and the paper’s results show that the proposed model is perceived as flexible enough to accommodate a wide variety of investment possibilities. The model carries the potential to encourage venture investment through various stages of growth of a venture. The findings are based on original perception data through a field survey across a broad spectrum of banking users who were interested in alternative and Islamic modes of investment. Findings and analysis of the survey data strongly support our connotations. We propose that the Shariah-based investment model presented in this paper will bring a vast new market into play, i.e., the Islamic money market, thus providing greater venture financing possibilities. As a result, we hope that the number of successful venture investment projects will significantly increase over time as we put the proposed investment model into use.

show abstract

“…ribā is defined as a war against Allah and Prophet Muhammad (PBUH) rather than source of economic inequality and injustice. A historical review of Muslim markets also suggests that behavior of traders was not mere determined by economic considerations, but also by social and religious considerations (Javaid, 2015). Therefore, study of a Muslim market, would not just be a study of economic behaviors of traders, but also of the social and spiritual implications of the trade process.…”

Section: Sovereignty Of Capital Sovereignty Of Almighty Allahmentioning

confidence: 99%

The Possibility or Impossibility of Islamization of Knowledge in a Neoliberal Market Order

Javaid

Suri

2020

J. Islam. bus. manag.

Self Cite

View full text Add to dashboard Cite

This paper argues that the project of the Islamization of Knowledge (IoK) has overlooked the role of a neoliberal politicoeconomic order in the knowledge production along with the relation between knowledge and the market established by economic liberalization. So the resulting discourse perhaps inadequately explains the incapacity of contemporary application of Islamic economics and finance to provide a viable alternative to western economic systems, let alone solve socioeconomic problems in Muslim countries. This paper will attempt to cover this inadequacy by explaining the relation between mind, knowledge and market as theorized by Hayek, along with Foucault's perspective power-knowledge nexus. The Hayek's and Foucault's perspective on the relation between state, market, mind and knowledge creates an interesting challenge for IoK because it is not only the issue of reconciliation of the spheres of knowledge, rather free unhampered flow of market is also presumably necessary for the growth of human mind and consequently human knowledge as argued by Hayek and Foucault. The neoliberal-state allows free unhampered flow of the market, subsequently creating knowledge in pursuit of continuous capital accumulation. Production of knowledge, therefore, becomes a mechanism to maintain the hegemony of the neoliberal-state and market, while establishing authority of capital on ontological position of man and society. In this context any intervention in the process of IoK under religious obligation is not just an epistemological, rather a moral impossibility within capitalist discourse. The relationship between the neoliberal-state, market and production of knowledge will enable the scholars of Islamic economics and finance to reassess their strategies pertaining to IoK.

show abstract

The original socio-cultural and economic context for practicing shirkat-ul-aqd

Cited by 9 publications

References 0 publications

Religious entrepreneurial communities as a solution for socioeconomic injustice

Religious entrepreneurial communities as a solution for socioeconomic injustice

Due Diligence and Risk Alleviation in Innovative Ventures—An Alternative Investment Model from Islamic Finance

The Possibility or Impossibility of Islamization of Knowledge in a Neoliberal Market Order

Contact Info

Product

Resources

About