Tourism and Hotels as Asset Class for Investment and Financing from Shariah Perspective

Lahsasna, Ahcene; Inceif, Malaysia

doi:10.26652/cjif.3201813

Cited by 2 publications

(3 citation statements)

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“…An Islamic finance institution is based on Sharia compliance, this lends legitimacy to the Islamic financial products and services provided. Therefore, the scope of Sharia compliancy is not limited to the attestation of fair representation of financial aspects of an organization, but to ensure that Sharia controls are conceptually sound and effective in ensuring Islamic values and Sharia principles of financial transactions (Lahsasna, 2016).…”

Section: Findings and Discussionmentioning

confidence: 99%

Screening of Murabaha business process through Quran and hadith: a text mining analysis

Tlemsani

Marir

Majdalawieh

2020

JIABR

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Purpose This paper revolves around the usage of data analytics in the Qur’an and Hadith through a new text mining technique to answer the main research question of whether the activities and the data flows of the Murabaha financing contract is compatible with Sharia law. The purpose of this paper is to provide a thorough and comprehensive database that will be used to examine existing practices in Islamic banks’ and improve compliancy with Islamic financial law (Sharia). Design/methodology/approach To design a Sharia-compliant Murabaha business process originated on text mining, the authors start by identifying the factors deemed necessary in their text mining techniques of both texts; using a four-step strategy to analyze those text mining analytics; then, they list the three basic approaches in text mining used for new knowledge discovery in databases: the co-occurrence approach based on the recursive co-occurrence algorithm; the machine learning or statistical-based; and the knowledge-based. They identify any variation and association between the Murabaha business processes produced using text mining against the one developed through data collection. Findings The main finding attained in this paper is to confirm the compatibility of all activities and the data flows in the Murabaha financing contract produced using data analytics of the Quran and Hadith texts against the Murabaha business process that was developed based on data collection. Another key finding is revealing some shortcomings regarding Islamic banks business process compliance with Sharia law. Practical implications Given Murabaha as the most popular mode of Islamic financing with more than 75% in total transactions, this research has managed to touch-base on an area that is interesting to the vast majority of those dealing with Islamic finance instruments. By reaching findings that could improve the existing Islamic Murabaha business process and concluding on Sharia compliance of the existing Murabaha business process, this research is quite relevant and could be used in practice as well as in influencing public policy. In fact, Islamic Sharia law experts, Islamic finance professionals and Islamic banks may find the results of this study very useful in improving at least one aspect of the Islamic finance transactions. Originality/value By using a novel, fresh text mining methods built on recursive occurrence of synonym words from the Qur’an and Hadith to enrich Islamic finance, this research study can claim to have been the first of its kind in using machine learning to mine the Quran, Hadith and in extracting valuable knowledge to support and consolidate the Islamic financial business processes and make them more compliant with the i.

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Section: Findings and Discussionmentioning

confidence: 99%

Screening of Murabaha business process through Quran and hadith: a text mining analysis

Tlemsani

Marir

Majdalawieh

2020

JIABR

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“…Second is akhlaq (moral and ethics) such as telling the truth, sincerity and honesty while the last one is fiqh (law) (Lahsasna, 2011). Hence, Shariah covers beliefs and spirituality, ethics and moral as well as laws that regulate all aspects of human's life and relationships.…”

Section: Introductionmentioning

confidence: 99%

“…Lahsasna (2011) defined Shariah as the total sum of Islamic teachings and system, which revealed to Prophet Muhammad, peace be upon him (pbuh), recorded in the Quran as well as deducible from the Prophet's (pbuh) divinely-guided lifestyle called the Sunnah. The Islamic teachings itself is comprehensive and complete, it is not only regulates relationship between man and Allah (God) but also regulates relationship among people, relationship between man and animals as well as environment.…”

Section: Introductionmentioning

confidence: 99%

Application of Three Lines of defense in Islamic Financial Institution

Hakim¹

2017

IJMAR

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Abstract:The underlying principle and concept of Islamic Financial Institution (IFI) is Shariah. Shariah itself consists of aqidah (faith and belief), akhlaq (moral and ethics) and fiqh (law). These three components are the foundation of all IFI's activities, including risk management activities. One of the concepts used in risk management is three lines of defense. The three lines of defense's concept provide a clarity regarding roles and responsibilities of various risk functions within an organization. IFI should adopt the concept of three lines of defense as part of their Enterprise Risk Management framework to strengthen the effectiveness of their risk management function. The author proposes three lines of defense model for an IFI in this paper. The foundation of the proposed model is Shariah while its pillars are knowledge and Islamic culture.

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Tourism and Hotels as Asset Class for Investment and Financing from Shariah Perspective

Cited by 2 publications

References 0 publications

Screening of Murabaha business process through Quran and hadith: a text mining analysis

Screening of Murabaha business process through Quran and hadith: a text mining analysis

Application of Three Lines of defense in Islamic Financial Institution

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