Invest Journal of Sharia & Economic Law

Diagnosing Qur’ānic Precepts on Wealth Creation in Digital Age

Sidiq Uthman Okanlawon — 2024-06-30

This study examines how Islamic economic principles can provide guidance for ethical wealth creation, protection, and distribution in the rapidly evolving digital economy, particularly in the face of cybercrime and financial scams. The research investigates the adaptability of Islamic teachings to digital economic activities, emphasizing the importance of lawful enterprise and social responsibility. The study employs qualitative analysis of Qur'anic precepts, Hadiths, and contemporary Islamic scholarship. The findings reveal that Islamic wealth management principles are not only compatible with but also vital for navigating the complexities of the digital age. These principles advocate for ethical earning, robust protection of wealth through cybersecurity measures, and the socially responsible distribution of wealth. The study emphasizes the necessity for precise legal frameworks that align with Islamic ethical standards in digital commerce, alongside a strong emphasis on education regarding digital economic activities within an Islamic framework. Engaging in the digital economy under Islamic guidelines is feasible and advantageous, highlighting the critical role of international cooperation among Muslim countries to combat cybercrime and ensure a secure, equitable digital economic environment. This approach fosters economic resilience and social welfare in accordance with Islamic values.

Corruption In Morocco-A Sectorial Analysis

Issam Igbida — 2024-06-30

Corruption, a pervasive socio-economic problem, has a significant impact on Morocco, reflecting a global challenge that undermines trust in public institutions and hinders development. This phenomenon, often defined as the abuse of public power for private gain, results in widespread citizen distrust of their government and public institutions. Recognizing the critical need to address this issue, Morocco has implemented various strategies and reforms at the institutional and civil society levels to combat corruption. Our study aims to provide a sectoral analysis of corruption in Morocco, assessing the prevalence of corrupt practices and the effectiveness of anti-corruption measures put in place. Using a descriptive methodology, our research relies on secondary data from various databases, including Transparency International's Corruption Perceptions Index (CPI) from 2004 to 2023. This index provides a longitudinal perspective on how perceptions of corruption have evolved in Morocco over the years and serves as a key indicator of the effectiveness of anti-corruption efforts. Our findings indicate that despite these efforts, corruption remains entrenched in several sectors, suggesting that the strategies adopted have not yet succeeded in significantly changing the corruption landscape. This analysis underscores the complexity of fighting corruption in Morocco and highlights the need for continued efforts and innovative strategies to effectively address this endemic problem.

Financial Inclusion in Muslim-Majority Countries: Overcoming Economic and Social Challenges Through Islamic Lending

Ramzi Abdullah Ahmed Hassan — 2024-06-30

This study explores the impact of Islamic loans on promoting financial inclusion and addressing socio-economic issues in Muslim-majority countries. It compares Islamic loans with other financial instruments to demonstrate their contribution to creating an inclusive financial system.The research analyzes the challenges associated with using Islamic loans to enhance financial inclusiveness and mitigate economic and social challenges. The research explores the unique characteristics of Islamic loans and their impact on financial accessibility, savings, credit availability, and comprehensive banking services through a comparative descriptive methodology, including a literature review and data analysis. The study's findings reveal that Islamic finance presents opportunities for financial inclusion. However, there are several obstacles that need to be addressed, including regulatory and legal frameworks, scalability issues, global integration, public awareness, and technical accessibility. To promote the adoption of Islamic finance and advance financial inclusion, collaboration among regulatory bodies, financial institutions, legislators, and the public is crucial. Further research and the development of effective strategies are necessary to promote financial inclusion in the Islamic economy.

Fiqh al-Bī'ah and the Concept of Green and Blue Economy for Achieving Sustainable Development in the Context of SDGs

Eny Latifah — 2024-04-06

This study aims to explore existing literature on Fiqh al-Bī’ah's role in the Green and Blue Economy concepts to achieve Sustainable Development, specifically examining implementation, principles, roles, and objectives aligned with Maqāṣid al-Sharī‘ah. The literature review identified two primary themes: first, the SDGs' foundational principles within the green and blue economy frameworks, and second, Fiqh al-Bī’ah's viewpoint on these economic models. The findings demonstrate the enactment of green and blue economies through SDGs Principles, incorporating people as principal agents in upholding and executing the green and blue economy to realize SDGs across multiple facets, including environmental, social, economic, and legal governance; Planet, which entails diverse measures to safeguard the earth from degradation in terrestrial, marine, and aerial realms; Prosperity, highlighting efforts towards achieving prosperity through economic, social, and technological initiatives; Peace, emphasizing endeavors towards establishing peace, justice, and an inclusive society free from fear and violence, alongside securing environmental safety; and Partnership, involving collaborative efforts in global development with both government and non-government entities to maintain and conserve the environment. Additionally, Fiqh al-Bī’ah in the Green Economy is characterized by safeguarding the body and soul, aligning worldly and afterlife goals, ensuring balanced production and consumption, preserving ecosystem equilibrium, upholding the dignity of all beings, and humans fulfilling their stewardship on earth. The Blue Economy includes Zero Waste, ecosystem protection, promoting environmental cleanliness and friendliness, resource utilization efficiency, and encouraging social inclusiveness and employment creation.

Budgeting From an Islamic Green Economy Perspective in Local Development

Yutisa Tri Cahyani — 2023-12-09

Global climate change and environmental problems significantly threaten the Earth's ability to support human needs and well-being. This crisis is exacerbated by increased economic development activities that rely heavily on the exploitation of natural resources. Indonesia, facing similar challenges, requires the implementation of a sustainable and environmentally friendly economic model. This study examines budgeting in the context of local government budget documents and regional development reports, focusing on the integration of green economic principles in the Mataraman region of East Java, Indonesia. Using a qualitative approach, the research examines local government budget and economic development reports from Madiun City and Ponorogo Regency. It involves a comprehensive analysis of both primary and secondary sources related to local development and budgeting. The findings aim to contribute to the promotion and acceleration of green economic development in the region, thereby influencing the allocation of resources to foster an inclusive and prosperous community.