International Journal of Shari'ah and Corporate Governance Research en-US (Managing Editorial Board) (Editorial Assistant) Thu, 22 Oct 2020 00:00:00 +0000 OJS 60 THE ISSUES AND CHALLENGES OF SHARIAH HARMONIZATION OF THE CROSS BORDER TRANSACTIOINS: CONCEPTUAL REVIEW OF ISLAMIC BANKING INDUSTRIES <p><em>The paper aims to identify major’s regulatory challenges are facing in maintaining proper harmonization of Shariah rulings of Islamic Bank across the world in the cross-border activities. The study found that the Islamic banking is confronting challenges to make appropriate rules and regulations for making the common standardized mode of finance to cope up with present market demand for their customer with conventional counterpart base on the Islamic sharia principles. Particularly, in the arena of competing in the global markets and establish unique regulatory institutions for proper harmonization of Shariah rulings of Islamic Banks over the cosmos in the cross-border actions. The study recommends that policymakers are to pay attention to solve the above regulatory issues to face the existing challenges for the smooth financial operation in the future.</em></p> <p><strong>JEL Classification Codes</strong><strong>: </strong>G21, G24, L26, P51.</p> Abul Bashar Bhuiyan, Md. Jafor Ali, K. M. Anwarul Islam, Md. Shahbub Alam, Mohammad Solaiman ##submission.copyrightStatement## Thu, 22 Oct 2020 09:45:49 +0000 ISLAMIC ECONOMICS METHODOLOGY PATTERNS OF REASONING AND THE STRUCTURE OF THEORIES <p><em>In fact, the Islamic economy is a framework that has been extracted from the axiomatic scripture revealed by Allah Almighty S.W.T (The Holy Quran) and religious practices established by Muhammad SAW (Sunnah) to study contemporary economic phenomenon as per Islamic commercial jurisprudence confronting issues like employment, treatment of property, money, production and distribution, taxes, loans, interest (Riba) stability of prices, equitable distribution, growth rate, productivity, consumption of goods and services etc. that make sure maximum benefit (Falah) in a society or at large to the humanity (Ummah). The Islamic economy is not really a new discourse on whether its roots have evolved since the early days of Islamic civilization. Discussions on economic issues from an Islamic perspective started early and have flourished in the Islamic golden age since. However, economic issues are mainly solved by different branches and schools of economics. This raises a wide variety of methodological issues and several problems have been central to methodological reflection concerning economics. However, not much research attempts have been done to survey the origin of Islamic economic thought and portray its evolution towards becoming a discipline in contemporary times with its own body of knowledge and methodology. Therefore, this study is likely to fill this gap and chart the future direction of the discipline will also be highlighted with some evaluations of the current state of the arts.</em></p> Abul Bashar Bhuiyan, Abdul Ghafar Ismail, Abd Halim Mohd Noor, Md. Jafor Ali, Mohammad Solaiman ##submission.copyrightStatement## Thu, 29 Oct 2020 00:00:00 +0000 THE ISLAMIC ECONOMICS PHILOSOPHY AND APPLICATION REALITY IN THE EXISTING ISLAMIC ECONOMIC ACTIVITIES IN THE WORLD <p><em>Islam offers the complete code of human life. It is applicable in every sphere of life, whether business, service or any other occupations. Islamic Economic philosophy simply expounds or refers to philosophical activity within the Islamic paradigm. The main direction of Islamic philosophy provides a complete way of life based on al-Adl and al-Ihsan. The discussion on Islamic economic philosophy issues had started earlier and flourished when Muslim scholars dominated the world scientific development tradition. However, the economic issues are mainly solved by different branches and schools of economics thoughts. Therefore, this paper has an attempt look into the philosophical issues in the area Islamic economics and its comprehensive application in the existing economyall over the world. It is a purely descriptive presentation on the issues of Islamic economic philosophy. The study findings revealed that Islamic economic has a strong philosophical foundation where socioeconomic development can be done based on al-Adl and al-Ihsan. The study also concluded that al-Adl and al-Ihsan would be establish while economic life is directed by not only material motives but also consent of Allah and craving for happy eternal life in the hereafter.</em></p> Abul Bashar Bhuiyan, Abdul Ghafar Ismail, Mohd Zakhiri Bin Nor, Md. Jafor Ali, Mohammad Solaiman ##submission.copyrightStatement## Thu, 29 Oct 2020 00:00:00 +0000