Islamic Banking Transaction and Social Based Crowdfunding During Pandemic: Shariah Analysis on Islamic Financial and Non-Financial Institutions Approaches
This paper is based on an ongoing study titled "Social Based - Crowd Funding in Battling Covid - 19 and Maqasid Shariah: Some Legal and Shariah Observations in Malaysia and Indonesia." The COVID-19 pandemic has been one of the most serious health crises since the turn of the century. The c...
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| Format: | Article |
| Language: | English |
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SEK Education Group
2021
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| Online Access: | https://repo.uum.edu.my/id/eprint/31187/1/UCJC%2022%2005%202021%20461-467.pdf https://doi.org/10.37178/ca-c.21.5.041 |
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| author | Md. Nor, Mohd Zakhiri Rachmawati, Irma Azhar, Alias Yusof, Yuhanif Halim, Rohizan Azrae, Ahmad Nasyran Wan Ahmad, Wan Izzat Sumadikara, T. Subarsyah Turmantar, Firman Sumantry, Deden Mulyadi, Leni Wini Santika, Tisni Septianita, Hesti Md Desa, Md Rejab Saba, Irum Alamaren, Emad Mohammad Hussein |
| author_facet | Md. Nor, Mohd Zakhiri Rachmawati, Irma Azhar, Alias Yusof, Yuhanif Halim, Rohizan Azrae, Ahmad Nasyran Wan Ahmad, Wan Izzat Sumadikara, T. Subarsyah Turmantar, Firman Sumantry, Deden Mulyadi, Leni Wini Santika, Tisni Septianita, Hesti Md Desa, Md Rejab Saba, Irum Alamaren, Emad Mohammad Hussein |
| author_sort | Md. Nor, Mohd Zakhiri |
| collection | UUM |
| description | This paper is based on an ongoing study titled "Social Based - Crowd Funding in Battling Covid - 19 and Maqasid Shariah: Some Legal and Shariah Observations in Malaysia and Indonesia." The COVID-19 pandemic has been one of the most serious health crises since the turn of the century. The corona pandemic has presented Islamic banks with significant challenges in dealing with this pandemic, taking into account, on the one hand, its impact on various economic sectors and regulatory authorities' decisions. However, it appears that Islamic financial institutions are at odds over how to handle Islamic banking transactions, particularly a moratorium between the bank and their clients during the pandemic, as well as the use of social-based crowdfunding activities. This investigation begins with a historical pandemic that afflicted the entire world. The purpose of this paper is to examine the position of Islamic banking transactions and social-based crowdfunding during the pandemic from a Shariah standpoint. This paper also highlights Malaysia's Islamic banking approach to social based financing and social based crowd funding by financial and non-financial institutions during the pandemic. The qualitative research method was used in this paper, which included a library-based research method. A descriptive content analysis method will be used to analyse the data. This paper is significant in that it will add to the body of knowledge and literature on the subject while also providing Shariah's perspective on the status of Shariah's commercial and socially based crowdfunding contracts. The principles of adl and Ihsan appear to have been applied, affecting Islamic banking commercial transactions and social-based crowdfunding contracts. During a pandemic, however, there is a need to strike a balance between the financial stability of the financial institution and the needs of society as a whole. As a result, Shariah parameters must be developed in such a way that financial institutions understand how Islamic commercial transactions and socially based crowdfunding should be treated, particularly during a pandemic |
| first_indexed | 2024-10-01T01:43:57Z |
| format | Article |
| id | uum-31187 |
| institution | Universiti Utara Malaysia |
| language | English |
| last_indexed | 2024-10-01T01:43:57Z |
| publishDate | 2021 |
| publisher | SEK Education Group |
| record_format | eprints |
| spelling | uum-311872024-08-04T04:24:29Z https://repo.uum.edu.my/id/eprint/31187/ Islamic Banking Transaction and Social Based Crowdfunding During Pandemic: Shariah Analysis on Islamic Financial and Non-Financial Institutions Approaches Md. Nor, Mohd Zakhiri Rachmawati, Irma Azhar, Alias Yusof, Yuhanif Halim, Rohizan Azrae, Ahmad Nasyran Wan Ahmad, Wan Izzat Sumadikara, T. Subarsyah Turmantar, Firman Sumantry, Deden Mulyadi, Leni Wini Santika, Tisni Septianita, Hesti Md Desa, Md Rejab Saba, Irum Alamaren, Emad Mohammad Hussein K Law (General) This paper is based on an ongoing study titled "Social Based - Crowd Funding in Battling Covid - 19 and Maqasid Shariah: Some Legal and Shariah Observations in Malaysia and Indonesia." The COVID-19 pandemic has been one of the most serious health crises since the turn of the century. The corona pandemic has presented Islamic banks with significant challenges in dealing with this pandemic, taking into account, on the one hand, its impact on various economic sectors and regulatory authorities' decisions. However, it appears that Islamic financial institutions are at odds over how to handle Islamic banking transactions, particularly a moratorium between the bank and their clients during the pandemic, as well as the use of social-based crowdfunding activities. This investigation begins with a historical pandemic that afflicted the entire world. The purpose of this paper is to examine the position of Islamic banking transactions and social-based crowdfunding during the pandemic from a Shariah standpoint. This paper also highlights Malaysia's Islamic banking approach to social based financing and social based crowd funding by financial and non-financial institutions during the pandemic. The qualitative research method was used in this paper, which included a library-based research method. A descriptive content analysis method will be used to analyse the data. This paper is significant in that it will add to the body of knowledge and literature on the subject while also providing Shariah's perspective on the status of Shariah's commercial and socially based crowdfunding contracts. The principles of adl and Ihsan appear to have been applied, affecting Islamic banking commercial transactions and social-based crowdfunding contracts. During a pandemic, however, there is a need to strike a balance between the financial stability of the financial institution and the needs of society as a whole. As a result, Shariah parameters must be developed in such a way that financial institutions understand how Islamic commercial transactions and socially based crowdfunding should be treated, particularly during a pandemic SEK Education Group 2021 Article PeerReviewed application/pdf en https://repo.uum.edu.my/id/eprint/31187/1/UCJC%2022%2005%202021%20461-467.pdf Md. Nor, Mohd Zakhiri and Rachmawati, Irma and Azhar, Alias and Yusof, Yuhanif and Halim, Rohizan and Azrae, Ahmad Nasyran and Wan Ahmad, Wan Izzat and Sumadikara, T. Subarsyah and Turmantar, Firman and Sumantry, Deden and Mulyadi, Leni Wini and Santika, Tisni and Septianita, Hesti and Md Desa, Md Rejab and Saba, Irum and Alamaren, Emad Mohammad Hussein (2021) Islamic Banking Transaction and Social Based Crowdfunding During Pandemic: Shariah Analysis on Islamic Financial and Non-Financial Institutions Approaches. UCJC Business and Society Review, 22 (5). pp. 461-467. ISSN 2659-3270 https://journals.ucjc.edu/ubr https://doi.org/10.37178/ca-c.21.5.041 https://doi.org/10.37178/ca-c.21.5.041 |
| spellingShingle | K Law (General) Md. Nor, Mohd Zakhiri Rachmawati, Irma Azhar, Alias Yusof, Yuhanif Halim, Rohizan Azrae, Ahmad Nasyran Wan Ahmad, Wan Izzat Sumadikara, T. Subarsyah Turmantar, Firman Sumantry, Deden Mulyadi, Leni Wini Santika, Tisni Septianita, Hesti Md Desa, Md Rejab Saba, Irum Alamaren, Emad Mohammad Hussein Islamic Banking Transaction and Social Based Crowdfunding During Pandemic: Shariah Analysis on Islamic Financial and Non-Financial Institutions Approaches |
| title | Islamic Banking Transaction and Social Based Crowdfunding During Pandemic: Shariah Analysis on Islamic Financial and Non-Financial Institutions Approaches |
| title_full | Islamic Banking Transaction and Social Based Crowdfunding During Pandemic: Shariah Analysis on Islamic Financial and Non-Financial Institutions Approaches |
| title_fullStr | Islamic Banking Transaction and Social Based Crowdfunding During Pandemic: Shariah Analysis on Islamic Financial and Non-Financial Institutions Approaches |
| title_full_unstemmed | Islamic Banking Transaction and Social Based Crowdfunding During Pandemic: Shariah Analysis on Islamic Financial and Non-Financial Institutions Approaches |
| title_short | Islamic Banking Transaction and Social Based Crowdfunding During Pandemic: Shariah Analysis on Islamic Financial and Non-Financial Institutions Approaches |
| title_sort | islamic banking transaction and social based crowdfunding during pandemic shariah analysis on islamic financial and non financial institutions approaches |
| topic | K Law (General) |
| url | https://repo.uum.edu.my/id/eprint/31187/1/UCJC%2022%2005%202021%20461-467.pdf https://doi.org/10.37178/ca-c.21.5.041 |
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