Muslims in South Africa live within the framework of a Western economy in which the notion of interest plays a pivotal role. This system does not seem to comply with the strict interpretation of Islamic law, since the Quran prohibits any dealings on the basis of interest and strongly condemns those who continue to deal in interest-based transactions, warning them of a “notice of war from Allah and His Apostle”. Muslims are therefore faced with the dilemma of either participating in the current prevailing economic system and thereby violating the Quranic injunctions prohibiting interest or Riba, or completely withdrawing from participation in this system and conducting their business transactions in accordance with Islamic injunctions. This study is an attempt to examine whether an Islamic banking enterprise within the greater Tshwane area could survive and even flourish in the long term if it were operating within the parameters of Islamic law, thus in the absence of the interest factor. The research methodology employed was that of qualitative research, and the study consists of both a literature and an empirical study. It became evident from the literature review that a bank’s survival within the Western economic order depends on the confidence that its depositors have in it. In an Islamic economic system the ethical and legal components distinguish it from other systems. The most striking feature of the Islamic banking environment is the so-called profit and loss sharing system (PLS). The literature study was complemented by an empirical study. Respondents were interviewed in three categories: Muslim businessmen, Islamic bankers and Islamic religious leaders. An analysis of data from the respondents revealed that they were of the opinion that there was a need for an Islamic bank in order to avoid any interest-based dealings and to operate strictly in accordance with Islamic law and principles. Based on the literature and field study a simple model of an Islamic banking enterprise was constructed which could function within the greater Tshwane area and within the South African economic context, but which would be based on Islamic Shariah principles. In constructing this model due cognisance was taken of the fact that it would prove to be a very difficult task to amend existing banking laws to provide for the easy entry and functioning of an Islamic bank. Based on the literature and empirical study it was concluded that to provide for the easy entry and functioning of an Islamic banking enterprise, it should not be structured or named as a bank but rather as a finance company which would then be able to offer most of the services that are offered by traditional banks but without having to comply with the strict regulations as applicable to traditional banks. The dissertation’s final conclusion and recommendation was thus that an Islamic bank should operate not as a bank but as a finance company, thereby accomplishing its pivotal role to enable Muslims to use these indispensable services successfully while complying wholly with Islamic Shariah law. / PhD (Business Management), North-West University, Vaal Triangle Campus, 2013

Saudi Arabia and Islam have had a very close relationship since the establishment of Saudi Arabia. Thus, Saudi Arabia chose Islam to govern all its laws. Since 1952, with the discovery of oil, the country has witnessed a huge development including the establishment of the Saudi Arabian Monetary Authority (SAMA) as a Central Bank. SAMA was expected to only allow financial activities that did not conflict with the teachings of Islamic law, as stated in its Charter. However, since its existence, SAMA has supervised and licensed conventional banks that charge Riba (interest or usury) and all the regulations made by SAMA have been designed to deal with conventional banks. Consequently, there is a difference between the law, Islamic law, and the practice. Over the years a dramatic improvement in Islamic finance has been realised. Many countries and international organisations that specialised in Islamic finance have set especial regulations that suit such finance. Nonetheless, Saudi Arabia as a regulatory body preferred not to join this trend and continued adopting and practising the same regulations that were made for conventional finance. This thesis seeks to develop the regulatory framework towards Islamic finance by sheding light on the legal challenges and difficulties that may encounter Islamic finance in Saudi Arabia, which may prevent the Kingdom of Saudi Arabia from being the leading country for developing Islamic finance. To help in identifying these challenges, an Islamic financial product Sukuk (Islamic bonds) is chosen to be a case study to show some of the challenges in practice. The thesis firstly discusses Islamic principles toward finance, then the legal environment of Saudi Arabia and how Islamic finance is practised in the Kingdom. It then introduces the new development in the legal environment in response to the Saudi Vision 2030 which can be a tool to help solving the obsricales that Saudi Arabia is encountering. Then the thesis discusses some challenges related to sharia boards in financial institutions, such as not having sharia governance as part of the corporate governance of financial institutions that market their products as being compliant with sharia law; in addition, the absence of a Central Sharia Board that should help in ensuring the conformity of financial products to sharia law. The thesis proposes that the regulators should develop and adopt especial regulations framework that could help the development of Islamic finance. The thesis defines Sukuk and shows how it differs from other financial instruments in conventional finance. Then, it identifies some of the challenges that face Sukuk and its development in the country. Moreover, it looks at a very recent development in the Saudi legal system, which is in response to the Saudi Vision 2030 and the recent interest that was shown by decision-makers, such as the Chairman of the CMA, the Minister of Commerce and Industry, the Deputy Minister for Internal Trade, and also both the Governor and Vice-Governor of the SAMA, in response to the Vision 2030 which could contribute to the development of Islamic finance. As far as the researcher is aware, hardly any studies have addressed this issue with respect to the new development that Saudi Arabia is currently witnessing in response to the Saudi Vision 2030 and the recent developments taking place in neighbouring countries which broadly share similar cultural and religious values. Finally, the thesis proposes some recommendations to develop Islamic finance including some guidelines for establishing a Central Sharia Board, and also, a sharia supervisory governance for Islamic financial institutions which should have a positive effect on Islamic finance in the country.

There is a legal separation in Jordan between Sharia' (Islamic) Law and Civil Law. Both types of law come together to create criminal law that has a negative effect on women's rights. Laws in Jordan are evolving in the right direction but are not going far enough to protect women from violence. This study explores the issues of violence against women in Jordan through a study the Jordanian legal system and the experience of women who suffer violence. The working of the Jordanian justice system is presented by analysing the responses of state and non-state institutions dealing with violence against women. Included in the research is an analysis of feminist concerns with the law and the position of women in society. My concern is with the way in which women's inferior position impacts on their experience of violence and their ability to obtain redress and access protection. The methods used to complete this study included qualitative data collections such as field observations, and semi-structured participant interviews. It also extended to archival work in which I studied official reports and public policies on VAW. My study attempts to explain the structure of gender relations and women's experiences of violence in the context of Jordanian society by using feminist theory. The empirical work conducted in Jordan considered the effectiveness of law in serving victims. Further analysis considers how the Jordanian socio-economic and legal environment influences women's decisions on whether to seek help. The research found that there is a need to introduce better-developed law accompanied by additional policy measures to affect an essential change in attitudes. This requires changing some laws and policy programmes to increase awareness of legal rights. Additionally, I will suggest that applying Islamic law to women's rights can also give women more freedom and provide them with additional opportunities to access protection. The research identified a need for coherence between Civil and Sharia' (Islamic) Law in developing civil and criminal remedies which would align Jordan's domestic law to its international obligations.

<p>Human rights as codified in international documents are claims every human being have by virtue of being a human. Meaning that every state must ensure, through its laws, that each individual is guaranteed these claims or rights equally. Islamic principles like other religions are obligations that its members (Muslims) must perform rather than claims. Therefore, it is possible that individual rights may not be respected within Islamic principles because, of the differences in their origin and emphasis, one is a claim and the other a duty of believers.</p><p>The concern of violating rights of other people within Islamic law calls into attention how Islamic principles can be applied in a state while guaranteeing human rights as universal principles.</p><p>This study discusses various approaches proposed by Muslim authors on how human rights can be justified in Islam. Since human rights are political concepts, in the sense that each state must ensure that human beings go about their life freely, they should be the focus of consensus among different doctrines in a modern state. That is a principle to justify human rights in Islam must consider the fact of pluralism of religious doctrines and how all are included in the political process of the state.</p>

Human rights as codified in international documents are claims every human being have by virtue of being a human. Meaning that every state must ensure, through its laws, that each individual is guaranteed these claims or rights equally. Islamic principles like other religions are obligations that its members (Muslims) must perform rather than claims. Therefore, it is possible that individual rights may not be respected within Islamic principles because, of the differences in their origin and emphasis, one is a claim and the other a duty of believers. The concern of violating rights of other people within Islamic law calls into attention how Islamic principles can be applied in a state while guaranteeing human rights as universal principles. This study discusses various approaches proposed by Muslim authors on how human rights can be justified in Islam. Since human rights are political concepts, in the sense that each state must ensure that human beings go about their life freely, they should be the focus of consensus among different doctrines in a modern state. That is a principle to justify human rights in Islam must consider the fact of pluralism of religious doctrines and how all are included in the political process of the state.

Muslims in South Africa live within the framework of a Western economy in which the notion of interest plays a pivotal role. This system does not seem to comply with the strict interpretation of Islamic law, since the Quran prohibits any dealings on the basis of interest and strongly condemns those who continue to deal in interest-based transactions, warning them of a “notice of war from Allah and His Apostle”. Muslims are therefore faced with the dilemma of either participating in the current prevailing economic system and thereby violating the Quranic injunctions prohibiting interest or Riba, or completely withdrawing from participation in this system and conducting their business transactions in accordance with Islamic injunctions. This study is an attempt to examine whether an Islamic banking enterprise within the greater Tshwane area could survive and even flourish in the long term if it were operating within the parameters of Islamic law, thus in the absence of the interest factor. The research methodology employed was that of qualitative research, and the study consists of both a literature and an empirical study. It became evident from the literature review that a bank’s survival within the Western economic order depends on the confidence that its depositors have in it. In an Islamic economic system the ethical and legal components distinguish it from other systems. The most striking feature of the Islamic banking environment is the so-called profit and loss sharing system (PLS). The literature study was complemented by an empirical study. Respondents were interviewed in three categories: Muslim businessmen, Islamic bankers and Islamic religious leaders. An analysis of data from the respondents revealed that they were of the opinion that there was a need for an Islamic bank in order to avoid any interest-based dealings and to operate strictly in accordance with Islamic law and principles. Based on the literature and field study a simple model of an Islamic banking enterprise was constructed which could function within the greater Tshwane area and within the South African economic context, but which would be based on Islamic Shariah principles. In constructing this model due cognisance was taken of the fact that it would prove to be a very difficult task to amend existing banking laws to provide for the easy entry and functioning of an Islamic bank. Based on the literature and empirical study it was concluded that to provide for the easy entry and functioning of an Islamic banking enterprise, it should not be structured or named as a bank but rather as a finance company which would then be able to offer most of the services that are offered by traditional banks but without having to comply with the strict regulations as applicable to traditional banks. The dissertation’s final conclusion and recommendation was thus that an Islamic bank should operate not as a bank but as a finance company, thereby accomplishing its pivotal role to enable Muslims to use these indispensable services successfully while complying wholly with Islamic Shariah law. / PhD (Business Management), North-West University, Vaal Triangle Campus, 2013

This study will examine if Akhuwat provides a sustainable Islamic interest-free Microfinance model for potential poverty alleviation. This question is particularly complicated for an organization that relies so heavily on subsidies. Theoretical debates of sustainability and the recognition of donations, cross-market comparisons, and data from audit reports will validate Akhuwat’s potential for long term sustainability. Analysis also highlights the discrepancies that plague this opaque industry.

This study explores the concept of accountability in Islamic Banks (IB), which may achieve through disclosure. It aims to measuring the bank’s disclosure levels which contains Sharia, Social and Financial (SSF) as well as determinants and consequences of this disclosure. It moreover aims to identify the gap between Islamic banks’ board and stakeholders concerned with the accountabilities priorities of IBs. To achieve these objectives the researcher conducted six empirical studies. The first three empirical studies uses content analysis to measuring compliance level with Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) standards as well as measuring the and sharia, social and financial disclosure (SSFD). It furthermore adopts Ordinary Least Squares (OLS) to identify the determinants of SSF reporting related to firm characteristics and corporate governance of Board of Directors (BOD) and Sharia Supervisory Board (SSB). The fourth empirical study uses the same method (manual content analysis) and OLS to measuring the economic consequences of SSFD on the firm value through testing the impacts of disclosure on market capitalization and return on assets. The fifth empirical study adopts questionnaire as well as Structural Equation Modelling (SEM) to measures the non-economic consequences of SSFD though surveying the perceptions of stakeholders who deal with IBs about the increasing SSFD on loyalty; trust and satisfaction. Finally, the sixth empirical study uses questionnaire to explore the consequences of SSF practices on the perceptions 600 stakeholders who deal with IBs and non-customers who do not deal with IBs. Highlighting the distinctions between economic and non-economic consequences of disclosure in the study enables the researcher to obtain greater insights into the implications of SSF reporting. Moreover, exploring accountability practices from different viewpoints (management, stakeholders and non-customers) and based on different methods (content analysis and questionnaire) allows the researcher to obtain greater insights into IBs accountabilities’ practices. This study provides several interesting findings. With regard to the disclosure and compliance levels, the study finds a variation between IBs in the number of SSFs disclosed, with a notably low level of non-financial reporting (Sharia and social). It also finds high compliance level with AAOIFI standards related to financial and Sharia reporting and low compliance levels with social reporting requirements. Concerning with the determinants of disclosure; the analysis shows positive significant association of disclosure levels with existing Sharia auditing department; auditor; size and profitability. It also finds that corporate governance mechanisms play an important role in improving SSF reporting. The analysis indicates that corporate governance mechanism of board of directors (BOD) as well as Sharia supervisory board (SSB) are the main determinants behind the disclosure levels for IBs such as SSB size, SSB reputation; BOD independence, duality in position and ownership structure. Concerned with the economic consequences of disclosure, the study finds that Sharia, social and overall disclosures have a positive impact on Firm Value (FV) based on the accounting-based measure (ROA). It moreover finds that Sharia and overall disclosure has a positive significant impact on the FV based on market-based measure (Market Capitalization). It argues that the association between disclosure and FV is sensitive to the category of disclosure and the proxy employed for FV. Consequently, the study provides evidence that the SSF disclosures not derived from the same factors, and both have a different impact on firm value. With regard to the non-economic consequences of disclosure, the results indicate that there is a significant association between disclosure and stakeholders’ trust, satisfaction, and loyalty. The results furthermore indicate that there is a partial mediating of trust and satisfaction in the relationship between disclosure and loyalty. A pyramid of IBs’ accountabilities from stakeholders’ perspectives shows the importance of Sharia, then financial and social accountability for both stakeholders and non-customers. It moreover shows that the main criterion of stakeholder’s selection of IBs was Sharia, financial then social factors. Stakeholders who deal with IBs are satisfied about the practices of these banks. Both of groups believe that IBs may guide by Sharia, financial then social objectives. The results identifies gap between the orientation of IBs’ board based on the disclosure and orientation of stakeholders and non-customers based on their perceptions towards SSF accountability. The main originality for this study is measuring SSFD for most of Islamic banks around the world from different perspectives and methods as well as identifies the main determinants and consequences of this disclosure. These results have several implications for regulators, policy makers, managers, IBs, investors, FASB and AAOIFI. For instance, the present study has revealed that disclosure of SSFs - especially non-financial ones - was limited in many annual reports as well as websites. Therefore, regulatory bodies may identify a minimum level of SSFs to publish by each IB. The study has crucial implications to how IBs may improve its Sharia compliance disclosures to create a competitive advantage. The present study is one of the first to investigate the determinants and consequences for SSF disclosure for IBs based on a holistic model. Moreover, the current study is one of the first to investigate the non-economic consequences for corporate disclosure. The current study has some limitations, in either sample or data; disclosure indices; approach; or in its research methodology, which have to consider as potential avenues for future research.

Human Rights: Universality vs. Regionalism Jalal Naji Abstract The basic idea of the existence of certain rights that human beings are entitled to has been present, in some form or another, throughout the history of mankind long before their universal recognition and codification in 1948. The revolutionary work of the United Nations in adopting the Universal Declaration of Human Rights (UDHR) in 1948 was the coronation and completion of all the earlier attempts of mankind in identifying the safeguards of humanity. Of course, the current shape, structure and context of international modern-day human rights never existed on the international sphere before 1948 as all the earlier efforts to identify human rights can be characterized as sporadic, localized, flawed, incomprehensive and even discriminatory as they only recognised certain rights to particular categories of people, such as ascribing rights only for citizens, for believers of a religion, or only for freemen and aristocrats. Conversely, UDHR's human rights standards are ascribed to everyone without discrimination. The foundation of international human rights is premised on the universality concept which indicates that all human beings are equal and that human rights are universally enjoyed by all mankind without discrimination. However, this majestic...

On August 15, 2021, the Taliban entered the Afghan capital, Kabul, and a new period in Afghanhistory began. Fear of return to the former Taliban regime in the 1990s spread. However, the Taliban promised that women's rights would be respected. Their rights would be respected within the framework of the Islamic Sharia law. Women would have a place in society and access to work and education. Despite their promises, the Taliban soon began restricting women's rights.The purpose of this essay is to examine the Taliban's understanding of Sharia and see what view of women it results in. The essay also intends to clarify whether this view includes rights for women. The Taliban's understanding is examined from a rights perspective and through a critical perspective. A qualitative hermeneutic methodology is the basis for the thesis method, this method refers to understandings and interpretations. Additionally, 3 deep structured interviews were conducted and constitutes an important part of the essay.The study shows that the Taliban's understandings are strongly rooted in local traditions of Pashtun communities. Much of The Taliban's view of women comes from traditional Pashtun societies, and a lot of what they call Sharia is in fact taken from the Pashtun code of honour, Pashtunwali. The Taliban declare that they endorse Human Rights and believe that both men and women have rights, but that the rights appear different