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6 th International Conference on Islamic Jurisprudence 2017 (ICIJ2017) “Towards Maqasid-Base Good Governance in Policies and Management from Wasatiyyah Perspective” Tabung Masjid Management of mosques is regulated by state religious administration law. Conventional approach to this issue is only an idea and would remain as an idea. The study argues that the compliance approach is necessary at the operations level but not at the corporate level. A case study method on a few selected mosques found that the finance committee has no choice but to abide by the existing regulations. In the meantime to use innovative way through specific fund raising to address social issues is not sufficiently explored. The study recommends that Tabung Masjid management should use creative way of increasing the value of the fund within the Shariah compliant spirit. Keyword: Financial reporting, Masjid management, Maqasid al-Shariah. PERCEPTION OF IIUM STAFF TOWARDS ETHICALITY OF ISLAMIC BANKING PRODUCTS AND SERVICES IN THE LIGHT OF MAQASID AL- SHARI‘AH Nor Sazwana Sumairi Department of Quran & Sunnah Studies International Islamic University Malaysia sazwana44@gmail.com Dr. Muhammad Adli Musa Department of Quran & Sunnah Studies International Islamic University Malaysia adlimusa@iium.edu.my Dr. Nadzrah Ahmad Department of Quran & Sunnah Studies International Islamic University Malaysia anadzrah@iium.edu.my Ethics is a discipline that deals with “the science of conduct”, which is concerned with two opposing dimensions of moral action such as right or wrong, good or bad, and virtue or vice. In the context of Islamic finance, ethics has become a vital component in the financial services sectors in order to provide “value” for consumers. Unfortunately, the current practices of Islamic financial institutions have been criticised for their failure to promote such values. The products and services offered by Islamic financial institutions must meet the requirement of the shari’ah, where all transactions are free of any illegal and unethical elements. There are numerous Qur’anic injunctions and Prophetic traditions concerning ethical principles pertaining to Islamic finance, particularly those related to ethics of business transactions. Ethics should be uncompromisingly infused in financial transactions to curb corruption, injustice, and exploitation, and this is all consistent with objectives of the Shari’ah (maqÉÎid al - SharÊ‘ah). This study employs a quantitative method by surveying consumer perception on the ethicality and “Islamicness” of Islamic finance products and services through a structured questionnaire comprising close-ended questions. It is thus important to educate consumers about ethical finance, enhance ethicality of Islamic finance through specific standards, and encourage Islamic financial institutions to demonstrate their commitment and efforts in providing added values to consumers. Keywords: Ethics, financial transaction, Islamic Finance, products and services, consumer perceptions. 58
6 th International Conference on Islamic Jurisprudence 2017 (ICIJ2017) “Towards Maqasid-Base Good Governance in Policies and Management from Wasatiyyah Perspective” MAQASID AL-SHARI’AH AND ONLINE BANKING SYSTEM: IMPLICATIONS FOR SERVICE DELIVERY Nabil Belloa Institute of Islamic Banking and Finance International Islamic University Malaysia nabilbello@gmail.com Must. Fahinur Haqueb Institute of Islamic Banking and Finance International Islamic University Malaysia Dr. Adewale Abideen Adeyemic Institute of Islamic Banking and Finance International Islamic University Malaysia One of the Shari’ah requirements in all forms of transactions is realising maqasid al- Shari’ah. Modern online banking system is very common to everyone that is considered as a category of umum al-balwa (common practice), which enhances security, ease of use, trust and cost implications. Using secondary sources, this study uses maqasid al-Shari’ah as the framework to explicate the ideal practice of online banking in service delivery in order to realize maqasid al-Shari’ah. While Islam places more importance on the essential needs, online banking should also be encouraged to provide essential services to customers and to remove hardship in financial transactions. Banks should hence desist from causing any harm through either charging hidden fees or causing more confusion to their clients or even devising deceptive means to devour into riba. Instead, banks should use this to introduce services that promote the realization of maqasid al-Shari’ah. THE APPLICATION OF MAQASID AL-SHARIAH: WASATIYYAH AS A SIGNIFICANT ASPECT IN BANKER-CUSTOMER RELATIONSHIP IN THE MALAYSIAN ISLAMIC BANKS Noor Mahinar Binti Abu Bakar Ahmad Ibrahim Kulliyyah of Laws International Islamic University Malaysia mahinarab@yahoo.com Prof. Dr. Norhashimah Binti Mohd Yasin Civil Law Department International Islamic University Malaysia norhashimah@iium.edu.my The banker-customer relationship is a contractual relationship based on the contract between Islamic banks and its customers. Terms and conditions form an integral part of the banking contract. They set the standards which gives rise to important legal rights and obligations of contracting parties. The terms are quite standard in the Islamic banking context and commonly applied to facilitate banking efficiency. However, these standardized contract are essentially ‘take it or leave it’ contract where all or most of the terms cannot be negotiated, subsequently creating the potential for Islamic banks with the economic strength to exploit the contract. These adhesion contracts are criticized for the unequal bargaining power of parties whereby the customer clearly wields the weaker bargaining power. Unequal bargaining power may result in significant imbalance between rights and obligations in banker-customer relationship. The target of developing this research is to observe the terms and conditions which is detrimental to the imbalance of the rights and obligations of contracting parties in Islamic banking contracts and those that might have Shariah implications. This paper 59
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