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“Shari’ah Screening Methodology - New Shari’ah Compliant Approach”

Year 2018, Volume: 4 Issue: 3, 83 - 101, 30.11.2018
https://doi.org/10.25272/ijisef.439177

Abstract

The purpose of this paper is to address to a long-standing criticism of the various Shari’ah screening methodologies implemented by Islamic index providers. This study aims to provide evidences derived from the Islamic sources (Qur’an and Sunnah) and offers a potential solution for the harmonization of Shari’ah screening methodologies. Strong evidences from the Qur’an reveal that the most righteous and fair judgment is provided when the only factors that are considered are the entirely endogenous factors. This study further emphasizes the importance of using a screening methodology that supports the main notions of Islamic finance as a whole, and adheres to the essence of the ayah (Al-Baqarah: 275). This study exhibits a potential towards the harmonization of Shari’ah screening methodologies which encourages the participation of Muslim investors by ensuring better awareness and confidence regarding stock investments. This paper fulfils an identified need to study how Shari’ah screening methodologies can be derived from the Islamic sources yet is based on “out-of-the-box” thinking.

References

  • Adam, N. L., & Bakar, N. A. (2014). Shariah Screening Process in Malaysia. Procedia - Social and Behavioral Sciences, 121, 113–123.
  • Al-Bashir, M. (n.d.). Comments of Muhammad Al-Bashir Muhammad Al-Amine on Reviewing the Concept of Shares: Towards Dynamic Legal Perspective by
  • Faizal Ahmed Manjoo. Available at: http://www.kantakji.com/media/163527/file521.pdf
  • Derigs, U., & Marzban, S. (2008). Review and analysis of current Shariah compliant equity screening practices. International Journal of Islamic and Middle Eastern Finance and Management, 1(4), 285–303.
  • Donia, M. and Marzban, S. (2008b). Identifying Shariah-Compliant Equities a Challenging Task, Global Islamic Finance. Available at: http://www.global-islamic-finance.com/2008/11/identifying-shariah-compliant-equities.html.
  • FTSE Shariah Gloval Equity Index Series. (2015). FTSE Factsheet, (11), 1–5.
  • Gamaleldin, F. M. (2015). Shariah-Compliant Stocks Screening and Purification. Research Gate, (October), 1–44.
  • Grais, W., & Pellegrini, M. (2006). Corporate Governance And Shariah Compliance In Institutions Offering Islamic Financial Services. Policy Research Working Papers. The World Bank.
  • Htay, S. N. N., Abedeen, Z., & Salman, S. A. (2013). Towards Standardization of Shari’ah Screening Norms and Practices. International Journal of Humanities and Social Science Invention, 2(11), 23–30.
  • Khatkhatay, M. H., & Nisar, S. (2007). Shariah Compliant Equity Investment: An Assessment of Current Screening Norm. Islamic Economic Studies, 15(1), 47–76.
  • Mian, K. (2014). Shariah screening and Islamic equity indexes. In Islamic Finance: A Practical Guide (p. 200).
  • Mian, K. M. A. (2008). Shariah Screening and Islamic Equities Indices. Islamic Finance News, 5(17).
  • Qasmi, M. M. K. (n.d.). Does Islam permit critical thinking?
  • Sani, N., & Othman, R. (2013). Revision of Shari’ah screening methodology: The status of Shari’ah compliant companies in Malaysia. International Conference On Management.
  • Standard & Poor’s. (2015). Dow Jones Islamic Market Indices Methodology, (July), 1–43.
  • Sukri Ramlee, Mohd. (2012) Shariah Stock screening Methodology, [online], Available at: http://islamicbanking2u.blogspot.de/2012/06/shariah-stock-screening-methodology.html?q=Screening+Methodology.
  • Tversky, A., & Kahneman, D. (1981). The framing of decisions and the psychology of choice. Science, 211, 453-458.
  • Welch, I. (2011). Two Common Problems in Capital Structure Research: The Financial-Debt-To-Asset Ratio and Issuing Activity Versus Leverage Changes. International Review of Finance, 11(1), 1–17.
  • Zandi, G., Razak, D. A., & Hussin, N. H. (2014). Stock market screening: An analogical study on conventional and shariah-compliant stock markets. Asian Social Science, 10(22), 270–279.

Fıkhi Filtreleme Metodolojisi - Yeni Bir Fıkhi Yaklaşım *

Year 2018, Volume: 4 Issue: 3, 83 - 101, 30.11.2018
https://doi.org/10.25272/ijisef.439177

Abstract

Bu çalışmanın ana amacı halihazırda çeşitli kurumlar tarafından uygulanan farklı metodolojilere dayanılarak elde edilmiş “fıkhi uygunluk kriterleri”ne yönelik eleştirilere dönük önerilerde bulunmaktır. Ayrıca, bu çalışma, İslamın birincil kaynaklarından (Kuran ve Sünnet) elde edilen bulgular ışığında, fıkhi uygunluk kriterlerini oluşturan metodolojilerde görülen farklılıkların standartlaştırılması için çözümler üretmeye çalışmaktadır. İslamın birincil kaynakları olan Kuran ve Sünnet’ten elde edilen güçlü çıkarımlar gösterir ki bir firmanın fıkhi uygunluk kriterlerine uygun olup olmadığı hakkındaki hakkaniyetli ve adil bir hüküm ancak o firmanın kontrolü altında olan içsel faktörlere bakılarak verilebilinir. Bu çalışma ayrıca fıkhi uygunluk kriterlerinin bir bütün halinde İslami finansin temel prensiplerini yansıtmasının önemine ve bu minvalde Bakara Suresi’nin 275’inci ayetinin ruhuna uygun olmasının elzemliğine vurgu yapmaktadır. Bu çalışmanın halihazirda var olan fıkhi uygunluk kriterlerindeki farklılıklardan harmoni/standartlaşma üretme potansiyeli ile İslami hassasiyetlere sahip yatırımcıları sağladığı bilinçlenme ve güvenilirlik sayesinde daha fazla yatırım yapmaya teşvik etmesi beklenmektedir. Bu çalışma kanıksanmış düşünme tarzlarının dışına çıkarak, fıkhi uygunluk kriterlerinin İslamın birincil
kaynaklarına dayanılarak nasıl elde edilmesi gerektiği ana sorusuna kapsamlı bir şekilde cevap üretmeye çalışmaktadır.

References

  • Adam, N. L., & Bakar, N. A. (2014). Shariah Screening Process in Malaysia. Procedia - Social and Behavioral Sciences, 121, 113–123.
  • Al-Bashir, M. (n.d.). Comments of Muhammad Al-Bashir Muhammad Al-Amine on Reviewing the Concept of Shares: Towards Dynamic Legal Perspective by
  • Faizal Ahmed Manjoo. Available at: http://www.kantakji.com/media/163527/file521.pdf
  • Derigs, U., & Marzban, S. (2008). Review and analysis of current Shariah compliant equity screening practices. International Journal of Islamic and Middle Eastern Finance and Management, 1(4), 285–303.
  • Donia, M. and Marzban, S. (2008b). Identifying Shariah-Compliant Equities a Challenging Task, Global Islamic Finance. Available at: http://www.global-islamic-finance.com/2008/11/identifying-shariah-compliant-equities.html.
  • FTSE Shariah Gloval Equity Index Series. (2015). FTSE Factsheet, (11), 1–5.
  • Gamaleldin, F. M. (2015). Shariah-Compliant Stocks Screening and Purification. Research Gate, (October), 1–44.
  • Grais, W., & Pellegrini, M. (2006). Corporate Governance And Shariah Compliance In Institutions Offering Islamic Financial Services. Policy Research Working Papers. The World Bank.
  • Htay, S. N. N., Abedeen, Z., & Salman, S. A. (2013). Towards Standardization of Shari’ah Screening Norms and Practices. International Journal of Humanities and Social Science Invention, 2(11), 23–30.
  • Khatkhatay, M. H., & Nisar, S. (2007). Shariah Compliant Equity Investment: An Assessment of Current Screening Norm. Islamic Economic Studies, 15(1), 47–76.
  • Mian, K. (2014). Shariah screening and Islamic equity indexes. In Islamic Finance: A Practical Guide (p. 200).
  • Mian, K. M. A. (2008). Shariah Screening and Islamic Equities Indices. Islamic Finance News, 5(17).
  • Qasmi, M. M. K. (n.d.). Does Islam permit critical thinking?
  • Sani, N., & Othman, R. (2013). Revision of Shari’ah screening methodology: The status of Shari’ah compliant companies in Malaysia. International Conference On Management.
  • Standard & Poor’s. (2015). Dow Jones Islamic Market Indices Methodology, (July), 1–43.
  • Sukri Ramlee, Mohd. (2012) Shariah Stock screening Methodology, [online], Available at: http://islamicbanking2u.blogspot.de/2012/06/shariah-stock-screening-methodology.html?q=Screening+Methodology.
  • Tversky, A., & Kahneman, D. (1981). The framing of decisions and the psychology of choice. Science, 211, 453-458.
  • Welch, I. (2011). Two Common Problems in Capital Structure Research: The Financial-Debt-To-Asset Ratio and Issuing Activity Versus Leverage Changes. International Review of Finance, 11(1), 1–17.
  • Zandi, G., Razak, D. A., & Hussin, N. H. (2014). Stock market screening: An analogical study on conventional and shariah-compliant stock markets. Asian Social Science, 10(22), 270–279.
There are 19 citations in total.

Details

Primary Language Turkish
Subjects Economics
Journal Section Translation
Authors

Ramazan Yıldırım 0000-0003-0555-3926

Bilal İlhan This is me

Publication Date November 30, 2018
Published in Issue Year 2018 Volume: 4 Issue: 3

Cite

APA Yıldırım, R., & İlhan, B. (2018). Fıkhi Filtreleme Metodolojisi - Yeni Bir Fıkhi Yaklaşım *. International Journal of Islamic Economics and Finance Studies, 4(3), 83-101. https://doi.org/10.25272/ijisef.439177

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