Mohamad Zaky Jailani | INCEIF (Intern. Centre for Edu. in Islamic Finance) (original) (raw)

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The article sought to outline the principles and rules relating to dissolution of contract under ... more The article sought to outline the principles and rules relating to dissolution of contract under Islamic law within various scenarios and different possible grounds. References were made based on traditional Islamic law as well as relevant modern statutory provisions as well as judicial precedents in selected Arab countries. The main sources of literature used by the author include S. E. Rayner’s Theory of Contracts in Islamic law, N. J. Coulson’s Commercial Law in the Gulf states, Sobhi Mahmassani’s Al-Nazariyyah al-‘Ammah Li’l-Mujibat wa’l-‘Uqud, the Ottoman Civil Code (The Mejelle), Abd al Razzaq Sanhuri’s Masadir al-Haqq fi al-Fiqh al-Islami and selected articles written by Adnan Amkhan a few years before this paper was written.

Over the last few years, interest in understanding the relationship between corruption and nation... more Over the last few years, interest in understanding the relationship between corruption and national economic performance has been growing. Thus, this paper seeks to explore the impact of corruption on a country’s Gross Domestic Product (GDP), while holding other determinants such as Gross Capital Formation (GCF), Exports, Stock Market Capitalisation (Market Cap) and Unemployment constant. We will be utilising cross sectional OLS analysis based on 2012 data across 84 countries. Existing studies have been divided over the impact of corruption on GDP, while some advocate that corruption impacts GDP positively, some try to explain the detrimental effects of corruption on GDP and yet others distinguish between scenarios that will yield different effects of corruption on GDP.

This paper seeks to elaborate on the concept of Hiwalah, covering both the classical definitions ... more This paper seeks to elaborate on the concept of Hiwalah, covering both the classical definitions as well as the applications of Hiwalah within contemporary Islamic Finance. We will compare and contrast the two different types of Hiwalah, discuss its legality from an Islamic Jurisprudence perspective and also identify the various pillars associated with this concept. We also look at what basic rules and conditions are needed to validate the Hiwalah as well as the exact conditions that terminate the Hiwalah. Lastly, as we explore the contemporary applications of Hiwalah, there is also a need to highlight current issues surrounding such an application.

There is currently no standardisation of Islamic Finance governance across jurisdictions or even ... more There is currently no standardisation of Islamic Finance governance across jurisdictions or even across institutions within the same jurisdiction. This paper covers the current state of governance at both the regulatory as well as the corporate levels, identifies various challenges and offers proposals to overcome these challenges. Proposals were based on certain jurisdictions within the Islamic Finance industry and parallel examples from conventional banking.

The relationship between financial development and economic growth has been subject to considerab... more The relationship between financial development and economic growth has been subject to considerable debate in the literature of development and growth. While empirical studies often provide a direct relationship between financial development proxies and growth, much controversy remains about how these results should be interpreted. The study, therefore, attempts to unravel the causality direction of financial development and economic growth. We used an Autoregressive Distributed Lag method to assess the finance-growth relation taking Gross National Expenditure, Gross Fixed Capital Formation, exports, Foreign Direct Investments and Loans made to the Private Sector as financial development indicators for Singapore in the period from 1970 to 2013. Interestingly, we found that our financial development variables had no impact on economic growth.

This paper sets out to seek the effective causes (Illah) behind various prohibitions in the Shari... more This paper sets out to seek the effective causes (Illah) behind various prohibitions in the Shari'ah, namely Riba, Gharar, Maysir and Talaqqi Rukban. Firstly, we will discuss the definitions behind several key concepts, then we will proceed to illuminate these concepts with certain examples from the Qur'an, Hadith or contemporary cases before deriving the actual effective cause (Illah).

Papers by Mohamad Zaky Jailani

The relationship between financial development and economic growth has been subject to considerab... more The relationship between financial development and economic growth has been subject to considerable debate in the literature of development and growth. While empirical studies often provide a direct relationship between financial development proxies and growth, much controversy remains about how these results should be interpreted. The study, therefore, attempts to unravel the causality direction of financial development and economic growth. We used an Autoregressive Distributed Lag (ARDL) method to assess the finance-growth relation taking Gross National Expenditure, Gross Fixed Capital Formation, exports, Foreign Direct Investments and Loans made to the Private Sector as financial development indicators for Singapore over the period from 1970 to 2013. Interestingly, we found that our financial development variables had no impact on economic growth. 1Mohamad Zaky Jailani, Graduate student in Islamic finance at INCEIF, Lorong Universiti A, 59100 Kuala Lumpur, Malaysia. 2 Correspondi...