*The Islamic View on Money and its Implication for Financial Instruments  Author: Mohd Noor Omar
Source: ISRA International Journal of Islamic Finance, Vol. 3, Issue 1, 2011, pp. 161-167

Money is a social convention and was invented based on the need to facilitate socio-economic activities. Progress in business has transformed money, and it has evolved from its original basic functions to sophisticated modern applications. Money is an integral part of the financial system and has a fundamental effect on the whole system. This research is intended to explore related questions concerning money and its implication for financial products and instruments from an Islamic point of view. In particular, this research is intended to investigate the questions: i. What is the theoretical foundation and implication of money in Islam? ii. What are the features and applications of money in Islamic finance? iii. What is the Shari'ah compliance that is fundamental to Islamic financial products and instruments? iv. Does Islam provide appropriate methods and controls for accommodating money in economics?

*The Obligation of Zakah upon a Legal Entity  Author: Mohyi Aldin Abu Alhoul
Source: ISRA International Journal of Islamic Finance, Vol. 3, Issue 1, 2011, pp. 169-174

Down through the ages zakah has constituted one of the most important products of Islamic civilization. It has left clear effects on the human heritage. However, this product, despite its great benefits and importance, has become far removed from our present reality. Its effects cannot be felt; in fact, we scarcely notice its presence. In order for its full benefits to be felt and its objective to be realized, we must develop a clear juristic understanding of its issues, devoid of controversies, that will bring us to a sound contemporary implementation. In this respect, the need for institutional effort to realize the anticipated objective of this obligation becomes apparent. In the context of Islamic banking and finance, it is noted that in the course of attempting to implement zakah payment, Islamic banks and financial institutions have faced certain fiqh questions and practical problems. This research attempts at addressing these questions. The study is primarily inductive with regard to suggested solutions - whether historical or contemporary – and provides analysis and discussion of these solutions.

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