40 Questions
Why have Muslim scholars been examining the stock exchange market?
To develop an Islamic model that aligns with their beliefs
What challenges are highlighted regarding the development of an Islamic model for stock exchange markets?
Addressing issues like interest, uncertainties, and fraud
What does El Gari suggest about the role of stock exchange markets in modern economies?
They are a necessity for present-day economies
Why does the text mention the importance of considering the regulatory framework of stock exchange markets?
To point out variations in regulations across different countries
How does the text suggest one can approach the development of an Islamic model within secular law?
By advocating for amendments to accommodate Islamic principles
What is the main reason why equity finance is considered the most desired way of Islamic finance and investment?
It involves profit and loss sharing
Why is the contribution of stock in the investment world minimal according to the text?
Challenges in building Islamic indexes
What does the paradigm shift in the text focus on?
Liability
What is one of the main reasons for the prevailing situation within the arena of Islamic finance discussed in the text?
Differences of opinion among Muslim scholars
What is the second reason mentioned in the text for the minimal contribution of stock in the investment world?
Complexity in building Islamic indexes
Why is it important to differentiate the personal right of the shareholder and the real right of the company?
To ensure proper Islamic direction
What aspect warrants parallel research according to the text?
Development of Islamic indices
Why is a deeper study of conflicting views regarding investing in common stocks necessary according to the text?
Due to the importance of stock exchange markets for economic development and fund raising
Which author proposed the possibility of establishing an Islamic Securities House within secular stock exchanges?
Tellner (1425 AH)
What area has not been extensively debated in academic works according to the text?
Development of Islamic indices
What historical context led to the emergence of shares in the 17th century?
Encouraging risky ventures for the expansion of the British economy
In the Solomon v/s Solomon Ltd case, what was the significant judgment made by the House of Lords?
Shareholders are distinct from the company
What was the original perception of shares based on in terms of ownership?
Proportional ownership of company assets
What factor has led to corporate law being one of the most frequently amended laws?
The complexity surrounding share subscriptions
What does Tag El-Din focus on in his analysis of the stock exchange market?
The general principles and special constraints of the normative Islamic Stock Exchange
How have Muslim scholars approached the permissibility of shares and stock exchange markets based on the text?
They have debated the evolving stance on shares and stock exchange markets
What important juristic issue does Tag El-Din raise regarding the stock exchange market?
The permissibility of shares and limited liability companies
What did the All India fiqh Academy conference reveal about the permissibility of shares and companies?
There is a lack of complete consensus
According to Nizam Yaqubi, what can be observed about the views of Arab Jurists regarding stock exchanges?
There are conflicting views that still persist
What is the key factor leading to the globalization of transactions in the stock exchange market?
Growing information technology in the field
What is one of the main features of Islamic finance mentioned in the text?
Developing asset-backed financial products
Why did shari’ah scholars establish specific criteria for the sale of shares on the stock exchange?
To ensure shares are mal
What is one of the reasons for Islamising indexes like the FTSE Islamic Index?
To enable Muslims to explore halal income sources
What is the purpose of establishing an Islamic Share Index, according to the text?
To explore halal income avenues for Muslims
Why do shari’ah scholars feel the need to reassess the criteria for shari’ah-compliant transactions in stock exchanges?
Due to changes in the early criteria and ongoing discussions on improvement
What is the rationale behind the criterion that a company must meet specific financial constraints to be included in an Islamic share index?
To comply with Islamic laws on financial transactions
What is the significance of the legal maxim 'the majority deserves to be treated as the whole of things' in determining which companies can be included in the Islamic share index?
It emphasizes the importance of considering both liquid and illiquid assets.
What condition must be met regarding the illiquid part of a company's asset combination to be considered negotiable according to the ahnaf school?
It must not be in an ignorable quantity.
Why is it stipulated that the price of an asset combination should be more than the value of the liquid amount contained therein?
To avoid falling within the purview of riba (usury)
In developing an Islamic share index, what role does the third financial constraint play?
Limiting interest or unlawful gains to less than 5% of total revenue
Which school's view permits negotiability of asset combinations regardless of liquid ratio, under certain specified conditions?
Ahnaf school
Why is it important for the illiquid part of an asset combination to not be in an ignorable quantity?
To meet Islamic financial constraints
Which principle guides Islamic finance in ensuring that transactions are asset-backed?
'Dealing with a combination of liquid and illiquid assets'
What happens if the price of an asset combination is not more than the value of the liquid amount contained therein?
The transaction falls under riba and is disallowed.
Why is it emphasized that interest or unlawful gains should represent less than 5% of total revenue in creating an Islamic share index?
To adhere to specific financial constraints guided by Islamic principles.
Explore the analysis of the concept of stock exchange and shares by focusing on the economic dimension, general principles, and special constraints of the normative Islamic Stock Exchange as discussed by Tag El-Din in 1996.
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