An abstract is written in Arabic.

The doctrine of judicial precedent plays an empirical role in common law, but it has only persuasive value in European continent countries which are practicing civil law system.It has not been recognised as having binding force in Islamic judicial system. In Islam, each case has to be decided based on its own merit and previous decisions can only be considered as guidance for the future cases. This position is still being maintained by some countries such as Malaysia and Saudi Arabia. In Pakistan and Nigeria the doctrine of judicial precedent is applied in deciding cases. Due to this contradiction among Islamic judicial system in various countries, a question arises relating to the feasibility of the application of the doctrine of judicial precedent in Shariah courts. Accordingly, in this paper, the factual nature of the judicial precedents in Islamic judicial systems have been examined comparatively in some details with reference to some selected countries such as Malaysia, Nigeria and Pakistan. This paper points out that the doctrine of stare decisis and judicial precedent can be applied in Shariah courts as guiding precedents but not as binding since there is no express prohibition in Shariah to take judicial guidance from previous decisions.

This paper aims at analyzing the concept of Shari'ah compliant and Shari'ah based products in existing Islamic banking Institutions. The paper would shed more lights on the differences between both concepts. The main argument which is premised on the notion that the products may be Shari'ah compliant but not fully Islamic is vehemently deficient due to the fact that if the product is Shari'ah compliant and is less Islamic, then it is basically contrary to proper and true concept of Shari'ah. It is incontrovertible that Shari'ah is the system of law based on the commandment of Allah and the submission to such law would permit someone to be recognized as "Muslim" A believer in Islam. However, such kind of contradictions certainly shows the presence of shortcomings in such products, or in process of making them compliant to Shari'ah. Therefore, this study is a qualitative design, which addresses lacuna of the idea of Shari'ah complaint may be of less Islamic ethics. It will also examine the approach used by the Prophet peace be unto him- to reform the financial systems during his era. The paper will conclude by offering four alternative approaches on Shari'ah compliant parameters viz.; 'Aqd approach, Maqasid approach, Reporting approach, and Legal documentation of contract approach. In addition, this paper will explains the relationships among the various approaches, as some stand as dependent parameters, while the other stand as independent parameter. The study will offer suggestions for future research.

Islamic venture capital is a strategic tool to enhance cooperation in the Muslim world. This is because it helps form smart partnership among the members of OIC countries. Venture capital is an investment in highly risky projects in return for potential high return focusing mainly on technology. For more than a decade, the trend has shown tremendous changes; hence venture capital investment records increasing interest of the investors in other sectors such as agricultural production, medical instruments and others. Islamic venture capital has been running in parallel with the mainstream in Malaysia. There are several reasons supporting the emergence of Islamic venture capital namely, attraction of Middle East investors and underutilisation of surplus in the Muslim world. This paper traces the development of Islamic venture capital in Malaysia, identifies the regulatory bodies, and the policy initiatives, and the pioneer corporations. In conclusion, it examines three phases of the development of Islamic venture capital in Malaysia namely, the evolutionary process, the degree of incorporation and developmental patterns. The applied Shariah mechanisms are hybrid of musharakah, mudarabah, and wakalah. It suggests that the balance between supply side and demand side, public friendly regulation may actualise the Malaysian industrialisation dream. In addition, refocusing long-term investment, reorientation of SMEs towards venture capital investment, establishment of private-oriented venture capital industries, creation of cash waqf and/or Islamic social bank are some suggested solutions in promoting Islamic venture capital in Malaysia. They may also be of help to other jurisdictions.

The doctrine of judicial precedent plays an empirical role in the common law system, but it only has persuasive value in European countries which are practicing the civil legal system. Moreover, it has not been recognised as having a binding force in the Islamic legal system and thus each case has to be decided based on its own merits and previous decisions were merely considered as guidance for the future decision. This position is still being maintained by some countries such as Malaysia and Saudi Arabia. In Pakistan and Nigeria, however, the doctrine of judicial precedent is followed. Due to this contradiction among the Shariah legal system in various countries, as a result, a question arises relating to the feasibility of the application of the doctrine of judicial precedent in Shariah Courts needs thorough study. Accordingly, in this paper, the factual nature of the judicial precedents in both civil and Shariah legal systems have been examined comparatively in some detail with reference to countries such as England, Malaysia, Nigeria and Pakistan. This paper points out that the doctrine of stare decisis and judicial precedent can be applied in the Shariah Courts system as guiding precedents but not as binding precedents since it is allowed in Shariah to take guidance from previous decisions and there is no express prohibition in Shariah on them.

This study aims at examining the development of the Malaysian Islamic venture capital industry including government and regulatory policy initiatives for escalating the growth of the industry. It also highlights constraints and way forward for the industry. The paper employs qualitative approach focusing on secondary resources, documents, and field interview with practitioners and academia who are directly involved in the operations of Islamic venture capital in Malaysia. The study finds that policy-driven approach and liberalization facilitate the standardization of Shariah rulings of Shariah Advisory Council (SAC) and Shariah Committee (SC), which contribute to the effectiveness of regulatory framework and sustainable growth of the Islamic capital market in Malaysia. It also finds a number of constraints that dampen the progress of Islamic venture capital in Malaysia to be the following: i) apparent resistance of major Islamic banks to get involved in Islamic venture capital investment, ii) biasness against long-term investment; iii) underutilization of mushaarakah and mudaarabah mode of financing, iv) preference of expansion stage over seed capital by major venture capital institutions; v) lack of awareness on Islamic venture capital investment; vi) overreliance on government intervention. This paper holds significant implications for the venture capital industry players because it provides gap which needs to fill to make the industry a success.