The Application of Social Change and Ta'wil Theories in
Understanding Musykil al-Ahadiths and Their Constribution to
Shariah Economic Law Development in Indonesia
Tajul Arifin, Boedi Abdullah, Asep Muhyidin, Syahrial Dedi and Dedi Mulyadi
UIN Sunan Gunung Djati Bandung, Jl. A.H. Nasution 105, Bandung, Indonesia
Keywords: Fatwa, Musykil Al-ahadiths, Shariah Economic Law, Social Change, Ta’wil.
Abstract: Although many studies have focussed on the application of social change and ta’wil theories; none of them
have concentrated on the use of both theories simultaneously in understanding musykil al-ahadiths. This paper
analyzed the application of social change and ta’wil theories in understanding musykil al-ahadiths and their
contribution to the development of Shariah Economic Law (SEL) reform in Indonesia. Data were gained
through indepth interview with some members of National Shariah Board (DSN) of Indonesian Council of
Ulama (MUI) and literature study of Shariah Legislation Regulations and the DSN Fatwa (Legal Advice) on
some issues of SEL reform such as Current Account, Savings, and Deposits. This study revealed that social
change and ta’wil theories have been strong driver and technically played important role in understanding
musykil al-ahadiths in giving significant contribution to the development of SEL in Indonesia. Ta’wil,
especially in the Ushul al-Syafi’iyyah school which preferred what the word probably means in its context,
has become very popular theory among the members of DSN in understanding musykil al-ahadiths. This
finding gives a clear picture on how using social change and ta’wil theories in understanding sacred texts, the
Holy Qur’an, Hadiths, Bible, Torah, and others in order to practice their teaching in the real life.
1 INTRODUCTION
Social change and ta’wil theories have played
important role in each own discipline in making the
life of human being becoming better. Social change
theory in sociology which was encapsulated from
biological theory especially the theory of Darwinian
evolution has been applied by many social scientists
in understanding social phenomenon such as H.
Spencer (Spencer, 2005), M. Weber (Weber, 2013)
and E. Durkheim (Durkheim and Lukes, 2014).
Social change is all changes to the social institutions
within a society, affecting its social system, including
values, attitudes, and patterns of behavior among
groups in society. One and most prominent of social
change theory was cyclical theory. The cyclical
theory explains that social change is cyclically
circular in nature. According to this theory, social
change is something that cannot be planned or
directed to a certain point, but circling in a circular
pattern. According to this theory, social change is
something which happened repeatedly. What happens
now will have a similarity or resemblance to what was
in the past. In this pattern of change there is no
gradual process of change in society so that the
boundaries between primitive, traditional, and
modern lifestyles are not clear. Change cycle is a
pattern of change that resembles a spiral. In term of
development, the cyclical theory suggests that only
capable people who will win the struggle of life;
while the weak will be marginalized. As a result, the
future will only be engaged by the tough men who
win the struggle for life (Spencer, 2005). Even today,
the general idea of this theory which explained that
social change is like a wheel that is turning. This
means, that the turn of the times is something that
cannot be denied and controlled by anyone. The rise
and fall of a civilization is part of the irreversible
nature, has penetrated to many other disciplines such
as economy (Zipperer and Skott, 2011), history
(Toynbee, 1945), culture (Abel, 2014), organization
(Olsen and Sen 2014), etc. The spirit of cyclical
theory has been used by all members of National
Shariah Board (DSN) of Indonesian Council of
Arifin, T., Abdullah, B., Muhyidin, A., Dedi, S. and Mulyadi, D.
The Application of Social Change and Ta’wil Theories in Understanding Musykil al-Ahadiths and Their Constribution to Shariah Economic Law Development in Indonesia.
In Proceedings of the 2nd International Conference on Sociology Education (ICSE 2017) - Volume 2, pages 365-370
ISBN: 978-989-758-316-2
Copyright © 2018 by SCITEPRESS – Science and Technology Publications, Lda. All rights reserved
365

Ulama (MUI) to motivate them to bringing back the
golden age of Islam that has been lost from the life of
Muslims through the production of Fatwa (Legal
Advice) especially in the field of Shariah Economic
Law (SEL). The spirit of cyclical theory made them
aware of using ta’wil theory interpreting and
understanding musykil al-ahadiths in order to suite to
current economic development. Ta’wil is a theory of
capturing the deepest and the most relevant meaning
of sacred texts to the context of life which was
initially formulated by Muslim scholars to understand
the meaning of the Holy Qur’an and the Prophet
Muhammad Tradition (Al-Hadiths) (Duderija, 2008).
But, today, this theory has been widely used to
understand other sacred texts such as Bible and Torah
(Hollenbergh 2003). The indication to apply ta’wil in
understanding the sacred text has been stated by Allah
Almighty in the Holy Qur’an Chapter The Family of
‘Imran (Ali ‘Imraan, 3) verse 7 (Ali n.d.).
There have been many studies conducted to
analyze the application of cyclical and ta’wil theories
separately in understanding various social, cultural,
economic, political, and even religious phenomena
and understanding the sacred text in many fields. A.J.
Toynbee was very popular of his writing, A Study of
History, in which he applied cycle theory to explain
human civilization. Since this theory deals with
challenges and responses, he argued that the progress
of a society depends on its ability in giving response
to the existing challenges. If a society is able to
respond to the challenges that exist in its civilization,
then the community will progress. However, if not
able, then there will be decline and even destruction
of civilization (Toynbee, 1945). In applying this
theory, A.J. Toynbee has been influenced by
monumental work of Ibn Khaldun, The Muqaddimah
(Irwin, 2006). T. Abel investgated the cycle
information by taking special reference to the theory
of general system of H.T. Odum. In his study, he paid
attention to several aspects which have not been
attempted by Odum, that are law, academia, ritual,
media, jurnalism, education, technology, and social
media. He found that culture has become a nested
hierarchy for forms of culture. In addition, each cycle
of information is channelled by its bigger scale of
information and eventually the structure of human-
ecosystem (Abel, 2014). B. Zipperer and P. Skott
applied cycle theory to analyze the patterns of
employment, utilization, and profitability. They
argued that in the model of macroeconomic ---in the
"heterodox" tradition--- the central is the interaction
the distribution of income, employment
accumulation, and capital utilization (Zipperer and
Skott, 2011).
Ta’wil is a theory on how interpreting sacred text.
This theory was formulated by Muslim scholars
(ulama) who spent their life in the Science of
Qur’anic Interpretation (‘Ulum al-Tafsir). This theory
explains that in interpreting a word or phrase which
has more than one meaning, the interpreter should be
able to choose what the word probably means in its
context rather than the direct meaning. In doing so,
the interpreter should give strong arguments by taking
account the issues of language, tradition, logic, and
even textual arguments to determine the best possible
original meaning, so to make these views will be
more acceptable to anyone (Al-Sarakhsi, 1993). The
application of this theory in understanding the
difficult words, or phrase, or verse of the Holy Qur’an
(ayah al-mutasyabihat) as well as the difficult words,
or phrase, or sentences of the Prophet Tradition
(Musykil al-Ahadiths) has been studied by many
scholars. Duderija (2008) explored the relationship
between the progressiveness of Muslim in
interpreting the Holy Qur’an and Sunnah (The
Prophet Tradition) and their formulation of normative
Muslim women (Muslimah) construct. He found that
based on contextualise approach of interpretation of
Qur’an and Sunnah, progressive Muslims donate to
the concept of a normative Muslimah representation
which is not imposing regulatory mechanisms of any
social or spatial. In addition, progressive Muslims
consider women as unexceptionally autonomous
human beings, intrinsically alike to men, whose
kindness is judged by their level of taqwā (God
consciousness and righteous conduct) (Duderija
2008). S.R. Burge utilized theory of ta’wil in
understanding the meaning of Hadith texts in a
general fashion by taking account the words order. In
this research, he argued that the collections of Hadith
needs to analyze in a broader frame of analysis, not
only as legal works or repositories of information, but
rather as literary works, which seek to say something
that can only be understood through a process of
compilation criticism (Burge, 2016). D.
Hollenbergh’s work concentrated on the application
of ta’wil theory in understanding the meaning of
Torah and Gospels in relation to the truth of judges.
He argued that widespread theory holds that the
Ismā‘ı
̄
lı
̄
s composed extra-Qur’ānic ta'wı
̄
l (allegorical
interpretation) to proselytise Jews and Christians.
However, a close analysis of a ta'wı
̄
l of the biblical
story of Judah and Tamar by the missionary Ja‘far ibn
Manur al-Yaman (d. ca. 960) suggested that when
early Ismā‘ı
̄
lı
̄
authors interpreted Torah, they did so
for a Muslim audience in the milieu of Islamic
polemic (Burge, 2016).
ICSE 2017 - 2nd International Conference on Sociology Education
366

All studies on the application of cyclical and
ta’wil theories reviewed above have different object
of study topic with the one the writer proposses to
write here. This paper focusses on answering two
major questions: How was the application of cyclical
and ta’wil theories in understanding the meaning of
musykil al-ahadiths among the members of DSN of
Indonesia and how were the contribution of the
application of both theories on the development of
Shariah Economic Law (SEL) reform in Indonesia?
2 METHODS
The subject of this study were three prominent
Muslim scholars who are now seat as member of DSN
of Indonesian Council of Ulama (MUI). They were
interviewed individually and even in different places
to make this interview receive objective answers from
them. The interview has been focussed on the
application of cyclical and ta’wil theories in
understanding the meaning of musykil al-hadiths that
were used in making Legal Advice (Fatwa) especially
in the area of SEL. In addition, they were also asked
about the contribution of the use of both theories on
the development of SEL in Indonesia. To control their
claim on the use of cyclical and ta’wil theories in
understanding the meaning of musykil al-ahadiths,
the writer analyzes related documents of their Fatwa.
After that, to strengthen the data on the contribution
of the use of both theories on the development of SEL
in Indonesia, the writer also interviewed three
academicians on the field from Sunan Gunung Djati
State Islamic University of Bandung.
3 RESULTS AND DISCUSSION
3.1 Results
The application of cyclical and ta’wil theories among
the members of DSN of MUI in understanding the
meaning of musykil al-ahadiths is a new power and
trend among them. This powerful trend, according to
the head of MUI, came together with the involvement
of young well educated generation into this
organization. They brought and applied more
progressive theories and methods of interpreting texts
both the Holy Qur’an and the Prophet Tradition (Al-
Sunnah) in the process of formulating Fatwa. As a
result, the development of Fatwa produced by DSN
becoming faster than before. In addition, by applying
those kinds of theories and methods the Fatwa
released were more applicable and received less
resistance from the citizens of Indonesia in general.
One of cyclical theory thesis which has pushed the
members of DSN in interpreting musykil al-ahadiths
was that only capable people who will win the
struggle of life; while the weak will be marginalized.
This theory thesis, according to the members of DSN,
has become a powerful inspiration and motivation in
boosting a new and strong awareness among the
members of DSN in particular and all members of
MUI in general in producing more appropriate
decisions through the application of ta’wil theory.
They belief that their recognition and familiarity to
the thesis of the cycle theory so far, has strengthening
their ethical works in responding to every single case
emerge in Indonesian society that need advice from
DSN of MUI. This spirit, in a wider context, has
awaken them from their sleep to bring back the
golden era of Muslims society.
In the context of the development of SEL reform
in Indonesia, that theory thesis has been understood
deeply and comprehensively by the member of DSN.
They put the thesis of the cycle theory as a base to
move further beyond usual efforts in performing their
main duties and functions. It has boosted all members
of DSN to keep strictly in their mind that the cycle of
time and opportunity they experienced have to be a
golden era through the production of more
appropriate Fatwa especially in the field of SEL. It
has also strengthened their belief that in the future
Indonesia with the biggest number of Muslim
population in the world will become a central for
Islamic studies and civilization.
The application of cycle theory in understanding
the meaning of musykil al-ahadiths has become new
energy for the members of DSN to give real and better
contribution to the development of Islamic law in the
Islamic economy area. Since the thesis of the theory
justifies that changing cycle is a pattern of change that
resembles a spiral and only capable people who will
win the struggle of life, all members of DSN
determine themselves for becoming stronger in their
mind, mastery of material, theory and methodology,
social sensitivity, expertise, work ethics, and work
discipline. This theory thesis, in the view of member
of DSN, has motivated them to apply the theory of
ta’wil in understanding the meaning of musykil al-
ahadiths beyond the usual moves of interpretation,
since the theory offered new and important alternative
in understanding the meaning of musykil al-ahadiths.
Ta’wil is very important theory, among other
theories, in selecting the most appropriate meaning of
musykil al-ahadiths as well as of ayah al-
mutasyabihat of the Holy Qur’an. As said by the
The Application of Social Change and Ta’wil Theories in Understanding Musykil al-Ahadiths and Their Constribution to Shariah Economic
Law Development in Indonesia
367

members of DSN, ta’wil especially in the Madzhab
Ushul of al-Syafi’iyah is helpful for anyone who is
facing up the words or phrases that have more than
one meaning in the Holy Qur’an and the Prophet
Tradition. This is because, in line with the members
of DSN opinion, ta’wil gives many alternatives to the
interpreter for selecting the most suitable meaning for
a certain word or phrase by considering the aspects of
historical context of Prophet Tradition, language,
tradition, logic, and even textual arguments to
determine the best possible original meaning in order
these views will be more satisfactory to anyone.
There are several reasons why they used ta’wil in
interpreting musykil al-ahadiths. First, ta’wil has
been widely accepted by the majority of Muslim
scholars (Jumhur al-Ulama) as a theory or method in
interpreting certain multi-meaning word or phrase of
the Holy Qur’an and the Prophet Tradition. In the
field of economy there were some sayings of the
Prophet Tradition which their meanings cannot be
cached directly which are so called musykil al-
ahadits. Second, ta’wil gives opportunity to the
interpreter to interpret certain word or phrase more
progressively in responding to every single case
appear in any Muslim societies including in
Indonesia. Third, the members of DSN have agreed
to strictly keep all requirements of using ta’wil which
include: the chosen meaning is not contradictory to
the science of language / literature, can be used in
accordance with the meaning of language, in
accordance with Syara (Law of Allah) provisions and
Syara terms that exist, indicates the argument (reason
about ta'wil), and if based on qiyas (analogy), use
bright and strong qiyas.
Here is an example of the application of both
cycle and ta’wil theories in interpreting musykil al-
ahadiths by DSN of MUI on its Fatwa related to
Deposit. The Fatwa explained that first, deposits are
two types: deposit which is not justified by Syari'ah
(Islamic Law), namely deposit which is based on
interest calculation and the justified deposit, a deposit
which is based on principle of Mudharabah (a just
distribution of profits). Second, general provisions
deposits which based on Mudharabah are: in this
transaction the customer acts as shahibul maal (the
owner of the funds) and the bank acts as mudharib
(fund manager), in its capacity as mudharib, the bank
can do various businesses that do not contradict to the
principles of Shariah and develop it including in it
Mudarabah with other parties, capital shall be
expressed by amount, in cash
and not receivables, profit sharing must be expressed
in terms of ratio and set forth in the account opening
agreement, banks as Mudharib cover the operating
costs of deposits by using the profit ratio to which it
is entitled, and banks are not allowed to reduce profit
ratios customer without the relevant consent (DSN,
2000).
One of the texts used as argument in the Fatwa is
the saying of the Prophet Muhammad (PBUH) which
was narrated by Thabrani from Ibnu Abbas: “Abbas
bin Abdul Muthallib if surrendering as treasure
Mudharabah, he required his Mudharib not to wading
through the ocean and not down the valley, and no
buying cattle. If the terms were violated, he
(Mudharib) must bear the risks. When the
requirements that Abbas determined heared the
Messenger of God, he Justify it (Narrated by Thabrani
from Ibn Abbas) (DSN, 2000).
The sentence “not to wading through the ocean
and not down the valley” in the saying of the Prophet
above, according to the members of DSN of MUI
should be understood using ta’wil, since if we take the
direct meaning of the sentence, then its meaning will
not be suiting to the current situation. “Not to wading
through the ocean and not down the valley” means
that banks as fund manager are not allowed to run
high risk businesses, or run a business without careful
calculation. If they do so, they have violated the
principle of Shariah. This chosen meaning of the
sentence has been supported by other arguments in
the Fatwa. The application of ta’wil theory by the
members of DSN which resulting such understanding
of the text, according to them, will never done
successfully without the contribution of cycle theory
in developing their awareness and work ethics.
The application of cycle and ta’wil theories by the
members of DSN of MUI in understanding the
meaning of musykil al-ahadith has given significant
contribution to the development of SEL in Indonesia.
Many Fatwa have been released by DSN of MUI in
the area of SEL such as Fatwa Number 01/DSN-
MUI/IV/2000 on Giro, Fatwa Number 02/DSN-
MUI/IV/2000 on Savings, Fatwa Number 03/DSN-
MUI/IV/2000 on Deposit, etc. which according to
some academicians of UIN Sunan Gunung Djati of
Bandung have been unavoidable evidence of its
contribution. According to them researches on this
topic, DSN of MUI has released more than one
hundred Fatwas of SEL in the period of its existence
from 1999. DSN of MUI has been established in 1999
through the Decision Letter Number Kep-
754/MUI/II/1999, 10 February 1999 on the
establishment of the National Shariah Board of
Indonesian Council of Ulama.
ICSE 2017 - 2nd International Conference on Sociology Education
368

3.2 Discussion
Data presented in the previous section indicated that
DSN of MUI has regularly used cyclical and ta’wil
theories in understanding musykil al-ahadits as part
of the formulation of Fatwas. Those efforts were not
just have been able to push up the number of Fatwa
released, but also have been able to formulate Fatwas
which were more acceptable by, and applicable in,
Indonesia society. The way to interpret musykil al-
ahadiths the members of DSN have as well as their
background of education, life experience, and their
level of progressiveness in thinking have influenced
the quality products of their thoughts (Duderija,
2008). Those kinds of conditions have been fully
realized by all members of DSN of MUI, so they
always keep on the tract in doing their jobs.
Moreover, the production of more acceptable and
suitable Fatwas by DSN of MUI has gradually
changed the perception of Indonesia society toward
economy-Syari’ah based. In term of Savings
Account, for example, now days, more and more
Indonesian Muslims switched from conventional
banks to Shariah banks. Their preference was based
on information they have that Islamic banks have
proved themselves as financial institutions that were
more resilient in facing the crisis than conventional
one. Nafla and Hammas (2016) have given strong
evidence through their research on this by comparing
Islamic banks and conventional banks during the
subprime crisis (2003-2012) by using DEA
Approach. In this research they found that Islamic
finance has become a real driver of financial stability
(Nafla and Hammas 2016). Another study which
analyzed the same issue but used a different approach
was conducted by Odeduntan et al. (2016) to assess
financial stability, they applied Z-score analysis,
Liquidity ratio, Nonperforming financing, also credit
risk ratio. They found that Islamic banks have
experiencing excessive financing, while the total
assets they invested on financing were on the increase
(Odeduntan et al., 2016).
Fatwas on SEL which have applied cycle and
ta’wil theories in their process of formulation has
given real contribution to the born of society positive
perception on SEL. This has taken place through the
reachness in taking the most appropriate meaning
from certain sentence of the Prophet Tradition which
was categorized as musykil al-ahadiths. By doing so,
the Indonesian society becoming easier to understand
SEL on certain economic issue they face. Many
studies have argued that positive perception on SEL
in many countries has become a powerful element for
the development of Islamic economy, and vice versa
(Mbawuni et al., 2016). The change in perception on
SEL more specifically on certain product, eventually,
in many cases, has changed their preferences such as
in the case of insurance (takaful) (Jamil and Akhter,
2016), sukuk (Smaoui and Khawaja 2017), sukuk
market (Smaoui and Khawaja 2017). Smaoui and
Khawaja (2017) argued that the development of sukuk
market has been influenced significantly by many
factors as structural, financial, institutional, and
society perception factors.
Furthermore, the progressive thinking of the
members of DSN of MUI through the application of
cycle and ta’wil theories in formulating Fatwa has
attracted more and more Indonesian Muslim societies
to engage in Islamic finance. Their involvement in
Islamic finance system has contributed to the level of
economic stability not only in Indonesia but also in
many other countries in which the majority of their
population are Muslims, such as in Malaysia (Lai,
2015). As a result, many studies found that Sariah-
based financial systems were more reliable in facing
the wave of economic crisis than conventional
financial institutions (Odeduntan et al., 2016). W.J.
Karim even argued that economic crisis that have
experienced by many countries in the last twenty
years were mainly caused by capitalistic economy
system; while the Islamic economy system has
emerged as a hero that capable in sustaining the
economic conditions of the surging crises and capable
of recovering faster than the capitalist economic
system (Karim, 2010). Borrowing the terminology
used by Shaukat and Alhabshi (2015) on their study,
Islamic finance has become very influential
alternative.
The changing of methods and approachs from
conventional to modern ones as denoted by the use of
cyclical and ta’wil theories in formulating Fatwa on
SEL by DSN of MUI has also influenced the
formulation of many regulations related to Islamic
economy. In Indonesia, according to some
academicians of UIN Sunan Gunung Djati of
Bandung, the birth of several legislations related to
Shariah financial and Shariah economy systems has
been driven by the emergence of Fatwas which were
getting better in term of quality in response to various
law events happened to the society. The emergence of
legislations, in turn, become an important based for
the development of a specific financial system or
economic system as has occurred in some other
countries such as in Nigeria which in some ways has
a characteristic similarity with Indonesia (Olatawura,
2014).
The Application of Social Change and Ta’wil Theories in Understanding Musykil al-Ahadiths and Their Constribution to Shariah Economic
Law Development in Indonesia
369

4 CONCLUSIONS
Based on the above discussion, this research has come
to conclusion that the application of cyclical and
ta’wil theories have been a new model in
understanding the meaning of musykil al-ahadiths in
the process of the formulation of Fatwa. The
collaboration of both theories has been a strong driver
for, and has played important role in, generating
significant contribution to the development of
Shariah Economic Law. This finding has given a
clear picture on using cyclical and ta’wil theories in
choosing the most appropriate meaning from certain
difficult word or phrase in all sacred texts including
the Holy Qur’an, The Prophet Traditions, Bible,
Torah, and others in order to practice their teaching in
the real life of the society.
REFERENCES
Abel, T., 2014. Culture in cycles: considering H.T. Odum’s
“information cycle.” International Journal of
General Systems. 43(1), pp.44–74. Available at:
http://dx.doi.org/10.1080/03081079.2013.852188.
Al-Sarakhsi, A. bin A.S., 1993. Ushul al-Sarakhsi, Dar al-
Kutub al-Ilmiyah. Beirut.
Burge, S. R., 2016. Myth, Meaning and the Order of Words:
Reading Hadith Collections with Northrop Frye and
the Development of Compilation Criticism. 27(2),
pp.213–228. Available at:
http://www.tandfonline.com/doi/full/10.1080/09596
410.2016.1150041.
DSN, N.S.B.I.C. of U., 2000. Fatwa Dewan Syari’ah
Nasional No. 03/DSN-MUI/IV/2000 tentang
Deposito. , p.4.
Duderija, A., 2008. The Interpretational Implications of
Progressive Muslims’ Qur’an and Sunna Manhaj in
Relation to their Formulation of a Normative
Muslima Construct. Islam and Christian–Muslim
Relation. 19(4), pp.411–429. Available at:
http://www.tandfonline.com/doi/abs/10.1080/09596
410802335457.
Durkheim, E. & Lukes, S., 2014 The Divison of Labor in
Society, Free Press. London.
Hollenbergh, D., 2003. Disrobing judges with veiled truths:
an early Ismā“ı
̄
lı
̄
Torah interpretation (ta”wı
̄
l) in
service of the Fāt
̇
imid mission. Religion. 33(2),
pp.127–145. Available at:
https://doi.org/10.1016/S0048-721X(03)00033-2.
Irwin, R., 2006. Toynbee and Ibn Khaldun. Middle Eastern
Studies. 33(3), pp.461–479. Available at:
http://www.tandfonline.com/doi/abs/10.1080/00263
209708701164.
Jamil, H., Akhter, W., 2016. Investigating the impact of
Shariah perception on customer switching
intentions: A study of Takāful and conventional
insurance. Cogent Business & Management. 3(1).
Available at:
http://www.tandfonline.com/doi/full/10.1080/23311
975.2016.1261525.
Karim, W. J., 2010. The Economic Crisis, Capitalism and
Islam: The Making of a New Economic Order?
Globalizations. 7(21), pp.105–125. Available at:
https://doi.org/10.1080/14747731003593315.
Lai, J., 2015. Industrial Policy and Islamic Finance. New
Political Economy. 20(2), pp.178–198. Available at:
http://dx.doi.org/10.1080/13563467.2014.914159.
Mbawuni, J., Gyasi, S., Researcher, N., 2016. Introduction
of Islamic Banking and Finance in Ghana :
Opportunities and Challenges. Journal of Islamic
Banking and Finance. 4(1), pp.60–70. Available at:
https://doi.org/10.15640/jibf. v4n1a7.
Nafla, A., Hammas, A., 2016. Islamic Banks , Conventional
banks and Subprime Crisis : Empirical Evidence by
Using DEA Approach. Journal of Islamic Banking
and Finance. 4(1), pp.10–21. Available at:
https://doi.org/ 10.15640/jibf.v4n1a2.
Odeduntan, A. K., Adewale, A. A., Hamisu, S., 2016.
Financial Stability of Islamic Banks : Empirical
Evidence. Journal of Islamic Banking and Finance.
4(1), pp.39–46. Available at:
https://doi.org/10.15640/jibf.v4n1a5.
Olatawura, O. O., 2014. Constitutional foundations of
commercial and investment arbitration in Nigerian
law and practice. Commonwealth Law Bulletin.
40(4), pp.657–689. Available at:
http//dx.doi.org/10.1080/03050718.2014972965.
Olsen, J., Sen, S., 2014. On the rationality of cycling in the
Theory of Moves framework. Connection Science.
26(2), pp.141–160. Available at:
http://dx.doi.org/10.1080/09540091.2014.885298.
Shaukat, M., Alhabshi, D. O., 2015. Instability of Interest
Bearing Debt Finance and the Islamic Finance
Alternative. Islamic Economic Studies. 23(2), pp.29–
84. Available at: http://iesjournal.org/english/
journalarticles.html.
Smaoui, H., Khawaja, M., 2017. The Determinants of
Sukuk Market Development. Emerging Markets
Finance and Trade. 53(7), pp.1501–1518. Available
at:
http://dx.do.org/10.1080/1540496X.2016.1224175.
Spencer, H., 2005. The study of sociology, University of
Michigan Library. Michigan.
Toynbee, A. J., 1945. A Study of History, Oxford University
Press. London.
Weber, M., 2013. The Protestant Ethic and the Spirit of
Capitalism Second, Unwin Paperbacks. London.
Zipperer, B. & Skott, P., 2011. Cyclical patterns of
employment, utilization, and profitability. Journal of
Post Keynesian Economics. 34(1), pp.25–58.
Available at:
http://www.tandfonline.com/doi/abs/10.2753/PKE0
160-3477340102.
ICSE 2017 - 2nd International Conference on Sociology Education
370