Ar-Rahnu (Islamic Pawning Broking) Opportunities and Challenges in Malaysia
This paper aims to identify the key factors that have contributed to the existence and the growth of Ar-Rahnu (Islamic pawn broking scheme) in Malaysia. Based on the previous studies and cost of borrowing analysis, this paper found that the need for interest (riba) free, transparent transaction and low cost short-term cash borrowing scheme is much preferred by the pawning customers. Besides that the cost of borrowing in this scheme is the lowest compared to the conventional pawn broking scheme. However, the Ar-Rahnu scheme needs to address central issues such as the marketing, public awareness and the locations of this scheme.
Role of Ar-Rahnu as Micro-Credit Instrument in Achieving Financial Self-Sufficiency among Women Micro-Entrepreneurs
Compared to conventional pawnbroking, Islamic pawnbroking (or ar-rahnu) is relatively a recent product in the financial market. More recently, however, ar-rahnu-based microcredit facility has grown in importance over the past few years due to the increased awareness on Islamic finance in Malaysia and is increasingly a popular financing option, particularly among women micro-entrepreneurs. This study examines the role of ar-rahnu as a micro-credit instrument among women micro-entrepreneurs and aims to understand how the use of ar-rahnu could help them to achieve financial self-sufficiency. In achieving these objectives, the study conducts a survey on women micro-entrepreneurs in the Siti Khadijah market in Kelantan. Findings of the study are useful for the relevant authorities to take initiatives to promote Islamic-based micro-credit instruments, especially among women micro-entrepreneurs.
Multi-Dimensional Utility and the Index Number Problem: Jeremy Bentham, J. S. Mill, and Qualitative Hedonism
This article develops an unconventional perspective on the utilitarianism of Bentham and Mill in at least four areas. First, it is shown that both authors conceived of utility as irreducibly multi-dimensional, and that Bentham in particular was very much aware of the ambiguity that multi-dimensionality imposes upon optimal choice under the greatest happiness principle. Secondly, I argue that any attribution of intrinsic worth to any form of human behaviour violates the first principles of Bentham's and Mill's utilitarianism, and that this renders both authors immune to the claim by G. E. Moore that they committed a ‘naturalistic fallacy’. Thirdly, in light of these contentions, I find no flaw in Mill's ‘proof of utility’. Fourthly, I use the notion of intrapersonal utility weights to provide an interpretation of Mill's qualitative hedonism that is entirely consistent with his value monism.