Mohammed Masih, Abul Mansur (126)
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Ramadili Mohd, Shamsher Mohamad (99)
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Browsing by Topic Muamalat contracts
Date Issue
A mini guide to Islamic contracts in financial services
Authors: Lahsasna, Ahcene (2012)
The fundamental of Islamic finance industry is where its operations need to comply with syari'ah principles. There is an underlying shari'ah-complaint contract for every product offered by financial institutions. Islamic banking today is dealing with a lot of contracts in daily transactions with regard to the financing, deposit and investment products. A contract can be regarded as the root of an Islamic business as it determines the components of a business transaction ... Available in physical copy only (Call Number: BP 158.7 L184)
Absolution (ibra') from discretion to regulation: the Malaysian experience
Authors: Saleem, Muhammad Yusuf (2016)
The paper is a critical examination of the recent judicial and regulatory developments in Malaysia which saw the transition of absolution (ibra') from a discretionary power of the creditor to a mandatory rebate governed by the Central Bank's regulations. It compares and contrasts the Malaysian Regulations on ibra' with the resolutions issued by the Council of the Islamic Fiqh Academy and offers a critical evaluation of juristic opinions on ibra' and da' wata'jjal. The jurisprudential methods of analogy (qiyas) and juristic preference (istihsan) are employed to examine the application of ibra' to long-term home financing contracts. The paper argues that claiming full credit price upon ...
Academic Proceeding
Bay al-inah and bay al-tawarruq: issues in their applications in modern financial contracts
Authors: Danbatta, Bello Lawal (2011)
Beneficial ownership: to what extent it complies with Shari'ah?
Authors: Nik Abdul Ghani, Nik Abdul Rahim; Saleem, Muhammad Yusuf; Lahsasna, Ahcene (2015)
This paper is a preliminary research on studying the application of beneficial ownership in Islamic financial products. It aims at investigating the meaning of beneficial ownership and its recognition in the Shari'ah perspective. This paper starts with identifying the meaning of milkiyyah (ownership) and its characteristics in the Islamic law and followed by the discussion on beneficial ownership from legal perspective. The study emphasizes on the historical and theoretical aspects of beneficial ownership. It then critically elucidates the meaning of beneficial ownership and its use in commercial transaction as to ascertain whether its use is in compliance with the requirements of own...
Research Monograph
Benefitting from a loan (qard) contract: an analysis of juristic opinions
Authors: Saleem, Muhammad Yusuf; Abozaid, Abdulazeem (2013)
In Islam, a loan (qard) is considered a gratuitous contract, and providing a loan to a person in need is a recommended (mandub) act for which a lender is rewarded. The gratuitous nature of the loan contract is emphasised in various hadiths which also prohibit the lender from deriving any stipulated benefit from the loan he has provided. Loans that generate conditional benefit to the lender are considered usurious. The practice of usury (riba) is inextricably tied to the loan and debt where a lender charges the borrower an additional amount. The main focus of this research paper is to provide a critical discussion on the ruling that prohibits the lender from deriving conditional benefi...
Commodity murabaha: does it violate Islamic norms? Note
Authors: Hasan, Zubair (2008)
Recently commodity murabaha has run into disrepute due to court decisions going against the use of this instrument in Islamic banks. This brief note argues that at fault has been the structure of contracts and the excessive use of the instrument. In principle, commodity murabaha is doubtless rooted deep in the Islamic Shari'ah.
Contemporary practices of musharakah in financial transactions
Authors: Moriguchi, Takao; Khattak, Mudeer Ahmed; Farhan, Muhammad; Firdaus, Mohamad; Worasutr, Asas; Lukman Hakim, Andi; Musthafa, Fikry; Muneeza, Aishath (2016)
Musharakah, which is translated as 'joint venture or partnership' or 'profit and loss sharing contract' is regarded as an ideal financing contract in Islamic finance. Musharakah has been applied to Islamic banking and Islamic capital market across the world and it is also proposed as one of alternative model in takaful business. Musharakah contract is also combined with other contracts and interesting products such as Musharakah Mutanaqisa has been developed. However, there are considerations concerning the principles of Shariah. This paper aims to discuss these matters and offer recommendations in order for Musharakah to be more widely accepted and adopted by the Muslim communities a...
Industry Article
Enhancing the application of musharakah through blockchain
Authors: Muneeza, Aishath; Jin, Zichu; Abdul Razak, Iman Najwa (2018)
Islamic banks are still relying on debt-like modes of financing since most equity based finances need long term commitment. The basic principle of Islamic banking is the sharing of profit and loss and the prohibition of riba (interest).Additionally, PLS arrangements have been specifically acknowledged as ideal modes of financing in Islamic finance. But to date, the actual practice of Islamic banking has been far removed from these models. Nearly all Islamic banks, investment companies, and investment funds offer trade and project finance based on mark-up, commissioned manufacturing, or on leasing bases. There is not much difference in substance between IFIs and conventional financial ...
Implication of hawalah in Islamic finance practice
Authors: Al Raisi, Al Khansa Sulaiman Dawood; Rodriguez, Imelda; Tustikbayev, Miras; Omarova, Nazerke; Abdul Rahman, Waleeda; Muneeza, Aishath (2016)
This article aims at examining the concept of Hawalah and its contemporary applications in banking sector. For this purpose, the authors examine the conceptual and literal meaning of Hawalah and scrutinise its applications in two Malaysian banks. While Bank A is a dual bank which offers both conventional and Islamic banking, Bank B is a full-fledged Islamic bank. Results indicated that there is a general lack of awareness about the concept of Hawalah used by both banks. Although there is strong awareness of Islamic Shariah's strong prohibition on taking interest, the staff members are uninformed about the underlying concepts of Hawalah. In addition, the authors found that the hawalah-...
Introducing the Shariah investment agreement: compatibility with common law
Authors: Alhabshi, Syed Adam (2016)
There is a misfit in applying multilayered and opaque Tijarah contracts for investment purposes. Such misfit has contributed to the divergence between Shariah and Common Law and caused tremendous problems and systemic legal risks to Islamic finance. This Dissertation introduces the Shariah Investment Agreement which is based on Bay' and meant for investment purposes. It has been carefully drafted to ensure that it is Shariah compliant and can be applied in Common Law jurisdictions as well. It is intended to pave a clear route to harmonious convergence between Shariah and Common Law ... Available in downloadable format.
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