Prof. Dr. Saiful Azhar Rosly
Qualification:PhD in Economics, Universiti Kebangsaan Malaysia. (1994)
Fields/Area of Specialization:Islamic Economics, Islamic Banking, Finance and Investment
Prof. Dr. Saiful Azhar Rosly is a professor of Islamic economics and banking who has taught courses such as Islamic economics, Islamic banking and finance, Islamic financial system, Islamic banking system and operation, Islamic capital market, money and banking, economic development, history of economic thought, managerial economics, intermediate microeconomics, macroeconomics and principles of economics He obtained undergraduate and masters degree in economics from Northern Illinois University, DeKalb, USA and Ph.D in economics from the National University of Malaysia.

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Showing results 1 to 20 of 34
  • al_bay_bithaman_ajil_financing_impacts_islamic_banking_performance_saiful.pdf.jpg
  • Journal Article


  • Authors: Rosly, Saiful Azhar (1999)

  • The dual-banking system in Malaysia is expected to put Islamic banks at a disadvantage due to the latter's over-dependency on fixed rate asset financing such as al-bay' bithaman qjil and murabuhah. When interest rates are rising, rational product choice among non-Muslim customers is expected to produce a shifting effect that may frustrate deposit mobilization and at the same time able deplete an Islamic bank's earnings. The shifting effect occurs when NMC either transfer deposits from Islamic banks to conventional banks, or, in a period of declining interest rates, opt for loans rather than for deferred sale financing. These shifts occur solely due to pecuniary incentives sought by NM...

  • application_bay_al-innah_bay_al-dayn_malaysian_islam_bonds_islamic_analysis_saiful.pdf.jpg
  • Journal Article


  • Authors: Rosly, Saiful Azhar; Sanusi, Mahmood (1999)

  • Financial contracts involving use of bay' al-inah and bay' al-dayn have been extensively used in design of Malaysian Islamic bonds. This paper argues that both these mechanisms have been found unacceptable by the majority of Islamic scholars and proposes the use of financing based on Muqarada and Musharaka principles as genuine alternatives to interest-bearing financial instruments.

  • credit_risk_sharing_Islamic_banking_case_Islamic_deposits_investment_accounts_Malaysia_saiful.pdf.jpg
  • Journal Article


  • Authors: Rosly, Saiful Azhar (2016-08-04)

  • This paper argues that the introduction of the investment account (IA) in Islamic banking amongst others should reduce potential Shariah non-compliance risk arising from the disproportionate distribution of income to depositors and banks. While impairment expenses are changed to depositors, the returns on mudaraba deposits (ROMD) do not seem to favour depositors as the ROMD has been consistently lower than returns on equity (ROE) despite evidencing some form of credit-risk sharing between banks and mudaraba depositors as outlined by Framework of Rate of Return of Bank Negara Malaysia. When investment accounts are channeled to fund murabaha transactions, the credit risk should be solel...

  • critical_issues_islamic_banking_financial_markets_cover.gif.jpg
  • Book


  • Authors: Rosly, Saiful Azhar (2008)

  • This book provides the underlying principles of Shariah financial instruments and presented them in actual and practical form. Since 1983, Malaysia has been making significant inroads into the Islamic financials landscape. Today Islamic financial transactions have made their presence felt in almost all financial institutions including banks, unit trusts, insurance, discount houses, fund management, factoring, pawn broking and project financing. And with more than USD200 billion Islamic funds available in global finance today, it is logical that the business of Islamic banking, insurance and fund management is fast expanding and encroaching into non-traditional financing.

  • Determinants _of_foreign_banking_activity_in_Malaysia_Khan_Saiful.pdf.jpg
  • Journal Article


  • Authors: Ahmad, Khan Masood; Rosly, Saiful Azhar (1995)

  • This paper studies the factors which determine the level of activity of foreign banks in the Malaysian economy, in the contect of the policy framework laid down by the central bank of the country. The authors conclude that, with trade financing as the the main activity of foreign banks, they did not benefit much from the growth of the economy per se. What has actually happened is that the business growth of domestic banks has been at the expense of foreign banks.

  • PhD_Determinants_of_perceptions_of_Islamic_banks_performance_Ahmed_Abdelgadir.pdf.jpg
  • PhD


  • Authors: Elobeid Mohamed, Ahmed Abdelgadir (2017)

  • This imbalance nature of Islamic bank's performance is of great concern, which motivates this research, which is to examine the determinants of the imbalance of the imbalance nature of Islamic banks' performance in Sudan. In doing so, it seeks to fulfill three main objectives, namely examining the imbalance nature of Islamic banks' performance in Sudan, examining the awareness of the policy makers and the Islamic banks' managers to this imbalance nature, and to investigate its determinants ... Available in physical copy and downloadable format (Call Number: t HG 3393 E48)

  • PhD_determinants_profit_rates_true_sale_based_Islamic_financing_Safeza_Mohd_Sapian.pdf.jpg
  • PhD


  • Authors: Mohd Sapian, Safeza (2016)

  • The fundamental principle of true sale is based on the ownership state of the subject matter of sale where the selling party must own the asset legally and keep full ownership of the goods before making the sale. In the riba-free system, the Islamic bank assumes a role of a trading entity. It undertakes a trading position and exposes itself to business risk as the asset is booked on its balance sheet. It follows that the profit rate it charges the customer will reflect an additional risk-premium to account for the business risk exposure ... Available in physical copy and downloadable format (Call Number: t HG 3368 A6 S128)

  • item.jpg
  • PhD


  • Authors: Naim, Muhammad Arzim (2015)

  • The objective of this study is to investigate the factors affecting the rise of Shariah non-compliance risk that can bring Islamic banks to succumb to monetary loss. The study is also intent to propose a measurement of Shariah non-compliance risk via accounting technique. Subsequently, the study has also entails to identify the causal modelling of the Shariah non-compliance risk ... Available in physical copy only (Call Number: t HD 61 M952)

  • economic_principles_islam_some_methodological_issues_saiful.pdf.jpg
  • Journal Article


  • Authors: Rosly, Saiful Azhar (1995)

  • This paper examines the nature of economic principles in Islam. Two types of economic principles are identified. The first type refers to the economic laws derived from revelation-based sources namely the Quran, Sunnah, Ijtihad and Ijma. The second type refers to economic lwas derived from reasoning and experience. The former is the economic system and the latter is economic theory. Both forms of economic laws are in harmony and have no basis for compartmentalization as there is no conflict between revelation and science in Islam. in theory building, it is shown that Quran based assumptions act as the linking mechanism in harmonizing revelation and science. As revelation is superior t...

  • item.jpg
  • Master


  • Authors: Ali, Md Hakim (2017)

  • After the global financial crisis, liquidity management has been a great concern to both Islamic and conventional banks, as liquidity management is linked to the bank's profitability and overall sustainaibility of financial system. While shortage of liquidity has taken centre-stage in Basel 3 reforms as a consequence of the US subprime loan crises, the problem of excess liquidity in Islamic banking remains unresolved in view of the lack of product offerings like medium term sukuk that should give relatively higher yields than short-term Islamic securities ... Available in physical copy only (Call Number: t HG 1656 A3 M478)

  • how_to_expand_role_islamic_banking_trading_saiful.pdf.jpg
  • Industry Article


  • Authors: Rosly, Saiful Azhar (2018)

  • Ever since the establishment of Islamic banks in the 1970s, the difficulty in executing actual buy and sell transactions as the Quran commanded in the verse "Allah has permitted al-bay but prohibits riba" (Al-Baqarah 275) has spurred the industry into using questionable products that resemble interest-bearing loans as evident now in tawaruq munazzam and earlier in bay al-enah. Much of this unfortunate development in Islamic banking has to do with its deposit-taking function. Doing so requires the bank to follow stringent Basel Accord capital requirement against any risky positions it took in the business such as equity, leasing and trading positions. The trading business, namely buy a...

  • The_impact_of_delisting_Shariah_compliant_stocks_on_Islamic_investments_Saiful.pdf.jpg
  • Industry Article


  • Authors: Rosly, Saiful Azhar (2018)

  • Islamic investments as a critical component of the Halal supply chain received considerable attention in the global financial market when the Dow Jones Islamic market Index (DJIM) was established in 1999, followed by Financial Times Stock Exchange (FTSE), Standard and Poor (S&P) and others. Malaysia took global leadership in the construction of Shariah Indices in 1999 and launched the FTSE Bursa Malaysia Emas Shariah Index in 2007. One fundamental feature of the Shariah Indices is the screening process before the stock can be identified as Shariah compliant. The screening methodology differs to some degree among the major Shariah stock indices but essentially settle to affirm consensu...

  • impact_wakalah_system_performance_takaful_business_malaysia_saiful.pdf.jpg
  • Journal Article


  • Authors: Annuar, Hairul Azlan; Rosly, Saiful Azhar; Abdul Rashid, Hafiz Majdi (2006)

  • Marketing takaful products does not imply exploiting the religious factor alone. Equally important is the distribution channel. As a marketing tool the agency system is vital. Insurance agents who sell policies are not employees to the insurance operators. They work on commission basis and thus, motivated by the volume of sales made. By using agents, insurance companies can cut overhead costs and help expand markets without using or setting up new costly subsidiaries. The first Takaful operator in Malaysia, Syarikat Takaful Malaysia Berhad (STMB) did not use the agency system. STMB says that it is against the Shari[ah law to apply the contract of Agency (al Wakalah) in the takaful bus...

  • islamic_banking_malaysia_unchartered_waters_saiful.pdf.jpg
  • Journal Article


  • Authors: Abdul Kareem, Mohamed Ariff; Rosly, Saiful Azhar (2011)

  • This paper explores the Islamic banking business in Malaysia since its beginning in 1983. The Islamic banking sector has achieved its target of 20% market share in assets and deposits in 2010. To boost the industry's competitiveness and efficiency, the demands of the market forces will have to be delicately balanced with the dictates of the Shari'ah. The search for niche Islamic banking products warrants enhancements in the current regulatory, legal, and fiscal infrastructure for Islamic banking, without which these products cannot be a viable alternative to the conventional ones. While the prevailing infrastructure is conducive to Islamic banking products that hold similar characteri...

  • islamic_banking_doing_things_right_doing_right_thing_saiful.pdf.jpg
  • Journal Article


  • Authors: Rosly, Saiful Azhar (2005)

  • To do the right thing, the contract ('aqad) method is usually employed to define Syariah legitimacy of Islamic banks. Equally important, the Islamic banking business is expected to operate on the moral principles of risk-taking (ghorm), work (kasb) and responsibility (daman). By doing so, the ethico-legal dimension of Islamic banking can be made evident. While claiming Syariah legitimacy, doing things right is critical where Islamic banks must compete on the basis of efficiency. In this way, factors affecting bank performance such as size of capital, scale economies and adverse selection must not be discounted in determining the success of the Islamic banking business.

  • Islamic_conception_of_psychological_nature_of_man_shinaj_saiful.pdf.jpg
  • Journal Article


  • Authors: Shamsudheen, Shinaj Valangattil; Rosly, Saiful Azhar (2018)

  • This paper aims to develop and validate a scale for Islamic conception of psychological nature of man. Al-Ghazali's model of psychological nature of man considered as the theoretical background of the study. Content validity test and factor analysis are used to refine measurement items and define and validate the scale. In total, 362 samples were collected from Islamic banking practitioners in UAE. Item statements are refined through content validation test. Three dimensions are extracted, i.e. 'Intellect,' 'Satanic element' 'Divine Knowledge,' through exploratory factor analysis and evidence of validation of scale/construct is reported through confirmatory factor analysis.

  • Islamic_finance_grasping_with_price_and_profit_theory_saiful.pdf.jpg
  • Industry Article


  • Authors: Rosly, Saiful Azhar (2018)

  • The Halal industry comprising of bank and non-banking firms is hardly visible in theoretical rigor except for the Shariah rules it promotes to exert religious labelling. While Islamic banks pay greater attention the elimination of riba, gambling and ambiguities in financing contracts to claim Shariah legitimacy, non-banking companies are more concerned about halal slaughtering, avoidance of pork in the production process, prevention of food adulteration, promoting hygiene in food preparation and many more.

  • Islamic_project_financing_saiful.pdf.jpg
  • Industry Article


  • Authors: Rosly, Saiful Azhar (2005)

  • There are numbers of things one should consider to better understand project financing from an Islamic perspective. Most are interested in examining the nature and structure of Islamic instruments used to mobilise the capital needed by a project company. Structuring an Islamic bond (sukuk) is becoming more challenging among investment bankers. Most popular are the Al-bai bithaman ajil bonds (BAIDS) and murabaha notes issuance facility (MuNif)

  • iwad_requirement_lawful_sale_critical_analysis_saiful.pdf.jpg
  • Journal Article


  • Authors: Rosly, Saiful Azhar (2001)

  • This paper will argue that replacing riba' with al-bay' does not mean that the latter can imply any form of sale (al-bay') to justify Islamic legitimacy. Apart from the prohibition of uncertainties (gharar) in sale, the requirement of an equivalent countervalue (ciwa') must also be met. Risk (ghurm) and liability (iman) after sale and value-addition or effort (ikhtiyar) are the principal components of ciwa'. As such, any increase from sale must contain ciwa', otherwise riba' is implicated. In classical Islamic commercial contracts such as ijarah, salam and mudarabah, ciwa' is evident. However, the contracts of credit of al-murabahah or al-bay bithaman ajil are widely used by Islamic b...

Prof. Dr. Saiful Azhar Rosly
author picture
Qualification: PhD in Economics, Universiti Kebangsaan Malaysia. (1994)
Fields/Area of Specialization: Islamic Economics, Islamic Banking, Finance and Investment
Prof. Dr. Saiful Azhar Rosly is a professor of Islamic economics and banking who has taught courses such as Islamic economics, Islamic banking and finance, Islamic financial system, Islamic banking system and operation, Islamic capital market, money and banking, economic development, history of economic thought, managerial economics, intermediate microeconomics, macroeconomics and principles of economics He obtained undergraduate and masters degree in economics from Northern Illinois University, DeKalb, USA and Ph.D in economics from the National University of Malaysia.
Showing results 1 to 20 of 34
  • al_bay_bithaman_ajil_financing_impacts_islamic_banking_performance_saiful.pdf.jpg
  • Journal Article


  • Authors: Rosly, Saiful Azhar (1999)

  • The dual-banking system in Malaysia is expected to put Islamic banks at a disadvantage due to the latter's over-dependency on fixed rate asset financing such as al-bay' bithaman qjil and murabuhah. When interest rates are rising, rational product choice among non-Muslim customers is expected to produce a shifting effect that may frustrate deposit mobilization and at the same time able deplete an Islamic bank's earnings. The shifting effect occurs when NMC either transfer deposits from Islamic banks to conventional banks, or, in a period of declining interest rates, opt for loans rather than for deferred sale financing. These shifts occur solely due to pecuniary incentives sought by NM...

  • application_bay_al-innah_bay_al-dayn_malaysian_islam_bonds_islamic_analysis_saiful.pdf.jpg
  • Journal Article


  • Authors: Rosly, Saiful Azhar; Sanusi, Mahmood (1999)

  • Financial contracts involving use of bay' al-inah and bay' al-dayn have been extensively used in design of Malaysian Islamic bonds. This paper argues that both these mechanisms have been found unacceptable by the majority of Islamic scholars and proposes the use of financing based on Muqarada and Musharaka principles as genuine alternatives to interest-bearing financial instruments.

  • credit_risk_sharing_Islamic_banking_case_Islamic_deposits_investment_accounts_Malaysia_saiful.pdf.jpg
  • Journal Article


  • Authors: Rosly, Saiful Azhar (2016-08-04)

  • This paper argues that the introduction of the investment account (IA) in Islamic banking amongst others should reduce potential Shariah non-compliance risk arising from the disproportionate distribution of income to depositors and banks. While impairment expenses are changed to depositors, the returns on mudaraba deposits (ROMD) do not seem to favour depositors as the ROMD has been consistently lower than returns on equity (ROE) despite evidencing some form of credit-risk sharing between banks and mudaraba depositors as outlined by Framework of Rate of Return of Bank Negara Malaysia. When investment accounts are channeled to fund murabaha transactions, the credit risk should be solel...

  • critical_issues_islamic_banking_financial_markets_cover.gif.jpg
  • Book


  • Authors: Rosly, Saiful Azhar (2008)

  • This book provides the underlying principles of Shariah financial instruments and presented them in actual and practical form. Since 1983, Malaysia has been making significant inroads into the Islamic financials landscape. Today Islamic financial transactions have made their presence felt in almost all financial institutions including banks, unit trusts, insurance, discount houses, fund management, factoring, pawn broking and project financing. And with more than USD200 billion Islamic funds available in global finance today, it is logical that the business of Islamic banking, insurance and fund management is fast expanding and encroaching into non-traditional financing.

  • Determinants _of_foreign_banking_activity_in_Malaysia_Khan_Saiful.pdf.jpg
  • Journal Article


  • Authors: Ahmad, Khan Masood; Rosly, Saiful Azhar (1995)

  • This paper studies the factors which determine the level of activity of foreign banks in the Malaysian economy, in the contect of the policy framework laid down by the central bank of the country. The authors conclude that, with trade financing as the the main activity of foreign banks, they did not benefit much from the growth of the economy per se. What has actually happened is that the business growth of domestic banks has been at the expense of foreign banks.

  • PhD_Determinants_of_perceptions_of_Islamic_banks_performance_Ahmed_Abdelgadir.pdf.jpg
  • PhD


  • Authors: Elobeid Mohamed, Ahmed Abdelgadir (2017)

  • This imbalance nature of Islamic bank's performance is of great concern, which motivates this research, which is to examine the determinants of the imbalance of the imbalance nature of Islamic banks' performance in Sudan. In doing so, it seeks to fulfill three main objectives, namely examining the imbalance nature of Islamic banks' performance in Sudan, examining the awareness of the policy makers and the Islamic banks' managers to this imbalance nature, and to investigate its determinants ... Available in physical copy and downloadable format (Call Number: t HG 3393 E48)

  • PhD_determinants_profit_rates_true_sale_based_Islamic_financing_Safeza_Mohd_Sapian.pdf.jpg
  • PhD


  • Authors: Mohd Sapian, Safeza (2016)

  • The fundamental principle of true sale is based on the ownership state of the subject matter of sale where the selling party must own the asset legally and keep full ownership of the goods before making the sale. In the riba-free system, the Islamic bank assumes a role of a trading entity. It undertakes a trading position and exposes itself to business risk as the asset is booked on its balance sheet. It follows that the profit rate it charges the customer will reflect an additional risk-premium to account for the business risk exposure ... Available in physical copy and downloadable format (Call Number: t HG 3368 A6 S128)

  • item.jpg
  • PhD


  • Authors: Naim, Muhammad Arzim (2015)

  • The objective of this study is to investigate the factors affecting the rise of Shariah non-compliance risk that can bring Islamic banks to succumb to monetary loss. The study is also intent to propose a measurement of Shariah non-compliance risk via accounting technique. Subsequently, the study has also entails to identify the causal modelling of the Shariah non-compliance risk ... Available in physical copy only (Call Number: t HD 61 M952)

  • economic_principles_islam_some_methodological_issues_saiful.pdf.jpg
  • Journal Article


  • Authors: Rosly, Saiful Azhar (1995)

  • This paper examines the nature of economic principles in Islam. Two types of economic principles are identified. The first type refers to the economic laws derived from revelation-based sources namely the Quran, Sunnah, Ijtihad and Ijma. The second type refers to economic lwas derived from reasoning and experience. The former is the economic system and the latter is economic theory. Both forms of economic laws are in harmony and have no basis for compartmentalization as there is no conflict between revelation and science in Islam. in theory building, it is shown that Quran based assumptions act as the linking mechanism in harmonizing revelation and science. As revelation is superior t...

  • item.jpg
  • Master


  • Authors: Ali, Md Hakim (2017)

  • After the global financial crisis, liquidity management has been a great concern to both Islamic and conventional banks, as liquidity management is linked to the bank's profitability and overall sustainaibility of financial system. While shortage of liquidity has taken centre-stage in Basel 3 reforms as a consequence of the US subprime loan crises, the problem of excess liquidity in Islamic banking remains unresolved in view of the lack of product offerings like medium term sukuk that should give relatively higher yields than short-term Islamic securities ... Available in physical copy only (Call Number: t HG 1656 A3 M478)

  • how_to_expand_role_islamic_banking_trading_saiful.pdf.jpg
  • Industry Article


  • Authors: Rosly, Saiful Azhar (2018)

  • Ever since the establishment of Islamic banks in the 1970s, the difficulty in executing actual buy and sell transactions as the Quran commanded in the verse "Allah has permitted al-bay but prohibits riba" (Al-Baqarah 275) has spurred the industry into using questionable products that resemble interest-bearing loans as evident now in tawaruq munazzam and earlier in bay al-enah. Much of this unfortunate development in Islamic banking has to do with its deposit-taking function. Doing so requires the bank to follow stringent Basel Accord capital requirement against any risky positions it took in the business such as equity, leasing and trading positions. The trading business, namely buy a...

  • The_impact_of_delisting_Shariah_compliant_stocks_on_Islamic_investments_Saiful.pdf.jpg
  • Industry Article


  • Authors: Rosly, Saiful Azhar (2018)

  • Islamic investments as a critical component of the Halal supply chain received considerable attention in the global financial market when the Dow Jones Islamic market Index (DJIM) was established in 1999, followed by Financial Times Stock Exchange (FTSE), Standard and Poor (S&P) and others. Malaysia took global leadership in the construction of Shariah Indices in 1999 and launched the FTSE Bursa Malaysia Emas Shariah Index in 2007. One fundamental feature of the Shariah Indices is the screening process before the stock can be identified as Shariah compliant. The screening methodology differs to some degree among the major Shariah stock indices but essentially settle to affirm consensu...

  • impact_wakalah_system_performance_takaful_business_malaysia_saiful.pdf.jpg
  • Journal Article


  • Authors: Annuar, Hairul Azlan; Rosly, Saiful Azhar; Abdul Rashid, Hafiz Majdi (2006)

  • Marketing takaful products does not imply exploiting the religious factor alone. Equally important is the distribution channel. As a marketing tool the agency system is vital. Insurance agents who sell policies are not employees to the insurance operators. They work on commission basis and thus, motivated by the volume of sales made. By using agents, insurance companies can cut overhead costs and help expand markets without using or setting up new costly subsidiaries. The first Takaful operator in Malaysia, Syarikat Takaful Malaysia Berhad (STMB) did not use the agency system. STMB says that it is against the Shari[ah law to apply the contract of Agency (al Wakalah) in the takaful bus...

  • islamic_banking_malaysia_unchartered_waters_saiful.pdf.jpg
  • Journal Article


  • Authors: Abdul Kareem, Mohamed Ariff; Rosly, Saiful Azhar (2011)

  • This paper explores the Islamic banking business in Malaysia since its beginning in 1983. The Islamic banking sector has achieved its target of 20% market share in assets and deposits in 2010. To boost the industry's competitiveness and efficiency, the demands of the market forces will have to be delicately balanced with the dictates of the Shari'ah. The search for niche Islamic banking products warrants enhancements in the current regulatory, legal, and fiscal infrastructure for Islamic banking, without which these products cannot be a viable alternative to the conventional ones. While the prevailing infrastructure is conducive to Islamic banking products that hold similar characteri...

  • islamic_banking_doing_things_right_doing_right_thing_saiful.pdf.jpg
  • Journal Article


  • Authors: Rosly, Saiful Azhar (2005)

  • To do the right thing, the contract ('aqad) method is usually employed to define Syariah legitimacy of Islamic banks. Equally important, the Islamic banking business is expected to operate on the moral principles of risk-taking (ghorm), work (kasb) and responsibility (daman). By doing so, the ethico-legal dimension of Islamic banking can be made evident. While claiming Syariah legitimacy, doing things right is critical where Islamic banks must compete on the basis of efficiency. In this way, factors affecting bank performance such as size of capital, scale economies and adverse selection must not be discounted in determining the success of the Islamic banking business.

  • Islamic_conception_of_psychological_nature_of_man_shinaj_saiful.pdf.jpg
  • Journal Article


  • Authors: Shamsudheen, Shinaj Valangattil; Rosly, Saiful Azhar (2018)

  • This paper aims to develop and validate a scale for Islamic conception of psychological nature of man. Al-Ghazali's model of psychological nature of man considered as the theoretical background of the study. Content validity test and factor analysis are used to refine measurement items and define and validate the scale. In total, 362 samples were collected from Islamic banking practitioners in UAE. Item statements are refined through content validation test. Three dimensions are extracted, i.e. 'Intellect,' 'Satanic element' 'Divine Knowledge,' through exploratory factor analysis and evidence of validation of scale/construct is reported through confirmatory factor analysis.

  • Islamic_finance_grasping_with_price_and_profit_theory_saiful.pdf.jpg
  • Industry Article


  • Authors: Rosly, Saiful Azhar (2018)

  • The Halal industry comprising of bank and non-banking firms is hardly visible in theoretical rigor except for the Shariah rules it promotes to exert religious labelling. While Islamic banks pay greater attention the elimination of riba, gambling and ambiguities in financing contracts to claim Shariah legitimacy, non-banking companies are more concerned about halal slaughtering, avoidance of pork in the production process, prevention of food adulteration, promoting hygiene in food preparation and many more.

  • Islamic_project_financing_saiful.pdf.jpg
  • Industry Article


  • Authors: Rosly, Saiful Azhar (2005)

  • There are numbers of things one should consider to better understand project financing from an Islamic perspective. Most are interested in examining the nature and structure of Islamic instruments used to mobilise the capital needed by a project company. Structuring an Islamic bond (sukuk) is becoming more challenging among investment bankers. Most popular are the Al-bai bithaman ajil bonds (BAIDS) and murabaha notes issuance facility (MuNif)

  • iwad_requirement_lawful_sale_critical_analysis_saiful.pdf.jpg
  • Journal Article


  • Authors: Rosly, Saiful Azhar (2001)

  • This paper will argue that replacing riba' with al-bay' does not mean that the latter can imply any form of sale (al-bay') to justify Islamic legitimacy. Apart from the prohibition of uncertainties (gharar) in sale, the requirement of an equivalent countervalue (ciwa') must also be met. Risk (ghurm) and liability (iman) after sale and value-addition or effort (ikhtiyar) are the principal components of ciwa'. As such, any increase from sale must contain ciwa', otherwise riba' is implicated. In classical Islamic commercial contracts such as ijarah, salam and mudarabah, ciwa' is evident. However, the contracts of credit of al-murabahah or al-bay bithaman ajil are widely used by Islamic b...