Browsing by Author Sanusi, Mahmood

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  • 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.

  • role_khiyar_al-ayb_al-bay_bithaman_ajil_financing_saiful.pdf.jpg
  • Journal Article


  • Authors: Rosly, Saiful Azhar; Sanusi, Mahmood; Mohd Yasin, Norhashimah (2001)

  • The widespread application of al-bay' bithaman ajil (BBA) contract in the Islamic banking business today requires a serious reexamination. This is to see that the welfare of consumers is protected, which all Islamic contracts must provided for. It is made by way of making the existence of 'iwad in profit arising from BBA or murabahah transactions evidently clear. One of the component of 'iwad is the right of the buyer to annul the contract when a defect is evident in the product sold, namely Khiyar Al-'Ayb. It follows that the contract of BBA must include the provision of Khiyar Al-'Ayb as the natural right of the buying party. This paper has argued that this right was not granted b...

  • some_issues_bay_al-Inah_malaysian_islamic_financial_markets_saiful.pdf.jpg
  • Journal Article


  • Authors: Rosly, Saiful Azhar; Sanusi, Mahmood (2001)

  • The contract of bay' al-'inah normally involves a sale of an asset or property by a first party to a second party for immediate or spot payment followed by an immediate sale of the same asset by the second party to the first party for a higher amount on deferred payments. The asset is by no means useful to both parties either for consumption purposes or derivation of usufruct (manfaah). Apparently this device is used to bypass the Quranic prohibition of interest as riba since the main objective of the contract involvess two consenting parties both of whom are willing to pay and receive a contractual rate of return on a loan.

Browsing by Author Sanusi, Mahmood

Jump to: 0-9 A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
or enter first few letters:  
Showing results 1 to 3 of 3
  • 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.

  • role_khiyar_al-ayb_al-bay_bithaman_ajil_financing_saiful.pdf.jpg
  • Journal Article


  • Authors: Rosly, Saiful Azhar; Sanusi, Mahmood; Mohd Yasin, Norhashimah (2001)

  • The widespread application of al-bay' bithaman ajil (BBA) contract in the Islamic banking business today requires a serious reexamination. This is to see that the welfare of consumers is protected, which all Islamic contracts must provided for. It is made by way of making the existence of 'iwad in profit arising from BBA or murabahah transactions evidently clear. One of the component of 'iwad is the right of the buyer to annul the contract when a defect is evident in the product sold, namely Khiyar Al-'Ayb. It follows that the contract of BBA must include the provision of Khiyar Al-'Ayb as the natural right of the buying party. This paper has argued that this right was not granted b...

  • some_issues_bay_al-Inah_malaysian_islamic_financial_markets_saiful.pdf.jpg
  • Journal Article


  • Authors: Rosly, Saiful Azhar; Sanusi, Mahmood (2001)

  • The contract of bay' al-'inah normally involves a sale of an asset or property by a first party to a second party for immediate or spot payment followed by an immediate sale of the same asset by the second party to the first party for a higher amount on deferred payments. The asset is by no means useful to both parties either for consumption purposes or derivation of usufruct (manfaah). Apparently this device is used to bypass the Quranic prohibition of interest as riba since the main objective of the contract involvess two consenting parties both of whom are willing to pay and receive a contractual rate of return on a loan.