Browsing by Topic Muamalat contracts

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Showing results 3 to 12 of 30
  • beneficial_ownership_what_extent_complies_shariah_rahim_yusuf_ahcene.pdf.jpg
  • Journal Article


  • 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...

  • item.jpg
  • Research Monograph


  • 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_zubair.pdf.jpg
  • Journal Article


  • 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_musharakah_financial_transactions_takao_etal.pdf.jpg
  • Journal Article


  • 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...

  • Enhancing_application_of_musharakah_through_blockchain_Aishath.pdf.jpg
  • Industry Article


  • 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_hawalah_Islamic_finance_practice_aishath.pdf.jpg
  • Journal Article


  • 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-...

  • PhD_introducing_Shariah_investment_agreement_Syed_Adam.pdf.jpg
  • PhD


  • 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.

  • introduction_salam_forward_sale_aishath et al.pdf.jpg
  • Industry Article


  • Authors: Jaafar, Adlin Izyana; Mohd Khusairi, Hamizah; Muneeza, Aishath (2018)

  • One of the preconditions for a valid sale under Islamic law is the existence of subject matter at the time of sale. However, there are two exceptions that allow the sale of nonexistent objects. The exceptional sale contracts in Shariah are Salam (forward sale) and Istisna' (manufacturing contract). Salam is a sale whereby the seller undertakes to supply some specified goods to the buyer at a future date in exchange of an advanced price fully paid at the spot.

  • is_musharakah_mutanaqisah_a_practical_alternative_zulkarnain_shamsher_alam_2015.pdf.jpg
  • Industry Article


  • Authors: Muhammad Sori, Zulkarnain; Ramadili Mohd, Shamsher Mohamad; Asadov, Alam (2015-09-30)

  • Islamic finance had a healthy double-digit growth in the last decade and an important contribution to this steady success is the increasing demand for Shariah compliant products and services from both Muslims and non-Muslims around the globe. These products and services are perceived to be more resilient in adverse economic conditions, has risk-sharing att ributes and provides competitive returns to conventional counterparts. Among others, the Musharakah or partnership contract is commonly applied in many investment and fi nancing initiatives. One variation of the Musharakah is the Musharakah Mutanaqisah (or diminishing partnership) that emphasizes on the joint ownership of the asset...

Browsing by Topic Muamalat contracts

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 3 to 12 of 30
  • beneficial_ownership_what_extent_complies_shariah_rahim_yusuf_ahcene.pdf.jpg
  • Journal Article


  • 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...

  • item.jpg
  • Research Monograph


  • 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_zubair.pdf.jpg
  • Journal Article


  • 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_musharakah_financial_transactions_takao_etal.pdf.jpg
  • Journal Article


  • 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...

  • Enhancing_application_of_musharakah_through_blockchain_Aishath.pdf.jpg
  • Industry Article


  • 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_hawalah_Islamic_finance_practice_aishath.pdf.jpg
  • Journal Article


  • 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-...

  • PhD_introducing_Shariah_investment_agreement_Syed_Adam.pdf.jpg
  • PhD


  • 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.

  • introduction_salam_forward_sale_aishath et al.pdf.jpg
  • Industry Article


  • Authors: Jaafar, Adlin Izyana; Mohd Khusairi, Hamizah; Muneeza, Aishath (2018)

  • One of the preconditions for a valid sale under Islamic law is the existence of subject matter at the time of sale. However, there are two exceptions that allow the sale of nonexistent objects. The exceptional sale contracts in Shariah are Salam (forward sale) and Istisna' (manufacturing contract). Salam is a sale whereby the seller undertakes to supply some specified goods to the buyer at a future date in exchange of an advanced price fully paid at the spot.

  • is_musharakah_mutanaqisah_a_practical_alternative_zulkarnain_shamsher_alam_2015.pdf.jpg
  • Industry Article


  • Authors: Muhammad Sori, Zulkarnain; Ramadili Mohd, Shamsher Mohamad; Asadov, Alam (2015-09-30)

  • Islamic finance had a healthy double-digit growth in the last decade and an important contribution to this steady success is the increasing demand for Shariah compliant products and services from both Muslims and non-Muslims around the globe. These products and services are perceived to be more resilient in adverse economic conditions, has risk-sharing att ributes and provides competitive returns to conventional counterparts. Among others, the Musharakah or partnership contract is commonly applied in many investment and fi nancing initiatives. One variation of the Musharakah is the Musharakah Mutanaqisah (or diminishing partnership) that emphasizes on the joint ownership of the asset...