Browsing by Topic Muamalat contracts

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Showing results 11 to 20 of 38
  • Enhancing_application_of_musharakah_through_blockchain_Aishath.pdf.jpg
  • Industry Article


  • Authors: Aishath Muneeza; Jin Zichu; Iman Najwa Abdul Razak (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 ...

  • The fiqh characterization of ijarah mawsufah fi al-dhimmah_Said_Adekunle.pdf.jpg
  • Journal Article


  • Authors: Sa'id Adekunle Mikail (2013)

  • The application of the Shari'ah principle of ijarah mawsufah fi al-dhimmah (forward lease) can be traced back to the early days of Islam. It is derived from the original contract of ijarah (lease), which has been widely used in the structuring of Islamic financial transactions to cater for various Muslim and non-Muslim needs over time. Thus, the classical books of Islamic jurisprudence have amply discussed its applications in various forms according to the prevailing circumstances. Today, ijarah mawsufah fi al-dhimmah is applied in the offering of various services in the Islamic finance industry relating to education, medical treatment, tourism, hajj and 'umrah, among others. Neverthe...

  • 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 ...

  • introduction_salam_forward_sale_aishath et al.pdf.jpg
  • Industry Article


  • Authors: Adlin Izyana Jaafar; Hamizah Mohd Khusairi; Aishath Muneeza (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: Muhamad 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 attributes and provides competitive returns to conventional counterparts. Among others, the musharakah or partnership contract is commonly applied in many investment and financing initiatives. One variation of the musharakah is the musharakah mutanaqisah (or diminishing partnership) that emphasizes on the joint ownership of the asset pu...

  • islamic contracts for financing_part 1.pdf.jpg
  • Chapter in Book


  • Authors: Saleem, Muhammad Yusuf (2012)

  • Sharikah literally means the mixing of two properties, so that they cannot be distinguished from each other. It also means sharing and participation. It refers to a property that belongs to several owners or co-proprietors in common, in such a way that each one had ownershio of every smallest part of it in proportion to the shares allotted to them.

  • islamic contracts for financing_part 2.pdf.jpg
  • Chapter in Book


  • Authors: Saleem, Muhammad Yusuf (2012)

  • The Arabic word for sale is bay'. Bay' literally means exchange, and applies to both sale and purchase. Technically, sale refers to an exchange of one property for another, one of which is called the subject-matter/ object, and the other the price. Sale can also be defined as a transfer of ownership of property for a consideration or compensation.

  • Istijrar_an_alternative_solution_to_murabahah-based_import_financing_facilities_Marjan_Mezbah.jpg.jpg
  • Research Monograph


  • Authors: Marjan Muhammad; Mezbah Uddin Ahmed; Muhamad Nasir Haron; Aniza Rahaya Zulkifli (2020)

  • Islamic banks provide similar trade finance facilities to those of conventional banks. They intermediate between buyers (i.e., importers) and sellers (i.e., exporters), act as a custodian of documents, and provide means to reduce payment risks via different payment terms (e.g., open account, documentary collection and letter of credit (LC)). They also provide financing - as need be - to help with working capital tied to the trade transactions. This research focuses only on financing by Islamic banks to importers that involve LCs. Different underlying Shari'ah contracts are used for import financing facilities under LC, the most common being the murabahah contract. At the time of sal...

  • juristic_viewpoints_bay_al_inah_malaysia_a_survey_saiful.pdf.jpg
  • Journal Article


  • Authors: Rosly, Saiful Azhar; Che Seman, Azizi (2003)

  • In Malaysia, Sharicah scholars at the supervisory levels have advocated bay' al-'inah as a mode of finance. Under the label of al-bay', the contract of bay' al-'inah contains interest-bearing features, such as earning a contractual return without the implication of risk and value-addition. Seeking a broader consensus on the permissibility of bay' al-'inah is thus critical. This study shows that Malaysian Sharicah scholars outside the supervisory bodies do not fully support bay' al-'inah. The survey indicates that bay' al-'inah can be applied under a state of darurah or when the maslahah of the Muslim people is under threat, which is not the case in Malaysia. Since Sharicah scholars in...

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 11 to 20 of 38
  • Enhancing_application_of_musharakah_through_blockchain_Aishath.pdf.jpg
  • Industry Article


  • Authors: Aishath Muneeza; Jin Zichu; Iman Najwa Abdul Razak (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 ...

  • The fiqh characterization of ijarah mawsufah fi al-dhimmah_Said_Adekunle.pdf.jpg
  • Journal Article


  • Authors: Sa'id Adekunle Mikail (2013)

  • The application of the Shari'ah principle of ijarah mawsufah fi al-dhimmah (forward lease) can be traced back to the early days of Islam. It is derived from the original contract of ijarah (lease), which has been widely used in the structuring of Islamic financial transactions to cater for various Muslim and non-Muslim needs over time. Thus, the classical books of Islamic jurisprudence have amply discussed its applications in various forms according to the prevailing circumstances. Today, ijarah mawsufah fi al-dhimmah is applied in the offering of various services in the Islamic finance industry relating to education, medical treatment, tourism, hajj and 'umrah, among others. Neverthe...

  • 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 ...

  • introduction_salam_forward_sale_aishath et al.pdf.jpg
  • Industry Article


  • Authors: Adlin Izyana Jaafar; Hamizah Mohd Khusairi; Aishath Muneeza (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: Muhamad 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 attributes and provides competitive returns to conventional counterparts. Among others, the musharakah or partnership contract is commonly applied in many investment and financing initiatives. One variation of the musharakah is the musharakah mutanaqisah (or diminishing partnership) that emphasizes on the joint ownership of the asset pu...

  • islamic contracts for financing_part 1.pdf.jpg
  • Chapter in Book


  • Authors: Saleem, Muhammad Yusuf (2012)

  • Sharikah literally means the mixing of two properties, so that they cannot be distinguished from each other. It also means sharing and participation. It refers to a property that belongs to several owners or co-proprietors in common, in such a way that each one had ownershio of every smallest part of it in proportion to the shares allotted to them.

  • islamic contracts for financing_part 2.pdf.jpg
  • Chapter in Book


  • Authors: Saleem, Muhammad Yusuf (2012)

  • The Arabic word for sale is bay'. Bay' literally means exchange, and applies to both sale and purchase. Technically, sale refers to an exchange of one property for another, one of which is called the subject-matter/ object, and the other the price. Sale can also be defined as a transfer of ownership of property for a consideration or compensation.

  • Istijrar_an_alternative_solution_to_murabahah-based_import_financing_facilities_Marjan_Mezbah.jpg.jpg
  • Research Monograph


  • Authors: Marjan Muhammad; Mezbah Uddin Ahmed; Muhamad Nasir Haron; Aniza Rahaya Zulkifli (2020)

  • Islamic banks provide similar trade finance facilities to those of conventional banks. They intermediate between buyers (i.e., importers) and sellers (i.e., exporters), act as a custodian of documents, and provide means to reduce payment risks via different payment terms (e.g., open account, documentary collection and letter of credit (LC)). They also provide financing - as need be - to help with working capital tied to the trade transactions. This research focuses only on financing by Islamic banks to importers that involve LCs. Different underlying Shari'ah contracts are used for import financing facilities under LC, the most common being the murabahah contract. At the time of sal...

  • juristic_viewpoints_bay_al_inah_malaysia_a_survey_saiful.pdf.jpg
  • Journal Article


  • Authors: Rosly, Saiful Azhar; Che Seman, Azizi (2003)

  • In Malaysia, Sharicah scholars at the supervisory levels have advocated bay' al-'inah as a mode of finance. Under the label of al-bay', the contract of bay' al-'inah contains interest-bearing features, such as earning a contractual return without the implication of risk and value-addition. Seeking a broader consensus on the permissibility of bay' al-'inah is thus critical. This study shows that Malaysian Sharicah scholars outside the supervisory bodies do not fully support bay' al-'inah. The survey indicates that bay' al-'inah can be applied under a state of darurah or when the maslahah of the Muslim people is under threat, which is not the case in Malaysia. Since Sharicah scholars in...