Browsing by Topic Muamalat contracts

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Showing results 9 to 18 of 30
  • 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...

  • 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.

  • 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...

  • item.jpg
  • PhD


  • Authors: Asadov, Alam I. (2018)

  • Following the U.S. Subprime Crises of 2007-08, many developed countries went into deep recession. In the literature, there are many reasons provided as probable causes of the crisis. However, it is undeniable that the flaws of the conventional financial system and home financing methods are among the important sources of the crisis. In this thesis, we argue that the damage caused by the Subprime crisis may have been avoided to a considerable extent if true profit and loss sharing (PLS) based method of financing has been applied. In that regards, we suggest an improved version of Islamic home financing called the Enhanced Musharakah Mutanaqisah (EMM).

  • Musharakah Mutanaqisah home financing_alam_zulkarnain_zaher_shinaj_shamsher.pdf.jpg
  • Journal Article


  • Authors: Asadov, Alam; Muhamad Sori, Zulkarnain; Anwer, Zaher; Shamsudheen, Shinaj Valangattil; Ramadili Mohd, Shamsher Mohamad (2018)

  • Musharakah mutanaqisah (MM) mode of Islamic financing purchase of an asset, where the bank and customer enter into a contract of joint property ownership and the customer's ownership of the asset gradually increases throughout the financing period and fully own the asset after the last financial settlement. This mode of financing was introduced to mitigate the issue of unequal risk burden of conventional mortgage financing, where the bank just provide the financing and the customer bears all risk. MM financing reflects a true partnership contract through sharing of risk and reward between both parties. Though the MM mode of financing has the salient features to address the flaws of co...

  • possibility_application_salam_Malaysian_Islamic_banking_system_aishath.pdf.jpg
  • Journal Article


  • Authors: Muneeza, Aishath; Nik Yusuf, Nik Nurul Atiqah; Hassan, Rusni (2011)

  • This research aims to explore the theoretical nature of salam contract in depth, the extent of its use in the banking arena of Malaysia and to test the theoretical feasibility of its future application by the Islamic banks in Malaysia by suggesting an Islamic banking product structure based on salam contract. Salam contract is more susceptible to risks than the rest of the Islamic commercial contracts used by the Islamic banks in Malaysia and none of the Islamic banks in the country utilize this type of contract as a mode of financing. However, the research indicates that a feasible banking product based on salam contract could be formulated to help poor farmers in the country. To pro...

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 9 to 18 of 30
  • 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...

  • 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.

  • 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...

  • item.jpg
  • PhD


  • Authors: Asadov, Alam I. (2018)

  • Following the U.S. Subprime Crises of 2007-08, many developed countries went into deep recession. In the literature, there are many reasons provided as probable causes of the crisis. However, it is undeniable that the flaws of the conventional financial system and home financing methods are among the important sources of the crisis. In this thesis, we argue that the damage caused by the Subprime crisis may have been avoided to a considerable extent if true profit and loss sharing (PLS) based method of financing has been applied. In that regards, we suggest an improved version of Islamic home financing called the Enhanced Musharakah Mutanaqisah (EMM).

  • Musharakah Mutanaqisah home financing_alam_zulkarnain_zaher_shinaj_shamsher.pdf.jpg
  • Journal Article


  • Authors: Asadov, Alam; Muhamad Sori, Zulkarnain; Anwer, Zaher; Shamsudheen, Shinaj Valangattil; Ramadili Mohd, Shamsher Mohamad (2018)

  • Musharakah mutanaqisah (MM) mode of Islamic financing purchase of an asset, where the bank and customer enter into a contract of joint property ownership and the customer's ownership of the asset gradually increases throughout the financing period and fully own the asset after the last financial settlement. This mode of financing was introduced to mitigate the issue of unequal risk burden of conventional mortgage financing, where the bank just provide the financing and the customer bears all risk. MM financing reflects a true partnership contract through sharing of risk and reward between both parties. Though the MM mode of financing has the salient features to address the flaws of co...

  • possibility_application_salam_Malaysian_Islamic_banking_system_aishath.pdf.jpg
  • Journal Article


  • Authors: Muneeza, Aishath; Nik Yusuf, Nik Nurul Atiqah; Hassan, Rusni (2011)

  • This research aims to explore the theoretical nature of salam contract in depth, the extent of its use in the banking arena of Malaysia and to test the theoretical feasibility of its future application by the Islamic banks in Malaysia by suggesting an Islamic banking product structure based on salam contract. Salam contract is more susceptible to risks than the rest of the Islamic commercial contracts used by the Islamic banks in Malaysia and none of the Islamic banks in the country utilize this type of contract as a mode of financing. However, the research indicates that a feasible banking product based on salam contract could be formulated to help poor farmers in the country. To pro...