Browsing by Topic Muamalat contracts

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Showing results 18 to 27 of 30
  • 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...

  • item.jpg
  • Research Monograph


  • Authors: Abdul Razak, Shaikh Hamzah; Mikail, Said Adekunle; Bouheraoua, Said; Ahmad, Muhammad Ali Jinnah; Abdullah, Nurdianawati Irwani (2014)

  • The establishment of the Takaful and Insurance Benefits Protection System (TIPS) in Malaysia is a statutory requirement. TIPS aims to ensure financial stability, soundness and public confidence. Perbadanan Insurans Deposit Malaysia (PIDM), known internationally as the Malaysia Deposit Insurance Corporation, is the sole regulatory body entrusted with the mandate to regulate deposit insurance across the country. At the outset, its mandate was confined to banking institutions. Since 2010, however, PIDM’s role has been extended to include takaful and conventional insurance institutions. With regard to takaful, the operation of the Takaful Benefits Protection System (TBPS) and the relation...

  • qard_hasan_shariah_rules_application_Islamic_finance_najeeb_ahcene.pdf.jpg
  • Journal Article


  • Authors: Najeeb, Syed Faiq; Lahsasna, Ahcene (2013)

  • This paper provides a detailed explanation about the contract of qard (loan) as approved by Shari’ ah and analyses how it is applied in the contemporary Islamic finance industry. With regard to research mentod, it examines various Islamic banking and finance products sturctured on the principle of qard contracts and discussed the possible risks of non-Shari’ ah compliance in their structuring, and how they can be addressed and resolved. The main finding is that the issue og profiting from qard hasan contracts is very sensitive and many institutions are possibly compromising on Shari’ah compliance through use of service charges and customary hibah-giving, etc. It is significant and att...

  • reconciling_dual_banking_system_application.PDF.jpg
  • Journal Article


  • Authors: Hassan, Rusni; Muneeza, Aishath; Wisham, Ismail (2011)

  • The Islamic financial system in Malaysia has emerged as a viable and vibrant component of the overall financial system. Nevertheless, salam based Islamic Banking products are anything but popular in the context of the Malaysian banking industry, despite boasting more than 40 Islamic financial products available, ranging from retail based products to project financing. This is partially due to the misconstructions over the viability of salam contracts. These misconceptions largely discount the social value for such contracts overlooking the fact that salam based contracts bridge the gap between the financers and recipients fostering platforms for substantial economic trust, providing f...

  • reverse_salam_innovative_instrument_investment_for_accounts_yusufsaleem.pdf.jpg
  • Journal Article


  • Authors: Saleem, Muhammad Yusuf; Mahaini, Mohammad Ghaith; Kureshi, Hussain (2014)

  • This research examines the possibility of using the salam (future commodity sale) contract as a fixed deposit instrument that would help Islamic banks in mobilising deposits on the liability side of their balance sheets. It highlights the features and structure of this product—called reverse salam—and discusses the use of hedging tools to make the product more efficient and useful

  • 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...

  • service_based_contracts_used_islamic_finance_comparison_hawalah_wakalah_kafalah_aishath.pdf.jpg
  • Journal Article


  • Authors: Mohd Suhaimi, Maryam Sofia; Md Fauzi, Maryam Syamilah; Noryatim, Nadiana; Mohd Noh, Norashikin; Shuhaimin, Nursyamimi; Jaafar, Qurratulain; Maulan, Siti Maspuah; Johan, Zati Fatini; Muneeza, Aishath (2016)

  • This paper aims to examine the use of service based contracts in Islamic Finance, namely Wakalah, Hawalah and Kafalah. These contracts, though considered secondary to primary contracts such as Musharakah and Mudarabah, are a crucial part of the foundation of Islamic Finance. The differences in each contract will be explained as well as issues on regulations, practices and procedures. Despite the fact that these concepts are widely adopted in Islamic financial products and services, little work has been done in examining the differences and applications in financial institutions. In this paper, the basic principles and rules of service based contracts will be discussed with special ref...

  • shariah_parameters_reconsidered_rosly.pdf.jpg
  • Journal Article


  • Authors: Rosly, Saiful Azhar (2010)

  • Purpose – The purpose of this paper is to explain three additional parameters, namely maqasid al-Shariah, financial reporting, and legal documentation of contract for determining Shariah legitimacy of financial instruments in Islamic financial institutions. Currently, contract (’aqd ) is the only parameter recognized by Shariah scholars at the supervisory level. Design/methodology/approach – This analysis begins with examining the pitfalls of the contract approach and proceeds to present the maqasid, financial reporting and legal documentation approaches in ascertaining absolute Shariah compliant of financial products. Findings – The paper argues that the four approaches must be...

  • shariah_requirements_for_wadiah_qard_and_hiba_aishath.pdf.jpg
  • Academic Presentation


  • Authors: Muneeza, Aishath (2016)

  • Hibah and qard are secondary contracts used in the contemporary Islamic banking practices to fulfill different requirements arising from a primary contract used. However, Wadiah is still used as a primary concept for deposit taking and qard is also still considered as a contract that can be used as a primary concept for deposit taking.

  • 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 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 18 to 27 of 30
  • 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...

  • item.jpg
  • Research Monograph


  • Authors: Abdul Razak, Shaikh Hamzah; Mikail, Said Adekunle; Bouheraoua, Said; Ahmad, Muhammad Ali Jinnah; Abdullah, Nurdianawati Irwani (2014)

  • The establishment of the Takaful and Insurance Benefits Protection System (TIPS) in Malaysia is a statutory requirement. TIPS aims to ensure financial stability, soundness and public confidence. Perbadanan Insurans Deposit Malaysia (PIDM), known internationally as the Malaysia Deposit Insurance Corporation, is the sole regulatory body entrusted with the mandate to regulate deposit insurance across the country. At the outset, its mandate was confined to banking institutions. Since 2010, however, PIDM’s role has been extended to include takaful and conventional insurance institutions. With regard to takaful, the operation of the Takaful Benefits Protection System (TBPS) and the relation...

  • qard_hasan_shariah_rules_application_Islamic_finance_najeeb_ahcene.pdf.jpg
  • Journal Article


  • Authors: Najeeb, Syed Faiq; Lahsasna, Ahcene (2013)

  • This paper provides a detailed explanation about the contract of qard (loan) as approved by Shari’ ah and analyses how it is applied in the contemporary Islamic finance industry. With regard to research mentod, it examines various Islamic banking and finance products sturctured on the principle of qard contracts and discussed the possible risks of non-Shari’ ah compliance in their structuring, and how they can be addressed and resolved. The main finding is that the issue og profiting from qard hasan contracts is very sensitive and many institutions are possibly compromising on Shari’ah compliance through use of service charges and customary hibah-giving, etc. It is significant and att...

  • reconciling_dual_banking_system_application.PDF.jpg
  • Journal Article


  • Authors: Hassan, Rusni; Muneeza, Aishath; Wisham, Ismail (2011)

  • The Islamic financial system in Malaysia has emerged as a viable and vibrant component of the overall financial system. Nevertheless, salam based Islamic Banking products are anything but popular in the context of the Malaysian banking industry, despite boasting more than 40 Islamic financial products available, ranging from retail based products to project financing. This is partially due to the misconstructions over the viability of salam contracts. These misconceptions largely discount the social value for such contracts overlooking the fact that salam based contracts bridge the gap between the financers and recipients fostering platforms for substantial economic trust, providing f...

  • reverse_salam_innovative_instrument_investment_for_accounts_yusufsaleem.pdf.jpg
  • Journal Article


  • Authors: Saleem, Muhammad Yusuf; Mahaini, Mohammad Ghaith; Kureshi, Hussain (2014)

  • This research examines the possibility of using the salam (future commodity sale) contract as a fixed deposit instrument that would help Islamic banks in mobilising deposits on the liability side of their balance sheets. It highlights the features and structure of this product—called reverse salam—and discusses the use of hedging tools to make the product more efficient and useful

  • 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...

  • service_based_contracts_used_islamic_finance_comparison_hawalah_wakalah_kafalah_aishath.pdf.jpg
  • Journal Article


  • Authors: Mohd Suhaimi, Maryam Sofia; Md Fauzi, Maryam Syamilah; Noryatim, Nadiana; Mohd Noh, Norashikin; Shuhaimin, Nursyamimi; Jaafar, Qurratulain; Maulan, Siti Maspuah; Johan, Zati Fatini; Muneeza, Aishath (2016)

  • This paper aims to examine the use of service based contracts in Islamic Finance, namely Wakalah, Hawalah and Kafalah. These contracts, though considered secondary to primary contracts such as Musharakah and Mudarabah, are a crucial part of the foundation of Islamic Finance. The differences in each contract will be explained as well as issues on regulations, practices and procedures. Despite the fact that these concepts are widely adopted in Islamic financial products and services, little work has been done in examining the differences and applications in financial institutions. In this paper, the basic principles and rules of service based contracts will be discussed with special ref...

  • shariah_parameters_reconsidered_rosly.pdf.jpg
  • Journal Article


  • Authors: Rosly, Saiful Azhar (2010)

  • Purpose – The purpose of this paper is to explain three additional parameters, namely maqasid al-Shariah, financial reporting, and legal documentation of contract for determining Shariah legitimacy of financial instruments in Islamic financial institutions. Currently, contract (’aqd ) is the only parameter recognized by Shariah scholars at the supervisory level. Design/methodology/approach – This analysis begins with examining the pitfalls of the contract approach and proceeds to present the maqasid, financial reporting and legal documentation approaches in ascertaining absolute Shariah compliant of financial products. Findings – The paper argues that the four approaches must be...

  • shariah_requirements_for_wadiah_qard_and_hiba_aishath.pdf.jpg
  • Academic Presentation


  • Authors: Muneeza, Aishath (2016)

  • Hibah and qard are secondary contracts used in the contemporary Islamic banking practices to fulfill different requirements arising from a primary contract used. However, Wadiah is still used as a primary concept for deposit taking and qard is also still considered as a contract that can be used as a primary concept for deposit taking.

  • 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.