Browsing by Topic Muamalat contracts

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Showing results 29 to 38 of 38
  • service_based_contracts_used_islamic_finance_comparison_hawalah_wakalah_kafalah_aishath.pdf.jpg
  • Journal Article

  • Service based contracts used in Islamic finance: a comparison of hawalah, wakalah, and kafalah

    • 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_Legal_Issues_Musharakah_Mutanaqisah_adam.pdf.jpg
  • Industry Article

  • Shari'ah and legal issues of musharakah mutanaqisah

    • Authors: Ng, Adam Boon Ka (2009)

  • Deemed as a better alternative to bay bithaman ajil (BBA - sale of goods on a deferred payment basis) a study on the issues of musharakah mutanaqisah (MM) is timely for a more equity-oriented and Islamic universal banking philosophy. Some may view diversification of product space to fulfil the expectation of Shari'ah compliance as driving factors behind the offering of MM. However, one seldom comes across roses without thorns. And, the worrisome thorn in the side of Islamic finance is the limited use of MM, notwithstanding its appeal as a Shari'ah-based innovation.
  • item.jpg
  • Master

  • Shariah analysis of running musharakah product as practiced by Islamic banks in Pakistan

    • Authors: Abu Bakar, Muhammad (2018)

  • Islamic banking industry in Pakistan has been growing since its inception back in 2001. The assets and deposits of Islamic banking industry 11.9% and 13.7% respectively of overall banking industry by the end of September 2017. However, still being a small portion in overall banking industry, Islamic banks make efforts to come up with innovative products which on one hand must Shariah compliant as well as competitive with conventional products. This study discusses a specific product namely "running musharakah" which is proposed by Shaykh Taqi Usmani in 1998 for the financing of working capital and operational needs based on the concept of Shirkah al-aqd. This idea is adopted by Meezan...
  • shariah_parameters_reconsidered_rosly.pdf.jpg
  • Journal Article

  • Shariah parameters reconsidered

    • Authors: Rosly, Saiful Azhar (2010)

  • 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. 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.The paper argues that the four approaches must be applied in package in determining Shariah compliant status...
  • shariah_requirements_for_wadiah_qard_and_hiba_aishath.pdf.jpg
  • Academic Presentation

  • Shariah requirements for wadiah, qard & hibah

    • 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

  • Some issues of bay' al-'inah in Malaysian Islamic financial markets

    • 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.
  • special_legal_features_islamic_wad_pledge_comparison_conventional_law_promise_within_sphere_Islamic_finance_aishath.pdf.jpg
  • Journal Article

  • Special legal features of the Islamic wa'd or pledge: comparison with the conventional law on promise within the sphere of Islamic finance

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

  • The purpose of this paper is to theoretically assess the legal position of the Islamic doctrine of wa'd (or pledge) in relation to 'aqd (within the sphere of Islamic finance), and compare it with the conventional viewpoint, while discussing the several modes/means/usages in terms of applied Shariah. The paper utilizes a doctrinal approach to focus on the theoretical aspect of the concept while attempting to suggest practical adaptation and structuring, enabling smoother and more efficient use. The status quo was dependent on the wa'd being an operational instrument in today's world and further development in terms of bridging the understanding was the approach.
  • shariah_perspective_letter_credit_contemporary_banking_transactions_ahcene.pdf.jpg
  • Journal Article

  • The Shariah view on letter of credit in contemporary banking transactions

    • Authors: Lahsasna, Ahcene; Jaghim, Nu'man (2009)

  • This article deals with the definition, types, benefits in international trade, legality, and steps of initiating and executing Letter of Credit (LC). It discusses the questions raised about the conformity of some types of LC with the principles and criteria of Islamic law and the way to address issues related to its illegality. The article surveys the applications of LC in Islamic banks, which are based on the contracts of murabahah, mudarabah, musharakah and wakalah. It was concluded that LC can be legal in Islamic law as long as it does not involve both form and spirit credit based on usury/interest, but a financing based on real murabahah, mudarabah, musharakah and wakalah.
  • Theoretical_impact_of_enhanced_musharakah_mutanaqisah_home_financing_Alam_Mansor.pdf.jpg
  • Journal Article

  • Theoretical impact of enhanced musharakah mutanaqisah home financing on real estate prices

    • Authors: Asadov, Alam; Ibrahim, Mansor H. (2018)

  • This paper theoretically analyzes two alternative modes of home financing. The first mode is the conventional housing loan and the other is Enhanced Musharakah Mutanaqisah (EMM) home financing. Our results reveal the EMM based setting is superior to the conventional housing loans in at least two aspects. These are the prevention of house price inflation in all phases of economic business cycle and the smoothening of real estate cycles. This means that, under the EMM, the risk of real estate bubble formation is subdued, which should prove to be welfare improving.
  • Unearned_wakalah_fee_in_the_takaful_industry_in_Malaysia_Sa'id Adekunle_Fares_Mahadi_Burhanuddin.jpg.jpg
  • Research Monograph

  • Unearned wakalah fee in the takaful industry in Malaysia: a critical analysis

    • Authors: Sa'id Adekunle Mikail; Fares Djafri; Mahadi Ahmad; Burhanuddin Lukman (2021)

  • The issue of unearned wakalah fees (UWF) arises due to the statutory requirements in the Islamic Financial Services Act (IFSA 2013) that mandate takaful operators to refund any undue contribution with the corresponding wakaah fee in the event of surrender or termination of a takaful certificate. The relevant statutory provisions and Bank Negara Malaysia (BNM) guidelines on the valuation basis for liabilities of family and general takaful are open to more than one interpretation, and the exact definition and components of money not due are not clear. The implementation of the statutory provisions and regulatory guidelines on the refund of UWF has raised the following issues for the Ma...

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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 29 to 38 of 38
  • service_based_contracts_used_islamic_finance_comparison_hawalah_wakalah_kafalah_aishath.pdf.jpg
  • Journal Article

  • Service based contracts used in Islamic finance: a comparison of hawalah, wakalah, and kafalah

    • 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_Legal_Issues_Musharakah_Mutanaqisah_adam.pdf.jpg
  • Industry Article

  • Shari'ah and legal issues of musharakah mutanaqisah

    • Authors: Ng, Adam Boon Ka (2009)

  • Deemed as a better alternative to bay bithaman ajil (BBA - sale of goods on a deferred payment basis) a study on the issues of musharakah mutanaqisah (MM) is timely for a more equity-oriented and Islamic universal banking philosophy. Some may view diversification of product space to fulfil the expectation of Shari'ah compliance as driving factors behind the offering of MM. However, one seldom comes across roses without thorns. And, the worrisome thorn in the side of Islamic finance is the limited use of MM, notwithstanding its appeal as a Shari'ah-based innovation.
  • item.jpg
  • Master

  • Shariah analysis of running musharakah product as practiced by Islamic banks in Pakistan

    • Authors: Abu Bakar, Muhammad (2018)

  • Islamic banking industry in Pakistan has been growing since its inception back in 2001. The assets and deposits of Islamic banking industry 11.9% and 13.7% respectively of overall banking industry by the end of September 2017. However, still being a small portion in overall banking industry, Islamic banks make efforts to come up with innovative products which on one hand must Shariah compliant as well as competitive with conventional products. This study discusses a specific product namely "running musharakah" which is proposed by Shaykh Taqi Usmani in 1998 for the financing of working capital and operational needs based on the concept of Shirkah al-aqd. This idea is adopted by Meezan...
  • shariah_parameters_reconsidered_rosly.pdf.jpg
  • Journal Article

  • Shariah parameters reconsidered

    • Authors: Rosly, Saiful Azhar (2010)

  • 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. 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.The paper argues that the four approaches must be applied in package in determining Shariah compliant status...
  • shariah_requirements_for_wadiah_qard_and_hiba_aishath.pdf.jpg
  • Academic Presentation

  • Shariah requirements for wadiah, qard & hibah

    • 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

  • Some issues of bay' al-'inah in Malaysian Islamic financial markets

    • 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.
  • special_legal_features_islamic_wad_pledge_comparison_conventional_law_promise_within_sphere_Islamic_finance_aishath.pdf.jpg
  • Journal Article

  • Special legal features of the Islamic wa'd or pledge: comparison with the conventional law on promise within the sphere of Islamic finance

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

  • The purpose of this paper is to theoretically assess the legal position of the Islamic doctrine of wa'd (or pledge) in relation to 'aqd (within the sphere of Islamic finance), and compare it with the conventional viewpoint, while discussing the several modes/means/usages in terms of applied Shariah. The paper utilizes a doctrinal approach to focus on the theoretical aspect of the concept while attempting to suggest practical adaptation and structuring, enabling smoother and more efficient use. The status quo was dependent on the wa'd being an operational instrument in today's world and further development in terms of bridging the understanding was the approach.
  • shariah_perspective_letter_credit_contemporary_banking_transactions_ahcene.pdf.jpg
  • Journal Article

  • The Shariah view on letter of credit in contemporary banking transactions

    • Authors: Lahsasna, Ahcene; Jaghim, Nu'man (2009)

  • This article deals with the definition, types, benefits in international trade, legality, and steps of initiating and executing Letter of Credit (LC). It discusses the questions raised about the conformity of some types of LC with the principles and criteria of Islamic law and the way to address issues related to its illegality. The article surveys the applications of LC in Islamic banks, which are based on the contracts of murabahah, mudarabah, musharakah and wakalah. It was concluded that LC can be legal in Islamic law as long as it does not involve both form and spirit credit based on usury/interest, but a financing based on real murabahah, mudarabah, musharakah and wakalah.
  • Theoretical_impact_of_enhanced_musharakah_mutanaqisah_home_financing_Alam_Mansor.pdf.jpg
  • Journal Article

  • Theoretical impact of enhanced musharakah mutanaqisah home financing on real estate prices

    • Authors: Asadov, Alam; Ibrahim, Mansor H. (2018)

  • This paper theoretically analyzes two alternative modes of home financing. The first mode is the conventional housing loan and the other is Enhanced Musharakah Mutanaqisah (EMM) home financing. Our results reveal the EMM based setting is superior to the conventional housing loans in at least two aspects. These are the prevention of house price inflation in all phases of economic business cycle and the smoothening of real estate cycles. This means that, under the EMM, the risk of real estate bubble formation is subdued, which should prove to be welfare improving.
  • Unearned_wakalah_fee_in_the_takaful_industry_in_Malaysia_Sa'id Adekunle_Fares_Mahadi_Burhanuddin.jpg.jpg
  • Research Monograph

  • Unearned wakalah fee in the takaful industry in Malaysia: a critical analysis

    • Authors: Sa'id Adekunle Mikail; Fares Djafri; Mahadi Ahmad; Burhanuddin Lukman (2021)

  • The issue of unearned wakalah fees (UWF) arises due to the statutory requirements in the Islamic Financial Services Act (IFSA 2013) that mandate takaful operators to refund any undue contribution with the corresponding wakaah fee in the event of surrender or termination of a takaful certificate. The relevant statutory provisions and Bank Negara Malaysia (BNM) guidelines on the valuation basis for liabilities of family and general takaful are open to more than one interpretation, and the exact definition and components of money not due are not clear. The implementation of the statutory provisions and regulatory guidelines on the refund of UWF has raised the following issues for the Ma...