Browsing by Topic Muamalat contracts

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Showing results 24 to 30 of 30
  • 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_parameters_reconsidered_rosly.pdf.jpg
  • Journal Article

  • Shariah parameters reconsidered

    • 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

  • 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.

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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 24 to 30 of 30
  • 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_parameters_reconsidered_rosly.pdf.jpg
  • Journal Article

  • Shariah parameters reconsidered

    • 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

  • 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.