Browsing by Topic Muamalat contracts

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Showing results 36 to 38 of 38
  • 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 36 to 38 of 38
  • 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...