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Financial contracts involving use of bay' al-inah and bay' al-dayn have been extensively used in design of Malaysian Islamic bonds. This paper argues that both these mechanisms have been found unacceptable by the majority of Islamic scholars and proposes the use of financing based on Muqarada and Musharaka principles as genuine alternatives to interest-bearing financial instruments.
Bay' al-'inah , Bay' al-dayn , Islamic bonds , Malaysia
Rosly, S. A., & Sanusi, M. (1999). The application of bay' al-'inah and bay' al-dayn in Malaysian Islamic bonds: an Islamic analysis. International Journal of Islamic Financial Services, 1(2).
International Institute of Islamic Banking and Finance