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Practical application of kafalah in Islamic banking in Malaysia

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dc.contributor.authorZakariya Mustapha
dc.contributor.authorAishath Muneeza
dc.date.accessioned2020-10-22T14:45:36Z
dc.date.available2020-10-22T14:45:36Z
dc.date.issued2020
dc.description.abstractThe purpose of this paper is to explore the application of kafalah in the practice of Islamic banking in Malaysia generally and ascertain applicable rules governing the application under relevant legislations and Shariah. The study also aims to examine the legislations in the light of Shariah provisions governing kafalah and propose amendments. This is a qualitative research where primary data sources mainly legislations and secondary sources comprising of articles and books on the subject of kafalah were examined. It is an exploratory legal research that primarily focuses on library studies and adopts doctrinal approach for content analysis of data from the identified sources. Kafalah is widely used in Islamic banking in Malaysia with primary or secondary application in structuring such products/services as personal guarantee, bank guarantee, Islamic credit card among others. The substantive law applicable to kafalah in Islamic banking in Malaysia is the Contracts Act 1950 as decided cases indicate. However, provisions of the Act are at variance with rules of Shariah applicable to kafalah on absolution of guaranteed debtor, multiple guarantors' liability towards guaranteed sum as well as recourse and recovery from principal debtor.en_US
dc.identifier.citationMuneeza, Aishath and Mustapha, Zakariya. (2020). Practical application of kafalah in Islamic banking in Malaysia. PSU Research Review. https://doi.org/10.1108/PRR-01-2019-0001en_US
dc.identifier.doihttps://doi.org/10.1108/PRR-01-2019-0001
dc.identifier.issn2398-4007
dc.identifier.urihttps://ikr.inceif.org/handle/INCEIF/3305
dc.languageEnglish
dc.language.isoenen_US
dc.publisherEmerald Publishing Limiteden_US
dc.rights2020. Emerald Publishing Limited
dc.sourceSEDONA
dc.subjectApplicationen_US
dc.subjectIslamic bankingen_US
dc.subjectKafalahen_US
dc.subjectMalaysiaen_US
dc.subjectGuaranteeen_US
dc.titlePractical application of kafalah in Islamic banking in Malaysiaen_US
dc.typeJournal Articleen_US
dlc.maintopicIslamic bankingen_US
dspace.entity.typePublication
ikr.doctypeScholarly Works
ikr.licensePublication status: Published online on 21 February 2020. Full text not available from this repository.
ikr.topic.maintopicIslamic bankingen_US
relation.isAuthorOfPublication81014255-5cb8-46bc-ad81-bf6d8a3a0702
relation.isAuthorOfPublication81014255-5cb8-46bc-ad81-bf6d8a3a0702
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relation.isAuthorOfPublication.latestForDiscovery81014255-5cb8-46bc-ad81-bf6d8a3a0702
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