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Implication of hawalah in Islamic finance practice

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dc.contributor.authorAl Khansa Sulaiman Dawood Al Raisi
dc.contributor.authorImelda Rodriguez
dc.contributor.authorMiras Tustikbayev
dc.contributor.authorNazerke Omarova
dc.contributor.authorWaleeda Abdul Rahman
dc.contributor.authorAishath Muneeza
dc.date.accessioned2017-02-01T14:50:56Z
dc.date.available2017-02-01T14:50:56Z
dc.date.issued2016
dc.description.abstractThis article aims at examining the concept of Hawalah and its contemporary applications in banking sector. For this purpose, the authors examine the conceptual and literal meaning of Hawalah and scrutinise its applications in two Malaysian banks. While Bank A is a dual bank which offers both conventional and Islamic banking, Bank B is a full-fledged Islamic bank. Results indicated that there is a general lack of awareness about the concept of Hawalah used by both banks. Although there is strong awareness of Islamic Shariah's strong prohibition on taking interest, the staff members are uninformed about the underlying concepts of Hawalah. In addition, the authors found that the hawalah-based services offered by both banks were not significantly different from conventional banks' products and services. It is recommended that further research can be conducted to find out the reluctance among the Islamic banks to name remittance system by using the term hawalah.en_US
dc.identifier.citationAl Raisi, A. K. S. D., Rodriguez, I., Tustikbayev, M., Omarova, N., Abdul Rahman, W., & Muneeza, A. (2016). Implication of hawalah in Islamic finance practice. International Journal of Management and Applied Research, 3(3), 109-119. https://doi.org/10.18646/2056.33.16-009en_US
dc.identifier.doihttps://doi.org/10.18646/2056.33.16-009
dc.identifier.issn2056-757X
dc.identifier.urihttps://ikr.inceif.org/handle/INCEIF/2174
dc.languageEnglish
dc.language.isoengen_US
dc.publisherNew Millennium Discoveriesen_US
dc.rights2016. New Millennium Discoveries
dc.sourceSEDONA
dc.subjectShariahen_US
dc.subjectFunds transferen_US
dc.subjectHawalahen_US
dc.subjectIslamic financeen_US
dc.subjectIslamic bankingen_US
dc.subjectRemittanceen_US
dc.titleImplication of hawalah in Islamic finance practiceen_US
dc.typeJournal Articleen_US
dlc.maintopicMuamalat contracts
dspace.entity.typePublication
ikr.doctypeScholarly Works
ikr.topic.maintopicMuamalat contractsen_US
ikr.topic.subtopicMuamalat contractsen_US
relation.isAuthorOfPublication81014255-5cb8-46bc-ad81-bf6d8a3a0702
relation.isAuthorOfPublication81014255-5cb8-46bc-ad81-bf6d8a3a0702
relation.isAuthorOfPublication81014255-5cb8-46bc-ad81-bf6d8a3a0702
relation.isAuthorOfPublication.latestForDiscovery81014255-5cb8-46bc-ad81-bf6d8a3a0702
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