Issues of form and substance in Islamic banking and financial transactions
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There is growing criticism levelled against Islamic banking and financial products where industry critics argue that Islamic banks' deposit and finance products are the eaxt replicas of their conventional counterparts in substance. The difference, they contend, is only in the "form" where some English terms are replaced by Arabic ones. They contend that the gift (hibah) given by Islamic banks to their wadi'ah account holders and profit share given to the mudharabah investment account holders resemble interest which conventional banks give to their savings account holders.
Islamic finance , Finance (Islamic law) , Islamic banking , Banking (Islamic law) , Malaysia
Saleem, Muhammad Yusuf. (2013). Issues of form and substance in Islamic banking and financial transactions. In Mohammad Hashim Kamali & Sheila Ainon Yussof (Eds.) , Islamic transactions and finance: principles and developments (pp. 247-260). Ampang, Selangor: Malaysian Current Law Journal (MCLJ).
Malaysian Current Law Journal Sdn Bhd