Application of Urf in Islamic banking and conventional bank

Urf or Customary law is one of the most important supporting sources in Islamic law. This can be seen through many legal rulings (ahkam) in Islamic law, which was based on‘urf in which most of these ahkam will change according to the change of circumstances, place and time. As for basis of‘urf or c...

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Main Authors:	Abdul Aziz Bello, Shafi'i, Hassan, Rusni
Format:	Article
Language:	English English
Published:	MIR Center for Social-Economic Research 2013
Subjects:	HG1501 Banking
Online Access:	http://irep.iium.edu.my/31457/ http://irep.iium.edu.my/31457/1/Application_of_URF_in_Islamicnconvbank.pdf http://irep.iium.edu.my/31457/4/31457cover.pdf

id	iium-31457
recordtype	eprints
spelling	iium-314572015-04-09T01:48:52Z http://irep.iium.edu.my/31457/ Application of Urf in Islamic banking and conventional bank Abdul Aziz Bello, Shafi'i Hassan, Rusni HG1501 Banking Urf or Customary law is one of the most important supporting sources in Islamic law. This can be seen through many legal rulings (ahkam) in Islamic law, which was based on‘urf in which most of these ahkam will change according to the change of circumstances, place and time. As for basis of‘urf or custom, it is the product of the nature of the people and their culture, it grows in strength and popularity by means of imitation that transfers and implants it in the lives of people. Moreover, Contemporary financial system poses great problem and even great challenges to Muslims. Muslims are not permitted by Islamic Law to indulge in ribā. Since contemporary financial system is based on interest, Muslims have great problems in participating in it. Therefore, this paper stands to explain the application of‘urf in Islamic and conventional Bank. The concept and principle of ‘urf in Islamic law was critically analysed such as application of‘urf in Islamic law, differences between ‘urf and consensus of jurists, also between‘urf and adah, in addition, classification of ‘urf, conditions of valid‘urf and so on. Furthermore, the application of‘urf in deposit products under Islamic and Conventional bank were well examined, types of conventional deposit products as well as Islamic deposit products. In fact the product shows that a little different was in-between them which can be easily avoided. MIR Center for Social-Economic Research 2013 Article PeerReviewed application/pdf en http://irep.iium.edu.my/31457/1/Application_of_URF_in_Islamicnconvbank.pdf application/pdf en http://irep.iium.edu.my/31457/4/31457cover.pdf Abdul Aziz Bello, Shafi'i and Hassan, Rusni (2013) Application of Urf in Islamic banking and conventional bank. Journal of Arts and Humanities, 2 (4). pp. 62-72. ISSN 2167-9045
repository_type	Digital Repository
institution_category	Local University
institution	International Islamic University Malaysia
building	IIUM Repository
collection	Online Access
language	English English
topic	HG1501 Banking
spellingShingle	HG1501 Banking Abdul Aziz Bello, Shafi'i Hassan, Rusni Application of Urf in Islamic banking and conventional bank
description	Urf or Customary law is one of the most important supporting sources in Islamic law. This can be seen through many legal rulings (ahkam) in Islamic law, which was based on‘urf in which most of these ahkam will change according to the change of circumstances, place and time. As for basis of‘urf or custom, it is the product of the nature of the people and their culture, it grows in strength and popularity by means of imitation that transfers and implants it in the lives of people. Moreover, Contemporary financial system poses great problem and even great challenges to Muslims. Muslims are not permitted by Islamic Law to indulge in ribā. Since contemporary financial system is based on interest, Muslims have great problems in participating in it. Therefore, this paper stands to explain the application of‘urf in Islamic and conventional Bank. The concept and principle of ‘urf in Islamic law was critically analysed such as application of‘urf in Islamic law, differences between ‘urf and consensus of jurists, also between‘urf and adah, in addition, classification of ‘urf, conditions of valid‘urf and so on. Furthermore, the application of‘urf in deposit products under Islamic and Conventional bank were well examined, types of conventional deposit products as well as Islamic deposit products. In fact the product shows that a little different was in-between them which can be easily avoided.
format	Article
author	Abdul Aziz Bello, Shafi'i Hassan, Rusni
author_facet	Abdul Aziz Bello, Shafi'i Hassan, Rusni
author_sort	Abdul Aziz Bello, Shafi'i
title	Application of Urf in Islamic banking and conventional bank
title_short	Application of Urf in Islamic banking and conventional bank
title_full	Application of Urf in Islamic banking and conventional bank
title_fullStr	Application of Urf in Islamic banking and conventional bank
title_full_unstemmed	Application of Urf in Islamic banking and conventional bank
title_sort	application of urf in islamic banking and conventional bank
publisher	MIR Center for Social-Economic Research
publishDate	2013
url	http://irep.iium.edu.my/31457/ http://irep.iium.edu.my/31457/1/Application_of_URF_in_Islamicnconvbank.pdf http://irep.iium.edu.my/31457/4/31457cover.pdf
first_indexed	2023-09-18T20:45:39Z
last_indexed	2023-09-18T20:45:39Z
_version_	1777409656953503744

Application of Urf in Islamic banking and conventional bank

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