Investment accounts among conventional banking accounts: simulation or innovation

Initiation of joint investment accounts operating on a profit and loss sharing basis could be regarded as a major innovation by Islamic banks in the practice of Islamic finance. Provided as an alternative to conventional interest based accounts such as fixed deposit accounts and saving accounts, th...

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Main Author:	Sadique, Muhammad Abdurrahman
Format:	Conference or Workshop Item
Language:	English
Published:	WorldConferences.net 2017
Subjects:	HG1501 Banking HG3368 Islamic Banking and Finance KBP639 Muʻāmalāt
Online Access:	http://irep.iium.edu.my/60269/ http://irep.iium.edu.my/60269/ http://irep.iium.edu.my/60269/12/60269-INVESTMENT%20ACCOUNTS%20AMONG%20CONVENTIONAL%20BANKING.pdf

id	iium-60269
recordtype	eprints
spelling	iium-602692019-01-31T08:17:24Z http://irep.iium.edu.my/60269/ Investment accounts among conventional banking accounts: simulation or innovation Sadique, Muhammad Abdurrahman HG1501 Banking HG3368 Islamic Banking and Finance KBP639 Muʻāmalāt Initiation of joint investment accounts operating on a profit and loss sharing basis could be regarded as a major innovation by Islamic banks in the practice of Islamic finance. Provided as an alternative to conventional interest based accounts such as fixed deposit accounts and saving accounts, these facilitate clients to invest their surplus resources through the mediation of the bank for realising profits. Operation of equity accounts where investment is done by the public at varying points of time for jointly sharing in profit and loss periodically involves several aspects ofIslamic legal importance concerning joint investment. While the modus operandi of investment accounts appear to have gained market acceptance, theoretical and Shari‘ah aspects continue to demand the interest of academics. Whether these accounts differ from conventional bank accounts in substance and outcome as well as Shari‘ah validity may vary depending on diverse factors, and requires careful individual scrutiny. WorldConferences.net 2017 Conference or Workshop Item PeerReviewed application/pdf en http://irep.iium.edu.my/60269/12/60269-INVESTMENT%20ACCOUNTS%20AMONG%20CONVENTIONAL%20BANKING.pdf Sadique, Muhammad Abdurrahman (2017) Investment accounts among conventional banking accounts: simulation or innovation. In: 6th International Conference On Social Sciences Research 2017 (ICSSR 2017), 4th December 2017, Kuala Lumpur. https://worldconferences.net/proceedings/icssr2017/Fullpaper%20(Disember)/ICSSR%20Format1.pdf
repository_type	Digital Repository
institution_category	Local University
institution	International Islamic University Malaysia
building	IIUM Repository
collection	Online Access
language	English
topic	HG1501 Banking HG3368 Islamic Banking and Finance KBP639 Muʻāmalāt
spellingShingle	HG1501 Banking HG3368 Islamic Banking and Finance KBP639 Muʻāmalāt Sadique, Muhammad Abdurrahman Investment accounts among conventional banking accounts: simulation or innovation
description	Initiation of joint investment accounts operating on a profit and loss sharing basis could be regarded as a major innovation by Islamic banks in the practice of Islamic finance. Provided as an alternative to conventional interest based accounts such as fixed deposit accounts and saving accounts, these facilitate clients to invest their surplus resources through the mediation of the bank for realising profits. Operation of equity accounts where investment is done by the public at varying points of time for jointly sharing in profit and loss periodically involves several aspects ofIslamic legal importance concerning joint investment. While the modus operandi of investment accounts appear to have gained market acceptance, theoretical and Shari‘ah aspects continue to demand the interest of academics. Whether these accounts differ from conventional bank accounts in substance and outcome as well as Shari‘ah validity may vary depending on diverse factors, and requires careful individual scrutiny.
format	Conference or Workshop Item
author	Sadique, Muhammad Abdurrahman
author_facet	Sadique, Muhammad Abdurrahman
author_sort	Sadique, Muhammad Abdurrahman
title	Investment accounts among conventional banking accounts: simulation or innovation
title_short	Investment accounts among conventional banking accounts: simulation or innovation
title_full	Investment accounts among conventional banking accounts: simulation or innovation
title_fullStr	Investment accounts among conventional banking accounts: simulation or innovation
title_full_unstemmed	Investment accounts among conventional banking accounts: simulation or innovation
title_sort	investment accounts among conventional banking accounts: simulation or innovation
publisher	WorldConferences.net
publishDate	2017
url	http://irep.iium.edu.my/60269/ http://irep.iium.edu.my/60269/ http://irep.iium.edu.my/60269/12/60269-INVESTMENT%20ACCOUNTS%20AMONG%20CONVENTIONAL%20BANKING.pdf
first_indexed	2023-09-18T21:25:26Z
last_indexed	2023-09-18T21:25:26Z
_version_	1777412159728254976

Investment accounts among conventional banking accounts: simulation or innovation

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