Issues of Bai’ al-‘Inah in the contemporary Islamic financial products and its solutions according to the shariah principles

Bai’ al-‘inah is one of the well-known sale-based contracts among Islamic financial products. This type of contract has been applied by most of the Islamic Financial Institutions (IFI) particularly in Malaysia towards their Islamic financial products.Although all the controversial issues related to...

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Main Authors:	Sawari, Mohd Fuad, Nik Abdullah, Nik Azizu, Mat Jubri@Shamsuddin, Mustafa, Abdul Aziz, Akhtarzaitie
Format:	Article
Language:	English
Published:	Zes Rokman Resources 2018
Subjects:	KBP490 Furūʻ al-fiqh. Substantive law. Branches of law. KBP639 Muʻāmalāt
Online Access:	http://irep.iium.edu.my/63765/ http://irep.iium.edu.my/63765/ http://irep.iium.edu.my/63765/1/SEAJBEL15_231.pdf

id	iium-63765
recordtype	eprints
spelling	iium-637652018-05-22T02:05:33Z http://irep.iium.edu.my/63765/ Issues of Bai’ al-‘Inah in the contemporary Islamic financial products and its solutions according to the shariah principles Sawari, Mohd Fuad Nik Abdullah, Nik Azizu Mat Jubri@Shamsuddin, Mustafa Abdul Aziz, Akhtarzaitie KBP490 Furūʻ al-fiqh. Substantive law. Branches of law. KBP639 Muʻāmalāt Bai’ al-‘inah is one of the well-known sale-based contracts among Islamic financial products. This type of contract has been applied by most of the Islamic Financial Institutions (IFI) particularly in Malaysia towards their Islamic financial products.Although all the controversial issues related to bai’ al-‘inah have already been discussed before by Fiqh scholars, due to the implementation of the underlying Shariah concept of Bai’ Al-‘Inah in current Islamic financial products, it appears that new issues relating to ‘inah have appeared and need to be deliberated further by contemporary Islamic scholars to ensure that it is in line with the development of Islamic financial products. One of the main Shariah issues that has occurred in bai’ al-‘inah based contracts is the sequence of the implementation of the aqad (contract) between the bank and the customers. Hence, this research will focus on this issue from several points of view, which include the causes that lead to the issue, the best solutions according to the Shariah to rectify the issue, and the consequences of the affected accounts if the issue is a Shariah compliance issue. Besides that, this research also will try to explore the solutions and decisions from the Shariah Committees of some of the Islamic banks in Malaysia. Thus, this research will try to briefly state the decisions of the three banks that operate Islamic bank licenses, which are AmIslamic Bank, Bank Simpanan Nasional and Agro Bank. In order to focus on the main issue of this research, which is the sequence of aqad, the researcher will also try to explore that issue in some of the Islamic products that apply bai’ al-‘inah as the underlying Shariah contracts, mainly on personal financing and home financing. Zes Rokman Resources 2018-04-01 Article PeerReviewed application/pdf en http://irep.iium.edu.my/63765/1/SEAJBEL15_231.pdf Sawari, Mohd Fuad and Nik Abdullah, Nik Azizu and Mat Jubri@Shamsuddin, Mustafa and Abdul Aziz, Akhtarzaitie (2018) Issues of Bai’ al-‘Inah in the contemporary Islamic financial products and its solutions according to the shariah principles. South East Asia Journal of Contemporary Business, Economics and Law, 15 (5). pp. 95-103. ISSN 2289-1560 http://seajbel.com/wp-content/uploads/2018/05/SEAJBEL15_231.pdf
repository_type	Digital Repository
institution_category	Local University
institution	International Islamic University Malaysia
building	IIUM Repository
collection	Online Access
language	English
topic	KBP490 Furūʻ al-fiqh. Substantive law. Branches of law. KBP639 Muʻāmalāt
spellingShingle	KBP490 Furūʻ al-fiqh. Substantive law. Branches of law. KBP639 Muʻāmalāt Sawari, Mohd Fuad Nik Abdullah, Nik Azizu Mat Jubri@Shamsuddin, Mustafa Abdul Aziz, Akhtarzaitie Issues of Bai’ al-‘Inah in the contemporary Islamic financial products and its solutions according to the shariah principles
description	Bai’ al-‘inah is one of the well-known sale-based contracts among Islamic financial products. This type of contract has been applied by most of the Islamic Financial Institutions (IFI) particularly in Malaysia towards their Islamic financial products.Although all the controversial issues related to bai’ al-‘inah have already been discussed before by Fiqh scholars, due to the implementation of the underlying Shariah concept of Bai’ Al-‘Inah in current Islamic financial products, it appears that new issues relating to ‘inah have appeared and need to be deliberated further by contemporary Islamic scholars to ensure that it is in line with the development of Islamic financial products. One of the main Shariah issues that has occurred in bai’ al-‘inah based contracts is the sequence of the implementation of the aqad (contract) between the bank and the customers. Hence, this research will focus on this issue from several points of view, which include the causes that lead to the issue, the best solutions according to the Shariah to rectify the issue, and the consequences of the affected accounts if the issue is a Shariah compliance issue. Besides that, this research also will try to explore the solutions and decisions from the Shariah Committees of some of the Islamic banks in Malaysia. Thus, this research will try to briefly state the decisions of the three banks that operate Islamic bank licenses, which are AmIslamic Bank, Bank Simpanan Nasional and Agro Bank. In order to focus on the main issue of this research, which is the sequence of aqad, the researcher will also try to explore that issue in some of the Islamic products that apply bai’ al-‘inah as the underlying Shariah contracts, mainly on personal financing and home financing.
format	Article
author	Sawari, Mohd Fuad Nik Abdullah, Nik Azizu Mat Jubri@Shamsuddin, Mustafa Abdul Aziz, Akhtarzaitie
author_facet	Sawari, Mohd Fuad Nik Abdullah, Nik Azizu Mat Jubri@Shamsuddin, Mustafa Abdul Aziz, Akhtarzaitie
author_sort	Sawari, Mohd Fuad
title	Issues of Bai’ al-‘Inah in the contemporary Islamic financial products and its solutions according to the shariah principles
title_short	Issues of Bai’ al-‘Inah in the contemporary Islamic financial products and its solutions according to the shariah principles
title_full	Issues of Bai’ al-‘Inah in the contemporary Islamic financial products and its solutions according to the shariah principles
title_fullStr	Issues of Bai’ al-‘Inah in the contemporary Islamic financial products and its solutions according to the shariah principles
title_full_unstemmed	Issues of Bai’ al-‘Inah in the contemporary Islamic financial products and its solutions according to the shariah principles
title_sort	issues of bai’ al-‘inah in the contemporary islamic financial products and its solutions according to the shariah principles
publisher	Zes Rokman Resources
publishDate	2018
url	http://irep.iium.edu.my/63765/ http://irep.iium.edu.my/63765/ http://irep.iium.edu.my/63765/1/SEAJBEL15_231.pdf
first_indexed	2023-09-18T21:30:26Z
last_indexed	2023-09-18T21:30:26Z
_version_	1777412474451001344

Issues of Bai’ al-‘Inah in the contemporary Islamic financial products and its solutions according to the shariah principles

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