Modern applications of profit-sale (Bayʿ murābaḥah) from a Maqāsid Sharīʿah perspective
This paper looks into profit-sale (murābaḥah), a nominal sale contract in Islam, in search for Shari'ah objectives embedded in the corpus and in the terms and conditions of the contract. In light of these objectives, applications of the profit-sale contract as a financing tool by the Islamic Fi...
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iium-66887 |
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eprints |
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iium-668872020-02-12T07:51:08Z http://irep.iium.edu.my/66887/ Modern applications of profit-sale (Bayʿ murābaḥah) from a Maqāsid Sharīʿah perspective Ali, Mohammed Farid Mohd Yunus, Saidatolakma HG3368 Islamic Banking and Finance KBP Islamic Law KBP173.25 Islamic law and other disciplines or subjects This paper looks into profit-sale (murābaḥah), a nominal sale contract in Islam, in search for Shari'ah objectives embedded in the corpus and in the terms and conditions of the contract. In light of these objectives, applications of the profit-sale contract as a financing tool by the Islamic Finance Institutions (IFIs) are examined. The study discovers that some modern applications bypass the primary Shari'ah objectives of a sale contract, such as the seller taking liability of possible risks and having real possession of the items on sale. Contrary to this, the seller transfers his liability to the customer, and takes possession (qabḍ) of the goods on paper only, instead of possession in the real sense. Such applications distort the mode of trading real goods into a mere disguise for an increase on credit or riba. IIUM Press, International Islamic University Malaysia 2019-06 Article NonPeerReviewed application/pdf en http://irep.iium.edu.my/66887/1/Dr.%20Mohammed%20Farid%20Ali%20al-Fijawi%20%26%20Saidatolakma%20Mohd%20Yunus.pdf application/pdf en http://irep.iium.edu.my/66887/3/Modern%20Application%20of%20Murabahah%20and%20Maqasid%20Shariah%2002022018%20Final%20Draft%20-%20AMENDED%20%281%29.pdf application/pdf en http://irep.iium.edu.my/66887/19/66887_Modern%20applications%20of%20profit-sale%20%28Bay%CA%BF%20mur%C4%81ba%E1%B8%A5ah%29%20from%20a%20maq%C4%81%E1%B9%A3id%20shar%C4%AB%CA%BFah%20perspective_Scopus.pdf Ali, Mohammed Farid and Mohd Yunus, Saidatolakma (2019) Modern applications of profit-sale (Bayʿ murābaḥah) from a Maqāsid Sharīʿah perspective. Al-Shajarah, 24 (1). pp. 1-16. ISSN 1394-6870 (In Press) http://journals.iium.edu.my/shajarah/index.php/shaj/issue/view/55 |
| repository_type |
Digital Repository |
| institution_category |
Local University |
| institution |
International Islamic University Malaysia |
| building |
IIUM Repository |
| collection |
Online Access |
| language |
English English English |
| topic |
HG3368 Islamic Banking and Finance KBP Islamic Law KBP173.25 Islamic law and other disciplines or subjects |
| spellingShingle |
HG3368 Islamic Banking and Finance KBP Islamic Law KBP173.25 Islamic law and other disciplines or subjects Ali, Mohammed Farid Mohd Yunus, Saidatolakma Modern applications of profit-sale (Bayʿ murābaḥah) from a Maqāsid Sharīʿah perspective |
| description |
This paper looks into profit-sale (murābaḥah), a nominal sale contract in Islam, in search for Shari'ah objectives embedded in the corpus and in the terms and conditions of the contract. In light of these objectives, applications of the profit-sale contract as a financing tool by the Islamic Finance Institutions (IFIs) are examined. The study discovers that some modern applications bypass the primary Shari'ah objectives of a sale contract, such as the seller taking liability of possible risks and having real possession of the items on sale. Contrary to this, the seller transfers his liability to the customer, and takes possession (qabḍ) of the goods on paper only, instead of possession in the real sense. Such applications distort the mode of trading real goods into a mere disguise for an increase on credit or riba. |
| format |
Article |
| author |
Ali, Mohammed Farid Mohd Yunus, Saidatolakma |
| author_facet |
Ali, Mohammed Farid Mohd Yunus, Saidatolakma |
| author_sort |
Ali, Mohammed Farid |
| title |
Modern applications of profit-sale (Bayʿ murābaḥah) from a Maqāsid Sharīʿah perspective |
| title_short |
Modern applications of profit-sale (Bayʿ murābaḥah) from a Maqāsid Sharīʿah perspective |
| title_full |
Modern applications of profit-sale (Bayʿ murābaḥah) from a Maqāsid Sharīʿah perspective |
| title_fullStr |
Modern applications of profit-sale (Bayʿ murābaḥah) from a Maqāsid Sharīʿah perspective |
| title_full_unstemmed |
Modern applications of profit-sale (Bayʿ murābaḥah) from a Maqāsid Sharīʿah perspective |
| title_sort |
modern applications of profit-sale (bayʿ murābaḥah) from a maqāsid sharīʿah perspective |
| publisher |
IIUM Press, International Islamic University Malaysia |
| publishDate |
2019 |
| url |
http://irep.iium.edu.my/66887/ http://irep.iium.edu.my/66887/ http://irep.iium.edu.my/66887/1/Dr.%20Mohammed%20Farid%20Ali%20al-Fijawi%20%26%20Saidatolakma%20Mohd%20Yunus.pdf http://irep.iium.edu.my/66887/3/Modern%20Application%20of%20Murabahah%20and%20Maqasid%20Shariah%2002022018%20Final%20Draft%20-%20AMENDED%20%281%29.pdf http://irep.iium.edu.my/66887/19/66887_Modern%20applications%20of%20profit-sale%20%28Bay%CA%BF%20mur%C4%81ba%E1%B8%A5ah%29%20from%20a%20maq%C4%81%E1%B9%A3id%20shar%C4%AB%CA%BFah%20perspective_Scopus.pdf |
| first_indexed |
2023-09-18T21:34:58Z |
| last_indexed |
2023-09-18T21:34:58Z |
| _version_ |
1777412759225368576 |