A STUDY ON BAY'TAWARRUQ (MONETIZATION) FROM THE PERSPECTIVE OF NATIONAL BANK MALAYSIA AND AAOIFI STANDARDS: MALAYSIAN PRACTICE

(IFSA) on 2013, Islamic financial industry has shown its commitments towards the financial industry and its stakeholders through the development ofa distinctive products based on the various Sharr'ah contracts such as Islamic hire purchase for vehicle and machine based on the concept ofal-lid...

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Main Authors:	Abdurrahim, Muhammad Najib, Megat Laksana, Nan Noorhidayu, Abdul Aziz, Akhtarzaitie
Format:	Conference or Workshop Item
Language:	English English
Published:	2018
Subjects:	HB126.4 Islamic Economics
Online Access:	http://irep.iium.edu.my/70820/ http://irep.iium.edu.my/70820/1/dr%20nan%20article%202.pdf http://irep.iium.edu.my/70820/2/dr%20nan%20sijil%202.pdf

id	iium-70820
recordtype	eprints
spelling	iium-708202019-03-23T09:30:54Z http://irep.iium.edu.my/70820/ A STUDY ON BAY'TAWARRUQ (MONETIZATION) FROM THE PERSPECTIVE OF NATIONAL BANK MALAYSIA AND AAOIFI STANDARDS: MALAYSIAN PRACTICE Abdurrahim, Muhammad Najib Megat Laksana, Nan Noorhidayu Abdul Aziz, Akhtarzaitie HB126.4 Islamic Economics (IFSA) on 2013, Islamic financial industry has shown its commitments towards the financial industry and its stakeholders through the development ofa distinctive products based on the various Sharr'ah contracts such as Islamic hire purchase for vehicle and machine based on the concept ofal-lidrah Thumma al-Bay' (a contract ofleasing ending with sale), islamic personal financing based on the concept ofBay' al-I'nah (sell and buy back with arrangement). Islamic house financing based on the concept of Mushdrakah Mutanaqi;ah (diminishing joint ventwes) and others. On 289 July 2005, the Shart'ah Advisory Council of National Bank Malaysia (SAC BNM) had resolved that financing and deposit product based on the concept oi Tuarq is permissible. This resolution then has become an alternative way gr the Islamic financial institutions to overcome ttre tiquidity issue without relying on the controversial contract ofBay' al-'-Inah anymore. Tawarruq is a process where a person buys a commodity with deferred price, subsequently sells it on spot palanent, usually with lower price to another party other than the first seller, with intention to obtain cash/liquidity. Thus, this study aims to discuss the iole of National Bank Malaysia and Accounting and Auditing of Islamic Financial Institutions (AAOIFD Standard regarding the concept of Tawam.rq in Malaysia. With regard to the methodology, this study will use both qualitative and quantitative methods. ifo*"rr"r, the qualitative method will become the main method for this study. The instrument of qualitative method is an interview session with the main stakeholders involved in the development of Tawarruq Standard. This study will contribute from the theoretical and practical perspective of Tawamrq operation a:rd application in Malaysia, argument and deliberation ofTawarruq not only from classical lslamic perspective, but also from modern application and discussion. 2018-04-05 Conference or Workshop Item PeerReviewed application/pdf en http://irep.iium.edu.my/70820/1/dr%20nan%20article%202.pdf application/pdf en http://irep.iium.edu.my/70820/2/dr%20nan%20sijil%202.pdf Abdurrahim, Muhammad Najib and Megat Laksana, Nan Noorhidayu and Abdul Aziz, Akhtarzaitie (2018) A STUDY ON BAY'TAWARRUQ (MONETIZATION) FROM THE PERSPECTIVE OF NATIONAL BANK MALAYSIA AND AAOIFI STANDARDS: MALAYSIAN PRACTICE. In: The Internationaf Conference on Economics and Social Sciences ( ICESS), Hamilton, New Zealand. (Unpublished)
repository_type	Digital Repository
institution_category	Local University
institution	International Islamic University Malaysia
building	IIUM Repository
collection	Online Access
language	English English
topic	HB126.4 Islamic Economics
spellingShingle	HB126.4 Islamic Economics Abdurrahim, Muhammad Najib Megat Laksana, Nan Noorhidayu Abdul Aziz, Akhtarzaitie A STUDY ON BAY'TAWARRUQ (MONETIZATION) FROM THE PERSPECTIVE OF NATIONAL BANK MALAYSIA AND AAOIFI STANDARDS: MALAYSIAN PRACTICE
description	(IFSA) on 2013, Islamic financial industry has shown its commitments towards the financial industry and its stakeholders through the development ofa distinctive products based on the various Sharr'ah contracts such as Islamic hire purchase for vehicle and machine based on the concept ofal-lidrah Thumma al-Bay' (a contract ofleasing ending with sale), islamic personal financing based on the concept ofBay' al-I'nah (sell and buy back with arrangement). Islamic house financing based on the concept of Mushdrakah Mutanaqi;ah (diminishing joint ventwes) and others. On 289 July 2005, the Shart'ah Advisory Council of National Bank Malaysia (SAC BNM) had resolved that financing and deposit product based on the concept oi Tuarq is permissible. This resolution then has become an alternative way gr the Islamic financial institutions to overcome ttre tiquidity issue without relying on the controversial contract ofBay' al-'-Inah anymore. Tawarruq is a process where a person buys a commodity with deferred price, subsequently sells it on spot palanent, usually with lower price to another party other than the first seller, with intention to obtain cash/liquidity. Thus, this study aims to discuss the iole of National Bank Malaysia and Accounting and Auditing of Islamic Financial Institutions (AAOIFD Standard regarding the concept of Tawam.rq in Malaysia. With regard to the methodology, this study will use both qualitative and quantitative methods. ifo*"rr"r, the qualitative method will become the main method for this study. The instrument of qualitative method is an interview session with the main stakeholders involved in the development of Tawarruq Standard. This study will contribute from the theoretical and practical perspective of Tawamrq operation a:rd application in Malaysia, argument and deliberation ofTawarruq not only from classical lslamic perspective, but also from modern application and discussion.
format	Conference or Workshop Item
author	Abdurrahim, Muhammad Najib Megat Laksana, Nan Noorhidayu Abdul Aziz, Akhtarzaitie
author_facet	Abdurrahim, Muhammad Najib Megat Laksana, Nan Noorhidayu Abdul Aziz, Akhtarzaitie
author_sort	Abdurrahim, Muhammad Najib
title	A STUDY ON BAY'TAWARRUQ (MONETIZATION) FROM THE PERSPECTIVE OF NATIONAL BANK MALAYSIA AND AAOIFI STANDARDS: MALAYSIAN PRACTICE
title_short	A STUDY ON BAY'TAWARRUQ (MONETIZATION) FROM THE PERSPECTIVE OF NATIONAL BANK MALAYSIA AND AAOIFI STANDARDS: MALAYSIAN PRACTICE
title_full	A STUDY ON BAY'TAWARRUQ (MONETIZATION) FROM THE PERSPECTIVE OF NATIONAL BANK MALAYSIA AND AAOIFI STANDARDS: MALAYSIAN PRACTICE
title_fullStr	A STUDY ON BAY'TAWARRUQ (MONETIZATION) FROM THE PERSPECTIVE OF NATIONAL BANK MALAYSIA AND AAOIFI STANDARDS: MALAYSIAN PRACTICE
title_full_unstemmed	A STUDY ON BAY'TAWARRUQ (MONETIZATION) FROM THE PERSPECTIVE OF NATIONAL BANK MALAYSIA AND AAOIFI STANDARDS: MALAYSIAN PRACTICE
title_sort	study on bay'tawarruq (monetization) from the perspective of national bank malaysia and aaoifi standards: malaysian practice
publishDate	2018
url	http://irep.iium.edu.my/70820/ http://irep.iium.edu.my/70820/1/dr%20nan%20article%202.pdf http://irep.iium.edu.my/70820/2/dr%20nan%20sijil%202.pdf
first_indexed	2023-09-18T21:40:32Z
last_indexed	2023-09-18T21:40:32Z
_version_	1777413109894348800

A STUDY ON BAY'TAWARRUQ (MONETIZATION) FROM THE PERSPECTIVE OF NATIONAL BANK MALAYSIA AND AAOIFI STANDARDS: MALAYSIAN PRACTICE

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