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Journal articles on the topic 'Tawarruq'
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1
Ahmad, Zaki, Faathih Zahir, Ahmed Mohamud Usman, Aishath Muneeza, and Zakariya Mustapha. "An Exploratory Study On The Possibility Of Replacing Tawarruq Based Islamic Banking Products Using Other Alternatives." International Journal of Management and Applied Research 7, no. 2 (June 5, 2020): 147–64. http://dx.doi.org/10.18646/2056.72.20-011.
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Tawarruq which is also known as commodity Murabahah in Islamic banking is widely practiced in Malaysia to structure different types of Islamic banking products. The widespread use of tawarruq has made Islamic banks to be re-named as “tawarruq banks” and some even call tawarruq as the “magic lamp” of the industry. Shariah scholars have criticised this frequent usage of tawarruq in Islamic banking industry of Malaysia, while the practitioners have replied by saying that if tawarruq is a shariah approved concept, then what is wrong with the usage of it? However, from the shariah perspective, the issue here is not about the shariah compliance of tawarruq transactions per se. It is about the shariah limitations imposed by the scholars on the use of it. This simply means that there is a reservation made by shariah scholars in allowing the usage of tawarruq contract in Islamic finance as tawarruq is a contract allowed to be used when one has to choose between a conventional loan and tawarruq. The purpose of this research is thus to show the alternative Islamic commercial contracts that could be used to structure Islamic banking products that have been structured in the market using tawarruq. It is anticipated that the outcome of this research will assist Islamic banking industry to understand why and how they can move away from tawarruq.
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Alkhan, Ahmed Mansoor, and Mohammad Kabir Hassan. "Tawarruq: Controversial or Acceptable?" Arab Law Quarterly 33, no. 4 (August 15, 2019): 307–33. http://dx.doi.org/10.1163/15730255-12334042.
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Abstract The debate about tawarruq (monetisation) has been ongoing, especially with regard to the permissibility of organised tawarruq. The majority of contemporary Sharīʿah scholars, including the Organization of Islamic Cooperation in 2009, ruled that organised tawarruq is impermissible according to Sharīʿah (Islamic law). Nevertheless, organised tawarruq remains a widely-used product in the international Islamic banking industry. Having reviewed the literature and reasons pertaining to the prohibition of organised tawarruq, this research article argues that the prohibition ruling may have been based on certain wrongful practices that existed in the industry, rather than on evidence provided from the Sharīʿah. This research includes empirical work that qualitatively analyses organised tawarruq transactions executed by three Islamic banks in the Kingdom of Bahrain. Using empirical data and analysis provided, this article suggests that the general practice of organised tawarruq might be permissible according to Sharīʿah.
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Roslan, Muhammad Faruq, Omar Bamahriz, Aishath Muneeza, JinZi Chu, Zakariya Mustapha, and Mohamad Zabidi Ahmad. "Application of Tawarruq in Islamic Banking in Malaysia: Towards Smart Tawarruq." International Journal of Management and Applied Research 7, no. 2 (June 5, 2020): 104–19. http://dx.doi.org/10.18646/2056.72.20-008.
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The objective of the paper is to discuss the application of tawarruq in Islamic banking generally. The modus operandi of tawarruq in Islamic banking is an essential discussion in jurisdiction like Malaysia, where most Islamic banks use tawarruq to structure Islamic banking products. This paper employs a systematic literature review on best practice models and mechanism of current tawarruq application. The outcome of the research helps to understand the modus operandi of tawarruq transactions practically with a view towards understanding its future prospects in the era of Fintech. It is envisaged that this research will assist the growing understanding of the existing application of tawarruq in Islamic banking as well as its future development using technology.
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Sharaiyra, Suhaib Walid, and Maher Haswa. "The Effect of ‘Motive’ on Characterising Organised Tawarruq." Arab Law Quarterly 33, no. 2 (April 3, 2019): 179–97. http://dx.doi.org/10.1163/15730255-12332010.
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Abstract This article aims to discuss the effect of motive of organised tawarruq parties on its permissibility and to shed light on the importance of considering the overall objectives and goals of Sharīʿah when conducting transactions. An analytical and deductive approach is used to examine the reality of organised tawarruq (al-tawarruq al-munaẓẓam) and the motive behind it as well as the validity of reference to and conception of the texts used in support thereof. The discussion concludes the presence of misinterpretations of the Sharīʿah texts referred to in support of organised tawarruq, as well as obvious overlooking of the motives behind it, which should have led to the exclusion of organised tawarruq from the permissible modes of Islamic finance. This article provides a comprehensive view of organised tawarruq, in terms of its motive, form and substance, in order to assist in reviewing the capability of its use as a financing tool.
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Ali, Mohammad Mahbubi, and Rusni Hassan. "Survey on Sharīʿah non-compliant events in Islamic banks in the practice of tawarruq financing in Malaysia." ISRA International Journal of Islamic Finance 12, no. 2 (July 31, 2020): 151–69. http://dx.doi.org/10.1108/ijif-07-2018-0075.
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Purpose Tawarruq (Islamic commodity financing) has evolved as the most ubiquitous concept in Malaysia’s Islamic banking industry. Nevertheless, the extensive use of tawarruq has invoked a number of Sharīʿah (Islamic law) concerns in its practice. This study aims to investigate the Sharīʿah non-compliant (SNC) phenomena in the practice of tawarruq financing in Malaysia. Design/methodology/approach This study adopts qualitative research methodology, combining both descriptive and content analysis. A self-administered questionnaire was distributed to 16 Malaysian Islamic commercial banks to unveil the Sharīʿah non-compliance issues in the application of tawarruq in Islamic banks (IBs) in Malaysia. Findings The study found that some practices of tawarruq in Malaysia might not comply with the Sharīʿah, mainly due to the improper sequencing of contracts. The study also discovered that IBs adopt different approaches in dealing with SNC events and the income derived therefrom. Finally, the study noted the influence of board of director/management on certain Sharīʿah decisions particularly on the treatment of non-ḥalāl (impermissible) income. Practical implications The findings of the study serve as a reference to industry players and regulators in formulating a Sharīʿah non-compliance risk management framework for tawarruq practices. Originality/value The survey on SNC issues in tawarruq practice constitutes the first of its kind in the existing literature.
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Komarudin, Parman, and Muhammad Syarif Hidayatullah. "Analisis Qiyās Transaksi Tawarruq dengan Bai’ al-’Īnah." NUKHBATUL 'ULUM: Jurnal Bidang Kajian Islam 7, no. 1 (June 11, 2021): 59–79. http://dx.doi.org/10.36701/nukhbah.v7i1.317.
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This paper aimed to analyze the application of qiyas method in the prohibition of tawarruq transactions through qiyas tawarruq with bai' al-‘înah. This paper was qualitative research with a type of normative law research using conceptual approach. The results of paper showed that the application of the pillars of qiyas in qiyas tawarruq with bai' al-‘înah namely: bai' al-‘înah as ashl, tawarruq as far', the prohibition of bai' al-‘înah practice as hukm al-ashl and the main motive of the transaction in the form of obtaining cash (liquidity) instead of owning goods (commodities) with the mechanism of buying and selling and debt that represents hilah ribawiyah is as 'illat. Therefore, as is the prohibition against bai' al-‘înah, as it also applies to tawarruq. However, there is also a difference between bai' al-‘înah and tawarruq on the grounds of differences between the parties who make the second purchase, and some allow tawarruq on the condition that there is an urgent need or no agreement with a third party. Thus, it is very important in positioning ushul fiqh relevant to contemporary economy and finance, because the muamalah in Islam has flexibility, elasticity and openness to the development of the times.
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Susilo, Edi. "MANAJEMEN LIKUIDITAS LEMBAGA KEUANGAN MIKRO SYARIAH NON BANK (BMT) DENGAN AKAD TAWARRUQ." JURNAL ILMIAH EKONOMI ISLAM 3, no. 01 (March 30, 2017): 1. http://dx.doi.org/10.29040/jiei.v3i01.67.
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Non-bank Islamic microfinance institutions (BMT) are legal entity Cooperative have no instrument to fulfill liquidity needs as Islamic banking. Whereas the BMT should provide liquidity fund for the partners / members at any time. This article uses descriptive analytical method, to understand deeply the Tawarruq contract as liquidity management solutions Non-bank Islamic Microfinance Institutions (BMT). The results show the Tawarruq contract can be revitalized by necessity of the present to fulfill the liquidity needs of Non-bank Islamic Microfinance Institutions (BMT). Keywords: Tawarruq, Islamic Microfinance Institutions, BMT
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Zulkepli, Muhammad Izzul Syahmi, Mohammad Taqiuddin Mohamad, and Mohd Anuar Ramli. "[Guide to Accepting Hiyal-Based Contracts in Malaysia Islamic Banking: An Evaluation] Panduan Penerimaan Kontrak Yang Berasaskan Hiyal di Perbankan Islam Malaysia: Satu Penilaian." Jurnal Islam dan Masyarakat Kontemporari 21, no. 2 (August 27, 2020): 141–52. http://dx.doi.org/10.37231/jimk.2020.21.2.490.
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Ḥiyal is a hidden approach in order to achieve certain goals. This legal device is still debated among Muslim scholars. Some of them are more likely to allow it, while others do not. Nonetheless, Islamic contracts that consist of ḥiyal, such as tawarruq have been attaining attraction especially in the Islamic banking industry in Malaysia. It is offered widely through various Islamic banking products based on a specific guideline aimed at preserving the reputation and performance of Malaysian Islamic banking. Therefore, this study will examine ḥiyal concept from the fiqh perspective and the guidance of accepting ḥiyal contracts, particularly tawarruq-based deposit product offering at the Malaysian Islamic banking. To collect data, researchers utilised the library studies and field studies (interview). Library studies apply the method of documentation by referring to the ḥiyal discussion among Muslim scholars as well as the product disclosure sheet and the BNM tawarruq policy document. Meanwhile, the field studies employed the interview method which involve several informants among Shariah experts / muamalat and Shariah executives in Malaysian Islamic banking. The qualitative data were subsequently analyse using content analysis method descriptively. Research finding implies that although tawarruq contracts with ḥiyal elements were widely offered through Malaysian Islamic banking products, their acceptance took into account several guidelines, namely ḥiyal views from the perspective of fiqh, ḥiyal parameters, and BNM tawarruq policy document.
Ḥiyal merupakan satu pendekatan yang tersembunyi bagi mencapai satu matlamat khusus. Dalam perbahasan fiqh, fuqaha berbeza pandangan terhadap elemen ḥiyal. Sebahagian mereka lebih cenderung mengharuskan aplikasi elemen ini, demikian juga sebahagian lain tidak mengharuskannya. Namun begitu, kontrak yang mengandungi ḥiyal meraih penerimaan yang memberansangkan terutama dalam industri perbankan Islam di Malaysia, umpamanya dalam kontrak tawarruq. Ia ditawarkan secara meluas menerusi pelbagai produk perbankan Islam dengan berasaskan panduan khusus yang bertujuan untuk memelihara reputasi dan prestasi perbankan Islam Malaysia. Sehubungan itu, kajian ini akan meneliti konsep ḥiyal dari sudut fiqh dan panduan penerimaan kontrak yang mempunyai elemen ḥiyal, khususnya kontrak tawarruq dalam penawaran produk deposit di perbankan Islam Malaysia. Bagi mencapai objektif tersebut, pengkaji menggunakan kajian kepustakaan dan lapangan (temubual) bagi mengumpulkan data. Kajian kepustakaan mengaplikasikan metode dokumentasi dengan merujuk kepada perbahasan ḥiyal dalam kalangan fuqaha di samping lembaran pendedahan produk serta dokumen polisi tawarruq BNM. Manakala kajian lapangan menggunapakai metode temubual yang melibatkan informan dalam kalangan pakar Syariah/muamalat dan eksekutif Syariah di perbankan Islam Malaysia. Data yang diperolehi telah dianalisis menggunakan kaedah analisis kandungan secara deskriptif dan tematik. Hasil kajian mendapati meskipun kontrak tawarruq yang mempunyai elemen ḥiyal ditawarkan secara meluas melalui produk perbankan Islam Malaysia, penerimaannya mengambil kira beberapa panduan iaitu perbincangan ḥiyal dari perspektif fiqh, parameter ḥiyal dan dokumen polisi tawarruq BNM.
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Ahmed, Habib, and Nourah Mohammad Aleshaikh. "Debate on Tawarruq: Historical Discourse and Current Rulings." Arab Law Quarterly 28, no. 3 (September 23, 2014): 278–94. http://dx.doi.org/10.1163/15730255-12341282.
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One of the controversial products used by the Islamic financial sector is organized tawarruq. As the substance of this product resembles that of an interest-based loan, there is a debate on its permissibility from a Shari’ah perspective. While discussions on tawarruq have arisen due to the emergence of the practice in Islamic finance, there have been deliberations on this transaction in the past starting immediately after the emergence of Islam. The aim of the article is to provide an overview of the historical discourse on tawarruq and examine the rulings on it by two contemporary jurisprudential bodies to assess the practice of the transaction in Islamic finance. The discussions show that the current rulings concur with the majority view of the past scholars. The practice of organized tawarruq by the Islamic financial industry, however, appears to be inconsistent with both the contemporary and historical rulings.
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Nurhisam, Luqman. "Bai ‘Al-Tawarruq: Concept Of Islamic Financing?" Journal of Emerging Economies and Islamic Research 4, no. 3 (September 30, 2016): 49. http://dx.doi.org/10.24191/jeeir.v4i3.9096.
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Shariah Committee in Malaysia in his fatwa has legitimized the execution of the contract al-Tawarruq and al-'nah in Islamic banking practices, while the contract is not ratified by the National Sharia Council in Indonesia. This study will discuss the reasons and background differences fatwa, and an aspect ratio of banking products and the legal framework used to legitimize Islamic financial products in Indonesia and Malaysia. Therefore, further research is needed to analyze how the views of the scholars against al-Tawarruq along with proof of his, and the extent to which the contract tawarruq has been applied in Islamic finance, especially in Indonesia and Malaysia. As a result of a comparison of Islamic financial products in general, and the legal framework used by the Sharia Board between Indonesia and Malaysia. The method used is descriptive qualitative analysis. In this study, the research subjects are the scholars of Sharia Council. While the object of research is the view of the scholars of fiqh against al-Tawarruq, aspects of financial products, and the framework of Islamic law. From this study, it was found that the mechanism of al-Tawarruq, can not be regarded as an Islamic financial products, because a lot of flaws in it. Hilah known that there are not good that lead to usury, so this is the reason of the majority of scholars do not technically separated in Indonesia. However, as far as the development of the contract used that alTawarruq al-fiqhi been applied in syariah commodity trading in the Jakarta Futures Exchange. While Malaysia believes that the buying and selling of al-Tawarruq is halal as the basic rule for the legitimacy of the agreement, which has been applied in private financing in Islamic banks, as well as a commodity murabaha on Bursa Malaysia namely Bursa Suq Al-Sila.
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Yusoff, Amir Fazlim, Azlin Alisa Ahmad, and Nik Abdul Rahim Nik Abdul Ghani. "Classical Tawarruq: A Potential Alternative to Baiʿ al-ʿĪnah in the Malaysian Banking and Finance Industries." Arab Law Quarterly 33, no. 4 (August 15, 2019): 400–419. http://dx.doi.org/10.1163/15730255-12330401.
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Abstract International Islamic religious authorities have commented negatively on the application of baiʿ al-ʿīnah (same-item sale-repurchase) in the Malaysian banking industry. These authorities include the Islamic Fiqh Academy of the Organisation of Islamic Cooperation (OIC) and Accounting and the Auditing Organisation for Islamic Financial Institutions (AAOIFI). They conclude that the application represents a prohibited ruse to legitimise usury through a sale transaction. This article examines the possible use of classical tawarruq as an alternative to baiʿ al-ʿīnah in the Malaysian banking industry, especially for retail financing. Several modes of classical tawarruq are considered. This research supports the application of classical tawarruq as an effective, viable and marketable Islamic financing arrangement.
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Ali, Mohammad Mahbubi. "Toward Islamic Banking without Tawarruq." Islam and Civilisational Renewal 8, no. 2 (April 2017): 256–59. http://dx.doi.org/10.12816/0041998.
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Ali, Mohammad Mahbubi. "Toward Islamic Banking Without Tawarruq." ICR Journal 8, no. 2 (April 15, 2017): 256–59. http://dx.doi.org/10.52282/icr.v8i2.199.
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Islamic financial products have evolved and developed remarkably from simple and straightforward structures to highly sophisticated and multifaceted instruments. During the 1980s and 1990s, Islamic financial products were dominated by deposits and savings, syndicated project financing, Shari’ah-compliant stocks and mutual funds. The last two decades have witnessed the unveiling of more complicated structures, including various sukuk models, derivatives, Islamic structured products, Islamic hedge funds, and others. Most, though not all, of these replicate conventional products, splicing together nominate contracts from the Islamic fiqh legacy with a few modern modifications to meet legal requirements and to become Shari’ah-compliant’.
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Ismail, Abdul Ghafar, Nik Abdul Rahim Nik Abdul Ghani, and Mat Nor Mat Zain. "Tawarruq time deposit with wakalah principle: an option that triggers new issues." International Journal of Islamic and Middle Eastern Finance and Management 9, no. 3 (August 15, 2016): 388–96. http://dx.doi.org/10.1108/imefm-05-2014-0048.
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Purpose This paper aims to make an attempt to analyze the adoption of wakalah in the tawarruq deposit that may trigger new issue. Design/methodology/approach This paper provides a review on the underlying contracts for deposit-taking activities. Findings There are two mains findings from this paper – first, the current deposit taking activities are characterized by principal guaranteed, it deems contrary to the nature of mudarabah. Second, we suggest the presence of wakalah in tawarruq term deposits and we argue that the application of the concept of bay al-wakillinafsihi would not affect the validity of wakalah. Originality/value This paper is considered to have its own originality in the sense that the introduction of tawarruq-based deposit product by Islamic banks could be the best alternative to the current deposit products.
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Aldarabseh, Wesal M. "The Interest in Islamic Finance Contracts in Saudi Arabia as Viewed by Google Trends." International Journal of Economics and Finance 11, no. 9 (August 8, 2019): 12. http://dx.doi.org/10.5539/ijef.v11n9p12.
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Several Islamic contracts have been used by Islamic banks to cover the financial needs of their customers. The contracts include Murabahah, Ijarah, Tawarruq, Mudarabah, Musharakah, Salam, and Istisna'. In the current study, the interest in Islamic financial contracts in the past 5 years (2014-2019) in Saudi Arabia as viewed by Google trends was examined. The interest in Murabahah showed increases with the years, whereas decreases in the interest of Tawarruq, Salam Mudarabah were observed in the last years. However, the interest in Ijarah and Istisna' was stable during the examined period. With respect to Musharakah, the interest decreased with years until 2017 then it showed slight increases in 2018 and 2019. Differences in the interest of financial contracts were also observed across different regions of Saudi Arabia. The interest in Ijarah, Tawarruq and Istisna’ was higher in Riyadh, whereas the interest in Murabahah and Musharakah was higher in Ha’il than other Saudi regions The present findings can be used by Islamic banks to shape their financing services according to observed interest trends and across different regions of Saudi Arabia.
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Mulyawisdawati, Richa Angkita, and Mufti Afif. "Jual Beli Model ‘Inah di Lembaga Keuangan Syariah: Tinjauan Konsep, Hukum dan Implementasi." FALAH: Jurnal Ekonomi Syariah 3, no. 1 (May 24, 2018): 67. http://dx.doi.org/10.22219/jes.v3i1.5835.
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The sale and purchase of 'inah and tawarruq is a classic problem that is recognized or not continues to grow and be practiced by individuals and financial institutions to date. Based on the facts on the ground, this type of engineering of sale and purchase occurs in Islamic Financial Institutions (LKS), where Islamic Financial Institutions only serve and serve financial services for its customers who need funds. So much is found that most LKS activities lead to financing through murabahah scheme where the scheme of the contract is considered safe for the LKS because the level of risk is lower than other types of contract. This paper is intended to determine the nature of the concept and legal sale and purchase 'inah and tawarruq according to scholars fiqh classics and how the practices of these two transactions became an issue on financial transactions in LKS. By using descriptive qualitative method, literature approach and history, it is produced that the type of sale of 'Inah and Tawarruq is still debated by the jurists of fiqh jurisprudence and the tendency is forbidden because there is a rift of ribawi transaction in it. While in practice in LKS is still widely applied and growing especially in superior products (murabahah) as in financing business capital, credit card, home financing or home renovation or the like and gold-based financing.
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Seman, Azizi Che, and Mohd Izuwan Mahyudin. "Bay' Al-Tawarruq dan Aplikasinya di Bank Muamalat Malaysia Berhad = Bay' Al-Tawarruq and Its Application in Bank Muamalat Malaysia Berhad." Journal of Muamalat and Islamic Finance Research 11, no. 1 (2014): 75–96. http://dx.doi.org/10.12816/0028815.
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Abdul Aziz, Sumayyah, and Ridzwan Ahmad. "[A Reassessment of The Al-Darurah Concept in Current Islamic Finance] Satu Penilaian Semula Konsep al-Darurah Dalam Kewangan Islam Semasa." Jurnal Islam dan Masyarakat Kontemporari 13 (July 1, 2016): 106–20. http://dx.doi.org/10.37231/jimk.2016.13.2.182.
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The concept of al-darurah is a subject that has to be empowered and to be explored by students and scholars of Islamic studies. Al-darurah in Islamic finance is a concept that expend the theory of darurah from fiqh perspective and covered it from the perspective of darurah usuliyah as well. In Islamic finance, they applied the darurah concept such as in Tawarruq Munazam based products. Tawaruq Munazam has been ruled as not permissible by The International Council of Fiqh Academy of OIC in 2009 however it has been applied in Islamic banking in Malaysia based on the essential requirement in the current practise through Islamic products. Hence, a comprehensive and dynamic assement towards that application need to be applied to ensure that the application of darurah in Islamic finance not only align with the real concept of al-darurah but also meet the methodology of Islamic jurisprudence according to Maqasid al-Shariah. This article aimed to explain the concept of darurah in Islam in addition to describe the application of methodology of jurisprudence in Islamic finance to ensure the product of Islamic banking is attain the micro economies perspective. The method that has been applied is inductive, deductive and comparative. The finding of this article affirm that the concept of darurah has not yet been explored widely and be applied in the context of methodology of Islamic finance according to Maqasid al-Kulliyah in order to attain the substance meaning of syariah.
Keywords: Darurah, Islamic Finance, Mikro, Maqasid, Methodology
Persoalan darurah secara ilmiah merupakan satu subjek yang penting untuk dikuasai dan diterokai oleh penuntut, pendakwah dan sarjana ilmu Islam. Al-darurah kewangan Islam semasa ialah konsep yang menjangkaui al-darurah fiqhi malah merangkumi al-darurah usuliyah. Kewangan Islam menggunakan konsep al-darurah dalam aplikasi kewangan seperti Tawaruq Munazam. Tawarruq Munazam telah difatwakan haram oleh OIC pada tahun 2009 namun telah diaplikasikan di Malaysia berhujahkan keperluan semasa. Maka satu penilaian semula yang menyeluruh dan dinamik perlu dilakukan bagi memastikan pemakaian darurah dalam kewangan Islam menepati bukan sahaja konsep al-darurah sebenar tetapi metodologi hukum yang dinamik. Artikel ini bertujuan menjelaskan konsep al- darurah dalam Islam seterusnya menghuraikan pemakaian metodologi hukum dalam kewangan Islam semasa bagi memastikan produk kewangan Islam menepati ciri mikro ekonomi Islam. Metod yang digunakan ialah metod induktif, deduktif dan komparatif. Dapatan mendapati konsep darurah masih belum diterokai dan diaplikasi dalam konteks metodologi kewangan Islam menurut Maqasid Kulliyah bagi memenuhi subtansi syariah sebenar.
Kata Kunci: Darurah , Semasa, Kewangan Islam, Mikro, Maqasid, Metodologi Hukum
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Abdullah Thaidi, Hussein Azeemi, Muhamad Firdaus Ab Rahman, and Azman Ab Rahman. "The Analysis of Gharar Existence inThe Implementation of Tawarruq Personal Financing." Global Journal Al Thaqafah 4, no. 1 (June 30, 2014): 83–95. http://dx.doi.org/10.7187/gjat572014.04.01.
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Shaharuddin, Amir. "Dual Agency Practices in Islamic Financial Institutions: A Fiqh Perspective." Journal of Fatwa Management and Research 21, no. 1 (July 3, 2020): 38–48. http://dx.doi.org/10.33102/jfatwa.vol21no1.297.
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Bay al-tawarruq is increasingly adopted by Malaysian Islamic financial institutions (IFIs) in creating both deposit and financing products. The contract involves sequences of trading between three parties namely client, IFIs and brokers. However, in order to simply the operation and to minimize client’s involvement, the actual trading are conducted between IFI and brokers only. IFI will act on behalf of the client and execute all trading transactions. The practice triggers fiqh issue because the IFI (as agent of client) will sell and purchase commodity to himself. The present article discusses the issue by assessing Muslim jurists’ view pertaining to dual agency practices. The article adopts juristic analysis method in which classical and contemporary scholars arguments are analysed before a preferred opinion (tarjih) is concluded. Understanding the issue is vital to avoid misunderstanding about the legality of Islamic financial products particularly products that used the organized bay’ al-tawarruq as the underlying contract.
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Geronimo, Rusell. "Taxation of Islamic banking transactions." Bratislava Law Review 2, no. 2 (December 31, 2018): 79–90. http://dx.doi.org/10.46282/blr.2018.2.2.110.
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The paper examines the juridical character of eight common Islamic banking transactions: murabahah, tawarruq, ijarah, istisna, salam, musharakah or mudaraba, sukuk, and takaful. It then compares each Islamic banking product with an equivalent conventional banking product, examines their differences in terms of transaction design, and shows whether these contractual differences result in differential tax treatment.
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Mohamad, Nasrun, and Asmak Ab Rahman. "Tawarruq application in Islamic banking: a review of the literature." International Journal of Islamic and Middle Eastern Finance and Management 7, no. 4 (November 11, 2014): 485–501. http://dx.doi.org/10.1108/imefm-10-2013-0106.
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Purpose – This paper aims to present the results of a comprehensive literature review with regard to the application of Tawarruq in the Islamic banking system covering the period between 2011 and before. The review aims to synthesize the previous research, capsulize the structural overview inasmuch as future research might be oriented and identify the gaps and direction for future research. Design/methodology/approach – A range of published and unpublished documents was collated and filtered based on the defined rules to identify the determinants of the writing. The documents were then be classified into few segments in which content analysis was conducted to capsulize the essence of the subject matter described in the literature. Findings – The analysis demonstrates that most of the studies discussed the fundamental theories which concerning the area of jurisprudence, while a few of them did discuss the application aspect in the banking environment. However, none of the operational process is discussed in-depth, whereas the risk of Shari’ah non-compliance might arise in the detail transaction. Research limitations/implications – The databases used in the search might not contain all the documents that could be relevant for the review. Furthermore, the defined-rule for document searching and selection excluded the out-of-scope documents that might be relevant. Originality/value – This paper identifies the gaps that become apparent in the literature in assisting researchers to ascertain the interesting areas as well as the direction for future research.
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Kahf, Monzer, and Elhadi Idris Habbani. "Tawarruq Potential Risks : The Practices of Islamic Financial Institutions in Qatar." Journal of Islamic Economics Banking and Finance 12, no. 4 (December 2016): 54–88. http://dx.doi.org/10.12816/0050980.
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Rahman, Zainor Nasrah Abdul, and Siti Khadijah Ab Manan. "Tawarruq as a Useful Instrument to Finance Retail the Halal Way." Procedia - Social and Behavioral Sciences 121 (March 2014): 281–90. http://dx.doi.org/10.1016/j.sbspro.2014.01.1129.
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Jamaludin, Azahari. "Why in Favor of Tawarruq not Bai’ Al-Inah in Personal Financing Product?" International Journal of Islamic Banking and Finance Research 2, no. 1 (April 20, 2018): 83–90. http://dx.doi.org/10.46281/ijibfr.v2i1.42.
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In view of the limited of study with regards to the concept of Bai‟ Al-Inah and Tawwaruq on personal financing, the findings from this study would provide evidence on the understanding of the two concepts, and to determine whether there exists elements of Riba or otherwise in the present medium of personal financing. In addition, the findings of this study can provide a premise whether Tawwaruq is a solution to Bai‟ Al-Inah in personal financing offered by Islamic banksand financial institutions or otherwise. Further, the outcomes may also have some policy implications whereby the policy made can suggest the adoption of Tawwaruq or Bai‟Al-Inah as a best solution to Riba-based personal financing.
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Ahmad, Mahadi, and Riaz Ansary. "Fiqhī views on bayʿwa salaf and qarḍ-based Islamic banking deposit accounts in Malaysia." ISRA International Journal of Islamic Finance 9, no. 1 (July 10, 2017): 106–12. http://dx.doi.org/10.1108/ijif-07-2017-011.
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Purpose Islamic banks are obliged to carry out transactions that only comply with Islamic commercial laws. Malaysia has been championing the Sharīʿah-based banking system, and so, continuous improvement on the compliance level of the institutions offering Islamic financial services is key to its global recognition in this industry. One of the issues that can affect deposit products is existence of a sale contract and loan facility in one transaction. Famous prophetic tradition prohibits this. Hence, this paper aims to examine the linkage between bayʿwa salaf (combination between a sale contract and loan in one transaction) and deposits accounts in Malaysia. Design/methodology/approach The subject matter of this paper is one that is researchable within library-based research. It is on this premise the research used the non-empirical qualitative research methodology. It used inductive method of analysis of both Islamic and policy documents on Islamic banking in Malaysia. Literature from Islamic jurisprudence, websites of some of the Islamic banks in Malaysia and relevant resolutions from the Shariah Advisory Council of Central Bank of Malaysia were consulted. Findings Based on the methodology mentioned above, the researchers arrived at the following findings: that, although there is no juristic disagreement about the prohibition of bayʿwa salaf, disagreement, however, occurs in results of some contracts. The most notable area of agreement on the existence of bayʿwa salaf is when there is express stipulation of sale or rendering of service and express or implied stipulation of loan alongside of the sale or service rendering. In an organized reversed tawarruq, the use of these deposits by the banks is regarded as loan from the depositors to the banks, who will soon put the money into sale that will generate profit to be divided between the banks and their depositors. However, this study finds that this is not bayʿwa salaf prohibited by the prophetic tradition. Originality/value The originality of this topic is proven by the new banking regulation regime of Malaysia, which compels Islamic banks to guarantee all deposits under them. As Islamic banks carry out their banking activities through trading, there is need to conduct a research such as this. This is to examine whether Islamic banks’ unilateral use of depositors’ funds in non-investment accounts which is translated, constructively, as loan from the depositors to Islamic banks amounts to bayʿwa salaf before the future tawarruq. Here there is loan and sale, which is the tawarruq. Hence, the need to do this research.
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الحوراني, ياسر عبد الكريم محمد, and هناء محمد هلال الحنيطي. "أحكام التورق المنظم وآثاره الاقتصادية = The Provisions of Organized Tawarruq and Its Economic Effects." Dirasat Shari a and Law Sciences 44, Suppl.1 (2017): 231–45. http://dx.doi.org/10.12816/0040683.
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Zaki, Muhammad. "Bentuk Dan Jenis Kontrak Jual Beli: al-Wafa’, al-‘Inah, al-Tawarruq, dan al-Dayn." ISTIKHLAF: Jurnal Ekonomi, Perbankan dan Manajemen Syariah 1, no. 2 (July 7, 2021): 87–104. http://dx.doi.org/10.51311/istikhlaf.v1i2.274.
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Jual beli merupakan salah satu aktifitas ekonomi yang hukumnya boleh berdasarkan kitabullah dan sunnah Rasulullah Saw. serta ijma’ para ulama. Makalah ini merupakan studi kepustakaan yang dilakukan oleh penulis dengan menghimpun informasi yang relevan terkait topik atau masalah yang sedang ditulis. Informasi tersebut diperoleh dari buku-buku dan karangan-karangan ilmiah, laporan penelitian, tesis dan disertasi, peraturan-peraturan, ketetapan-ketetapan, ensiklopedia, dan sumber-sumber tertulis baik cetak maupun elektronik. Makalah ini ditulis bertujuan untuk menjelaskan beberapa aspek dari jual beli dalam perspektif fikih mu’amalah, khususnya membahas tentang kontrak jual beli dilihat dari objek, waktu terjadi serah terima, dan cara penetapan harga. Selain itu, makalah ini juga mendeskripsikan beberapa jenis jual beli atau ba’i. Terdapat beberapa jenis kontrak jual beli dalam fikih mu’amalah yang dapat dilakukan antara pedagang dan pembeli, diantaranya adalah jual beli al-wafa’, al-‘inah, al-tawarruq, dan al-dayn.
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Mihajat, Muhammad Iman Sastra, and Aznan Hasan. "Tawarruq Practice for Liquidity Management : Comparative Study between Komoditi Syariah Indonesia and Bursa Suq Al Sila` Malaysia." International Journal of Excellence in Islamic Banking and Finance 4, no. 1 (2014): 1–16. http://dx.doi.org/10.12816/0006957.
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Ali, Mohammad Mahbubi. "Training on Shar'iah Standards : Murabahah, Tawarruq, Ijarah, Rahn, Qard and Wa'd : IAIS, Malaysia, 22-23 May 2017." Islam and Civilisational Renewal 8, no. 3 (July 2017): 441–42. http://dx.doi.org/10.12816/0042934.
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Ahmad, Ellida Fauziah, Mariyam Shihama, NurSulaim Ashikin Mohamad Tarmizi, Saidu Mudi Saidu Mudi, Samia Ibrahim Djama, and Aishath Muneeza. "Tawarruq as a Product for Financing within the Islamic Banking System: A Case Study of Malaysian Islamic Banking System." International Journal Of Management and Applied Research 4, no. 1 (February 7, 2017): 31–43. http://dx.doi.org/10.18646/2056.41.17-004.
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Rosele, Muhammad Ikhlas, Mohd Farhan Md Ariffin, Mohd Anuar Ramli, and Mohamad Zaim Isamai. "[Contemporary Ijtihad Approach in Current Issues in Malaysia] Pendekatan Ijtihad Kontemporari Dalam Isu Semasa di Malaysia." Jurnal Islam dan Masyarakat Kontemporari 13 (August 9, 2016): 45–57. http://dx.doi.org/10.37231/jimk.2016.13.2.163.
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Advancement in science and technology today has evoked many issues that need legal solution immediately. Determination of the law towards this issue requires a comprehensive ijtihad (opinion) approach that is comprehensive, according to the present context to ensure the benefit of humankind besides meeting urgent needs. This article intends to analyse best ijtihad approach that can be applied in analyzing a few current issues. This is to prove that contemporary ijtihad needs to be done in determining the current Islamic laws. Among the issues discussed is on the of alcohol level in food, agricultural sources which is subjected to zakat (tithe), the medical method of stem cell xenotransplantation and tawarruq (reverse Murabahah) in cash financing. This bibliography-form of study used qualitative approach in scrutinizing the classical and contemporary views of the ulama (Islamic scholars) to formulate the importance of developing contemporary ijtihad in determining the current Islamic laws. Results of the study discovers that most of the current issues which arises today, have no direct legal clarification whether in the quotation of the Qur'an and the Sunnah and are not addressed in past book of fiqh (Islamic jurisprudence). Based on this statement, the contemporary ijtihad approach becomes a key requirement in providing the legal answers for the current issues that arise especially in the reality context of Malaysia.
Keywords; Ijtihad; new form of ijtihad; contemporary fiqh; maslahah
Kemajuan sains dan teknologi pada hari ini telah menimbulkan banyak isu yang berhajat kepada penyelesaian hukum dengan segera. Penentuan hukum terhadap isu ini memerlukan pendekatan ijtihad yang komprehensif sesuai dengan konteks semasa bagi menjamin kemaslahatan manusia di samping memenuhi keperluan yang mendesak. Artikel ini bertujuan menganalisis pendekatan ijtihad terbaik yang dapat diaplikasikan dalam menganalisis beberapa isu-isu semasa. Ini bagi membuktikan bahawa ijtihad kontemporari perlu dilakukan dalam penentuan hukum Islam semasa. Antara isu yang dibincangkan adalah kadar alkohol dalam makanan, sumber-sumber pertanian yang perlu dizakatkan, kaedah perubatan stem cell xenotransplantation dan tawarruq dalam pembiayaan tunai. Kajian berbentuk kepustakaan ini menggunakan pendekatan kualitatif dalam meneliti pandangan-pandangan ulama klasik dan kontemporari bagi merumuskan kepentingan membangunkan ijtihad kontemporari dalam penentuan hukum Islam semasa. Hasil kajian mendapati kebanyakan isu semasa yang timbul masa kini, tiada penjelasan hukum secara langsung sama ada di dalam nas al-Qur’an dan al-Sunnah serta tidak dibincangkan dalam kitab fiqh silam. Bertitik tolak daripada kenyataan ini, pendekatan ijtihad kontemporari menjadi satu keperluan penting dalam memberikan jawapan hukum terhadap isu-isu semasa yang timbul terutamanya dalam konteks realiti Malaysia.
Kata kunci: Ijtihad, ijtihad baru, fiqh semasa, al-maslahah.
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Mohamad, Mohammad Taqiuddin, Mohd Najdi Aminuddin, and Muhamad Husni Hasbulah. "Pembiayaan Perumahan Berasaskan Komoditi Murabahah: Kajian Kes di CIMB Islamic Bank." UMRAN - International Journal of Islamic and Civilizational Studies 5, no. 3 (October 31, 2018): 68–80. http://dx.doi.org/10.11113/umran2018.5n3.232.
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Commodity of Murabahah and Tawarruq are the concept that was applied in the products of home financing (Flexi Home Financing-i) at CIMB Islamic Bank. This product is one of products which is offered by CIMB Islamic Bank. Before of this, there are several concepts such as Bay’ Bithamanil Ajil (BBA) and Bay’ Inah have been applied in the products of home financing by Islamic Banks where it causes some controversies. The using of BBA and Inah as a contract in home financing’s product have been criticized by some of the Islamic scholars especially from the Middle East Islamic scholars. Through the descriptive analysis, a case studies were conducted by collecting the data through an interviews. The study was found that a scheme of home financing through product called Flexi Home Financing-i offered by CIMB Islamic Bank is one form of innovative products in order to make the financing products offered to customers free from the elements of Riba. Additionally, it was alternative from using al-Inah which is controversies among the scholars. This study also found that this product is line up with the Shariah compliance and ability to stand up with the value of moral and ethics which is compliance with principles of Shariah.
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Almezeini, Abdulaziz A. "The Negotiability of Debt in Islamic Finance: An Analytical and Critical Study." Brill Research Perspectives in International Banking and Securities Law 1, no. 3 (December 27, 2016): 1–87. http://dx.doi.org/10.1163/24056936-12340003.
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The challenges posed by the non-liquidity and non-diversity of the Islamic debts market make the market an inefficient tool on contributing to Muslim economic growth. Islamic scholars and experts created sukuk as an Islamic debt instrument to avoid riba (usury), but the sukuk market (especially in the Gulf) still struggles with the prohibition of the trade of debt due to the prohibition of the two Fiqh Academies.Trading and securitizing debts should be permitted in Islamic law, with one condition, that the debt should be considered low risk. This new rule, the permissibility of trading debts, is supported by three Islamic legal bases, istishab, qiyas, and maslaha, which are recognized by all four Islamic schools of legal thought. Furthermore, permitting the trading of debts is more consistent with the principles and theories of Islamic law than is forbidding it. It is consistent with the obligations theory that debt is a personal right. It is consistent with the mal (property) theory that debt may be sold according to the three Islamic schools of legal thought, all of which consider debt as property. It is consistent with other modern Islamic financial transactions that are permitted by the two Fiqh Academies, such as tawarruq and murabaha.
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Bello, Nabil, Aznan Hasan, and Buerhan Saiti. "The mitigation of liquidity risk in Islamic banking operations." Banks and Bank Systems 12, no. 3 (October 4, 2017): 154–65. http://dx.doi.org/10.21511/bbs.12(3-1).2017.01.
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The purpose of this paper is to discuss the issues and challenges of liquidity risk management in Islamic banks. At the same time, the authors are going to identify the sources of liquidity risk in Islamic banks and the common instruments used to mitigate liquidity mismatches in both sides of their balance sheets. The study is a qualitative study that uses secondary sources of data to describe and analyze risk mitigation in the Islamic banking context. Data were collected from libraries by referring to books, journals from both online and offline sources. The research objectives were addressed by critically analysing various issues from both the Islamic principles and contemporary applications. The authors found that Islamic liquidity management is an important building block for stable and efficient banking. Even though there are several attempts, for example, i) organized tawarruq (commodity murabahah), ii) salam sukuk and iii) short-term ijarah sukuk, to find solutions to the incessant problems of liquidity faced by majority of Islamic banks, there are still several underlying problems such as i) in terms of deficiency in infrastructure especially in countries where Islamic finance is still at an early stage, ii) lack of hedging instruments and iii) Shariah restrictions on some instruments. Regulatory bodies should come up with more innovative practices of Islamic liquidity management to solve unresolved theoretical issues and also meeting market requirements for liquidity.
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Abdul-Rahim, Ruzita, Adilah A. Wahab, and Nor Amalina Yusoff. "Impact of shariah-compliant status on firms’ decision to practice forex hedging." Journal of Islamic Accounting and Business Research 10, no. 5 (October 14, 2019): 756–69. http://dx.doi.org/10.1108/jiabr-06-2016-0076.
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Purpose The purpose of this paper is to investigate whether the shariah-compliant status of the firms negatively influences their use of foreign exchange hedging instruments. Design/methodology/approach This paper uses a logit panel regression on 350 firm-year observations from 70 nonfinancial listed firms over the period from 2010 to 2014. Shariah-compliant companies account for about 84 per cent of the sample firms. Findings Preliminarily, the results show that none of the samples of the shariah-compliant firms report any use of Islamic hedging instrument, either in the form of wa’d or tawarruq. The results of the study’s logit panel regression contradict the authors’ prediction that the shariah-compliant status negatively influences firms’ decision to hedge. In contrast, shariah-compliant companies are twice as likely as their conventional counterparts in adopting forex hedging. Research limitations/implications This study is limited to information disclosed in the items 31, 36 and 37 of financial management policies in the annual report. However, given that shariah-compliant firms must abide by the limit of 5 per cent profits before tax from clearly prohibited activities (including riba’), the need for exclusive disclosure on the adoption of Islamic or conventional hedging appears to be imperative for the viability of the Malaysian Islamic capital market. Practical implications In evaluating the shariah compliance of a company, investors (individual or institutional) must look further than just interest-based riba’ in mixed-business companies to ensure that they comply with the 5 per cent maximum requirement on the non-halal business contribution to profit. This is because the finding of this study indicates that shariah-compliant companies are twice as likely to adopt forex hedging, when none of them reports the use of Islamic hedging tools. Investors must therefore give ample allowance to riba’ that can be induced through the use of conventional forex hedging instruments. This is until the security market regulator imposes a requirement on shariah-compliant companies an explicit disclosure of the use of Islamic versus conventional hedging tools, as they had done in the case of Islamic versus conventional debt instruments. Social implications Muslim and socially responsible investors rely on the Shariah-compliant status of the company in ensuring that their wealth grows according to the Shariah principles. To sustain and develop the Islamic capital market which the firms have been relying on for external capital, Shariah-compliant firms and the authority awarding the status are equally responsible for honoring the trust that these investors by ensuring the permissibility (halal) of the business and the conduct of their business. Originality/value Conventional forex hedging instruments are criticized for violating as-sarf, a shariah principle, which requires the exchanges of particular assets (gold, silver and currency) to be delivered on the spot, and thereby infusing riba’ al-fadhl. Although Islamic (wa’d- or tawarruq-based) hedging instruments are widely available by Islamic banks in this country since they were introduced by Bank Negara Malaysia in 2010, paradoxically, the authors’ observation indicates that none of the studied firms reports the adoption of these instruments in their annual reports.
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(Al Mahmoud), محمود بن محمد علي محمود. "اختلاف آراء الفقهاء حول تطبيق منتجات التورق المنظم، وبيع العينة، والدَّين في المصارف الإسلامية Differing views of Islamic jurists on the implementation of organized tawarruq products, bay‘ al-‘aynah, and credit by Islamic banks." Journal of Islam in Asia (E-ISSN: 2289-8077) 9, no. 2 (January 14, 2013): 1. http://dx.doi.org/10.31436/jia.v9i2.344.
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تهدف هذه الدراسة إلى بيان الطريقة التي تُطبّق بها منتجات المصارف الإسلامية الماليزيّة، ومعالجة تلك التطبيقات التي أدّت إلى الخلاف بين فقهاء ماليزيا والمشرق الإسلامي. ووضّحت الدراسة محلّ الإختلافات الفقهيّة مُبيّنة أنَّ ما يُثار من مثل هذه الخلافات يتركّز في طريقة تطبيق بعض صور المسائل الإجتهاديّة التي أخذت بها الهيئات الشرعيّة في ماليزيا، وهذه الأساليب في طريقها للترشيد إلى الثواب. وقد اعتمد الباحث على المنهجين الأساسيين وهما: المنهج التحليلي النقدي، والمنهج المقارن بغية الوصول إلى النتائج المرجُوّة. وأخيرًا، قد تحفّظ الباحث على طريقة بعض الأساليب التي تُطبّق بها منتجات المعاملات الماليّة، مُوضّحةً آراء الفقهاء المعاصرين، وحُكم الشرع فيها، مما يلزم النظر فيها ومُراجعة تطبيقها لتنضبط بالضوابط الشرعية. الكلمات المفتاحية: آراء الفقهاء، التورق المنظم، بيع العينة، الدين، المصارف الإسلامية**************************This study aims to describe how Malaysian Islamic banking products are implemented and how some of these implementations lead to disagreement between the Islamic jurists of Malaysia and Islamic East. The study pointed out the areas of juristic differences indicating that these differences are rooted in the process of applying some forms of ijtihÉdÊ issues that are accepted by the Malaysian religious bodies and these methods are in the process of improvement towards accuracy. The researcher maintained reservation on some methods applied in the products of financial transactions; in doing so, the researcher explained the relevant views of contemporary jurists and Share‘ah rulings that require re-consideration and review of their applications in order to modulate them with Share‘ah regulations. The researcher has relied on two primary approaches: critical cum analytical and comparative. Key words: views of jurists, organized Tawarruq, Bay‘ al-‘Aynah, Credit, Islamic banks.
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Smolo, Edib, and Abubakar Muhammad Musa. "The (mis)use of al-Hilah (legal trick) and al-Makhraj (legal exit) in Islamic finance." Journal of Islamic Accounting and Business Research 11, no. 9 (November 12, 2020): 2169–82. http://dx.doi.org/10.1108/jiabr-01-2020-0009.
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Purpose The purpose of this paper is to discuss the concepts of hilah (legal stratagem or legal trick) and makhraj (legal exit) and to examine their relevance and application in the contemporary Islamic financial services and products. Design/methodology/approach This paper uses the qualitative research approach to provide a theoretical overview of hilah and makhraj literally and technically and to examine their practical applications in Islamic financial products and services. In particular, this paper evaluates several Islamic financial contracts and examines its practices in light of the implications of hilah or makhraj. Findings The paper finds that there is a glaring difference in perception and application of hilah and makhraj, as argued by some scholars. It has been found that the principle of hilah has been extensively used in the Islamic finance industry as a way to circumvent the riba prohibition. For example, Islamic financial instruments such as bay’ bithaman al-ajil, bay’ al-‘inah, tawarruq, commodity murabahah, musharakah mutanaqisah and, in some cases, the sale and lease back sukuk are found to be tainted by hilah. Research limitations/implications Because this is a theoretical paper, it should be explored in more detail, and critical analysis of Islamic financial services and products should be reviewed in line with these two principles to ascertain if the products and services are in line with Shariah requirements and devoid of hilah practices or not and to align the industry with the maqasid al-Shariah. Practical implications This paper identifies a serious challenge that Islamic finance practitioners face in product development in their effort to provide more competitive services to their customers. As a result, it demonstrates the need to proactively use makhraj in innovating Islamic financial products and proffering more sustainable and competitive solutions. Originality/value This paper discusses a topic that attempts to dispel the suspicious perceptions of some analysts as to the genuineness of Islamic financial practices.
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Mohd Yusof, Rosylin, Mejda Bahlous, and Roszaini Haniffa. "Rental rate as an alternative pricing for Islamic home financing." International Journal of Housing Markets and Analysis 9, no. 4 (October 3, 2016): 601–26. http://dx.doi.org/10.1108/ijhma-10-2015-0063.
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Purpose This paper aims to contribute to the banking and housing market literature by proposing an alternative measure of rate of return for Islamic banks that is based on the rental rate of the property. This alternative Islamic mortgage pricing mechanism could be adopted by Islamic banks as a replacement for mortgage rates if it is found to be independent from any form of interest rates as required by Islamic law. Design/methodology/approach By investigating the short run and long run dynamics between rental price index (RPI) and the proposed Islamic Rental Rate (RR-I) and, three selected macroeconomic indicators in the UK via autoregressive distributed lag model, the authors examine the link between RPI, RR-I and the real economy. Findings The findings provide evidence that while RPI in the UK is significantly related to three leading macroeconomic variables, namely, gross domestic product (GDP), real effective exchange rate and interest rates measures, while RR-I is only impacted by changes in GDP. More importantly, the authors show that there is no short or long run dynamics between the rental rate and any form of interest rates. Research limitations/implications This paper did not attempt to investigate the impact of the physical attributes of the rental property to formalize the model describing the relationship between RPI and RR-I. Also, other macroeconomic factors like household income growth, risk, house value growth rate and taxation could be included in future models. Practical implications As Rental Rate is not linked to the macroeconomic determinants, it is therefore more stable, resilient and sustainable and, at the same time, making the financing less risky for both parties, as they are less susceptible to economic vulnerabilities. Social implications Some calculations incorporating the proposed RR-I can also be extended to the pricing of products based on other contracts such as Tawarruq, Bai Bithaman Ajil or even Murabahah for a fairer and just pricing to both the banks and customers. Originality/value The results suggest that Islamic banks should consider incorporating the proposed rental rate (RR-I) when pricing their home financing products, as this will lead to less dependence on interest rates for benchmarking. In addition, using the proposed rental rate (RR-I) reduces the exposure to the subjective evaluation by property valuators and speculative macroeconomic elements.
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Abdullah, Khaled Mohamad, and Ahmad Wifaq Mokhtar. "Islamic Financial Intermediation in Kuwait Finance House Malaysia: A Fiqh Maqasid Study." Ulum Islamiyyah 12 (September 15, 2014): 176–204. http://dx.doi.org/10.33102/uij.vol12no.223.
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This article aims to study the financial intermediation in Islamic banks, in term of the degree of extent and achievement according to Islamic rules and Maqasid of Shariah. The objectives of this study has been done theoretically and practically through the study of some applications on the light of Maqasid. This study shows that the financial intermediation achieving the Magasid of Shariah without contradiction if it is applied correctly. Practically, this study was applied on the Kuwait Finance House Malaysia. Results show that Islamic intermediation implementing the Maqasid of Shariah in some aspects, however the study also highlights that the practice of some types of fictitious contracts like Tawaruq, Mudarabah with Tawaruq, lease and sublease, seem to contradict the Islamic rules of the Shariah and its Maqasid. This study recommends the avoidance of fictitious contracts, and to replace them with direct investment according to the comprehensive Islamic banking model of the Islamic banking system.
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Muneeza, Aishath, Muhammad Fahmi Fauzi, Muhammad Faisal Bin Mat Nor, Mohamed Abideen, and Muhammed Maher Ajroudi. "House financing: contracts used by Islamic banks for finished properties in Malaysia." Journal of Islamic Accounting and Business Research 11, no. 1 (January 6, 2020): 168–78. http://dx.doi.org/10.1108/jiabr-04-2017-0057.
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Purpose The purpose of this paper is to find out the existing practices of the Islamic banks in providing financing to the customers who have a requirement to purchase a finished property and to examine the existing products used by the Islamic banks in this regard by providing an insight into the modus operandi of these products. In doing this, attempt is made to find out the most famous product offered by the Islamic banks in this regard and to find out whether in reality, Malaysian Islamic banking industry has moved away from Bai Bithaman Ajil (BBA) or not. Design/methodology/approach This is a qualitative research, largely library-based, and it will consist of secondary sources such as books, journals, articles and other sources related to the Islamic house financing in Malaysia for finished properties. Recent information of the practises of the banks in this regard is obtained from the official websites of the banks. Findings It is found from this study that majority of Islamic Banks in Malaysia prefer to use the Commodity Murabahah facility for finished property. This finding contradicts with the observations made by some scholars who state that in Malaysia, BBA was initially used, and nowadays, the use of Musharakah Mutanaqisah is more common. The reason why Commodity Murbahah has gained popularity is because of the fact that via the Bursa Suq Al Sila platform, it is easy, swift, reliable, profitable, cheaper, convenient and has zero risk to do this type of transaction at the comfort of the office. It is recommended in this paper to use Musharakah Mutanaqisah, as this contract is an innovative contract that is classified as an equity contract under shariah where risk is shared between the parties. There is need to conduct further research to implement Musharakah Mutanaqisah in Malaysia, specifically to reduce the risk that Islamic Banks will bear by practicing this contract. Originality/value The findings of this paper might create confusion among readers, as some may perceive that the finding of the paper is not new as BBA has been dominating Islamic house financing industry from the inception of Islamic banking in the country, and BBA and Murabahah are similar in nature, and as such, commodity Murabahah is also a Murabahah transaction. The reality that needs to be understood is that the way BBA was or is practised in Malaysia in relation to Islamic house financing is that in the name of BBA, the transaction actually followed the Bai’ ‘inah contract, which is a controversial contract among the shariah scholars. Likewise, commodity Murabahah is also a different contract than Murabahah, as it actually refers to tawarruq. As such, this research finding is important to the Islamic banking industry to understand that Malaysia has moved away from the Bai’ ‘inah contract practised in the name of BBA in Islamic house financing, and there are new products introduced by the Islamic banks in Malaysia to replace this practice which were criticised by Shariah scholars.
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AL-ISLAMBULI, AHMAD. "The "Murabahah", "Inah" and "Tawarroq" within Assets of the Bank and its Liabilities." Journal of King Abdulaziz University-Islamic Economics 18, no. 1 (2005): 59–68. http://dx.doi.org/10.4197/islec.18-1.8.
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Aladdin, Aliev Ayaz, Mikhail Gordienko, Veronika Nekrasova, and Allahverdi Farzaliyev Javid. "Fiscal potential of the investment mechanism of Islamic Finance." E3S Web of Conferences 220 (2020): 01012. http://dx.doi.org/10.1051/e3sconf/202022001012.
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Abstract-the Research focuses on the application of Islamic Finance abroad, as well as in Russia. The authors present the history of Islamic Finance, its restrictive principles, and analyze in detail the majority of Islamic investment contract models. As such, the following were considered separately: partnership (Mudaraba, Musharaka, Agency-Wakala), acquisition (deferred payment sale-Murabaha, musavami and tawarruk, deferred delivery sale-Salam, delivery-istijrar, contract – istisnaa), lease (Ijara), credit operations (loan-Kadr, debt transfer-hawala, debt sale-Bai-al-DIN), public promise of a reward or competition (juaala), as well as financial instruments (sukuk). It is pointed out that the fiscal potential does not fully allow stimulating the use of models, and requires further development both from the point of view of tax and non-tax (quasi-fiscal) payments of the corporate sector of the state economy. The paper considers the classical model for evaluating financial assets with a tax corrector, as well as the standard approach to assessing the effect of financial leverage, which require modification in the absence of loan interest, as well as the task of stimulating economic activity in the post-quarantine period. In the final part, we describe the prospects and formulate forecasts for the application of the principles of Islamic Finance in Russia.
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Sanni, Amidu. "Did Tarafa actually steal from Imru' al‐Qays? On coincidence of thoughts and expressions(tawarud)in Arabic literary theory." Arabic & Middle Eastern Literature 4, no. 2 (July 2001): 117–36. http://dx.doi.org/10.1080/13666160108718253.
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Al Sadea, Yosef Basher, ,. Rafallah Mohamed Attya, Mostafa Ali Benzaghta, and Mohammed Mansour Aljaer. "Study of Irrigation Water Quality of Agricultural Projects in Misurata Area, Misurata. Libya." Journal of Misurata University for Agricultural Sciences 1, no. 2 (June 3, 2020): 465–78. http://dx.doi.org/10.36602/jmuas.2020.v01.02.34.
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The groundwater is considered as essential resources for Irrigation in Misurata city, this type of Irrigation suffered to some problems affecting their quality. The aim of this study was to evaluate, a physiochemical and biological parameters of wells water in Misurata Area during the period between November 2016 to December 2018. The area of study about 70 Km distance between Tawarq and Eldafina was divided into eight lines per appendicular to sea cost. Five water sample were taken for each line, in which the distance about 20 Km between each line. The pH, SO4, HCO3, Ca, and D.O were within the permissible levels a according to FAO standard as well as, SAR, RSC, SSP were acceptable while EC, TDS, Cl-, K+ and Mg++, were higher than the standard, moreover, the temperature, was normal in all the samples. The heavy metals values of Fe, Mn, Zn and Cu were within the standard. In general, the results showed that high values of EC, TDS, Cl-, and Mg++ were the main reasons which lead to the deterioration of water irrigation. Therefore, the water was inadequate for agricultural purpose without any treatment such as desalination to reduce the salinity, Also the results of microbiologic analysis showed a contamination in most sample.
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Kasmon, Siti Aishah, and Kamaruzaman Noordin. "TAWARRUQ BERASASKAN KREDIT PRABAYAR TELEFON: TINJAUAN TERHADAP PRODUK PEMBIAYAAN PERIBADI DI RHB ISLAMIC BANK." UMRAN - International Journal of Islamic and Civilizational Studies (EISSN: 2289-8204) 2, no. 3 (July 26, 2015). http://dx.doi.org/10.11113/umran2015.2n3.36.
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Tawarruq was introduced in Malaysia as an alternative to controversial bayʻ al-ʻῑnah. However, the second type of tawarruq which is organized tawarruq was disputed by among scholars. The opponents claimed that the implementation of organized tawarruq is not complying Shariah requirements. The introduction of airtime credit as an underlying asset in tawarruq transaction by Sedania As Salam Capital Sdn Bhd (Sedania) is seems to neutralize the argumentation. Hence, this study aimed to review the implementation of tawarruq in personal financing product using airtime credit at Sedania’s first client which is RHB Islamic Bank (RHBIB). Interview sessions with the representatives of Sedania and RHBIB will be held in collecting the information of the modus operandi and also using the literature review in studying the tawarruq concept. The study found that choosing Sedania as a platform in doing tawarruq transaction by using airtime credit as the commodity is the best solution in personal financing product. However, the consumption of this underlying asset in bigger market such as corporate banking and treasury should be considered and more research about this are suggested. Keywords: Tawarruq, Airtime Credit, RHB Islamic Bank, Sedania as Salam Capital Sdn Bhd, Personal Financing, Underlying Asset
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Samsuri, Ali. "MEMBINCANG KONSEP TAWARRUQ DALAM DUNIA PERBANKAN DEWASA INI." UNIVERSUM 9, no. 1 (January 1, 2015). http://dx.doi.org/10.30762/universum.v9i1.70.
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Tawarruq contract is that if someone buys goods from a seller to credit the price and he sells the goods in cash to a third party other than the seller at a cheaper price. The goal is to get the cash. Tawarruq transaction models is used as a form of transaction in the banking system. The existence of this Tawarruq contract can help Islamic banks in the world were very limited and very limited business anyway. The use of contract Tawarruq can help improve the liquidity of Sharia banking, but set the MUI fatwa banning the use of Tawarruq contract in Indonesia. Whereas in some other countries that have Sharia banking system, this agreement is allowed to use it. One of these neighboring Indonesia itself, namely Malaysia. Article outlines a comparative analysis on the MUI fatwa expression in the four main schools of jurisprudence. School of Imam Opinions are divided into two groups; The first group may judge, while the next group judge illegitimate. With maslahah theory, the MUI fatwa needs to be reviewed in view of the importance of the contract Tawarruq to improve the competitiveness of Sharia banking.Keywords; Tawarruq, ba'i al-'inah, hilah, Perbankan Syari’ah
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SUGANDA, ASEP DADAN. "ANALISIS TEORI BAI’ TAWARRUQ DALAM MUAMALAH MALIYAH." ISLAMICONOMIC: Jurnal Ekonomi Islam 6, no. 1 (November 10, 2016). http://dx.doi.org/10.32678/ijei.v6i1.6.
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Pesatnya perkembangan berbagai macam transaksi dalam muamalah maliyah menjadikan perdebatan dikalangan para ulama. Sebagian pihak memperbolehkan transaksi tersebut, sebagian lainnya melarangnya. Dalam bai’ tawarruq misalnya, beberapa ulama membolehkan transaksinya dan sebagian lainnya melarang pelaksanaannya. Diantara ulama yang membolehkan bai’ tawarruq yaitu para ulama klasik dari madzhab Hanafi, Syafi’i dan Hambali seperti Abdul Aziz bin Baz dan Muhammad ibn Shaleh al-Uthaymin. Sementara ulama yang melarang transaksi ini adalah Ibnu Taimiyah dan Abu Hanifah. Sebagian dari mazhab Maliki juga menganggap tawarruq menyerupai transaksi al-innah. Demikian pula dengan Umar bin Abdul ‘Aziz, Muhammad bin al-Hasan, Ibnul Qayim, dan Ibnu Taimiyah dari mazhab Hambali juga menolak transaksi tawarruq.
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Asni, Fathullah. "The difference of Shariah risk potential and Shariah risk in personal financing products based on tawarruq munazzam contracts practised in Malaysia." Qualitative Research in Financial Markets ahead-of-print, ahead-of-print (August 16, 2021). http://dx.doi.org/10.1108/qrfm-01-2021-0013.
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Purpose This paper aims to investigate the differences in the practice of tawarruq munazzam contracts based on personal financing products. The researcher will then analyse the said differences based on the potential for risk to occur and risk from a Shariah perspective. Design/methodology/approach This study’s methodology is qualitative, in which the data are collected through library research and field studies. The library research is conducted by examining books, articles, statutes and related circulars. From the practical aspect, field studies were conducted in an unstructured interview method with officers used in Islamic banks. The snowball method was used to determine the number of Islamic banks to be studied until no new information was obtained on the different practices of tawarruq munazzam contracts based on personal financing products. Findings The results show that there are differences in the practice of tawarruq munazzam contracts based on personal financing products practised by the Islamic banks studied. These differences have brought significant influence in determining the level of Shariah risk potentials and Shariah risks, respectively. The results also show that the highest number of the Shariah risk potential and Shariah risk in the Islamic financial institutions (IFIs) studied is 10 i.e. covering the issues of customer engagement, wa’ad (promise), commodity asset, gharar (uncertainty), wakalah (representative), ta’wid and gharamah, the willing but not an able debtor, qalb dayn and two prices in a transaction. Meanwhile, the least amount of the Shariah risk potential and Shariah risk in the IFIs studied is four, i.e. covering the issues of customer engagement, wakalah, the willing but not an able debtor and two prices in a transaction. Findings prove that there are opportunities for IFIs to minimise Shariah risk potential and risk in the personal financing products offered. Research limitations/implications This study is limited to the practice of tawarruq munazzam contracts based on personal financing products practised by IFIs in Malaysia. Practical implications The differences in the tawarruq munazzam contract practice show the distinctive elements in both Shariah risk potential and Shariah risk. Therefore, the findings of this study can be a guideline for IFIs to improve the practice of tawarruq munazzam contracts, especially in personal financing products in minimising Shariah risk potential and Shariah risk. Social implications The public confidence in Islamic banking is increasing as Islamic banks can minimise the Shariah risk potential and Shariah risk in tawarruq munazzam contracts based on the personal financing products offered. Originality/value This study analyses the differences in the practice of tawarruq munazzam contracts based on personal financing products by IFIs in Malaysia, which can impact Shariah risk potential and Shariah risk.
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Taufik, Taufik, and Sofian Muhlisin. "HUTANG PIUTANG DALAM TRANSAKSI TAWARRUQ DITINJAU DARI PERSPEKTIF AL-QUR’AN SURAT AL-BAQARAH AYAT 282." JURNAL SYARIKAH : JURNAL EKONOMI ISLAM 1, no. 1 (June 1, 2015). http://dx.doi.org/10.30997/jsei.v1i1.260.
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At-tawarruq adalah bentuk akad jual beli yang melibatkan tiga pihak, ketika pemilik barang menjual barangnya kepada pembeli pertama dengan harga dan pembayaran tunda, dan kemudian pembeli pertama menjual barang tersebut kepada pembeli akhir. Harga tunda lebih tinggi dari harga tunai, sehingga pembeli pertama seperti mendapatkan pinjaman uang dengan pembayaran tunda. Tujuan penelitian ini adalah untuk mengetahui bagaimana hukum hutang piutang dalam transaksi tawarruq ditinjau dari tafsir al Qur’an surat al-Baqarah ayat 282.Metode yang di gunakan dalam penelitian ini adalah diskriptifkualitatif dan studi pustaka, data yang digunakan dalam penelitian ini adalah data primer dan data sekunder. Data primer ialah data yang akan diambil dari al Quran surat al-Baqarah ayat 282. Data Sekunder ialah data sumber data tambahan, terdiri dari al Hadits, dokumen-dokumen, jurnal, majalah, buku, internet dan beberapa literatur lainnya yang ada hubungannya dengan penelitian yang dilakukan. Hasil penelitian menunjukkan hukum hutang piutang dalam transaksi tawarruq dari pihak pertama kepada pihak kedua halal selama akad dan syarat-syarat jual beli secara kredit tersebut jelas dan dilakukan secara kerelaan, demi mencari keridhaan Allah.