Monetary and banking implications of the shari‘ah emphasis on existence of capital at the outset of joint ventures

Monetary and banking implications of the shari‘ah emphasis on existence of capital at the outset of joint ventures

This study attempts to verify the shari‘ah position on existence of capital in the context of joint ventures financed by Islamic banks, based on their current practice. The position of Islamic schools of law on the issue is ascertained from their major sources, and the implications of the shari‘ah...

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Bibliographic Details
Main Author: Sadique, Muhammad Abdurrahman
Format: Conference or Workshop Item
Language:English
English
English
Published: 2012
Subjects:
HB501 Capital. Capitalism
HG1501 Banking
HG201 Money
HG3691 Credit
KBP639 Muʻāmalāt
Online Access:http://irep.iium.edu.my/24317/
http://irep.iium.edu.my/24317/
http://irep.iium.edu.my/24317/8/Dr._Sadique_-_Monetary_and_Banking_Implications_of_the_Shari%25E2%2580%2599ah_Emphasis_on_Existence_of_Capital_at_the_Outset_of_Joint_Ventures-M_Abdurrah-1.pdf
http://irep.iium.edu.my/24317/2/%D8%B5%D8%AF%DB%8C%D9%82.pdf
http://irep.iium.edu.my/24317/3/Programme.pdf
id iium-24317
recordtype eprints
spelling iium-243172013-03-26T01:56:36Z http://irep.iium.edu.my/24317/ Monetary and banking implications of the shari‘ah emphasis on existence of capital at the outset of joint ventures Sadique, Muhammad Abdurrahman HB501 Capital. Capitalism HG1501 Banking HG201 Money HG3691 Credit KBP639 Muʻāmalāt This study attempts to verify the shari‘ah position on existence of capital in the context of joint ventures financed by Islamic banks, based on their current practice. The position of Islamic schools of law on the issue is ascertained from their major sources, and the implications of the shari‘ah requirement examined; the current practice of Islamic banks and the contemporary shari’ah approachs to the issue are scrutinised; the change in the nature and identity of money is analysed to determine whether it is significant in this regard. A joint venture involving monetary capital could be set in motion on the basis of capital that is existent and present, with clear agreement regarding the share of each partner. While gradual release of capital is admissible, prior existence of capital is necessary. Due to credit supplementing real money in a substantial manner, the identity of money in the current fiscal environment appears to have undergone significant change, the nature and influence of which need to be reassessed through a separate study. This is crucial for determining the form in which the existence and presence of capital could be ensured. The emphasis placed in shari‘ah on existence and presence of capital could indicate a measure for thwarting unwelcome monetary expansion, thus controlling inflation. Broader research and academic effort are needed to assess the impact of the changed nature of money on related shari’ah rulings. 2012-05-27 Conference or Workshop Item PeerReviewed application/pdf en http://irep.iium.edu.my/24317/8/Dr._Sadique_-_Monetary_and_Banking_Implications_of_the_Shari%25E2%2580%2599ah_Emphasis_on_Existence_of_Capital_at_the_Outset_of_Joint_Ventures-M_Abdurrah-1.pdf application/pdf en http://irep.iium.edu.my/24317/2/%D8%B5%D8%AF%DB%8C%D9%82.pdf application/pdf en http://irep.iium.edu.my/24317/3/Programme.pdf Sadique, Muhammad Abdurrahman (2012) Monetary and banking implications of the shari‘ah emphasis on existence of capital at the outset of joint ventures. In: The 22nd Annual Conference on Monetary and Exchange Rate Policies, 26-27 May, 2012, Tehran. http://www.mbri.ac.ir/Portal/Home/ShowPage.aspx?Object=GeneralText&ID=7248487c-685a-4514-b53c-bff63da4c619&LayoutID=43b97ce6-1db0-4ce9-9e79-64cfe1678b15&CategoryID=bfb79612-0ffb-4f69-9678-a1b2742efa48
repository_type Digital Repository
institution_category Local University
institution International Islamic University Malaysia
building IIUM Repository
collection Online Access
language English
English
English
topic HB501 Capital. Capitalism
HG1501 Banking
HG201 Money
HG3691 Credit
KBP639 Muʻāmalāt
spellingShingle HB501 Capital. Capitalism
HG1501 Banking
HG201 Money
HG3691 Credit
KBP639 Muʻāmalāt
Sadique, Muhammad Abdurrahman
Monetary and banking implications of the shari‘ah emphasis on existence of capital at the outset of joint ventures
description This study attempts to verify the shari‘ah position on existence of capital in the context of joint ventures financed by Islamic banks, based on their current practice. The position of Islamic schools of law on the issue is ascertained from their major sources, and the implications of the shari‘ah requirement examined; the current practice of Islamic banks and the contemporary shari’ah approachs to the issue are scrutinised; the change in the nature and identity of money is analysed to determine whether it is significant in this regard. A joint venture involving monetary capital could be set in motion on the basis of capital that is existent and present, with clear agreement regarding the share of each partner. While gradual release of capital is admissible, prior existence of capital is necessary. Due to credit supplementing real money in a substantial manner, the identity of money in the current fiscal environment appears to have undergone significant change, the nature and influence of which need to be reassessed through a separate study. This is crucial for determining the form in which the existence and presence of capital could be ensured. The emphasis placed in shari‘ah on existence and presence of capital could indicate a measure for thwarting unwelcome monetary expansion, thus controlling inflation. Broader research and academic effort are needed to assess the impact of the changed nature of money on related shari’ah rulings.
format Conference or Workshop Item
author Sadique, Muhammad Abdurrahman
author_facet Sadique, Muhammad Abdurrahman
author_sort Sadique, Muhammad Abdurrahman
title Monetary and banking implications of the shari‘ah emphasis on existence of capital at the outset of joint ventures
title_short Monetary and banking implications of the shari‘ah emphasis on existence of capital at the outset of joint ventures
title_full Monetary and banking implications of the shari‘ah emphasis on existence of capital at the outset of joint ventures
title_fullStr Monetary and banking implications of the shari‘ah emphasis on existence of capital at the outset of joint ventures
title_full_unstemmed Monetary and banking implications of the shari‘ah emphasis on existence of capital at the outset of joint ventures
title_sort monetary and banking implications of the shari‘ah emphasis on existence of capital at the outset of joint ventures
publishDate 2012
url http://irep.iium.edu.my/24317/
http://irep.iium.edu.my/24317/
http://irep.iium.edu.my/24317/8/Dr._Sadique_-_Monetary_and_Banking_Implications_of_the_Shari%25E2%2580%2599ah_Emphasis_on_Existence_of_Capital_at_the_Outset_of_Joint_Ventures-M_Abdurrah-1.pdf
http://irep.iium.edu.my/24317/2/%D8%B5%D8%AF%DB%8C%D9%82.pdf
http://irep.iium.edu.my/24317/3/Programme.pdf
first_indexed 2023-09-18T20:36:30Z
last_indexed 2023-09-18T20:36:30Z
_version_ 1777409080731631616

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