Modern applications of profit-sale (bay murabahah) from a maqasid Shari' ah perspective

This paper looks into profit-sale (murābaḥah), a nominal sale contract in Islam, in search for Sharīʿah objectives embedded in the corpus according to the terms and conditions of the contract. In light of these objectives, applications of the profit-sale contract as a financing tool...

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Main Authors:	al-Fijawi, Mohammed Farid Ali, Mohd Yunus, Saidatolakma
Format:	Article
Language:	English English
Published:	IIUM Press, International Islamic University Malaysia 2019
Subjects:	BP Islam. Bahaism. Theosophy, etc
Online Access:	http://irep.iium.edu.my/79435/ http://irep.iium.edu.my/79435/ http://irep.iium.edu.my/79435/13/79435_MODERN%20APPLICATIONS%20OF%20PROFIT-SALE%20_article_new.pdf http://irep.iium.edu.my/79435/2/79435_MODERN%20APPLICATIONS%20OF%20PROFIT-SALE%20_wos.pdf

id	iium-79435
recordtype	eprints
spelling	iium-794352020-03-06T00:40:10Z http://irep.iium.edu.my/79435/ Modern applications of profit-sale (bay murabahah) from a maqasid Shari' ah perspective al-Fijawi, Mohammed Farid Ali Mohd Yunus, Saidatolakma BP Islam. Bahaism. Theosophy, etc This paper looks into profit-sale (murābaḥah), a nominal sale contract in Islam, in search for Sharīʿah objectives embedded in the corpus according to the terms and conditions of the contract. In light of these objectives, applications of the profit-sale contract as a financing tool by Islamic Finance Institutions (IFIs) are examined. The study discovers that some modern applications bypass the primary Sharīʿah objectives of a sale contract, such as the seller taking liability for possible risks and having real possession of the items on sale. Contrary to this, the seller transfers his liability to the customer and takes possession (qabḍ) of the goods on paper only instead of possession in the real sense. Such applications distort the mode of trading real goods into a mere disguise for an increase in credit or riba. IIUM Press, International Islamic University Malaysia 2019 Article PeerReviewed application/pdf en http://irep.iium.edu.my/79435/13/79435_MODERN%20APPLICATIONS%20OF%20PROFIT-SALE%20_article_new.pdf application/pdf en http://irep.iium.edu.my/79435/2/79435_MODERN%20APPLICATIONS%20OF%20PROFIT-SALE%20_wos.pdf al-Fijawi, Mohammed Farid Ali and Mohd Yunus, Saidatolakma (2019) Modern applications of profit-sale (bay murabahah) from a maqasid Shari' ah perspective. Al-Shajarah, 24 (1). pp. 49-66. ISSN 1394-6870 https://journals.iium.edu.my/shajarah/index.php/shaj/article/view/853/374
repository_type	Digital Repository
institution_category	Local University
institution	International Islamic University Malaysia
building	IIUM Repository
collection	Online Access
language	English English
topic	BP Islam. Bahaism. Theosophy, etc
spellingShingle	BP Islam. Bahaism. Theosophy, etc al-Fijawi, Mohammed Farid Ali Mohd Yunus, Saidatolakma Modern applications of profit-sale (bay murabahah) from a maqasid Shari' ah perspective
description	This paper looks into profit-sale (murābaḥah), a nominal sale contract in Islam, in search for Sharīʿah objectives embedded in the corpus according to the terms and conditions of the contract. In light of these objectives, applications of the profit-sale contract as a financing tool by Islamic Finance Institutions (IFIs) are examined. The study discovers that some modern applications bypass the primary Sharīʿah objectives of a sale contract, such as the seller taking liability for possible risks and having real possession of the items on sale. Contrary to this, the seller transfers his liability to the customer and takes possession (qabḍ) of the goods on paper only instead of possession in the real sense. Such applications distort the mode of trading real goods into a mere disguise for an increase in credit or riba.
format	Article
author	al-Fijawi, Mohammed Farid Ali Mohd Yunus, Saidatolakma
author_facet	al-Fijawi, Mohammed Farid Ali Mohd Yunus, Saidatolakma
author_sort	al-Fijawi, Mohammed Farid Ali
title	Modern applications of profit-sale (bay murabahah) from a maqasid Shari' ah perspective
title_short	Modern applications of profit-sale (bay murabahah) from a maqasid Shari' ah perspective
title_full	Modern applications of profit-sale (bay murabahah) from a maqasid Shari' ah perspective
title_fullStr	Modern applications of profit-sale (bay murabahah) from a maqasid Shari' ah perspective
title_full_unstemmed	Modern applications of profit-sale (bay murabahah) from a maqasid Shari' ah perspective
title_sort	modern applications of profit-sale (bay murabahah) from a maqasid shari' ah perspective
publisher	IIUM Press, International Islamic University Malaysia
publishDate	2019
url	http://irep.iium.edu.my/79435/ http://irep.iium.edu.my/79435/ http://irep.iium.edu.my/79435/13/79435_MODERN%20APPLICATIONS%20OF%20PROFIT-SALE%20_article_new.pdf http://irep.iium.edu.my/79435/2/79435_MODERN%20APPLICATIONS%20OF%20PROFIT-SALE%20_wos.pdf
first_indexed	2023-09-18T21:51:29Z
last_indexed	2023-09-18T21:51:29Z
_version_	1777413798938804224

Modern applications of profit-sale (bay murabahah) from a maqasid Shari' ah perspective

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