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A critical review of Islamic deposit and financing transactions

Saleem, Muhammad Yusuf (2011) A critical review of Islamic deposit and financing transactions. In: International Islamic Banking , Finance and Investment Conference, 19-20 December 2011, Hotel Istana, Kuala Lumpur. (Unpublished)

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Abstract

This paper focuses on issues of form and substance in Islamic deposit and financing transactions. It critically analyses the deposit and financing products of Islamic banks. It argues that a transaction establishes a certain contractual relationship between the parties and entitles them to certain rights and obligations. This paper argues that issues related to substance in transactions are directly concerned with the rights and obligations of the contracting parties. A transaction that only in form complies with the Shari’ah but not in substance has a different set of consequences for the contracting parties. It may entitle the contracting parties to a set of rights and obligations different from the ones that are intended by the Shari’ah. The paper also relates Islamic deposit and financing transactions to the objectives (maqasid) of Shari’ah and argues that wealth should benefit not only its owner but also the society. The paper concludes that Islamic deposit and financing transactions should entitle the parties to a set of rights and obligations assigned to them by the Islamic law and should become a means for achieving the objectives of Shari’ah.

Item Type: Conference or Workshop Item (Full Paper)
Additional Information: 2867/10934
Subjects: B Philosophy. Psychology. Religion > BP Islam. Bahaism. Theosophy, etc > BP1 Islam
H Social Sciences > HG Finance
Kulliyyahs/Centres/Divisions/Institutes: Kulliyyah of Economics and Management Sciences > Department of Economics
Depositing User: Dr. Muhammad Yusuf Saleem
Date Deposited: 05 Jan 2012 13:29
Last Modified: 15 Jun 2012 12:36
URI: http://irep.iium.edu.my/id/eprint/10934

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