Investment accounts among conventional banking accounts: simulation or innovation

Sadique, Muhammad Abdurrahman (2017) Investment accounts among conventional banking accounts: simulation or innovation. In: 6th International Conference On Social Sciences Research 2017 (ICSSR 2017), 4th December 2017, Kuala Lumpur.

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Abstract

Initiation of joint investment accounts operating on a profit and loss sharing basis could be regarded as a major innovation by Islamic banks in the practice of Islamic finance. Provided as an alternative to conventional interest based accounts such as fixed deposit accounts and saving accounts, these facilitate clients to invest their surplus resources through the mediation of the bank for realising profits. Operation of equity accounts where investment is done by the public at varying points of time for jointly sharing in profit and loss periodically involves several aspects ofIslamic legal importance concerning joint investment. While the modus operandi of investment accounts appear to have gained market acceptance, theoretical and Shari‘ah aspects continue to demand the interest of academics. Whether these accounts differ from conventional bank accounts in substance and outcome as well as Shari‘ah validity may vary depending on diverse factors, and requires careful individual scrutiny.

Item Type:	Conference or Workshop Item (Plenary Papers)
Additional Information:	5640/60269
Uncontrolled Keywords:	Islamic commercial law, Islamic banking and finance
Subjects:	H Social Sciences > HG Finance > HG1501 Banking H Social Sciences > HG Finance > HG3368 Islamic Banking and Finance K Law > KBP Islamic Law > KBP1 Islamic law.Shariah.Fiqh > KBP490 Furūʻ al-fiqh. Substantive law. Branches of law. > KBP639 Muʻāmalāt
Kulliyyahs/Centres/Divisions/Institutes (Can select more than one option. Press CONTROL button):	Ahmad Ibrahim Kulliyyah of Laws > Department of Islamic Law Ahmad Ibrahim Kulliyyah of Laws
Depositing User:	Dr Muhammad Abdurrahman Sadique
Date Deposited:	22 Dec 2017 15:03
Last Modified:	31 Jan 2019 16:17
URI:	http://irep.iium.edu.my/id/eprint/60269

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