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Unlawful incomes by Islamic banks in Malaysia: an analysis of juristic methods of purification

Mohd Yunus, Saidatolakma and Kamaruddin, Zuraidah and Haneef, Sayed Sikandar Shah and Embong, Rahimah (2017) Unlawful incomes by Islamic banks in Malaysia: an analysis of juristic methods of purification. In: International Conference of Empowering Islamic Civilization (ICIC 2017), 7th-8th Oct. 2017, Terengganu, Malaysia.

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Abstract

Islamic banks as a matter of principle should not engage in any risky business activities in the process of which they can procure unlawful incomes. Nevertheless, bank as a corporate entity dealing with people of diverse cultures and International companies is bound not to be able to stay away from transactions which could avoid being tainted with unlawful and objectionable incomes. As to how Islamic banks in Malaysia should treat such an income, Islamic law contains some juristic guidelines on the basis of which, some operational rules could be deduced. Accordingly, this study is an attempt to articulate juristic mechanisms by which Islamic banks in Malaysia can weed out the unlawful incomes from their asset.

Item Type: Conference or Workshop Item (Plenary Papers)
Additional Information: 7324/62311
Uncontrolled Keywords: Unlawful income, Purification, Islamic banks, riba-based transaction
Subjects: H Social Sciences > H Social Sciences (General)
H Social Sciences > HG Finance > HG1501 Banking
H Social Sciences > HG Finance > HG3368 Islamic Banking and Finance
Kulliyyahs/Centres/Divisions/Institutes: Kulliyyah of Islamic Revealed Knowledge and Human Sciences > Department of Fiqh and Usul al-Fiqh
Depositing User: Saidatol Akma Mohd Yunus
Date Deposited: 06 Mar 2018 15:00
Last Modified: 29 Jun 2018 11:30
URI: http://irep.iium.edu.my/id/eprint/62311

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