Abdullah, Mohd Muiz and Awang, Abdul Bari (2018) ضوابط تطبيقات بيع وسلف في خطاب الضمان المصرفي = Guidelines for the application of purchase (BayÑ)and loan (Salaf) in the Bank Letter of Guarantee. International Journal of Fiqh and Usul al-Fiqh Studies, 2 (2). pp. 124-136. E-ISSN 2600-8408
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Abstract
Currently, rapid development in the Islamic financesector is aimed to fulfill people’sneeds. Because of that, Islamic banks needto produce new products and services with combined contracts which do not confine to a single contract. So, this research is made to identify the reasons of prohibition of the combination of purchase contract (bayÑ) and loan contract (salaf) mentioned in a ḥadtīh. One of these reasons isthe combination of two contracts in a single transaction that has been abundantly discussed by the scholarsin the past and present. A present example of the combined contracts produced by the newly created financial transactionsis “Letter of Guarantee,” where the researchers have found that this contract has been formed by combining twocontracts in a single transaction, i.e., bayÑand salaf. It is, therefore,necessary to understand the mentioned ḥadīth profoundly before its application in the Islamic banks so that it does not contradictthe holy SharīÑah. The researchers use the data collection method for collecting materials related to the subject of the study. They also use the analytical method to analyze the aḥādīthrelated to the topic,andthen investigatethe legitimacy of the applicationof bayÑand salaf in the “Letter of Guarantee,” and its juristicadaptation (takyīf fiqhī). An important finding of this research isthat the application of bayÑand salaf in the “Letter of Guarantee” is permitted, as long asthe higher objectives of SharīÑah are consideredin it, andthere isno involvement with the prohibited things
| Item Type: | Article (Journal) |
|---|---|
| Additional Information: | 2040/69799 |
| Subjects: | H Social Sciences > HG Finance > HG3368 Islamic Banking and Finance H Social Sciences > HJ Public Finance > HJ1438 Public Finance In Islam K Law > KBP Islamic Law > KBP1 Islamic law.Shariah.Fiqh |
| Kulliyyahs/Centres/Divisions/Institutes (Can select more than one option. Press CONTROL button): | Kulliyyah of Islamic Revealed Knowledge and Human Sciences Kulliyyah of Islamic Revealed Knowledge and Human Sciences > Department of Fiqh and Usul al-Fiqh |
| Depositing User: | Dr Abdul Bari Awang |
| Date Deposited: | 17 Jan 2019 12:45 |
| Last Modified: | 15 Jul 2019 10:26 |
| URI: | http://irep.iium.edu.my/id/eprint/69799 |
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