Modus operandi of the Islamic money market: a proposal for holistic shariah adaptation

Olayemi, Abdul Azeez Maruf and Hasan, Aznan and Ibrahim, Uzaimah and Mahamood, Siti Mashitoh and Buang, Ahmad Hidayat (2016) Modus operandi of the Islamic money market: a proposal for holistic shariah adaptation. University of Sharjah Journal, 13 (Special Issue). pp. 42-67. ISSN 1996-2339

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Abstract

This paper advocates a holistic Shariah adaptation of the modus operandi (operational model) of the Islamic interbank money market. It presents the reasons for the need for the substitution of the conventional methods of ‘tendering’, ‘auction’ and brokerage procedures in the market with the Shariah compliant methods of ‘al-Munaqasah,’ ‘al-Muzayadah’ and ‘al- Samsarah’ which are known and rooted in the Islamic law of transaction. It concluded that the adaptation of such procedures will lend more credence to the Islamic financial system that continues to receive criticism from various quarters. The study is a qualitative Shariah legal research. It is restricted to the jurisprudential analysis of the modus operandi of the market vis-a-vis the underpinning contracts of its procedure, in both the primary and the secondary stages of the markets.

Item Type:	Article (Journal)
Additional Information:	2241/89345
Uncontrolled Keywords:	Islamic Interbank Money Market, Modus Operandi, Shariah Adaptation.
Subjects:	BPH Islamic Economics
Kulliyyahs/Centres/Divisions/Institutes (Can select more than one option. Press CONTROL button):	Ahmad Ibrahim Kulliyyah of Laws Ahmad Ibrahim Kulliyyah of Laws > Department of Islamic Law Institute of Islamic Banking & Finance (IIiBF)
Depositing User:	Dr Aznan Hasan
Date Deposited:	16 Apr 2021 11:46
Last Modified:	16 Apr 2021 11:46
URI:	http://irep.iium.edu.my/id/eprint/89345

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