{"id":560,"date":"2016-06-02T02:10:09","date_gmt":"2016-06-02T02:10:09","guid":{"rendered":"http:\/\/www.ukm.my\/jcil\/?page_id=560"},"modified":"2018-01-06T06:16:01","modified_gmt":"2018-01-06T06:16:01","slug":"2016-1-1-article-2","status":"publish","type":"page","link":"https:\/\/www.ukm.my\/jcil\/2016-1-1-article-2\/","title":{"rendered":"JCIL 2016 1(1) Article 2"},"content":{"rendered":"

[et_pb_section bb_built=”1″ transparent_background=”off” allow_player_pause=”off” inner_shadow=”off” parallax=”off” parallax_method=”on” make_fullwidth=”off” use_custom_width=”off” width_unit=”off” custom_width_px=”1080px” custom_width_percent=”80%” make_equal=”off” use_custom_gutter=”off” fullwidth=”on” specialty=”off” disabled=”off”][et_pb_fullwidth_header title=”Journal of Contemporary Islamic Law” subhead=”No e-ISSN: 0127-788X” background_layout=”dark” text_orientation=”right” header_fullscreen=”off” header_scroll_down=”off” scroll_down_icon=”;” title_font_color=”#ffffff” background_color=”#0c71c3″ parallax=”on” parallax_method=”on” content_orientation=”center” image_orientation=”center” title_font=”|on|||” title_font_size=”30px” subhead_font_size=”24px” content_font_size=”14px” custom_button_one=”off” button_one_text_size=”20″ button_one_letter_spacing=”0″ button_one_use_icon=”default” button_one_icon_placement=”right” button_one_on_hover=”on” button_one_letter_spacing_hover=”0″ custom_button_two=”off” button_two_text_size=”20″ button_two_letter_spacing=”0″ button_two_use_icon=”default” button_two_icon_placement=”right” button_two_on_hover=”on” button_two_letter_spacing_hover=”0″ disabled=”off” saved_tabs=”all” title_text_color=”#ffffff” \/][\/et_pb_section][et_pb_section bb_built=”1″ admin_label=”section” transparent_background=”off” background_color=”#ffffff” allow_player_pause=”off” inner_shadow=”off” parallax=”off” parallax_method=”off” padding_mobile=”off” make_fullwidth=”off” use_custom_width=”off” width_unit=”on” custom_width_px=”1080px” custom_width_percent=”80%” make_equal=”off” use_custom_gutter=”off” fullwidth=”off” specialty=”off” disabled=”off” custom_padding_tablet=”50px|0|50px|0″ custom_padding_last_edited=”on|desktop”][et_pb_row make_fullwidth=”off” use_custom_width=”off” width_unit=”off” custom_width_px=”1080px” custom_width_percent=”80%” use_custom_gutter=”off” gutter_width=”3″ allow_player_pause=”off” parallax=”off” parallax_method=”on” make_equal=”off” parallax_1=”off” parallax_method_1=”on” parallax_2=”off” parallax_method_2=”on” parallax_3=”off” parallax_method_3=”on” parallax_4=”off” parallax_method_4=”on” disabled=”off” background_position=”top_left” background_repeat=”repeat” background_size=”initial”][et_pb_column type=”3_4″][et_pb_blurb title=”FIRST ISSUE (Volume 1) (Issue No. 1)” url=”https:\/\/www.ukm.my\/jcil\/current-volume\/” url_new_window=”off” use_icon=”on” font_icon=”%%40%%” icon_color=”#81d742″ use_circle=”on” circle_color=”#ffffff” use_circle_border=”on” circle_border_color=”#81d742″ icon_placement=”left” animation=”top” background_layout=”light” text_orientation=”center” use_icon_font_size=”off” icon_font_size=”96px” use_border_color=”off” border_color=”#ffffff” border_width=”1px” border_style=”solid” disabled=”off” background_position=”top_left” background_repeat=”repeat” background_size=”initial”]<\/p>\n

1 JUNE 2016<\/p>\n

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Islamic Personal Financing Instruments in the Malaysian Banking Industries: Issues and Alternatives<\/strong><\/em><\/p>\n

Amir Fazlim Yusoff<\/strong>, amiry@ukm.edu.my
\n<\/em><\/em>Department of Sharia Law, Faculty of Islamic Studies, Universiti Kebangsaan Malaysia.\u00a0
\n<\/em><\/em>Mat Noor Mat Zain<\/strong>, mnmz@ukm.edu.my
\n<\/em><\/em>Department of Sharia Law, Faculty of Islamic Studies, Universiti Kebangsaan Malaysia.\u00a0
\n<\/em><\/em>Salmy Edawati Yaacob<\/strong>, salmy1001@ukm.edu.my
\n<\/em><\/em>Department of Sharia Law, Faculty of Islamic Studies, Universiti Kebangsaan Malaysia.\u00a0
\n<\/em><\/em>Hanira Hanafi<\/strong>, hanira_hanafi@um.edu.my
\n<\/em><\/em>Faculty of Economic and Administration, University of Malaya
\n<\/em><\/em>Nik Abdul Rahim Nik Abdul Ghani<\/strong>, nikrahim@ukm.edu.my
\n<\/em><\/em>Department of Sharia Law, Faculty of Islamic Studies, Universiti Kebangsaan Malaysia.\u00a0
\n<\/em><\/em>Abdul Mu\u2019min Mohammad Idrus<\/strong>,
\n<\/em>Muhammad Shahir Ridzuan Md Radzi<\/strong>, shahz1414@gmail.com
\n<\/em><\/em>Postgraduate Student, Department of Sharia Law, Faculty of Islamic Studies, Universiti Kebangsaan Malaysia.
\n<\/em><\/em>Received: 21 March 2016 | Accepted: 10 May 2016\u00a0|\u00a0Published: 01 June 2016\u00a0
\n<\/em><\/em><\/p>\n

2016, Vol. 1(1), pp. 24-38. |\u00a0PDF<\/a>
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The application of Islamic personal financing instruments in the Malaysian banking industries such as bayc<\/sup> al-c<\/sup>\u012bnah (same-item sale-repurchase) and organised tawarruq (commodity cost-plus sale) has suffered a worldwide ban by prominent fatwa bodies in Islamic world. The situation has led to negative consequences such as bad perceptions to the Malaysian banking industries. The aim of this article is to provide an overview related to the Islamic personal financing instruments. Analysis focuses on issues related to the unlawfulness of the instruments. This qualitative research employs content analysis approach. It reveals that Islamic personal financing instruments such as bayc<\/sup> al-c<\/sup>\u012bnah and organised tawarruq that have been practised in Malaysia contain unlawful elements that violate Islamic law and its objectives. Islamic banking and finance needs alternative instruments to replace the current unlawful financing tools to maintain Sharia compliant status.<\/p>\n

Keywords:<\/strong> Islamic personal financing, bayc<\/sup> al-c<\/sup>\u012bnah, tawarruq, rahn-based qar\u1e0d, commodity mur\u0101ba\u1e25ah<\/p>\n

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1 JUNE 2016 Islamic Personal Financing Instruments in the Malaysian Banking Industries: Issues and Alternatives Amir Fazlim Yusoff, amiry@ukm.edu.my Department of Sharia Law, Faculty of Islamic Studies, Universiti Kebangsaan Malaysia.\u00a0 Mat Noor Mat Zain, mnmz@ukm.edu.my Department of Sharia Law, Faculty of Islamic Studies, Universiti Kebangsaan Malaysia.\u00a0 Salmy Edawati Yaacob, salmy1001@ukm.edu.my Department of Sharia Law, Faculty […]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_et_pb_use_builder":"on","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"class_list":["post-560","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/www.ukm.my\/jcil\/wp-json\/wp\/v2\/pages\/560","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.ukm.my\/jcil\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/www.ukm.my\/jcil\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/www.ukm.my\/jcil\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ukm.my\/jcil\/wp-json\/wp\/v2\/comments?post=560"}],"version-history":[{"count":21,"href":"https:\/\/www.ukm.my\/jcil\/wp-json\/wp\/v2\/pages\/560\/revisions"}],"predecessor-version":[{"id":1164,"href":"https:\/\/www.ukm.my\/jcil\/wp-json\/wp\/v2\/pages\/560\/revisions\/1164"}],"wp:attachment":[{"href":"https:\/\/www.ukm.my\/jcil\/wp-json\/wp\/v2\/media?parent=560"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}