nach oben

Erschienen in:

2017 | OriginalPaper | Buchkapitel

5. Contracts, Structures, and Computation Mechanisms of Islamic Bank Retail Financing Products: A Critical Assessment

verfasst von : Buerhan Saiti, Hishamuddin Abdul Wahab, Khaliq Ahmad

Erschienen in: Islamic Banking

Verlag: Springer International Publishing

Einloggen

Aktivieren Sie unsere intelligente Suche, um passende Fachinhalte oder Patente zu finden.

search-config

KI-gestützte Suche

Aus

Abstract

This chapter discusses Islamic bank retail financing, its instruments, and operations. The discussion demonstrates that it is essential to have a banking system based on Shariah principles that fulfill the needs of Muslim consumers. The chapter examines the various personal financing products, their underlying Islamic contracts, and their computational mechanisms with appropriate examples. It also critically evaluates the products of Islamic bank retail financing. The availability of various personal financing instruments in Islamic banks allows Muslim consumers to achieve their financing needs. Moving forward, a greater variety of instruments that invite fewer Shariah issues must be offered in the market to ensure a more vibrant Islamic banking system.

Sie haben noch keine Lizenz? Dann Informieren Sie sich jetzt über unsere Produkte:

Springer Professional "Wirtschaft+Technik"

Online-Abonnement

Mit Springer Professional "Wirtschaft+Technik" erhalten Sie Zugriff auf:

über 102.000 Bücher
über 537 Zeitschriften

aus folgenden Fachgebieten:

Automobil + Motoren
Bauwesen + Immobilien
Business IT + Informatik
Elektrotechnik + Elektronik
Energie + Nachhaltigkeit
Finance + Banking
Management + Führung
Marketing + Vertrieb
Maschinenbau + Werkstoffe
Versicherung + Risiko

Jetzt Wissensvorsprung sichern!

Jetzt informieren

Springer Professional "Wirtschaft"

Online-Abonnement

Mit Springer Professional "Wirtschaft" erhalten Sie Zugriff auf:

über 67.000 Bücher
über 340 Zeitschriften

aus folgenden Fachgebieten:

Bauwesen + Immobilien
Business IT + Informatik
Finance + Banking
Management + Führung
Marketing + Vertrieb
Versicherung + Risiko

Jetzt Wissensvorsprung sichern!

Jetzt informieren

Vorheriges Kapitel Marketing Effectiveness of Islamic and Conventional Banks: Evidence from Malaysia

Nächstes Kapitel Islamic Finance Insolvencies under Secular Bankruptcy Laws: A Case Study of Arcapita Bank under US Chapter 11

The customers are not currently related to any staff of the bank either as spouse, child, or parent. If the said relationship is established or discovered at any time, the customer needs to advise the bank immediately.

Akin to penalty interest in conventional bank

The SAC of BNM in its 95th meeting held on 28 January 2010 had stated that ‘ta’wīḍ (compensation) may be imposed on late payment of financial obligation arising from exchange contract such as sale sand ijarah’.

The SAC of BNM in its 24th meeting held on 24 April 2002 resolved that “Islamic banking institution may incorporate the clause on undertaking to provide ibra’ to customer who make early settlement,” Abdul Aziz (2013).

The ibra’ practice was approved by Shariah Advisory Council in its 24th meeting on April 24, 2002 / 11th Safar 1423.

FAS 10 AAOIFI 2008, p. 325.

Article 390, The Mejelle, p. 57.

Para 4/1/1 FAS 10 AAOIFI 2008, p. 326.

Ibid, Para 4/1/3(a), p/ 327.

Para 4/1/3(c) FAS 10 AAOIFI 2008, p. 327.

(Mansuri, 2006).

Para 4/1/3(c), FAS 10 AAOIFI 2008, p. 327.

Para 10(a) FAS 10 AAOIFI 2008, p. 329.

Ibid, Para 10(b), p. 329.

Ibid, Para 10(c), p. 330.

AAOIFI. (2008). Accounting, auditing and governance standards for Islamic financial institutions. Bahrain: AAOIFI.

Abdul Aziz, M.R. (2013). Islamic banking and finance in Malaysia, system, issues and challenges Islamic banking & finance in Malaysia. Penang, Malaysia: USIM Publisher. ISBN:978-967-0393-72-8.

Abdul Khir, M.F., Badri, M.B., & Hussain, L. (2013). Critical appraisal of rahn-based Islamic microcredit facility from Shari’ah perspective. Advances in Natural and Applied Sciences, 7(3), 221–231.

Akkizidis, I., & Khandelwal, S.K. 2008. Financial risk management for Islamic banking and finance. Palgrave Macmillan Finance and Capital Markets Series.

Amin, H. (2012). Patronage factors of Malaysian local customers toward Islamic credit cards. Management Research Review, 35(6), 512–530CrossRef

Archer, S., & Abdel Karim, R.A. (2007). Islamic finance: The regulatory challenge. John Willey Sons & Ltd (Asia) Pte Ltd.

Ayub, M. (2007). Chapter 10: Salam and Istisna, understanding Islamic finance. John Wiley & Sons Ltd. 241–269.

Ayub, M. (2008). Understanding Islamic finance. Singapore: John Wiley.

Bank Islamic Malaysia Berhad. (1994). Islamic banking practice: from the Practitioner’s perspective.

Haneef, R. (2009). Is the ban on ‘Organized Tawarruq’ the tip of the iceberg?. ISRA Research Paper. 2/2009, 1–31.

Jensen, M.C., & Meckling., W.H. (1976). Theory of the firm: Managerial behaviour. Agency Costs and Ownership Structure, Journal of Financial Economics, 3, 305–360.

Mansuri, M.T. (2006). Islamic law of contracts and business transactions. New Delhi: Adam Publishers & Distributors.

Meera, A.K.M., & Abdul Razak, D. (2005). Islamic home financing through Musharakah Mutanaqisah and al-Bay’ Bithaman Ajil contracts: A comparative analysis. Review of Islamic Economics, 9(2), 5–30.

Mohamed Ibrahim, S.H. (2009). Accounting and auditing for Islamic financial institutions. Malaysia: Ampang Press Sdn Bhd.

Rosly, S.A. (2010). Shariah parameters reconsidered. International Journal of Islamic and Middle Eastern Finance and Management, 3(2), 132–146.CrossRef

Titel: Contracts, Structures, and Computation Mechanisms of Islamic Bank Retail Financing Products: A Critical Assessment
verfasst von: Buerhan Saiti
Hishamuddin Abdul Wahab
Khaliq Ahmad
Verlag: Springer International Publishing
Buch: Islamic Banking
Print ISBN: 978-3-319-45909-7

Electronic ISBN: 978-3-319-45910-3

Copyright-Jahr: 2017
DOI: https://doi.org/10.1007/978-3-319-45910-3_5