Selective Shariah issues in Islamic banking and finance
There are opportunities for research on Shariacompliant contracts related to the development of Islamic banking and finance, particularly in Malaysia. One of the applicable Shariah contracts that is relatively new in Islamic banking is Aqad Taurid. Aqad Taurid can be an independent Aqad that doe...
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| Main Authors: | , , , |
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| Format: | Book |
| Language: | English |
| Published: |
Malaha PLT, IIUM, Export-Import Bank of Malaysia Berhad
2024
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| Subjects: | |
| Online Access: | http://irep.iium.edu.my/112041/3/112041_Selective%20Shariah%20issues%20in%20Islamic%20banking.pdf http://irep.iium.edu.my/112041/ |
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| Summary: | There are opportunities for research on Shariacompliant contracts related to the development of
Islamic banking and finance, particularly in Malaysia.
One of the applicable Shariah contracts that is
relatively new in Islamic banking is Aqad Taurid.
Aqad Taurid can be an independent Aqad that does not
have to follow the rules of other Aqad. This Aqad is not
prohibited under Shariah law, provided that it does
not violate any Shariah requirements. However, the
Aqad Taurid must follow the rules of the Aqad applied
during the process of Aqad Taurid, such as Aqad
Istisna and Aqad Salam. Aqad Taurid has the potential
to be developed and applied under various Islamic
banking facilities, particularly in the trade finance
facility. Aqad Taurid could promote efficiency and
speed, as the customer only needs to enter into the
contract at the beginning of the Aqad. The sales price
will be paid only after the expiration of the delivery
period.
Aqad Taurid is considered relatively new and has not
been practiced by any Islamic Financial Institution (IFI)
before in Malaysia. We expect more innovations in
Islamic finance using Aqad Taurid in the near future. |
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