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The bay' al-'inah controversy in Malaysian Islamic banking

The current practice of Islamic banking in Malaysia has been criticised as insufficiently different from conventional banking. One of the foci of this criticism is the application of bay' al-'inah, sales contract with immediate repurchase, in creating a number of so-called Islamic financin...

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Main Author: A., Shaharuddin
Format: Conference Paper
Language:en_US
Published: 2015
Subjects:
Bay' al-'inah
Credit card
Islamic banking
Online Access:http://ddms.usim.edu.my/handle/123456789/9251
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spelling my.usim-92512015-08-26T04:55:50Z The bay' al-'inah controversy in Malaysian Islamic banking A., Shaharuddin Bay' al-'inah Credit card Islamic banking The current practice of Islamic banking in Malaysia has been criticised as insufficiently different from conventional banking. One of the foci of this criticism is the application of bay' al-'inah, sales contract with immediate repurchase, in creating a number of so-called Islamic financing products. The present article examines the classical jurists' assessment of the contract and then evaluates the justifications of the Malaysian National Shari'ah Advisory Committee (NSAC). As a case study, this article analyses the application of bay' al-'inah in inventing a credit card of Bank Islam Malaysia Berhad. Understanding the NSAC's justifications will help us comprehend their methodology and approach when approving other Islamic banking products in the country. © Koninklijke Brill NV, Leiden, 2012. 2015-08-26T04:55:50Z 2015-08-26T04:55:50Z 2012 Conference Paper 2680-556 http://ddms.usim.edu.my/handle/123456789/9251 en_US
institution Universiti Sains Islam Malaysia
building USIM Library
collection Institutional Repository
continent Asia
country Malaysia
content_provider Universit Sains Islam i Malaysia
content_source USIM Institutional Repository
url_provider http://ddms.usim.edu.my/
language en_US
topic Bay' al-'inah
Credit card
Islamic banking
spellingShingle Bay' al-'inah
Credit card
Islamic banking
A., Shaharuddin
The bay' al-'inah controversy in Malaysian Islamic banking
description The current practice of Islamic banking in Malaysia has been criticised as insufficiently different from conventional banking. One of the foci of this criticism is the application of bay' al-'inah, sales contract with immediate repurchase, in creating a number of so-called Islamic financing products. The present article examines the classical jurists' assessment of the contract and then evaluates the justifications of the Malaysian National Shari'ah Advisory Committee (NSAC). As a case study, this article analyses the application of bay' al-'inah in inventing a credit card of Bank Islam Malaysia Berhad. Understanding the NSAC's justifications will help us comprehend their methodology and approach when approving other Islamic banking products in the country. © Koninklijke Brill NV, Leiden, 2012.
format Conference Paper
author A., Shaharuddin
author_facet A., Shaharuddin
author_sort A., Shaharuddin
title The bay' al-'inah controversy in Malaysian Islamic banking
title_short The bay' al-'inah controversy in Malaysian Islamic banking
title_full The bay' al-'inah controversy in Malaysian Islamic banking
title_fullStr The bay' al-'inah controversy in Malaysian Islamic banking
title_full_unstemmed The bay' al-'inah controversy in Malaysian Islamic banking
title_sort bay' al-'inah controversy in malaysian islamic banking
publishDate 2015
url http://ddms.usim.edu.my/handle/123456789/9251
_version_ 1645152573341040640
score 13.222552

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