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A critical review of Islamic deposit and financing transactions

This paper focuses on issues of form and substance in Islamic deposit and financing transactions. It critically analyses the deposit and financing products of Islamic banks. It argues that a transaction establishes a certain contractual relationship between the parties and entitles them to certain r...

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Main Author: Saleem, Muhammad Yusuf
Format: Conference or Workshop Item
Language:English
English
English
Published: 2011
Subjects:
BP1 Islam
HG Finance
Online Access:http://irep.iium.edu.my/10934/1/A_Critical_review_of_Islamic_Deposit_and_Financing_Transactions.pdf
http://irep.iium.edu.my/10934/4/Conference_page.pdf
http://irep.iium.edu.my/10934/5/TOC_from_Web_A_Critical_Review.htm
http://irep.iium.edu.my/10934/
http://www.info-researchmeeting.com
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spelling my.iium.irep.109342012-06-15T04:36:35Z http://irep.iium.edu.my/10934/ A critical review of Islamic deposit and financing transactions Saleem, Muhammad Yusuf BP1 Islam HG Finance This paper focuses on issues of form and substance in Islamic deposit and financing transactions. It critically analyses the deposit and financing products of Islamic banks. It argues that a transaction establishes a certain contractual relationship between the parties and entitles them to certain rights and obligations. This paper argues that issues related to substance in transactions are directly concerned with the rights and obligations of the contracting parties. A transaction that only in form complies with the Shari’ah but not in substance has a different set of consequences for the contracting parties. It may entitle the contracting parties to a set of rights and obligations different from the ones that are intended by the Shari’ah. The paper also relates Islamic deposit and financing transactions to the objectives (maqasid) of Shari’ah and argues that wealth should benefit not only its owner but also the society. The paper concludes that Islamic deposit and financing transactions should entitle the parties to a set of rights and obligations assigned to them by the Islamic law and should become a means for achieving the objectives of Shari’ah. 2011-12 Conference or Workshop Item REM application/pdf en http://irep.iium.edu.my/10934/1/A_Critical_review_of_Islamic_Deposit_and_Financing_Transactions.pdf application/pdf en http://irep.iium.edu.my/10934/4/Conference_page.pdf application/pdf en http://irep.iium.edu.my/10934/5/TOC_from_Web_A_Critical_Review.htm Saleem, Muhammad Yusuf (2011) A critical review of Islamic deposit and financing transactions. In: International Islamic Banking , Finance and Investment Conference, 19-20 December 2011, Hotel Istana, Kuala Lumpur. (Unpublished) http://www.info-researchmeeting.com
institution Universiti Islam Antarabangsa Malaysia
building IIUM Library
collection Institutional Repository
continent Asia
country Malaysia
content_provider International Islamic University Malaysia
content_source IIUM Repository (IREP)
url_provider http://irep.iium.edu.my/
language English
English
English
topic BP1 Islam
HG Finance
spellingShingle BP1 Islam
HG Finance
Saleem, Muhammad Yusuf
A critical review of Islamic deposit and financing transactions
description This paper focuses on issues of form and substance in Islamic deposit and financing transactions. It critically analyses the deposit and financing products of Islamic banks. It argues that a transaction establishes a certain contractual relationship between the parties and entitles them to certain rights and obligations. This paper argues that issues related to substance in transactions are directly concerned with the rights and obligations of the contracting parties. A transaction that only in form complies with the Shari’ah but not in substance has a different set of consequences for the contracting parties. It may entitle the contracting parties to a set of rights and obligations different from the ones that are intended by the Shari’ah. The paper also relates Islamic deposit and financing transactions to the objectives (maqasid) of Shari’ah and argues that wealth should benefit not only its owner but also the society. The paper concludes that Islamic deposit and financing transactions should entitle the parties to a set of rights and obligations assigned to them by the Islamic law and should become a means for achieving the objectives of Shari’ah.
format Conference or Workshop Item
author Saleem, Muhammad Yusuf
author_facet Saleem, Muhammad Yusuf
author_sort Saleem, Muhammad Yusuf
title A critical review of Islamic deposit and financing transactions
title_short A critical review of Islamic deposit and financing transactions
title_full A critical review of Islamic deposit and financing transactions
title_fullStr A critical review of Islamic deposit and financing transactions
title_full_unstemmed A critical review of Islamic deposit and financing transactions
title_sort critical review of islamic deposit and financing transactions
publishDate 2011
url http://irep.iium.edu.my/10934/1/A_Critical_review_of_Islamic_Deposit_and_Financing_Transactions.pdf
http://irep.iium.edu.my/10934/4/Conference_page.pdf
http://irep.iium.edu.my/10934/5/TOC_from_Web_A_Critical_Review.htm
http://irep.iium.edu.my/10934/
http://www.info-researchmeeting.com
_version_ 1643606432439861248
score 13.211869

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