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Form v. substance in Islamic banking and financial transactions

This paper focuses on issues of form and substance in Islamic banking and financial transactions. The paper critically examines the argument that compares Islamic banking products with permissible (halal) foods, islamically slaughtered chickens, and properly concluded marriages. The paper argues tha...

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Main Author: Saleem, Muhammad Yusuf
Format: Conference or Workshop Item
Language:English
Published: 2008
Subjects:
HG Finance
HG1501 Banking
Online Access:http://irep.iium.edu.my/23485/1/form_v._substance_in_Islamic_banking.pdf
http://irep.iium.edu.my/23485/
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spelling my.iium.irep.234852012-06-27T03:17:18Z http://irep.iium.edu.my/23485/ Form v. substance in Islamic banking and financial transactions Saleem, Muhammad Yusuf HG Finance HG1501 Banking This paper focuses on issues of form and substance in Islamic banking and financial transactions. The paper critically examines the argument that compares Islamic banking products with permissible (halal) foods, islamically slaughtered chickens, and properly concluded marriages. The paper argues that these comparisons are misleading and cannot be maintained. It argues that a transaction establishes a certain contractual relationship between the parties and entitles them to certain rights and obligations. This paper concludes that issues related to substance in transactions are directly concerned with the rights and obligations of the contracting parties. A transaction that in form complies with the Shari’ah but not in substance has 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. It concludes that a transaction that complies in words and forms with the Shari’ah but deprives the parties of their rights and obligations cannot be defended on procedural grounds. 2008 Conference or Workshop Item REM application/pdf en http://irep.iium.edu.my/23485/1/form_v._substance_in_Islamic_banking.pdf Saleem, Muhammad Yusuf (2008) Form v. substance in Islamic banking and financial transactions. In: Proceedings of the International Conference on Business Globalisation in the 21st Century, 21-22 April 2008, Bahrain.
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
topic HG Finance
HG1501 Banking
spellingShingle HG Finance
HG1501 Banking
Saleem, Muhammad Yusuf
Form v. substance in Islamic banking and financial transactions
description This paper focuses on issues of form and substance in Islamic banking and financial transactions. The paper critically examines the argument that compares Islamic banking products with permissible (halal) foods, islamically slaughtered chickens, and properly concluded marriages. The paper argues that these comparisons are misleading and cannot be maintained. It argues that a transaction establishes a certain contractual relationship between the parties and entitles them to certain rights and obligations. This paper concludes that issues related to substance in transactions are directly concerned with the rights and obligations of the contracting parties. A transaction that in form complies with the Shari’ah but not in substance has 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. It concludes that a transaction that complies in words and forms with the Shari’ah but deprives the parties of their rights and obligations cannot be defended on procedural grounds.
format Conference or Workshop Item
author Saleem, Muhammad Yusuf
author_facet Saleem, Muhammad Yusuf
author_sort Saleem, Muhammad Yusuf
title Form v. substance in Islamic banking and financial transactions
title_short Form v. substance in Islamic banking and financial transactions
title_full Form v. substance in Islamic banking and financial transactions
title_fullStr Form v. substance in Islamic banking and financial transactions
title_full_unstemmed Form v. substance in Islamic banking and financial transactions
title_sort form v. substance in islamic banking and financial transactions
publishDate 2008
url http://irep.iium.edu.my/23485/1/form_v._substance_in_Islamic_banking.pdf
http://irep.iium.edu.my/23485/
_version_ 1643608591186264064
score 13.211869

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