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A critical study on the compliance of the Islamic banking system home financing in Malaysia to the syariah principles /Afiqah Amran...[et al.]

The area of study is on the Compliance of the Islamic Banking System Home Financing in Malaysia to the Syariah Principles.The aims of studies are to critically analyze about the Islamic Banking system in Malaysia focusing on home financing and secondly, to determine whether the product of home fi...

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Main Authors: Amran, Afiqah, Sedik, Nurul Ain, Hamdan, Nurul Hidayah, Zainul Abidin, Siti Nur Hasanah
Format: Student Project
Language:English
Published: 2011
Subjects:
Malaysia
Online Access:http://ir.uitm.edu.my/id/eprint/32873/1/32873.pdf
http://ir.uitm.edu.my/id/eprint/32873/
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spelling my.uitm.ir.328732020-10-20T01:45:12Z http://ir.uitm.edu.my/id/eprint/32873/ A critical study on the compliance of the Islamic banking system home financing in Malaysia to the syariah principles /Afiqah Amran...[et al.] Amran, Afiqah Sedik, Nurul Ain Hamdan, Nurul Hidayah Zainul Abidin, Siti Nur Hasanah Malaysia The area of study is on the Compliance of the Islamic Banking System Home Financing in Malaysia to the Syariah Principles.The aims of studies are to critically analyze about the Islamic Banking system in Malaysia focusing on home financing and secondly, to determine whether the product of home financing in Islamic Banking system in our country is in compliance with Syariah principles. These analyses of study emerge from different aspects including the proper understanding of concept Bai Bithaman Ajil and Musharakah Mutanaqisah in practice by the financier and the various tools in Syariah principles such as Murabahah, Bai- at Inah and Ijarah concept respectively. This paper finds that Bai Bithaman Ajil still has some loopholes in this product which not entirely accordance to the Syariah principle especially in the issue high selling price which lead to the oppression of the customer. Musharakah Mutanaqisah is a clear alternative to avoid interest and can reduce the cost of house financing and ultimately the duration of financing. Even though Musharakah Mutanaqisah has some weaknesses but it protects the benefits and public interests. In comparison, Musharakah Mutanaqisah is well accepted and implemented worldwide than Bai Bithaman Ajil As conclusion, Islamic banking and finance must ensure that all of its transactions are Syariah compliant not only on its legal technicalities and forms but more importantly the economic substance which is premised on the objectives outline by Syariah, 2011 Student Project NonPeerReviewed text en http://ir.uitm.edu.my/id/eprint/32873/1/32873.pdf Amran, Afiqah and Sedik, Nurul Ain and Hamdan, Nurul Hidayah and Zainul Abidin, Siti Nur Hasanah (2011) A critical study on the compliance of the Islamic banking system home financing in Malaysia to the syariah principles /Afiqah Amran...[et al.]. [Student Project] (Unpublished)
institution Universiti Teknologi Mara
building Tun Abdul Razak Library
collection Institutional Repository
continent Asia
country Malaysia
content_provider Universiti Teknologi Mara
content_source UiTM Institutional Repository
url_provider http://ir.uitm.edu.my/
language English
topic Malaysia
spellingShingle Malaysia
Amran, Afiqah
Sedik, Nurul Ain
Hamdan, Nurul Hidayah
Zainul Abidin, Siti Nur Hasanah
A critical study on the compliance of the Islamic banking system home financing in Malaysia to the syariah principles /Afiqah Amran...[et al.]
description The area of study is on the Compliance of the Islamic Banking System Home Financing in Malaysia to the Syariah Principles.The aims of studies are to critically analyze about the Islamic Banking system in Malaysia focusing on home financing and secondly, to determine whether the product of home financing in Islamic Banking system in our country is in compliance with Syariah principles. These analyses of study emerge from different aspects including the proper understanding of concept Bai Bithaman Ajil and Musharakah Mutanaqisah in practice by the financier and the various tools in Syariah principles such as Murabahah, Bai- at Inah and Ijarah concept respectively. This paper finds that Bai Bithaman Ajil still has some loopholes in this product which not entirely accordance to the Syariah principle especially in the issue high selling price which lead to the oppression of the customer. Musharakah Mutanaqisah is a clear alternative to avoid interest and can reduce the cost of house financing and ultimately the duration of financing. Even though Musharakah Mutanaqisah has some weaknesses but it protects the benefits and public interests. In comparison, Musharakah Mutanaqisah is well accepted and implemented worldwide than Bai Bithaman Ajil As conclusion, Islamic banking and finance must ensure that all of its transactions are Syariah compliant not only on its legal technicalities and forms but more importantly the economic substance which is premised on the objectives outline by Syariah,
format Student Project
author Amran, Afiqah
Sedik, Nurul Ain
Hamdan, Nurul Hidayah
Zainul Abidin, Siti Nur Hasanah
author_facet Amran, Afiqah
Sedik, Nurul Ain
Hamdan, Nurul Hidayah
Zainul Abidin, Siti Nur Hasanah
author_sort Amran, Afiqah
title A critical study on the compliance of the Islamic banking system home financing in Malaysia to the syariah principles /Afiqah Amran...[et al.]
title_short A critical study on the compliance of the Islamic banking system home financing in Malaysia to the syariah principles /Afiqah Amran...[et al.]
title_full A critical study on the compliance of the Islamic banking system home financing in Malaysia to the syariah principles /Afiqah Amran...[et al.]
title_fullStr A critical study on the compliance of the Islamic banking system home financing in Malaysia to the syariah principles /Afiqah Amran...[et al.]
title_full_unstemmed A critical study on the compliance of the Islamic banking system home financing in Malaysia to the syariah principles /Afiqah Amran...[et al.]
title_sort critical study on the compliance of the islamic banking system home financing in malaysia to the syariah principles /afiqah amran...[et al.]
publishDate 2011
url http://ir.uitm.edu.my/id/eprint/32873/1/32873.pdf
http://ir.uitm.edu.my/id/eprint/32873/
_version_ 1685650984573861888
score 13.223943

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