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Maqasid al-Shariah perspectives on the implementation of Hire-Purchase Act 1967 in Malaysia with reference to Al-Ijarah Thumma al-Bai' financing contract

This study aims to critically examine the meaning of the Al-Ijarah Thumma al-Bai' (AiTAB) contract and hire-purchase (HP) contract. It is also to explore several issues regarding the procedures of the Malaysian Hire-Purchase Act 1967 and it's contradiction to the Shariah. There are three m...

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Main Authors: Awang, Mohd Daud, Asutay, Mehmet
Format: Article
Language:English
Published: Malaysian Consumer and Family Economics Association 2017
Online Access:http://psasir.upm.edu.my/id/eprint/14007/1/14007.pdf
http://psasir.upm.edu.my/id/eprint/14007/
http://www.majcafe.com/2018/07/30/vol-20-2017-edition-2/
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id my.upm.eprints.14007
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spelling my.upm.eprints.140072018-09-04T07:57:37Z http://psasir.upm.edu.my/id/eprint/14007/ Maqasid al-Shariah perspectives on the implementation of Hire-Purchase Act 1967 in Malaysia with reference to Al-Ijarah Thumma al-Bai' financing contract Awang, Mohd Daud Asutay, Mehmet This study aims to critically examine the meaning of the Al-Ijarah Thumma al-Bai' (AiTAB) contract and hire-purchase (HP) contract. It is also to explore several issues regarding the procedures of the Malaysian Hire-Purchase Act 1967 and it's contradiction to the Shariah. There are three main issues that were highlighted; transferring of ownership, right and liability, and charges. The Maqasid al-Shariah framework is a compatible approach for this study to solve these issues which does not only to harmonise both contracts but also in morally aspect. The findings of this study demonstrate how Maqasid al-Shariah should employ HP contract issues that might not be contradicted to AiTAB in developing a better understanding between AiTAB and HP practices as Islamic banking product. Malaysian Consumer and Family Economics Association 2017 Article PeerReviewed text en http://psasir.upm.edu.my/id/eprint/14007/1/14007.pdf Awang, Mohd Daud and Asutay, Mehmet (2017) Maqasid al-Shariah perspectives on the implementation of Hire-Purchase Act 1967 in Malaysia with reference to Al-Ijarah Thumma al-Bai' financing contract. Malaysian Journal of Consumer and Family Economics, 20 (spec.2). pp. 36-56. ISSN 1511-2802 http://www.majcafe.com/2018/07/30/vol-20-2017-edition-2/
institution Universiti Putra Malaysia
building UPM Library
collection Institutional Repository
continent Asia
country Malaysia
content_provider Universiti Putra Malaysia
content_source UPM Institutional Repository
url_provider http://psasir.upm.edu.my/
language English
description This study aims to critically examine the meaning of the Al-Ijarah Thumma al-Bai' (AiTAB) contract and hire-purchase (HP) contract. It is also to explore several issues regarding the procedures of the Malaysian Hire-Purchase Act 1967 and it's contradiction to the Shariah. There are three main issues that were highlighted; transferring of ownership, right and liability, and charges. The Maqasid al-Shariah framework is a compatible approach for this study to solve these issues which does not only to harmonise both contracts but also in morally aspect. The findings of this study demonstrate how Maqasid al-Shariah should employ HP contract issues that might not be contradicted to AiTAB in developing a better understanding between AiTAB and HP practices as Islamic banking product.
format Article
author Awang, Mohd Daud
Asutay, Mehmet
spellingShingle Awang, Mohd Daud
Asutay, Mehmet
Maqasid al-Shariah perspectives on the implementation of Hire-Purchase Act 1967 in Malaysia with reference to Al-Ijarah Thumma al-Bai' financing contract
author_facet Awang, Mohd Daud
Asutay, Mehmet
author_sort Awang, Mohd Daud
title Maqasid al-Shariah perspectives on the implementation of Hire-Purchase Act 1967 in Malaysia with reference to Al-Ijarah Thumma al-Bai' financing contract
title_short Maqasid al-Shariah perspectives on the implementation of Hire-Purchase Act 1967 in Malaysia with reference to Al-Ijarah Thumma al-Bai' financing contract
title_full Maqasid al-Shariah perspectives on the implementation of Hire-Purchase Act 1967 in Malaysia with reference to Al-Ijarah Thumma al-Bai' financing contract
title_fullStr Maqasid al-Shariah perspectives on the implementation of Hire-Purchase Act 1967 in Malaysia with reference to Al-Ijarah Thumma al-Bai' financing contract
title_full_unstemmed Maqasid al-Shariah perspectives on the implementation of Hire-Purchase Act 1967 in Malaysia with reference to Al-Ijarah Thumma al-Bai' financing contract
title_sort maqasid al-shariah perspectives on the implementation of hire-purchase act 1967 in malaysia with reference to al-ijarah thumma al-bai' financing contract
publisher Malaysian Consumer and Family Economics Association
publishDate 2017
url http://psasir.upm.edu.my/id/eprint/14007/1/14007.pdf
http://psasir.upm.edu.my/id/eprint/14007/
http://www.majcafe.com/2018/07/30/vol-20-2017-edition-2/
_version_ 1643825502595579904
score 13.211869

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