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The bindingness of mazhab in Islamic banking contracts in Malaysia

An issue of differing views among scholars from various mazhab on any unresolved fiqh issue poses confusion in the public. It also happens in dealing with Islamic banking contracts. There is a need for the final word that determines the right view of mazhab, especially for the law institutions which...

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Main Author: Muhammad Azri, Mohd Akhir
Format: Thesis
Language:English
English
English
Published: 2018
Subjects:
BP174 The practice of Islam
HG Finance
Online Access:https://etd.uum.edu.my/8534/1/S821916_01.pdf
https://etd.uum.edu.my/8534/2/S821916_02.pdf
https://etd.uum.edu.my/8534/3/s821916_references.docx
https://etd.uum.edu.my/8534/
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spelling my.uum.etd.85342021-11-22T01:47:38Z https://etd.uum.edu.my/8534/ The bindingness of mazhab in Islamic banking contracts in Malaysia Muhammad Azri, Mohd Akhir BP174 The practice of Islam HG Finance An issue of differing views among scholars from various mazhab on any unresolved fiqh issue poses confusion in the public. It also happens in dealing with Islamic banking contracts. There is a need for the final word that determines the right view of mazhab, especially for the law institutions which aimed at providing solutions to problems. Researchers have conducted an analysis on legal materials regulating Islamic banking institutions in Malaysia to see how this problem is addressed. This study has two objectives, namely: to study the position of reference to mazhab under Malaysia legislations governing Islamic banking in Malaysia and to study the application of reference to mazhab in Shariah Resolution of Shariah Advisory Council (SAC) of Bank Negara Malaysia (BNM) pertaining to Islamic Banking contract. The researcher found general provision in legislation regulating Islamic banking institutions in Malaysia on the prevailing practices of mazhab. The power to interpret the Islamic law lies with the Shariah Advisory Council. The researcher also conducted an analysis on Shariah Resolutions, founded that Shariah Advisory Council in determining the necessity of a contract has followed the fundamental basis of the proposal Usul al-Fiqh by referring to the Holy Quran and Sunnah, ijmak, and then referring to the view of the scholar of the mazhab. The Shariah Advisory Council has opennes by examining all the views of the four mazhab muktabar. It is found that there is no tendency to prioritize any mazhab as opposed to other mazhab because there is no difference in the views between scholars of mazhab in banking contracts analyzed by the author. In conclusion, the law regulating Islamic banking is general and can be challenged by in court. However, the ultimate authority are given to the Shariah Advisory Council to control this problem from becoming more critical. 2018 Thesis NonPeerReviewed text aa https://etd.uum.edu.my/8534/1/S821916_01.pdf text en https://etd.uum.edu.my/8534/2/S821916_02.pdf text en https://etd.uum.edu.my/8534/3/s821916_references.docx Muhammad Azri, Mohd Akhir (2018) The bindingness of mazhab in Islamic banking contracts in Malaysia. Masters thesis, Universiti Utara Malaysia.
institution Universiti Utara Malaysia
building UUM Library
collection Institutional Repository
continent Asia
country Malaysia
content_provider Universiti Utara Malaysia
content_source UUM Electronic Theses
url_provider http://etd.uum.edu.my/
language English
English
English
topic BP174 The practice of Islam
HG Finance
spellingShingle BP174 The practice of Islam
HG Finance
Muhammad Azri, Mohd Akhir
The bindingness of mazhab in Islamic banking contracts in Malaysia
description An issue of differing views among scholars from various mazhab on any unresolved fiqh issue poses confusion in the public. It also happens in dealing with Islamic banking contracts. There is a need for the final word that determines the right view of mazhab, especially for the law institutions which aimed at providing solutions to problems. Researchers have conducted an analysis on legal materials regulating Islamic banking institutions in Malaysia to see how this problem is addressed. This study has two objectives, namely: to study the position of reference to mazhab under Malaysia legislations governing Islamic banking in Malaysia and to study the application of reference to mazhab in Shariah Resolution of Shariah Advisory Council (SAC) of Bank Negara Malaysia (BNM) pertaining to Islamic Banking contract. The researcher found general provision in legislation regulating Islamic banking institutions in Malaysia on the prevailing practices of mazhab. The power to interpret the Islamic law lies with the Shariah Advisory Council. The researcher also conducted an analysis on Shariah Resolutions, founded that Shariah Advisory Council in determining the necessity of a contract has followed the fundamental basis of the proposal Usul al-Fiqh by referring to the Holy Quran and Sunnah, ijmak, and then referring to the view of the scholar of the mazhab. The Shariah Advisory Council has opennes by examining all the views of the four mazhab muktabar. It is found that there is no tendency to prioritize any mazhab as opposed to other mazhab because there is no difference in the views between scholars of mazhab in banking contracts analyzed by the author. In conclusion, the law regulating Islamic banking is general and can be challenged by in court. However, the ultimate authority are given to the Shariah Advisory Council to control this problem from becoming more critical.
format Thesis
author Muhammad Azri, Mohd Akhir
author_facet Muhammad Azri, Mohd Akhir
author_sort Muhammad Azri, Mohd Akhir
title The bindingness of mazhab in Islamic banking contracts in Malaysia
title_short The bindingness of mazhab in Islamic banking contracts in Malaysia
title_full The bindingness of mazhab in Islamic banking contracts in Malaysia
title_fullStr The bindingness of mazhab in Islamic banking contracts in Malaysia
title_full_unstemmed The bindingness of mazhab in Islamic banking contracts in Malaysia
title_sort bindingness of mazhab in islamic banking contracts in malaysia
publishDate 2018
url https://etd.uum.edu.my/8534/1/S821916_01.pdf
https://etd.uum.edu.my/8534/2/S821916_02.pdf
https://etd.uum.edu.my/8534/3/s821916_references.docx
https://etd.uum.edu.my/8534/
_version_ 1718928658419154944
score 13.211869

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