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JURISTIC VIEWPOINTS ON BAYC Al-CINAH IN MALAYSIA: A SURVEY

International Journal of Economics, Management and Accounting

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Title JURISTIC VIEWPOINTS ON BAYC Al-CINAH IN MALAYSIA: A SURVEY
 
Creator Rosly, Saiful Azhar; Associate Professor, Department of Economics, Kulliyyah of Economics and Management Sciences, International Islamic University Malaysia, Jalan Gombak, 53100 Kuala Lumpur, Malaysia. (e-mail: saiful@iiu.edu.my)
Seman, Azizi Che; Lecturer, Department of Sharicah and Economics, Academy of Islamic Studies, University of Malaya, 59100 Kuala Lumpur, Malaysia. (e-mail: azizi@um.edu.my)
 
Description In Malaysia, Sharicah scholars at the supervisory levels have advocated bayc al-cinah as a mode of finance. Under the label of al-bayc, the contract of bayc al-cinah contains interest-bearing features, such as earning a contractual return without the implication of risk and value-addition. Seeking a broader consensus on the permissibility of bayc al-cinah is thus critical. This study shows that Malaysian Sharicah scholars outside the supervisory bodies do not fully support bayc al-cinah. The survey indicates that bayc al-cinah can be applied under a state of darurah or when the maslahah of the Muslim people is under threat, which is not the case in Malaysia. Since Sharicah scholars in Middle-Eastern countries have condemned bayc al-cinah, it is crucial that a diversification policy is pursued to invite greater participation of global Islamic funds in Malaysia.JEL classification: G10, Z12Key words: Islamic financing, Bayc al-cinah, Riba
 
Publisher Kulliyyah of Economics and Management Sciences
 
Contributor —
 
Date 2013-02-28
 
Type info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
Peer-reviewed Article
 
Format application/pdf
 
Identifier http://journals.iium.edu.my/enmjournal/index.php/enmj/article/view/87
 
Source International Journal of Economics, Management and Accounting; Vol 11, No 1 (2003)
 
Language eng
 
Relation http://journals.iium.edu.my/enmjournal/index.php/enmj/article/view/87/70