Shariah Issues in Islamic Banking and Finance

by Amir Shaharuddin

Publisher - Penerbit USIM

Category - Finance & Investments

The establishment of Islamic financial institutions provides platform for Muslims to implement some aspects of the shariah in their daily life. In establishing Islamic financial institutions many classical commercial contracts such as murabahah, ijarah and wakalah contracts are brought back into practice to support finance and banking operations. The commercial contracts which were developed as early as in 6th century are revived and implemented in the 21st century. The application of the classical contracts in the modern financial world raise a number of shariah issues. The crux of the issues lies on the ijtihad made by shariah advisors of Islamic Financial Institutions (IFIs) who attempt to modify the classical contracts in adapting them to the modern banking conditions. The present book highlights some of pertinent issues in this respect. It emphasizes on the shariah decisions by scholars in developing the industry and discusses arguments raised by their critics.

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