One solution which fits all is not part of the Shariah – in the last 15 centuries, in the history of Islamic law and the Shariah world, we have seen that the scholars in the past, as well in modern time, they have been creative enough to provide more than one solution to a particular …
Dr. Mohd Daud Bakar on the topic of ‘One Shariah solution fits all’ Read More »
Socially responsible investment sukuk, or SRI sukuk, are a new and upcoming type of investment in Islamic finance. Many proponents of Islamic finance have over the years tried to draw parallels between the principles of Islamic finance and ethical finance. So for example, both of them they have restrictions in terms of what they can …
Can you see any similarities between human body system and Shariah? Well, Shariah is an apparatus which integrates all domains of human life, which is comprises the relationship of human being with regards to the vertical and horizontal relationship, just like the different system in the human body integrate to provide a complete human being. …
Shariah standard on gold How do you sell gold for cash in a Shariah compliant manner? This is the main point setup in the AAOIFI Shariah Standard on gold which was recently issued and the one that has the widest impact and garnered a lot of attention. The AAOIFI Shariah Standard stipulates that the exchange …
Maya Marissa Malek on “Shariah Standard on Gold” Read More »
Socially Responsible Investment, or SRI; Social Impact Bond, or SIB; Green Bond, Green Financing, are the buzz words in the conventional space lately. We don’t hear that much about Green Sukuk, or SRI Sukuk, or Social Impact Sukuk in the Islamic Finance space, though. The attributes of SRI, SIB, vis-à-vis its counterparts in the Islamic …
Maya Marissa Malek on ‘Socially Responsible Investments (SRI)’ Read More »
Contract or aqd is Islamic commercial law means to tie or to bind because the contract is binding between the two parties, the offerer and offeree. Technically, contract is a legal agreement between two or more persons that creates rights and liabilities. Contracts are the foundation upon which the Islamic finance product rest. Contract in …
Idris Mojaddidi on “Aqd or Contract in Islamic Finance” Read More »
Istisna’ is an Arabic word which means ‘request to construct’ and technically it refers to an agreement to sell or to buy a non-existent asset that is going to be manufactured in the future with the same specifications given by the ultimate purchaser and is to be delivered on a specified future date with a …
According to the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), Shariah Supervisory Board is an independent legal body of scholars who are specialised in Fiqh ul Muamalat, Islamic jurisprudence law and Shariah Supervisory Board shall consist of at least 3 members appointed by the shareholders in their General Annual Meeting upon recommendation by …
Let us start by understanding some of the “main” elements which are prohibited from the Shariah point of view. Let us discuss here just three of them which are riba, gharar and maysir. What is riba? Riba occurs in 2 different scenarios. In trading, which is “riba buyu’”, and in lending, which is “riba duyun”. …
Wan Hafizi Wan Halim on “Why Conventional Insurance is not compatible in Islam” Read More »
Can a Bank be Halal and Islamic at the same time? Well to me it can because Banking activities by itself should fall under the category of Mu’amalah. And Mu’amalah means the wordly matters, or the wordly activities of the human being from the Islamic point of view. So the original rulings of the Mu’amalah …