The dual-banking system in Malaysia is expected to place Islamic finance at a disadvantage becaus... more The dual-banking system in Malaysia is expected to place Islamic finance at a disadvantage because of its over-dependency on fixed rate asset financing such as bai bithaman ajil and murabahah. Currently, the Islamic finance system is being faced with a number of paradoxes and it is consistently being criticized for the overuse of contracts which has been declared to be Islamically permissible. This study focuses on Bai Bithaman Ajil (BBA) sukuk structure which is highly controversial because of the different interpretations by Malaysian and Middle East scholars on the issue of bay' al-'inah. Subsequently, this study proposes Musharakah Mutanaqisah (MM) as an alternative instrument that charges customers low repayment costs on assets compared with the BBA method. However, the requirement of large funds from each participant in an MM contract and the complicated procedure to determine the rental rate could hinder bankers or business entities from implementing MM contracts.
Issues on women judges have significant effect in shaping the landmark of Malaysia Law System pre... more Issues on women judges have significant effect in shaping the landmark of Malaysia Law System precisely in Syari’ah court. It was started being debated by few Muslim countries since few years back; it brought pros and cons depending on acceptance of the people of a country. Even though it recently being debated in Malaysia, this issue re-awakens the same headline from other Muslim countries such as Sudan and Egypt. This issue affected by the practices of the school of Islamic Thought in order to be adapted to the present time depending on certain places. This paper tries to explain the basic rules of this new appointment of two women judges in Malaysia Syari’ah Court, to determine the Syari’ah status of the appointment in Muslim countries as a whole and specifically in Malaysia. The main point is to show both supporting and prohibition of this legal ruling according to Islamic Jurisprudence as well as the worldly view on the appointment; socio economic factors that colors the acceptance of women judges. The end means of this paper is to show that Islam does allow women to contribute in any matters as long as all the limitation is being preserved.
The dual-banking system in Malaysia is expected to place Islamic finance at a disadvantage becaus... more The dual-banking system in Malaysia is expected to place Islamic finance at a disadvantage because of its over-dependency on fixed rate asset financing such as bai bithaman ajil and murabahah. Currently, the Islamic finance system is being faced with a number of paradoxes and it is consistently being criticized for the overuse of contracts which has been declared to be Islamically permissible. This study focuses on Bai Bithaman Ajil (BBA) sukuk structure which is highly controversial because of the different interpretations by Malaysian and Middle East scholars on the issue of bay' al-'inah. Subsequently, this study proposes Musharakah Mutanaqisah (MM) as an alternative instrument that charges customers low repayment costs on assets compared with the BBA method. However, the requirement of large funds from each participant in an MM contract and the complicated procedure to determine the rental rate could hinder bankers or business entities from implementing MM contracts.
Issues on women judges have significant effect in shaping the landmark of Malaysia Law System pre... more Issues on women judges have significant effect in shaping the landmark of Malaysia Law System precisely in Syari’ah court. It was started being debated by few Muslim countries since few years back; it brought pros and cons depending on acceptance of the people of a country. Even though it recently being debated in Malaysia, this issue re-awakens the same headline from other Muslim countries such as Sudan and Egypt. This issue affected by the practices of the school of Islamic Thought in order to be adapted to the present time depending on certain places. This paper tries to explain the basic rules of this new appointment of two women judges in Malaysia Syari’ah Court, to determine the Syari’ah status of the appointment in Muslim countries as a whole and specifically in Malaysia. The main point is to show both supporting and prohibition of this legal ruling according to Islamic Jurisprudence as well as the worldly view on the appointment; socio economic factors that colors the acceptance of women judges. The end means of this paper is to show that Islam does allow women to contribute in any matters as long as all the limitation is being preserved.
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