Papers by Md. Faruk Abdullah
Purpose – The study aims to consider wa'dan-based products in Islamic banks in Malaysia and discu... more Purpose – The study aims to consider wa'dan-based products in Islamic banks in Malaysia and discuss the validity of wa'dan in those products from the perspective of Shari'ah.
Home financing is a noteworthy segment of investments in our present banking practices. Islamic b... more Home financing is a noteworthy segment of investments in our present banking practices. Islamic banks adopt several products to keep itself free from Riba or usury. In Malaysia Islamic banks commonly practice al-Bay` Bi-thaman Ajil (BBA)i which is disputed by some jurists.
Abstract There is no denying to the fact that the stock market is an integral part of the economi... more Abstract There is no denying to the fact that the stock market is an integral part of the economic development of a nation. The current economic crisis was largely due to the fall of the giant global stock exchanges in New York, Europe, Japan and others. As the world ...
International Journal of Islamic and Middle Eastern Finance and Management, 2011
... Al-Jariri, AR (1986), Kitab al-fiqh 'ala al-madhahib al-arba&amp... more ... Al-Jariri, AR (1986), Kitab al-fiqh 'ala al-madhahib al-arba'ah, Dar al-irshad, Cairo, . ... Ibn Abidin, MAU (2000), Hashiahtu radd al-mukhtar 'ala al-durr al-mukhtar, Dar al-thaqafah wa al-turath, Damascus, . ...
Arab Law Quarterly
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International Journal of Islamic and Middle Eastern Finance and Management
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This article discusses the Syari'ah rulings for muwā'adah and wa'dān by reviewing the views of cl... more This article discusses the Syari'ah rulings for muwā'adah and wa'dān by reviewing the views of classical and contemporary scholars. It argues that muwā'adah which is a mutual promise is different from a contract ('aqd) even though the promise is binding on both parties. Therefore, it is allowed in the Syari'ah to make a muwā'adah for executing a sales contract (al-bay') on a future date. While a binding muwā'adah is allowed in the Syari'ah, it is more likely that wa'dān which involves two independent promises should be permissible. A group of scholars however, does not allow muwā'adah but this same group tolerate wa'dān. Although binding muwā'adah and wa'dān are permissible in the Syari'ah, their practices in some Islamic financial products involve certain conditions, and in some cases, their usage can be restricted based on sadd al-dharā'i' (blocking the means). This study is set benefit the Islamic finance
International Journal of Islamic and Middle Eastern Finance and Management, 2015
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Arab Law Quarterly, 2015
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Journal of Shi'a Islamic Studies, 2013
ABSTRACT This paper investigates the views of Sunni and Shi‘a jurisprudents on adjusting the repa... more ABSTRACT This paper investigates the views of Sunni and Shi‘a jurisprudents on adjusting the repayment amount of loans (qard, pl. qurud) and debts (dayn, pl. duyun) in accordance with a price index. Classical and contemporary Islamic jurists fall into two groups regarding this matter. The first group argues that loans and debts should be adjusted according to the customary value of a currency in accordance with the Qur’anic verse saying to give full measure when selling. However, the second group rejects the idea of adjusting the repayment amount of debts and loans with a price index; instead, they emphasize that Islamic law requires loans and debts to be paid in their exact, original amounts, and any excess in repayment would be seen as interest, which is strictly prohibited in Islamic law. After examining both sides of this debate, the authors conclude that the preferable shari‘ah view is that correlating loans and debts with a price index should not be allowed. However, debts and loans may be repaid according to the value of the currency in cases where payment of indemnity is necessitated.
International Journal of Islamic and Middle Eastern Finance and Management, 2011
... Al-Jariri, AR (1986), Kitab al-fiqh 'ala al-madhahib al-arba&amp... more ... Al-Jariri, AR (1986), Kitab al-fiqh 'ala al-madhahib al-arba'ah, Dar al-irshad, Cairo, . ... Ibn Abidin, MAU (2000), Hashiahtu radd al-mukhtar 'ala al-durr al-mukhtar, Dar al-thaqafah wa al-turath, Damascus, . ...
Humanomics, 2012
Purpose – The purpose of this paper is to analyze the human capital theory from an Islamic perspe... more Purpose – The purpose of this paper is to analyze the human capital theory from an Islamic perspective. It studies the primary sources of Islam to discover its contribution towards human capital development. Design/methodology/approach – The paper adopts inductive and analytical method to interpret Islamic viewpoints towards human capital development. It studies the classical and modern sources of Islamic law and analyzes scholars' opinions. Findings – In fact, human capital theory has a different understanding in Islam, due to its different objectives. However, it resembles the conventional theory in the way that it urges the development of human beings in education, skills and abilities. Islamic teachings contribute a lot to foster development among the individuals in every aspect of their lives. The way Islam gives incentive to development is unique; because, with the improvement of education, good skills, work and production, physical health and perfection, it is concerned about the moral and ethical development of employees, which is no doubt having a great effect in the development of the organization. Moreover, Islamic society plays an important role in nurturing enthusiastic and competent individuals. Originality/value – It is expected that the paper would be of interest to Muslim authorities, as a means to motivate their employees, as well as to share ideas across the academic disciplines.
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Papers by Md. Faruk Abdullah
Keywords: conditional hibah, umra, ruqba, disbursement, takaful benefit