THE DEFERRED CONTRACTS OF EXCHANGE AL-QURAN IN CONTRAST WITH THE ISLAMIC ECONOMISTS' THEORY ON BANKING AND FINANCE

• Main Author: Abdul Halim Ismail Dato' (Author)
• Format: Book
• Language: Malay
• Published: Kuala Lumpur Institute of Islamic Understanding Malaysia 2010
• Subjects: Contracts (Islamic law); Banks and banking > Religious aspects > Islam
• Online Access: Click Here to View Status and Holdings.
• Physical Description: v, 78pages 23cm
• Bibliography: Includes bibliographical references
• ISBN: 9834093632

The Deferred Contracts of Exchange include Al-Bai' Bithaman Ajil Deferred Installment Sale, Bai Al-Murabahah Deferred Lump sum Sale, Al-Ijarah (leasing), Bai' Al-Salam (Salam Sale) and Bai' Al- Istina (Sale on Order). These are similar contratcts would form the basis for Islamic debt financing in the Islamic banking and financial system. Similarly, they would be at the core of its Islamic debt securities market. The paper focuses on the derivation of the above contracts from specific verses of Al-Quran based on some famous writings on Tafsir Al-Ahkam, or Commentaries Specialising Injunctions. The resultant contracts are then contrasted with the Islamic economists' theory on Islamic banking and finance.