The Use of the Majalla in Islamic Finance in Malaysia: A Preliminary Study Farid Sufian Shuaib, Prof. Dr. & Tajul Aris Ahmad Bustami, Asst. Prof. Dr. Faculty of Laws, International Islamic University Malaysia The Majalla or the Majalla al-Ahkam al-Adliyyah as codification of part of Islamic law covers wide ranging subjects including general principles of Islamic jurisprudence and legal rules on transactions. These principles are relevant to the practice of Islamic finance. It is an interesting
There are two types of hire-purchase financing offered by banks specifically conventional hire- purchase and Islamic hire- purchase in Malaysia. The banking system in Malaysia is regulated by the central bank, Bank Negara Malaysia (BNM), a regulatory and supervisory bodies. The statutes applicable to both Islamic and conventional banks and financial institutions are the Banking and Financial Institutions Act 1989 (Act 372) (BAFIA) and the Islamic Banking Act 1983 (Act 276)/ (IBA). Conventional banking
theory of the contract of istisna’ and its application in relation to contract administration in Malaysia. The topics to be discussed are the concept of istisna’ briefly, its relation to the present contract in practice such as PWD 203A, the difference between the present contract practice with istisna’ contract and lastly a case study with regard to istisna’ contract that are applied by firms in Malaysia. 2.0 CONCEPT OF ISTISNA’ The word istisna' is derived from the word sana'a which literally means
Islamic banks first started in the year 1963 in Egypt. Later, in 1970s, it had spread to other countries such as Dubai and Bahrain. It was established to fulfil the needs of banking system by Muslims that are in-compliance with the Islamic law (Shari’ah) as noted in one article that “Islamic law reflects the commands of God and this regulates all the various aspects of a Muslim’s life and hence Islamic finance is directly involved with spiritual values and social justices” (“Islamic Banking”, p.
2.1 CREDIT CARDS The Bank Negara Malaysia (BNM, n.d) explained that credit card as a card issued by a financial company giving the holder an option to borrow funds, usually at point of sale. Credit cards charge interest and are primarily used for short-term financing. Interest usually begins one month after a purchase is made and borrowing limits are pre-set according to the individual's credit rating. For many purpose, credit cards were chosen by a lot of people to make the purchases in their daily
refers to the mechanism of doing business electronically using the web or email) throughout the world since the turn of the new millennium. In fact, e-business has become a standard operation for a large volume of businesses throughout the world. Malaysia is not left behind in this technology chase and the number of companies engaged in e-businesses has seen a tremendous growth over the last decade. The Government’s support towards ICT is evident with the development of the Multimedia Super Corridor
First with terrorism, responses at regional include regional law enforcement and national security enhancement. The Anti-Terrorism Pact signed in 2002 by Malaysia, Indonesia, and the Philippines is a law enforcement to neutralize terrorist threats and set up measures to deal with money laundering, illegal trafficking of women and children and other transnational illicit actions. At national level, individual
FRAUD Fraud encompasses a wide range of irregularities and illegal acts characterized by intentional deception or misrepresentation. The Institute of Internal Auditors’ (IIA’s) IPPF defines fraud as any illegal act characterized by deceit, concealment, or violation of trust. These acts are not dependent upon the threat of violence or physical force. Frauds are perpetrated by parties and organizations to obtain money, property, or services; to avoid payment or loss of services; or to secure personal