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
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 is basically based on the debtor and creditor relationship
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.
trailed by Jewish society, Christens take after Gregorian timetable and Muslims follow Islamic date-book which is based on lunar timetable and known as Hijri Calendar. There are 12 months in Hijri Calendar. Of these 12 months, there are months which are more sacred to Muslims and The Muslims of Pakistan and all over the world change their attitude towards normal living in these months.The first month of Islamic Calendar is Muharram-ul- Harram.On the 9th & 10th of this month is Youm-e-Aashura a day
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
CHAPTER 1 INTRODUCTION 1.1 BACKGROUND OF THE STUDY In relation to the topic of this project paper, this study was conducted in order to find out the factors influencing Islamic Work Ethics at SIRIM Berhad, Shah Alam. From previous research, we have gathered that the aspects that are most likely to influence Islamic Work Ethics are job satisfaction, organizational commitment and conflict resolutions. Scholars have endeavored to define work ethics relating to the value system of people. Parnes and