This thesis aims at investigating the validity of baiʿ al-ʿīnah, not only in classical terms but also in modern practice in the Malaysian banking industries. It also examines modes of Islamic personal financing, apart from baiʿ al-ʿīnah, which are currently practised, or may potentially be used in the future, and their validity, viability and marketability as Islamic financing tools. They include classical and organised tawarruq, rahn-based qarḍ, qarḍ and sale financing, takāful-based qarḍ and hibah-sale based financing. It also investigates the proper legal foundation for the alternatives, namely maṣlaḥah mursalah and its connection with ḥīlah and, whether or not the former could replace the latter as an Islamic legal foundation. Furthermore, it examines parameters for the alternatives to be Sharia compliant. Analysis is confined to the instrument of baiʿ al-ʿīnah in personal financing by using the primary and secondary sources of Sharia through legal analysis of uṣūl al-fiqh. It is concluded that the application of baiʿ al-ʿīnah in the Malaysian banking industries should not be solely referred to the ruling of the instrument in its classical form. Contemporary baiʿ al-ʿīnah is considered non-Sharia compliant if the instrument contains one of the prohibited elements such as the element of a sale for a sale, a sale for a qarḍ, a sale with invalid conditions, selling unavailable or unpossessed items, selling without the responsibility to guarantee and non-Sharia ḥīlah. Any alternative to baiʿ al-ʿīnah could be based on maṣlaḥah mursalah or ḥīlah sharʿīyah to comply with their requirements. The instruments of salam-based financing, classical and organised tawarruq, rahn-based qarḍ, takāful-based qarḍ and hibah for a reward financing have the qualities to replace baiʿ al-ʿīnah as Sharia compliant personal financing instruments.
| Identifer | oai:union.ndltd.org:bl.uk/oai:ethos.bl.uk:685270 |
| Date | January 2016 |
| Creators | Jusoh, Amir Fazlim |
| Publisher | University of Aberdeen |
| Source Sets | Ethos UK |
| Detected Language | English |
| Type | Electronic Thesis or Dissertation |
| Source | http://digitool.abdn.ac.uk:80/webclient/DeliveryManager?pid=229505 |
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