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IIUM ledger of political preservation and Management 9, no. 2 (2001): 187-201 © 2001 by The foreign Moslem University Malaysia C IWAë AS A need OF rule-governed SALE: A CRITICAL ANALYSIS Saiful Azhar Rosly* Associate Professor, segment of Economics, Kulliyyah of Economics and Management Sciences, International Islamic University Malaysia, Jalan Gombak, 53100 Kuala Lumpur, Malaysia. (E-mail: saiful@iiu.edu.my) ABSTRACT This paper give birth out vie that replacing jest atÅ' with al-bayc does non mean that the latter tail end imply all make of exchange (al-bayc) to justify Islamic legitimacy. Apart from the prohibition of uncertainties (gharÅ'r) in exchange, the requirement of an equivalent countervalue (ciwaè) must as well be met. Risk (ghurm) and liability (èaman) after sale and value-addition or enterprise (ikhtiyÅ'r) atomic number 18 the principal components of ciwaè. As much(prenominal), any increase from sale moldiness contain ciwaè, otherwise ribÅ' is implicated. In unblemished Islamic commercial decocts such as ijÅ'rah, salam and muèÅ'rabah, ciwaè is evident. However, the contracts of credit of al-murÅ'baúah or al-bayc bithaman Å'jil are widely apply by Islamic banking practitioners. To prove Islamic legitimacy, this contract must show that the financiers sweep up the risk of ownership in qualification the sale.

It must in any case show evidence that the trafficker is liable to the option of blur (khiyÅ'r alc ayb). The same holds for bayc al-cÂ¥nah and bayc al-dayn which are also widely utilise in Islamic funds and capital markets in many Muslim countries. JEL classification: G20, K39, Z12 refer haggling: Islamic banking, CIwaè, abuseÅ' 1. INTRODUCTION Differences of depression in fiqh is not prohibited in Islam unless it involves the fundamentals of Islam, namely the rules (aúkÅ'm), which the QurÅ'n has made suddenly clear by elan of its textual evidences (na§). For example, there canister be no differences of opinion (ikhtilÅ'f) on the *The author is appreciative to the anonymous referees for several stabilizing comments. 188 IIUM Journal of Economics...If you want to get a full essay, roam it on our website: Ordercustompaper.com

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