The concept of criminology (bathil) in islamic financial institution practices in Malaysia and islamic Republic of Iran / Ezani Yaakub, Noraini Mohamad and Asmak Husin

In Malaysia, Islamic banking system has been established as an alternative to existing conventional systems. The development of Islamic banking in Malaysia is divided into three stages. In the first stage, Bank Islam Malaysia Berhad (BIMB), the only Islamic Bank licensed under the Islamic Banking Act; 1983 was incorporated in March 1983. BIMB, like all banks in Malaysia, whether conventional or Islamic, are supervised by Bank Negara Malaysia (Malaysian Central Bank or BNM). The second stage is the introduction of Skim Perbankan Tanpa Faedah (SPTF) or Interest-free Banking Scheme (IFBS) and Islamic Banking Scheme (IBS). These schemes allowed the existing conventional bank to offer Islamic banking as part of their services. It was launched on 4th March 1993. In the third stage, the government has promoted Malaysia as a regional Islamic Financial Centre. Labuan has been declared as an International Offshore Financial Centre (IOFC). In the year 2002, the first Sovereign Global Islamic Sukuk, structured on the principal of Ijarah, amounting to USD600 million was launched. It signifies Malaysia's strong commitment in developing Islamic Banking and finance in the global front. In fact, Malaysia remains the world's leader in Sukuk issuance by both number and value, with 2010 trade totaling about $40bn and in quarter II on 2011 totaling about$31.5.2 However, the development of prevention method of Islamic financial criminology is insufficient. Most of the prevention was done within conventional framework such as cases of Islamic finance solved and heard in civil court which implements conventional system. In addition to that, most of the wrong-doers are non-Muslim and Muslims who have no exposure to Islamic finance due to their educational background. Thus, this research listed out types of prevention method done by Malaysia and compares the methods to I.R I.R of Iran since I.R of Iran implements full-fledge Islamic finance, and has succeeded to become the leader in Islamic finance among all countries in the world

The Principle of ‘Damage’ as Guidance for Civil Society Roles in Islamic Built Environment

Uncontrolled urbanization harms both the environment and society. Sole environmental responsibility has diminished the community's sense of responsibility. In this way, Local Agenda 21 aims to engage all parties, including civil society. This paper will explore the ‘Damage' principle in relation to the environmental roles of civil society. Content from Kitab al-I'lan Bi Ahkam Al-Bunyan was analyzed. The findings revealed several fiqh-related essences related to civil society roles. A sustainable built environment requires policymakers and society to reexamine community involvement levels, types, and forms. Keywords: Civil society; built environment; fiqh; 'Damage.' eISSN: 2398-4287 © 2020. The Authors. Published for AMER ABRA cE-Bs by e-International Publishing House, Ltd., UK. This is an open access article under the CC BYNC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/). Peer–review under responsibility of AMER (Association of Malaysian Environment-Behaviour Researchers), ABRA (Association of Behavioural Researchers on Asians) and cE-Bs (Centre for Environment-Behaviour Studies), Faculty of Architecture, Planning & Surveying, Universiti Teknologi MARA, Malaysia. DOI: https://doi.org/10.21834/ebpj.v6iSI6.304

Tadlis in Islamic transactions / Mohamed Azam Mohamed Adil … [et al.]

The discussion on tadlis has been quite complicated since Muslim jurists are in dispute over its meaning. Some tend to interchange it with taghrir and ghabn. While others suggest that the doctrine of tadlis and misrepresentation are so closely interrelated. This article suggests that the doctrine of tadlis is so akin to taghrir and ghabn which mean fraud. It also suggests that the effect of fraud in Islamic transactions is that the defrauded party may rescind the contract by exercising the option of fraud (khiyar al-tadlis)

Wang fiat: Halal yang tidak tayyib / Shafee Ahmad @ Salleh, Ezani Yaakub dan Mohd. Solahuddin Shahruddin

Penggunaan mata wang fiat dalam sistem kewangan di seluruh dunia kini telah mula diragui kredibilitinya. Kelebihannya berbanding sistem barter memang tidak dapat diragukan dan sangat ekonomik sifatnya kerana dapat mengatasi banyak kelemahan termasuklah ketidakadilan dan ketidak seragaman dalam pertukaran. Namun dengan pelbagai perubahan yang berlaku dalam sistem kewangan dewasa ini, lebih-lebih lagi faktor politik negara membangun, kredibiliti penggunaannya dari perspektif Islam telah dipertikaikan. Umumnya wang fiat difatwakan harus oleh majoriti ulama pada masa dahulu tetapi status ini mungkin berubah dan memerlukan kajian semula. Ini adalah kerana terdapat banyak impak negatif dalam ekonomi yang terhasil khususnya dalam perkara-perkara asas ekonomi. Sewajarnya isu ini perlu diperhalusi semula secara mendalam dan diberi penilaian semula oleh para ulama dan pakar-pakar ekonomi Islam. Ini bagi memastikan praktis ekonomi dan kewangan Islam yang lebih adil dan menyeluruh

Akad jual beli dalam talian berasaskan prinsip fiqh muamalat

Akad jual beli dalam talian adalah satu bentuk akad jual beli yang dibentuk, dilaksana, digubal dan dinyatakan oleh sistem perisian komputer dengan sokongan rangkaian perhubungan internet melibatkan pihak yang saling berjauhan bagi menyempurnakan sesuatu akad. Akad ini sinonim dengan transaksi melibatkan aktiviti perbankan, lelongan, jual beli atau lain-lain perkhidmatan seperti penyediaan tapak laman web. Ianya dilaksanakan sama ada melalui pasar maya atau portal, borang dalam talian, media sosial atau emel. Disebabkan akad jual beli dalam talian adalah satu kaedah moden dalam membentuk akad, maka satu penjelasan fiqh yang praktikal diperlukan bagi memastikan prinsip-prinsip yang digariskan dalam fiqh muamalat dipatuhi. Oleh itu, kajian ini dijalankan bagi meneliti kepatuhan prinsip fiqh dalam akad jual beli dalam talian. Kajian berbentuk kualitatif ini dijalankan berasaskan kaedah kepustakaan dengan penelitian karya-karya fiqh dan kajian semasa yang telah dijalankan bagi mendapatkan rumusan dan dapatan yang jelas bagi akad jual beli dalam talian patuh syariah. Seterusnya, hasil kajian merumuskan prinsip-prinsip penting fiqh bagi akad jual beli dalam talian yang dilaksanakan sama ada dalam bentuk bayn al-hadirayn atau bayn al-gha’ibin. Hasil kajian menunjukkan akad jual beli dalam talian yang menghasilkan mesej digital (elektronik) memberi gambaran kepada wujudnya sighah akad secara bertulis

A revisit to the practice of late payment charges by Islamic Banks in Malaysia

Islamic banking in Malaysia have been experiencing late payment and default issues because customers are not allowed to be charged with interest (riba) as opposed to the practices in the conventional banking. To mitigate these issues, the Shariah Advisory Council of Bank Negara Malaysia has enforced ta’widh and gharamah as regulatory alternatives. Practically, ta’widh and gharamah were imposed on the defaulting customers who fail to meet their obligation to pay their financing based on several conditions. Given the significance of its imposition, this paper aims to analyse the current practice in Islamic banks and examine the views of contemporary Muslim scholars on ta’widh and gharamah and its suitability as alternatives for avoidance of riba