JURISTIC VIEWPOINTS ON BAYC Al-C¡NAH IN MALAYSIA: A SURVEY
AbstractIn Malaysia, Shar¥cah scholars at the supervisory levels have advocated bayc al-c¥nah as a mode of finance. Under the label of al-bayc, the contract of al-bayc al-c¥nah contains interest-bearing features, such as earning a contractual return without the implication of risk and value-addition. Seeking a broader consensus on the permissibility of bayc al-c¥nah is thus critical. This study shows that Malaysian Shar¥cah scholars outside the supervisory bodies do not fully support al-bayc al-c¥nah. The survey indicates that bayc al-c¥nah can be applied under a state of èar´rah or when the ma§laúah of the Muslim people is under threat, which is not the case in Malaysia. Since Shar¥cah scholars in Middle-Eastern countries have condemned bayc al-c¥nah, it is crucial that a diversification policy is pursued to invite greater participation of global Islamic funds in Malaysia.
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Bibliographic InfoArticle provided by IIUM Journal of Economis and Management in its journal IIUM Journal of Economics and Management.
Volume (Year): 11 (2003)
Issue (Month): 1 (June)
Islamic financing; Bayc al-inah; riba;
Find related papers by JEL classification:
- G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)
- Z12 - Other Special Topics - - Cultural Economics - - - Religion
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