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JURISTIC VIEWPOINTS ON BAYC Al-C¡NAH IN MALAYSIA: A SURVEY

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  • Saiful Azhar Rosly
  • Azizi Che Semanb
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    Abstract

    In 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 Info

    Article 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)
    Pages: 87-112

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    Handle: RePEc:ije:journl:v:1:y:2003:i:2:p:87-112

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    Keywords: Islamic financing; Bayc al-inah; riba;

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