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

Author

Listed:
  • Saiful Azhar Rosly
  • Azizi Che Semanb

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.

Suggested Citation

  • Saiful Azhar Rosly & Azizi Che Semanb, 2003. "JURISTIC VIEWPOINTS ON BAYC Al-C¡NAH IN MALAYSIA: A SURVEY," IIUM Journal of Economics and Management, IIUM Journal of Economis and Management, vol. 11(1), pages 87-112, June.
  • Handle: RePEc:ije:journl:v:1:y:2003:i:2:p:87-112
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    More about this item

    Keywords

    Islamic financing; Bayc al-inah; riba;

    JEL classification:

    • G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)
    • Z12 - Other Special Topics - - Cultural Economics - - - Religion

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