Asyraf Wajdi Dusuki

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Do Equity-Based Sukuk Structures Fulfil the Objectives of Shari‘ah (Maqasid al-Shari‘ah)? [Journal of Islamic Business and Management (JIBM)]

The  Islamic  capital  market  is  an  important  component  of  the  overall  Islamic  financial  system  especially  in  providing  an  element  of  liquidity  to  otherwise  illiquid  assets.  Like  their  conventional  counterpart,  Islamic  capital  markets  complement the investment role of the Islamic banking…


The Framework of Maqasid Al-Shari’ah and its implication to Islamic Finance

This article aims at examining the concept of maqasid al-shari'ah of Islamic jurisprudence in order to appreciate its contribution toward more comprehensive, rational and realistic answers to contemporary financial issues and thereby to increase the awareness of the maqasid approach…


Bursa Malaysia’s Suq al-Sila’ (Commodity Murabahah House) As An Alternative Platform for Tawarruq Transaction

In 2009, Bursa Malaysia launched a new trading platform called Suq al-Sila' or Commodity Murabahah House. The platform is introduced to facilitate Islamic financial transactions particularly the application of commodity murabahah which is based on the principle of taw'arruq. This…


Do Equity-based Sukuk Structures in Islamic Capital Market Manifest the Objectives of Shariah?

The Islamic capital market is an important component of the overall Islamic financial system especially in providing an element of liquidity to the otherwise illiquid assets. Like its conventional counterpart, Islamic capital markets complement the investment role of the Islamic…


The Application of Commodity Murabahah in Bursa Suq al-Sila’ Malaysia vis-a-vis Jakarta Future Exchange Shariah Indonesia: A Comparative Analysis

This study compares the application of tawarruq by Bursa Suq al-Sila' Malaysia and Jakarta Future Exchange Shariah Indonesia and how the two platforms address the Shari'ah issues that surround the modern tawarruqpractice.

Journal (English)

The Application of Commodity Murabahah in Bursa Suq Al-Sila’ Malaysia vis-a-vis Jakarta Future Exchange Shariah Indonesia: A Comparative Analysis

Executive Summary   Tawarruq has been extensively used by Islamic financial institutions (IFIs) recently, mainly to address liquidity shortages and to structure risk management tools. The common term used in the market today to denote tawarruq is “commodity murabahah” or…

Research Paper

Application of Options in Islamic Finance

The objective of this research is to provide a clearer understanding of the options contract in Islamic finance. Option contracts provide economic benefits of hedging and flexibility of use; however, they are also used for speculative purposes that contravene the…

Research Paper

Insolvency Law in Malaysia and the Adjudication Order (Taflis) on a Bankrupt in Islamic Finance: Similarities and Differences

This study aims to analyze the scope of bankruptcy under the Malaysian law and from the perspective of the Shari'ah, and the need to reform the existing legal, regulatory provisions and procedures in order to meet Shari'ah requirements.

Journal (English)

Islamic Finance : An Old Skeleton in A Modern Dress

Islamic Finance : An Old Skeleton in A Modern Dress 1. Islamic Banking -- Malaysia. 2. Economics -- Religous aspects -- Islam. I. Title. II. Series


Konsep dan Operasi Swap Sebagai Mekanisme Lindung Nilai Dalam Institusi Kewangan Islam (Kertas Kerja)


Event Papers

Ibn Khaldun's Concept of Social Solidarity and its Implication to Group-Based Lending Scheme Paper

-Asabiyah or social solidarity is the core of Ibn Kaldun‟s thought concerning the rise  and decline of the civilisation. It is also a source for economic development and  political stability. In the Muqaddimah, Ibn Khaldun emphasises the importance of  having…

Event Papers

Commodity Murabahah Programme (CMP): An Innovative Approach to Liquidity Management

Event Papers

Challenges of Realizing Maqasid al-Shariah (Objectives of Shariah) in Islamic Capital Market: Special Focus on Equity-Based Sukuk



Fiqh Issues in Short Selling as Implemented in the Islamic Capital Market in Malaysia



Practice and Prospect of Islamic Real Estate Investment Trusts (I-REITs) in Malaysian Islamic Capital Market



The Ideal of Islamic Banking: A Survey of Stakeholders’ Perceptions



Why Do Malaysian Customers Patronise Islamic Banks?



Maqasid al-Shari`ah, Maslahah, and Corporate Social Responsibility



Customers’ Perceptions Of Islamic Hire-Purchase Facility In Malaysia: An Empirical Analysis

One of the latest innovative products of Islamic banks is the Islamic hirepurchase facility or Al-Ijarah Thumma al-Bay' (AITAB) which is designed to meet the current demand and avoid certain risks in the financing of consumer durables and motor vehicles. AITAB can be…

Event Papers

What Does Islam Say about Corporate Social Responsibility?

The escalating social and economic problems brought about by globalization have raised new questions as well as expectations about corporate governance, ethical and social responsibilities. Consequently, corporate social responsibility (CSR) has emerged and developed rapidly as a field of study.…


Corporate Governance And Stakeholder Management: An Islamic Perspective

Sound corporate governance practices have become essential for efficient, viable and sustainable growth of Islamic financial institutions. Accordingly, there is a shift from the traditional shareholder value centred view of corporate governance in favour of a corporate governance structure that…


A Framework For Islamic Financial Institutions To Deal With Shari'ah Non-Compliant Transactions

The concern over Shariah-compliant transactions is firmly entrenched in the activities and operations of Islamic financial institutions (IFIs). As a business entity established within the ambit of Shariah, an IFI is expected to be guided by values, principles, objectives and…

Research Paper

Application Of The Wadi'ah Concept In Traditional Family Takaful Products

Most life (family) takaful products today are structured on the form of unit-linked or investment-linked models. This essentially means that there is a clear segregation between the investment fund and the takaful ortabarru' fund. Indeed, the concept of takaful, which is premised on the principle of tabarru',…

Research Paper

Ethical And Social Responsibility Models For Islamic Finance

As institutions that are governed by the principles of the Shari’ah, Islamic financial institutions should depart significantly from their conventional counterparts. The intense commitment of Islam to brotherhood, morality and justice makes the well-being of all human beings the principal…

Research Paper

Challenges of Realizing Maqasid Al-Shari'ah (Objectives of Shari'ah) in the Islamic Capital Market : Special Focus on Equity-Based Sukuk Structures

One of the most popular instruments used today in the Islamic Capital Market is sukuk. Various sukuk structures based on ijarah, musharakah, mudharabah and hybrid forms have evolved. However, these innovations have raised many Shari‘ah issues and controversies. This paper…

Research Paper

The Framework of Maqasid Al-Shari'ah (Objectives of the Shari'ah) And Its Implications in Islamic Finance

This article examines the concept of maqasid al-Shari'ah in Islamic jurisprudence in order to highlight its contribution to more comprehensive, rational and realistic answers to contemporary financial issues and to thereby increase awareness of the maqasid approach in structuring and…

Research Paper

Implementasi Ibra' dalam Produk berasaskan Harga Tangguh dalam Sistem Perbankan Islam : Analisis dari Segi Perspektif Operasi Perbankan dan Maqasid Syari'ah

This research paper discusses the implementation of ibra’ in the contemporary Islamic banking operation. It attempts to examine the compatibility of the current implementation of ibra’ with Syariah framework. This is due to the fact that its implementation which originally…

Research Paper

The Concept and Operations of Swap as a Hedging Mechanism for Islamic Financial Institutions

This paper discusses the concept and operations of the swap instrument as a hedging mechanism in the Islamic financial system. The main objective of this paper is to give a clearer picture of the swap mechanism as offered by the…

Research Paper

Can Bursa Malaysia’s Suq al-Sila’ (Commodity Murabahah House) Resolve the Controversy over Tawarruq?

In 2009, Bursa Malaysia launched a new trading platform called Suq al-Sila’ or Commodity Murabahah House. It was introduced to facilitate certain Islamic financial transactions, particularly commodity murabahah based on tawarruq. This platform is claimed to provide genuine commodity transactions…

Research Paper

Critical Appraisal of Shari'ah Issues on Ownership in Asset-based Sukuk as Implemented in The Islamic Debt Market

Sukuk comprise one of the fastest-growing segments of the Islamic debt capital market. This paper aims to shed light on Shari‘ah issues that arise in asset-based sukuk structures and operations. It first discusses the concept of sukuk and delineates the…

Research Paper

Banking for the Poor : The Role of Islamic Banking in Microfinance Initiatives

The main purpose of this paper is to review the microfinance scheme and discuss how Islamic banks can participate in such an endeavor without compromising institutional viability and sustainability. The paper conducts an extensive review of microfinance to build a…

Research Paper

Shari'ah Parameters on the Islamic Foreign Exchange Swap as a Hedging Mechanism in Islamic Finance

The Islamic Foreign Exchange Swap (hereafter Islamic FX Swap) is a contract that is designed as a hedging mechanism to minimise market participants’ exposure to market currency exchange rates which are volatile and fluctuating. Although an Islamic FX Swap functions…

Journal (English)