Lokmanulhakim Hussain

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Publication

  Title Category / Type
1

Actual Loss: Its Implications in Early Settlements and Defaults on Islamic Bank Financings

Islamic banks as financial intermediaries face asset liability mismatches when their customers breach the terms and conditions of their agreements, and these events affect banks’ profitability. While conventional banks are free to impose various charges on their customers in such…

Research Paper
2

Metodologi Pengiraan Zakat di Institusi Kewangan Islam di Malaysia

Event Papers
3

Shariah Non-Compliant Assets as Rahn (Pledge) in Islamic Banking Products: A Fiqhi Perspective

Executive Summary Collateral is an important tool that modern financial institutions use to mitigate credit risk. It is normally used to recover payment of the outstanding obligation in the event of customer default. Collateral may be in the form of…

Research Paper
4

Shari'ah non-compliant assets as rahn (pledge) in Islamic banking products: a fiqhi perspective

Abstract Purpose – The purpose of this study is to present a framework regarding the use of Shariʿah non-compliant assets as rahn (pledge) and to provide the Shariʿah analysis on the application of numerous collateral instruments, including financial assets such…

Journal (English)
5

Prinsip Hajah yang Diberikan Kedudukan Menyamai Darurah dan Aplikasinya dalam Kewangan Islam

Hajah merupakan satu prinsip dalam Islam yang memberikan kelonggaran hukum-hakam dalam situasi-situasi tertentu. Ia didefinisikan sebagai keperluan yang dialami oleh individu ataupun manusia secara keseluruhan untuk menghilangkan kesulitan dan kepayahan, sama ada secara bertempoh atau secara berkekalan, dan jika keperluan…

Research Paper
6

The Parameters of Hiyal in Islamic Finance

Ḥiyal (legal stratagems) play a significant role in Islamic finance as they may provide remedies and alleviate financial predicaments in many products. Nevertheless, excessive use of ḥiyal may amount to circumvention of Sharīʿah rulings and contravention of the objectives of…

Research Paper
7

The Basis for Imposition of Fees and Charges in Islamic Banking Products and Services

As a financial intermediary, an Islamic financial institution (IFI) generates two different types of income, namely (1) funding income and (2) nonfunding income. Funding income refers to income that an IFI generates from its fund-based products that are typically under…

Research Paper
8

The Obligation of Zakāh on Short-Term Traded Shares

ISRA Bloomberg Bulletin Fatwa in Islamic Finance
9

Zakat Saham: Status Kewajipan ke atas Individu Pemegang Saham dan Kaedah Pengiraan

Kajian ini dilakukan bagi menganalisis hukum zakat saham dari perspektif yang lebih komprehensif. Pelaburan atau penyertaan dalam perniagaan melalui pembelian saham-saham syarikat merupakan pemilikan aset bentuk baharu, dan kerana itu kaedah pemilikan ini tidak dibicarakan dalam rujukan-rujukan klasik. Oleh itu,…

Research Paper
10

Application of Incentive Fee in Islamic Finance: An Analysis of the Fiqhi Characterization

The concept of incentive fee (also called performance fee) is used in conventional finance to encourage fund managers to improve their performance level and provide the best return for their clients. It is a common feature of most alternative investment…

Research Paper
11

Prinsip Hājah yang Diberikan Kedudukan Darūrah dan Aplikasi dalam Kewangan Islam

Event Papers
12

The Principle of Need: How should it be Applied?

Global Islamic Economic Magazine
13

Application Of Hibah MuʿAllaqah For Retirement Annuity Plan

This research aims to identify the Sharīʿah and operational issues facing the takāful industry in developing a retirement annuity plan and to propose a Sharīʿah-compliant model for a retirement annuity plan.

Journal (English)
14

Exploring a Shari'ah-Compliant Model for Retirement Annuity Plans

Islamic insurance, hereafter referred to as takāful, is established on the concept of mutual assistance (taʿāwun), mutual security (taḍāmun) and mutual protection and assurance between participating members who undertake to mutually guarantee and indemnify one another in case of a…

Research Paper
15

Shariah Complaint Annuity Plan and the Issue of Hibah with Consideration - September 2014 - Fatwa in Islamic Finance

ISRA Bloomberg Bulletin Fatwa in Islamic Finance
16

Takyif Fiqhi Terhadap Yuran Prestasi (Performance Fee) Daripada Lebihan (Surplus) Dana Risiko Peserta Takaful

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Event Papers
17

Struktur Patuh Syariah bagi Pelan Takaful Anuiti Persaraan (Annuity Retirement Plan)

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Event Papers
18

Exploring Shari’ah Compliant Model For Retirement Annuity Plan

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Event Papers
19

Kos Sebenar (Fi dan Caj) dalam Kewangan Islam: Analisis dari Perspektif Syariah

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Event Papers
20

The Shari'ah Ruling on Capital Guarantee in a Mudarabah Contract

The Islamic Financial Services Act (IFSA) 2013 provides regulation and supervision for Islamic financial institutions and promotes financial stability and compliance with the Shari'ah. IFSA came into force on 30 June, 2013. It requires Islamic financial institutions to ensure that…

Research Paper
21

An Appraisal of the Principles Underlying International Financial Reporting Standards: A Shari'ah Perspective - Part 1

The vision of establishing a common set of accounting standards to be used throughout the world has today received the public support of many international organisations, including the G20 countries, the International Monetary Fund (IMF), the World Bank, the Financial…

Research Paper
22

Analisis Kewajipan Zakat Emas Terhadap Pelaburan Emas di Malaysia

Kewajipan mengeluarkan zakat emas secara umumnya dinaskan di dalam al-Quran, Sunah dan ijmak. Pada hari ini, sesetengah masyarakat Islam yang terlibat dalam pelaburan emas mula menimbulkan isu kewajipan zakat emas terhadap pelbagai jenis pelaburan emas yang ada di pasaran. Ini…

Research Paper
23

Fiqh Adaptation (Takyif Fiqhi) for the Concept of a Performance Fee in Takaful

This study seeks to examine the application of performance fees in the takaful industry, particularly by takaful operators, and aims to discuss the most appropriate contract for the practice of performance fee in takaful operations to ensure that it complies…

Journal (English)
24

Critical Appraisal of The Rahn-Based Islamic Microcredit Facility

The rahn-based Islamic microcredit facility is currently popular among Islamic financial institutions in Malaysia, essentially because of its commercial features, which make it attractive and competitive with conventional pawnbroking. However, the substance of this product triggers some Shari'ah issues, which…

Research Paper
25

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)
26

Isu-Isu Syariah Dalam Sukuk Ijarah Muntahiyah Bi Al-Tamlik dan Sukuk Ijarah Mawsufah Fi Dhimmah: Satu Analisa (Kertas Kerja)

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Event Papers
27

Jaminan Mudharib Di Dalam Kontrak Mudharabah (Kertas Kerja)

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Event Papers
28

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
29

Isu Jaminan Mudarib Dalam Konteks Mudarabah: Rujukan Khusus Terhadap Industri Kecil & Sederhana

Antara kekangan bank-bank yang melaksanakan perbankan Islam dalam menawarkan produk pembiayaan berasaskan perkongsian seperti mudarabah ialah isu jaminan modal. Ini kerana antara prinsip asas dalam kontrak mudarabah ialah tanggungjawab jaminan terletak di atas bahu pemodal (rabb al-mal). Dalam konteks pembiayaan…

Research Paper
30

Analisis Syariah Terhadap Produk-Produk Pelaburan Emas Di Malaysia

Aktiviti pelaburan emas semakin rancak di Malaysia dan disertai oleh pelbagai golongan termasuk umat Islam. Dari perspektif syariah, produk-produk dan teknik-teknik pelaburan emas perlu menepati prinsip dan hukum syarak, supaya aktiviti kewangan masyarakat Islam tidak terkeluar daripada landasan agama. Kertas…

Research Paper
31

Parameter Hiyal Dalam Kewangan Islam

Hiyal mempunyai peranan yang penting dalam kewangan Islam hari ini. Melalui aplikasi Hiyal, kebanyakan kekangan kewangan dalam produk-produk dapat di atasi. Walau bagaimanapun, penggunaan Hiyal yang keterlaluan tanpa batasan dan garis panduan yang tepat boleh membawa kepada pembatalan hukum (ibtal…

Research Paper
32

Operasi Perdagangan Pertukaran Matawang Asing Oleh Individu Secara Lani (Individual Spot Forex) Melalui Platfom Elektronik: Satu Sorotan Dari Sudut Syariah

Penglibatan pelabur-pelabur runcit dalam pasaran forex, terutamanya daripada kalangan individu persendirian, telah meningkat secara drastik dalam beberapa tahun kebelakangan ini. Golongan ini mengambil pendekatan melakukan perdagangan harian (day trading) matawang asing secara lani (spot forex) melalui platform elektronik yang disediakan…

Research Paper
33

Cost of Funds – Is It a Part of Actual Loss (Ta'wid)?

The research aims to identify whether the cost of funds can be treated as actual loss that can be recognized as revenue of Islamic Financial Institutions (IFIs). At the outset, the research will show how the understanding of the cost…

Journal (English)