Mohamed Fairooz Abdul Khir

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Islamic Legal Maxims & Their Application in Islamic Finance (2nd Edition, 2020)

All praise is for Allah, and may Allah bless our master, Prophet Muhammad, and bestow peace upon him and upon his family and Companions and whoever follows his guidance. By the grace of Allah, ISRA was able to publish Islamic…


4 - Session 1 – Dr Fairooz

Event Papers

Zakat ke atas Instrumen Kewangan Islam: Obligasi dan Pengiraan

Event Papers

Accepting Deposits in Islamic Banking Operations: Sharīʿah Issues and General Parameters

EXECUTIVE SUMMARY Accepting Deposits in Islamic Banking Operations: Shariah Issues and General Parameters   Acceptance of deposits is one of the most significant activities of an Islamic banking business, along with acceptance of money for investment and provision of financing…

Research Paper

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

This research is essentially intended to explore relevant Shari'ah principles that may underlie imposition of fees and charges in various Islamic banking products and services (IBPS). It also aims at constructing a Shariʿah parameter for imposition of fees and charges…


Profit Sharing Investment Accounts in Islamic Banks: Classification and Accounting Treatment in the Financial Statements

In the Malaysian context, the recent Islamic Financial Services Act 2013 (IFSA) distinguishes investment accounts from Islamic deposits, whereby an investment account is defined by the application of Sharīʿah contracts having a non-principal guarantee feature for the purpose of investment.…

Research Paper

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

Acceptance of Deposits in Islamic Banking Operations: A Critical Appraisal

ISRA Bloomberg Bulletin Fatwa in Islamic Finance

The Concept of Actual Financial Loss (Ḍarar Mali Fi’li) in The Context Of Islamic Banking Operations


Journal (English)

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

Shariah Perspective on Gold

Global Islamic Economic Magazine

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

Risk Taking in Islamic Commercial Transactions: A Fiqhi Perspective

Islamic finance has distinctive characteristics built upon the Shari'ah principles that govern and regulate contractual relationships in financial transactions. Islamic finance is distinguished, not only by its strong connection to Islamic law, but also by Islamic ethics that provide the…

Research Paper

ISRA Bloomberg Bulletin Q2 2015 - Sukuk Review

ISRA Bloomberg Bulletin Quarterly Sukuk Review

Accounting Issues in the Reporting of Profit-Sharing Investment Accounts in Islamic Banks’ Financial Statements under IFSA 2013

It examines the different options for the reporting of Profit Sharing Investment Accounts (PSIA) that are based on the muḍarabah contract in Islamic banks’ financial statements–particularly whether they should be recognised as an on- or off-balance sheet item to reflect…

Journal (English)

Parameter Fi dan Caj Dalam Produk Kewangan Islam

Event Papers

Actual Costs In Fees And Charges In Islamic Banking

This research aims to examine the issue of charging fees in Islamic banking products and services, the Sharīʿah bases for imposition of such fees and charges, the Sharīʿah justifications for imposing fees and charges at actual cost incurred or actual…

Journal (English)

ISRA Bloomberg Bulletin Q3 2014 - Sukuk Review

ISRA Bloomberg Bulletin Quarterly Sukuk Review

PSIA In Islamic Banks: Classification And Accounting Treatment In The Financial Statements


Event Papers

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


Event Papers

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

Offering MRTT for the Borrowers of Conventional Housing Loans: An Analysis from a Shariah Perspective

Mortgage Reducing Term Takaful, commonly known as MRTT, is an Islamic alternative to Mortgage Reducing Term Assurance, commonly known as MRTA. The latter is a type of conventional life insurance mainly designed for homeowners to secure their outstanding loans. It…

Research Paper

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

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

Islamic Legal Maxims and Their Application in Islamic Finance

ISRA’s Islamic Legal Maxims and Their Application in Islamic Finance is one of the most comprehensive compilations of Islamic legal maxims available in English. The most important feature of this book is that it explains each maxim in a way…


Ibra’ and its Application in Islamic Finance - December 2013 - Fatwa in Islamic Finance

ISRA Bloomberg Bulletin Fatwa in Islamic Finance

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

The Concept Of The Time Value Of Money: A Shari'ah Viewpoint

The concept of the time value of money (TVM) has been well accepted and widely applied in the conventional financial system for a very long time. However, Islamic scholars hold differing views regarding its conceptual and practical foundation in the…

Research Paper

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

Fatwas In Islamic Banking: A Comparative Study Between Malaysia And Gulf Cooperation Council (GCC) Countries

Inconsistency in Shari'ah interpretation is one of the most pressing concerns in the Islamic financial industry. Many parties have called for serious efforts to solve it, and some have suggested applying standardization. In light of that, we have conducted a…

Research Paper

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

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

Revisiting the Shari'ah Ruling of Capital Guarantee in a Mudarabah Contract

This research re-examines the issue of capital guarantee in a mudarabah contract and deliberates upon the Shari'ah view on a mudarib voluntarily offering a guarantee of capital as a benevolent act. This study finds that the juristic texts generally prohibit capital guarantee in a mudarabah contract…

Journal (English)

Revisiting the Fiqh Characterisations of the Rahn-Based Islamic Microcredit Product

The rahn-based Islamic microcredit product is an increasingly popular financing option among small entrepreneurs, lower income groups and gold traders. However, its Shari'ah structure has been sharply criticised by some Islamic scholars despite its success for those who offer it such…

Journal (English)

Shari'ah Parameters of Hiyal in Islamic Finance

Hilah (plural: Hiyal) is a juristic term defined as the use of acumen and ingenuity to avoid difficulty in one’s commitment to Shari'ah rulings, especially in financial and economic matters. Hiyal have been widely exercised in Islamic finance to provide…

Journal (English)


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1st Session Presenter: Assoc. Prof Dr. Mohamed Fairooz Bin Abdul Khir (ISSF2019)

1st Session Concept and Components of social banking and social financing The presentation covers the following: 1-    Values in the banking industry 2-    Background of social banking its establishment and development; 3-    Modern models of social banks and social finance;…

Mohamed Fairooz Abdul Khir

Islamic Social Finance - Assoc. Prof Dr. Mohamed Fairooz Bin Abdul Khir

Mohamed Fairooz Abdul Khir