Muhammad Mahbubi Ali

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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)

Tasarruf al-Fuduli: Its Concept and Potential Application in the Islamic Banking Industry in Malaysia

Taṣarruf al-fuḍūlī refers to a transaction entered into by a person on behalf of another, without or beyond the mandate given. It thus encompasses various forms of unauthorised agency. The concept has been extensively discussed in Islamic jurisprudence and was…

Research Paper

Adaptasi Fiqh (Takyif Fiqhi) terhadap Bayaran Pendahuluan dalam Produk AITAB di Malaysia

Event Papers

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

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

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)

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

An Analysis Of Shari'ah Non-Compliant Events In Islamic Banks: Evidence From Malaysia

This study aims to explore the phenomenon of Shariah non-compliant events (SNE) in Islamic banks (IBs) by critically examining the implication of failure to comply with the BNM Shariah Standards on the Shariah-compliant status of the underlying transaction entered into…

Journal (English)

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

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

The Investment Initiative in Takaful: Issues and Challenges

This research discusses the contentious issues surrounding the investment fund in the takaful industry, focusing mainly on the Shari'ah issues, operational issues and legal challenges experienced by takafuloperators in carrying out the investment role. The research also proposes guidelines and parameters for investment…

Journal (English)