The concept and application of daman al-milkiyyah (ownership risk) Islamic law of contract perspective

 196
ISBN/ISSN:
Pages: 106
Year: 2017


This publication is part of the journal (2017-2)


Purpose – The purpose of this paper is to elucidate the concept of daman al-milkiyyah (ownership risk) and
to assess its application in contemporary Islamic financial products and services.
Design/methodology/approach – The methodology adopted is that of descriptive research.
Findings – From an Islamic law of contract perspective, the concept of daman al-milkiyyah is central to legitimate
profit-making transactions and hencemust be adhered to in practical applications of Islamic finance.
Research limitations/implications – This study should help motivate further investigation into the
position of daman al-milkiyyah among different parties in existing Islamic financial products and services.
Practical implications – Policymakers and regulators should ensure that Islamic financial products and
services are structured in a way that does not allow parties to profit without adequately bearing the liability for
potential loss.
Social implications – The condition of daman al-milkiyyah as a source of legitimate profit reflects the idea
that the role of finance in Islam is to promote and ensure social benefits.
Originality/value – This paper emphasizes the importance of daman al-milkiyyah as a fundamental
condition for profit in Islamic financial transactions.

 


 

 

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