Citation
Awang, Mohd Daud and Asutay, Mehmet
(2017)
Maqasid al-Shariah perspectives on the implementation of Hire-Purchase Act 1967 in Malaysia with reference to Al-Ijarah Thumma al-Bai' financing contract.
Malaysian Journal of Consumer and Family Economics, 20 (spec.2).
pp. 36-56.
ISSN 1511-2802
Abstract
This study aims to critically examine the meaning of the Al-Ijarah Thumma al-Bai' (AiTAB) contract and hire-purchase (HP) contract. It is also to explore several issues regarding the procedures of the Malaysian Hire-Purchase Act 1967 and it's contradiction to the Shariah. There are three main issues that were highlighted; transferring of ownership, right and liability, and charges. The Maqasid al-Shariah framework is a compatible approach for this study to solve these issues which does not only to harmonise both contracts but also in morally aspect. The findings of this study demonstrate how Maqasid al-Shariah should employ HP contract issues that might not be contradicted to AiTAB in developing a better understanding between AiTAB and HP practices as Islamic banking product.
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Additional Metadata
| Item Type: |
Article
|
| Divisions: |
Faculty of Human Ecology |
| Publisher: |
Malaysian Consumer and Family Economics Association |
| Notes: |
A special edition devoted to Economy, Poverty and Sustainability and Consumer Issues |
| Keywords: |
Al-Ijarah Thumma al-Bai'; Malaysian practice of hire-purchase; Maqasid al-Shariah |
| Depositing User: |
Nabilah Mustapa
|
| Date Deposited: |
04 Sep 2018 07:57 |
| Last Modified: |
04 Sep 2018 07:57 |
| URI: |
http://psasir.upm.edu.my/id/eprint/14007 |
| Statistic Details: |
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