Ownership Risk in the Perspective of Islamic Law of Contract: Concept and Application on Modern Practices
Daman Milkiyyah or ownership risk is an important element in Islamic Law of Contract as there are many implications arising from it. This concept also highlights one of the unique features of Islamic Law of Contract which promotes justice in transactions. The lack of a proper understanding of this c...
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| Format: | Article |
| Language: | English |
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Muhammadiyah University Press
2018-07-01
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| Series: | Journal of Islamic Economic Laws |
| Subjects: | |
| Online Access: | https://journals.ums.ac.id/index.php/jisel/article/view/6342 |
| _version_ | 1811248376379867136 |
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| author | Wan Ahmad Syafiq Wan Ahmad Ikram |
| author_facet | Wan Ahmad Syafiq Wan Ahmad Ikram |
| author_sort | Wan Ahmad Syafiq Wan Ahmad Ikram |
| collection | DOAJ |
| description | Daman Milkiyyah or ownership risk is an important element in Islamic Law of Contract as there are many implications arising from it. This concept also highlights one of the unique features of Islamic Law of Contract which promotes justice in transactions. The lack of a proper understanding of this concept may lead people to breaching Shariah principles as well as dealing with non-Shariah compliant transactions. It is the purpose of this paper to shed light on the fundamental concepts of ownership risk and its application on some of modern financial instruments. This work will write down the scattered though of ownership risk which has been discussed by Islamic classical scholars and continued by matching this concept to the existing modern financial instruments. In the end of the paper, we suggest further enhancement in the financial industry to adhere more towards shariah principle. |
| first_indexed | 2024-04-12T15:27:01Z |
| format | Article |
| id | doaj.art-6507ea6323bf46449c825ddddccaae65 |
| institution | Directory Open Access Journal |
| issn | 2655-9609 2655-9617 |
| language | English |
| last_indexed | 2024-04-12T15:27:01Z |
| publishDate | 2018-07-01 |
| publisher | Muhammadiyah University Press |
| record_format | Article |
| series | Journal of Islamic Economic Laws |
| spelling | doaj.art-6507ea6323bf46449c825ddddccaae652022-12-22T03:27:13ZengMuhammadiyah University PressJournal of Islamic Economic Laws2655-96092655-96172018-07-0111315210.23917/jisel.v1i1.63424171Ownership Risk in the Perspective of Islamic Law of Contract: Concept and Application on Modern PracticesWan Ahmad Syafiq Wan Ahmad IkramDaman Milkiyyah or ownership risk is an important element in Islamic Law of Contract as there are many implications arising from it. This concept also highlights one of the unique features of Islamic Law of Contract which promotes justice in transactions. The lack of a proper understanding of this concept may lead people to breaching Shariah principles as well as dealing with non-Shariah compliant transactions. It is the purpose of this paper to shed light on the fundamental concepts of ownership risk and its application on some of modern financial instruments. This work will write down the scattered though of ownership risk which has been discussed by Islamic classical scholars and continued by matching this concept to the existing modern financial instruments. In the end of the paper, we suggest further enhancement in the financial industry to adhere more towards shariah principle.https://journals.ums.ac.id/index.php/jisel/article/view/6342ownership, risk, liability, damān |
| spellingShingle | Wan Ahmad Syafiq Wan Ahmad Ikram Ownership Risk in the Perspective of Islamic Law of Contract: Concept and Application on Modern Practices Journal of Islamic Economic Laws ownership, risk, liability, damān |
| title | Ownership Risk in the Perspective of Islamic Law of Contract: Concept and Application on Modern Practices |
| title_full | Ownership Risk in the Perspective of Islamic Law of Contract: Concept and Application on Modern Practices |
| title_fullStr | Ownership Risk in the Perspective of Islamic Law of Contract: Concept and Application on Modern Practices |
| title_full_unstemmed | Ownership Risk in the Perspective of Islamic Law of Contract: Concept and Application on Modern Practices |
| title_short | Ownership Risk in the Perspective of Islamic Law of Contract: Concept and Application on Modern Practices |
| title_sort | ownership risk in the perspective of islamic law of contract concept and application on modern practices |
| topic | ownership, risk, liability, damān |
| url | https://journals.ums.ac.id/index.php/jisel/article/view/6342 |
| work_keys_str_mv | AT wanahmadsyafiqwanahmadikram ownershipriskintheperspectiveofislamiclawofcontractconceptandapplicationonmodernpractices |