Issues in bay’ bithaman al-ajil Islamic home finance (‘BBA’) in abandoned housing projects in Malaysia: an examination of ‘gharar’
Islamic Banking has been established since 1980s in Malaysia.It was initially commenced with the incorporation of Bank Islam Malaysia Berhad (BIMB) in 1983.Until today, Islamic Banking has robustly developed in Malaysia providing various kinds of Islamic transaction products including Islamic Home...
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| Format: | Article |
| Language: | English |
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IISTE
2017
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| Online Access: | https://repo.uum.edu.my/id/eprint/20914/1/JLPG%2057%202017%20122%20132.pdf |
| _version_ | 1803628059604025344 |
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| author | Md Dahlan, Nuarrual Hilal Shuib, Mohd Sollehudin Mohd Noor, Fauziah |
| author_facet | Md Dahlan, Nuarrual Hilal Shuib, Mohd Sollehudin Mohd Noor, Fauziah |
| author_sort | Md Dahlan, Nuarrual Hilal |
| collection | UUM |
| description | Islamic Banking has been established since 1980s in Malaysia.It was initially commenced with the
incorporation of Bank Islam Malaysia Berhad (BIMB) in 1983.Until today, Islamic Banking has robustly
developed in Malaysia providing various kinds of Islamic transaction products including Islamic Home Finance.Various Islamic Home Finance products have been introduced and practised in Malaysia. Among the products are: Bay’ Bithaman al-Ajil (BBA), Musharakah al-Mutanaqisah (MM), Commodity Murabahah and Ijarah.Nonetheless, there are many issues in these products when faced with the problems of abandoned housing projects. One of the issues is the issue of ‘gharar’ in BBA. It is evident that, the application of BBA is proven to
be defective and contains many flaws, if involves abandoned housing projects in Malaysia.This paper aims to highlight and analyse this issue (gharar) and provide solutions to the issues discussed. This paper used shariah (Islamic Law) doctrinal and qualitative case study research methodologies. This paper finds that the current terms in the BBA are inadequate and warranted it to be provided with terms that can prevent the occurrences of
gharar thus can fully comply with the requirements of the shariah (lslamic Law).The outcome of this paper will help the Islamic banking industry in dealing with the issues of gharar in abandoned housing projects in Malaysia and protect the rights and interests of the purchaser consumers. |
| first_indexed | 2024-07-04T06:15:56Z |
| format | Article |
| id | uum-20914 |
| institution | Universiti Utara Malaysia |
| language | English |
| last_indexed | 2024-07-04T06:15:56Z |
| publishDate | 2017 |
| publisher | IISTE |
| record_format | dspace |
| spelling | uum-209142017-11-27T01:59:11Z https://repo.uum.edu.my/id/eprint/20914/ Issues in bay’ bithaman al-ajil Islamic home finance (‘BBA’) in abandoned housing projects in Malaysia: an examination of ‘gharar’ Md Dahlan, Nuarrual Hilal Shuib, Mohd Sollehudin Mohd Noor, Fauziah K Law (General) Islamic Banking has been established since 1980s in Malaysia.It was initially commenced with the incorporation of Bank Islam Malaysia Berhad (BIMB) in 1983.Until today, Islamic Banking has robustly developed in Malaysia providing various kinds of Islamic transaction products including Islamic Home Finance.Various Islamic Home Finance products have been introduced and practised in Malaysia. Among the products are: Bay’ Bithaman al-Ajil (BBA), Musharakah al-Mutanaqisah (MM), Commodity Murabahah and Ijarah.Nonetheless, there are many issues in these products when faced with the problems of abandoned housing projects. One of the issues is the issue of ‘gharar’ in BBA. It is evident that, the application of BBA is proven to be defective and contains many flaws, if involves abandoned housing projects in Malaysia.This paper aims to highlight and analyse this issue (gharar) and provide solutions to the issues discussed. This paper used shariah (Islamic Law) doctrinal and qualitative case study research methodologies. This paper finds that the current terms in the BBA are inadequate and warranted it to be provided with terms that can prevent the occurrences of gharar thus can fully comply with the requirements of the shariah (lslamic Law).The outcome of this paper will help the Islamic banking industry in dealing with the issues of gharar in abandoned housing projects in Malaysia and protect the rights and interests of the purchaser consumers. IISTE 2017 Article PeerReviewed application/pdf en cc_by https://repo.uum.edu.my/id/eprint/20914/1/JLPG%2057%202017%20122%20132.pdf Md Dahlan, Nuarrual Hilal and Shuib, Mohd Sollehudin and Mohd Noor, Fauziah (2017) Issues in bay’ bithaman al-ajil Islamic home finance (‘BBA’) in abandoned housing projects in Malaysia: an examination of ‘gharar’. Journal of Law, Policy and Globalization, 57. pp. 122-132. ISSN 2224-3240 http://www.iiste.org/Journals/index.php/JLPG/article/view/35179 |
| spellingShingle | K Law (General) Md Dahlan, Nuarrual Hilal Shuib, Mohd Sollehudin Mohd Noor, Fauziah Issues in bay’ bithaman al-ajil Islamic home finance (‘BBA’) in abandoned housing projects in Malaysia: an examination of ‘gharar’ |
| title | Issues in bay’ bithaman al-ajil Islamic home finance (‘BBA’) in abandoned housing projects in Malaysia: an examination of ‘gharar’ |
| title_full | Issues in bay’ bithaman al-ajil Islamic home finance (‘BBA’) in abandoned housing projects in Malaysia: an examination of ‘gharar’ |
| title_fullStr | Issues in bay’ bithaman al-ajil Islamic home finance (‘BBA’) in abandoned housing projects in Malaysia: an examination of ‘gharar’ |
| title_full_unstemmed | Issues in bay’ bithaman al-ajil Islamic home finance (‘BBA’) in abandoned housing projects in Malaysia: an examination of ‘gharar’ |
| title_short | Issues in bay’ bithaman al-ajil Islamic home finance (‘BBA’) in abandoned housing projects in Malaysia: an examination of ‘gharar’ |
| title_sort | issues in bay bithaman al ajil islamic home finance bba in abandoned housing projects in malaysia an examination of gharar |
| topic | K Law (General) |
| url | https://repo.uum.edu.my/id/eprint/20914/1/JLPG%2057%202017%20122%20132.pdf |
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