Floating charge debenture as security from Shari'ah perspective
Other Title(s)
السندات المالية المتغيرة كضمان من الناحية الشرعية
Joint Authors
Rusni, Hasan
Mohd Sharuni, Syairazi Muhammad Husni
Source
International Journal of Fiqh and Usul Al-fiqh Studies
Issue
Vol. 2, Issue 2 (31 Dec. 2018), pp.103-111, 9 p.
Publisher
Publication Date
2018-12-31
Country of Publication
Malaysia
No. of Pages
9
Main Subjects
Topics
Abstract EN
Floating charge debenture is one type of security adopted by the Islamic Banks in Malaysia for non-individual customers.
For Islamic banks, it is crucial to ensure that all of their banking products and services are Shari'ah compliant.
However, there is no specific ruling from Bank Negara Malaysia on Shari'ah compliance status of floating charge debenture.
Therefore, the purpose of this paper is to determine the soundness of floating charge debenture as security by Islamic banks in Malaysia from the Shari'ah perspective.
This paper adopted a qualitative method that referred to primary and secondary Shari'ah sources, as well as other related sources such as guidelines of Bank Negara Malaysia and Accounting and Auditing Organization for Islamic Financial Institution.
The paper found that it is permissible for an Islamic bank to accept floating charge debenture from non-individual customers as security with certain conditions.
This paper suggests that the Bank Negara Malaysia should issue certain resolution related to this issue to arrange related applications in Islamic banks in Malaysia.
American Psychological Association (APA)
Mohd Sharuni, Syairazi Muhammad Husni& Rusni, Hasan. 2018. Floating charge debenture as security from Shari'ah perspective. International Journal of Fiqh and Usul Al-fiqh Studies،Vol. 2, no. 2, pp.103-111.
https://search.emarefa.net/detail/BIM-906517
Modern Language Association (MLA)
Mohd Sharuni, Syairazi Muhammad Husni& Rusni, Hasan. Floating charge debenture as security from Shari'ah perspective. International Journal of Fiqh and Usul Al-fiqh Studies Vol. 2, no. 2 (Dec. 2018), pp.103-111.
https://search.emarefa.net/detail/BIM-906517
American Medical Association (AMA)
Mohd Sharuni, Syairazi Muhammad Husni& Rusni, Hasan. Floating charge debenture as security from Shari'ah perspective. International Journal of Fiqh and Usul Al-fiqh Studies. 2018. Vol. 2, no. 2, pp.103-111.
https://search.emarefa.net/detail/BIM-906517
Data Type
Journal Articles
Language
English
Notes
Includes bibliographical references : p. 111
Record ID
BIM-906517