The ʿUrf of Hibah on deposits : an analysis in the light of new trends in Islamic financial industry in Malaysia

Other Title(s)

عرف الهبة على الودائع : دراسة تحليلية في ضوء الاتجاهات الجديدة في الصناعة المالية الإسلامية في ماليزيا

Joint Authors

Ishaq, Muhammad Shahrul Ifwat
Zain, Nur Amni Bazilah Muhammad
Ahmad, Azmir Azri

Source

International Journal of Fiqh and Usul Al-fiqh Studies

Issue

Vol. 5, Issue 1 (31 Jan. 2021), pp.74-81, 8 p.

Publisher

International Islamic University Malaysia Kulliyah of Islamic Revealed Knowledge and Human Sciences Department of Fiqh and Usul al-Fiqh

Publication Date

2021-01-31

Country of Publication

Malaysia

No. of Pages

8

Main Topic

Banking and Financial Sciences
Islamic Studies

Abstract EN

This paper explores the role of ʿurf (custom) in Islamic finance, particularly when it becomes fāsid (invalid).

While ʿurf is among the Sharīʿah sources in muʿāmalāt (commercial activities), some of the cases may need to be reviewed.

Based on library research, the findings of this study reveal the roles of ʿurf in Islamic finance as follows: (i) interpreting rulings on Sharīʿah texts; (ii) establishing rulings in areas that have not been clarified by Sharīʿah; and (iii) reconsidering the change of financial practices.

As for the case of hibah, it is known that BNM has issued a special regulation to reconsider the practice of hibah in wadīʿah among Islamic banks to avoid the element of ʿurf fāsid on that matter.

This approach has been followed by Tabung Haji by replacing its wadīʿah with wakālah.

While this study may be considered as a conceptual paper, it still provides an analysis on the real practice of hibah on Islamic deposit in Malaysia.

American Psychological Association (APA)

Ishaq, Muhammad Shahrul Ifwat& Zain, Nur Amni Bazilah Muhammad& Ahmad, Azmir Azri. 2021. The ʿUrf of Hibah on deposits : an analysis in the light of new trends in Islamic financial industry in Malaysia. International Journal of Fiqh and Usul Al-fiqh Studies،Vol. 5, no. 1, pp.74-81.
https://search.emarefa.net/detail/BIM-1275764

Modern Language Association (MLA)

Ishaq, Muhammad Shahrul Ifwat…[et al.]. The ʿUrf of Hibah on deposits : an analysis in the light of new trends in Islamic financial industry in Malaysia. International Journal of Fiqh and Usul Al-fiqh Studies Vol. 5, no. 1 (Jan. 2021), pp.74-81.
https://search.emarefa.net/detail/BIM-1275764

American Medical Association (AMA)

Ishaq, Muhammad Shahrul Ifwat& Zain, Nur Amni Bazilah Muhammad& Ahmad, Azmir Azri. The ʿUrf of Hibah on deposits : an analysis in the light of new trends in Islamic financial industry in Malaysia. International Journal of Fiqh and Usul Al-fiqh Studies. 2021. Vol. 5, no. 1, pp.74-81.
https://search.emarefa.net/detail/BIM-1275764

Data Type

Journal Articles

Language

English

Notes

Includes bibliographical references : p. 80-81

Record ID

BIM-1275764