Modern application of Bai Al-sarf (currency exchange) from maqasid al-Shari’ah perspective : a scoping review
Author
al-Fajjawi, Muhammad Farid Ali
Source
Issue
Vol. 17, Issue 2 (s) (31 Aug. 2020), pp.291-299, 9 p.
Publisher
International Islamic University Malaysia
Publication Date
2020-08-31
Country of Publication
Malaysia
No. of Pages
9
Main Subjects
Abstract EN
Bai‖ al-Sarf widely known as currency exchange is an important sale contract both in classical and contemporary world.
this scoping review looks into the objectives behind the rulings set by the shariah for this sale contract.
these objectives are sorted out from the commentaries of the hadith and the deliberations of the jurists through tex-tual analysis method.
some of the modern applications such as t+2 and Islamic foreign currency exchange (fx) swap structures are briefly juxtaposed against the objectives of Bai al-Sarf we discovered.
objectives of shariah rulings in spot exchange is to avoid falling into the sale of debt against debt (al-kali bi al-kali), prevention of payment delay by one of the counter parties, prevention of conflict between the counter parties, and last not least to avoid falling into exchange contracts that will induce riba.
American Psychological Association (APA)
al-Fajjawi, Muhammad Farid Ali. 2020. Modern application of Bai Al-sarf (currency exchange) from maqasid al-Shari’ah perspective : a scoping review. Journal of Islam in Asia،Vol. 17, no. 2 (s), pp.291-299.
https://search.emarefa.net/detail/BIM-1283993
Modern Language Association (MLA)
al-Fajjawi, Muhammad Farid Ali. Modern application of Bai Al-sarf (currency exchange) from maqasid al-Shari’ah perspective : a scoping review. Journal of Islam in Asia Vol. 17, no. 2 (Special issue) (Aug. 2020), pp.291-299.
https://search.emarefa.net/detail/BIM-1283993
American Medical Association (AMA)
al-Fajjawi, Muhammad Farid Ali. Modern application of Bai Al-sarf (currency exchange) from maqasid al-Shari’ah perspective : a scoping review. Journal of Islam in Asia. 2020. Vol. 17, no. 2 (s), pp.291-299.
https://search.emarefa.net/detail/BIM-1283993
Data Type
Journal Articles
Language
English
Record ID
BIM-1283993