Rectification of Uqud al-Fasidah (void contracts) in Islamic financial institutions
Joint Authors
Shaharuddin, Amir
Nur, Amir Husayn Muhammad
Aziz, Muhammad Radwan Ab.
Salih, Ahmad Zaki
Abd al-Rahman, Muhammad Firdaws
Sahid, Mualimin Muhammad
Zakariyya, Muhammad Zahr al-Din
Thaidi, Husayn Azimi Abd Allah
Jalil, Muhammad Afiq Ab.
Source
Journal of Fatwa Management and Research
Issue
Vol. 20, Issue 1 (30 Apr. 2020), pp.53-63, 11 p.
Publisher
Islamic Science University of Malaysia World Fatwa Management and Research Institute
Publication Date
2020-04-30
Country of Publication
Malaysia
No. of Pages
11
Main Subjects
Abstract EN
Shariah compliance is the most critical element in the operations of Islamic financial institutions.
in order to ensure the Shariah compliance, some samples of IFIs’ products are reviewed and audited.
the audit practices has led to growing findings which reveal cases of uqud al-fasidah (void contracts) in IFIs.
thus, the articles discusses the issue by recommending several actions for IFIs in dealing with void contracts.
the article highlights seven common causes of void contract related with bay’ al-tawarruq transaction.
some of the void instances can be rectifiable and some are non-rectifiable.
as shariah non-compliance(SNC) is treated seroiusly by IFIs and the regulators, the dicussion will provide insights on how to reduce the SNC incidences and to minimse their financial impatcs to relevant parties.
American Psychological Association (APA)
Nur, Amir Husayn Muhammad& Shaharuddin, Amir& Zakariyya, Muhammad Zahr al-Din& Salih, Ahmad Zaki& Sahid, Mualimin Muhammad& Aziz, Muhammad Radwan Ab.…[et al.]. 2020. Rectification of Uqud al-Fasidah (void contracts) in Islamic financial institutions. Journal of Fatwa Management and Research،Vol. 20, no. 1, pp.53-63.
https://search.emarefa.net/detail/BIM-1284917
Modern Language Association (MLA)
Nur, Amir Husayn Muhammad…[et al.]. Rectification of Uqud al-Fasidah (void contracts) in Islamic financial institutions. Journal of Fatwa Management and Research Vol. 20, no. 1 (Apr. 2020), pp.53-63.
https://search.emarefa.net/detail/BIM-1284917
American Medical Association (AMA)
Nur, Amir Husayn Muhammad& Shaharuddin, Amir& Zakariyya, Muhammad Zahr al-Din& Salih, Ahmad Zaki& Sahid, Mualimin Muhammad& Aziz, Muhammad Radwan Ab.…[et al.]. Rectification of Uqud al-Fasidah (void contracts) in Islamic financial institutions. Journal of Fatwa Management and Research. 2020. Vol. 20, no. 1, pp.53-63.
https://search.emarefa.net/detail/BIM-1284917
Data Type
Journal Articles
Language
English
Record ID
BIM-1284917