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Qard Hasan : Its Shari‘ah rules and applications in Islamic finance
Joint Authors
Najib, Sayyid Faiq
Lahsasna, Ahcene
Source
Journal of Islamic Business and Management
Issue
Vol. 3, Issue 1 (30 Jun. 2013), pp.15-34, 20 p.
Publisher
Riphah International University Riphah Centre of Islamic Business
Publication Date
2013-06-30
Country of Publication
Pakistan
No. of Pages
20
Main Subjects
Financial and Accounting Sciences
Religion
Islamic Studies
Topics
- Banks
- Islamic jurisprudence
- Financial institutions
- Islam
- Financing
- Microfinance
- Loans
- Endowments
- Religious aspects
- Administrative fees
- Hedge(Finance)
- Banking
- Commissions
- al-Qard al-Hasan
Abstract EN
This paper provides a detailed explanation about the contract of qard (loan) as approved by Shari'ah and analyses how it is applied in the contemporary Islamic finance industiy.
With regard to research mentod, it examines various Islamic banking and finance products structured on the principle of qard contracts and discusses the possible risks of non-Shari‘ah compliance in their structuring, and how they can be addressed and resolved.
The main finding is that the issue of profiting from qard hasan confracts is very sensitive and many institutions are possibly compromising on Shari‘ah compliance through use of service charges and customary hibah-giving, etc.
It is significant and attracts the attention of Islamic financial institutions to re-visit their products structured on qard hasan contracts.
In general, it outlines the features of qard hasan contract and its application for benefit of the practitioners of Islamic banking all over the world.
American Psychological Association (APA)
Najib, Sayyid Faiq& Lahsasna, Ahcene. 2013. Qard Hasan : Its Shari‘ah rules and applications in Islamic finance. Journal of Islamic Business and Management،Vol. 3, no. 1, pp.15-34.
https://search.emarefa.net/detail/BIM-601462
Modern Language Association (MLA)
Najib, Sayyid Faiq& Lahsasna, Ahcene. Qard Hasan : Its Shari‘ah rules and applications in Islamic finance. Journal of Islamic Business and Management Vol. 3, no. 1 (Jun. 2013), pp.15-34.
https://search.emarefa.net/detail/BIM-601462
American Medical Association (AMA)
Najib, Sayyid Faiq& Lahsasna, Ahcene. Qard Hasan : Its Shari‘ah rules and applications in Islamic finance. Journal of Islamic Business and Management. 2013. Vol. 3, no. 1, pp.15-34.
https://search.emarefa.net/detail/BIM-601462
Data Type
Journal Articles
Language
English
Notes
Includes bibliographical references : p. 31-34
Record ID
BIM-601462