Tawarruq time deposit with wakalah principle : an opinion that triggers new issues
Joint Authors
Ismail, Abd al-Ghaffar B.
Abd al-Ghani, Nik Abd al-Rahim Nik
Zayn, Mat Nur Mat
Source
Islamic Research and Training Institute
Issue
Vol. 2013, Issue 1-4, 6-20 (31 Dec. 2013), pp.1-11, 11 p.
Publisher
Islamic Development Bank (IDB) Islamic Research and Training Institute (IRTI)
Publication Date
2013-12-31
Country of Publication
Saudi Arabia
No. of Pages
11
Main Subjects
Financial and Accounting Sciences
Islamic Studies
Topics
- Banks
- Islamic jurisprudence
- Islam
- Financing
- Finance
- Tawarruq
- Religious aspects
- Banking
- Agency(Law)
- Islamic Banks
Abstract EN
The development of Islamic banking system in offering the products which is based on the shariah principles has witnessed a tremendous success.
There are many new products being introduced as alternatives to conventional ones.
Yet, at the same time, some of these products remain hotly debated amongst jurists on their validity and subsequently become non-compliant products.
One of such products that have been introduced is tawarruq-based deposit product.
In addition, the newly introduced Islamic Financial Services Act 2013 states that deposit products which are characterized as principal guaranteed feature could not be offered based on mudarabah or wakalah as they are only appropriate for investment products (principal non-guaranteed products).
Therefore, the introduction of tawarruq-based deposit product by Islamic banks could be the best alternative to take place.
However, the wakalah principle is also embedded in this twarruq deposits.
Hence, this paper makes an attempt to analyze the adoption of wakalah in the tawarruq deposit that may trigger new issue.
American Psychological Association (APA)
Ismail, Abd al-Ghaffar B.& Abd al-Ghani, Nik Abd al-Rahim Nik& Zayn, Mat Nur Mat. 2013. Tawarruq time deposit with wakalah principle : an opinion that triggers new issues. Islamic Research and Training Institute،Vol. 2013, no. 1-4, 6-20, pp.1-11.
https://search.emarefa.net/detail/BIM-603709
Modern Language Association (MLA)
Ismail, Abd al-Ghaffar B.…[et al.]. Tawarruq time deposit with wakalah principle : an opinion that triggers new issues. Islamic Research and Training Institute No. 1-4, 6-20 (2013), pp.1-11.
https://search.emarefa.net/detail/BIM-603709
American Medical Association (AMA)
Ismail, Abd al-Ghaffar B.& Abd al-Ghani, Nik Abd al-Rahim Nik& Zayn, Mat Nur Mat. Tawarruq time deposit with wakalah principle : an opinion that triggers new issues. Islamic Research and Training Institute. 2013. Vol. 2013, no. 1-4, 6-20, pp.1-11.
https://search.emarefa.net/detail/BIM-603709
Data Type
Journal Articles
Language
English
Notes
Includes bibliographical references : p. 11
Record ID
BIM-603709