Shariah parameters of musharakah mutanaqisah in Islamic finance : the experience of Australian institutions offering Islamic financial services
Author
Source
ISRA International Journal of Islamic Finance
Issue
Vol. 3, Issue 2 (31 Dec. 2011), pp.7-40, 34 p.
Publisher
International Shari'ah Research Academy for Islamic Finance
Publication Date
2011-12-31
Country of Publication
Malaysia
No. of Pages
34
Main Subjects
Financial and Accounting Sciences
Religion
Islamic Studies
Topics
- Islamic jurisprudence
- Islam
- Contracts
- ٌLeasing
- Housing
- Financing
- Stockholders
- Purchasing
- Australia
- Economic aspects
- Banking services
- Transactions
- Diminishing partnership
Abstract EN
The paper’s purpose is threefold : (1) probing what makes Islamic financing so important for the largest Muslim minority in a highly diversified multicultural Australia, (2) realising mushÉrakah mutanÉqiÎah (MM) as the real alternative for interest-based conventional finance and (3) evaluating the practice of MM by Australian Institutions offering Islamic Financial Services (AIIFS) from Islamic legal perspectives.
By comparing the two systems - Islamic and conventional finance - the study finds that the latter is exploitative and thus creates conflict, stress and insecurity, while contributing to greater disparities of income and wealth.
The practice of Islamic finance, on the other hand, is found to reduce conflict, stress and insecurity and make for a more harmonious and equitable society.
In this context, the paper recommends that the regulatory impediments are removed to facilitate AIIFS to provide greater security, liquidity and diversity in order to meet the demand of investors in the Muslim community in Australia.
American Psychological Association (APA)
Ahmad, Abu Umar Faruq. 2011. Shariah parameters of musharakah mutanaqisah in Islamic finance : the experience of Australian institutions offering Islamic financial services. ISRA International Journal of Islamic Finance،Vol. 3, no. 2, pp.7-40.
https://search.emarefa.net/detail/BIM-717765
Modern Language Association (MLA)
Ahmad, Abu Umar Faruq. Shariah parameters of musharakah mutanaqisah in Islamic finance : the experience of Australian institutions offering Islamic financial services. ISRA International Journal of Islamic Finance Vol. 3, no. 2 (Dec. 2011), pp.7-40.
https://search.emarefa.net/detail/BIM-717765
American Medical Association (AMA)
Ahmad, Abu Umar Faruq. Shariah parameters of musharakah mutanaqisah in Islamic finance : the experience of Australian institutions offering Islamic financial services. ISRA International Journal of Islamic Finance. 2011. Vol. 3, no. 2, pp.7-40.
https://search.emarefa.net/detail/BIM-717765
Data Type
Journal Articles
Language
English
Notes
Includes bibliographical references : p. 37-40
Record ID
BIM-717765