Absolution (Ibra’) from discretion to regulations : the Malaysian experience
Other Title(s)
حق الإبراء من سلطة تقديرية إلى إجراء قانوني : التجربة الماليزية
Author
Source
University of Sharjah Journal for Humanities and Social Sciences
Issue
Vol. 13, Issue (s) (31 Dec. 2016), pp.67-87, 21 p.
Publisher
Publication Date
2016-12-31
Country of Publication
United Arab Emirates
No. of Pages
21
Main Subjects
Financial and Accounting Sciences
Religion
Islamic Studies
Topics
- Islamic jurisprudence
- Malaysia
- Application of discretion
- Analogy(Islamic jurisprudence)
- Debtor and creditor
Abstract EN
The paper is a critical examination of the recent judicial and regulatory developments in Malaysia which saw the transition of absolution (ibra’) from a discretionary power of the creditor to a mandatory rebate governed by the Central Bank’s regulations.
It compares and contrasts the Malaysian Regulations on ibra’ with the resolutions issued by the Council of the Islamic Fiqh Academy and offers a critical evaluation of juristic opinions on ibra’ and da’ wata’jjal.
The jurisprudential methods of analogy (qiyas) and juristic preference (istihsan) are employed to examine the application of ibra’ to long-term home financing contracts.
The paper argues that claiming full credit price upon termination of contract due to early settlement or default is not fair to the customers of Islamic banks.
The paper concludes that a mandatory ibra’ provided by the regulatory authorities such as central banks is different from the controversial conditional ibra’ stipulated by the contracting parties.
American Psychological Association (APA)
Salim, Muhammad Yusuf. 2016. Absolution (Ibra’) from discretion to regulations : the Malaysian experience. University of Sharjah Journal for Humanities and Social Sciences،Vol. 13, no. (s), pp.67-87.
https://search.emarefa.net/detail/BIM-748857
Modern Language Association (MLA)
Salim, Muhammad Yusuf. Absolution (Ibra’) from discretion to regulations : the Malaysian experience. University of Sharjah Journal for Humanities and Social Sciences Vol. 13, Special Issue (Dec. 2016), pp.67-87.
https://search.emarefa.net/detail/BIM-748857
American Medical Association (AMA)
Salim, Muhammad Yusuf. Absolution (Ibra’) from discretion to regulations : the Malaysian experience. University of Sharjah Journal for Humanities and Social Sciences. 2016. Vol. 13, no. (s), pp.67-87.
https://search.emarefa.net/detail/BIM-748857
Data Type
Journal Articles
Language
English
Notes
Includes bibliographical references : p. 84-86
Record ID
BIM-748857