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The concept and application of daman al-milkiyyah (ownership risk) : Islamic law of contract perspective
Joint Authors
Abd al-Razzaq, Lutfi
Saupi, Muhammad Nabil
Source
ISRA International Journal of Islamic Finance
Issue
Vol. 9, Issue 2 (31 Dec. 2017), pp.148-163, 16 p.
Publisher
International Shari'ah Research Academy for Islamic Finance
Publication Date
2017-12-31
Country of Publication
Malaysia
No. of Pages
16
Main Subjects
Abstract EN
Purpose – The purpose of this paper is to elucidate the concept of dam an al-milkiyyah (ownership risk) and to assess its application in contemporary Islamic financial products and services.
Design/methodology/approach – The methodology adopted is that of descriptive research.
Findings – From an Islamic law of contract perspective, the concept of dam an al-milkiyyah is central to legitimate profit-making transactions and hence must be adhered to in practical applications of Islamic finance.
Research limitations/implications – This study should help motivate further investigation into the position of dam an al-milkiyyah among different parties in existing Islamic financial products and services.
Practical implications – Policymakers and regulators should ensure that Islamic financial products and services are structured in a way that does not allow parties to profit without adequately bearing the liability for potential loss.
Social implications – The condition of dam an al-milkiyyah as a source of legitimate profit reflects the idea that the role of finance in Islam is to promote and ensure social benefits.
Originality/value – This paper emphasizes the importance of daman al-milkiyyah as a fundamental condition for profit in Islamic financial transactions.
American Psychological Association (APA)
Abd al-Razzaq, Lutfi& Saupi, Muhammad Nabil. 2017. The concept and application of daman al-milkiyyah (ownership risk) : Islamic law of contract perspective. ISRA International Journal of Islamic Finance،Vol. 9, no. 2, pp.148-163.
https://search.emarefa.net/detail/BIM-965110
Modern Language Association (MLA)
Abd al-Razzaq, Lutfi& Saupi, Muhammad Nabil. The concept and application of daman al-milkiyyah (ownership risk) : Islamic law of contract perspective. ISRA International Journal of Islamic Finance Vol. 9, no. 2 (2017), pp.148-163.
https://search.emarefa.net/detail/BIM-965110
American Medical Association (AMA)
Abd al-Razzaq, Lutfi& Saupi, Muhammad Nabil. The concept and application of daman al-milkiyyah (ownership risk) : Islamic law of contract perspective. ISRA International Journal of Islamic Finance. 2017. Vol. 9, no. 2, pp.148-163.
https://search.emarefa.net/detail/BIM-965110
Data Type
Journal Articles
Language
English
Notes
Record ID
BIM-965110