Hire purchase under shirkah al-milk (HPSM) in Islami Bank Bangladesh Limited : an analysis from shari'ah perspective /
Since the beginning of the Islamic banking and finance system, Islamic banks have offered different modes of financial transactions which are based on the Islamic Shariah, modifying some classical Islamic transactions and shaping them into new structures. Hire Purchase under Shirkah al-Milk (HPSM) i...
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| Main Author: | |
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| Format: | Thesis |
| Language: | English |
| Published: |
Kuala Lumpur :
Kulliyyah of Islamic Revealed Knowledge and Human Sciences, International Islamic University Malaysia,
2017
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| Subjects: | |
| Online Access: | http://studentrepo.iium.edu.my/handle/123456789/6512 |
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| LEADER | 039520000a22002890004500 | ||
|---|---|---|---|
| 008 | 180402t2017 my a f m 000 0 eng d | ||
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| 041 | |a eng | ||
| 043 | |a a-my--- | ||
| 084 | |a BPH202.46 | ||
| 100 | 1 | |a Hossain, Muhammad Mostofa | |
| 245 | 1 | 0 | |a Hire purchase under shirkah al-milk (HPSM) in Islami Bank Bangladesh Limited : |b an analysis from shari'ah perspective / |c by Muhammad Mostofa Hossain |
| 264 | 1 | |a Kuala Lumpur : |b Kulliyyah of Islamic Revealed Knowledge and Human Sciences, International Islamic University Malaysia, |c 2017 | |
| 300 | |a xiv, 164 leaves : |b illustrations ; |c 30cm. | ||
| 336 | |2 rdacontent |a text | ||
| 502 | |a Thesis (MAIRKFQ)--International Islamic University Malaysia, 2017. | ||
| 504 | |a Includes bibliographical references (leaves 132-138). | ||
| 520 | |a Since the beginning of the Islamic banking and finance system, Islamic banks have offered different modes of financial transactions which are based on the Islamic Shariah, modifying some classical Islamic transactions and shaping them into new structures. Hire Purchase under Shirkah al-Milk (HPSM) in Islami Bank Bangladesh Limited (IBBL) is a modified contract of conventional hire purchase. Hire purchase contains only two contracts, namely ijarah and sale while the HPSM contains three, the third contract being shirkah. The duration of shirkah contract in HPSM is a very short time. Most discussions and arguments in HPSM focus on ijarah and sale contracts. Hence, the discussion on HPSM of this study mostly focuses on ijarah along with its related issues and sale contracts. The HPSM contract ends by transferring the ownership of the subject matter from a lessor to a lessee. There are some criterions to transfer the ownership after completing the ijarh period in hire purchase contract, such as transferring through gift (hibah) contract, token amount, gradual sale and specific amount. However, IBBL practises only one method to transfer ownership and that is gradual sale. The current practising form of hire purchase is criticized by many classical and contemporary scholars on some specific issues. The significant issues which scholars and researchers have discussed are “interpretation of the Prophetic (pbuh) sayings” about two contracts in one, “issues of more than one contract in one”, and “the legal status of a promise”. Those issues in fact play a vital role in validating the hire purchase contract. They are comprehensively discussed using the descriptive and analytical methods. After discussion on those issues, a preferred and balanced recommendation is given for a better practice of the contract. The differences between Islamic hire purchase and conventional hire purchase as well as the procedure of HPSM in IBBL are also discussed. It is concluded that every contract in HPSM or hire purchase is absolutely separated from each other. Therefore, the prohibitions of Prophetic (pbuh) sayings are not to be applied in the hire purchase contract. Eventually, it is acknowledged that every contract including HPSM or hire purchase has its advantages and disadvantages for both contracting parties. Moreover, a few opinions based on interviews are also recommended in order to balance the dealing of contract for both contracting parties. | ||
| 596 | |a 1 | ||
| 655 | 7 | |a Theses, IIUM local | |
| 690 | |a Dissertations, Academic |x Department of Fiqh and Usul al-Fiqh |z IIUM | ||
| 710 | 2 | |a International Islamic University Malaysia. |b Department of Fiqh and Usul al-Fiqh | |
| 856 | 4 | |u http://studentrepo.iium.edu.my/handle/123456789/6512 | |
| 900 | |a sbh-ls | ||
| 999 | |c 440738 |d 471070 | ||
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