بيع الاستجرار وتطبيقاته في صكوك :
Baya' al-istijr (installment delivery) is an old sale-contract that is still in use in the present days. Scholars' views on this contract vary because of their different definition of the concept of this contract. The principle of baya' al-istijr was applied in the sukuk of the Lafarg...
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| Format: | Thesis |
| Language: | Arabic |
| Published: |
Kuala Lumpur :
Kulliyah of Islamic Revealed Knowledge and Human Sciences, International Islamic University Malaysia,
2019
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| Subjects: | |
| Online Access: | Click here to view 1st 24 pages of the thesis. Members can view fulltext at the specified PCs in the library. |
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| Summary: | Baya' al-istijr (installment delivery) is an old sale-contract that is still in use in the present days. Scholars' views on this contract vary because of their different definition of the concept of this contract. The principle of baya' al-istijr was applied in the sukuk of the Lafarge Company issued in 2017 after the Malaysian Securities Commission approved it. The aim of this research is to study the concept of baya' al-istijr comprehensively, present its related doctrinal conditions, and examine its application within the Lafarge instruments to determine the validity of the employment of Bay al-istijr in this context and the assets in which it is being used. One of the challenges faced by the researcher was the problem of defining the concept al-istijr, since Muslim Scholars have different views about its characteristics and forms, which led to different definitions and names given to it, and, hence, to differences in scholars views about its validity or invalidity. Regarding the application of the baya' al-istijr in the sukuk of Lafarge, the researcher found that there are no resources pertaining to this sukuk neither from the members of the Finance Shariah Committee of the Malaysian Central Bank, the Malaysian Securities Commission, nor from the Accounting and Auditing Body for Islamic Financial Institutions. Moreover, there is no fatwa issued domestically or internationally pertaining to the sukuk of baya' al-istijr. The researcher used inductive and analytical approaches to collect and discuss the old and new jurists' opinions about baya' al-istijr and, then, determine the most relevant views of it. In addition, the researcher conducted interviews with the members of the Shariah Committee in the Shariah Advisory Council, which is responsible for designing the structure of this sukuk. The researcher found that baya' al-istijr per se is not a contract, but a deal within a contract that requires delivering the subject of the contract (goods or services) in installments. Moreover, the employment of baya' al-istijr in the sukuk of Lafarge is Shariah compliant. Such sukuk might be useful as it brings constant returns to its owner without having a fixed asset, as in Ijara contract. Moreover, it can be legally circulated in the international secondary market –despite the fact that delivery of the sold good or service is delayed, which constitutes a debt to the seller– according to some Malki scholars' opinion. |
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| Physical Description: | xiii, 137 leaves : illustrations ; 30cm. |
| Bibliography: | Includes bibliographical references (leaves 119-137) |