The application of bay' al-dayn in the trading of Malaysian sukuk murabahah : an analytical study /
Bay’ Al-Dayn a widely used Islamic principles in the capital market industry particularly in Malaysia. Bay’ Al-Dayn or the “sale of debt” application occurs during the trading activity of debt certificate such as ṣukuk in the secondary market. Generally, the objective of trading is to improve liquid...
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| Format: | Thesis Book |
| Language: | English |
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| Online Access: | http://studentrepo.iium.edu.my/handle/123456789/11240 |
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| Summary: | Bay’ Al-Dayn a widely used Islamic principles in the capital market industry particularly in Malaysia. Bay’ Al-Dayn or the “sale of debt” application occurs during the trading activity of debt certificate such as ṣukuk in the secondary market. Generally, the objective of trading is to improve liquidity or obtain profit. However, there are disputes among the local and international scholars on the tradability of receivable based ṣukuk such as Ṣukuk Murabaḥah by using Bay’ Al-Dayn. In Malaysia, the Shari'ah Advisory Council (SAC) of Bank Negara Malaysia (BNM) and Security Commission (SC) have resolved to allow the practice of Bay’ Al-Dayn as one of the concepts for developing Islamic capital market instruments. However, some jurists, mainly from the Middle-East do not agree with the trading of Ṣukuk Murabaḥah based on Dayn (debt) as the debt will be traded at a discounted price and it is an area in which the occurrence of riba. This research analyses the Shari'ah discussion between two different Muslim jurist views on Bay’ Al-Dayn. Further, this research provides enlightenment on the application of Bay’ Al-Dayn in Ṣukuk Murabaḥah trading and its alternatives available in the market to avoid dispute among scholars. This research is qualitative research relying on primary and secondary data as well as semi-structured interviews where all the data obtained were analysed by using the content analysis technique. In this research, the researcher has discovered that the issuance of mixed asset-based ṣukuk or hybrid structure could serve as an alternative for the Bay’ Al-Dayn application in ṣukuk trading. |
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| Item Description: | Abstracts in English and Arabic.
"A dissertation submitted in fulfilment of the requirement for the degree of Master in Islamic Revealed Knowledge and Heritage (Fiqh and Usul al-Fiqh)." --On title page. |
| Physical Description: | xii, 105 leaves : 30 cm. |
| Bibliography: | Includes bibliographical references (leaves 100-105). |