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IIUM ledger of political economy and Management 9, no. 2 (2001): 187-201 © 2001 by The International Moslem University Malaysia C IWAë AS A REQUIREMENT OF rule-governed SALE: A CRITICAL psychoanalysis Saiful Azhar Rosly* Associate Professor, Department of Economics, Kulliyyah of Economics and Management Sciences, International Islamic University Malaysia, Jalan Gombak, 53100 Kuala Lumpur, Malaysia. (E-mail: saiful@iiu.edu.my) ABSTRACT This paper will vie that replacing cuckooÅ' with al-bayc does non mean that the latter quarter imply all straining of exchange (al-bayc) to justify Islamic legitimacy. Apart from the prohibition of uncertainties (gharÅ'r) in cut-rate sale, the requirement of an equivalent countervalue (ciwaè) moldiness as well be met. Risk (ghurm) and liability (èaman) after sale and value-addition or apparent movement (ikhtiyÅ'r) are the principal components of ciwaè. As such, any increase from sale moldiness contain ciwaè, otherwise ribÅ' is implicated. In untainted Islamic commercial contracts such as ijÅ'rah, salam and muèÅ'rabah, ciwaè is evident. However, the contracts of credit of al-murÅ'baúah or al-bayc bithaman Å'jil are widely apply by Islamic banking practitioners. To prove Islamic legitimacy, this contract must show that the financiers expect the risk of ownership in qualification the sale.

It must likewise show evidence that the seller is liable to the option of geological fault (khiyÅ'r alc ayb). The same holds for bayc al-cÂ¥nah and bayc al-dayn which are also widely employ in Islamic money and capital markets in whatever Muslim countries. JEL classification: G20, K39, Z1! 2 Key haggling: Islamic banking, CIwaè, ridiculeÅ' 1. INTRODUCTION Differences of opinion in fiqh is not prohibited in Islam unless it involves the fundamentals of Islam, namely the rules (aúkÅ'm), which the QurÅ'n has made perfectly clear by way of its textual evidences (na§). For example, there shadower be no differences of opinion (ikhtilÅ'f) on the *The author is thankful to the anonymous referees for several helpful comments. 188 IIUM Journal of Economics...If you want to ticktack a full essay, order it on our website: OrderCustomPaper.com

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