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IIUM ledger of political frugality and Management 9, no. 2 (2001): 187-201 © 2001 by The global Moslem University Malaysia C IWAë AS A indispensability OF rule-governed SALE: A CRITICAL ANALYSIS Saiful Azhar Rosly* Associate Professor, incision of Economics, Kulliyyah of Economics and Management Sciences, International Muslim University Malaysia, Jalan Gombak, 53100 Kuala Lumpur, Malaysia. (E-mail: saiful@iiu.edu.my) ABSTRACT This paper go a centering vie that replacing jackassÅ' with al-bayc does non mean that the latter croak out imply all practice of exchange (al-bayc) to justify Moslem legitimacy. Apart from the prohibition of uncertainties (gharÅ'r) in bargain, the requirement of an equivalent countervalue (ciwaè) moldiness as well be met. Risk (ghurm) and liability (èaman) later sale and value-addition or lawsuit (ikhtiyÅ'r) ar the principal components of ciwaè. As such(prenominal), any increase from sale moldiness contain ciwaè, otherwise ribÅ' is implicated. In guileless Islamic commercial withers 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 wide apply by Islamic banking practitioners. To prove Islamic legitimacy, this contract must show that the financiers wear down the risk of ownership in qualification the sale.

It must to a fault show evidence that the vender is liable to the option of fault (khiyÅ'r alc ayb). The same holds for bayc al-cÂ¥nah and bayc al-dayn which are also widely employ in Islamic coin and capital markets in round Muslim countries. JEL classification: G20, K39, Z12 recognize haggling: Islamic banking, CIwaè, roastÅ' 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 dead clear by way of its textual evidences (na§). For example, there screwing be no differences of opinion (ikhtilÅ'f) on the *The author is grateful to the anonymous referees for several face-saving comments. 188 IIUM Journal of Economics...If you want to get a full essay, tack it on our website: Orderessay

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