Hybrid Contracts according to Islamic Perspective
Journal Title: International Journal of Academic Research in Business and Social Sciences - Year 2018, Vol 8, Issue 5
Abstract
To gain a strong position in the banking industry, by meeting a sharia-compliance as well as attractive to customers and be competitive to conventional banks, Islamic banks are extending their products by producing multi-varied contracts or known as “hybrid”. Hybrid contracts are the merger of several pact of contract that make banking products multipart and flexible especially when involved housing financing. As a result of bank's products using the Islamic brand, then it cannot avoid the syariah issues in the legality of the product whether it is permitted or otherwise. It is argued that the product only imitating the conventional practice not in it really wisdom to enhance the welfare to publics. To achieve the goal, this study will analyzed scholars’ arguments on the merger of contract using the Usul Fiqh methodology. This study use a qualitative method by referring to arguments in the fiqh and Usul Fiqh books. The study found that there were two views on the merger of the contract, first who prohibit it and the other is who permitted with conditions and this is the accurate.
Authors and Affiliations
Fathullah Asni, Jasni Sulong
Keywords
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- EP ID EP562672
- DOI 10.6007/IJARBSS/v8-i5/4118
- Views 88
- Downloads 0
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