DocumentCode
2432686
Title
Landmark legal cases on Bai´ Bithaman Ajil (BBA) house financing in Malaysia
Author
Azli, Rafidah Mohd ; Othman, Rohana ; Aris, Nooraslinda Abdul ; Sahri, Mardhiyyah
Author_Institution
Accounting Research Institute, UiTM Shah Alam and Centre for Islamic Thought and Understanding, UiTM Negeri Sembilan
fYear
2012
fDate
7-8 April 2012
Firstpage
367
Lastpage
370
Abstract
The Central Bank of Malaysia has approved the application of BBA in all financial institutions. Nevertheless, despite it being deemed to be a Shari´ah compliant instrument, the validity of the contract in its essence or even in its execution has been repeatedly challenged in a number of cases in Malaysia. This paper discusses on the importance of understanding the significance of the BBA in the eyes of Maqasid Shari´ah. It also attempts to highlight the legal issues in landmark cases involving BBA instruments. Finally, this paper provides recommendations and suggests several modifications in BBA practice so that the public would have more confidence towards this Islamic financing facility.
Keywords
Business; Bai´ Bithaman Ajil; Contracting Parties; Islamic Financing; Maqasid Shari´ah;
fLanguage
English
Publisher
ieee
Conference_Titel
Business Engineering and Industrial Applications Colloquium (BEIAC), 2012 IEEE
Conference_Location
Kuala Lumpur, Malaysia
Print_ISBN
978-1-4673-0425-2
Type
conf
DOI
10.1109/BEIAC.2012.6226085
Filename
6226085
Link To Document