التحيل على الربا في هندسة أدوات التمويل الإسلامي /
The main objective of this thesis is to study the concept of Hiyal of Riba i.e. stratagems to circumvent Shari'ah prohibitions on Riba, and to investigate their historical origins and contemporary usage. This study aims to set clear parameters to distinguish stratagems which violate the objecti...
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| Main Author: | |
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| Format: | Thesis |
| Language: | Arabic |
| Published: |
Kuala Lumpur :
Kulliyyah of Islamic Revealed Knowledge and Human Sciences, International Islamic University Malaysia,
2013
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| Subjects: | |
| Online Access: | Click here to view 1st 24 pages of the thesis. Members can view fulltext at the specified PCs in the library. |
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| Summary: | The main objective of this thesis is to study the concept of Hiyal of Riba i.e. stratagems to circumvent Shari'ah prohibitions on Riba, and to investigate their historical origins and contemporary usage. This study aims to set clear parameters to distinguish stratagems which violate the objectives of Shari'ah from lawful expedients and solutions to financial problems without opposing the spirit of Islamic law. The study is divided into five chapters; the first is the preliminary chapter. The second chapter is dedicated to introducing the legal concept of Hiyal, and analyzing the jurists' opinions on the legitimacy of legal devices. The third chapter sheds light on the Shari'ah objectives in prohibiting Riba and permitting profit-risk-sharing concept, to draw up legal criteria to determine unlawful Hiyal. The fourth chapter is about the contributions of Islamic legal maxims in preventing Riba stratagems. Finally, Chapter Five investigates the usage of Hiyal in structuring Islamic financial products, particularly in Sukuk. This study has used historical, inductive, analytical, comparative, and critical methods to discuss the jurists' opinions on Hiyal. The thesis concludes on several results. One of the important findings is that the unlawful Hilah is any usage of contract or scheme of contracts and stipulations to reach an ultimate situation where the financing gains predetermined revenue without being involved in any risk sharing. A considerable number of Islamic financial products are engineered as predetermined revenue products, and this contradicts with the basic concept of Islamic finance based on profit and risk sharing financing. The majority of Sukuk are structured to be risk-free with predetermined revenue, and this is nothing more than simulation of conventional bonds. Finally, the study points out some reasons of using Hiyal in Islamic finance; the important one is the domination of Talfiq reasoning at the expense of objectives-based reasoning (Ijtihad Maqasidi). |
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| Physical Description: | [xxix], 230 leaves : illustrations ; 30cm. |
| Bibliography: | Includes bibliographical references (leaves 207-230). |