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Title: The bay' al-'inah controversy in Malaysian Islamic banking
Authors: A., Shaharuddin
Keywords: Bay' al-'inah
Credit card
Islamic banking
Issue Date: 2012
Abstract: The current practice of Islamic banking in Malaysia has been criticised as insufficiently different from conventional banking. One of the foci of this criticism is the application of bay' al-'inah, sales contract with immediate repurchase, in creating a number of so-called Islamic financing products. The present article examines the classical jurists' assessment of the contract and then evaluates the justifications of the Malaysian National Shari'ah Advisory Committee (NSAC). As a case study, this article analyses the application of bay' al-'inah in inventing a credit card of Bank Islam Malaysia Berhad. Understanding the NSAC's justifications will help us comprehend their methodology and approach when approving other Islamic banking products in the country. © Koninklijke Brill NV, Leiden, 2012.
ISSN: 2680-556
Appears in Collections:Arab Law Quarterly

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