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Suhaimi M.A.,International Islamic University Malaysia | Razi M.J.M.,International Islamic University Malaysia | Hussin H.,International Islamic University Malaysia | Muhammad M.R.,International Islamic University Malaysia | Muhammad M.,International Shariah Research Academy for Islamic Finance ISRA
Proceedings - 2013 International Conference on Advanced Computer Science Applications and Technologies, ACSAT 2013 | Year: 2014

Muslim consumers are believed to be more concerned whether the current e-commerce processes are mixed with un-Islamic elements such as, riba (interest), gharar (uncertainty), and Maisir (gambling). To clarify the misconception, it is suggested that an assurance be given by a reputable Islamic religious authority to the effect that Internet seller complies with an Islamic law (Shariah) - compliant e-commerce model. The present work empirically investigates the Muslim consumers' perceived behaviour in e-commerce environment by collecting data from 162 staff from International Islamic University Malaysia (IIUM). However, the findings suggest that third party assurance from an Islamic authority does not much influence on consumers' perceived behaviour in e-commerce environment. © 2013 IEEE. Source


Muhammad M.,International Shariah Research Academy for Islamic Finance ISRA | Muhammad M.R.,International Islamic University Malaysia | Khalil K.M.,Universiti Sains Islam Malaysia
Middle East Journal of Scientific Research | Year: 2013

The use of information and communication technology for online commercial transactions may pose some Shari'ah issues. Whilst several studies have elaborated the issues from Islamic viewpoint, none of them provides an empirical investigation on e-commerce transactions in the light of Islamic law of contract. Thus, the objectives of this study is firstly, to examine the permissibility of online transactions from the Shari'ah perspective, particularly in the context of Islamic law of contract and secondly, to analyze whether or not e-commerce transactions satisfy the Shari'ah requirements. Library research by the means of investigating classical and contemporary literature is employed to address the first objective of the study. For the second objective, the Amazon.com is chosen as a case study. This provides a basis for understanding the applicability of the Islamic law of contract in the context of online transactions. Findings indicate that Amazon's online transactions generally satisfy the Shari'ah requirements of a valid contract except in two scenarios; (i) transactions involving impermissible (non-halal) products such as alcohol, pork, non-halal food and beverages, tobacco and tobacco-related products as well as Shari'ah non-compliant entertainments or music and (ii) payment modes using conventional credit cards (riba) ©IDOSI Publications, 2013. Source


Dusuki A.W.,International Shariah Research Academy for Islamic Finance ISRA | Zainal N.A.,Prudential BSN Takaful | Ali M.M.,International Shariah Research Academy for Islamic Finance ISRA | Ali M.M.,International Islamic University Malaysia | And 2 more authors.
Advances in Natural and Applied Sciences | Year: 2012

The objective of the paper is to set parameters for the application of wadi'ah concept in family takaful which is the alternative of guaranteed benefits (non-participating benefits) of life insurance for family takaful. The paper uses analytical and evaluative approach to set parameters to ensure Shari'ah compliancy of the product and therefore, classical and modern Islamic jurisprudence literatures has been reviewed. The wadi'ahbased family takaful product allows various forms of guaranteed benefits (non-participating benefits) to be offered to participants in a manner similar to their conventional counterparts. However, there are some guidelines that should be followed. Every contract should be executed separately to avoid Shari'ah prohibition. Different types of funds need to be separated as well. Takaful Operators (TOs) can provide guaranteed cash surrender benefits only from the Participants' Wadi'ah Fund (PWF). Finally, Takaful Operators (TOs) should be transparent in the dripping process and charges. Takaful Operators (TOs) should be transparent in taking charges for managing wadi'ah funds, sharing investment profit ratio under mudarabah contract and sharing surplus from the tabarru' fund. The study would serve the needs of the takaful industry, particularly family takaful, in order for them to avoid Shari'ah compliance risk. Source


Abdul Khir M.F.,International Shariah Research Academy for Islamic Finance ISRA | Bahroddin Badri M.,International Shariah Research Academy for Islamic Finance ISRA | Hussain L.,International Shariah Research Academy for Islamic Finance ISRA
American-Eurasian Journal of Sustainable Agriculture | Year: 2013

The rahn-based Islamic microcredit facility is currently popular among Islamic financial institutions in Malaysia, essentially because of its commercial features, which make it attractive and competitive with conventional pawnbroking. However, the substance of this product triggers some Sharia'h issues, which are mainly centred on the safekeeping fee the bank charges the customer under the principle of ijarah al-hifz (safekeeping fee) and wadia'h yad al-damanah (guaranteed safe custody). This paper is primarily intended to examine the key Sharia'h issues associated with the structure that is widely accepted at present. It undertakes a case study of two selected Islamic banks that offer a rahn-based Islamic microcredit facility to their clients. The product manual of each bank has been examined to understand the structure flow of the product, payment of the safekeeping fee and other relevant operational aspects of the product. Interviews have also been conducted to gather data related to the operation of this product that was not available in the product manuals of the two selected Islamic banks. It is proposed that the alternative structure must comply with the Sharia'h and meets most of the distinctive commercial features of the rahn-based Islamic microcredit facility to maintain its commercial viability in the industry. Source

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