Overview Of Islamic Finance And Business

INTRODUCTION

Islam is not just a religion but it is the most beautiful way of life. It has a comprehensive set of systems and it is the way of life that Allah wants all creatures to live. It is so comprehensive that it covers every aspects of human life from private matters to relationship with others and from the family to the widest community. These include such matters as spiritual, social, laws, family, hygiene, business transaction and so much more. This chapter will introduce you some basis components in Islam which has become the backbone of Islamic finance and business practices. In Islam, business is a dignified occupation and therefore all business transactions must be governed by Islamic laws

TopicTopic 11 OVERVIEW OF ISLAMIC FINANCE AND BUSINESS

LEARNING OUTCOMES

By the end of this topic, you should be able to:Explain the religion of Islam and its frameworkAnalyse the relationships between Aqidah, Syariah and AkhlakDiscuss the importance of fiqh muamalah in Islamic studiesExplain the differences between Islamic finance and conventional finance

THE FRAMEWORK OF ISLAM

TOPIC 1 OVERVIEW OF ISLAMIC FINANCE AND BUSINESS

The first thing that you should know about Islam is what the word “Islam” itself means because Islam is not named after a person such as other religions. Islam is the true religion of Allah and it is not Prophet Muhammad alone who advocated this teaching but it is a legacy of all prophets. It began with the first human being; prophet Adam and through all the prophets until prophet Muhammad (SAW).

The word Islam is an Arabic word which means peace and submission. The object of this submission is Allah. Technically Islam is the religion of Allah revealed to the prophet Muhammad (SAW) in order he might proclaim it to all mankind. Therefore they might be able to believe in it and put its teachings and regulations into practice. The people who profess the faith of Islam are called muslims. The religion of Islam is based upon these five primary pillars.

a) Creed (Syahadah)

This is the initial act of faith, expressed in a statement which testifies to one's commitment to following the straight path of Allah's guidance upon which muslims seek to live their lives; "I bear witness that there its no god but Allah and I bear witness that Muhammad is His prophet. "

b) Prayer (Salat)

Prayer involves physical movements and recitations of verses of al-Quran. It is compulsory for every muslim that who is sane and above the age of puberty. They must perform prayer five times daily; at dawn (Subuh), afternoon (Zuhur), before sunset (Asar), after sunset (Maghrib) and after nightfall (Isyak).

c) Fasting (Sawm)

A muslim must fast during whole month of Ramadhan and it involves abstinence from eating, drinking, smoking and marital intercourse from dawn until sunset. It is obligatory for a sane muslim who has attained the age of puberty to fast during the month of Ramadhan except if the person is travelling or ill or if a woman is in her monthly periods or is bleeding after the delivery of a child.

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d) Paying Zakat

Zakat is an annual payment of a fixed amount to every muslim who has wealth in excess of his consumption needs for the benefit of the needy person. It is based on taking a portion of the wealth of the wealthy muslim and giving it to the poor and those in need. It is one of the Islamic financial instruments that provides a method in managing the society's economy and finance.

e) Pilgrimage (Hajj)

All muslims should perform acts of worship at the Holy House of the Kaaba in Makkah. It is a once in a lifetime obligation for every adult muslim who is physically and financially able to perform it.

Generally Islam encompasses three major categories: Aqidah, Syariah and Akhlak. Aqidah is also known as faith, Syariah is known as Islamic law and Akhlak is known as ethics. These three components play important roles in the life of every muslim because Aqidah shows the truth of Islam, Syariah shows the justice of Islam and Akhlak shows the beauty of Islam. If illustrated in a diagram the coverage of Islam would be as follows.

Figure 1.1: The Coverage of Islam

AQIDAH (Faith)

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ISLAM

SYARIAH(Law)

AKHLAK(Ethics)

IBADAT(Man to God)

MUAMALAH(Man to Man)


1.1.1 Aqidah

Aqidah is the basis by which the whole system in Islamic teachings pertaining to all aspects of life. Aqidah is an Arabic word that derives from its root “aqada” which means bond or tie. Technically Aqidah is the definitive faith and firm creed that one's heart is fixed upon without any wavering or doubt. It is called Aqidah

because the person binds his heart upon it. To every muslim, Aqidah is a spirit that will ensure attainment of a happy and good life. Without Aqidah, life of a muslim will be meaningless. Prophet Muhammad (SAW) explained detail about the pillars of this faith.

He said: "To believe in Allah and His angels and His books and His messengers and the Last Day and predestination of good and evil."

It is a must for every muslim to know these pillars with a correct understanding. Muslim will not be called a complete believer just by knowing and understanding these pillars but he must come to the level where he submits and implements what is described in above hadith. Therefore the foundations of Aqidah comprise these six pillars.

a) Belief in Allah

The belief in the existence of Allah is the first pillar of faith. The muslim testifies that “there is no God except Allah”. The concept of oneness of Allah is a very important concept in Islam. It rejects the ideas of polytheism; a system in which people believe in many gods. All muslims believe that Allah is the only God and there are no equal and superior Gods. If there is a conflict between following commands of Allah and human interests for example, the commands of Allah must predominate.

b) Belief in the angels

Muslims believe that angles are special creatures created by Allah for special missions. Their duties include maintaining a record of human actions, protecting and taking life and other commandments from Allah.

c) Belief in the scriptures

Muslims believe that the scriptures revealed by Allah through the prophets are for the guidance of mankind. Without these scriptures, it

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is difficult for human to manage their life. There are four scriptures revealed to the prophets. The Taurat (Torah) was revealed to prophet Musa (Moses), The Injil (Gospel) was revealed to prophet Isa (Jesus), The Zabur (Psalms) was revealed to prophet Dawud (David) and the al-Quran revealed to prophet Muhammad. Muslims believe that al-Quran confirms whatever is true in previous chapters or scriptures and rejects whatever changes human have made on them.

d) Belief in the prophets

Muslims believe that Allah sent prophets to teach and guide them in their life. The duty of the prophets is to bring the messages of Allah to mankind. Eventhough all prophets are human, but they are the most perfect examples of what humans should be. Muslims also believe that Muhammad (SAW) is the most important prophet among all prophets.

Table 1.1 : Name of Prophets

Qur'anic Name

Biblical Name

Qur'anic Name

Biblical Name

Adam Adam Ayyub Job

Idris Enoch Musa Moses

Nuh Noah Harun Aaron

Hud Hud Dhu'l-kifl Ezekiel

Salih Salih Dawud David

Ibrahim Abraham Sulaiman Solomon

Ismail Ishmael Ilias Elias

Ishaq Isaac Al-Yasa Elisha

Lut Lot Yunus Jonah

Ya'qub Jacob Zakariyya Zechariah

Shu'aib Shu’aib Yahya John

Yusuf Joseph Isa Jesus

Muhammad Muhammad

e) Belief in the Day of Judgment

Muslims believe that the life of this world has not lasting significance except as preparing us for the Day of Judgment. Muslim with the

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(a) What is meant by Islam?(b) Why aqidah so important for muslims in business transaction? (b) <add self-check here>


proper faith will do anything that benefits him not only in this life but also in the Hereafter.

f) Belief in the destiny

Muslims believe that every thing that is happen in the universe from the smallest to the greatest events, is controlled by Allah. There is no such thing as random or chance events, and nothing happens without His command.

1.1.2 Akhlak

Akhlak concerns the behaviors of a muslim in his personal conducts. Akhlak is important for human beings in the sense that akhlaq is developed in conviction in all articles of faith (Aqidah) and also muslim actions (Syariah). It is the characteristics which Allah has ordered the muslim to abide by when performing his actions. Akhlak also conforms to the human nature, for instance being generous and hospitable to the guest, helping the needy, humility and modesty.

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SELF CHECK 1.1


1.1.3 Syariah

The literal meaning of Syariah is the road to the watering place. Technically it means the divine law provided by Allah to guide the mankind with a proper direction. It is the comprehensive set of laws that define the paths of life that muslim must take. It includes the Islamic beliefs and concepts and their implications concerning the attributes of Allah, the nature of life, what is apparent and what is hidden in it, the nature of man, and the interrelationships among these.

All activities in muslim life have to conform to the Islamic law with the aim to achieve the Objective of Syariah (Maqasid Syariah). The study of Maqasid al-Syariah is important because it reflects the basis of Islamic law and it also helps Islamic scholars in determining the prohibition and permissibility in muslim actions.

There are five necessities in Maqasid Syariah as illustrated in this diagram

Figure 1.2 : Five Necessities in Maqasid Syariah

These five necessities are impotant in muslim life and every muslim should preserve and protect these necessities in order to ensure individual and social welfare in this world and Hereafter. The relationships describe above indicate that some necessities have a higher priority than others. Religion has a higher priority than life.

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Religion

Life

Progeny

Intellect

Property


Life is prior than progeny. Progeny is prior than intellect and intellect is prior than property. In practice this would mean

It is permitted to take the property of other person if such thing can save his life. This is because life is prior than property.

If someone want to bribe us with money (property) in order to get the tender, we should not accept it because progeny or pride is prior than property.

Prophet Muhammad (SAW) rejected gift and rank that offered by mushrikin in order to persuade him to stop in preaching. This is in line with the concept of religion has a higher priority than property.

Therefore in order to ensure the establishment of the first necessity; religion, Allah has made worship obligatory such as prayer, pilgrimage and others. He also imposed preventative punishments in order to protect religion against destruction. The interest of life is secured by creating laws for the existence of life such as marriage and healthy living and the way to protect life is through the enforcement of Islamic law such as prohibition in killing and suicide.

Meanwhile the interest of progeny is established through the creation of family law such as marriage and it is preserved by prohibiting the sex outside marriage. The interest of intellect is established by lawful means of sustenance and to ensure its preservation Allah imposed punishment for anything that diminished the intellect’s ability to function properly such as prohibition on alcohol and drugs. The interest of property is established by lawful means for its acquisition and preserved by defending right of ownership such as punishment for theft.

Syariah deals with many aspects of day-to-day life including politics, economics, business, family and social issues. In short, Islamic jurists have classified Syariah into two types namely Ibadat and Muamalat.

i) Ibadat

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ACTIVITY 1.1

(a) Can you make a comparison between lives with and without syariah?


The meaning of "Ibadat" in the Arabic language is obedience, submission, and humility. Technically Ibadat is the ultimate obedience, the ultimate submission, and the ultimate humility to Allah along with the ultimate love for him. Muslims believe that Ibadat is the reason for the existence of all humanity. That is, muslims believe that all people exist only to worship Allah. Ibadat consequently means following Islamic beliefs and practices. Ibadat is also something that comes from the heart or sincerity as a result of belief in Islam. Therefore Ibadat is something that can not be forced upon another person.

Ibadat consists all rules about prayer, fasting, pilgrimage and paying zakat. The nature of worship rules are to worship Allah according to what were the commands of Allah. Therefore the basis principle in Ibadat as mention in fiqh maxim: “basis principle in Ibadat is prohibition except which if there is the proof of its permissibility”. Because Ibadat is something that which Allah orders it to be obligatory or recommended, whatever falls out of this is not considered as Ibadat.

ii) Muamalat

Muamalat refers to any form of mutual dealings held between contracting parties to fulfil their needs and requirements. It covers all aspects of a person’s daily life with other person ranging from issues of marriage to business or from social to politics. For the purpose of study, term Muamalat used after this will refers to the business transactions and financial contract.

Allah encourages muslims towards exchanging commodities through business transaction. This transaction may contribute to the economic development and also promote stability to the society. Business transactions were revealed by al-Quran and al-Sunnah in detail in many issues. The principle of Muamalat is more flexible from the principle of Ibadat because of the focus of Muamalat transactions is to eliminate the injustice elements. Muamalat stipulates that everything is permitted except if it is prohibited in al-Quran and al-Sunnah.

Figure 1.3 : Basic Principles in Ibadat and Muamalat

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Table 1.2 : The five ruling (hukum) related to Syariah

Hukum Description ExamplesWajib

(Compulsory)Any act that Islam makes obligatory on a Muslim and Islam sets punishment for whoever leaves it intentionally, and rewards for whoever performs it perfectly.

Prayer, fasting

Haram (Prohibited)

Any act that Islam prohibits the Muslim from committing and sets a punishment for the transgressors, while praising and rewarding the one who totally abstains from such acts

Taking interest, Gambling

Mubah (Allowed)

Any act that the Muslim is urged to do and he deserves divine reward and Allah's pleasure. But no punishment is set for any one who leaves it. It is the widest among the daily social human behaviours

Trading, Sports

Mandub (Recommended)

Any act that the muslim is urged to do, whereby he is viewed a performer of the good and so deserves divine reward and Allah's pleasure. But no punishment is set for any one who leaves it or considers it easy, because, if done, its fruits will be to his benefit, and if left or ignored no harm will result from it

Greeting others, Paying visits to neighbors

Makruh (Hated)

Any act that the muslim is urged to avoid although it is not unlawful. It is preferable to avoid such acts in the interests of self or society. However, Islam does not set a punishment for the Muslim who does it, because it is not considered haram.This

Sleeping till after sunrise, Ablutions

Table 1.3 : Rewards and punishments in ruling of Syariah

Performance Non PerformanceCompulsory Rewarded PunishedProhibited Punished Rewarded

SYARIAH

IBADAT MUAMALAT

Everything is prohibited except as revealed otherwise in Quran and Sunnah

Everything is permissible except if prohibited in Quran and Sunnah

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Permissible Not Rewarded Not PunishedRecommended Rewarded Not Punished

Disliked Not Punished Rewarded

Before we discuss about Islamic finance and business we should know what is fiqh. Fiqh refers to the science of deducting Islamic law from evidence found in the al-Quran and al-Sunnah. These rulings deal with individual actions and also society. It covers laws related with Ibadat (fiqh al-Ibadat), criminal (fiqh al-jinayah), finance (fiqh al-Muamalat) and others.

Fiqh al-Ibadat : discuss about prayer, fasting, zakat and pilgrimage.Fiqh al-Jinayah : discuss about criminals and their punishmentFiqh al-Muamalat : discuss about business transactions and financial dealingsFiqh al-Siasah : discuss about management and organization of government.Fiqh al-Munakahat : discuss about marriage, divorce and family issues.

Fiqh Muamalat is one of the fields of knowledge in fiqh. It covers the knowledge of business contracts, exchange of properties and

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SELF CHECK 1.2

(a) What is the purpose of Ibadat in Islam?(b) Define Muamalat from linguistic and technical meanings?

ACTIVITY 1.2

(a) Based on your understanding, what are the differences between Islam and other religions?

FIQH AL-MUAMALAT IN ISLAMIC FINANCE AND BUSINESS


whatever transaction that have relationship with business. This knowledge actually plays a very important role in maintaining peace in the society. The benefits of study fiqh Muamalat are

to upgrade the status of mankind to a respectful position through faith and discipline

to encourage people to participate actively in business transaction

to avoid any misunderstanding among contracting parties in business transaction

to keep the legal spirit by avoiding unlawful dealings in any kind of transactions

to enforce the rights and duties of the contracting parties in business transaction.

To understand the structure of Islamic finance and business we may first discuss it philosophy. Philosophy is the study of fundamental problems concerning matters such as knowledge, truth and justice. When we believe that a statement is a fair statement and we justify such belief by answering relevant questions and giving evidences in supporting the answers, we have philosophized for such belief. Therefore in other to become a philosophy, it must meet 3 conditions;

1) The statement must be true 2) We must believe that the statement is true3) There must be good evidence for believing the statement

Islam developed a set of principles that provide a basic framework for the conduct of Islamic finance and business contracts. This is because these contracts result in rights and liabilities of the parties and they must fulfill the liability as stated in the contract. Below are some of the philosophy of Islamic business and finance which directly affecting the contracts and instruments in the Islamic financial system.

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PHILOSOPHY OF ISLAMIC FINANCE AND BUSINESS


a) Everything is belong to Allah

Everything in this world and also universe is created by Allah and it belongs to Allah. He also delegated to human the right to enjoy these creations such as air, land and minerals. Therefore human are holding all these in trust and they must share this bounty with others in such ways like paying zakat and giving donation. Allah also blesses those who earn and spend this bounty in compliance with His commands. He does not bestow His blessing on those who earn it illegitimately and spend it irresponsibly.

Allah said : He is the creator of the heavens and the earth. How could He has a son when He has no consort? He has created everything and is aware of everything (Al-an’am :101)

b) Profit as a secondary aim

Business will bring two types of profits; first profit in the form of money and second profit in the form of rewards by Allah. As a muslim the first goal of business should not be focusing on money based profit but more to get reward and blessing from Allah. In Islam seeking profit is not a bad aim, but it should be secondary. In doing business, we are not only trying to make profits but we are actually doing service to the society by providing the goods and services that people need.

Allah said : O Prophet, tell them; if your fathers, your sons, your brothers, your spouses, your relatives, the wealth that you have aquired, the business in which you fear a loss, and the homes which you like are dearer to you than Allah, His Prophet and making Jihad in His way, then wait until Allah brings about His decision. Allah does not guide the transgressors. (At-Taubah : 24)

b) Business transactions should be conducted by mutual consent

All business transactions must be based on mutual consent among the contracting parties. Consent obtained through oppression, injustice and fraud will makes a contract invalid in Islamic law. This is mentioned in the hadith and also al-quran

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Prophet (SAW) said: “The sale is complete when the two part with mutual consent.”

Allah said:O you who believe! eat not up your property among yourselves in vanities: but let there be amongst you trade by mutual consent: nor kill yourselves: for verily Allah has been to you Most Merciful. (An- Nisa 29)

Based on descriptions on above hadith and al-quran indicate that no one can take the property of others wrongfully

c) Any transaction involves riba (interest) is void

All forms of contracts and transactions must be free from riba. Islam prohibits muslims from taking or giving interest regardless of the purpose for which such loans are made and regardless of the rates at which riba is charged. It includes all returns from loans and anything above the principal and covers all forms of commercial and personal loans. Many verses of the al-Quran and Hadith clearly mention that all business transactions which involve riba are prohibited in Islam. According to the Quran also there is a clear distinction between profits and riba; while the former is recommended, the latter is hated.

Allah said :Allah has permitted trading and forbidden Riba (Al-Baqarah :275)

Allah said : O you who believe! Fear Allah and give up what remains of your demand for usury if you are indeed believers. (Al-Baqarah 278)

The major purpose of this prohibition is to avoid injustice where a person receives a monetary advantage in loan or trading transactions without giving a fair countervalue. It also creates parasites in the financial system and contributed to the widen gap between the rich and poor.

d) Unlawful subject matter

Islam gives complete freedom to muslims to involve in business transactions. They can organize any kind of business within the limits

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set by the Islamic law. Islam does not recognize business transactions that have proven illigitimate products as mentioned by Allah and prophet Muhammad (SAW).

Allah said: He has only forbidden you dead meat and blood and flesh of swine and that on which any other name has been invoked besides that Allah (Al-Baqarah 173)

Allah said: O you who believe, intoxicants and gambling, (dedication of) stones and (divination by) arrows are an abomination of Satan’s handiwork. Eschew such abomination that you may prosper. (Al-Maidah 93)

The Prophet (SAW) said:If Allah makes something unlawful, he makes its price also unlawful.

According to Al-Quran and Al-Hadith, the following set of business activities are considered prohibited in Islam.

i. Islam has not permitted producing, selling and purchasing of goods, which are prohibited in Islamic law such as alcohol, drugs, pork and tobacco

ii. Islam has also prohibited any kind of transaction involving uncertainty. Such a sale is strictly prohibited in Islam because the business contract is not known to the buyer and the contract may give rise to disputes and disagreements between the concerned parties.

iii. Islam has also prohibited any kind of transaction involving gambling.

iv. Islam prohibits buying or selling what is legal if we know that it will be used for illegal use such as weapons and abortion drugs.

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ISLAMIC FINANCIAL SYSTEM VS CONVENTIONAL FINANCIAL SYSTEM


Islamic finance is a basis concept in managing financial transactions among muslims which based on Islamic law. It is said to be asset based as opposed to currency based whereby an investment is structured on exchange or ownership of assets, and money is simply the payment mechanism to effect the transaction.

The main differences between Islamic financial system and conventional financial system are:

A) Objectives and approches

Islamic financial system is guided by the specific law under the Syariah principle which focuses on the community well being rather than personel interest. It prohibits all activities which may cause harm to the contracting parties either to the traders or the consumers. A muslim businessman should avoid these prohibition practices and at the same time distance himself from doubtful matters because one who falls into doubtful matters is probably will fall into unlawful (haram) matters. Islamic financial system is based on the objectives and principles developed by Al-Quran and Al-Sunnah. It is different from conventional financial system which has no such religious elements in their objectives. Where Islamic financial system provide services which comply with the religious injunctions of Islam. For instance in Malaysia, all Islamic financial institutions are required to establish Syariah Advisory Committee in order to advise in Syariah matters and to ensure that their financial products comply with Syariah principles.

B) Profit vs Interest

Interest is prohibitted in any financial transaction including loans and investment. In Islamic financial system, we deal in goods and not in money. We use money only as a medium of exchange in the process of purchasing goods for the purposes of trading or investment. Meanwhile conventional financial institutions deal in money. They get money from clients in the form of loans and pay them interest as a return. They also give advances to clients and charge them interest.

In the absence of interest, Islam has a number of principles that can be applied in financial and business contracts by adopting profit and loss sharing principles such as in Mudaharabah and Musyarakah or

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cost plus profit principles such as in Murabahah, Bai’ Bithaman Ajil, Bai’ Salam and others.

The major element creating imbalance and injustice in financial system is interest. Replacing it with other principles as mentioned before would solve many economic ills such as hunger, poverty, inflation and other social problems. This is because interest is considered as unjustified income where a person receives a monetary advantage in loan transaction or trading transaction without sharing the risks.

There is a big difference between profit and interest. In a business transaction we get profit only after we involve in the risks sharing, even after all there always exist a fear of loss in this transaction. Contrary to this, in the conventional system the lender gets the fixed rate of return from the borrower in the form of interest without any effort or fear of loss.

C) Risk

In conventional financial system, especially in interest based transactions it is developed based on the debtor-creditor relationship. When you deposit money in a bank, the bank is the debtor and you are the creditor. The bank promises to pay you some return (interest) as a condition for this deposit. Meanwhile if you borrow money from a bank, the bank becomes is the creditor and you are the debtor

The debtor-creditor relationship in conventional financial system is replaced by equity risk-sharing relationship in Islamic financial system. In this position one party is a capital provider and the other party is an enterpreuner. The idea underlying Islamic banking is that money should be based on equity rather than debt. Instead of guaranteeing a fixed rate of return, an Islamic financial institutions and the borrower enter into an agreement that clearly spells out the way in which profits or losses are to be shared between the parties.

In Islamic financial institutions, they deal also with the purchasing of goods whether in financing or investment. In this practice it would involve the concept of ownership and it cannot be separated from the risk of related loss. If the assets remain with the sellers or financial

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institutions, they have to bear the risk as long as they sell, the risk is transferred to the buyers or clients.

Syariah maxim “al-kharaj bi al dhaman” is the basic principle of permissibilty of any return on capital. It means that there can be no profit without risk sharing and those who want to get profit he must also liable for the loss if any. So in Islam all parties in the business and financial contracts have to undertake risk for the entitlement of profit.

D) Asset based vs Debt Based

In conventional financial system, their contract is purely financial as the debt contract is independent of the material transaction that may take place. Consequently a debt contract may entail exploitation of the condition of a party to the contract by the other one especially in riba.

The prohibition of riba and the permission of trading in Islam drive the Islamic financial activities towards asset based business. This implies that all financial and business transactions must be representative of real business transaction. Islamic financial products relate largely to trade-based or asset-based financial instruments. Hence, risks associated with these businesses tend to be reflected in these financial instruments as well.

In most methods of Islamic finance, the financial institution is at some stage the owner of the financed goods. In a few cases, particularly asset financing, certain risks may be attributable to legal ownership. There may also be obligations associated with the asset/transaction that must be assessed at the structuring stage to avoid surprises. If the asset is destroyed or becomes unfit for use while the financier owns it, responsibility falls on the financier, so long as the customer did not cause the damage willfully or negligently.

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• Islam is a complete way of life that covers all aspects of human activities. Being a complete way of life, it does not recognise a separation between spiritual and material aspects of a muslim’s life

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• Ibadat, Syariah and Akhlak are the main fundamentals in Islam which guide muslim in all of their actions.

• Muamalat refers to the relationship between man and man in their actions which includes business, politics, social and others. Muamalat in our study is focus on the business and financial matters.

• Individuals have the right and freedom to make profit from the business transaction and at the same time Islam prohibited all activities which may cause harm to the contracting parties.

• The main differences between Islamic financial system and oonventional financial system are based on their objectives, returns, risks and approaches.

AkhlakAl-HadithGhararMuamalatSyariah

Al-QuranAqidahIbadatRibaZakat

Abdul Halim Ismail (2002) The Deferred Contracts of Exchanges. IIUM IKIM. Kuala Lumpur.

Saiful Azhar Rosly (2005) Critical Issues on Islamic Banking and Financial Markets. DINAMAS. Kuala Lumpur.

Sheikh Ghazali Sheikh Abod, Syed Omar Syed Agil, Aidit (ed.), (1992), An introduction to Islamic finance, Quill Publishers. Kuala Lumpur.

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Sudin Haron dan Bala Shanmugam (1997). Islamic Banking System. Concepts and Applications. Pelanduk Publications Sdn. Bhd. Kuala Lumpur.

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Overview Of Islamic Finance And Business

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