The Application of Ju'alah in Islamic Finance: The Malaysian Perspective
The Application of Ju'alah in Islamic Finance: The Malaysian Perspective
Author(s): Ismail Mohamed, Mohd Rafede Mohd, Aishath MuneezaSubject(s): Business Economy / Management, Islam studies, Financial Markets, Socio-Economic Research, Sharia Law
Published by: New Millennium Discoveries Ltd
Keywords: Islamic banks; Islamic Capital Market; Islamic Finance; Jualah application; Primary contract; Secondary contract; Takaful Industry;
Summary/Abstract: Ju’alah is one of the least researched types of shariah contracts used in Islamic finance. The objective of this paper is to explore the current and potential applications of Ju’alah with specific reference to Malaysian Islamic banking, takaful and the Islamic capital market. This paper establishes that there is potential for using Ju’alah in Islamic finance as a primary and/or secondary contract. It also establishes that Ju’alah can be used in takaful, though it is not being currently used for this in Islamic banking and the Islamic capital market in Malaysia. It is anticipated that the findings of this paper will improve understanding of the practice of Ju’alah in the Malaysian Islamic finance industry.
Journal: International Journal of Management and Applied Research
- Issue Year: 7/2020
- Issue No: 1
- Page Range: 29-41
- Page Count: 13
- Language: English