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- Title
An Application of Shariah Contract on Islamic Retail Investment Products: An Overview on Malaysia Practice.
- Authors
Hamzah, Ahmad Aizuddin; Ruzaiman, Farah Shazwani; Gazali, Haneffa Muchlis
- Abstract
The Islamic investment deposit product is one of the tools which increases the capital source of the Islamic financing facilities. As an alternative to the conventional interest-based investment deposit product, the Islamic bank used the profit sharing analysis or also known as mudarabah contract for their investment product. But, despite a few issues with mudarabah investment deposit product and additional rules of the Islamic Financial Service Act 2013 on the Islamic deposit product, many Islamic bank looks at other alternative on their investment deposit facility. Therefore, the introduction of commodity murabahah or tawarruq-based deposit could be the best alternative to take its place. Hence, this paper aims to explore the current Islamic deposit products which are available in Malaysia market. The discussion will include the shariah contract used, the product mechanism and framework and the differences.
- Subjects
ISLAMIC finance; INVESTMENTS; BANK deposits
- Publication
Journal of Islamic Banking & Finance, 2014, Vol 31, Issue 4, p105
- ISSN
1814-8042
- Publication type
Article