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Legal issues in partnership law concerning musharakah al-mutanaqisah practised by Islamic financial institutions in Malaysia


Md Dahlan, Nuarrual Hilal and Abdul Jalil, Ahmad Zafarullah and Zainol, Zairani and Maamor, Selamah (2014) Legal issues in partnership law concerning musharakah al-mutanaqisah practised by Islamic financial institutions in Malaysia. In: UUM International Conference on Governance 2014 (ICG), 29th - 30th November 2014, Flamingo Hotel By The Beach, Pulau Pinang.

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Abstract

One of the Islamic Banking products in Malaysia is Islamic Partnership Home Financing Facility-Musharakah al-Mutanaqisah (‘MM’).It is a trite practice that for Islamic Banking products to be legal and shariah compliant, the products must fulfill the requirements of the shariah (Islamic law) and Malaysian law. Under the Malaysian law, Partnership Act 1961 (Act 135)(‘PA’) governs partnership.It follows that, as a matter of course, MM shall also be governed by the PA. This paper will highlight the issues in the provisions of the existing PA with regard to MM.The authors use a legal research methodology to under take the research.The authors also provide, at the end part of this paper, some suggestions in dealing with the issues to warrant the validity of the MM in the legal perspective.

Item Type: Conference or Workshop Item (Paper)
Additional Information: ISBN NO: 978-983-2078-95-1 Organized by: Institute for Governance and Innovation Studies UUM College of Law, Government and International Studies,Universiti Utara Malaysia. In Collaboration with: Fakultas Ilmu Sosial dan Politik, Universitas Muhammadiyah Malang, Indonesia
Uncontrolled Keywords: Partnership Act 1961 (Act 135); Musharakah al-Mutanaqisah Home Financing; legal issues.
Subjects: K Law > K Law (General)
Divisions: College of Law, Government and International Studies
Depositing User: Dr. Nuarrual Hilal Md. Dahlan
Date Deposited: 30 Dec 2014 06:46
Last Modified: 30 Dec 2014 07:12
URI: http://repo.uum.edu.my/id/eprint/12910

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