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Purchase undertaking issues in musharakah mutanaqisah home financing

Mohamed Naim, Asmadi (2011) Purchase undertaking issues in musharakah mutanaqisah home financing. In: Foundations of Islamic Financial Series Second Conference : Islamic Banking Products, Theory, Practice & Issues, 8-10 March 2011, Intercontinental Hotel Kuala Lumpur. (Unpublished)

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This article aims to analyse the diminishing musharakah in retail financing products by examining its features in order to determine its inclination either towards shirkah al-milk or shirkah al-'uqud. The study also examines the legitimacy of first and second promises(wa'ad) to gradually purchase bank's portion by the customer and to purchase in credit bank's portion in the event of default. The study applies qualitative research method comprises of document analysis and interviews with the players. The study shows that the house financing is a shirkah al-milk in its initial stage, but it could not be considered permanently as shirkah al-milk as it does not comply with all features of shirkah al-milk. It also found that scholars were disputed in allowing pre determined price of bank's portion or share on the house, and stipulating second promise in the event of default.

Item Type: Conference or Workshop Item (Paper)
Additional Information: Organised by Graduate School of Management UPM
Uncontrolled Keywords: syarikah, shirkah, musharakah, musharakah mutanaqisah, musyarakah, diminishing musharakah, shirkah al-milk,shirkah al-'uqud
Subjects: B Philosophy. Psychology. Religion > BP Islam. Bahaism. Theosophy, etc
H Social Sciences > HG Finance
Divisions: Tunku Puteri Intan Safinaz School of Accountancy (TISSA)
Depositing User: Prof. Madya Dr. Asmadi Mohamed Naim
Date Deposited: 31 May 2011 00:30
Last Modified: 07 Dec 2016 07:55
URI: http://repo.uum.edu.my/id/eprint/3149

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