To gain a strong position in the banking industry, by meeting a sharia-compliance as well as attractive to customers and be competitive to conventional banks, Islamic banks are extending their products by producing multi-varied contracts or known as “hybrid”. Hybrid contracts are the merger of several pact of contract that make banking products multipart and flexible especially when involved housing financing. As a result of bank's products using the Islamic brand, then it cannot avoid the syariah issues in the legality of the product whether it is permitted or otherwise. It is argued that the product only imitating the conventional practice not in it really wisdom to enhance the welfare to publics. To achieve the goal, this study will analyzed scholars’ arguments on the merger of contract using the Usul Fiqh methodology. This study use a qualitative method by referring to arguments in the fiqh and Usul Fiqh books. The study found that there were two views on the merger of the contract, first who prohibit it and the other is who permitted with conditions and this is the accurate.
Al-‘Imrani, A. (2006). Al-‘Uqud al-Maliyyah al-Murakkabah. Riyad: Dar Kunuz.
Al-Bukhari, M. I. (1422H). Sahih al-Bukhari. Jiddah: Dar Tauq al-Najah.
Al-Jawziyyah, I. A. (1973). I’lam al-Muwaqqi’in ‘an Rabb al-‘Alamin, Beirut: Dar al-Jil.
Al-Mubarakfuri, A. U. (t.t.). Tuhfah al-Ahwadhi bi Syarh Jami’ al-Tirmidhi. Beirut: Dar al-Kutub al-‘Ilmiyyah.
Al-Shafi‘I, M. I. (1990). Al-Umm. Beirut: Dar al-Ma’rifah.
Al-Tirmidhi, A. I. (1975). Sunan al-Tirmidhi. Misr: Matba’ah Mustafa.
Asni, F. A. H. M. (2017). Fatwa Tentang Pindah Milik Harta: Kajian Terhadap Penyeragamannya Di Malaysia. Master Thesis. Section of Islamic Studies. Humanities. Universiti Sains Malaysia.
Awang, A. H. (2005). Gharar Dalam Perspektif Fiqh Al-Hadith: Analisis Terhadap ‘Illah Dan Prinsip. Jurnal Fiqh (2)101.
Buang, A. H. (2000). Studies in the Islamic Law of Contracts: The Prohibition of Gharar. Kuala Lumpur: International Law Book Service.
Hazm, I. A. (t.t.). al-Muhalla, Beirut: Dar al-Fikr
Qudamah, I. A. A. (1405H). Al-Mughni. Beirut: Dar al-Fikr.
Kok, K. S., Giorgioni, G., & Laws, J. (2014). Derivative Products and Innovation in Islamic Finance: A Hybrid Tool for Risk-Sharing Options. International Journal of Islamic and Middle Eastern Finance and Management, 7(3), 242-257.
Mihajat, M. I. S. (2014). Hybrid Contract in Islamic Banking and Finance: A Proposed Shari’ah Principles and Parameters for Product Development. EJBM-Special Issue: Islamic Management and Business, 2(2).
Nagaoka, S. (2012). Critical Overview of the History of Islamic Economics: Formation, Transformation, and New Horizons. Asian and African Area Studies, 11(2), 114-136
Yunus, M. H., & Zakaria, Z. (2016). Pandangan Ulama Terhadap Kontrak Hibrid Dan Pelaksanaannya Dalam Produk Pembiayaan Perumahan Affin Home Invest-I. UMRAN-International Journal of Islamic and Civilizational Studies (EISSN: 2289-8204), 3(3).
In-Text Citation: (Asni & Sulong, 2018)
To Cite this Article: Asni, F., & Sulong, J. (2018). Hybrid Contracts according to Islamic Perspective. International Journal of Academic Research in Business and Social Sciences, 8(5), 448–453.
Copyright: © 2018 The Author(s)
Published by Human Resource Management Academic Research Society (www.hrmars.com)
This article is published under the Creative Commons Attribution (CC BY 4.0) license. Anyone may reproduce, distribute, translate and create derivative works of this article (for both commercial and non-commercial purposes), subject to full attribution to the original publication and authors. The full terms of this license may be seen at: http://creativecommons.org/licences/by/4.0/legalcode
