Islamic banks are required to run their business activity with full conformity to Shariah. They should not borrow money on interest nor keep their surplus cash in interest bearing account as well as should not involve in any prohibited business deals. Even if the business activities are permissible, the borrowings may be based on riba (usury), the surplus is kept in interest bearing accounts and so on. Hence, this article aims to offer an alternative to liberate Muslim investors and small managers from the sinful action of dealing with those banking business activities.
Ahmad, Z. Islamic Banking: State of the Art, June 28, 2016, http://www.isdb.org/irj/go/km/docs/documents/IDBDevelopments/Internet/English/IRTI/CM/downloads/IES_Articles/Vol%202-1..Ziauddin..ISLAMIC%20BANKING.pdf
Al-Baz, A.A.M. (1999). Ahkam al-mal al-haram wa dawabitÏ al-intifa’ wa al-ta’arruf bihi fi al-fiqh al-Islami(1st edn.). Urdun: Dar al-Nafais.
Al-Harran, S. (1995). Time for Long-Term Islamic Financing. In Al-Harran, Saad (Ed.), Leading Issues in Islamic Banking and Finance (pp. 25–32). Petaling Jaya: Pelanduk Publication (M) Sdn. Bhd.
Al-Nawawi, A.Z.Y. (1925). al-Majmu’ sharh al-muhadhdhab. Madinah al-Munawwarah: Maktabat al-Salafiyyah.
AlNawawi, Abu Zakariya Yahya. (2001). Sahih Muslim bi sharh al-Nawawi. Matbu’ah al-Saqar.
Al-Qaradhawi, Y. (2003). The Lawful and the Prohibited in Islam (1st edn.). London: Al-Birr Foundation.
Al-Qarafi. (1990). Al-dhakhirah tahqiq Muhammad Haji. Bayrut: Dar al-Gharb al-Islami.
Al-Sarakhsi, A.B.M. (1993). Kitab al-mabsut. Bayrut: Dar al-Ma’rifah.
Al-Tirmidhi, Abu Isa Muhammad ibn Isa. (2002). Sunan al-Tirmidhi. Bayrut: Dar al-Ma’rifah.
Al-uhayli, W. . (2003). Al-fiqh al-Islami wa adillatuh. Bayr?t: Dar al-Fikr.
Bakar, M.D. (2008). Contracts in Islamic Commercial Law and Their Application in the Modern Islamic Financial System. In Mohd Daud Bakar & Engku Rabiah Adawiah Engku Ali (Eds.), Essential Readings in Islamic Finance (pp. 47–85). Kuala Lumpur: CERT Publications Sdn. Bhd.
Bakri, Z.M. (2011). Kewangan Islam dalam Fiqh Shafie (1st edn.). Kuala Lumpur: IBFIM.
Brian, K. (2011). Case Studies in Islamic Banking and Finance (1st edn.). United Kingdom: Wiley.
Buang, A.H. (2000). Studies in the Islamic Law of Contracts: The Prohibition of Gharar. Kuala Lumpur: International Law Book Service.
Chapra, M.U. (1992). Islam and the Economic Challenge. Leicestershire, UK: The Islamic Foundation and International Institute of Islamic Thought (IIIT).
El-Gamal, M.A. (2000). A Basic Guide to Contemporary Islamic Banking and Finance. Houston: Rice University
Gerrard, P., & Cunningham, J. B. (1997). Islamic Banking?: A Study in Singapore International Journal of Bank Marketing, 15(6), 204-216. 5
Haron, S. (1997). Islamic Banking Rules and Regulations. Selangor: Pelanduk Publication (M) Sdn. Bhd.
IbnQayyim, M.A.B. (2003). Zad al-ma’d hadyu khayr al-‘Ibad. Bayrut: Dar al-Fikr
IbnQuddamah, M.A. (2004). al-Mughni. al-Qahirah: Dar al-Hadith.
Iqbal, M. & Llewellyn, D.T. (2002). “Introduction,” in Islamic Banking and Finance: New Perspectives on Profit Sharing and Risk, ed. Munawar Iqbal, David T. Llewellyn, UK: Edward Elgar Publishing Limited.
Iqbal, M. (2005). General Takaful Practice: Technical Approach to Eliminate Gharar (Uncertainty), Maysir (Gambling) and Riba (Usury). Jakarta: Gema Insani Press.
Ismail, H.M. (1989). Zakat Mal Haram. In Abs wa a’mal al-nadwah al-thaniyah li qadaya al-zakat al-mu’asirah (pp. 129–159). Kuwayt: Al-amanah alammah al-hai’ah al-Shar’iyyah al-‘alamiyyah li al-zakat?: Bayt al-zaka.
Khir, K. Gupta, L., & Shanmugam, B. (2008). Islamic Banking: A Practical Perspective. Petaling Jaya: Pearson Malaysia Sdn. Bhd.
Kunhibava, S., & Shanmugam, B. (2010). Shariah and Conventional Law Objections to Derivatives: A Comparison. Arab Law Quarterly, 24(4), 319–360.
Lahsasna, A. (2012). A Mini Guide to Islamic Contracts in Financial Services. Kuala Lumpur: Center for Research and Training (CERT).
Mac Millan English Dictionary. (2002). London: Mac Millan Publishers Limited.
Manan, S.K.A & Kamaluddin, N. (2010). The Underlying Contracts of Isamic Banking (IB) Products and Some Related Issues in the Current Practice. Malaysian Accounting Review, Special Issue, 9(2), 99–144.
Metwally, M.M. (1997). Economic Consequences of Applying Islamic Principles in Muslim Societies. International Journal of Social Economics, 24(7/8/9), 941–957.
Nyazee, I.A.K. (2009). The Prohibition of Riba Elaborated. Lahore, Pakistan: The Federal Law House.
Rahman, Z.A. (2010
In-Text Citation: (Yunus, Kamaruddin, & Embong, 2018)
To Cite this Article: Yunus, S. M., Kamaruddin, Z., & Embong, R. (2018). The Concept of Islamic Banking from the Islamic Worldview. International Journal of Academic Research in Business and Social Sciences, 8(11), 539–550.
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
