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Islamic Banking In Malaysia: The Journey So Far Balarabe, Abubakar; Abdullah, Md. Faruk; Gwadabe, Uzairu Muhammad; Muhammad, Auwal Jibril
Adpebi Science Series 2022: 2nd AICMEST 2022
Publisher : ADPEBI

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Abstract

The study aims to review in general the historical context of Islamic banking from the beginning of the Islamic era to the establishment of Islamic banking in Malaysia. The Islamic banking system in Malaysia has gradually developed and succeeded in line with countries such as Dubai, Saudi Arabia, Indonesia, the United Kingdom, and Kuwait, which are countries that should be ahead of Malaysia. This study aims to review the Malaysian history of Islamic banking and finance. The development of Islamic banking in Malaysia successful Islamic banking and finance products and services. Also, the issues and challenges and prospects of Islamic banking. The research methodology is qualitative, and data has been collected from various sources such as libraries, documents, articles, the Internet, books, banking websites, and literature related to the history of Islamic banking. The study shows that Malaysia is among the best places in the world to practice Islamic banking, as it offers universities, institutions, sectors and seats for specialists in Islamic law and Islamic banking. The newspaper revealed that Malaysia is currently the financial technology for Islamic banking and finance. The study's results show that Islamic banking has come a long way toward becoming a profitable and globally competitive alternative to the current banking system.
Sharia Solutions to Minimising Personal Bankruptcy Cases in Malaysia: A Juristic Analysis Abdullah, Md. Faruk; Hoque, Muhammad Nazmul; Rahman, Md. Habibur; Said, Jamaliah
Al-Ahkam: Jurnal Ilmu Syari’ah dan Hukum Vol. 8 No. 1 (2023): Al-Ahkam: Jurnal Ilmu Syari'ah dan Hukum
Publisher : Fakultas Syariah, Universitas Islam Negeri Raden Mas Said Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22515/alahkam.v8i1.6305

Abstract

This study aims to analyze sharia principles in the practice of loans and debts to minimize bankruptcy cases among the public. Some elements in sharia may have an impact on changing the behavior and attitude of debtors. First, sharia prohibits individuals from taking loans for luxury goods although this is permissible in sharia. Second, people are urged to be careful in spending their money and be careful not to give in to lust. Lastly, there is genuine concern within sharia for the repayment of loans and debts. In addition, sharia also advises creditors to extend the repayment period without charging interest if the debtor is in trouble. For Islamic financial institutions, Sharia regulates profit and loss sharing contracts. Furthermore, various types of charity, for example zakat, alms, and waqf, can be used in Muslim societies to protect debtors from bankruptcy. This study adds new knowledge in Islamic financial literacy, which will contribute to improving people's financial well-being.