Publication:
The improvement of Ar-Rahn (Islamic Pawn Broking) enhanced product in Islamic banking system

Simple item page
dc.citedby2
dc.contributor.affiliationsFaculty of Economics and Muamalat
dc.contributor.affiliationsUniversiti Sains Islam Malaysia (USIM)
dc.contributor.affiliationsUniversiti Teknologi MARA (UiTM)
dc.contributor.authorSharif D.en_US
dc.contributor.authorShaharuddin A.en_US
dc.contributor.authorMuhamed N.A.en_US
dc.contributor.authorPauzi N.S.en_US
dc.contributor.authorMohd Zin M.Z.en_US
dc.date.accessioned2024-05-28T08:36:18Z
dc.date.available2024-05-28T08:36:18Z
dc.date.issued2013
dc.description.abstractIn a modern economy, there is no doubt that banks play a major role in generating the economic and financial growth. The individuals, the communities and the organizations are reliant on banks as their financial resources and necessities fulfillment. Their dependence to the banks has led them to engage a variety of contracts especially a debt-based contract. This contract required them to bond with the banks in the long period. Therefore, the various innovation products are designed to ensure the debtors are able to engage in an Islamic way and the banks are able to attain their income generation at the same time. While the debt contract is almost impossible to be implemented in Islamic banking system nowadays as it will lead to an interest, a modification process on the innovating sale contracts that have a commercial value for the bank is the only way for them to offer a debt-based contract to the people. Thus this paper attempts to explore the potential of ar-rahn product to solve the current problem. It tries to propose the enhancement of ar-rahn existing product offered by the bank and pawnshop as a good alternative to the financing products. The explored features of the potential of ar-rahn consist of the suitability of concepts adopted in the product, the possibility of longer repayment's period, the minimization of the shariah and economic issue of ujrah fee, the possibility of offering more than RM10, 000 borrowing money and the expansion of receivable pledge item. While the exploration of those features is discussed in a foundational and ideal basis, it is hoped to stimulate further investigation in the future.
dc.description.natureFinalen_US
dc.identifier.doi10.5539/ass.v9n2p36
dc.identifier.epage47
dc.identifier.issn19112017
dc.identifier.issue2
dc.identifier.scopus2-s2.0-84873653190
dc.identifier.spage36
dc.identifier.urihttps://www.scopus.com/inward/record.uri?eid=2-s2.0-84873653190&doi=10.5539%2fass.v9n2p36&partnerID=40&md5=145f6ea666de1f99caa53d62f50940bb
dc.identifier.urihttps://oarep.usim.edu.my/handle/123456789/9151
dc.identifier.volume9
dc.languageEnglish
dc.language.isoen_USen_US
dc.relation.ispartofAsian Social Science
dc.sourceScopus
dc.subjectAr-rahn enhanced productsen_US
dc.subjectImprovementen_US
dc.subjectIslamic banking systemen_US
dc.titleThe improvement of Ar-Rahn (Islamic Pawn Broking) enhanced product in Islamic banking systemen_US
dc.title.alternativeAsian Soc. Sci.en_US
dc.typeArticleen_US
dspace.entity.typePublication

Files

Original bundle
Now showing 1 - 1 of 1
Thumbnail Image
Name:
The improvement of Ar-Rahn (Islamic Pawn Broking) enhanced product in Islamic banking system.pdf
Size:
353.55 KB
Format:
Adobe Portable Document Format
Download

Collections

Scopus