Publication:
Rectification of Uqud Al-Fasidah (Void Contracts) in Islamic Financial Institutions

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dc.contributor.authorAmir Husin Mohd Noren_US
dc.contributor.authorAmir Shaharudinen_US
dc.contributor.authorMohamad Zaharuddin Zakariaien_US
dc.contributor.authorAhmad Zaki Sallehen_US
dc.contributor.authorMualimin Mohammad Sahiden_US
dc.contributor.authorHussein ‘Azeemi Abdullah Thaidien_US
dc.contributor.authorMuhamad Firdaus Ab Rahmanen_US
dc.contributor.authorMuhammad Ridhwan Ab. Azizen_US
dc.contributor.authorMohd Afiq Ab. Jalilen_US
dc.date.accessioned2024-05-29T07:44:51Z
dc.date.available2024-05-29T07:44:51Z
dc.date.issued2020
dc.description.abstractShariah compliance is the most critical element in the operations of Islamic financial institutions. In order to ensure the Shariah compliance, some samples of IFIs products are reviewed and audited. The audit practices has led to growing findings which reveal cases of uqud al-fasidah (void contracts) in IFIs. Thus, the articles discusses the issue by recommending several actions for IFIs in dealing with void contracts. The article highlights seven common causes of void contract related with bay al-tawarruq transaction. Some of the void instances can be rectifiable and some are non-rectifiable. As Shariah Non-Compliance (SNC) is treated seroiusly by IFIs and the regulators, the dicussion will provide insights on how to reduce the SNC incidences and to minimse their financial impatcs to relevant partiesen_US
dc.identifier.doi10.33102/jfatwa.vol20no1.4
dc.identifier.epage63
dc.identifier.issn2232-1047
dc.identifier.issue1
dc.identifier.spage53
dc.identifier.urihttp://jfatwa.usim.edu.my/index.php/jfatwa/article/view/296
dc.identifier.urihttps://oarep.usim.edu.my/handle/123456789/13915
dc.identifier.volume20
dc.languageEnglish
dc.language.isoenen_US
dc.publisherUniversiti Sains Islam Malaysiaen_US
dc.relation.ispartofJournal of Fatwa Management and Researchen_US
dc.sourceOpen Journal Systems
dc.subjectShariah scholarsen_US
dc.subjectijtihaden_US
dc.subjectIslamic finance innovationsen_US
dc.titleRectification of Uqud Al-Fasidah (Void Contracts) in Islamic Financial Institutionsen_US
dc.typeArticleen_US
dspace.entity.typePublication

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