Artikel
The concept and application of ḍamān al-milkiyyah (ownership risk): Islamic law of contract perspective
Purpose: The purpose of this paper is to elucidate the concept of ḍamān al-milkiyyah (ownership risk) and to assess its application in contemporary Islamic financial products and services. Design/methodology/approach The methodology adopted is that of descriptive research. Findings From an Islamic law of contract perspective, the concept of ḍamān al-milkiyyah is central to legitimate profit-making transactions and hence must be adhered to in practical applications of Islamic finance. Research limitations/implications This study should help motivate further investigation into the position of ḍamān al-milkiyyah among different parties in existing Islamic financial products and services. Practical implications Policymakers and regulators should ensure that Islamic financial products and services are structured in a way that does not allow parties to profit without adequately bearing the liability for potential loss. Social implications The condition of ḍamān al-milkiyyah as a source of legitimate profit reflects the idea that the role of finance in Islam is to promote and ensure social benefits. Originality/value This paper emphasizes the importance of ḍamān al-milkiyyah as a fundamental condition for profit in Islamic financial transactions.
- Language
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Englisch
- Bibliographic citation
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Journal: ISRA International Journal of Islamic Finance ; ISSN: 2289-4365 ; Volume: 9 ; Year: 2017 ; Issue: 2 ; Pages: 148-163 ; Bingley: Emerald
- Classification
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Wirtschaft
- Subject
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ḍamān al-milkiyyah
liability
ownership
responsibility
Risk
uncertainty
- Event
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Geistige Schöpfung
- (who)
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Lutfi Abdul Razak
Muhammad Nabil Saupi
- Event
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Veröffentlichung
- (who)
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Emerald
- (where)
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Bingley
- (when)
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2017
- DOI
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doi:10.1108/IJIF-06-2017-0002
- Handle
- Last update
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10.03.2025, 11:45 AM CET
Data provider
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Artikel
Associated
- Lutfi Abdul Razak
- Muhammad Nabil Saupi
- Emerald
Time of origin
- 2017
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