The application of sale contract as a mechanism of ownership transfer in Islamic hire purchase

• Main Authors: Muhammad Zin, Hakimah, Salamon, Hussin, Abdullah, Nurdianawati Irwani
• Format: Conference or Workshop Item
• Language: English
• Published: Universiti Kebangsaan Malaysia 2015
• Subjects: BP140 Islamic law (Fiqh); HG3368 Islamic Banking and Finance; JF491 Legislation. Legislative process. Law-making
• Online Access: http://irep.iium.edu.my/76078/8/76078The%20Application%20of%20Sale%20Contract.pdf; http://irep.iium.edu.my/76078/; http://www.ukm.my/fep/perkem/pdf/perkem2015/PERKEM_2015_2A1.pdf
• Institution: Universiti Islam Antarabangsa Malaysia

Ownership transfer is significant in Islamic hire purchase (IHP) operation as it enables customers to own the asset at the end of lease (ijarah) contract. The ownership transfer in Islamic hire purchase transaction usually takes effect by executing a sale contract. The execution of sale contract in...