Aplikasi kontrak al-kafalah dalam produk-produk pembiayaan perdagangan antarabangsa Islam
Islamic Trade Finance (ITF) instruments were introduced into the Islamic banking system in Malaysia since the early 1990s when there was a need for Islamic instruments in commerce especially in international trade.Most of the financial products are based on conventional instruments such as Bank Gu...
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| Main Authors: | , , |
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| Format: | Article |
| Language: | English |
| Published: |
Kolej Universiti Islam Sultan Azlan Shah
2015
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| Subjects: | |
| Online Access: | http://repo.uum.edu.my/17768/1/GJAT%205%20%201%201-4.pdf http://repo.uum.edu.my/17768/ http://www.gjat.my/ |
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| Institution: | Universiti Utara Malaysia |
| Language: | English |
| Summary: | Islamic Trade Finance (ITF) instruments were introduced into the Islamic banking system in
Malaysia since the early 1990s when there was a need for Islamic instruments in commerce especially in international trade.Most of the financial products are based on conventional
instruments such as Bank Guarantee (BG), Letter of Credit (LC), Accepted Bill (AB), Shipping
Guarantee (SG), Export Credit Refinancing (ECR) and others.In order to be accepted in
Islamic Finance, some amendments will have to be made so that it will be ‘sharia compliant’
by applyingmuamalat contracts to those products. Muamalat contracts that are widely used in
Islamic Trade Finance products are murabahah, bay’ al-dayn, kafalah and wakalah.This article
analyses the views of previous and contemporary Islamic scholars and those with authority in
Islamic financial jurisprudence in the use of kafalah contracts. This article also analyses the
issues that arise in the application of kafalah in Islamic Trade Finance products namely Shipping
Guarantee-i (SG-i) and Bank Guarantee-i (BG-i). |
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