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TAWARRUQ based on telephone prepaid charges: an overview of RHB's personal finance products

BANCO ISLÁMICO Siti Aishah Kasmon, a * Kamaruzaman Noordinb

aDepartment of Muamalat, Johor College of Islamic Studies (MARSAH) bDepartment of Shariah and Management, Academy of Islamic Studies, University of Malaya Kuala Lumpur

*Corresponding author:[email protected]

Article history

Time of receipt: 21-02-2015

Download in revised form: 2015-07-13

Time of acceptance: 26-07-2015

Abstract

Tawarruq was introduced in Malaysia as an alternative to the controversial bayʻal-ʻῑnah. However, the second type of tavaruk, organized tavaruk, is controversial among scholars. Opponents claim that the practice of organized tavaruk does not meet the requirements of Sharia law. Sedania As Salam Capital Sdn Bhd (Sedania) establishing airtime credits as the underlying element in the tawarruq agreement appears to counter this argument. Therefore, this study aims to examine the implementation of tawarruq in Sedania's first customer, RHB Islamic Bank (RHBIB), in a personal finance product that uses airtime credit. Interviews will be conducted with representatives of Sedania and RHBIB to gather information on the modus operandi, and a literature review will be used to examine the concept of tawarruq. The study found that choosing Sedania as a platform for tawarruq transactions with airtime credit as a commodity is the best solution for personal financial products. However, the use of this underlying asset in larger markets such as corporate banking and bonds should be considered and further research is recommended.

Keywords: Tawarruq, Airtime Credit, RHB Islamic Bank, Sedania as Salam Capital Sdn Bhd, personal finance, underlying assets

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1.0 Introduction Bayʻ al-ʻῑnah is the oldest principle introduced in various products in Malaysia.

(Saif Azhar Rosli, 2005). However, the use of this principle has caused some controversy among Islamic scholars who have suggested the use of the tawarruq principle in Malaysia as an alternative to bayʻal-ʻῑnah (Ab. Ghani, Ab Mumin and Che Abdullah, Ahmad Sufyan, 2006). the Twa Issuing Agency and Bank Negara Malaysia's Shariah Advisory Committee allow the use of Tawarruq principles (Laldin, Mohamad Akram et al., 2012). The Majmaʻ al-Fiqh al-Islāmῑ issued a resolution opposing his decision, in its resolution no. ).

Opposition to the use of scheduled tawarruq comes from current applications by Islamic banking and financial institutions that do not comply with Shariah requirements (ʻAlῑ Maḥmūd, Maḥmūd Muḥammad, 2012). Aznan Hassan had revealed that there was an asset ownership issue at the London Metal Exchange (LME) where one asset was sold to multiple buyers. (Mohammed Khnifer, p.t.). This means that broker A sells the same goods to customer B as he sells to customer A. Thus, there is an overlap in the ownership of the assets, which clearly does not meet the conditions that must be met by law for the sale of goods. It is owned by the seller before it is sold to the buyer (Rayner, S.E, 1991).

Malaysia launched the Bursa Suq Al-Sila' (BSAS) in 2009 as an alternative to the LME (Syahnaz Sulaiman, t.t). Although the establishment of BSAS resolved many of the Shariah issues that had arisen in the LME, some remained unresolved, as discussed by Asyraf Wajdi Dusuki (Asyraf Wajdi Dusuki, 2010). He cast doubt on the integrity of tawarruq transactions at BSAS, adding processing fees if buyers of the products were to remove what they bought, giving the impression that tawarruq discouraged the delivery of products. BSAS uses different commodities than LME, BSAS uses crude palm oil (CPO) and plastic resin (Syahnaz Sulaiman, t.t), while LME uses metal products such as aluminum, copper, palladium, etc. (London Metal Exchange, 2014).

Sedania is another tawarruq commodity trading platform in Malaysia, what makes this platform unique compared to other tawarruq commodity trading platforms is the use of prepaid phone credit as a trading product. Sedania first introduced the concept of prepaid phone credit as a tawarruq product in 2009, using the As-Sidq system it developed as a platform that would automatically buy and sell goods between customers, banks, suppliers and buyers of goods. . Sedania's services have been used by many Islamic financial institutions to trade tawarruq, namely RHBIB, Malaysia Building Sector Berhad, Bank Simpanan Nasional, Affin Islamic, Agro Bank, Koperasi Ukhwah, KOPUTRA and Bank Rakyat (Amiruddin Amri, 2014).

Therefore, this study will analyze how tawarruq works, which uses prepaid phone credits as a supporting element for transactions through the Sedania platform. The researchers chose RHBIB as a case study focusing on how a personal finance product works because the bank was Sedania's first tawarruq customer when the concept of using prepaid phone credit as a commodity first emerged (Amiruddin Amri, 2014). The researcher first introduces this discussion and then proceeds to introduce the concept of tawarruq, which covers the definition, description and perspective of the jurists of tawarruq. The discussion continued with a discussion of how RHBIB's tavaruk-based personal finance products will work. Also, the researcher briefly discusses the pros and cons of using prepaid phone credit as a tawarruq product before the researcher concludes the discussion by summarizing all the discussions made in the last section.

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2.0 Meaning of TAWARRUQ 2.1 Definition of TAWARRUQ

According to Muḥammad Taqῑ al-ʻUthmānῑ, the word tawarruq is not found in the language. It is derived from the word al-wariq, the plural of which is awrāq, meaning al-fiḍḍah, money, whether multiplied or not (Munazzamah al-'Arabiyah li'l-Tarbiyah, 1988). Tawarruq is a term used by jurists to refer to the person responsible for producing money (Al-ʻuthmānῑ, Muhammad Taqῑ, t.t). Thus, the word tawarruq means talaba al-wariq, which means asking for money. Al-wariq originally meant al-fiḍḍah (silver) money. Later, it became common if the money was made of silver, gold or paper money (Al-Manῑʻ, ʻAbd Allah Sulaymān, 1425H).

The term tawarruq is not used by the four schools of jurisprudence except the Hanbali school. However, they discussed the way of buying and selling tawaruk in the discussion of bayʻal-ʻῑnah. Referring to the book of Al-Mawsūʻah Al-Fiqhiyyah, tawarruq is delaying buying something and then paying less than what you paid to get your money back. Cash (Wizārah al-Awqāf wa al-Shu'ūn al-Islāmiyyah t.t, 14:147). This definition is identical to that of tawarruq in Wahbah al-Zuhaylῑ (2004, 5:3475) and Nazῑh Ḥamād (1993). This definition is also almost identical to the Majmaʻ al-Fiqhῑ al-Islāmῑ definition of tawarruq, which refers to the purchase of goods belonging to the seller at a deferred price. So instead of selling to the original seller for cash, the buyer sells to a third party for cash.

Furthermore, Muḥammad Rawwas Qalʻah Jῑ defines tawarruq as an allegory of selling material goods to borrowers at a higher price and on a delayed basis in the form of expected cash (Qal'ah Jῑ, Muḥammad Rawwas, 1996). As mentioned above, although scholars have given many different linguistic styles in defining tawarruq, this study concludes that they agree on three main points regarding the definition of tawarruq, namely:

1) Delay in purchasing items. 2) The item is then resold to a third party for cash. 3) The purpose of tawarruq transactions is to acquire cash.

2.2 Description of Tawarruq Modern scholars divide Tawarruq into three types namely al-tawarruq al-fardi

(royal tawarruq), al-tawarruq al-munaẓẓam (organized tawarruq) and al-tawarruq al-maṣrifi (bank tawarruq). However, Sāmῑ Ibrāhῑm al-Suwaylim and some other scholars consider tawarruq banking to be part of the organized form of tawarruq, as the structure of the two types is the same, the only difference being the entity that manages the tawarruq process, the Tawarruq bank is done by the bank (Bouheraoua , Sa'id, t.t). Therefore, this study concluded that the manifestations of tawarruq can be divided into two types, namely:

2.2.1 Individual Tawarruq Individual Tawarruq is a transaction that takes place when the first buyer purchases an item

Pay in installments and sell to third parties at a low cash price. This tawaruq is known as tawarruq al-fardi/al-fiqhῑ (Ab Mumin Ab. Ghani and Ahmad Sufyan Che Abdullah, 2006). Muhammad Rawwās Qalʻah Jῑ describes this tawaruk as a person in need of money who approaches a merchant and buys goods by paying in installments over a known period. After the buyer gets the goods he bought, he sells them in the cash market at a price lower than what he bought them for. When a buyer buys a product, he does not intend to use it, but to resell it.

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As low as the price is, it's purely for cash. Since the buyer is prohibited from reselling the goods to the original seller to avoid the bayʻal-ʻῑnah transaction, he sells the goods to third parties. (Qalʻah Jῑ, Muḥammad Rawwās, 2002).

2.2.2 Scheduled tawarruq Scheduled tawarruq is called tawarruq al-maṣrifi (bank tawarruq) or tawarruq al-

munaẓẓam (organized tavaruk). Tawarruq is intended for use in financial systems where tawarruq is a method of financing or lending. In planned tawarruq, it may happen that the last buyer of goods acts as a representative of the first seller of goods or the first seller manages the contract on behalf of the last buyer (Ab Mumin Ab. Ghani and Ahmad Sufyan Che Abdullah, 2006 This In accordance with image of tawarruq drawn by Muḥammad Uthmān Shubayr, a customer goes to an Islamic bank and says "I want to get cash by tawarruq method". Then the bank buys the commodity from you in the international market and sells it to customers with deferment and in installments.The bank then asks to sell the goods on behalf of the customer.Then the customer will receive cash (the price of the good) in his account and the customer is obliged to pay the price of the good in installments (Shubayr, Muḥammad ʻUthmān, t.t.).

Majmaʻ al-Fiqhῑ al-Islāmῑ describes the tawarruq (called organized tawarruq) used in banking today, where banks sell products purchased in international commodity markets to customers on credit. Then, as agreed in the contract, the bank will act on behalf of the customer to sell the same product to another party in exchange for cash and give the customer a sum of money (Sharia Committee of the Muslim World League, 2003) . ).

2.3 Fuqaha against the vision of Tawarruq 2.3.1 The vision of Fuqaha in the past

The jurists of the past treated the law of tawarruq differently. This difference of opinion resulted in three different laws, harus, haram and makruh (Al-ʻUthaymῑn, Muḥammad Ṣāliḥ, 2005), as follows:

necessary

Most jurists of these four schools require tawaruk (Wizārah al-Awqāf wa al-Syu'ūn al-Islāmiyyah, t.t: 14:147). However, this view was opposed by Rafῑq Yūnus al-Miṣrῑ, stating that only some Hanbali jurists required it (Al-Miṣrῑ, Rafῑq Yūnus, 2001). Most of the Hanbali jurists who demanded tawarruq were al-Mardāwῑ, Ibn Mufliḥ and al-Buhūtῑ (Al-ʻuthmānῑ, Muhammad Taqῑ, t.t.). Meanwhile, the Hanafi jurist who called for tawaruk was Imam Abu Yusuf (Shubayr, Muḥammad ʻUthmān, t.t). According to Imam Syafie in the book al-Umm, if a person buys goods with delayed payment, it does not matter if he resells them to the original seller or to another party at a price lower or higher than that for which he bought them ( Al -Shāfiʻῑ, 1968). Ibn Juzayy is definitely necessary to sell the goods to third parties (Ibn Juzayy, t.t).

b) holy places

Some jurists of the Hanbali and Hanafi schools forbade tawaruk (Shubair, Muhammad ʻUthmān, t.t.). The Habali jurists who forbade it were Ibn Taymiyah and

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Ibn Qayyim's student (Al-Rashῑdῑ, Aḥmad Fahd, 2005). Some of the last Hanafiyyah scholars to forbid tawaruk are al-Haskafῑ and Imam Muḥammad (Al-Uthmānῑ, Muḥammad Taqῑ, t.t.).

γ) McClure

Some Hanbali jurists consider tawarruq as makruh, meaning "Umar Abd al-Azz". Furthermore, one of the Hanafi narrations of Muhammad al-Hasan al-Shaybānῑ also considers tawarruq to be makruh (Al-Rashῑdῑ, Aḥmad Fahd, 2005).

2.3.2 Views of the modern academic world a) should

Most modern jurists need a tavaruk. For example, Shaykh ʻAbd al-``Azῑz Bāz, Shaykh Muḥammad Ibrāhῑm, Shaykh ʻAbd Allah Sulaymān al-Manῑ`, Shaykh ʻAbd al-Raḥman al-Saʻḥḥ-Akhwῑ and sh ῑdῑ (Ahmad Fahd, 2005). Bank Negara Malaysia (BNM), Accounting and Auditing Organization of Islamic Financial Institutions (AAOIFI), Dallah al-Barakah Bank (DAB), Kuwait Financial Institution (KFH) and Dubai Islamic Bank (DIB) also require the Tawarruq (Laldin, Mohamad Akram) et al., 2012).

b) holy places

Some of the jurists who currently prohibit tawarruq are Rafῑq Yūnus al-Miṣrῑ, Sāmῑ al-Suwaylim, Ṣāliḥ al-ṣῑn, Ḥusῑn Ḥābῑn Ḥāblῑ, and Abd-al-Shabhābid Ai Ahmed Fahad (2005). Majmaʻ al-Fiqhῑ al-Islāmῑ issued three levels of rulings regarding tawarruq. In the 15th meeting of the first phase (Rejab 1419H) held in October 1998, they requested a tawarruq contract on the condition that the buyer does not sell the goods to the original seller to avoid the factor of bayʻal-ʻῑnah (Majmaʻal- Fiqhῑal) -Islamῑ, 1419H). In December 2003, in its 17th session, Majmaʻ al-Fiqhῑ al-Islāmῑ distinguished between al-tawarruq al-fardi (royal Tawarruq) and al-tawarruq al-maṣrifi (organized Tawarruq), which allowed tawarruq al- Fardi , and the second tawarruq, the name widely used by Islamic banks today, is not allowed because it resembles bayʻal-ʻῑnah (Sharia Council of the Muslim World League, 2003). Finally, at its 19th session in Sharjah, United Arab Emirates, in April 2009, the Majmaʻ al-Fiqhῑ al-Islāmῑ formally banned the use of tawarruq al-maṣrifi (I-FIKR, 2013).

3.0 PERSONAL FINANCE PRODUCTS BASED ON RHBIB TAWARRUQ

RHBIB combines the concept of murabahah products with tawarruq in its tawarruq offerings. 1 The RHBIB refers to commodity murabahah as sales of commodities that are asset-backing transactions. The customer will then pay the selling price of the product in installments, i.e. the original price plus the profit, using the concept of murabahah. The concept of tawarruq is then used when customers receive cash in exchange for goods sold to third parties (RHB Islamic Bank, 2014).

RHBIB products that use the concept of tawarruq can be divided into two categories, namely wealth management products and deposit products. Most of RHBIB's wealth management products using tawarruq are personal wealth management products and there are few products for personal wealth management

1 RHB Islamic Bank Berhad uses the concepts of murabahah and tawarruq for deposit products and the concept of Commodity Murabahah through tawarruq for financing products.

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Companies and businesses (Mohammad Nasir Kamis, 2014) such as Term Financing-i Commodity Murabahah, Revolving Credit-i Commodity Murabahah and Overdraft-i Commodity Murabahah (RHB Islamic Bank, 2014). A deposit product that uses the concept of tawarruq in RHBIB is Commodity Murabahah Deposit-i (CMD-i) (Mohammad Nasir Kamis, 2014).

RHBIB's personal finance product is unsecured short-term financing that provides cash to customers (RHB Islamic Bank, 2014). According to Mohammad Nasir Kamis @Che Ali, personal financial services is where banks provide cash to customers through transactions. (Mohammad Nasir Qamis, 2014). It is called personal finance because customers use this service to pay for their personal purposes such as home improvement, loan repayment, etc., as long as these purposes do not violate the principles of Shariah (RHB Islamic Bank, 2014). RHBIB has implemented the concept of tawarruq since the bank first launched a personal finance product in 2008. Before that, RHBIB only provided traditional personal loans (Mohammad Nasir Kamis, 2014).

Compared to other term financing products, the rate of use of RHBIB funds in personal financing activities is very low, averaging only about 2.9% per year, as shown in Table 1.

Table 1: Classification of RHB Islamic Bank Berhad financing by type, 2009-2014.

type of financing

2009 (%)

2010 (%)

2011 (%)

2012 (%)

2013 (%)

2014 (%)

Cash line 1.44 1.29 0.9 0.93 0.93 0.94

Financing Financing: Housing Financing Joint Venture Financing Lease Purchase Accounts Receivable Other Financing Financing - Personal Financing

30,76

13.03

17.02

21.31

0,23*

26.21

9,95

17,99

32.12

0,16*

21.1

2.6

27.2

40,9

1,8*

21.34

2.36

27.15

35,86

3,98*

24.33

2.35

26.29

33,41

5,8*

24,84

1.19

25.17

39,24

5.5* Invoice Receivable/Acceptance of Credit

8.27

6.05

4.0

5.24

3,57

2,65

Proof of trust 0.54 0.20 0.2 0.13 0.19 1.10

staff funding

0,21

0,13

0.1

0,05

0,03

0,02

Credit Card/Caj Kad not received

-

0,01

0,37

0,74

1..07

0,92

Revolving financing 7.41 6.06 2.7 6.20 7.84 4.94 Source: RHB Islamic Bank Berhad Financial Statements 2009-2014 and Mohammad Nasir Kamis. *Percentage of personal financing included in other financing.

The table shows that almost 50% of bank funds are used to finance housing and rental activities. Average annual withdrawals are up to 24.76% for home financing and 23.47% for equity financing. Another part of RHBIB funding is used for other funding activities, including individual funding activities. Figure 1 shows the difference in the trend of RHBIB's use of personal finance funds compared to housing finance and rent to own.

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Figure 1: RHB Islamic Bank Berhad 2009-2014 Fund utilization trend difference between household finance types, rent to own and personal finance.

Figure 1 shows that personal financial products are a form of financial management.

Minimum amount set by RHBIB when using bank funds. However, the use of funds for this financing increased sharply in 2011, increased in 2013, and decreased by 0.3% in 2014. This study predicts that this financing will continue to increase in the future. Although housing finance was the largest type of finance available to use RHBIB funds, it decreased each year through 2012 and increased in 2013 and 2014. Rent funding increased each year in 2012 and decreased in 2013 and 2014.

3.1 How the RHBIB Tawarruq Personal Financial Product Works Figure 2: How the RHBIB Personal Financial Product Works Commodity Trading

Source: Mohammad Nasir, Thursday 2014.

10

20

30

40

201420132012201120102009

Housing Finance Lease Finance Personal Finance

Show cash flow. Show airtime flow from carrier to bank. Show bank-to-customer airtime flow in Sedania

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Based on Figure 2, suppose a customer comes to RHBIB to apply for personal finance of RM10,000, then the customer will provide the bank with the necessary documents such as payslips. At the same time, customers will receive documents such as Letter of Offer, Commodity Purchase Order, Letter of Acceptance for Murabahah Sale and Quotation from Suppliers to sign to obtain the customer's agreement to the terms and conditions to allow bank financing. Conducting trading of underlying products. The bank will then check the customer's qualifications such as CTOS, CCRIS etc. Banks start trading commodities when customers are eligible to apply for personal finance of RM10,000 (Mohammad Nasir Kamis, 2014). The six steps that buyers and sellers of personal financial products must complete are as follows:

First: RHBIB buys RM10,000 worth of goods from traders through the As-Sidq system. The providers are telecom companies like Maxis, Celcom etc. The product used in this transaction is prepaid phone (talk time). Second: So the provider sells RM10,000 airtime to RHBIB through the As-Sidq system. The merchandise now belongs to the bank. Third: RHBIB uses the concept of murabahah to sell airtime to customers at RM10,000 plus X% profit through the As-Sidq system. At that time, the As-Sidq system will send a Short Message Service (SMS) to the customer, stating that the bank agrees to provide the customer with personal finance of RM10,000. The text message also contains detailed information about the financing, such as the benefit rate, monthly payment amount, product information, etc. Customers also have the option to continue or cancel this personal finance application. If the customer agrees to proceed with the application, they must answer "yes" to sell the product to Sedania and receive cash. A NO response indicates that the customer wants to own the product and a CANCEL response if the customer wants to cancel the financing request. Fourth: Prepare to buy RM10,000 worth of airtime from customers through As-Sidq. In fact, the customer had appointed the bank as an agent to sell airtime to Sedania, from the customer's line of YES responses to the offered SMS and when the customer signed the Letter of Offer document earlier. Fifth: Prepare to pay (cash) customers through As-Sidq. When the cash already belonged to the customer, the bank would withdraw the money from Al-Sidq's account and deposit it into the customer's account. Sixth: Customer receives cash via As-Sidq. After the bank deposited the money into the customer's bank account, the customer was able to get the cash they wanted. The bank resubmits the document signed by the customer one week after the customer receives the cash. Customers are now obliged to repay their debts to banks in instalments.

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4.0 Advantages and Disadvantages of USING PREPAID PHONE CARDS AS A SEDANIA CONVENIENCE

4.1 Advantages a) The Al-Sidq system is easy to use

The Al-Sidq system is a user-friendly system as the system manages transactions automatically. RHBIB has the right to access the Al-Sidq system to conduct business activities. Since the system is web-based, it can be accessed anytime, anywhere. The system also provides a text messaging service for customers and customers can choose whether to apply for personal finance. This system can then record all merchandise transactions and can be returned by the bank (Amiruddin Amri, 2014). All the facilities provided by Sedania greatly facilitate the transaction of the bank and can quickly complete the process of buying and selling raw materials.

b) Prepaid phone credit has unique product features, namely:

There are up to 100 million users per day (Amiruddin Amri, 2014). Therefore, the use of this product can meet the needs of Islamic banking institutions to provide tawarruq services.

The value of prepaid credit is stable because it is not affected by price fluctuations. For example, if you buy a prepaid phone credit for RM10 today, that price will remain the same for the next 2-3 years (Amiruddin Amri, 2014).

Basic prepaid phone products do not require warehouse storage like other basic products. It just depends on the telco engine. Hence, it does not require shipping, maintenance and storage costs (Amiruddin Amri, 2014). This reduces administrative costs.

c) It can be delivered directly to the market.

Sedania may send a prepaid credit directly to the customer if the customer intends to purchase the product. The serial number of prepaid credits is written on a CD and can be easily provided to the customer (Amiruddin Amri, 2014). RHBIB will only ask the customer to bear the shipping costs. (Mohammad Nasir Qamis, 2014). The ease with which customers have this product shows the transparency and integrity of buying and selling tawarruq.

4.2 Disadvantages a) Transaction fees are quite expensive

Sedania charges RHBIB a transaction fee of RM60. RHBIB proactively shares costs with customers under the direction of Bank Negara Malaysia. So RHBIB bears 50% of the RM60 and the remaining 50% is borne by the customer. Although the fees charged by Sedania are quite expensive, it is worth the fee compared to all the services that Sedania provides (Mohammad Nasir Kamis, 2014).

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b) Limited to retail businesses Prepaid phone credit as a staple product of tawarruq is limited to retail businesses such as personal finance, credit cards and deposits (Amiruddin Amri, 2014). This is because retail operations involve small amounts of money compared to corporate banking and treasury, which involve large amounts of money. Although Sedania has no problem producing this commodity in large quantities (ibid., 2014), a more detailed comparative study of the needs of the prepaid credit market and the Islamic banking sector is warranted before introducing prepaid credit. For corporate purposes Banks and treasury so that there is no excess of goods or insufficient demand in the market.

5.0 Conclusion Tawarruq defers to buying an item and then selling it to a party

The third party receives cash for cash at a lower price than your deferred purchase. RHBIB uses the concept of murabahah goods in its personal finance products through tawarruq. This product is only used at an average rate of 2.9% per annum on the use of RHBIB funds. RHBIB has chosen Sedania as a trading platform for tawarruq commodities through the Al-Sidq system. Be prepared to offer prepaid phone credit as a commodity or asset to support tawarruq transactions. The unique features of prepaid phone credit and the ease of use of the Al-Sidq system show that RHBIB is using this product very effectively. Furthermore, the original seller of the item, a prepaid phone credit provider, and the buyer of the item, Sedania, are two different parties, indicating that the return of the item to the original seller will not occur. Sedania is not the ultimate buyer of the basic tawarruq product. After buying goods from customers, Sedania sends the goods to the clearing house, which then sells the goods in the market (Amiruddin Amri, 2014). Although the transaction fees charged are quite high, there is no additional charge for customers who want to own goods, which shows the transparency of tawarruq transactions. Finally, as the use of this product is limited to retail business activities, further research should be done to meet the needs of basic prepaid telephony products in the Islamic banking market.

See Ab Mumin Ab. Ghani and Ahmad Sufyan Che Abdullah. (2006). Tawarruq: Concepts and Applications

Islamic finance. in antibodies. Ghani, AM and Mansor, F. The dynamism of Islamic finance in Malaysia. Kuala Lumpur: University of Malaya Press.

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Ισλάμ. Source: Dar al-Nafā'is. Shafi`ῑ. (1968). Αλ - χμμ. T.tp: Dar al-Sha`b. 3:7 Al-ʻUthaymun, Muhammad the Prophet. (2005). Muʻāṣirah Fatāwā. Completed and dispersed by Mahmūd,

萨拉赫丹。 Al-Mansurah ẓamah al-

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