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Service based contracts used in Islamic finance: a comparison of hawalah, wakalah, and kafalah

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dc.contributor.authorMohd Suhaimi, Maryam Sofia
dc.contributor.authorMd Fauzi, Maryam Syamilah
dc.contributor.authorNoryatim, Nadiana
dc.contributor.authorMohd Noh, Norashikin
dc.contributor.authorShuhaimin, Nursyamimi
dc.contributor.authorJaafar, Qurratulain
dc.contributor.authorMaulan, Siti Maspuah
dc.contributor.authorJohan, Zati Fatini
dc.contributor.authorMuneeza, Aishath
dc.date.accessioned2017-01-12T08:30:10Z
dc.date.available2017-01-12T08:30:10Z
dc.date.issued2016
dc.description.abstractThis paper aims to examine the use of service based contracts in Islamic Finance, namely Wakalah, Hawalah and Kafalah. These contracts, though considered secondary to primary contracts such as Musharakah and Mudarabah, are a crucial part of the foundation of Islamic Finance. The differences in each contract will be explained as well as issues on regulations, practices and procedures. Despite the fact that these concepts are widely adopted in Islamic financial products and services, little work has been done in examining the differences and applications in financial institutions. In this paper, the basic principles and rules of service based contracts will be discussed with special reference to their application in modern banking system.en_US
dc.identifier.citationMohd Suhaimi, Maryam Sofia, Md Fauzi, Maryam Syamilah, Noryatim, Nadiana, Mohd Noh, Norashikin, Shuhaimin, Nursyamimi, Jaafar, Qurratulain, ... Muneeza, Aishath. (2016). Service based contracts used in Islamic finance: a comparison of hawalah, wakalah, and kafalah. International Journal of Management and Applied Research, 3 (4), pp. 160-171.en_US
dc.identifier.doidoi:10.18646/2056.34.16-013
dc.identifier.urihttp://ijmar.org/v3n4/16-013.html
dc.identifier.urihttps://ikr.inceif.edu.my/handle/INCEIF/2155
dc.language.isoenen_US
dc.publisherNew Millennium Discoveriesen_US
dc.rights2016. New Millennium Discoveries
dc.sourceSEDONA
dc.subjectHiwalahen_US
dc.subjectHawalahen_US
dc.subjectWakalahen_US
dc.subjectKafalahen_US
dc.subjectIslamic financeen_US
dc.subjectService based contractsen_US
dc.subjectIslamic bankingen_US
dc.subjectShariah compliant financial productsen_US
dc.titleService based contracts used in Islamic finance: a comparison of hawalah, wakalah, and kafalahen_US
dc.typeJournal Articleen_US
dlc.maintopicMuamalat contractsen_US
dspace.entity.typePublication
ikr.topic.maintopicMuamalat contractsen_US
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