Journal of Islamic Economic Laws
Vol 1, No 1 (2018): Journal of Islamic Economic Laws

Ownership Risk in the Perspective of Islamic Law of Contract: Concept and Application on Modern Practices


Article Info

Publish Date
31 Jul 2018

Abstract

Daman Milkiyyah or ownership risk is an important element in Islamic Law of Contract as there are many implications arising from it. This concept also highlights one of the unique features of Islamic Law of Contract which promotes justice in transactions. The lack of a proper understanding of this concept may lead people to breaching Shariah principles as well as dealing with non-Shariah compliant transactions. It is the purpose of this paper to shed light on the fundamental concepts of ownership risk and its application on some of modern financial instruments. This work will write down the scattered though of ownership risk which has been discussed by Islamic classical scholars and continued by matching this concept to the existing modern financial instruments. In the end of the paper, we suggest further enhancement in the financial industry to adhere more towards shariah principle.

Copyrights © 2018




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Journal Info
Journal of Islamic Economic Laws
Website

Abbrev

jisel

Publisher

Universitas Muhammadiyah Surakarta

Subject

Arts Humanities Economics, Econometrics & Finance Law, Crime, Criminology & Criminal Justice

Description

The Journal of Islamic Economic Laws is intended to be a media for disseminating results of researches and an exchange of Indonesian scientific work among academics, practitioners, regulators, and the public. The Journal of Islamic Economic Laws covers a variety of research approaches, namely ...