Purpose

This study aims to investigate the practice of bay’ ‘inah contract in personal and home financing products by some Islamic Finance Institutions (IFIs) and examine the differences in the selection of contracts in banking products amongst IFIs mainly involving personal financing. The study will also propose a solution to the problem of differences and simultaneously standardise personal financing contracts in Malaysia.

Design/methodology/approach

The methodology of this study is qualitative, in which the data are collected through library research and field studies. The library research is done by examining books of usul al-fiqh (principles of Islamic jurisprudence), mura’aht al-khilaf, maqasid shariah (objectives of Islamic law) articles, statutes and related circulars, while field studies are conducted in an unstructured interview method with some members of Shariah Advisory Council (SAC) and academicians from Bank Negara Malaysia (BNM), IFIs and public university.

Findings

The findings show that there is a difference in views amongst SAC members in IFIs on bay’ ‘inah contract that effects the differences in the execution of such contract in banking applications. The study found that the bay’ ‘inah contract was non Shariah (Islamic law) compliant based on Shariah’s arguments and the opinion of the majority of past and present Islamic scholars. The study found that the BNM’s SAC did not allow the bay’ ‘inah contract to be practiced in personal and home financing products. Hence, this study proposes standardisation steps based on differences in the problems studied. The study also suggested that the SAC of BNM make improvements and updates on its solution regarding the bay’ ‘inah contract so that it is not misunderstood especially amongst IFIs.

Research limitations/implications

The study is only looking at one case study, which is the bay’ ‘inah contract practiced by the IFIs in Malaysia.

Practical implications

This study proposes the standardisation of personal financing products practiced by the IFIs. The results of this study can reduce Sharīʿah non-compliance products in the market. The results of this study have gained a deep understanding of the solution of bay’ ‘inah contract made by the SAC of BNM. The findings also reduce the conflict between Shariah scholars locally and internationally and can restore the image of Islamic banking in Malaysia from engaging with controversy products or contracts.

Social implications

The confidence of the public in Islamic banking is increasing as there is no contractual engagement with serious controversial issues and contracts similar to the concept of riba and hilah (trick) that is prohibited by Islamic law in IFIs.

Originality/value

This study analyses the differences of fatwa (a ruling on the point of Islamic law) about bay’ ‘inah contract decided by some SACs of IFI based on the discipline of usul al-fiqh. The study found that the bay’ ‘inah contract is not allowed by Islamic law. The study has proposed the standardisation of the fatwa differences based on the concept of mura’aht al-khilaf and the concept of standardisation in Islamic finance and to standardise personal financing products amongst IFIs in Malaysia.

中文翻译：

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马来西亚Bay'inah合同实践中的Fatwa标准化管理：根据usul al-Fiqh和mura'aht al-Khilaf方法进行的分析

目的

这项研究旨在调查一些伊斯兰金融机构（IFI）在个人和家庭理财产品中使用“ inah合同”的做法，并研究主要涉及个人理财的IFI之间在银行产品合同选择方面的差异。这项研究还将提出解决分歧问题的方案，同时规范马来西亚的个人融资合同。

设计/方法/方法

本研究的方法是定性的，其中的数据是通过图书馆研究和实地研究收集的。图书馆研究是通过检查usul al-fiqh（伊斯兰法理学原理），mura'aht al-khilaf，maqasid shariah（伊斯兰法的目的）文章，法规和相关通函进行的，而实地研究则是在非结构化的环境中进行的。与伊斯兰教法咨询委员会（SAC）的一些成员以及马来西亚国家银行（BNM），国际金融机构和公立大学的院士进行访谈的方法。

发现

调查结果表明，国际金融机构的SAC成员对“ inah”合同的看法存在差异，这影响了银行申请中此类合同的执行差异。研究发现，根据伊斯兰教义的论点和过去和现在大多数伊斯兰学者的观点，海湾的“伊纳契约”不符合伊斯兰教法（伊斯兰法）。该研究发现，国行的SAC不允许在个人和家庭理财产品中使用“ inah”合同。因此，本研究基于所研究问题的差异提出了标准化步骤。该研究还建议，BNM的SAC会在解决有关海湾“ inah合同”的解决方案方面进行改进和更新，以免引起人们的误解，尤其是在IFI中。

研究局限/意义

该研究仅关注一个案例研究，这是马来西亚IFI实施的Bay'inah合同。

实际影响

这项研究提出了由国际金融机构实施的个人理财产品的标准化。这项研究的结果可以减少市场上的伊斯兰教合规产品。这项研究的结果对国行SAC制定的Bay'inah合同的解决方案有了深入的了解。这些发现还减少了伊斯兰教义学者在本地和国际上的冲突，并可以恢复马来西亚伊斯兰银行业的形象，避免参与有争议的产品或合同。

社会影响

公众对伊斯兰银行业务的信心正在增加，因为没有与严重争议性问题和类似于国际金融机构伊斯兰法律所禁止的“ riba and hilah（技巧）”概念相似的合同的合同参与。

创意/价值

这项研究分析了国际金融公司的一些SAC根据usul al-fiqh的原则确定的关于“'inah合同”的法特瓦（关于伊斯兰法律的裁决）的差异。研究发现伊斯兰法律不允许使用“ inah”合同。该研究提出了基于mura'aht al-khilaf概念和伊斯兰金融标准化概念的法特瓦差异的标准化方法，并使马来西亚IFI之间的个人理财产品标准化。