ISSN: 2225-8329
Open access
This paper seeks to clarify the status of bay istirsal as a type of Islamic contracts according Muslim scholars. The discussions revolve around its meaning, rules and the acceptance of this contract among Muslim scholars. This paper analyses the meaning of bay istirsal by referring to the scholarly works on Islamic jurisprudence. Based on the analysis conducted, the study reveals that bay istirsal has been discussed by classical jurists under the concept of ghabn or khiyar ghabn (option of deceit). This present paper discusses the issue thoroughly and arrives at a conclusion that bay istirsal could be considered as a special contract that has its specific rules and implications in Sharia.
Al-Bashir, M. (2008). Risk Management in Islamic Finance An analysis of Derivatives Instruments in Commodity Markets. Brill’s Arab and Islamic Law series.
Al-Bayhaqi, A. B. A. (n.d). al-Sunan al-Kubra. Beirut: Dar al-Ma’rifah
Al-Bukhari, M. B. I. (1987). al-Sahih. Beirut: Dar Ibn Kathir. Tahqiq: Dr. Mustafa Dib al-Bugha.
Al-Haytami, A. B. M. B A. (n.d). Tuhfat al-muhtaj fi sharh al-minhaj. Beirut: Dar Ihya’ al-Turath al-Arabi.
Al-Kasani, A. B. M. (1986). Bada’i’ al-sanai’ fi tartib al-sharai’. Beirut: Dar al-Kutub al-Ilmiyyah
Al-Mardawi, A. B. S. (n.d). Al-Insaf. Beirut Dar Ihya’ al-Turath al-Arabi
Al-Nawawi, Y. B. S. (n.d). al-Majmu sharh al-muhadhdhab. Matba’ah al-mutiriyyah
Al-Nishwan, S.B. M. (1425). Hukm al-ghabn wa atharuhu fi al-aqd. Majallat al-Adl. No. 23, pg. 79-98.
Al-Suyuti, J. D. (1994). Jami’al-Ahadith. Beirut: Dar al-Fikr
Bacha, O. I. (2008). The Islamic interbank money market and a dual banking system: the Malaysian experience. International Journal of Islamic and Middle Eastern Finance and Management. Vol. 1 No. 3, pp. 210-226. https://doi.org/10.1108/17538390810901140
Dusuki, A. W. (2009). Shariah Parameters on Islamic Foreign Exchange Swap as Hedging Mechanism in Islamic Finance. Paper presented in International Conference on Islamic Perspectives on Management and Finance. University of Leicester; 2nd – 3rd July 2009.
Abdul Jabbar, F. S. (2012). Insider dealing: fraud in Islam?. Journal of Financial Crime. Vol. 19 No. 2, pp. 140-148. https://doi.org/10.1108/13590791211220412
Fleming, M. J., & Garbade, K. D. (2003). The repurchase agreement refined: GCF repo. New York: Current issues in economics and finance
Hasan, A. (2008). Pengertian al-wa’ad, al-wa’adan dan al-muwa’adah. Muzakarah Cendikiawan Syariah Nusantara 2008.
Ibn Juzayy, M. B. A. (2013).Beirut: Dar Ibn Hazm
Ibn Manzur, M. B. M. (n.d). Lisan al-Arab. Beirut: Dar al-Sadir
Ibn al-Qayyim. M. (1991). I’lam al-muwaqqi’in an rabb al-alamin. Beirut: Dar al-Kutub al-Ilmiyyah.
Ibn Qudamah, M. D. (1985). al-Mughni. Beirut: Dar Ihya’ al-Turath al-Arabi.
Ibn Taymiyyah, T. D. (1995). Majmu’ fatawa Ibn Taymiyyah. Majmak al-Malik Fahad
International Shari’ah Research Academy for Islamic Finance ISRA. (2010). ISRA Compendium
Islahi, A. (2005). Contributions of Muslim Scholars to Economic Thought an Analysis (11-905A.H./ 632-1500 A.D). Journal of King Abdel Aziz University: Islamic Economic, Vol. 20, No, 2, pp: 53-62.
Khan, M. A. (2003). Islamic Economics and Finance: A Glossary. 2nd edition. Taylor and Francis e-Library.
Ministiry of Awqaf of Kuwait. (1983). Mawsu’ah al-Fiqhiyyah al-Kuwaytiyyah. (The Encyclopaedia of Islamic Law)
Muslim, A. H. (1995) Al-Jami’ al-sahih al-musamma bi sahih Muslim. Beirut: Dar al-Jil.
Omar, M. N., Arifin, M., Napiah, M. D., & Abdullah, M. A. (2011). The Implications of Ghubn in Islamic Contracts: An Analysis Of Current Practices. Journal of Applied Sciences Research, 7(13): 2177-2181, 2011. ISSN 1819-544X.
In-Text Citation: (Abdul Ghani, & Zakaria, 2020)
To Cite this Article: Abdul Ghani, N. A. R. N., & Zakaria, M. B. (2020). Bay Al-istirsal and its Ruling in Sharia Perspective. International Journal of Academic Research in Accounting, Finance and Management Sciences. 10(3), 380-388.
Copyright: © 2020 The Author(s)
Published by Human Resource Management Academic Research Society (www.hrmars.com)
This article is published under the Creative Commons Attribution (CC BY 4.0) license. Anyone may reproduce, distribute, translate and create derivative works of this article (for both commercial and non-commercial purposes), subject to full attribution to the original publication and authors. The full terms of this license may be seen at: http://creativecommons.org/licences/by/4.0/legalcode