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Course code : ISB540
Course name : Islamic Business Transactions
Level : Degree
Credit hour : 3
Contact hour : 4
Part : 4
Status : Elective
Prerequest : None
COURSE BACKGROUND
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Upon completion of this subject, the student should be able:-1. Know in depth the types of business transactions and
property management2. Examine fiqh muamalat in contemporary Islamic
business transactions3. Practice the instruments in all activities relating to the
banking system
OBJECTIVE
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This subject is the continuation of Islamic Law of Property. It will expose business transactions as well as property management in Islamic to the students. It will focus on trade, commercial transaction and financial transaction such as savings (wadi’ah), partnership (musyarakay/mudarabah), mortgage (Al-Rahn) and collateral (Al-Kafalah/Al-Dhamanah)
COURSE DESCRIPTION
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1. Test 1 : 15%2. Test 2 : 15%3. Essay : 30%4. Final Examination : 50%
TOTAL 100%
ASSESSMENT
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S1 2006
S2 2006
S1 2007
S2 2007
S1 2008
S2 2008
S1 2009
S2 2009
S1 2010
S2 2010
2011
SHARIAH X X X X X X X X *
MUAMALAH X X X X X X X X X *
RIBA X X X X X X *
QARDH X X Xd X Xd X *
KAFALAH X Xd X Xd *
RAHN X X X X Xd *
HIWALAH X X Xd X Xd *
MURABAHAH X X Xd X Xd Xd *
BBA X Xd X X Xd X *
SALAM X X Xd X X X *
IJARAH X X X X X *
WADIAH X X X Xd X Xd X
WAKALAH X X X X
MUSHARAKAH X X X X X Xd X X
MUDHARABAH X X X X X Xd Xd X
SARF X Xd
ANALYSIS OF ISB540 PAST YEAR QUESTION
Xd = Definition only
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CONTRACT DEFINITION
FIQH L The true understanding of what is intended
T The knowledge of the laws of the Shariah, relating to men’s act and that have been derived from specific sources and evidences.
SHARIAH L The road to watering place; the straight path to be followed
T Rules which are ordained by Allah for His servants by sending His Messenger
MUAMALAH L Dealings, social intercourse, behaviour, transaction; to interact
T Sharia rules which pertain to widely life
BAY’/ TRADE
L Buying and selling or both in the same time
T The transfer of a definite use of property in perpetuity in exchange for a price
AQAD/ CONTRACT
L Tying tightly, as in tying a rope. It also means to make covenant and to give an oath.
T An engagement and agreement between two persons in a legally accepted, impactful and binding manner
RIBA/USURY
L Excess quantity, addition, an increase above its original size or amount
T Trade Riba: Unlawful gain derived from the quantitative inequality of the counter-values in any transaction purporting to effect the exchange of 2 or more species which belong to the same genus(category) and are governed by the same efficient cause(illah)
Debt Riba: A predetermined excess or surplus over and above the loan received by the creditor conditionally in relation to a specified period
LIST OF DEFINITION
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CONTRACT DEFINITION
QARDH/LOAN/DEBT
L To cut something off
T Specific contract on transferring a specified property to another party on condition that a similar property will be given back in return
QARDH AL-HASSAN
L Beneficial loan, benevolent loan, gratuitous loan, and beautiful loan
T A debt that is free from any type of predetermined condition or promise to repay back more than the original amount stated in the contract
KAFALAH L Guaarantee, bail, surety, responsibility, suretyship
T The pledge given by the guarator/surety (al-kafil) to a creditor (al-makful lah) on behalf of the principal debtor (al-makful anh) to secure that the guaranteed (al-makful bih) i.E the debtor, will be present at a definite place, e.G to pay his debt, or fine, or, in the case of retaliation, to undergo punishment.
RAHN L Constancy, or holding and binding
T To make an object with economic values in islamic law perspective as a trust for the payment of debts, so that enabling mortgagee (murtahin) to get all or a part of the debts from the object
HIWALAH L To turn over; move or transfer
T To make a transfer of a debt from one debtor to the debtor account of another
LIST OF DEFINITION
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CONTRACT DEFINITION
MURABAHAH L Increase of profit
T Selling a commodity for its purchase price plus a specified mark-up or profit agreed upon
BBA L Deferred payment
T Sale contract in which the payment of the price is deferred and payable at a certain particular time in the future.
BAY’ AL-SALAM
L Pre-payment
T A sale with postponed delivery of the merchandise but immediate payment of the price.
IJARAH L Compensation
T A contract of proposed and known usufruct with a specified and lawful return or compensation for the effort or work which has been expended.
AITAB L Hire-purchase
T Owning the benefit of certain assets for a specific period of time, by paying an agreed sums of rental, with an agreement that the owner will transfer the rented asset to the hirer at the end of the agreed period or during the period, provided all rental payments or installments have been made in entirety
LIST OF DEFINITION
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CONTRACT DEFINITION
WADIAH L to leave, quit, abandon
T contract whereby a person leaves his property for safe protection to another person
WAKALAH L Agency, representation, proxy
T The appointment of someone to take over the appointer’s affairs on his/her behalf for the purpose of accomplishment of certain tasks
MUSHARAKAH L Mixing of two properties so that they could not be distinguished from each other
T A form of partnership where two or more persons combine either capital or labor or creditworthiness together to carry on a business venture on condition that they will share the profits, enjoying similar rights and liabilities.
MUSHARAKAH MUTANAQISAH
T Two or more partners purchase any asset (machinery, property, etc.) and their intention is that one or both partners will use this asset or rent out their share and one partner undertakes to purchase the share of other gradually
MUDHARABAH L Increase or profit
T Mudharabah is a contract or a partnership where one provides the capital and the other the entrepreneurship with the profit being shared among them with a predetermined condition
LIST OF DEFINITION
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Bay’, Trade, Muamalah, Riba, Murabahah
Qardh, Qardh al-hassan, Bay’ Salam
LIST OF QURANIC VERSES
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Qardh al-hassan
Kafalah
Rahn
LIST OF QURANIC VERSES
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Ijarah
Wadiah
Wakalah
Mudharabah
LIST OF QURANIC VERSES
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