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The Bayʿ al-ʿInah Controversy in Malaysian Islamic Banking 1

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Abstract The current practice of Islamic banking in Malaysia has been criticised as insufficiently different from conventional banking. One of the foci of this criticism is the application of bayʿ al-ʿinah, sales contract with immediate repurchase, in creating a number of so-called Islamic financing products. The present article examines the classical jurists’ assessment of the contract and then evaluates the justifications of the Malaysian National Shariʿah Advisory Committee (NSAC). As a case study, this article analyses the application of bayʿ al-ʿinah in inventing a credit card of Bank Islam Malaysia Berhad. Understanding the NSAC’s justifications will help us comprehend their methodology and approach when approving other Islamic banking products in the country.

Affiliations: 1: Faculty of Economics and Mualamat, Islamic Science University of Malaysia Bandar Baru Nilai, N. Sembilan Malaysia


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