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An overview of Shariahprinciples in financialtransaction

Khairuddin Zakaria

khairuddinzakaria@gmail.com

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Classification of Shariah principlesin financial transaction

Classification

Sale-basedprinciples

Profit-sharingprinciples

Lease-basedPrinciples

Fee-basedPrinciples

Free-of-chargePrinciple

SupportingContract

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Sales-basedPrinciples

(fundamentalcontract inIslamic law)

Transactionbase on

legitimacyof contract

transactionbase on

Exchangeitems

Transactionbased on

defermentof Payment

or subj.matter

Barter trade(bai al-

muqayadah)

General sale(bai

al-mutlaq)

(forex)al-sarf

Normal sale

Bai bithamanajil

Sale withdeferredpayment

Forwardcontract

Baial-salam

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TransactionBase On

disclosure of Cost andprice/ loss

Normal

bargaining Sale(Bay al-musawamah)

Fiduciary Sales

Buyu al-amanah)

Baial murabahahCost-plus sale

Tawliyyah Wadiah

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Profit-sharingprinciples

Mudarabah Musharakah

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Lease-basedPrinciples

Ijara

Ijara or Manafa at al-aynCorporeal property

Ijara or manfa at al amalPersonal service

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Fee-basedprinciple

kafalahWakalah

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Free-of-chargePrinciple

Quard Hassan

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Supportingcontracts

Hawalah WadiahRahn

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Thank you