Legitimacy of Adapting Common Law in Islamic Financial Services Act 2013

Lambak, Salman and Jusoh, Mohd Shukri and Abd Ghani, Hartini (2014) Legitimacy of Adapting Common Law in Islamic Financial Services Act 2013. International Journal of Business and Social Science, 5 (9). pp. 234-241. ISSN 2219-1933

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Abstract

Takaful business in Malaysia is governed by Islamic Financial Services Act 2013 which provides for the regulations of Takaful and other Islamic finance related business in Malaysia. However, the Act itself is not comprehensive and are relying on many other established Acts that mostly based on the principles of English Common Law. Hence, this paper will evaluate the Islamic ruling of applying the Common Law in the Act based on the Islamic doctrine al-’Urf. The analysis finds that the application of the Common Law in Islamic Financial Services Act is generally permissible provided that the rules do not contradict with any existing Islamic texts.

Item Type: Article
Subjects: H Social Sciences > HG Finance
Faculty / Institute: Faculty of Economics & Management Sciences
Depositing User: Mr Salman Lambak
Date Deposited: 06 Nov 2014 03:37
Last Modified: 06 Nov 2014 03:37
URI: http://erep.unisza.edu.my/id/eprint/1822

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