A Modification of Bai Bithaman Ajil Instrument through Musharakah Mutanaqisah: Fixation of Robust Optimisation into Rule 78

A Modification of Bai Bithaman Ajil Instrument through Musharakah Mutanaqisah: Fixation of Robust Optimisation into Rule 78

Nurfadhlina Abdul Halim

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Abd Aziz Arrashid Abd Rajak

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Universiti Malaysia Terengganu

A Modification of Bai Bithaman Ajil Instrument through Musharakah Mutanaqisah: Fixation of Robust Optimisation into Rule 78

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Abstract

The development of Islamic financial system in Malaysia had lead to various innovation and establishment of new instruments and concepts whether in debt-based financing or equitybased financing. Though several concepts have been modified to fulfill consumer’s need, however, each and every one of the models should abide the law of Shariah. For over a few decades, Malaysia has been the lead country in applying the Bai Bithaman Ajil instrument in property financing. Until recently, a few legal cases have emerged and its compliancy towards Shariah has been debated among the scholars and consumers itself. In spite of the expose issues, a new proxy has been introduced. Musharakah Mutanaqisah is introduced as an equityfinancing and is proven to be conforming towards Shariah as its ownership is shared between the bank and consumer. In contemplation of making the debt-based financing compliance towards Shariah, this journal is to schemed a new model in which the original model of Bai Bithaman Ajil is embedded with profit sharing ratio exist in Musharakah Mutanaqisah.

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Funding

No external funding was declared for this work.

Conflict of Interest

The authors declare no conflict of interest.

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No ethics committee approval was required for this article type.

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How to Cite This Article

Nurfadhlina Abdul Halim. 2015. \u201cA Modification of Bai Bithaman Ajil Instrument through Musharakah Mutanaqisah: Fixation of Robust Optimisation into Rule 78\u201d. Global Journal of Science Frontier Research - F: Mathematics & Decision GJSFR-F Volume 14 (GJSFR Volume 14 Issue F7): .

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GJSFR Volume 14 Issue F7
Pg. 17- 26

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Journal Specifications

Crossref Journal DOI 10.17406/GJSFR

Print ISSN 0975-5896

e-ISSN 2249-4626

Keywords

Bai Bithaman Ajil musharakah mutanaqisah profit sharing ratio robust optimisation rule 78

Submission ReceivedOctober 5, 2014
Peer Review Double Blind
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Accepted October 27, 2014
Published November 6, 2014

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v1.2

Issue date

January 8, 2015

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Article Matrices

Total Score: 102

Country: Malaysia

Subject: Global Journal of Science Frontier Research - F: Mathematics & Decision

Authors: Abd Aziz Arrashid Abd Rajak, Nurfadhlina Abdul Halim (PhD/Dr. count: 0)

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Total Views: 4233

Total Downloads: 2160

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