8/13/2019 Economic Institutions ,Rules and Contracts
1/55
8/13/2019 Economic Institutions ,Rules and Contracts
2/55
34/5("6,4/047 685 9:.5$60;5" #)46(#/1$60#4 6# "A,C0$B04,4$5
B14/,C546,A" #) E#46(,$6" ,4/
8/13/2019 Economic Institutions ,Rules and Contracts
3/55
?
@545(,A 9;5(;05D #) >"A,C0$ B04,4$5
!"#$%&' )*+, -./ 0-.1 2&3-$- 4-5-678-
8/13/2019 Economic Institutions ,Rules and Contracts
4/55
',20"6,4
N#47 O#47
,.4( 12 @"*24" /(3#4.*-.0#0*" A#1"B#5 12 =+.0#
"A,C0$ )04,4$5 ," ;0,:A5 ,A65(4,60;5 6# 685 7A#:,Afinancial system
(,4
"A,C0$ )04,4$0,A
04"606160#4" 04 J? $#146(05"
8/13/2019 Economic Institutions ,Rules and Contracts
5/55
K
@A#:,A /5;5A#RC546" >"A,C0$ :,42047>"A,C0$ :,42047 R(5"54$5 ,$(#"" 685 D#(A/
"A,C0$ )04,4$0,A 04"606160#4" 04 J?
$#146(05"
8/13/2019 Economic Institutions ,Rules and Contracts
6/55
V
!"#$%&' 0-.1 2&3-$- 4-5-678- 94-6:-.1 ;.&.=
8/13/2019 Economic Institutions ,Rules and Contracts
7/55
W+5 X2W" T""$
/(3#4.* 6.0#0*"Y
8/13/2019 Economic Institutions ,Rules and Contracts
8/55
:2 =24M35 B.1+ 8+#).Z#+[
*0"6(0:160#4 #) -5,A68
N,A,A P,(4047" N,A,A
8/13/2019 Economic Institutions ,Rules and Contracts
9/55
!AA,8
8/13/2019 Economic Institutions ,Rules and Contracts
10/55
8/13/2019 Economic Institutions ,Rules and Contracts
11/55
/( /(3#4.* 6.0#0*" ;035 12 8#1.(-51+" 0""$ -2) OC(3.4( 12 =24M35
B.1+ 8+#).#+Y
8/13/2019 Economic Institutions ,Rules and Contracts
12/55
/(3#4.* 6.0#0*" .( #3(2 "FM"*1"$12 #$$)"(( 1+" .01")"(1 2- $.--")"01
*3."01"3"[
__
8/13/2019 Economic Institutions ,Rules and Contracts
13/55
>"A,C0$ E#46(,$6
`+#)#)
'.@# ,3LaC34
7b.4#)9
8+#).#+L=24M3.#01;M")#1.20
>(1 J"D"3 2-=24M3.#01
G0$ J"D"32-
=24M3.#01
c^C$ OC(#44#7T24.0#1" =201)#*1(9
c^C$ `+#.) OC(#44#7T20LT24.0#1" =201)#*1(
/0D"(14"01 ,*1.D.1."('"*1.-5.0A P
8/13/2019 Economic Institutions ,Rules and Contracts
14/55
8/13/2019 Economic Institutions ,Rules and Contracts
15/55
!4+ 6(,4")5( #) D5,A68 #( R(#R5(6+8," 6# :5 C,/5 68(#178 , ;,A0/
$#46(,$6 #( `,I,/
*0;045 K
:+"2)5 2- =201)#*1 .0/(3#4
8/13/2019 Economic Institutions ,Rules and Contracts
16/55
>"A,C0$ E#46(,$6
`+#)#)
'.@# ,3LaC34
7b.4#)9
8+#).#+
8/13/2019 Economic Institutions ,Rules and Contracts
17/55
SHARIAH^E9T'b>!cEP'!Z!TPHPZKBE#46(,$6"
C161,A $#4"546c# $#5($0#4W )(,1/WC0"(5R(5"546,60#4W04)A154$5W C0"6,25 56$%
c# '(#80:065/ 5A5C546"
Z0:,
@8,(,( T,+"0(
c#4^8,A,A
b,D)1A 9:.5$60;5d'1(R#"5
8/13/2019 Economic Institutions ,Rules and Contracts
18/55
3456 !"#$%&''( *$&+, $-.$,,/ "+.%$&,$/ $-0&+,"1+/ 2%13#45 6+ 74&%"&48
Hanafis 7.411' 96*&* 7&%&:4,"/ ;',?#@8
A surplus or an excess in return without counter value stipulated &,condition in a contract A">& 3&, *&B$ C1%>"BB$+ "+ #4$ D#4 1% E#4 ($&% &C#$% #4$
F"G%&4 9C'"24# C%1* =&::&4@ HI J?%&+". K$%,$, B$&'"+2 3"#4 A">& L4$ 31%B %">& 1..?%, D #"*$,/ M #"*$, "+ I8INO &+B 1+$ #"*$
$&.4 "+ I8INP/ I8IND/ M8HMQ/ R8HPH &+B MQ8ME
HD
8/13/2019 Economic Institutions ,Rules and Contracts
19/55
19
#6789:;48< := 3456
,> 3456 6?@A6;B C 34566?@0DEDF
;00'"$, #1 '1&+ 9S&%B@ 1% #1 &+(
B$># 9B&(+@ %$2&%B'$,, 1C #4$.&?,$ 1C #4 B$># >$ "# >$.&?,$1C & '1&+ .1+#%&.# 1% >$.&?,$ 1C&+( #%&+,&.#"1+ '":$ & B$C$%%$B0%".$ ,&'$, 1% B$C$%%$B %$+#&' "+'$&,$ .1+#%&.#5
6# #%"22$%,3456 6?@F6 3456 6?!"#" 012'$( "/ 3$("/4 )*
12'"52*( )6 )/2 )* 7&2 78) 9)'1"72:9;< $/1
$% &'(" ") +",) 02=>&$/4"/4 )/2 *"#$8">)::)1"7( 6)* 7&2 9$:2>)::)1"7( #.7 ./2?.$' "/ $:)./7@
;',1 :+13+ &, !"#$ $9,A.//$&
8/13/2019 Economic Institutions ,Rules and Contracts
20/55
N;:G45474:F := 3456 J4F $KLG6F98M
)DFF6G := 7G8 N;:OG87 6>P>Q
Gold for gold, silver for silver, wheat for wheat, barley for barley, dates for dates,
#")- +./ #")- 0 )'12 +./ )'123 245") +./ 245")3 "!, 6"!,0-.06"!, 7#8.-9: '+ -62;.
8/13/2019 Economic Institutions ,Rules and Contracts
21/55
$K6SO?8# 1K$% "#, $-",#$+.$ &+B &K&"'&>"'"#( #4$ #"*$ 1C .1+#%&
3674:F6?8 =:; O;:G45474:FQ
L1 $+,?%$ C?'' .1+,$+# &+B,",C&.#"1+ 1C #4$0&%#"$, "+ & .1+#%&.# B&$*$* "+ .1**$%."&' .1+#%&.#, *&( '$&B #1"+G?,#".$/ $-0'1"#"1+
&+BV1% $+*"#( &*1+2 .1+#%&.#"+2 0&%#"$,
8/13/2019 Economic Institutions ,Rules and Contracts
23/55
1EO8< :=XG6;6;
B&$*$* ($9"* 9*"+1% 1%
,'"24#@
B&$*$* C$&"9&9*&G1% 1% $-.$,,"K$@
L1'$%$B &+B 3"''+1# "+K&'"B$ &.1+#%&.#$525 W&( ,&'&*9C1%3&%B ,&'$@
X1# #1'$%$B &+B *&(%$,?'# "+ .1+#%&.#K1"B&>"'"#(e.g. Bay madum (sale1C "+$-",#$+.$ 1>G$.#@
, H
IM
8/13/2019 Economic Institutions ,Rules and Contracts
24/55
`+#)#) .0 # *201)#*1
Pe$8,475 E#46(,$6\5%7% R T20 *201)#*1dR 8"33.0A B.1+ C0E02B0 M).*" Gd
8/13/2019 Economic Institutions ,Rules and Contracts
25/55
XG6;6; !< 1:?8;65?8$KL8O74:F6? #:F7;6L7
J8>9> 9> G456GT 76V6=D?M
X1 6,,?$ 1C Y4&%&%Z
YGEZ
6# ", & ?+"'$%&' .1+#%&.#&+B 4$+.$ B1$, +1#
'$&B #1 B",0?#$
IO
Wh Th Diff B 3456 W 345G
8/13/2019 Economic Institutions ,Rules and Contracts
26/55
3!I( N32%!1)Whats
1G804==8;8FL8Z
"2#2/"1$3@[('/$
Y!1\#2/"1$3@[('/$
J]!Y(0M
$==:;7J(?@^6
8/13/2019 Economic Institutions ,Rules and Contracts
27/55
X8F8;6? #?6
8/13/2019 Economic Institutions ,Rules and Contracts
28/55
56789 2: ;2;59
E#4 6(,$6 #)Pe$8,475
\3I1/
Muawadat ]
E#46(,$6" #)@1,(54655
d
8/13/2019 Economic Institutions ,Rules and Contracts
29/55
[6;4:D< =:;S< :=!
8/13/2019 Economic Institutions ,Rules and Contracts
30/55
Freedom fromQimar & Maysir
(Gambling)
Freedom fromGharar (Ambiquity)
Entitlement toEqual, Adequate,
Accurate Info.
Freedom fromDharar (Detrimental)
Freedom fromRiba
Promote PublicInterest
(Maslahah)
Freedom fromPrice control &
Manipulation
Freedom toContract
Entitlement toTransaction at
Fair Price
Characteristics of Shariah-compliant Banking and
Financial System
PromoteBrotherhood
A system groundedon moral andethics
http://images.google.com.my/imgres?imgurl=http://www.dawn.com/2006/12/04/images/ebr12.jpg&imgrefurl=http://www.dawn.com/2006/12/04/ebr12.htm&h=250&w=204&sz=13&hl=en&start=23&usg=__HewZtEmKmM5IGRHueXmF9AhHIdg=&tbnid=P0B1MHYGonqfDM:&tbnh=111&tbnw=91&prev=/images?q=islamic+banking&start=18&gbv=2&ndsp=18&hl=en&sa=N8/13/2019 Economic Institutions ,Rules and Contracts
31/55
!"#$%#" &'()*%#+,
-%./0
123#* !,$56,5$2
&'+.5(2$ 72(#+8
!"# %"
&%'()%('*+,-.-),./
0'"1()%& %2.%)"30/4 #,%252.',.2 ?
9%#:%*%,;0
"'5.2>business
8/13/2019 Economic Institutions ,Rules and Contracts
32/55
>`60I,/0+,8\K5A05)]
>"A,C0$ :,42047 ,4/ )04,4$5
8/13/2019 Economic Institutions ,Rules and Contracts
33/55
8/13/2019 Economic Institutions ,Rules and Contracts
34/55
W!,: /8 8!,'/,!Y
8/13/2019 Economic Institutions ,Rules and Contracts
35/55
!@-$%4$- %(+(%/ '0 '-(,$7/ $&:N0CC$&:C(&'/ $&:7$5 0+ ,4+( A%(/N%42(: 25B,,$- '0 C$&>4&:
!@-$%4$- %(+(%/ '0N0CC$&:/P A%0-424'40&/P;#4:$&N(P $&: A%4&N4A,(/'-$' "0: -$/ $::%(//(:'0 C$&>4&:Q 9(%'$4&4&;'0 '-(4% N0&:#N'/ 4& '-4/70%,: $&: /$,R$'40& 4&'-( &(M'Q
!"#$%&"' )! '*#&+#*,
-. &07,(:;( 0+'-( ,(;$, %#,(/ ? B,B->$C B, @-$%455$- DPA(%'$4&4&; '0 N0&:#N'
'-$' -$R( 2((&:(%4R(: +%0C '-(4%specific evidences.
:*@A
INTRODUCTION TO SHARIAH
8/13/2019 Economic Institutions ,Rules and Contracts
36/55
Cont
V@VH LJG6
KIWILJ.@ SLV@VH LJG6
8/13/2019 Economic Institutions ,Rules and Contracts
37/55
/284564;064
8/13/2019 Economic Institutions ,Rules and Contracts
38/55
7=*B>=6(92E=;89
B, ! G#%$& @#&&$- 80&/(&/#/ B&$,0;5
JO'4-$:
98;2=6(92E=;89
A#2,4N4&'(%(/'
?$,!4/'4/,$-DP=$/,$-$-
X#%4/'4NA%(+(%(&N(
?$,!4/'4-/$&D
9%$N'4N(/ 0+9(0A,(/
0+ =(:4&$?$C$, $-,
$,!C$:4&$-D
"(&(%$,N#/'0C$%5A%$N'4N(/
?$,! $:$-D
9%(/#CA'40&S+ N0&'4'5?$,!4/'4/-$2D
@$$:B,!:$%4$-
Companions0A4&40&?E$7,
$,!/$-$24DQ
@-$% ManG$2,$&$?($%,4(%
/N%4A'#%(/DQ
92E=;89(2:(9A>=*>A(D> (
8/13/2019 Economic Institutions ,Rules and Contracts
39/55
>DGHA>I>D*?(
@ .-( R(%5 02O(N'4R( 0+ '-( @-$% ah 4/ '0 D3A6A12 1:2 E255@F2078 AC 1:2 D2AD52 P 7-4N- ,4(/ 4&
/$+(;#$%:4&; '-(4% C401: G? 7 .H '-(4% ,4R(/ G74C< .H '-(4% intellect ( 4>5 .H '-(4% DA
8/13/2019 Economic Institutions ,Rules and Contracts
40/55
Cont
8/13/2019 Economic Institutions ,Rules and Contracts
41/55
*B72=5>@>9 F >DG
9A>= >A *B*;(:*
8/13/2019 Economic Institutions ,Rules and Contracts
42/55
LM 5A8 DGF>=E = 6 6>5 O
PM 5A8 DGA>Q 66>5O
JM 5A8 ;2B7 D8B8=6
N>DG5>A9 < 66>5O
B>@>9*F >DG9A>=*>A
! #$%& '(% %))%*+,'- '*. /'),0 12( +$% %)+'/-,)$3%*+21 4%-1'(% ,* +$,) 42(-. '*. +$% 42(-. $%(%'1+%(5 ,*+$% )%*)% +$'+ ,1 +$%& '(% ,6*2(%. +$%* 02$%(%*0%
'*. 2(.%( 0'**2+ /% %)+'/-,)$%. '*. 1')'. 70$'2) '*. .,)2(.%(8 4,-- 9(%:',- ,* +$,) 42(-.5 '*.+$%(% 4,-- /% 2/:,2;) -2)) ,* +$% 42(-. $%(%'1+%(5O
JM 5A8 ;2B 7D8B8 =6W8B08 DD 9AB 8DG5>A9 < 66>5O
.-(5 $%( A%0R4/40&/ '-$' $4C $'%(C0R4&; -$%:/-4A/ $&:30%+$N4,4'$'4&; ,4+(Q
8/13/2019 Economic Institutions ,Rules and Contracts
45/55
T,I,"0/ ,"^"A,C0$ B04,4$5
Q1"60$5!AA5;0,65 N,(/"80R PA0C04,65 '(5.1/0$5
8/13/2019 Economic Institutions ,Rules and Contracts
46/55
A*HA8=(20Q8;5*V89(2:(*9D>B*;(:*&07& ? O$-$,$- D$&:"$C2,4&;? C$5/$%D Q
BN-4(R(C(&' 0+ '-( A%4&N4A,( 0+ %4/> /-$%4&;
8/13/2019 Economic Institutions ,Rules and Contracts
47/55
8/13/2019 Economic Institutions ,Rules and Contracts
48/55
F*::8=8DG:*@A >DGQAWAID
:*@A*66>A
-@ $-( C$M4C/ $%( 2$/(: 0&'-( +4E- 4'/(,+Q V/#, $,!+4E- 4/N0&N(%&(: 74'- '-(C('-0:0,0;5 0+ ,(;$,%($/0&4&; $&: '-( %#,(/ 0+4&'(%A%('$'40&P '-( C($&4&;$&: 4CA,4N$'40& 0+ N0CC$&:/$&: A%0-424'40&/P $&: /0 +0%'-Q
P@ /2845 64;06< 432 ?2
8/13/2019 Economic Institutions ,Rules and Contracts
49/55
D*58=>D(B8>< 2V8=V*8! 2< 5A8 5A82=6 2: ;2;5
8SW. 9(Y( 2A( 2 59
8/13/2019 Economic Institutions ,Rules and Contracts
50/55
7*DD>=9(Y(;2A(;2;59
V/( 9$/'.(&/(
80&+0%C$'40&0+ 0++(%
$&:$NN(A'$&N(
8,$%4'5 0+0++(%$&:
$NN(A'$&N(
80&&(N'40&0+
$NN(A'$&N(F4'- 0++(%
9#2(%'5=$,(Y (O$N#,$'(@A(%C/ 4& -4/&4;-' :%($C/L(C$,(Y 0&/('
S+C(&/'%#$'40&
@$&4'5?B>4,D
=$'#%4'5(?
8/13/2019 Economic Institutions ,Rules and Contracts
51/55
K( ,(;$,@#4'$24,4'5 0+ '-(@#2O(N' C$''(%
*&07&.0 20'-9$%'4(/
8$A$24,4'5 0+
$ @#2O(N'=$''(% '0 2(-$&:(: 0R(%
=#/' 2( A%(/(&'4& (M4/'(&N(
ZY N0&/4:(%(:A%0A(%'5 0+ R$,#(
TY W0' +0%24::(&25 '-( @-$%4$-
ZY R4(74&; $/4C4,$% 02O(N'TY 4:(&'4+4(:
25 '-( :(/N%4A'40&
ZY 07&(: 25$&5 0+ '-( A$%'4(/TQ 1(,4R(%5
@'%$5 $&4C$, ?@-$%4:D9%(5 $&4C$, N$&&0'
K( /0,: ?+$%4/$D
/(,,4&; ;%$4&/0% +%#4'/ 2(+0%(
'-(4% A(%+(N'$AA($%$&N(
4/ &0' $,,07(:
8^/3'4. )(R #(9,+,-^/3'4. )(R #(] ),4. )W(/&,#.4U
9E0Q8;5 B>558=2: ;2;5
(MAWDU AL G>@FO
7 DD> 9(Y(;2A(;2;59
'0AA,(" a E#4/060#4" #)
8/13/2019 Economic Institutions ,Rules and Contracts
52/55
0AA,( a E#4/060#4 #) 8,(0,8 $#46(,$6
9#2(%'520'- N0&'%$N'4&;
A$%'4(/ C#/'$''$4& A#2(%'5
@$&4'5 ?B>4,D20'- C#/' 2( /$&(
J+ 20'- 0% 0&( 0+ '-(C 4/4&/$&( &0 N0&'%$N' 4/
'0 2( C$:(
=$'#%4'5?@*F>
8/13/2019 Economic Institutions ,Rules and Contracts
53/55
?@J"6B6DSLLI< [ B88I9.BW8I
BNN0%:4&; '06$&$+4 @N-00,
0+ H$7
BNN0%:4&; '0'-( C$O0%4'5 0+
/N-0,$%/
8/13/2019 Economic Institutions ,Rules and Contracts
54/55
54
b(%2$, (MA%(//40& +0%+0%C4&; $& 0++(% $&:
$& $NN(A'$&N(
=$O0%4'5Y @'$'(C(&'P N0&'%$N'4&;A$%'4(/ $&: '-( /#2O(N' C$''(%
+0%C '-( A4,,$%/
9%(/(&'P +#'#%(P0% '-( N0CC$&: N0#,:2( #'4,4/(: :(A(&:4&;
0& '-( 4&'(&'40&
!#.4.)1_ R,^_ '&")3)3\ -"]3#) 4""+%
IMA,4N4' 0% 4CA,4N4' 8,($% $&:R04: 0+ $C24;#4'5
93%%.") 2R ;")4#,/4
K4&:4&; 4CC(:4$'(,5+0,,074&; $& 0++(% $&:$NN(A'$&N(P 0% N$& 2(
:(,$5 +0% +#%'-(% '-4&>4&;#&'4, '-( (&: 0+ '-( /(//40&P
?>-45$% $,!C$O,4/D Q
J/ '-( N0&'%$N'
ZY 6$&$+4 $&: =$,4>4 N0&'%$N' 4/ 24&:4&; 4CC(:4$'(,5Q
TY 0'-(% O#%4/'/ C$4&'$4& '-$' 20'- A$%'4(/ $%( $,,07(: '0 %('-4&> $&::(,$5 #&'4, '-( (&: 0+ '-( /(//40&Q
X#%4/'/ -$R( :4/A#'(: 7-('-(% $& 0++(% $&: $NN(A'$&N( $%( $,,07(: '0 2( +0%C(:'-%0#;- /4,(&' N0&/(&' 25 C($&/ 0+ ;4R4&; $ A%4N( $&: -$&:4&; 0R(% '-( /0,:
;00: ?=#$c$'$'DQ @-$+44Y W0' R$,4:Q =$O0%4'5Y b$,4:Q
6$&$+4Y /'$'(C(&' 4/N0&/4:(%(: '0 2( '-( 0&,5A4,,$% 0+ $ N0&'%$N'
95>58B8AO2::8=_
>;;875>
8/13/2019 Economic Institutions ,Rules and Contracts
55/55
!""#$% '(#)% *( !"+(,) -,./0 *1"120N5,/W Z5"5,($8 !)),0(">cEP>BG0$ 6322)% ,00"F" U32*EO"0#)# :C0 '#e#Ef#3#0 '#Q# J#C1KH?KH gC#3# JC4MC)O,J,h8/,`"0")#3 J.0" ] iVH?LGIj> dHHH6#F ] iVH?LGVk> >kdH
S4#.3 ] .0-2l.()#R45W"@(.1" ] BBBR.()#R45