Shar??ah Appraisal of the Concepts of ?am?n, Taq??r, and Ta?add? in Trust-Based Contracts (?Uq?d al-am?n?t)

Naim, Asmadi Mohamed; Hussein, Muhammad Md.; Long, Mohamad Habibi; Bakar, Mahyuddin Abu

doi:10.4197/islec.29-1.1

Cited by 1 publication

(2 citation statements)

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“…An assessment of the current practices of e-wallet from legal and shariah perspectives is essential to fulfil the needs of businesses and for Muslim users to comply with shariah. A quick and solid analysis of the current practices of financial products and innovations using shariah principles is important to provide ideal guidelines (Naim et al, 2016a(Naim et al, , 2016b. Product innovations should suit shariah principles and practicality aspects in terms of legal practices and other requirements (Ariff & Rosly, 2011).…”

Section: Conceptual Framework Of Money and E-moneymentioning

confidence: 99%

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Legal Issues in E-Wallet Practices

Noor

Naim

Muhamed

et al. 2021

UUM Journal of Legal Studies

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E-Wallet has been applied in Muslim and non-Muslim jurisdictions in many parts of the world including Malaysia, China, India, and Korea. The application is widely used and has raised questions with regard to legal and shariah issues. This paper aims to analyse specifically, legal issues affecting e-wallet practices. This paper adopted a qualitative research approach. The data collected include document reviews, ethnographical interviews and observations. This study found several legal issues related to e-wallet inter alia, an unclear position on the liability of board directors of e-wallet operators, breach of mandate and exclusion of liability of e-wallet operators. As e-wallet is important as an enabler to increase financial inclusion, it is important to address the legal issues on e-wallet to enhance good governance and best practices of e-wallet in Malaysia. The findings from this paper can be used as a basis for policymakers including scholars in the formulation of guidelines on legal and shariah compliance of e-wallets.

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Section: Conceptual Framework Of Money and E-moneymentioning

confidence: 99%

“…Naim et al (2016a) examined the burden of proof in Islamic financial products. In another study, Naim et al (2016b) related the concepts of daman, taqsir, and taʿaddi in trust-based contracts ('uqud al-amanat).…”

Section: Source: Bnm (2019b)mentioning

confidence: 99%