Resolutions of the Securities Commission Shariah Advisory Council

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CONTENTS Contents FOREWORD BY DATO’ ZARINAH ANWAR v FOREWORD BY DATUK SHEIKH GHAZALI vii HAJI ABDUL RAHMAN SHARIAH ADVISORY COUNCIL OF THE SECURITIES 1 COMMISSION RESEARCH METHODOLOGIES IN THE ISLAMIC 7 CAPITAL MARKET SOURCES AND RESEARCH MANHAJ IN THE ISLAMIC 8 CAPITAL MARKET PRINCIPLES OF MUAMALAT IN THE CAPITAL MARKET 13 MUSYARAKAH MUTANAQISAH 14 BAI` DAYN 16 BAI` ÌNAH 20 BAI` MA`DUM 23 BAI` WAFA’ 26 BAI` MUZAYADAH 29 SUFTAJAH 32 BAI` ÙRBUN 35 BAI` BIMA YANQATI` BIHI SI`R 37 KAFALAH ON MUDHARABAH CAPITAL 39 UJRAH FOR GUARANTEES 44 IBRA’ CLAUSE IN A DOCUMENT OF AGREEMENT 46 IQTA` 52 CAPITAL MARKET PRODUCTS ACCORDING TO ISLAMIC 59 JURISPRUDENCE iii
Resolutions of the Securities Commission Shariah Advisory Council – Second Edition iv CALL WARRANTS 60 TRANSFERABLE SUBSCRIPTION RIGHTS (TSR) 64 ASSET SECURITISATION 67 REGULATED SHORT SELLING AND SECURITIES 71 BORROWING AND LENDING CRUDE PALM OIL FUTURES CONTRACT 75 COMPOSITE INDEX FUTURES CONTRACT 79 ISLAMIC BENCHMARK BOND 84 FINANCE LEASE AND OPERATING LEASE 89 PREFERENCE SHARES 92 CAPITAL MARKET ISSUES ACCORDING TO ISLAMIC 95 JURISPRUDENCE RIBA: PRINCIPLES AND DIVISION 96 GHARAR 100 GAMBLING 104 GHALAT 106 SPECULATION 109 QABADH 113 DHA` WA TAÀJJAL 119 ÙMUM BALWA 123 TA`WIDH 125 HIBAH RUQBA 129 CONDITIONAL HIBAH 134 WHEN ISSUE PROCESS 136 PRICE FIXING BASED ON FORWARD PRICING 139 SHARIAH CRITERIA FOR LISTED SECURITIES 143 SHARIAH CRITERIA FOR LISTED SECURITIES 144 MIXED COMPANIES 150 IMAGE AS CRITERIA FOR LISTED SECURITIES 164 GLOSSARY 171 BIBLIOGRAPHY 177
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Capital Market Issues According to
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RESOLUTION Capital Market Issues Ac
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Two: Qabadh Hukmi or Qabadh Ma`nawi
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SHARIAH CRITERIA FOR LISTED SECURIT
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SHARIAH CRITERIA Shariah Criteria f
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Shariah Criteria for Listed Securit
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Al-Kasani also said: Shariah Criter
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INTRODUCTION Shariah Criteria for L
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(a) Illustration or reflection of s
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Arabic terms commonly used througho
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ijarah leasing contract Glossary ij
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ta`widh compensation ta’wil inter
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