INTRODUCTION TO COMMERCIAL LAW IN COMPARATIVE PERSPECTIVE INDONESIA AND MALAYSIA

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Jawaaz Tasarruf al aaqidayn Both participants are allowing to engage in contract 152 Milk al maqood alayhe Ownership of property being traded 153 Ibaahah al intifaa bil mabee Permissibility of the goods 153 Maqdoor alaa Tasleemihi Dispensibility 153 Adm al Jahaalah The absence of anonymity 153 Principles of a Valid Contract in Islamic Business Transaction 154 Prohibition of Gharar 154 Prohibition of Riba 154 Investments Should Only Support Practices or Products That are Not Forbidden 155 Prohibition of Maysir 155 Paying and Collecting of Zakat 156 The Sharing of Prot and Loss 156 Types of Shariah Contracts 156 Musyarakah Partnership Joint venture 156 Mudharabah Prot Sharing 158 Murabahah Mark Up 158 Al Wakalah Agency 159 Bay Bithaman Ajil Deferred Payment Sale BBA 161 Bay Salam Deferred Delivery Sale 161 Bay Istisna Manufacturing Sale 162 Al Ijarah Thumma al Bay Hire Purchase 163 Takaful 163 Qardul Hassan Benevolent Loan or Interest Free Loan 164 Tawarruq Commodity Murabahah 164 Comparison with Indonesia 165 Introduction to Islamic business law in Indonesia 165 Sources of Islamic business law 167 The Legal Terms of a Business Agreement in Islamic Law 168 Scope of Islamic Business Law 171 TABLE OF CONTENTS xiJawaaz Tasarruf al-aaqidayn (Both participants are allowing to engage in contract) ...................................................................... 152 Milk al-maqood alayhe (Ownership of property being traded) .... 153 Ibaahah al-intifaa bil mabee (Permissibility of the goods) ............ 153 Maqdoor alaa Tasleemihi (Dispensibility) .................................... 153 Adm al-Jahaalah (The absence of anonymity) .............................. 153 Principles of a Valid ...Contract in Islamic Business Transaction ............ 154 Prohibition of Gharar .................................................................. 154 Prohibition of Riba ..................................................................... 154 Investments Should Only Support Practices or Products That are Not Forbidden .................................................................................... 155 Prohibition of Maysir .................................................................. 155 Paying and Collecting of Zakat ................................................... 156 The Sharing of Prot and Loss .................................................... 156 Types of Shariah Contracts................................................................. 156 Musyarakah (Partnership/Joint venture) ....................................... 156 Mudharabah (Prot Sharing)....................................................... 158 Murabahah (Mark Up) ................................................................ 158 Al Wakalah (Agency) ................................................................... 159 Bay Bithaman Ajil (Deferred Payment Sale)- BBA ....................... 161 Bay Salam (Deferred Delivery Sale) ............................................. 161 Bay Istisna (Manufacturing Sale) ................................................. 162 Al Ijarah Thumma al Bay (Hire Purchase).................................... 163 Takaful ....................................................................................... 163 Qardul Hassan (Benevolent Loan or Interest Free Loan) .............. 164 Tawarruq (Commodity Murabahah) ........................................... 164 Comparison with Indonesia ................................................................ 165 Introduction to Islamic business law in Indonesia........................ 165 Sources of Islamic business law .................................................... 167 The Legal Terms of a Business Agreement in Islamic Law ........... 168 Scope of Islamic Business Law ..................................................... 171 TABLE OF CONTENTS xi

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