Mutual Banking Institutions in light of Sharia Law
Keywords:
Bank; Finance; Islamic; cooperative; Mutual; Sharia; commercial banking; financial institutions
Abstract
Mutual banking institutions engage in a diverse array of banking activities aim to achieve economic and social development. These institutions are predicated on a cooperative principle, which fundamentally differentiates them from their commercial banking counterparts. Such a cooperative ethos closely aligns mutual banks with Islamic financial institutions. Nonetheless, their failure to incorporate Sharia as the foundational basis for their transactions, coupled with the absence of Sharia supervisory board compliance, categorically excludes them from the Islamic financial sector.
References
- Abdullah Al-Tayyar, "Islamic Banks: Theory and Practice," PhD dissertation, Imam Muhammad bin Saud Islamic University, Riyadh, Saudi Arabia, 1981.
- Al-Qattan, Muhammad Amin, "Sharia Supervision in Islamic Financial Services Industry Institutions," first edition, Dar Al-Nahda Al-Arabiya for Printing, Publishing, and Distribution, 2004.
- Mustafa Natik Saleh Matloub,"Islamic Banks (A Legal Study on the Most Recent Developments)," first edition, National Center for Legal Publications, Cairo, 2020.
- Nouri Moussa Shukayri, Islamic Banks: Investment and Financing in Islam, 1st ed. (Amman, Jordan: Dar Al-Hamed for Publishing and Distribution, 2019).
2.Journal article :
- Al-Saif, Abdullah ibn Mubarak ibn Abdullah. "Rulings on Cooperative Banks." Journal of the Saudi Jurisprudence Association, no. 14, Shawwal/Muharram 1433-1434 AH / 2012 , p. 356.
- Mahfoudh Jabbar, Omar Abdou Samia, "International Capital Markets: Structures and Instruments," Journal of Economic and Administrative Research, Mohamed Khider University of Biskra, Issue 3, June 2008, p. 75.
3.Seminar article:
- Abdul-Fattah Bayoumi Hejazy, "A Study of the Islamic Banking Law in the United Arab Emirates: General Provisions and Rules," a paper published in the proceedings of the 14th Annual Scientific Conference of the College of Sharia and Law titled "Islamic Financial Institutions," United Arab Emirates University,
4.Internet websites:
- Resolution of the Islamic Fiqh Academy, published on the website: http://islamtoday.net/bohooth/artlistn-23-733-1.htm Consulted on 19/02/2024.
- Tamika seeto, Mutual Banks vs Banks: What Are They? Consulted on 19/04/2024.| Canstar, https://www.cansrar.com.au/mutual-banking/banks-vs-mutual/
- Al-Qattan, Muhammad Amin, "Sharia Supervision in Islamic Financial Services Industry Institutions," first edition, Dar Al-Nahda Al-Arabiya for Printing, Publishing, and Distribution, 2004.
- Mustafa Natik Saleh Matloub,"Islamic Banks (A Legal Study on the Most Recent Developments)," first edition, National Center for Legal Publications, Cairo, 2020.
- Nouri Moussa Shukayri, Islamic Banks: Investment and Financing in Islam, 1st ed. (Amman, Jordan: Dar Al-Hamed for Publishing and Distribution, 2019).
2.Journal article :
- Al-Saif, Abdullah ibn Mubarak ibn Abdullah. "Rulings on Cooperative Banks." Journal of the Saudi Jurisprudence Association, no. 14, Shawwal/Muharram 1433-1434 AH / 2012 , p. 356.
- Mahfoudh Jabbar, Omar Abdou Samia, "International Capital Markets: Structures and Instruments," Journal of Economic and Administrative Research, Mohamed Khider University of Biskra, Issue 3, June 2008, p. 75.
3.Seminar article:
- Abdul-Fattah Bayoumi Hejazy, "A Study of the Islamic Banking Law in the United Arab Emirates: General Provisions and Rules," a paper published in the proceedings of the 14th Annual Scientific Conference of the College of Sharia and Law titled "Islamic Financial Institutions," United Arab Emirates University,
4.Internet websites:
- Resolution of the Islamic Fiqh Academy, published on the website: http://islamtoday.net/bohooth/artlistn-23-733-1.htm Consulted on 19/02/2024.
- Tamika seeto, Mutual Banks vs Banks: What Are They? Consulted on 19/04/2024.| Canstar, https://www.cansrar.com.au/mutual-banking/banks-vs-mutual/
Published
2024-06-18
How to Cite
FARAH , A. (2024). Mutual Banking Institutions in light of Sharia Law. Journal of Science and Knowledge Horizons, 4(01), 209-222. https://doi.org/10.34118/jskp.v4i01.3861
Section
Articles
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.
