Browsing by Author "BalaMahmud, Musa"

The research aims to study the Islamic legal theory (fiqh) of Sukuk al- Istisna` and its applications in accordance with the guidelines set by the Securities Commission in Malaysia as one of the legitimate alternatives of conventional bonds. The approaches applied are inductive, analytical and practical approach. The study concludes that the instruments of Istisna` being one of the Islamic debt securities, can also be one of the legitimate alternatives of conventional bonds, which is applicable to contemporary financial markets, while maintaining the controls of legality. The study also find that some contemporary application of the Istisna` instruments in Malaysia still needs to be developed in some part to conform with the Shariah. The study recommends the need for commitment to the approach of the Islamic financial institutions in engineering products and Islamic financial tools, away from using conventional products and financial instruments