البيوع الائتمانية وأهميتها الاقتصادية في النظام المصرفي الإسلامي: ماليزيا نموذجا

Abstract

Many Muslim economists and investors believe that the increase of debt-based financing products of Islamic banks contradicts the very function of these financial institutions, i.e investments. This belief has exposed Islamic banks to a number of criticisms, casting doubt on whether these institutions are really Islamic financial intermediaries. The researcher tries to define and explain the debt-based contracts and compatibility with Islamic laws which include, terminologies like Bai’ Murabahah, Tawarruq, Bai’ Salam and Istisna’. The researcher concludes that Bai’ Murabahah to the purchase orderer with the binding promise feature is “permissible with dislike” in facilitating people's transactions, especially after it has proven its ability to finance the most important economic sectors. The researcher has preponderated the view that prohibits commodity murabaha ( Tawarruq); the latter is only permissible under the extreme conditions of necessity, the extent of which is to be determined by the Shariah committee of the Islamic bank. The research upholds the permission of Bai’ Salam and Istisna' and their economic importance. The research also tries to bridge the gap between the opponents and proponents of debt-based products by looking at the economic value of these products in the Malaysian Islamic banking system. The research focuses on three variables: the ratio of debt-based products to GDP, the role of debt-based products in deposit attraction and lastly, the ability of these products to generate money. The research views that 96% of total financing during the period of 2006-2013 were based on Malaysian Islamic banking system compared with the development of the Malaysian banking system and Malaysian financial institutions. The study has shown positive correlation between debt-based products and the Malaysian GDP, proving that these products have covered several sectors including agriculture, manufacturing, mining and quarrying, construction. Contrarily, the study has also shown a negative correlation between debt-based products on one hand and money supply and inflation on the other.