JURISTIC METHODS OF PURIFYING HARAM INCOMES: AN ANALYSIS IN THE CONTEXT OF ISLAMIC BANKS IN MALAYSIA

  • Saidatolakma Mohd Yunus
  • Sayed Sikandar al Haneef
  • Zuraidah Kamaruddin

Abstract

This study attempts to articulate juristic mechanisms by whichIslamic banks in Malaysia can purge the unlawful income from theirassets. An Islamic bank being a modern corporate entity whendealing with people of diverse cultures and conventional businessentities, at times, feels the pressure of not being able to stay awayfrom transactions tainted with haram. Islamic banks as a matter ofprinciple should not involve themselves in any unlawful businessactivities in the process of which they can procure unlawful incomes.A question of how Islamic banks in Malaysia should treat suchincomes, both classical and contemporary jurists have proposed theirown set of juristic methods. This study recommends the Islamic banksto address the importance of undertaking the purification process ofharam income according to Shari’ah.
Published
2018-01-23
How to Cite
YUNUS, Saidatolakma Mohd; HANEEF, Sayed Sikandar al; KAMARUDDIN, Zuraidah. JURISTIC METHODS OF PURIFYING HARAM INCOMES: AN ANALYSIS IN THE CONTEXT OF ISLAMIC BANKS IN MALAYSIA. Al-Shajarah: Journal of the International Institute of Islamic Thought and Civilization (ISTAC), [S.l.], v. 22, n. 2, p. 193-213, jan. 2018. ISSN 1394-6870. Available at: <http://journals.iium.edu.my/shajarah/index.php/shaj/article/view/560>. Date accessed: 22 feb. 2018.
Section
ARTICLES