IMU503 Advanced Fiqh Muamalat UITM Assignment Sample Malaysia
IMU503 Advanced Fiqh Muamalat is a course that likely focuses on the advanced study of Islamic jurisprudence as it pertains to commercial transactions and financial dealings. “Fiqh Muamalat” refers to Islamic rules and principles that govern financial transactions, including issues such as banking, contracts, and business ethics. The course IMU503 likely covers these topics in-depth, providing students with a strong understanding of the Islamic perspective on financial dealings.
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In this section, we discuss some assignment activities. These are:
Assignment Activity 1: Explain the pillars and conditions of various muamalat contracts.
Muamalat is an Islamic term referring to all human transactions, including commercial transactions. The followings are the pillars and conditions of various muamalat contracts:
- Sale (bay’): It involves the exchange of goods or property for money. The pillars of a sale contract are offer, acceptance, consideration (price), and the subject matter of the sale (goods or property). Conditions include: the goods or property must be owned by the seller, both parties must have the intention of selling and buying, the price must be certain, and the goods must be transferable.
- Loan (qard hasan): It involves the lending of money by one person to another, with the expectation of repayment. The pillars of a loan contract are offer and acceptance. Conditions include: the lender must have the intention of giving a loan, the borrower must have the intention of borrowing, and the loan amount must be specified.
- Partnership (musharakah): It involves two or more individuals pooling resources for a shared business venture. The pillars of a partnership contract are: offer and acceptance, and the sharing of profits and losses. Conditions include: the partners must have the intention of carrying out a business venture, the capital contribution must be specified, and the method of sharing profits and losses must be agreed upon.
- Guarantee (kafalah): It involves one person assuming responsibility for another person’s debt or obligations. The pillars of a guaranteed contract are offer and acceptance, and the assumption of responsibility. Conditions include: the guarantor must have the intention of assuming responsibility, the debt or obligation must be specified, and the guarantor must be solvent.
- Rent (ijarah): It involves the rental of a property or goods. The pillars of a rent contract are: offer, acceptance, and the payment of rent. Conditions include: the property or goods must be owned by the lessor, the lessee must have the intention of renting, and the rent must be specified.
It’s important to note that the conditions and pillars of muamalat contracts are based on Islamic law (shari’ah) and may vary among different schools of thought.
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Assignment Activity 2: Elaborate the applications of muamalat contracts in modern business transactions.
Muamalat contracts are Islamic financial instruments used in modern business transactions. They are based on principles of Islamic finance, such as fairness, equity, and shared risk. Some of the common applications of Muamalat contracts in modern business transactions include:
- Mudarabah: This is a profit and loss sharing contract, where one party provides capital and the other party manages the investment. This is commonly used in venture capital and private equity transactions.
- Wakalah: This is an agency contract, where one party acts as an agent on behalf of the other party in a business transaction. This is commonly used in investment management and other financial intermediation activities.
- Murabaha: This is a cost-plus financing contract, where the seller agrees to sell an item to the buyer at a profit margin over its cost price. This is commonly used in trade financing and supply chain finance.
- Ijara: This is a lease contract, where one party leases an asset to another party for a fixed rental fee. This is commonly used in real estate finance and equipment leasing.
- Sukuk: This is an Islamic equivalent of bonds, where investors purchase a share in a pool of assets rather than lending money to a borrower. This is commonly used in infrastructure financing and real estate development.
These are some of the ways Muamalat contracts are used in modern business transactions. They provide an alternative to conventional financial instruments and offer unique benefits, such as aligning financial interests with ethical principles and promoting shared risk.
Assignment Activity 3: Critically analyse the application of muamalat contracts in current practice.
Muamalat contracts refer to Islamic financial contracts, which are based on Islamic principles and values. These contracts are used in Islamic finance to provide a wide range of financial services, including banking, investment, and insurance.
In current practice, the application of muamalat contracts has seen significant growth and development. The principles of risk sharing, fairness, and transparency are emphasized in these contracts, which align well with the needs and preferences of many investors and customers. Additionally, the growing demand for ethical and socially responsible investing has also contributed to the popularity of muamalat contracts.
However, there are also challenges and criticisms associated with the application of muamalat contracts in current practice. One issue is the lack of standardization and consistency across different institutions and jurisdictions, leading to confusion and difficulty in comparability. Another challenge is the lack of understanding and expertise among practitioners and regulators, leading to potential misinterpretation and misapplication of the principles and concepts.
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