Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/236907 
Year of Publication: 
2017
Citation: 
[Journal:] ISRA International Journal of Islamic Finance [ISSN:] 2289-4365 [Volume:] 9 [Issue:] 2 [Publisher:] Emerald [Place:] Bingley [Year:] 2017 [Pages:] 148-163
Publisher: 
Emerald, Bingley
Abstract: 
Purpose: The purpose of this paper is to elucidate the concept of ḍamān al-milkiyyah (ownership risk) and to assess its application in contemporary Islamic financial products and services. Design/methodology/approach The methodology adopted is that of descriptive research. Findings From an Islamic law of contract perspective, the concept of ḍamān al-milkiyyah is central to legitimate profit-making transactions and hence must be adhered to in practical applications of Islamic finance. Research limitations/implications This study should help motivate further investigation into the position of ḍamān al-milkiyyah among different parties in existing Islamic financial products and services. Practical implications Policymakers and regulators should ensure that Islamic financial products and services are structured in a way that does not allow parties to profit without adequately bearing the liability for potential loss. Social implications The condition of ḍamān al-milkiyyah as a source of legitimate profit reflects the idea that the role of finance in Islam is to promote and ensure social benefits. Originality/value This paper emphasizes the importance of ḍamān al-milkiyyah as a fundamental condition for profit in Islamic financial transactions.
Subjects: 
ḍamān al-milkiyyah
liability
ownership
responsibility
Risk
uncertainty
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by Logo
Document Type: 
Article

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