Fuad Sawari

International Islamic University Malaysia, Department of Fiqh and Usul-Fiqh, Faculty Member

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Associate Professor at Department of Fiqh and Usul al-Fiqh, AbdulHamid AbuSulayman Kulliyyah of Islamic Revealed Knowledge and Human Sciences, International Islamic University Malaysia.

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mohamad zaharuddin zakaria

Universiti Sains Islam Malaysia (USIM)

Hizri Hasshan

Universiti Kebangsaan Malaysia

fauziah mohd noor

Universiti Utara Malaysia

Mustafa Hanefah

Iqmal Hisham Kamaruddin

Universiti Sains Islam Malaysia (USIM)

Rahimah Embong

Universiti Sultan Zainal Abidin, Terengganu, Malaysia

Ramadhan Ellias

YAZ LAW

Nurul Syazwani Mohd Noor

Nur Amalina Abdul Ghani

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Papers by Fuad Sawari

The Practice of Reporting Shariah Non-Compliant Income in the Annual Financial Report of Islamic Commercial Banks in Malaysia

Islamiyat, Jun 26, 2020

Bank Negara Malaysia (BNM) telah memperkenalkan Polisi bagi Pelaporan Kewangan untuk Institusi Pe... more Bank Negara Malaysia (BNM) telah memperkenalkan Polisi bagi Pelaporan Kewangan untuk Institusi Perbankan Islam yang berkuatkuasa pada 1 Januari 2018. Polisi ini bertujuan untuk memudahkan penilaian terhadap kedudukan kewangan, prestasi dan pematuhan Syariah bagi institusi kewangan Islam. Walau bagaimanapun, pelaporan daripada jawatankuasa Penasihat Syariah beberapa bank Islam mungkin tidak memenuhi piawaian yang ditetapkan oleh BNM dari segi melaporkan pendapatan tidak patuh Syariah dalam laporan kewangan tahunan mereka. Oleh itu kajian ini bertujuan untuk mengkaji sejauh mana bank-bank Islam mematuhi Polisi yang ditetapkan oleh BNM, khusus kepada pelaporan Bank Perdagangan Islam di Malaysia terhadap pendapatan tidak patuh Syariah dalam laporan kewangan tahunan mereka. Kaedah kualitatif digunakan sebagai metodologi penyelidikan utama kajian ini untuk mendapatkan maklumat daripada laporan kewangan tahunan bank, serta kajian yang berkaitan. Hasil kajian menunjukkan bahawa sembilan daripada enam belas bank Perdagangan Islam di Malaysia telah memenuhi piawaian yang disediakan oleh Bank Negara dalam melaporkan pendapatan tidak patuh Syariah dengan terperinci dan lengkap dalam laporan kewangan tahunan mereka. Walau bagaimanapun, bank Perdagangan Islam yang selebihnya tidak melaporkan pendapatan tidak patuh Syariah mereka dalam laporan tahunan. Penyelidikan ini akan menyumbang kepada para pengamal Bank Perdagangan Islam dari segi menyediakan maklumat yang telus mengenai urusan perniagaan dan kewangan.

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Advertisements as reflections of ideals:Shari’ah-compliant advertisements for the Muslim target audience

Shariah principles should be used as guidance for Islamic advertising to the Muslim market. The M... more

Issues on Islamic Banks' Nostro Accounts

All Islamic banks in Malaysia which involve with the international trade transaction will have to... more All Islamic banks in Malaysia which involve with the international trade transaction will have to have a Nostro accounts with a conventional correspondent/agent banks in order to make payments through them. The objective of this study is to clarify the issue on the usage of Nostro accounts in conventional banks by the Islamic banks where these accounts deal with riba (interest) in their daily transactions from the Shariah perspective. This study adopts the qualitative method as the main research methodology. The information on the involvement of 12 Islamic banks in Malaysia with Nostro accounts in conventional banks is gained from semi-structured interviews conducted with bankers who directly involved with international trade payments. As a result, this study discovered two main issues. First is the issue on the permissibility of the involvement of the Islamic banks with the Nostro accounts. While the second issue is the tendency of some Islamic banks leverage on the conventional parents’ banks Nostro accounts. This study analyzes these issues by determining whether they are in line with Shariah principles

Kedudukan ilmu sains dan teknologi dalam menentukan hukum ‘iddah dan kesannya terhadap Maqasid Syariah

Islam memerintahkan perempuan yang diceraikan atau kematian suami ber'iddah dalam tempoh yang... more Islam memerintahkan perempuan yang diceraikan atau kematian suami ber'iddah dalam tempoh yang telah ditetapkan. Perintah ini disebut secara jelas di dalam Al-Quran dan telah disepakati oleh para ulama'. Antara hikmah yang terbesar ialah untuk menjaga maqasid shariah iaitu memelihara nasab keturunan manusia. Hal ini adalah kerana perempuan yang ber'iddah tidak boleh berkahwin dengan lelaki lain dalam tempoh tersebut. Justeru, ini mengelakkan percampuran benih suami dan memastikan kesucian rahim wanita. Namun begitu, kemajuan ilmu sains dan teknologi hari ini telah membantu banyak penemuan baru dengan bantuan alatan canggih. Antaranya, kita dapat memeriksa kesucian rahim wanita dan mengetahui hasilnya secara tepat dan pantas. Kertas kerja ini bertujuan untuk mengkaji sejauh mana penggunaan alatan teknologi moden ini dapat menggugurkan kewajipan 'iddah bagi kaum wanita dan bagaimana hubungkaitnya dengan maqasid shariah. Kaedah yang digunakan dalam kajian ini ialah penye...

Bancatakaful concept and implementation

BancatEkaful is a new distribution channel which has been adopted from the bancasurrance concept.... more BancatEkaful is a new distribution channel which has been adopted from the bancasurrance concept. It has now become a major distribution channel and major contributor to the development of the takEful industry. The study examines the concept of bancatakEful and how it is implemented particularly in Malaysia. PruBSN Takaful is chosen as a sample of the research and the implementation of bancatakEful in the family takEful products of PruBSN Takaful has been analyzed. The study discusses the prospect and development of the takEful industry, particularly the bancatakEful channel in Malaysia.

Aplikasi Maqasid Syariah dalam sistem pendidikan di Malaysia: Pembelajaran Abad Ke-21

“Pendidikan Abad ke-21” (PAK21) telah mempengaruhi dan mengambil alih teknik pembelajaran dan pen... more “Pendidikan Abad ke-21” (PAK21) telah mempengaruhi dan mengambil alih teknik pembelajaran dan pengajaran dalam sistem pendidikan di Malaysia. Pada masa yang sama, hubungkait antara Maqasid Syariah dengan pendidikan abad ke-21 kini dilihat perlu dalam mengharmonikan kemajuan dalam bidang pendidikan agar selari dengan prinsip Maqasid Syariah yang kini sering diperkenalkan kepada masyarakat. Sebenarnya telah wujud perkaitan yang rapat antara objektif sistem pendidikan di Malaysia dengan objektif syariah (Maqasid Syariah) itu sendiri. Sehubungan dengan itu, kajian ini dibuat bertujuan untuk mengkaji aplikasi Maqasid Syariah dalam sistem yang baru diperkenalkan dalam pendidikan di Malaysia iaitu PAK-21. Pengkaji akan menggunakan kaedah penyelidikan secara induktif dengan menghimpunkan data-data (dari Kementerian Pendidikan Malaysia) mengenai PAK21 disamping mengetengahkan dalil-dalil dari Al-Quran dan As-Sunnah serta pandangan tokoh-tokoh tertentu (seperti Ibn Ashur, AlYubi dan tokoh agamawan yang lain) bagi membantu perbahasan aplikasi Maqasid Syariah dalam sistem pendidikan di Malaysia. Hasil daripada kajian ini mendapati bahawa PAK21 ini menerapkan elemen dan nilai-nilai murni serta aplikasi Maqasid Syariah yang baik khususnya dari aspek Hifz Al-Aql iaitu penjagaan akal. Standard Kemahiran, Kurikulum Kebangsaan, Pengurusan Bilik Darjah abad ke-21, serta Ciri-ciri Murid PAK21 yang diperkenalkan dilihat sangat bertepatan dengan konsep Maqasid Syariah. Justeru, penyerapan usaha untuk menyuburkan kefahaman Islam secara teori dan praktikal harus digandakan dan ini sekaligus dapat membantu para guru dan warga pendidik bagi menerapkan nilai-nilai murni kepada murid dengan lebih baik dan berkesan.

Issues of Bai’ al-‘Inah in the contemporary Islamic financial products and its solutions according to the shariah principles

Bai’ al-‘inah is one of the well-known sale-based contracts among Islamic financial products. Thi... more Bai’ al-‘inah is one of the well-known sale-based contracts among Islamic financial products. This type of contract has been applied by most of the Islamic Financial Institutions (IFI) particularly in Malaysia towards their Islamic financial products.Although all the controversial issues related to bai’ al-‘inah have already been discussed before by Fiqh scholars, due to the implementation of the underlying Shariah concept of Bai’ Al-‘Inah in current Islamic financial products, it appears that new issues relating to ‘inah have appeared and need to be deliberated further by contemporary Islamic scholars to ensure that it is in line with the development of Islamic financial products. One of the main Shariah issues that has occurred in bai’ al-‘inah based contracts is the sequence of the implementation of the aqad (contract) between the bank and the customers. Hence, this research will focus on this issue from several points of view, which include the causes that lead to the issue, the...

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The Enforceability of Wa‘d Mulzim (Binding Promise) from a Fiqh Perspective: A Critical Analysis of Wa‘d Application in Sukūk Contracts

Wa‘d (promise) is a concept that is frequently applied in various Islamic financial products. Alt... more Wa‘d (promise) is a concept that is frequently applied in various Islamic financial products. Although this concept has been used widely in Islamic financial products, as a result of the arising Sharī‘ah issues, wa‘d especially wa‘d mulzim (binding promise) in some contemporary practices towards contracts of Islamic financial products, remains a debatable practice among some Sharī‘ah scholars. This research aims to analyse some Sharī‘ah issues pertaining to the application of the wa‘d mulzim in the Islamic finance industry, especially the issue of wa‘d mulzim in sukūk contracts, particularly in partnership-based contracts which are sukūk muḍārabah, and sukūk mushārakah concepts. Two aspects are particularly emphasized. First, wa‘d can be binding in certain conditions, but to legally enforce this concept, there remain disputes and controversial discussions among scholars. Second, this study also discusses the issues of “promise to buy” or “promise to sell” (the asset) at a certain “p...

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Employees’ Shariah Provident Fund in Malaysia: A Juristic Analysis

The purpose of this article is to analyze the experience of the Employees’ Provident Fund or EPF ... more The purpose of this article is to analyze the experience of the Employees’ Provident Fund or EPF in the management of the Shariah Fund and the jurisprudential adaptation of its activities and investments. This article selects the EPF in Malaysia as a model for analysis as a successful financial project. This article uses both inductive and analytical approaches to achieve its objectives. Malaysia's Shariah Retirement Savings Fund for workers needs to develop Shariah-compliant investment methods to achieve the objective of investing the savings of contributing members with a good financial return so that the members’ financial assets in the fund will increase. The article reveals that the Malaysian Workers’ Provident Pension Fund was developed on the wakālah (agency) contract which matches the nature of the fund's activities with its rich, flexible and secure features

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الحكومة الشرعية في المؤسسات المصرفية الإسلامية في مختلف الولايات القضائية: دراسة تحليلية مقارنة

الحكومة الشرعية هي بنية مؤسسية فريدة من نوعها في الأعمال المصرفية والتمويل الإسلامي. وكانت وظيفته... more الحكومة الشرعية هي بنية مؤسسية فريدة من نوعها في الأعمال المصرفية والتمويل الإسلامي. وكانت وظيفتها هي ضمان التزام المصرفية الإسلامية وعملياتها التمويلية لأحكم الشريعة الإسلامية. وقد اتخذت الحوكمة الشرعية هيكلها الرسمية المختلفة في بلدان مختلفة باختلاف الاطار القانوني الذي ينظم مختلف الأعمال المصرفية والتمويل الإسلامي في البلدان المعنية. تبحث هده الوراقة ممارسة المصارف الإسلامية للحكومة الشرعية في مختلف الولايات القضائية. وكان الغرض من هذه الراسة هو تقديم فهم أفضل لبعض الممارسات المختلفة للحوكمة الشريعة، وتسليط الضوء على القضايا وتقديم المعلومات ذات الصلة من أجل توجيه التنمية المستقبلية لنظام الحوكمة الشريعة في الصناعة المالية الإسلامية. وتناقش الورقة حالة ممارسات الحوكمة الشرعية في تسع دول وهي ماليزيا وإندونيسيا والمملكة المتحدة وباكستان والكويت والإمارات العربية المتحدة والبحرين وبروني وسنغافورة، والتي هي من أهم الاعبين في المالية الإسلامية. تقوم الدراسة بتحليل القوانين الدول المعنية وكذلك الأنظمة التي تحكم الحوكمة الشريعة لهذه الدول. كما اعتمدت الورقة على الراسات المكتبية والمعلوم...

Parameter al-Dhariʿah Menurut Perspektif Syariʿah

AL-MAQĀṢID The International Journal of Maqāṣid Studies and Advanced Islamic Research

Al-Dharīʿah is an important concept in the issuance / establishment of Islamic law. In general, i... more Al-Dharīʿah is an important concept in the issuance / establishment of Islamic law. In general, it covers two main parts, namely sadd al-dharīʿah and fath al-dharīʿah. However, this second part (fath al-dharīʿah) is less discussed in depth and extensively by previous scholars. Thus, this study is to produce pragmatic and practical parameters of al- dharīʿah according to the perspective of Sharīʿah. This study uses a library research methodology. The results of this study show that the parameters of al- dharīʿah produced must be holistic and comprehensive to cover the scope of sadd and fath al- dharīʿah so that the law issued/inferred can lead to permissible laws (such as obligatory, preferable and allowable) or vice versa. The researcher suggested a solution so that the parameters of al-dharīʿah that have been produced can be applied in contemporary matters such as Islamic finance, halal industry, education, medicine and so on to ensure that Sharīʿah law is maintained and ensure tha...

Maqasid Al-Shariah dalam perlaksanaan waqaf

Examining Issues on Islamic Shipping Guarantee

Procedia - Social and Behavioral Sciences, 2016

al-Maqasid al-shari'ah fi qa'idah "al-asl fi al-mu'amalat al-'ibahah" wa-mustathnayatiha = المقاصد الشرعية في قاعدة "الأصل في المعاملات الإباحة" ومستثنياتها

An analysis of the role and competency of the Shari'ah Committees (SCs) of Islamic Banks and Financial Service Providers

IFSB's Guiding Principles on Shari'ah Governance Systems for Institutions Offering Isla... more

A Few Methods in Charging Fees for Kafālah Bank Guarantee - I among Islamic Banks in Malaysia

ISRA International Journal of Islamic Finance, 2014

The Premium Savings Certificate (PSC) of Bank Simpanan Nasional Malaysia: Shari'ah issues and solutions

On the question of gambling in giving prizes to the holders of savings certificates: an Islamic analysis on Malaysian practice

Examining the Issues of Conventional and Islamic Trust Receipt in Banks

Advanced Science Letters, 2015

An Issue on Uniform Customs and Practice for Documentary Credits (UCP) No 600 for Islamic Letter of Credit

Procedia Economics and Finance, 2013

Islamic banks in Malaysia offer Letter of Credit (LC) Wakalah (agency) and LC Murabahah (cost-plu... more Islamic banks in Malaysia offer Letter of Credit (LC) Wakalah (agency) and LC Murabahah (cost-plus) as two of their main trade finance facilities. LC is the product of International Chamber of Commerce, the world business organization based in Paris and it is governed by the Uniform Customs and Practice for Documentary Credits (UCP) No. 600 (UCP 600). The objective of this paper is to clarify an issue on a few articles of the UCP 600 as the governing rules of LC Wakalah and LC Murabahah. At the same time, this paper discusses the practice of some Islamic banks in Malaysia in facing this issue. This study adopts the qualitative method as the main research methodology where both the primary and the secondary data are used. For the primary data, semi-structured interviews were conducted with bankers who are directly involved with the operation of Islamic LCs. As the result, this paper discovers an issue on the UCP 600 for Islamic LCs that is the issue of insufficiency in dealing solely with documents for LC Wakalah and LC Murabahah without checking the conditions of goods. This paper analyzes this issue by determining whether it is in line with the Shariah principles. Lastly, a solution to resolve the issue on the UCP 600 for Islamic LCs is recommended to Bank Negara Malaysia.

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The Practice of Reporting Shariah Non-Compliant Income in the Annual Financial Report of Islamic Commercial Banks in Malaysia

Islamiyat, Jun 26, 2020

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Advertisements as reflections of ideals:Shari’ah-compliant advertisements for the Muslim target audience

Shariah principles should be used as guidance for Islamic advertising to the Muslim market. The M... more

Issues on Islamic Banks' Nostro Accounts