IDEAS home Printed from https://ideas.repec.org/h/spr/sprchp/978-3-031-50105-0_9.html
   My bibliography  Save this book chapter

Hybrid Contracts and Issues in Islamic Finance

In: Hire Purchase Under Shirkah al-Milk (HPSM) in Islamic Banking and Finance

Author

Listed:
  • M. Kabir Hassan

    (University of New Orleans)

  • Muhammad Mostofa Hossain

    (University of Malaya)

  • Aishath Muneeza

    (International Centre for Education in Islamic Finance (INCEIF University))

Abstract

The rapid growth of the IBF industry inevitably requires constant product innovation in line with Shari’ah principles to fulfil the diverse demand of its multi-facet customers, taking into consideration technological advancement, digital inclusion, and electronic accessibility. As per the changing nature of the market and the customers, the Islamic financial system cannot solely rely on the core classical financial contracts; instead, it must introduce newly devised products in order to maintain steady progress and sustainability as well as to align with market dynamics and customer preferences. Hybrid contracts are the end solution in this regard. Over the decades since IFS’s inception, it has shown the aptitude to devise many hybrid products, with some gaining wide acceptance while others stirring controversies. A hybrid contract evolves from a single contract into a versatile structure. It is grouped from several contracts or products. In the contemporary Islamic financial spectrum, there are a considerable number of hybrid products in practice in various jurisdictions. Since the HPSM, MMP, BBA, IMD, ijarah sukuk, and musharakh sukuk are hybrid products, this chapter will highlight the permissibility of a hybrid contract and its underlying issues.

Suggested Citation

  • M. Kabir Hassan & Muhammad Mostofa Hossain & Aishath Muneeza, 2023. "Hybrid Contracts and Issues in Islamic Finance," Springer Books, in: Hire Purchase Under Shirkah al-Milk (HPSM) in Islamic Banking and Finance, chapter 0, pages 189-200, Springer.
    • Handle: RePEc:spr:sprchp:978-3-031-50105-0_9
    DOI: 10.1007/978-3-031-50105-0_9
    as

    Download full text from publisher

    To our knowledge, this item is not available for download. To find whether it is available, there are three options:
    1. Check below whether another version of this item is available online.
    2. Check on the provider's web page whether it is in fact available.
    3. Perform a search for a similarly titled item that would be available.

    More about this item

    Keywords

    Hybrid Contract; Islamic Finance;

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:spr:sprchp:978-3-031-50105-0_9. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Sonal Shukla or Springer Nature Abstracting and Indexing (email available below). General contact details of provider: http://www.springer.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.