The Juristic Framework Of Mudarabah Contracts And Its Modern Practices
Islamic financial institutions have come to stay while more prospects in the industry grow day by day. With the permeation of the Islamic financial institutions (IFIs) across the globe, there is need for emergence of new academic researches that will surf across the Islamic heritage where numerous components of investment tools are explored and presented to the modern economic understanding. Mudarabah is one of the most popular investment tools and applied instruments in Islamic financial institutions. Fraught with numerous benefits and prospects that are always secured in Mudarabah transactions if applied and practiced within the dictates and conditions laid down by Islam as discussed and enunciated by Islamic jurists across the globe. The objective of this work is to disclose the juristic framework of this Islamic contract, conditions of its application and its modern usages and benefits in Islamic banking. The research is a library base through consultation of some original references in Islamic jurisprudence in order to make sure that submissions are worthwhile while in some cases citations are made to modern available literatures in the subject. Results and findings of this work revealed that the Mudārabah contract does not enjoy maximal preference in Islamic banks and other financial markets as compared to other models and thus it is recommended that Mudārabah contacts is not necessarily required to replicate its early structures as found in the books of fiqh but can rather be structured in a way that suits the modern requirements without necessarily bypassing its basic shariah requirements. Some modern innovative methods of investing in Mudarabah contracts are cited and as well recommended.
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