Islamic Business Research

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Contents
1.0ABSTRACT3
2.0RIBA IN QUR’AN4
2.1The Issues5
The similarity of prohibition usury as prohibition alcoholic drink5
2.2RECOMMENDATION7
3.0TAKAFUL: INSURANCE OR MUDARABAH9
3.1The Issues9
3.2Recommendation10
4.0THE PAWNBROKERS ACT 1972: ANALYSIS IN ISLAMIC PERSPECTIVE11
4.1The Issues11
4.1.1Act 1972: Section 1711
4.1.2Act 1972: Section 23 (1) (a)12
4.2Recommendation12
5.0LAW OF PARTNERSHIP (COMPANY) BETWEEN MUSLIMS AND NON-MUSLIMS13
5.1The Issues13
5.2Recommendation14
The jurists have different opinions about this on ruling.14
First opinion:14
Second opinion:14
Third opinion14
6.0OFFER AND ACCEPTANCE IN ISLAMIC LAW OF CONTRACT16
6.1The Issues16
6.2Recommendation17
7.0CONCLUSION18
8.0REFFERENCE19
9.0ATTATCHMENTS20

1.0ABSTRACT

This paper presents the results of some researching and investigating from journal and article in Islamic Business. As long as we know, business is the most important in our life. The purpose in my research for know what the concern or issue having in our business focused on Malaysia. What I got from my this research are a business leader is not practicing according good ways. The usually using the usury, especially in conventional banking. Thus, islam has laid guidance through the Holy Quran and Hadith about Sharia Law. Furthermore, managers should adopt business practices of Muamalah. They must know how to trade, order facing partner,and the best method to differs from Islam.

2.0RIBA IN QUR’AN

Issue of Riba (usury) is an important case in the daily lives of Muslims. It may have been understood by some Muslims, but not internalized to leave. The Qur’an emphatically and unequivocally prohibits Muslims from taking Riba. The prohibition of Riba, it shown from the Qur’an: Believers fear God and waive what remains due to you on account of Riba (Al-Baqarah 2:278)

According verses of the Holy Quran, this issue has remained undisputed throughout Muslim history. As we know in the general practical in business and economic has dominance of the capitalistic. The noun, Riba or Al-Riba defined from Arabic dictionary that means excess or increase. In the Islamic terminology interest means effortless profit or that profit which comes free from extra earning obtained that is free of exchange. The scholars define meaning of usury is the excess payment from the basic payment according the requirement. Requirement here, give a meaning that what Allah had given to us the best ways and law by reducing the revelation through Holy Quran. Secondly, the contract whereas the person unknown equivalent weight or measure in barter system which is acknowledged by law. The people who are participating in this bartering should know what the things, how much the price, are and how much the weight, for avoiding unfair or gharar. Thirdly, delay the delivery of a commodity to be exchanged or traded for currency exchange and ribawi. This usury also mostly viewed in now day business and trade. As a Muslims, we should know why this usury has prohibition from Him according Holy Quran? Is it having the ways outcome from this issue?

2.1The Issues
Writer tries to outcome the Quranic verses relating to the prohibition of riba (usury). What is the chronology from the past verses towards this situation? The similarity of prohibition usury as prohibition alcoholic drink The revelation Allah revealed about the prohibited

i. Prohibition alcoholic drink
First stage:
And from the fruits of date-palms and grapes, you derive strong drink (this was before the order of the prohibition of the alcoholic drinks). (An-Nahl; 26:67) Writers had outcomes the three level of prohibition from Holy Quran. The verses above showed it prohibition of riba is similarity prohibited of alcohol. These verses has relegated in Makkah. In first stage, it tells the story of...
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