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The Introduction of Conditional Hibah as Islamic Financial Instruments

DOI: 10.3923/jeth.2012.37.41

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Abstract:

Islamic banking system is a system that emphasizes justice and avoid injustice to buden the riba of the loan. Anumber of financing instruments have been introduced by Muslim scholars in order to achieve these objectives. Between existing instruments such as sale al Inah and Tawarruq. However, both of these instruments still have seen elements of usury by some experts in Islamic finance. This study aims to explain the conditional grant in accordance with the law and explain the relevance of past jurists to be one of the Islamic financing instruments. The study will examine the books containing the views of jurists from different schools to get a clear picture of this problem and then find the best and moderate views. Based on this view, this study explains how the grant agreement can become an instrument of financing in the Islamic financial system.

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