Concept And Application Of Shariah For The Construction Industry: Shariah Compliance In Construction Contracts, Project Finance And Risk Management

by Khairuddin Abdul Rashid, Kiyoshi Kobayashi, Sharina Farihah Hasan, Masamitsu Onishi

Overview

The application of Shariah compliance in business transactions continues to increase. The Asian financial crisis of 1997, global financial crisis of 2007-2008, Enron scandal and other reported ills besieging conventional business transactions have led to advocates of Shariah-compliant business transactions promoting the latter as a credible alternative. However, unlike the banking, commerce and financial sectors, the uptake by the construction sector was sluggish due to limited understanding of Shariah among the practitioners and policymakers compounded by the lack of research and publications on its application for the construction sector.This book is intended for students, researchers, practitioners and policymakers of the construction industry as well as the related upstream and downstream activities. It offers basic theories, challenges current practices, and proposes innovative ideas on Shariah compliance and its application for the construction industry.Related Link(s)

Product Details

ISBN-13:	9789813238909
Publisher:	World Scientific Publishing Company, Incorporated
Publication date:	12/14/2018
Pages:	344
Product dimensions:	6.00(w) x 9.00(h) x 0.81(d)

Table of Contents

Acknowledgments ix

About the Editors xi

Contributors' Biographies xiii

Preface xix

List of Tables xxvii

List of Figures xxix

List of Text Boxes xxxi

List of Appendices xxxiii

List of Abbreviations xxxv

List of Surahs (Chapters) in the Quran xxxix

Part 1 Shariah 1

1 Shariah and Its Meaning in Islam M. Kamal Hassan 3

2 Understanding of the Shariah in Regards to Construction Mohamad Akram Laldin 15

3 Promoting Efficiency in Construction Practices: Lessons from Shariah Ainul Jaria Maidin 39

4 Shariah-Compliant Construction Marketing: Development of a New Theory Khairuddin Abdul Rashid Christopher Nigel Preece 71

Part 2 Shariah-Compliant Construction Contract: Concept and Application 81

5 Shariah-Compliant Contract: Concept and Application for Construction Works Khairuddin Abdul Rashid 83

6 Istisna' Model for Construction Works' Contracts Khairuddin Abdul Rashid 107

7 Validity of Istisna' for Construction Works Contracts Khairuddin Abdul Rashid 121

8 The Application of Limited Liability in Construction Contracts from the Malaysian Law and Shariah Perspectives Zuhairah Ariff Abdul Ghadas 129

9 The Application of Shariah Principles of ADR in the Malaysian Construction Industry Zuhairah Ariff Abdul Ghadas Rozina Mohd Zafian Abdul Majid Tahir Mohamed 145

Part 3 Shariah-Compliant Project Finance and Risk Management 167

10 The 3 Rs in Islamic Project Finance: Its Relevance Under Maqasid al-Shariah Etsuaki Yoshida 169

11 Islamic Home Financing Through Musharakah Mutanaqisah: A Crowdfunding Model Ahamed Kameel Mydin Meera 181

12 Proposed Model on the Provision of Affordable Housing via Collaboration Between Wakaf-Zakat-Private Developer Khairuddin Abdul Rashid Sharina Farihah Hasan Azila Ahmad Sarkawi 205

13 Shariah Compliance Risk-Sharing in Islamic Contracts Masamitsu Onishi Kiyoshi Kobayashi 223

14 Takaful for Construction Works' Contract: Concept and Application Puteri Nur Farah Naadia Mohd Fauzi Khairuddin Abdul Rashid 253

15 Hibah Mu'Allaqah (Conditional Gift) and Its Application in Takaful Azman Mohd Noor 271

16 Managing the Risk of Insolvency in the Construction Industry with Equity Financing: Lessons from Nakheel Abdul Karim Abdullah 287

Index 299