Overview
- Discusses the concept of HPSM including policies and rules
- Looks at issues and challenges from a theoretical and practical perspective
- Presents an in-depth study on the theory and practice of Islamic hire purchase using Shirkah al Milk
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Table of contents (10 chapters)
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Front Matter
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Back Matter
Keywords
About this book
HPSM is a modern financial contract that comprises shirkah (partnership), ijarah (lease), and sale contracts. In the HPSM contract, ownership of the asset is jointly held by the bank and the client. The client makes regular instalments. During the contract, the client is granted to use the asset as long as he meets specific conditions. Upon the completion of all instalments, the asset becomes the property of the client.
This book seeks to shed light on the fundamental concept of HPSM, including the policies, regulations, and subsidiary contracts that play a vital role in its practical application. It provides a thorough exploration of the documentation and accounting procedures, while also addressing potential Shari’ah-related issues in HPSM, and will be of potential interest to students, researchers, policymakers and practitioners, offering a comprehensive understanding of how HPSM is applied within the Islamic finance industry.
Authors and Affiliations
About the authors
M. Kabir Hassan is Professor of Finance in the Department of Economics and Finance at the University of New Orleans, USA. He holds four endowed Chairs— Hibernia Professor of Economics and Finance, Hancock Whitney Chair Professor in Economics, Bank One Professor in Business I, and Bank One Professor in Business II. He is Financial Economist with consulting, research, and teaching experiences in development finance, money and capital markets, Islamic finance, corporate finance, investments, monetary economics, macroeconomics, Islamic banking and finance, and international trade and finance.
Muhammad Mostofa Hossain is pursuing his Ph.D. from the Department of Fiqh and Usul at the University of Malaya, Malaysia. He has been awarded the best conference presenter and excellent paper classification at several international academic conferences. Before that, he was awarded several local and international scholarships, among them a Fulbright Scholarship by the Egyptian government to pursue his bachelor at Al-Azhar University, Egypt.
Aishath Muneeza is Professor and Associate Dean for students and internationalization at INCEIF, Malaysia, known as the global university of Islamic finance. She has served as first female Deputy Minister of the Ministry of Islamic Affairs in the Maldives.
Bibliographic Information
Book Title: Hire Purchase Under Shirkah al-Milk (HPSM) in Islamic Banking and Finance
Book Subtitle: A Shari'ah Analysis
Authors: M. Kabir Hassan, Muhammad Mostofa Hossain, Aishath Muneeza
DOI: https://doi.org/10.1007/978-3-031-50105-0
Publisher: Palgrave Macmillan Cham
eBook Packages: Economics and Finance, Economics and Finance (R0)
Copyright Information: The Editor(s) (if applicable) and The Author(s), under exclusive license to Springer Nature Switzerland AG 2023
Hardcover ISBN: 978-3-031-50104-3Published: 03 February 2024
Softcover ISBN: 978-3-031-50107-4Due: 05 March 2024
eBook ISBN: 978-3-031-50105-0Published: 02 February 2024
Edition Number: 1
Number of Pages: XXI, 224
Number of Illustrations: 3 b/w illustrations, 7 illustrations in colour
Topics: International Finance, Financial Services, Islam