The Principles Of Islamic Maritime Law

Author : Mohd Yazid Bin Zul Kepli
Publisher :
ISBN 13 : 9781361319109
Total Pages : pages
Book Rating : 4.3/5 (191 download)

DOWNLOAD NOW!

Download or read book Islamic Finance and Maritime Trade written by Mohd Yazid Bin Zul Kepli and published by . This book was released on 2017-01-26 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation, "Islamic Finance & Maritime Trade: Economic, Legal and Regulatory Challenges" by Mohd Yazid Bin, Zul Kepli, was obtained from The University of Hong Kong (Pokfulam, Hong Kong) and is being sold pursuant to Creative Commons: Attribution 3.0 Hong Kong License. The content of this dissertation has not been altered in any way. We have altered the formatting in order to facilitate the ease of printing and reading of the dissertation. All rights not granted by the above license are retained by the author. Abstract: Rapid development and commercialization within the emerging field of Islamic finance are strong evidence of its sustainability. The Islamic finance industry has experienced remarkable growth, more than US$1 trillion in just 40 years.This consistent growth and the industry's proven ability to safely navigate global recession and financial crisis while still coming up with innovative products indicate its resilience and competitive edge. Its gradual adoption into the financial portfolios of important financial centres including London, Singapore and Hong Kong is further evidence of its promising future. While numerous studies on Islamic banking, finance and insurance are now available, there has been very little systematic research on this industry's actual and possible implicationsin maritime trade and commerce. This research aims to fill those gaps. The feasibility of applying Islamic principles to maritime trade is the main theme of this research, which argues that the reduction or removal of unnecessary uncertainties and harmful risks as required under Islamis necessary to strengthen global maritime trade. Islamic principles, as seen in various Islamic financial products applicable to modern maritime trade, will be relevant in strengthening global trade. This is due to, among other things, Islam's prohibition from dealing with transactions tainted by excessive speculations in addition to the fairer allocation of risks that it required. However, to truly benefit global trade it is proposed here that Islamic financial products must consist of more than merely cosmetic changes to conventional products;their essence must also be different. Global trade can be very volatile, particularly in periods of recession and financial crisis. Instead of wealth with real trade based on productivity, partnership and risk sharing, an increasing number of people are simply conducting speculative activities based on zero-sum risk-transfer and the speculative activities of others. Rather than reducing risk, interested parties are making profits by increasing risk through a variety of speculative and risky transactions. This unprecedented increase in speculative activities in maritime trade, from derivative products to shipbuilding, is a dangerous scenario if left unmonitored. This research proposes that the legal and regulatory framework governing maritime trade could be improved by incorporating some Islamic principles. The legal and regulatory framework governing Islamic finance is also analyzed here. The development of Islamic finance in Southeast Asia is also covered, together with a comparative study of the maritime trade sector in Malaysia, Singapore and Hong Kong as background to show potential. This thesis proposes that a conducive legal and economic environment is fundamental for maritime nations. DOI: 10.5353/th_b5053403 Subjects: Finance (Islamic law) - Southeast Asia Maritime law (Islamic law) - Southeast Asia