Contracts of Land Revival in Fiqh Muamalat and Islamic Financing for Agro Initiative in Islamic Banking Institutions

Abstract

The Islamic law (fiqh) concerns all aspects of religious, social and economic life of human being. Besides religious observances (ibadat), this legal law seeks to regulate the institutions of family, marriage, inheritance, property relations, economic contracts and obligations as well as land tenure system. The problems of land tenure system and land development have been discussed copiously in the early fiqh literary source in Islam. Thus, this paper tries to analyze various contracts of cultivation from the perspective of Islamic Commercial law as well as Islamic financing available in Islamic banking institutions in Malaysia for the land development project. The methodology of research in this paper is through document analysis, interviews with relevant Islamic bank officers and observations from pamphlets and websites of selected Islamic banks. The finding shows that there are plenty of opportunities available for Muslim in this country in order to embark in the land cultivation and land development projects based on Shariah compliant Islamic financing arrangements.