THEORETICAL CONSIDERATIONS OF OWNERSHIP THEORY WITHIN MUAMALAT FRAMEWORK

Abstract

This article discusses the definition, types and categories of ownership within muamalat framework according to the different perspectives of Muslim jurists as found in the literature. This will enable Muslims to make better-informed decisions while undertaking current muamalat transactions. The applications of ownership theory in relation to current muamalat practices will also be addressed. This article concludes that the ownership theory within muamalat framework has solid ground. However, due to the changing global landscape, fresh ijtihads and innovative approaches in dealing with contemporary muamalat practices are needed.