Hire Purchase Under Shirkah al-Milk (HPSM) in Islamic Banking and Finance

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.

• Chapter1. Historical Development and Shari’ah Permissibility of Hire Purchase under Shirkah al-Milk (HPSM) in the Islamic banking and finance industry. Chapter 2. SHIRKAH: ThE First Essential Contract in HPSM.- Chapter 3. IJARAH: The Second Essential Contract IN HPSM.- Chapter 4. Sale: The final Essential Contract in HPSM.- Chapter 5. Operational Procedure of HPSM.- Chapter 6:  Ownership Transfer Methods and Shari’ah Issues Related to the Application of HPSM.- Chapter 7: The Other IJARAH and SHIRKAH Contracts in Modern Islamic Finance.-Chapter 8: Hybrid Contracts and Their Underlying Issues in Islamic Finance.- Chapter 9: Conclusion