The future of Islamic finance product development from problematic to disciplined.
Abstract
The study examines the Ju‘ālah contract as one of the flexible instruments of Islamic finance that can be utilized by Islamic banks to meet the needs of individuals and institutions, with a particular focus on its application within Libyan banks. Despite its significant jurisprudential and operational advantages, Libyan Islamic banks have not yet adopted Ju‘ālah as part of their financing products. The study aims to identify the obstacles and challenges that hinder the adoption of this financing tool, which include sharia-related, legal, regulatory, administrative, and social dimensions.
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