Filter by Categories
Accounting
Banking

Islamic Finance




Milk Tamm


Arabic (ملك تام) for complete/ full ownership; an ownership (mulk) where the owner has a full right over the property/ assets. By virtue of this type of ownership, the owner controls the property/ assets and all economic benefits that would arise therefrom, including the corpus (raqabah) and the usufruct (manfaah).

Milk tamm (or milkiyyah tammah) entails three different aspects of right (haq): the right to dispose (tasarruf, haq al-tasarruf), the right to use and the right to receive any benefits that may arise from such ownership.

If any of the three types of haq lacks or does not exist (or is not provided for under an arrangement/ situation), then ownership is said to be “milk naqis“.



ABC
The last three decades have witnessed the modern rebirth of Islamic finance both in terms of literature and practice. Islamic banks and ...
Watch on Youtube
Remember to read our privacy policy before submission of your comments or any suggestions. Please keep comments relevant, respectful, and as much concise as possible. By commenting you are required to follow our community guidelines.

Comments


    Leave Your Comment

    Your email address will not be published.*