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Deferred products are classic in nature and should be adapted into the contemporary Islamic financial system. Thus, there arises a need to determine how far the importance of deferred products are implemented according to the contemporary circumstances in Malaysia. This is to ensure that deferred products, as in controversial products such as ῑnah, play a role in the syariah context and at the same time be competitive in the banking industry and Islamic finance. This study analysed deferred products as a form of a conventional frame from a hilah aspect and discussions related to theories on hiyal that have an effect on deferred products, which fulfil current and local needs as well as comply with the maqaṣid al-shariah framework in Islamic finance. This qualitative study obtained data through a document analysis. The findings showed that the use of hiyal in deferred products should follow a streamed-lined or uniform hiyal according to maqaṣid al-shariah.

An Analysis of the Hiyal Syariyyah Concept Pertaining to Deferred Products in Malaysia