Legal vs beneficial ownership in Islamic Finance

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Ownership is the right to possess, use, sell, donate or give as a gift any asset (property) belonging to a person known as the “owner.” Ownership (milkiyah) is not the same as possession (qabd), as it is possible to own something without possessing it, or to possess something without owning it. Children may “own” items such as toys. However, from a legal point of view, the parents are the legal owners of their children’s belongings.......Download the full article in pdf attachment (below)

Abdul Karim Abdullah

Abdul Karim Abdullah @ Leslie Terebessy is an Assistant Research Fellow at IAIS Malaysia.