POLITEKNIK NILAI, NEGERI SEMBILAN

PS303- ISLAMIC BANKING PRODUCTS AND SERVICES CHAPTER 1 : FOUNDATIONS OF ISLAMIC BANKING
MEMBERS GROUP : NORASIKIN BINTI MASLI (23DIB10F2012) ZAINAB BINTI RAMZAN (23DIB10F2014) NUR SYAHIRAH BINTI RAIMY (23DIB10F2020) NORAISHAH BINTI ALIM (23DIB10F2022) AMIRAH NUR ZAFIRAH BINTI ABDUL JALIL (23DIB10F2024) NUR ATIQAH BINTI AB. SHUKOR (23DIB10F2026)

SYARIAH IN ISLAMIC BANKING

Islam permits trade and commerce but there are rules to be observed, basically
Avoidance

of prohibitions Observing that every contract possesses all its essential elements That every essential elements meets the necessary conditions.

SYARIAH IN ISLAMIC BANKING

Prohibition that make contract invalid:

i. ii.

iii. iv. v.

Producing or selling of impure goods- liquor, non-halal food (including providing non- halal services) Producing or selling of good that are of no use therefore of no value e.g. sale of musical instruments that can cause halal Gharar , i.e. ambiguity or uncertainty Gambling i.e. anything that involves betting Riba or usury

CONCEPT OF CONTRACT
Legal relationship created by the conjunction of two declaration from which flow legal consequences with regard to the subject matter Essential element of contract : - Offer and acceptance - Buyer and seller - Subject matter and it price - Maqsad

Valid Sale Contract

Price Offer Acceptance -Oral -Written - Gesture - Electronic Communication - Oral -Written - Gesture - Delivery -Payment -Electronic Communication Parties to contract -Major and Sane - Legally capable -No coercion exercised Subject Matter -Existence - Valuable - Permissible - Ownership - Specific quantity - Delivery -Quantified - Specified & certain

ISLAMIC BANKING CONTRACT

Trading contract Participation contract Supporting contract

TRADING CONTRACT
concept Bai murabahah Bai salam Bai inah ijarah BBA Bai tawliyah Bai istisna meaning Cost plus seller declare cost and profit Advance payment is made for good to be delivered later on Sell and buy back an asset Leasing lease of equipment, building or other facility at fixed charge Deferred payment sale Sale cost without profit Contractual agreement for manufacturing good and commudity cash payment in advance and future delivery

PARTICIPATION CONTRACT
concept musyarakah mudarabah musaqat muzarah meaning Profit and loss sharing between two or more partner which contribute to capital and expertise Profit sharing between two or more parties Specific type of musyarakah. Arrangement between the garden owner and worker Essentially a mudarabah contract. Contract in farming where bank provide land or fund in

SUPPORTING CONTRACT
concept Rahnu Kafalah Wakalah Qard Hassan Tabarruu Hibah Ibraa meaning Mortgage Guarantee Agency Benevolent Loan Donation Gift Rebate

RIBA
An increase ,growth,augmentation. Contain three element : a)excess or surplus over and above the loan capital. b)determination of this surplus in relation of time. c)stipulation of this surplus in the loan agreement.

Dan barangsiapa kembali lagi untuk memakan riba(setelah datangnya pengharaman ini)maka merekalah penghuni neraka,dan mereka kekal didalamnya. (Al Baqarah:275) Dari Abu Hurairah ra bahwa Nabi saw bersabda, Jauhilah tujuh hal yang membinasakan. Para sahabat bertanya, Apa itu, ya Rasulullah? Jawab Beliau, (Pertama) melakukan kemusyrikan kepada Allah, (kedua) sihir, (ketiga) membunuh jiwa yang telah haramkan kecuali dengan cara yang haq, (keempat) makan riba, (kelima) makan harta anak yatim, (keenam) melarikan diri pada hari pertemuan dua pasukan, dan (ketujuh) menuduh berzina perempuan baik-baik yang tidak tahu menahu tentang urusan ini dan beriman kepada Allah. (Muttafaqun alaih: Fathul Bari V: 393 no: 2766, Muslim I: 92 no: 89, Aunul Mabud VIII: 77 no: 2857 dan Nasai VI: 257).

Dari Ibnu Masud ra bahwa Nabi saw bersabda, Riba itu mempunyai tujuh puluh tiga pintu, yang paling ringan (dosanya) seperti seorang anak menyetubuhi ibunya. (Shahih: Shahihul Jamius Shaghir no: 3539 dan Mustadrak Hakim II: 37). Dari Ibnu Masud ra dari Nabi saw, Beliau bersabda, Tak seorang pun memperbanyak (harta kekayaannya) dari hasil riba, melainkan pasti akibat akhirnya ia jatuh miskin. (Shahih: Shahihul Jamius Shaghir no: 5518 dan Ibnu Majah II: 765 no: 2279).

1)warning / notification

4)forbidden riba

Stage Riba
3)Double Riba

2)Do not/ prohibiting

WARNING/NOTIFICATION

Surah ar-rum:(39)

Maksudnya; Dan sesuatu riba (tambahan) yang kamu berikan agar dia bertambah pada harta manusia, maka riba itu tidak menambah pada sisi Allah. Dan apa yang kamu berikan berupa zakat yang kamu maksudkan untuk mencapai keredhaan Allah, maka (yang berbuat demikian) itulah orang-orang yang melipat gandakan (pahalanya).

DO NOT/PROHIBITING

Surah an-nisa(4:160-161) (160)

(161) Maksudnya; 160. Maka disebabkan kezaliman orang-orang Yahudi, kami haramkan atas (memakan makanan) yang baik-baik (yang dahulunya) dihalalkan bagi mereka, dan karena mereka banyak menghalangi (manusia) dari jalan Allah, 161. dan disebabkan mereka memakan riba, padahal sesungguhnya mereka telah dilarang daripadanya, dan karena mereka memakan harta benda orang dengan jalan yang batil. Kami telah menyediakan untuk orang-orang yang kafir di antara mereka itu siksa yang pedih.

DOUBLE RIBA

Surah aliimran(130)

Maksudnya; Hai orang-orang yang beriman, janganlah kamu memakan riba dengan berlipat ganda dan bertakwalah kamu kepada Allah supaya kamu mendapat kejayaan. Pada peringkat ini, skop pengaharaman riba menjadi lebih luas. Yang dimaksud riba di sini ialah riba nasi'ah. Riba nasiah ialah pembayaran lebih yang disyaratkan oleh orang yang meminjamkan. Menurut sebagian besar ulama bahawa riba nasi'ah itu selamanya haram, walaupun tidak berlipat ganda.

FORBIDDEN RIBA

Surah al-baqarah(2:275-281) Allah menghalalkan jual beli dan mengharamkan riba. (275)

TYPES OF RIBA

Al-qard Duyun Al-jahiliyyah

Buyu

An-nasiah Al-fadl

WHY RIBA IS PROHIBITED?

Religious perspective >verses from quran Socio economic perspective >make people lazy >discourage people from doing good to another.

GHARAR
ncertainty. Hai orang-orang beriman,janganlah kamu saling memakan harta sesamamu dengan jalan yang batil,kecuali dengan jalan perniagaan yang berlaku dengan suka sama suka diantara kamu.Dan janganlah kamu membunuh dirimu,sesungguhnya Allah adalah maha penyayang kepadamu(An-Nisaa:29)

TYPES OF GHARAR
Gharar Fahish(major) Gharar Yasir(minor)

MAISIR

Any game which involves betting Gambling Wahai orang-orang beriman!Bahawa sesungguhnya arak dan judi,dan pemujaan berhala,dan mengundi nasib dengan batangbatang anak panah adalah semuanya kotor(keji)daripada perbuatan syaitan.oleh itu hendaklah kamu menjauhinya supaya kamu berjaya.(Al-Maidah)

DIFFERENTIATE THE ISLAMIC BANKING TO THE CONVENTIONAL BANKING..

Islamic bank Based on the profit. Profit Oriented and Al-Falah. Conventional bank Based on the interest and the results. Profit-oriented.

Relationships with customers in the form Relationships with customers in the form of partnerships. of a creditor relationship receivables. Users of the real funds rate. Carrying out a halal-only transaction. Creator of money supply. To carry out trading activities of the lawful and unlawful (Mixed) There is no body of Shariah Controller.

Delivery and distribution of funds must comply with Islamic law which is monitored by the Shariah Controller.

 No riba

Riba - Loan -high interest rates on loans borrowed by the customer. Gharar - Subject matter ( service).

No gharar

No maisir

Maisir -loss/gain -the bank to make investments using money invested by the customers to the centers or companies that we do not know any business carried on and other.

PROFIT
Islamic bank

legitimate efforts to Islamic ex : profits to the original capital fund shall be based on the sharing of profits and losses shared. ( profit/loss sharing ) ex contract : contract that allowed in islam. Al-mudharabah , al-musyarakah, bba , ijarah , bai salam , bai alistisna knowledge-based profits, particularly in activities involving public savings (savings account users) indirectly involves riba.

Conventional bank

RELATIONSHIP WITH CUSTOMERS

Islamic bank

The bank will act as a financial manager who was active in raising funds or trusts that are based on the sharing of profit or loss.

Conventional bank Customers will be limited to the relationship between creditors and borrowers only.

savings

loan

Surplus unit interest

Intermediary Interest

Deficit unit

The roles of conventional

investment

fund

Surplus unit bonus

intermediary

Deficit unit

bonus

The roles of shariah bank

Ethical and moral dimension

Advantage of islamic banking systems

Better customer relations transparency Banking for all