THE APPLICATION OF BAY AL INAH IN ISLAMIC BANKING

The concept of Bay al Inah has not been practiced in the middle east countries
but it gains a lot of support from the southeast Asia countries as an alternative to
the interest-bearing financial product. Most Islamic scholars as well as advisors
for the Islamic financial institutions in the Middle East countries do not support
the legality of this type of sale. This difference is primarily due to the issue if
which madhhab (Islamic school) they adhere to in looking at this type of sale.
In Malaysia, we could see the concept of bay alInah is mostly applied in some of
the short-term financing and investment instrument e.g, computer financing,
education financing, personal financing, credit card, Bank Negara negotiable
notes-I and Government investment issues (Bank Negara). For example of the
first module where the credit sale precedes the cash sale, the bank sells an asset
to the customer with payments are made on equal instalments e.g., RM15,000
payable in 15 months. The customer, then, sells back the asset to the bank on
cash basis foe e.g., RM12,000. The former price has to be higher than the cash
price if the bank wants to profit from the sale.
Similarly, in the second module, the customer sells his asset to the bank on cash
for RM12,000 cash. Then, the customer buys back the asset on credit and
instalments from the bank for RM15,000. In both modules, the bank and
customer have both achieved what both wanted. The customer gets the
RM12,000 cash he wanted and the bank makes the RM3,000 profit from the
RM12,000 invested fund. In a way, it seems that the object of sale comes into
play by virtue of the trick to get away with interest payments and receipts.

APLIKASI BAY AL INAH DALAM PERBANKAN ISLAM

Konsep Bay al 'Inah tidak diamalkan di negara-negara timur tengah tetapi ia

mendapat banyak sokongan dari negara-negara Asia Tenggara sebagai alternatif
kepada faedah produk kewangan. Kebanyakan sarjana Islam serta penasihat bagi
institusi kewangan Islam di negara-negara Timur Tengah tidak menyokong
kesahihan jual beli jenis ini. Perbezaan ini adalah disebabkan oleh pandangan
mazhab yang mereka patuhi tentang bagaimana jual beli cara isi dijalankan.
Di Malaysia, kita dapat melihat konsep bay al'Inah kebanyakannya digunakan
dalam beberapa pembiayaan jangka pendek dan instrumen pelaburan. Contohnya,
pembiayaan komputer, pembiayaan pendidikan, pembiayaan peribadi, kad kredit,
Bank Negara dan pelaburan Kerajaan(Bank Negara). Sebagai contoh modul
pertama di mana jualan kredit yang mendahului jualan tunai, bank menjual aset
kepada pelanggan dengan bayaran dibuat secara ansuran yang sama. Contohnya,
RM15,000 dibayar dalam tempoh 15 bulan. Pelanggan, maka akan menjual semula
aset tersebut kepada bank secara tunai. Contohnya pelanggan menjual dengan
harga RM12,000. Harga terdahulu adalah lebih tinggi daripada harga tunai jika
bank mahu mendapat keuntungan daripada jualan.
Begitu juga dalam modul kedua, pelanggan menjual aset kepada bank secara
tunai untuk RM12,000 tunai. Kemudian, pelanggan membeli semula aset tersebut
secara kredit dan ansuran dari bank dengan harga RM15,000. Dalam kedua-dua
modul, bank dan pelanggan kedua-duanya mencapai apa yang kedua-duanya
mahu. Pelanggan akan mendapat wang tunai RM12,000 yang dia mahu dan bank
membuat keuntungan

sebanyak RM3,000 daripada dana RM12,000 yang

dilaburkan. Secara tidak langsung, ia seolah-olah satu helah untuk melepaskan diri
daripada bayaran faedah dan resit.