Escolar Documentos
Profissional Documentos
Cultura Documentos
SHARIAH KUBRA
AQIDAH
IBADAT
MUNAKAHAT
POLITIC
SHARIAH
AKHLAK
MUAMALAT AMMAH
MUAMALAT
ECONOMIC
JINAYAT
SOCIAL
1. RELIGION
2. LIFE
3. MIND
4. DESCENDANTS
AND
HONOUR
5. PROPERTY
Credit/Market Risk
Profit/Hibah
Financing,
Investment, Forex and Money Market
dealings
Liquidity Risk
Operational Risk
Shariah Compliance Risk
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Type of Risks
Definition
Shariah
Compliance Risk
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clear policy
Many more
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The ratio has improved significantly from the level of 10% as at the
previous audit reference date of 31 March 2006 mainly due of
recoveries from six corporate accounts totaling RM2.0 Billion
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(5)
Follow-up on
rectification
efforts
(4)
Table report
to Audit
Committee
(1)
Plan for audit
Micro
Audit
Process
(2)
Conduct
audit
(3)
Prepare, discuss
and confirm findings
and recommendations
(report)
(1)
Pre audit
review
(2)
Audit
objective
(5)
Audit sampling
scope and
verification
coverage
(4)
Audit
personnel
assignment
(3)
Audit
scope
(6)
Audit
procedures
and control
(7)
Audit
duration
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27
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AUDIT STANDARDS
AUDIT PROCESS
AUDIT FINDINGS
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Cevdet
Pasha,
an
eminent
scholar
and
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Did not contain all the provisions of civil law (e.g. family
law)
Introductory part of the Mejelle, consisting of 100 articles,
are legal maxims or legal formulae for immediate
application in the court of law (legal maxims are
comprehensive in character from which the judges and
the lawyers could seek the assistance to base their
judgments and arguments respectively)
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35
36
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39
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Internally
Developed
Standards
(subject
to
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RIBA
is
usury
or
interest
and
gharar
is
uncertainty.
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RIBA IN LENDING
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45
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BASIS
Media of Exchange
Foodstuffs
Gold
Silver
RM
USD
Grains
Rice
Wheat
Meats
Beef
Mutton
Chicken
Fishes
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BASIS
BASIS
Media of Exchange
Foodstuffs
SGD
AUD
HKD
Vegetables
Tomatoes
Beans
Fruits
Apples
Oranges
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Rules
1.
1.
Difference in weights,
measurements or number of
units allowed,
2.
Exchanges
1.
Rules
of different bases.
(Difference in weights,
measurements or number
of units allowed.)
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measurements or numbers.
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GHARAR
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MAJOR GHARAR
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MINOR GHARAR
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room
per
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SHARIAH REQUIREMENTS
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ISLAMIC FINANCE
Islam permits trade and commerce and the contracts that are
applied thereto are termed muamalat in the Shariah;
Muamalat are civil contracts; and
All civil contracts can be used in Islamic finance and banking.
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SHARIAH REQUIREMENTS
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SHARIAH CONTRACTS
Trading Contracts
Participating Contracts or Equity Financing
Supporting Contracts
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i.
ii.
iii.
iv.
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Bai Murabahah
(cost plus)
Bai Tawliyah
(novation)
Bai Salam
(sale by order
with advance
payment)
Bai Istijrar
(supply or whole
sale financing)
Bai Wadhiah
(sale on
discount)
Bai Istisnaa
(sale by order with
progress payment)
Bai Inah
(sale on credit and
buy bach on cash)
Ijarah (leasing)
Kiraa Waqtinaa
(leasing then
procurement)
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SUPPORTING CONTRACTS
Rahnu (mortgage)
Kafalah (guarantee)
Wakalah (agency)
Wadiah (safe custody)
Qardh Hasan (benevolent loan)
Hiwalah (transfer of debt)
Tabarruu (donation)
Hibah (gift)
Wakf (endowment)
Ibraa (rebate)
Muqasah (set-off)
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i.
ii.
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Istisnaa
Order made by the buyer for the manufacture of a merchandise
according to specifications.
The merchandise does not exist at the time of contract.
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Sale with the payment of the selling price deferred to an agreed later
date.
Shariah does not require that the cost price be known to the buyer
Ijarah
Sale of the use of anothers property.
Property rented belongs to the lessor
Lessor has the right to repossess the property on default of the lessee
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SALE
IJARAH
seller
seller
lessor
lessor
buyer
buyer
lessee
lessee
asset
asset
asset
asset
price
price
rental
rental
contract
contract
contract
contract
Benefit
Benefit(use
(useor
orusufruct)
usufruct)
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1. Contract of Sale
The essential elements and the necessary conditions in a contract of sale are:
1. Contract : Offer & Acceptance
(i)
Art. 169: For the offer and acceptance the past tense is generally used.
Art. 170: By aourist tense like Alirim and Satarim if the present tense is
meant, the sale is concluded, and if the future is meant, the sale is not
completed.
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Art. 171: A sale is not concluded by words in the future tense, such as I will
take,I will sell which mean merely a promise.
Art. 172: A sale is also not concluded by words in the imperative tense,
such as sell,buy. But a sale is
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(iii)
The contract must be made at the one and the same meeting.
(Mjl. Art. 183: After the offer and before the acceptance, if one of
the two parties gives an indication of dissent, whether by word or
act, the offer becomes void, and there is no longer room for an
acceptance.
Art. 185: On new offer being made before acceptance, the first
offer becomes void, and consideration is paid to the second offer.)
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2.
It must exist
(Mjl. Art. 177: The existence of the thing sold is necessary.)
(ii)
(iii)
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(iv)
mutaqawwim.
is
(v)
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(vi)
of the
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3.
The Price
It must be known in currency and the absolute amount.
(Mjl. Art. 237: It is necessary that the price should be named at the
time of the sale.
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4.
(Mjl. Art. 361: In the making of the sale, there is a condition, that the
essence of the contract, should emanate from intelligent persons,
that is to say, from reasonable persons, who possess judgement, and
that they should attach to a subject of sale, which admits of the
consequences of a sale.
(ii)
The two parties to the contract must not be prohibited from dealing
with their property, i.e. they must not be bankrupts or prodigals (safih).
(Mjl. Art. 958: A person who is prodigal can be prohibited by the judge.
Art. 959: A debtor also, on the application of his creditors, can be
prohibited from dealing with his
property by the judge.)
(iii)
(..continued)
The second sort is Ikrah ghair mulgi. This causes only grief and pain.
It is compulsion which is by things like a blow or imprisonment.
Art. 1006: When they (transactions) take place in consequence of
compulsion which is taken into consideration, an exchange of
property, and a purchase, and a letting, and a conveyance, and a
compromise about property, and an admission, and a postponement
of a debt and causing of a right of preemption to cease, are not held
good, whether the compulsion be mulgi or ghair mulgi. But if the
person compelled give his consent after the compulsion has ceased,
in that case they are held good.)
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2 - Contract of Leasing
The essential elements are:
1. Lessor
(The necessary conditions are the same as those for buyer and seller in
the contract of sale.)
2. Lessee
(The necessary conditions are the same as those for buyer and seller.)
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3. Contract
The necessary conditions are:
Art. 435 : Hiring like sale becomes a concluded contract by the past
tense, it
tense.)
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(ii)
(iii)
and
the
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4. Asset
The necessary conditions are:
for rent is
necessary.
giving
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Art. 583 : When a good contract of hiring has been made for a
time or distance, it is necessary that delivery be made to the hirer, for
the thing to remain constantly and continuously in his possession, until
the completion of the distance on the end of the time.
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Examples :
1. The share of the hire for the time when a bath is under repair,
remaining unused, is not payable.
2. The rent for an idle time of mill, consequent on the water of the mill
being cut, is not payable from the time of the cutting of the water.
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5. Benefit
It must meet these necessary conditions:
(i)
(ii)
The lessor has the power and capability to use and lease
the asset.
(iii)
It must be permissible.
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(iv)
It is known.
(Art. 451 : In a contract of hire it is necessary to make known the
use to which the thing hired is to be put, in such a way as to put
a stop to dispute.
Art. 452 : As regards things like a house, shops, and a wet nurse,
the benefit is known by a statement of the time of the hiring.
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(v) The benefit must not be in the form of any material thing.
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6. Rental
Its necessary condition is that:
(i) It must be known.
(Art. 450 : It is a condition that the rent be known.
Art. 464 : if the consideration for the letting is cash, it is known
by fixing its quantity like the price of a thing sold.
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(i)
(.. continued)
Art. 465 : If the consideration (Bedel) for the letting is composed of
merchandise
weighed
(Aruz),
(Meozunat)
or
or
things
things
measured
(Mekilat)
numbered
which
on
things
are
alike
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Thank you
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