Escolar Documentos
Profissional Documentos
Cultura Documentos
Introduction
The
definition
The Resolution
The SAC, in its 77th meeting dated 3 July 2008 and 78th meeting dated 30
July 2008, has resolved that the proposed credit card structured based on
the concept of ujrah is permissible subject to the following conditions:
Islamic
SWT says:
... the best of men for you to hire is the
strong, the trustworthy.
A hadith of Rasulullah SAW provides:
Pay the worker his wages before his sweat
dries off. Surah al-Qasas, verse 26
The
Credit card or better known as Islamic credit card is one of the alternative to
banking products introduced by Islamic financial institutions in Malaysia to
substitute the conventional banking products. Bank Negara Shariah has
been recognized Islamic credit card as the Shariah compliant product by
Advisory Council. It was established by Bank Negara Malaysia under the
Guidelines of Islamic Credit Card dated on 1st August 2004.
On 29th June 2007, Bank Negara reported that, until May 2007, the total
financing given by Islamic banking institutions through the Islamic credit
card product had reached RM577 million. It could be said that Islamic
credit card has played a vital role in the development and success of
Islamic banking in Malaysia.
Practice of Ujrah
Shariah scholars of GCC countries are of the opinion that the fee should not
exceed the actual expenses while Malaysian scholars do not stipulate that as a
condition, which means that the guarantor may charge more than the actual
expenses.
Under this structure, the bank manages and maintains the Islamic credit card
facility for the customer and charges fees (ujrah) for the services. Other
contractual principles applicable in the structure are guarantee (kafalah) and
advancement of money (qar).
When the customer uses the card to make purchases, the bank provides a
guarantee to the merchants on payments.
The bank will give the credit facility to the customer through the
credit card account and maintains the credit card facility and
charges the fees (ujrah) for the services. The customer will pay
the charges according to the usage of the card.
The PTPTN can impose tawidh (penalty) to those who already have
a job and are financially capable to pay back the loan but intentionally
refuse to repay the loans. For those who are still jobless and are not
financially capable, penalty should not be imposed.
Last but not least, they agreed with the proposal to implement the
PTPTN based on the concept of ujra at every level of education and
applicable to all students irrespective of their religion and race.
Practice in Brunei
Bank Islam Brunei Darussalam Berhad (BIBD)
is Bruneis largest Islamic financial institution.
BIBD is a full-service bank, providing Islamic
financial services to its entire customer.
BIBD also offers only Shariah Compliant
financing card and in this case, the cardholder
enters a contract with BIBD, allowing the bank
to perform transactions on customers behalf
and the same transaction will apply whereby
the customer has to pay the pay fee on
service in exchange for services rendered.
Conclusion
It
Recommendation
Analyzing
Thank You