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ISLAMIC BANKING CONCEPT ((WADIAH YAD DHAMANAH
(guaranteed safe custody)…
ISLAMIC BANKING CONCEPT
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WAKALAH
DEFINITION
Performing task on behalf of others, preservation and delegation of a job to another.
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Hibah
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Application of Hibah: 1) Hibah in saving/Current Account 2) Hibah in loan 3) Hibah in Al-Ijarah Thumma Al-Bai' contract 4) Hibah in Inter-bank Mudharabah Investment 5) Hibah in Takaful
Technically: A voluntary contract that results in uncompensated ownership transfer between living individuals
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Musharakah
- increasingly diminished partnership
- partnership ending with ownership
general partners are responsible for managing funds and directing them to the most promising ventures
literally:sharing
Islamic Jurispridence: joint enterprise formed for conducting business where party investing the capital share equally both profit and loss
Bay`al-Dayn
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TYPES
Example: Hilmi owes Ahmad RM 3000, Ahmad then sells the debt RM 3000 to Zaki for a motorbike on cash basis.
Example: Ahmad owes Khairul RM500 and Khairul sells the debt to Ahmad for a propotion of land owned bt Ahmad that worth RM500
APPLICATION
- Provided by the bank and accepted by the purchaser or buyer
- Bank can sell the AB-i in the secondary market at discount under the Bay` al-Dayn
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Malaysia has been advocating the application of Islamic securities based on the concept of Bay` al-Dayn
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ECR is short term financing facility to promote export of manufactured or agricultural that have good added value
Qardh Hassan
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- Depositor deposit their money to the bank.
- Bank lend the money from the depositor.
- Bank can utilize the money.
- Bank only owes the depositor the principal amount.
KAFALAH
MEANING : A guaranteed contract on a certain asset, usurfruct or service provided by a guarantor to the parties involved
APPLICATION
LETTER OF GUARANTEE
1) Guarantee facilities refers to contract or assurances made by Islamic bank to third party.
2) In this assurance, bank agrees to assume the liability of its customer in the case of default or breaching of contract as agreed between the customer and the 3rd party.
RAHN
DEFINITION : Taking a property as a security against a debt, whereby the secured property can be utilized to repay the debt in the case of non payment
APPLICATION
1) In normal al rahn micro financing, the customer pledges their valuable assets such as gold to the pawn shop as the marhun.
2) The marhun will be valued and the customers will be granted a loan based on certain percentage.
3) During the borrowing period, a fee was charged based on daily or monthly calculations for its service safekeep until the reclaimed a debt is settled.
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MUDHARABAH
definition
A contract where the owner presents his property to labor to do business with it and profits is jointly owned by them according to their agreement
Application
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investment account
ASB, Maybank,CIMB Islamic, Bank Rakyat
capital creation
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profit will be didtributed according pre-agreed profit sharing ratio and any losses will be borne by the capital provider
BAI INAH
Definition Literal: loan or advanced payment. Technical: the selling of an asset with a mark up price on deffered payment, with the intention to sell the same asset to the debtor with lower cash price, which is meant to settle his debt. : :
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HAWALAH
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• Literal: to change, to transfer
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Hanafiyyah: to transfer debt from debtor(transferer) tp another debtor(transferee)
- AAOFI: Hawalah Al-Haqq(transfer right)
Hawalah Al-Dayn(transfer debt)
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**Ijarah Thumma Al-Bai
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Technical: A form of islamic finance arrangement which leasing or renting over a fixed period, and the second contract a buyback contract that triggers a sale or purchase once the term of the leasing/ijarah is complete.
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