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Ar Rahnu - Coggle Diagram
Ar Rahnu
Mechanism in Malaysia
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Available to both locals and foreigners, Muslims and Non-Muslims
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If borrower cannot repay the loan, granted extensions of up to 3 months
Advantages
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If unable to repay the debt, they will be notified of the charges and about the forced sale
Sales price exceeds the remaining debt, the excess will be returned
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Islamic Concepts
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Ar Rahnu and Al-Wadi’ah – The borrower is required to place a valuable asset as collateral to get a loan and to ensure repayment
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introduction
Method of providing short-term financing to a person by pawning his or her gold to the banks or any Islamic pawnshop as a security.
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