SIJIL TINGGI MUAMALAT

Pembentang Prof. Madya Dr. Asyraf Wajdi Dato Dusuki

Ketua Hal-Ehwal Penyelidikan Akademi Antarabangsa Kajian Syariah Mengenai Kewangan Islam (ISRA)/ Pengerusi Jawatankuasa Penasihat Syariah Affin Bank Berhad

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Ciri-ciri Asas Sistem Kewangan Islam Perkembangan Sistem Kewangan Islam

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SIJIL TINGGI MUAMALAT

Sistem Kewangan Islam di Malaysia

Kontrak-kontrak Syariah yang digunapakai

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Perbezaan antara Sistem Kewangan Islam dan Konvensional Isu-isu Syariah dalam Sistem Kewangan Islam

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Isu-isu Perundangan dalam Sistem Kewangan Islam Kesimpulan

ASAS UTAMA SISTEM PERBANKAN ISLAM

Wahai orang-orang yang beriman! Bertakwalah kamu kepada Allah dan tinggalkanlah (jangan menuntut lagi) saki baki riba (yang masih ada pada orang yang berhutang) itu, jika benar kamu orang-orang yang beriman. Oleh itu, kalau kamu tidak juga melakukan (perintah mengenai larangan riba itu), maka ketahuilah kamu: Akan adanya peperangan dari Allah dan RasulNya, (akibatnya kamu tidak menemui selamat) dan jika kamu bertaubat, maka hak kamu (yang sebenarnya) ialah pokok asal harta kamu. (Dengan yang demikian) kamu tidak berlaku zalim kepada sesiapa dan kamu juga tidak dizalimi oleh sesiapa. (Al-Baqarah: 278-279)

Nabi s.a.w turut Mengutuk Riba

:
Tinggalkan tujuh dosa besar". Sahabat bertanya: Dan apakah dosa2 tersebut, wahai Rasulullah? Dia menjawab: Mereka adalah: Mensyirikkan Allah, sihir, membunuh nyawa seseorang yang diharamkan Allah tanpa sebarang hak, memakan riba, memakan harta anak yatim, melarikan diri dari medan peperangan, dan menuduh perempuan beriman yang berkahwin dengan tuduhan tidak benar.

Rasulullah s.a.w. mengutuk mereka yang mengambilriba, memberi riba, menyaksikan riba dan menjadi penulis bagi transaksi riba.

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Riba terbahagi kepada tujuh puluh tiga jenis, yang paling rendah diantaranya seperti menikahi seseorang ibunya sendiri, dan yang paling teruk antaranya ialah memusnahkan maruah seseorang Muslim". (Riwayat Ibn Majah dan Al-Hakim).
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Krisis Kewangan Global Membuka Peluang kepada Sistem Kewangan Islam

Elemen-elemen Utama Kewangan Islam

Nilai2 Syariah Kewangan Islam yang Universal

Source: Bank Negara Malaysia

'There has been much questioning of the values underpinning the conventional financial system & the search for alternatives means that Islamic banks are likely to receive more attention, especially as their raison d'tre is morality in financial transactions, based on religious teachings Professor Rodney Wilson
Source: LSE website Sources: Bloomberg, London School of Economics (LSE)

Courtesy of Bank Negara Malaysia

 Berasaskan sektor ekonomi benar (real economy ) Tiada unsur ketidakpastian mesti berteraskan kepada aktiviti ekonomic yang jelas (prinsip pengharamanan gharar ketidakpastian/uncertainty) Pengharaman judi dan leveraging yg melampau Wang bukan bahan komoditi Real activities

Tidak terlibat dalam aktiviti tidak beretika seperti manipulasi harga (hoarding) Tidak terlibat dalam unsur2 perjudian (maisir ) & riba & apa jua barangan dan perkhidmatan yang diharamkan Proses penilaian pelaburan yang ketat (investment screening ) Mengambil kira pelanggan yang berhadapan __________dengan kesusahan Ethical

Governance Mengutamakan nilai-nilai Ketelusan dan UrusTadbir yang baik Urus-tadbir yang lebih teliti terutamanya melibatkan isu2 Shariah Risiko yang unik Kebertanggungjawaban yang lebih dititik-beratkan Mengutamakan dokumentasi dan kontrak yang jelas sekaligus meningkatkan kestabilan dan intergriti

Partnership

Fitrah Kontrak yang berbeza Kontrak Perkongsian untung dan rugi Kadar perkongsian risiko dan keuntungan yang jelas.

Minat Mendalam terhadap Sistem Kewangan Islam di peringkat Global

Germany

UK

Saxony-Anhalt state issued government sukuk First Islamic bank to operate in 2010

South Korea Parliament expected to pass the law related to offering of tax waiver on foreign investors interest income from sukuk issued Japan Law passed allowing banks to do Islamic finance Hong Kong Aims to become Islamic finance gateway to China Plans to issue sovereign sukuk Hang Seng Islamic China Index Fund in 2007 Brunei Aim to become Islamic financial services hub for Asia

Govt sets an objective to entrench London as a global gateway for Islamic finance 5 FSA-approved Islamic banks and Takaful operators

Turkey Announced IFC Istanbul in Sep 09 with focus includes interest-free Plans to issue sovereign sukuk, amend financial business tax law on IF Iran Bahrain Qatar Pakistan France Malta Saudi Arabia UAE Kuwait Thailand Passed rules/regulations to Plans to position Malaysia support Islamic finance as Islamic finance Sudan activities hub for the Mediterranean In process of licensing Indonesia Islamic banks Jordan Made fiscal & legal adjustment for IF Plans to tap sukuk market to transaction i.e. taxation finance its deficit Singapore guidelines on sukuk & Established first Islamic bank murabaha Introduced tax neutrality for Islamic finance

Aspiring to be centre for Islamic finance Launched Islamic ETF

Muslim-majority countries offering Islamic finance (IF) Non-muslim countries starting to offer IF

Courtesy of Bank Negara Malaysia

Secara demografik, populasi umat Islam amat besar.. Kajian menunjukkan peluang kewangan Islam untuk berkembang amat tinggi dan masih belum dimanfaatkan sepenuhnya
Potensi yang Belum Dimanfaat Sepenuhnya Potensi Besar: 1.5 billion umat Islam Seluruh Dunia Generasi muda Islam mendominasi populasi: 60% daripada jumlah penduduk Islam global di bawah umur 25 tahun Dana jutawan Muslim (Muslim High Net Worth individuals): USD1.5 1.8 trillion Takaful penetration rate: Below 2% in Middle East Region Kekayaan dana sumber minyak (petrodollar wealth USD500 billion setahun
Adapted from: OliverWyman report

Adapted from: PWC, Wikipedia

Semakin meningkat harga minyak dan dana daripada petrodollar, negara2 Teluk mula meneroka pelaburan baru berasaskan Syariah .
Top World Oil Net Exporters, 2008 (thousand barrels per day) Rank Country Exports
1 2 3 4 5 6 7 8 9 Saudi Arabia Russia United Arab Emirates Iran Kuwait Norway Angola Venezuela Nigeria 8,485 6,890 2,583 2,419 2,416 2,246 1,950 1,883 1,883
Source: www.wtrg.com

Courtesy of Bank Negara Malaysia

Malaysia: Sistem Kewangan Paling Komprehensif di Dunia

Urus-Tadbir
Legal & Regulatory Islamic Banking Act Takaful Act Government Funding Act Capital Market Services Act Shariah Advisory Council Islamic Banks & Takaful Companies Islamic Money Market Islamic Capital Market

Diversified Players
Banking 17 Islamic banks 10 Islamic windows 3 International Islamic Banks 14 International Currency Business Units (ICBU)

Labuan IBFC Money market

Malaysian Financial System

Capital market

Takaful 8 takaful operators 4 retakaful operators 7 ICBUs Fund Management 9 Islamic fund managers 35 Islamic fund management windows

Central Banking Act

Dispute Resolution Judicial system: dedicated high court KL Regional Centre for Arbitration Financial Mediation Bureau

Conventional Banks & Insurance Companies

Perkhidmatan Profesional
Firma Guaman Perakaunan Financial Intermediaries Perunding Kewangan Perkhidmatan perundingan

Financial Markets
Capital Market Money Market Foreign Exchange Market Commodity Market Bursa Suq Al-Sila

Infrastructure
Payment, clearing and settlement, custodian Principal Dealers Listing on Bursa with authorise exchange status

Pengalaman lebih 30 tahun membangunkan Sistem Courtesy of Bank Negara Malaysia Kewanagn Islam

Penguasaan pasaran perbankan Islam dan Takaful yang semakin meningkat dan berkembang
Jumlah Aset, Pembiayaan dan Deposit Perbankan Islam* (20002008)
300,000
250,000
RM 000 million
Asset Deposit Financing

200,000 150,000

Purate kadar pertumbuhan tahunan: 19.0% (20002008)

Perbankan Islam Jumlah Penguasaan Pasaran Aset Perbankan sebanyak 19% Purata Kadar Pertumbuhan Tahunan ialah 19% sepanjang 2000-2008

100,000
50,000 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 # Including DFI

Jumlah Aset & Sumbangan of Syarikat2Takaful * (2000- 2008) Penguasaan pasaran: Aset 7.7%
RM 000 million
Aset Sumbangan

Purata kadar pertumbuhan tahunan : 24.8% (20002008)

Takaful Jumlah penguasaan pasaran dana aset Industri Takaful sebanyak 7.5% Purata Kadar Pertumbuhan Tahunan ialah 25% in 2000-2008

* Source: BNM Financial Institutions Statistical System & INSIDES

Courtesy of Bank Negara Malaysia

Overview of Islamic Banking Operation

Regulatory Framework & Corporate and Shariah Governance (Risk Management, Capital Regulation and Compliance)

ASSET
1. 2. Retail Banking Personal Financing Car Financing Home Financing Credit/Debit Card Business/Corporate Banking Overdraft/Cash Line Revolving Credit Term Financing Trade Financing 1. 2. 3. 4.

Saving Qard/Wadiah Mudarabah Current/Checking Qard/Wadiah Mudarabah Term Deposit Commodity Murabahah Unrestricted Mudarabah Unrestricted Wakalah Investment Restricted Mudarabah Restricted Wakalah

LIABILIT Y

Asset Liability Management TREASURY Money Market Capital Market Foreign Exchange Structured Product

Derivatives

Tujuan /

Maqasid al-Shariah (Matlamat Syarak)

Garis Panduan Pematuhan Syariah

1st Level of Compliant

Riba

Al-Zulm

(Qimar)

Gharar
Uqud Musamma (Nominate Contracts)

Pendekatan/

Islamic Contract

Uqud Ghair Musamma (Non-Nominate Contracts

Aktiviti Pelaburan Penyucian Harta 2nd Level of Compliant Conversion Process Operasi Patuh Syariah

Hedging Instruments
Monitoring & Supervision Social Responsibility

Apakah Ciri-ciri asas Kewangan Islam yang Membezakannya daripada Kewangan Konvensional?

Maslahah Maqasid

Dharurah!
Keuntungan?

Undang2

Bagaimana nak membangunkan produk kewangan Islam?

Kami perlukan wang nak beli rumah, kereta dll.

Harta hanya boleh berpindah dari satu pihak ke satu pihak yang lain melalui kontrak @ aqad yang sempurna dan sahih
Teori Asas Kontrak Dalam Islam

Sumber Hukum (Quran & Sunnah)

Saling Redhameredhai
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Garis Panduan Asas kepada Kontrak Patuh Syariah

Kontrak Kewangan Islam

Ridho-Meredhoi Bebas daripada penipuan, paksaan, kesilapan, penyelewengan dan sebagainya.

Bebas daripada Elemen2 Diharamkan Riba Gharar Maisir Lain2

Objektif dan matlamat akhir kontrak adalah syari

Riba

Al-Zulm

(Qimar)

Sebab-sebab Pengharaman Dalam Kontrak )(

Gharar

Kontrak Patuh Syariah

Perbezaan diantara Riba & Ribh

Allah halalkan jualbeli dan haramkan Riba (2:275)

Mereka berkata sesungguhnya jualbeli sama seperti riba (2:275)

RIBA
Tiada `IWAD

Ribh
Apa Perbezaannya?
Beserta dengan `IWAD

Qaidah Fiqhiyyah: (Jamharatul al-Qawaid alFiqhiyyah Vol.1 P.332)

18 Usaha (Al-Kasb) Risiko (Al-Ghurm) Tanggungan (Al-Dhaman)

Klasifikasi Umum Kontrak Dalam Islam

Kontrak Berkaitan Keuntungan

Kontrak Berkaitan Kebajikan ()

Kontrak Pertukaran () Kontrak Perkongsian ()

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Kepelbagaian Kontrak Dalam Perbankan Islam

Kontrak Berkaitan Deposit

Wadiah Yad Amanah; Wadiah Yad Dhamanah, Mudarabah; al-Qard BBA deferred sale; Murabahah cost-plus sale; Bai al-Inah, Bai al-Tawarruq Ijarah Wa Iqtina; Ijarah Thumma Al-Bai, Ijarah Muntahia Bitamleek

Kontrak Berkaitan Jual-Beli

Kontrak Berkaitan Sewaan Kontrak Berkaitan Perkongsian

Mudarabah, Musyarakah

Kontrak Berkaitan Upah

Kafalah/Dhaman (Guarantee); Wakalah (agency)

Janji/ Wa`ad

Penggabungan Kontrak

Musyarakah Mutanaqisah (Dimishing Partnership), AITAB etc.

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Adakah pinjaman dan pembiayaan maksud yang sama?

Loan
Pinjaman Berkaitan dengan transaksi pinjaman sahaja Digunapakai dalam bank Konvensional Menghasilkan lebihan/Riba daripada pinjaman

FINANCING
Pembiayaan Berkaitan dengan transaksi jual beli, pelaburan, usahasama, perkongsian dll aqad yang disahkan oleh syara Digunapakai di dalam perbankan Islam Menghasilkan keuntungan

Ilustrasi Sebahagian Produk-produk Kewangan Islam di Pasaran Ketika ini

Bay al-Inah Pembiayaan Peribadi Bagaimana saya boleh

dapatkan RM150,000 untuk belanja kahwin? Bank jual aset

RM 150,000 Pelanggan bayar dengan harga tangguh

Bank bayar secara tunai RM 100,000

Pelanggan jual aset

BBA HOME FINANCING MODUS OPERANDI

Developer/Vendor

5. Bank pay developer the 90% balance

Sales & Purchase Agreement (S&P)

1. 10% down payment

1. Beneficial ownership

Property Sale Agreement (PSA) 3. BBA price (deferred payment) 3. House

2. House
2. Cash price (90% balance)

BANK

Property Purchase Agreement (PPA)

Customer

Tawarruq Model of Home Financing

4.Property 4.RM200,000 Property Owner/Developer

Customer

3.RM200,000
2.Electrical Appliances 1.RM200,000

2.RM350,000 Deferred

1.Electrical Appliances worth RM200,000 Electrical Appliances Wholesaler

Musyarakah Mutanaqisah (Modus Operandi)

Bank leases its 90% share of property to customer

90%

10%

0%

100%

Customer pays rent for usage of Banks 90% share of property Customer gradually buys share of property from Bank
Customers monthly installment payments

ILLUSTRATION of Musharakah Mutanaqisah

Customers Share
The asset is now mine. Thanks to

MM

Banks Share

100 90 80
90% 80% 70% 60% 50% 40%

Affin Islamic

70
Customer now owns 100% of the Assets

60

50
40 30 20

30%
20% 10% Banks share = 0

10%

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Commodity Murabahah Deposit Placement

US$ 1 Million on spot Client Broker A Where is this proceed invested? US$ 1.1 Million deferred

US$ 1 Million on spot Broker B Islamic Bank

Apakah Produk Kewangan Islam Lebih Mahal Daripada Produk Kewangan Konvensional....?

Produk Konvensional

Produk Islam

Berasaskan Kontrak Hutang (Loan)

Berasaskan Kontrak Jual-Beli

Conventional Home Financing

1. Commitment to sell Sales & Purchase Agreement (S&P) 3. Balance 90%

Loan Contract 2. Loan Repayment (Principal + interest)

1. 10% down payment

2. Loan Principal (90% Balance)

BANK
2. Deeds of Assignment / Charge

Customer

Produk Perumahan Bai` Bithaman Ajil (BBA)

Developer/Vendor

5. Bank pay developer the 90% balance

Sales & Purchase Agreement (S&P)

1. 10% down payment

1. Beneficial ownership

Property Sale Agreement (PSA) 3. BBA price (deferred payment) 3. House

2. House
2. Cash price (90% balance)

BANK

Property Purchase Agreement (PPA)

Customer

Perbankan Islam
vs

Perbankan Konvensional

Fin. Amount Tenure

Single Rate Ceiling Rate Tawidh

: RM100K : 25 yrs (1981-2005) : BFR-0 : 9.90 : 1%

Loan Amount Tenure Single Rate Ceiling Rate Penalty

: RM100K : 25 yrs (1981-2005) : BLR-0 : -no: 8% compounded

Total Selling Price

Total Repayment

Installment Amount

1100 1050 1000 950 900 850 800 750 700 650 600 550 500 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05

Islamic Conventional

Years

PERGERAKAN BASED LENDING RATE (BFR)

Isu Tunggakan @ Kegagalan Bayar-Balik

Pelanggan Gagal Melunaskan bayaran selepas 2 tahun

10

15

atau, Apakah pelanggan perlu bayar 100,000 + (2 x 10,000) = 120,000? Pembiayaan/Jumlah Hutang = 100,000

Pelanggan Bayar 100,000 + (15 x 10,000) = 250,000?

Kadar Keutungan /Kadar Faedah = 10% setahun Keuntungan Tahunan/ Faedah Tahunan = 10% x 100,000 = 10,000 setahun Jumlah perlu dibayar untuk 15 tahun = 100,000 + (15 x 10,000) = 250,000

Legal Framework in Malaysia

REGULATIONS

REGULATOR

ENFORCEMENT

Islamic Banking

IBA 1983 BAFIA 1989 DAFIA 2002 BNM Guidelines BNM Shariah Parameters

Bank Negara Malaysia

Civil Courts KL Regional Centre for Arbitration Financial Mediation Bureau

Islamic Capital Market

CMSA 2007 SCA 1993 CA 1965 Guidelines for IS 2004

Securities Commission

Takaful

Takaful Act 1984 CA 1965 Co-operative Societies Act 1993

Bank Negara Malaysia

Cabaran Memperkasa Kewangan Islam

Fokus Pendidikan Fakta semasa : Masih ramai yang tidak menyedari keberuntungan bermuamalah secara Islam (19% Penguasaan Pasaran sejak 26 tahun bertapak)

Memperkasa Infrastruktur Perundangan

Mahkamah Muamalah Menilai kembali akta-akta yang tidak secocok dengan operasi kewangan Islam. Memastikan Kewangan Islam bersaing dalam padang yang sama rata (level playing field)

ISRA @ INCEIF 2nd Floor, Annexe Block Menara Tun Razak Jalan Raja Laut 50350 Kuala Lumpur MALAYSIA General Line : +603-2781 4000 Fax : +603-2691 1940 Email Website : info@isra.my : www.isra.my

Foreclosure Calculation
Approved by Shariah:1. 2. To demand OUTSTANDING PRINCIPAL BALANCE To demand UNEARNED INCOME DUE BUT NOT PAID (Note: item (1) + item (2) = Outstanding sale price 3. Compensation charges at 1% per annum on overdue installment accumulated on NON COMPOUDING basis. When account is expired, item (3) shall no longer be applicable but Bank can charge compensation charges equivalent to prevailing r rate (12month gross profits of General Investment Account) over principal outstanding balance Only on NON COMPOUNDING basis (Note: item (3) + item (4) add together CANNOT EXCEED outstanding principal balance at point of settlement. 8% p.a. interest normally awarded by Court is to be discarded since it is RIBA.

Conventional
1. 2. 3. To demand full outstanding principal balance, including all debits/late charges Interest to be calculated on item (1) on COMPOUNDED basis. Interest on expired accounts is calculated on BLR + maximum spread allowed by BNM on outstanding balances until full settlement e.g. if normal rate is BLR(6.25%)+0.75=7% p.a. when account is expired, the rate charge shall be BLR + Maximum spread (= 2.50% p.a.) Upon obtaining judgment, all other charges will stop but court normally award 8% interest on outstanding balances until full settlement.

4.

4.

For both cases, whatever balance can still be claimed on the customer should collateral proceeds after disposal is lower than financing/loan outstanding balance. For Islamic, compensation charges can still be charged on whatever balance due after collateral has been realized if total amount charge YET TO EXCEED outstanding principal balance. For conventional, whatever balance due can still be charged at 8% per annum (no limit)

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