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ISB 540 ISLAMIC BUSINESS TRANSACTION

PREPARED FOR: EN HEIZAL HEZRY BIN OMAR PREPARED BY: SHAHRUL AZRIN BIN ABD AZIZ (2009112445) MUHAMMAD MAZIZ MAHYUDDIN BIN KAMALUDIN (2009533527) UZAIREEN NURUL IZZATI BT MOHD NAZERI (2010654708) NURAZLINA BT ZAINAL (2009718639) GROUP: BM 230 5A

INTRODUCTION
Defination: It derives from al-ajr which means substitutes, compensation,recompense, idemnity, cosideration, return or counter value (al-iwad). Another name for Ijarah is al-Kira or rent or hire, which is the sale of usufruct or the usage or services with a priceor payment specified in advance. A contract is where the financier buys and leases equipment or other assets to the business owner for a fee or more often called rental income. The duration of the lease as well as the fee must be set in advance and mutually agreed.

GROUPS OF AL-IJARAH:
Ijarah Jasa (Ijarah ala al amal) Services Ijarah Muhtahiyah bi al-Tamlik Assets and properties Al-Ijarah wal-Iqtiqam Lease to purchase or hire purchase

CONDITIONS OF AL-IJARAH:
1. Property The lesser must own the property for Ijarah. It must be capable of being delivered for the lesse for his/her usage and it must continously under the possesion or control of the lessee until the contract expires. The maintenance or repair of the damages that prevents the property from being used is under the responsibility of the lessor.

2.

Usufuruct The usufruct must be something that could be priced or assessed with monetary value. It must be something that is not probhited in islam.

3.

Duration The duration of ijarah contract must be specified and stated in the contract, since any contract without any reference to the duration or the date of expiry of the contract is not legal. There is no limit to the duration permitted for the ijarah contract since the islamic law does not specify any maximum duration or time limit for Ijarah.

LIST OF BANKS

HSBC was the first foreign bank in Malaysia to launch Islamic banking in 1994. The business is not limited to the Muslim community only but is open to all. Under AITAB mechanism, HSBC Amanah has an authority over the leased asset.

HSBC Amanah Interest Rates


1. Local cars interest rates :
Proton : From 3.55% 4.03% (Grad Scheme: 3.1%) Perodua : From 3.55% 4.03% (Grad Scheme: 3.1%)

2. Imported cars interest rates :


Honda Toyota Hyundai Naza : From 2.92% 3.47% : From 2.92% 3.47% : From 2.92% 3.47% : From 2.92% 3.47%

3. Used cars interest rates :


Ranging from 4.25% 4.50% per annum flat

SIMILIARITY AMONG BANKS THAT APPLY A SHAHRIAH CONCEPT


Widely adopted in Malaysia. The bank as the owner of an asset leasing out the same to its clients (hirer) against predetermined rentals for an agreed period of time.

Bank has an authority over the leased asset.


All the banks also have the financing scheme based on Syariah Principles

and it means that the monthly instalment is fixed.

COMPARISON AMONG BANKS THAT APPLY A SHAHRIAH CONCEPT


Eligibility for individual its different, focus on individual applications

Alliance Bank just only approved for individual aged 18-70 years old.
Bank Muamalat the requirement for individual is aged from 18 to 55 years old.

Interest payments also differ from one another.


HSBC Amanah interest rate based on the categories vehicle that we want buy.

CONCLUSION
There has been a proposal by an Islamic financial institution to introduce vehicle. We examine four different banks about this concept

such as Alliance Bank, HSBC Amanah, Bank Muamalat and Public


Islamic Bank. We have to select which one is the best among the best in each bank. We know that the Islamic hire purchase for each bank is provide to all types of vehicles such as new car and used car. What we can conclude here that all banks Islamic hire purchase has different interest rate per annum for new passenger vehicle which is Alliciance Islamic Bank give out 2.80% to 3.20%, HSBC Amanah with local cars

interest with 3.55% to 4.03% and imported cars interest with 2.92% to
3.47%.

Bank Muamalat Malaysia berhad started its operations on 1 October 1999. Bank Muamalat Malaysia Berhad, the second fullfledged Islamic bank to be established in Malaysia after Bank Islam Malaysia Berhad, is poised to play its role in providing Islamic banking products and services to Malaysians, without regard to race or religious beliefs. DRB hicom holds 70% shares in the Bank while Khazanah Nasional Berhad holds the remaining shares.

Muamalat hire purchase


Features Financing based on the contract of Al-Ijarah Thumma Al-Bai The Bank purchases the vehicle identified by the customer from a dealer / third party The vehicle to be financed by the Bank can either be new or used and of any make and models including national or non-national brands

Margin of finance is up to 85%


Payment period is up to 7 years

benefits
Fixed rental rate Rebate will be given for early settlement cases No security deposit required Comprehensive Takaful coverage with profit-sharing features (Mudharabah concept) Convenient on-line payment facility at all our branches on real time basis.