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CONTRACT OF EXHANGE - BAY BITHAMAN AJIL - BAY AL INAH - BAY AL DAYN CONTRACT OF SECURITY - AL KAFALAH

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Sale contract which the payment of price is deferred and payable at a certain time in future It is a contract where the commodity is delivered immediately and the price is paid installment

Issue of BBA different pricing  Bank charge at variable rate  Higher payment – rate tied with financial index which change periodically with the market Always happen in  bba  home financing -  balance exceed the asset’s initial price Put strain on individual cash flow , requiring them to pay greater monthly installment

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BANK MUAMALAT ( MUAMALAT BBA FIXED ASSET FINANCING-I)

ALLIANCE ISLAMIC BANK (I-WISH-I-HOME FINANCING)

APPLICATION BAY BITHAMAN AJIL IN ISLAMIC BANK

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Alliance Islamic Bank Targets RM100mil Financing for Halal SMEs - MALAYSIA  SME®

Alliance Islamic bank  ( I-WISH-I HOME FINANCING)

Offered to finance a  residental  property whether completed or under  contruction - offer existing mortgage financing- calculated on variable rate basis

Features
Profit Rate
Tenure
Age Requirement
Margin of Financing
Financing Type
Terms
Variable rate pegged to Base Rate
Up to 35 years 1 70 years of age
21 years old and above
• Up to 90% + 5% Mortgage Reducing Term Takaful and/or Financed Entry Cost
• Max MOF for Cashline Facilityq
• Completed or under-construction propeny
• Subsale
• Top up financing
• Refinancing from another bank with or without cashout

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Refers to the sale of asset that are then repurchased at a different price where the delayed price is higher than the cash price Its contain 2 independent selling contract such as an asset sale contract and an asset purchase contract , both legally binding

Issue of implementation of the sequences of  aqd   Improper sequence of  aqad  in each sale and purchase agreement – not in different time interval in the correct order Bank ask customer to sign both contract at the same time although the contract has not necessarily been finalized yet. According to the Shariah requirements, the first  aqad  must be completed first, followed by the second agreement.

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BANK RAKYAT (CONTRACT FINANCING-I )(TIJARI)

MAYBANK ISLAMIC BERHAD (PETRONAS IKHWAN VISA CARD)

BANK SIMPANAN NASIONAL (AL AIMAN CREDIT CARD)

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BANK RAKYAT  ( CONTRACT FINANCING-I TIJARI)

Offered facilities for finance the work contract offered by the government, statutory bodies public company listed on main board of bursa Malaysia Customer must be contractor registered with contract service center or have  licence  issued by ministry of finance.  This product offers facilities for financing the work contract offered by the government, statutory bodies, and public company listed on the main board of Bursa Malaysia.  Financing Tenure: Minimum: 12 months up to Maximum 2 years.  Financing Limit: RM10,000 to RM250,000  Bank purchases commodity via Bursa  Suq  Al- Sila ' (BSAS) system, and subsequently the Bank sell commodity owned by the Bank to customer at a residual selling price. Upon completion of the sale and purchase of commodity, the customer will resell the commodity to the Bank via cash at a lower price from the customer's purchase price

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Sale of payable right/ receivable debt to debtor or a third party Hanafi  Scholar: something of a form of invisible property Shafie , Maliki,  Hanbali : sale contract – debtor selling his debt rights to creditor or third party Transfer of debt is allowed by  Shariah Free from  maysir ,  gharar  and  riba

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Do not submit the exchanging things of the contract

Does not bring any benefit to both buyer and seller

Hanafi,  Shafie , Maliki, Hanbali and    Ibn   Hazim  – invalid contract in Shariah

Sale of debt with deferred price to third party

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APPLICATION OF BAY AL DAYN IN ISLAMIC BANK

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Shariah Advisory Council – a guaranteed contract on a certain asset, usufruct or services that are provided by a guarantor to the parties involved Kafalah  is guarantee for future obligations that involved human beings  Dhamanah  means future obligations guarantee involving property

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Insurer has a right of regress and subrogation This right arises when the insurer has paid the debtor's debt voluntarily or on the basis of a judge's decision Guarantor has two types of rights which are the right to demand returns and the guarantor replaces the creditor’s position regarding his rights to the debtor Insurers are able to practice two types of rights together or do one of them

The relationship and legal consequences between the insurer and the debtor

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To assure payment in case of demand by the beneficiary

Only guarantee Syariah compliant transactions

BANK ISLAM, AFFIN ISLAMIC BANK, MAYBANK, RHB ISLAMIC BANK

APPLICATION OF AL-KAFALAH IN ISLAMIC BANK

4 SHARIAH CONTRACT

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