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SIJIL TINGGI MUAMALAT. Perbankan Islam . 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. Kandungan.

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slide1

SIJIL TINGGI MUAMALAT

Perbankan Islam

Pembentang

Prof. Madya Dr. Asyraf Wajdi Dato’ Dusuki

Ketua Hal-EhwalPenyelidikan

AkademiAntarabangsaKajianSyariahMengenaiKewangan Islam (ISRA)/ PengerusiJawatankuasaPenasihatSyariahAffin Bank Berhad

slide2

Kandungan

PerkembanganSistemKewangan Islam

2

  • SistemKewangan Islam di Malaysia

Ciri-ciriAsasSistemKewangan Islam

Kesimpulan

  • Kontrak-kontrakSyariah yang digunapakai

Isu-isuPerundangandalamSistemKewangan Islam

Isu-isuSyariahdalamSistemKewangan Islam

  • PerbezaanantaraSistemKewangan Islam danKonvensional

6

5

4

7

8

1

3

SIJIL TINGGI MUAMALAT

asas utama sistem perbankan islam
ASAS UTAMA SISTEM PERBANKAN ISLAM

يَـٰٓأَيُّهَا ٱلَّذِينَ ءَامَنُواْ ٱتَّقُواْ ٱللَّهَ وَذَرُواْ مَا بَقِىَ مِنَ ٱلرِّبَوٰٓاْ إِن كُنتُم مُّؤۡمِنِينَ فَإِن لَّمۡ تَفعلواْ فَأۡذَنُواْ بِحَرۡبٍ۬ مِّنَ ٱللَّهِ وَرَسُولِهِۦ‌ۖ وَإِن تُبتمۡ فَلَكُمۡ رُءُوسُ أَموَٲلكُمۡ لا تَظۡلِمُونَ وَلا تُظۡلَمُونَ

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
Nabi s.a.w turut Mengutuk Riba

اِجْتَنِبُوا السََََّبْعَ المُوْبِقََاَتِ، قلنا، وَمَا هُنَّ يا رسولَ الله؟ قال: الشِّرْكُ بِاللهِ والسِّحْرُ وََقَتْلُ النَّفْسِ الَّتِي حَرَّمَ اللهُ إلاًّ بالحَقِّ، وَأكْلُ الرِّبَا، وَأكْلُ مَالِ اليَتِيْمِ، والتَّوَلِّيُ يَوْمَ الزَّحْفِ، وَقََذْفُ المُحْصَنَاتِ الغَافِلاتِ المُؤْمِنَاتِ

“Tinggalkantujuhdosabesar". Sahabatbertanya: “Dan apakah dosa2 tersebut, wahaiRasulullah? Diamenjawab: “ Merekaadalah: Mensyirikkan Allah, sihir, membunuhnyawaseseorang yang diharamkan Allah tanpasebaranghak, memakanriba, memakanhartaanakyatim, melarikandiridarimedanpeperangan, danmenuduhperempuanberiman yang berkahwindengantuduhantidakbenar.

لَعَنَ رَسُوْلُ اللهِ صلَّى اللهُ عليه وسلم آكِلَ الرِّبَا ومُوْكِلَهُ وَشَاهِدَهُ وَكَاتِبَهُ

Rasulullahs.a.w. mengutukmereka yang mengambilriba, membeririba, menyaksikanribadanmenjadipenulisbagitransaksiriba.

الرِّبَا ثَلاَثَة ُوَسَبْعُوْنَ بَابًا أيْسَرَهَا مِثلُ أنْ يَنْكِحَ الرَّجُلُ أمَّهُ, وَإن أرْبَى الرِّبَا عرضَ الرَّجُل المُسْلِم

“Ribaterbahagikepadatujuhpuluhtigajenis, yang paling rendahdiantaranyasepertimenikahiseseorangibunyasendiri, dan yang paling terukantaranyaialahmemusnahkanmaruahseseorang Muslim". (RiwayatIbnMajahdan Al-Hakim).

krisis kewangan global membuka peluang kepada sistem kewangan islam

Real activities

Etika & Akhlak

Nilai2 SyariahKewangan Islam yang Universal

Perkongsian

Urus-Tadbir (Governance)

Krisis Kewangan Global Membuka Peluang kepada Sistem Kewangan Islam…

Elemen-elemen Utama Kewangan Islam

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'être 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

slide6

Berasaskansektorekonomibenar (real economy )

  • Tiadaunsurketidakpastian– mestiberteraskankepadaaktivitiekonomic yang jelas (prinsippengharamanangharar – ketidakpastian/uncertainty)
  • Pengharamanjudidan leveraging ygmelampau
  • Wang bukanbahankomoditi

Nilai-nilaiSyariahMenepatiNilai-nilai Universal

  • Tidakterlibatdalamaktivititidakberetikasepertimanipulasiharga (hoarding)
  • Tidakterlibatdalam unsur2 perjudian (maisir ) & riba & apajuabarangandanperkhidmatan yang diharamkan
  • Prosespenilaianpelaburan yang ketat (investment screening )
  • Mengambilkirapelanggan yang berhadapan __________dengankesusahan

Ethical

Real activities

Governance

Partnership

  • Mengutamakannilai-nilai
  • KetelusandanUrusTadbir yang baik–
    • Urus-tadbir yang lebihtelititerutamanyamelibatkan isu2 Shariah
    • Risiko yang unik
  • Kebertanggungjawaban yang lebihdititik-beratkan
  • Mengutamakandokumentasidankontrak yang jelassekaligusmeningkatkankestabilandanintergriti
  • FitrahKontrak yang berbeza
  • KontrakPerkongsianuntungdanrugi
  • Kadar perkongsianrisikodankeuntungan yang jelas.
slide7

Pakistan

Indonesia

Sudan

Minat Mendalam terhadap Sistem Kewangan Islam di peringkat Global…

  • Germany
  • 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

  • UK
  • Gov’t sets an objective to ‘entrench London as a global gateway for Islamic finance
  • 5 FSA-approved Islamic banks and Takaful operators
  • Plans to issue sovereign sukuk, amend tax law on IF
  • Turkey
  • Announced IFC Istanbul in Sep ’09 with focus includes interest-free financial business

Japan

Law passed allowing banks to do Islamic finance

Iran

Bahrain

Qatar

  • France
  • Passed rules/regulations to support Islamic finance activities
  • In process of licensing Islamic banks
  • Made fiscal & legal adjustment for IF transaction i.e. taxation guidelines on sukuk & murabaha
  • Malta
  • Plans to position as Islamic finance hub for the Mediterranean

Saudi Arabia

UAE

Kuwait

Thailand

  • Hong Kong
  • Aims to become Islamic finance gateway to China
  • Plans to issue sovereign sukuk
  • Hang Seng Islamic China Index Fund in 2007

Malaysia

  • Jordan
  • Plans to tap sukuk market to finance its deficit
  • Singapore
  • Established first Islamic bank
  • Introduced tax neutrality for Islamic finance
  • Aspiring to be centre for Islamic finance
  • Launched Islamic ETF

Brunei

Aim to become Islamic financial services hub for Asia

Muslim-majority countries offering Islamic finance (IF)

Non-muslim countries starting to offer IF

Courtesy of Bank Negara Malaysia

slide8

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: PWC, Wikipedia

Adapted from: OliverWyman report

Semakin meningkat harga minyak dan dana daripada petrodollar, negara2 Teluk mula meneroka pelaburan baru berasaskan Syariah ….

Courtesy of Bank Negara Malaysia

Source: www.wtrg.com

slide9

Malaysia: Sistem Kewangan Paling Komprehensif di Dunia

Islamic

Banks & Takaful

Companies

Diversified Players

Urus-Tadbir

  • Banking
    • 17 Islamic banks
    • 10 Islamic windows
    • 3 International Islamic Banks
    • 14 International Currency Business Units (ICBU)
  • Takaful
    • 8 takaful operators
    • 4 retakaful operators
    • 7 ICBUs
  • Legal & Regulatory
    • Islamic Banking Act
    • Takaful Act
    • Government Funding Act
    • Capital Market Services Act
  • Shariah Advisory Council
    • Central Banking Act
  • Dispute Resolution
    • Judicial system: dedicated high court
    • KL Regional Centre for Arbitration
    • Financial Mediation Bureau

Islamic

Money

Market

Islamic

Capital

Market

Malaysian

Financial

System

Labuan

IBFC

Capital

market

Money

market

Conventional

Banks & Insurance

Companies

  • Fund Management
    • 9 Islamic fund managers
    • 35 Islamic fund management windows

Financial Markets

Perkhidmatan Profesional

  • Firma Guaman
  • Perakaunan
  • Financial Intermediaries
  • Perunding Kewangan
  • Perkhidmatan perundingan
  • 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 Kewanagn Islam…

Courtesy of Bank Negara Malaysia

slide10

Penguasaan pasaran perbankan Islam dan Takaful yang semakin meningkat dan berkembang…

Jumlah Aset, Pembiayaan dan Deposit Perbankan Islam* (2000- 2008)

  • Perbankan Islam
  • Jumlah Penguasaan Pasaran Aset Perbankan sebanyak 19%
  • Purata Kadar Pertumbuhan Tahunan ialah 19% sepanjang 2000-2008
  • Takaful
  • Jumlah penguasaan pasaran dana aset Industri Takaful sebanyak 7.5%
  • Purata Kadar Pertumbuhan Tahunan ialah 25% in 2000-2008

Asset

Purate kadar pertumbuhan tahunan: 19.0% (2000-2008)

Deposit

Financing

RM ‘ 000 million

# Including DFI

Jumlah Aset & Sumbangan of Syarikat2Takaful * (2000- 2008)

– Penguasaan pasaran: Aset 7.7%

Purata kadar pertumbuhan tahunan : 24.8% (2000-2008)

Aset

Sumbangan

RM ‘ 000 million

* Source: BNM Financial Institutions Statistical System & INSIDES

Courtesy of Bank Negara Malaysia

overview of islamic banking operation
Overview of Islamic Banking Operation

Regulatory Framework & Corporate and Shariah Governance

(Risk Management, Capital Regulation and Compliance)

  • Retail Banking
  • Personal Financing
  • Car Financing
  • Home Financing
  • Credit/Debit Card
  • Business/Corporate Banking
  • Overdraft/Cash Line
  • Revolving Credit
  • Term Financing
  • Trade Financing
  • Saving
  • Qard/Wadiah
  • Mudarabah
  • Current/Checking
  • Qard/Wadiah
  • Mudarabah
  • Term Deposit
  • Commodity Murabahah
  • Unrestricted Mudarabah
  • Unrestricted Wakalah
  • Investment
  • Restricted Mudarabah
  • Restricted Wakalah

ASSET

LIABILITY

Asset Liability Management

TREASURY

Money Market

Capital Market

Foreign Exchange

Derivatives

Structured Product

slide12

GarisPanduanPematuhanSyariah

Maqasid al-Shariah

(MatlamatSyarak)

Tujuan/ الغاية

1st Level of Compliant

UqudMusamma

(Nominate Contracts)

UqudGhairMusamma

(Non-Nominate Contracts

Pendekatan/ الوسيلة

AktivitiPelaburan

PenyucianHarta

OperasiPatuhSyariah

2nd Level of Compliant

Conversion Process

Hedging Instruments

Monitoring & Supervision

Social Responsibility

slide13
ApakahCiri-ciriasasKewangan Islam yang MembezakannyadaripadaKewanganKonvensional?
slide14

Bagaimananakmembangunkanprodukkewangan Islam…?

Dharurah!

Maslahah

Keuntungan?

Maqasid

Undang2

Kamiperlukanwangnakbelirumah, keretadll.

slide15

Hartahanyabolehberpindahdarisatupihakkesatupihak yang lain melaluikontrak @ aqad yang sempurnadansahih

TeoriAsasKontrakDalam Islam

SumberHukum (Quran & Sunnah)

SalingRedha-meredhai

15

slide16

GarisPanduanAsaskepadaKontrakPatuhSyariah

Kontrak

Kewangan Islam

  • Objektif dan matlamat akhir kontrak adalah syar’i
  • Ridho-Meredhoi
  • Bebas daripada penipuan, paksaan, kesilapan, penyelewengan dan sebagainya.
  • Bebas daripada Elemen2 Diharamkan

Lain2

Riba

Gharar

Maisir

slide18

Perbezaan diantara Riba & Ribh

قالوُا اِنَّمَا البَيْعُ مِثلُ الرِّبَا

واحلَّ اللهُ البيعَ وحَرَّمَ الرِّبا

“Merekaberkatasesungguhnyajualbelisamasepertiriba” (2:275)

“Allah halalkanjualbelidanharamkanRiba” (2:275)

RIBA

Ribh

ApaPerbezaannya?

Tiada `IWAD

Besertadengan `IWAD

QaidahFiqhiyyah:

يُسْتَحِقُّ الرِّبْحَِ إمَّا ِبالمَال وَإِما ِبالعَمل وإِمَا بِالضَمَان

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

18

Usaha

(Al-Kasb)

Risiko

(Al-Ghurm)

Tanggungan

(Al-Dhaman)

klasifikasi umum kontrak dalam islam
Klasifikasi Umum Kontrak Dalam Islam

KontrakBerkaitanKeuntungan

Kontrak Pertukaran

(معاوضات)

Kontrak Berkaitan Kebajikan

(تبرعات)

Kontrak Perkongsian

(معاوناات)

19

slide20

Wadi’ahYadAmanah; WadiahYadDhamanah, Mudarabah; al-Qard

KontrakBerkaitan

Deposit

KepelbagaianKontrakDalamPerbankan Islam

BBA – deferred sale; Murabahah – cost-plus sale; Bai al-Inah, Bai al-Tawarruq

KontrakBerkaitan

Jual-Beli

Ijarah Wa Iqtina; Ijarah Thumma Al-Bai’, Ijarah Muntahia Bitamleek

KontrakBerkaitan

Sewaan

KontrakBerkaitan

Perkongsian

Mudarabah, Musyarakah

Kafalah/Dhaman (Guarantee); Wakalah (agency)

KontrakBerkaitanUpah

Musyarakah Mutanaqisah (Dimishing Partnership), AITAB etc.

PenggabunganKontrak

Janji/

Wa`ad

20

bay al inah pembiayaan peribadi
Bay’ al-Inah – PembiayaanPeribadi

Bagaimanasayabolehdapatkan RM150,000 untukbelanjakahwin?

Bank jualaset

RM 150,000

Pelangganbayardenganhargatangguh

Bank bayarsecaratunai

RM 100,000

Pelangganjualaset

slide24

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

2.RM350,000 Deferred

3.Electrical Appliances

3.RM200,000

2.Electrical Appliances

1.RM200,000

1.Electrical Appliances worth RM200,000

Tawarruq Model of Home Financing

Customer

Property Owner/Developer

Electrical Appliances Wholesaler

musyarakah mutanaqisah modus operandi
Musyarakah Mutanaqisah (Modus Operandi)

Bank leases its 90% share of property to customer

Customer pays rent for usage of Bank’s 90% share of property

Customer gradually buys share of property from Bank

Customer’s monthly installment payments

90%

10%

0%

100%

illustration of musharakah mutanaqisah
ILLUSTRATION of MusharakahMutanaqisah

Customer’s Share

MM

Bank’s Share

Customer now

owns 100%

of the Assets

The asset is now mine. Thanks to Affin Islamic

90%

80%

70%

60%

50%

40%

30%

20%

10%

10%

Bank’s share

= “0”

slide28

Commodity Murabahah Deposit Placement

US$ 1 Million on spot

Client

US$ 1.1 Million deferred

Broker A

Where is this proceed invested?

US$ 1 Million on spot

Broker B

Islamic Bank

slide30

ProdukKonvensional

Produk

Islam

Berasaskan

Kontrak

Hutang (Loan)

Berasaskan

Kontrak

Jual-Beli

conventional home financing
Conventional Home Financing

1. Commitment to sell

Sales & Purchase Agreement (S&P)

3. Balance 90%

1. 10% down payment

Loan Contract

2. Loan Repayment (Principal + interest)

2. Loan Principal (90% Balance)

Customer

BANK

2. Deeds of Assignment / Charge

slide32

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

slide33
Fin. Amount : RM100K

Tenure : 25 yrs

(1981-2005)

Single Rate : BFR-0

Ceiling Rate : 9.90

Ta’widh : 1%

Total Selling Price

Perbankan Islamvs Perbankan Konvensional

PINJAMAN PERUMAHAN

PEMBIAYAAN PERUMAHAN

Loan Amount : RM100K

Tenure : 25 yrs

(1981-2005)

Single Rate : BLR-0

Ceiling Rate : -no-

Penalty : 8% compounded

Total Repayment

RM240,996.96

RM245,982.72

slide34

Perbankan

Konvensional

Perbankan Islam

Installment Amount

Years

Perbezaan 'Installment'

vs

isu tunggakan @ kegagalan bayar balik

Pelanggan Gagal Melunaskan bayaran selepas 2 tahun

0

5

10

15

Pelanggan Bayar

100,000 + (15 x 10,000) =

250,000?

atau,

Apakahpelangganperlubayar

100,000 + (2 x 10,000) = 120,000?

IsuTunggakan @ Kegagalan Bayar-Balik

Pembiayaan/Jumlah Hutang = 100,000

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

slide37

Legal Framework in Malaysia

REGULATIONS

REGULATOR

ENFORCEMENT

Islamic Banking

  • IBA 1983
  • BAFIA 1989
  • DAFIA 2002
  • BNM Guidelines
  • BNM Shari’ah 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
CabaranMemperkasaKewangan Islam

FokusPendidikan

Faktasemasa : Masihramai yang tidakmenyedarikeberuntunganbermuamalahsecara Islam (19% PenguasaanPasaransejak 26 tahunbertapak)

  • MemperkasaInfrastrukturPerundangan
  • MahkamahMuamalah
  • Menilaikembaliakta-akta yang tidaksecocokdenganoperasikewangan Islam.
  • MemastikanKewangan Islam bersaingdalampadang yang sama rata (level playing field)
slide39

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 : info@isra.my

Website : www.isra.my

foreclosure calculation
Foreclosure Calculation

To demand OUTSTANDING PRINCIPAL BALANCE

To demand UNEARNED INCOME DUE BUT NOT PAID

(Note: item (1) + item (2) = Outstanding

sale price

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 (12-month 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”.

Approved by Shariah:-

Conventional

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.

  • 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)

40