What have you learned from this visit?

There are various things that we learned from the talk that conducted on 20 th
September 2010. From this talk, we learned about the differences between the
conventional and Islamic banking. In Islamic perspectives, some conventional banking
principles such as interest system are prohibited in Islam as it is riba’. Islamic banking is
using a trading and profit system compared with conventional banking that applied
interest system which is strictly prohibited in Islam since it is riba’.
In this talk, we been exposed by the principles of conventional bank that
contradiction with shariah and the reasons why they are prohibited in Islam. We gain
knowledge of the principles that permissible in Islam and used by Islamic banking. From
this talk, we also learned how to differentiate between riba’ and profit.
Furthermore, from this talk, we realized that each four (4) schools in Islam
(mazhabs) have different opinions on certain principles in muamalat. For example, al-
Rajhi Bank as the foreign bank in Malaysia rejected the concept of bay al-‘lnah since
they have different view and opinion even it is permissible according mazhab Syafie and
applied by the local Islamic banking. Besides, al-Rajhi preferred mudharaba’ account
saving rather than what are the most local banks used which is al-wadiah account.
Last but not least, we been exposed with some products and services offered by
the banks. For example, al-rajhi introduced their Charge Card that compared with other
credit cards, it charge no interest rate for the debt and no penalty charge for late
payments.