Cabaran Shubhah Riba

Muamalat Class 2014-3

Prof Madya Dr Azman Mohd Noor,
abatan !i"h dan #sul al-!i"h, #$A
%%%&drazman&n't
1& !or'(
2& Murabahah,
3& )ay al *$nah
4& )ay al +afa
,& -a%arru"
$n a !or%ard mar.'t, th' /urr'n/y or /ommodity is
sold for a future date and d'li0'ry of th' arti/l' as
%'ll as th' /urr'n/y is 1i0'n on any futur' dat'&
2o%'0'r the specifications of the article, time and
place of delivery, as well as the currency and
amount, ar' all s'ttl'd in ad0an/'&
So, th' s'll'r is hedged a1ainst any fall in 3ri/' of th'
/ommodity and th' buy'r is assur'd of th' su33ly on
tim', as %'ll as b'in1 /o0'r'd a1ainst a 3ossibl'
in/r'as' in 3ri/' by th' tim' h' n''ds th' /ommodity&
1& )oth 3arti's to '(/han1' of /urr'n/i's must ta.'
3oss'ssion of th' /ount'r 0alu's b'for' dis3'rsin1, su/h as
3oss'ssion b'in1 'ith'r a/tual or /onstru/ti0'&
2&$f th' /urr'n/y on both sid's is th' sam', th' /ount'r
0alu's must b' '"ual in amount, '0'n if on' of th'm is in
3a3'r mon'y and th' oth'r is in /oin of th' sam' /ountry 4
li.' a not' of ,3ounds for ,3ound /oins&
5& -h' '(/han1' %ould b' simultan'ous %ithout any
d'f'rm'nt /laus' r'1ardin1 th' d'li0'ry of on' or both
/ount'r 0alu's
Forward Forex: Alternatif
-_
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J
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-_';~,==~~,

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,~,=J'=~~,

#nilat'ral Promis'
-%o Parall'l Promis's
-a%arru"-
Al-wa'd A unilat'ral 3romis' 1i0'n by on' 3arty
to som' oth'r 3arty to do som'thin1 su/h as a 3romis'
to s'll or buy&
+a6d 3rin/i3l' %as a33li'd as a solution to for'i1n
/urr'n/y transa/tions ar' not 3'rmissibl'& Shariah
Ad0isory Coun/il of )an. N'1ara Malaysia has
d'/id'd to im3l'm'nt $slami/ ban.in1 institutions
r'"uir' futur's tradin1 for'i1n /urr'n/i's bas'd on th'
bindin1 %a6d mulzim th' 3romis' and dama1's for
br'a/h of 3romis' may a33ly& 2o%'0'r, th' transa/tion
is allo%'d only for h'd1in1 3ur3os's only 7)an.
N'1ara Malaysia 20108 139:&
Corporate
Customers
Corporate
Customers
Promis' to s'll #&S& ; 2&0 million to
)an. at th' '(/han1' rat' #&S& ; <
RM3&30 7RM=&=mil: in th' n'(t thr''
months
Promis' to s'll #&S& ; 2&0 million to
)an. at th' '(/han1' rat' #&S& ; <
RM3&30 7RM=&=mil: in th' n'(t thr''
months
Bank Bank
Al-wa'dan: -%o unilat'ral und'rta.in1
1i0'n 7t%o unilat'ral 3romis's: by on'
3arty to th' oth'r, and so alsooth'r%is',
and th' t%o ar' not int'rr'lat'd 'a/h
oth'r 3romis' and its im3l'm'ntation
d'3'nd on t%o diff'r'nt /onditions
-h' )an. %ill buy an ass't and imm'diat'ly s'll it
to a /ustom'r on a d'f'rr'd 3aym'nt basis in
#SD for '(& #SD 10 million& -h' s'ttl'm'nt %ill b'
aft'r 3 months& -h' /ustom'r %ill also s'll an
ass't to th' ban. in Rin11it for '(& RM 3, Million&
-h' s'ttl'm'nt %ill b' on th' sam' dat' aft'r 3
months&
Muza.arah m'nda3ati baha%a 3'rda1an1an
3'rtu.aran mata %an1 asin1 7forex) ol'h indi0idu
s'/ara lani 7individual spot forex: m'lalui 3latfom
'l'.troni. m'n1andun1i unsur-unsur8
Riba, m'lalui 3'n1'naan rollover interest,
P'nsyaratan ?ual b'li dalam 3'mb'rian hutan1 m'lalui
leverage,
Qabd yan1 tida. ?'las .'ti.a transa.si 3'rtu.aran,
P'n?ualan mata %an1 yan1 tiada dalam 3'1an1an
S3'.ulasi yan1 m'libat.an 3'r?udian&
S'lain itu ianya ?u1a dilaran1 ol'h undan1-undan1 @'ra?aan
Malaysia&
Lit'rally from th' %ord ribh m'ans 3rofit or 1ain
$t is a sal' of a /ommodity at th' 3ri/' th' s'll'r
had 3ur/has'd it %ith th' addition of a stat'd
3rofit .no%n to both s'll'r and buy'r&
$t is a /ost 3lus 3rofit sal' in %hi/h th' s'll'r
'(3r'ssly dis/los's th' 3rofit
13
1: @no%l'd1' of th' initial 3ri/' or /ost by th'
buy'r& Sal' is not 0alid if th' initial 3ri/' is not
.no%n durin1 th' /ontra/t s'ssion&
2: @no%l'd1' of th' 3rofit mar1in, oth'r%is' it is
not murabahah
3: No riba tradin1 shall b' in0ol0'd- th' 3rodu/t
trad'd /annot b' 3aid by bart'r syst'm from
riba%i it'm, '1 100.1 of flour %ith 120 of flour&
14
Seller
(Bank)
Supplier
Purchaser
(Customer)
Deferred
Payment
Spot
Payment
3
Purchasing goods
on spot
4
Selling
goods on
deferred
payment
1
Identifies goods
required
Modus Operandi (Murabahah)
2
Approach Bank for
financing
Bank can purchase the
goods it self or appoint
Customer as Agent to
purchase
1,
1: -o assum' that Murabahah is an instrum'nt for
all ty3's of finan/in1 off'r'd und'r loan and
int'r'st bas'd ban.s 4 li.' for finan/in1 o0'rh'ad
'(3'ns's or s'ttlin1 d'bt to third 3arti's
2: Sal' of /ommodity to th' /li'nt 'ff'/t'd b'for'
it is a/"uir'd from su33li'r
3: Ant'rin1 into a murabahah on /ommoditi's
alr'ady 3ur/has'd by th' /li'nts from a third
3arty&
1=
#s' of $nt'r'st rat' as )'n/hmar. in 3ri/in1
Promis' to 3ur/has'- sal' do's not ta.' 3la/'
b'for' th' )an. ta.' 3oss'ssion- th' ri1ht of
/li'nt not to buy
+h'th'r d'f'rr'd 3aym'nt sal' bas'd on mar.
u3 3ri/' is total r'3li/ation of Riba
19
$nah is th' s'llin1 of an it'm at a hi1h'r d'f'rr'd
3ri/' and aft'r d'li0'ry of th' sub?'/t matt'r, to
3ur/has' it ba/. from th' 3ur/has'r at a lo%'r
/ash 3ri/', so that th' hi1h'r amount r'mains a
d'bt on him&
J,; -J_ -JJ' J
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,'~_!J' -;'- ;~' J'_ 4,

-=~J '--
;
1B
Modus Operandi Inah/BBA in normal
financing
Customer Customer
RM100,000
(Cash)
3. Customer sells to financier
4. inancier pay in cash
Financier Financier
RM150,000
(Deferred)
1. inancier sells to customer
!. Customer pays in deferred
1C
Modus Operandi Inah for refinancing
Customer Customer
RM150,000
(Deferred)
3. inancier sells to customer
4. Customer pays in deferred
Financier Financier
RM100,000
(Cash)
1. Customer sells to financier
!. inancier pay in cash
20
M'n?ual s'suatu baran1 d'n1an syarat m'mb'li
bali. baran1 yan1 di?ual 3ada har1a yan1 sama
3ada masa hada3an
S'bab laran1an8 1& -a"yid mil.iyyah, 2&
M'n1ambil manfaat dari hutan1&
Contoh s'masa8 Pur/has' und'rta.in1 su.u.,
#nit trust r'd'm3tion at fa/' 0alu'&
Modus Operandi Bay al Wafa
Customer Customer
In future, RM100,000
(Cash)
3. inancier sells to customer
4. Customer pays in deferred
Financier Financier
RM100,000
(Cash)
1. Customer sells to financier
!. inancier pay in cash
22
-a%arru"8 7Mon'tization: r'f'rs to th' 3ro/'ss of
3ur/hasin1 a /ommodity for a d'f'rr'd 3ri/'
d't'rmind throu1h Musa%amah 7bar1ainin1: or
Murabahah 7mar.-u3 sal':, and s'llin1 it to a third
3arty for a s3ot 3ri/' so as to obtain /ash&
*$nah8 r'f'rs to th' 3ro/'ss of 3ur/hasin1 th'
/ommodity for a d'f'rr'd 3ri/', and s'llin1 it ba/.
for a lo%'r 3ri/' to th' sam' 3arty&
7S'' AAD$!$ standard no 30, 31&,2,:
Commodity
Cash Payment
Differed Payment
)an. A
)an. )
2
1
3
4
Su33li'r 1
Su33li'r 2
Su33li'r 3
Su33li'r
4
D3'ration !lo% of )#RSA S#E AL-S$LAF
24
ISLAMIC BANK A
(2) Buys/Pays RM10 million worth of Crude Palm Oil (CPO) warrants
commodity fromsupplier, on a spot basis.
(4)Sells the commodity to the Client/Islamic Ban B at Rm10 million
plus a profit mar!in (Murbaah) on deferred payment.
ISLAMIC BANK B
(5) Purchases the commodity from the Islamic Ban " at RM10
million plus a profit mar!in (Murbaah) on deferred payment.
(6) Sells the commodity to Bursa Suq Al-Sila' for RM10 million
on a spot basis, on the same day.
BURSA SUQ AL-SILA'
(7) Purchases the commodity from the Islamic Ban B at RM10
million(purchase price) on a spot basis.
(8) BS"S is a tradin! and Clearin! #n!ine.
(9) Sells the commodity to the Suppliers bac randomly for
RM10 millionon a spot basis.
SUPPLIERS
COMMODITY SELLERS
(1)Sells RM10 million worth of Crude Palm Oil (CPO) warrants
commodity to the Islamic Ban " on spot basis.
(3)Deli$ers the commodity on the same day and the
ownership is transferred to the Islamic Ban ".
Pro/'ss !lo% of Commodity Murabahah at an $slami/
)an.
1: -h' )an. 3ur/has's /ommodity from )ro.'r A at a 3ur/has' 3ri/' 7 fa/ility limit : on
/ash basis&
2: 7a: -h' )an. s'lls /ommodity to Custom'r at a mar. u3 sal' 3ri/' 7fa/ility limit G
3rofit: 7Murabahah: on d'f'rr'd 3aym'nt basis& A Commodity Sal' A1r''m'nt is
'('/ut'd&
7b: Custom'r to 3ay th' sal' 3ri/' to th' )an. at maturity dat'&
3: 7a: Aft'r ta.in1 3oss'ssion of th' Commodity, b'in1 th' o%n'r, th' /ustom'r
a33oints th' ban ., as his wakil to s'll th' /ommo dity to )ro.'r ) at a sal' 3ri/'
7fa/ility limit : on /ash basis&
7b: Sal' 3ro/''ds from )ro.'r ) %ill b' /r'dit'd into th' Custom'r Fs a//ount 7aft'r
d'du/tin1 any in/urr'd /osts:
Bursa Suq
Al - Sila
Customer
1
2(a)
2(b)
3(b) 3(b)
Broer "
)SAS
3(a)
ABC Bank
The mo$ement of Commodity
Payment to
3(a)
A)C
$slami/
)an.
Custom'r<
Count'r )an.
Custom'r %ants to ma.' fi('d d'3osit %ith A)C, %ith a fi('d
r'turn
As an A1'nt, A)C
buys /ommodity
from )ro.'r 1
Custom'rs s'lls /ommoditi's to A)C at 3rofit
on d'f'rr'd 3aym'nt basis
2
6
5 a
4 b
a
!
Custom'r r'"u'sts A)C to a/t as a1'nt
7%a.alah: to buy th' /ommodity from th'
mar.'t
A)C s'lls /ommodity to
)SAS on s3ot for /ash
A)C s'ttl's amount du' to Custom'r on d'f'rr'd 3aym'nt basis
bas'd on t'rms
b
D%n'rshi3
d'li0'ry on
b'half of
Custom'r
5 b
Pro/''ds
d'li0'ry
Commodity Murabahah
2ous' 7)SAS:
Dn%ard d'li0'ry of /ommodity o%n'rshi3
4 a
APPLICANT
/Customer
PAYMASTER
ABC BANK
ISLAMIC
BOURSES (Bursa
Suq Al-Sila`)
2
2
DEB" FAC"#$%&' (#DEL !
1
1& Custom'r has RM100@ $mmatur' r'/'i0abl'&
2& A)C 1i0's ordinary finan/in1 to th' /ustom'r& A(& R'/'i0abl' is 100.,
th' finan/in1 is only RMC0@, and total sal' 3ri/' is RM100@&
2& Custom'r assi1ns 7as s'/urity: th' r'/'i0abl's 7RM100@: to A)C&
1
APPLICANT
/Customer
PAYMASTER
ABC BANK
ISLAMIC
BOURSES (Bursa
Suq Al-Sila`)
Receivables RM100K
1
2
DEB" FAC"#$%&' (#DEL 2
1
1& A)C s'lls a s't of id'ntifi'd /ommodity 7%ith imm'diat' d'li0'ry: %orth RMC0@
%ith a mar. u3 3ri/' od RM100@ a1ainst RM100 /ustom'rFs r'/'i0abl's&
2& Custom'r %ill s'll th' /ommodity to )ursa for /ash at RM C0@
Commodity %orth RMC0.
Custom'r S'lls
/ommodity for RMC0.
1& -ri3artit' *$nah
2& !our3artit' *$nah
3& -h' 3ur/has' of th' %a.il for hims'lf
ABC Islamic
Bank
Customer
Broker A
1
2
3
"hree )artite *%nah +violation of AA#%F% Standard
,-4-5)
1& A)C buys RM10,000 %orth of /ommodity from )ro.'r A on /r'dit&
2& A)C s'lls th' /ommodity to Custom'r %ith mar. u3 3ri/' 7RM 1,,000:
on d'f'rr'd 3aym'nt basis&
3& Custom'r s'lls th' /ommodity to )ro.'r A for /ash 7RM10,000:
ABC Islamic
Bank
Customer
Broker A
1
2
3
"hree )artite *%nah with .awalah
+violation of AA#%F% Standard ,-4-5)
1& A)C buys RM10,000 %orth of /ommodity from )ro.'r A on /r'dit&
2& A)C s'lls th' /ommodity to Custom'r %ith mar. u3 3ri/' 7RM 1,,000: on d'f'rr'd 3aym'n
3& Custom'r s'lls th' /ommodity to )ro.'r A for /ash 7RM10,000:
4& )ro.'r A transf'rs 72a%alah: its ri1ht of th' sal' 3ri/' 7RM10,000: from A)C to Custom'r&
,&A)C 3ays RM10,000 to Custom'r&
=& Custom'r o%'s A)C RM1,,000&
4
,
ABC Islamic
Bank
Customer
Broker A
1
2
3
Four )artite *%nah/
+violation of AA#%F% Standard ,-4-5)
Broker B
ABC Islamic Bank
Customer
Broker A
ABC buys commodity from Broker A RM 10K on credit
1
2
ABC sells the commodity to customer on deferred payment (mark up price), 15K
3
Four )artite %nah with .awalah+violation of AA#%F% Standard
,-4-5)
Broker B
Custom'r s'lls
th' /ommodity for /ash
to bro.'r ), 10@
)ro.'r A transf'rs 7ha%alah: its ri1hts 7sal' 3ri/': from A)C to Custom'r&
-his /annot b' ima1in'd '(/'3t that )ro.'r ) and A ar' on' 'ntity or its 3ro(y
2a%alah 10.
A)
C
3a
H
s
10.
30<4<,&-h' /ommodity 7ob?'/t of mon'tization:
must b' sold to a 3arty oth'r than th' on' from
%hom it %as 3ur/has'd on d'f'rr'd 3aym'nt
basis 7third 3arty:, so as to a0oid *inah %hi/h is
stri/tly 3rohibit'd& Mor'o0'r, th' /ommodity
should not r'turn ba/. to th' s'll'r by 0irtu' of
3rior a1r''m'nt or /ollusion b't%''n th' t%o
3arti's, or a//ordin1 to tradition& AAD$!$ standar 30 on
-a%aru", 31& ,2=
A)C
$slami/
)an.
Custom'r<
Count'r )an.
Custom'r %ants to ma.' fi('d d'3osit %ith A)C, %ith a fi('d
r'turn
As an A1'nt, A)C
buys /ommodity
from )ro.'r 1
Custom'rs s'lls th' /ommoditi's to A)C at
3rofit on d'f'rr'd 3aym'nt basis
2
6
5 a
4 b
a
!
Custom'r r'"u'sts A)C to a/t as a1'nt
7%a.alah: to buy th' /ommodity from th'
mar.'t and subs'"u'ntly s'lls th'
/ommodity to th' )an.
A)C s'lls /ommodity to
)SAS on s3ot for /ash
A)C s'ttl's amount du' to Custom'r on d'f'rr'd 3aym'nt basis
bas'd on t'rms
b
D%n'rshi3
d'li0'ry on
b'half of
Custom'r
5 b
Pro/''ds
d'li0'ry
Commodity Murabahah
2ous' 7)SAS:
Dn%ard d'li0'ry of /ommodity o%n'rshi3
/'rtifi/at'
4 a
4<=& -h' /ontra/t for 3ur/hasin1 th' /ommodity on
d'f'rr'd 3aym'nt basis and th' /ontra/t for
s'llin1 it for a s3ot 3ri/' should not b' lin.'d
to1'th'r in su/h a %ay that th' /li'nt loos's his
ri1ht to r'/'i0' th' /ommodity& Su/h lin.in1 of th'
t%o /ontra/ts is 3rohibit'd %h'th'r it is mad'
throu1h sti3ulation in th' do/um'nts, a//'3tan/'
as a normal tradition, or in/or3oration in th'
3ro/'dur's& AAD$!$ 31& 2,=
4& #nn'/'ssary D'l'1ation 7ta%.il: to dis3os' th'
/ommodity
,&Con/ludin1 both th' 3ur/has' of /ommodity and
d'l'1ation to dis3os' /ontra/t at on/'
4<98 -h' /li'nt should not d'l'1at' th' institution
or its a1'nt to s'll, on his b'half, a /ommodity that
h' 3ur/has'd from th' sam' institution and,
similarly, th' institution should not a//'3t su/h
d'l'1ation& $f ho%'0'r, th' r'1ulations do not
3'rmit th' /li'nt to s'll th' /ommodity '(/'3t
throu1h th' sam' institution, h' may d'l'1at' th'
institution to do so aft'r h', a/tually or im3li'dly,
r'/'i0's th' /ommodity& S'' AAD!$ standards,
31& ,2=&
=& -h' d'bt obli1ation is 'stablish'd 0ia /ustom'rFs
und'rta.in1
9& Non '(ist'n/' of th' /ommodity
B& No transf'r of o%n'rshi3 o0'r th' /ommodity
C& No 3ro3'r r'/ordin1 and ta11in1
10& -h' sal' of %a.il to hims'lf
11& S'llin1 3ri/' is not .no%n
$bra yan1 di?an?i.an 3ada a%al .ontra.
Qalb al-Dayn
Revolving BBA
Floating BBA
Perlu kepada pertimbangan semula atau
Dhawabit/parameter yang ketat untuk mengelakkan
riba.