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THE APPLICATION OF QAWAID FIQHIYYAH IN ISLAMIC BANKING PRODUCT

Prepared by :
Mohd Fauzi Bin Jantan Abdul Latif bin Md Yusop Muhammad Rahmat bin Zulkif le 128391 195727 195662

Azli bin Abd Gami
Mohd Norhisyam Bin Mohmad

198226
201068

 Among of it. the banking play biggest role in financial system in Malaysia .  Under financial sector.Introduction  Qawaid fiqhiyyah has 5 legal maxim  All this maxim can be used in order to solve many problem in life. is the Muamalat section that is financial sector.

Introduction  Currently. .  Thus. the conventional banking are the biggest player in the banking sector. using the Qawaid Fiqhiyyah maxim is important in order to produce our own banking that is the Islamic banking product.  This banking product cannot be used by the Muslim for list of reason.

First maxim  Al-umur bi maqasidiha -Mean “whatever the action depend on the intention”  Support by the dalil ‫١نما االعمال بالنيات‬ -Mean: Every action started with purpose .

Application of al.umur bi maqasidiha  Musyarakah  Murabahah  Wadiah saving  Islamic investment  Ar-Rahnu  Qard al hassan .

umur bi maqasidiha  Musyarakah  is a contract that involve in the partnership business.Application of al.  Example  Islamic bank and entrepreneur join into business contract with contribution of capital  Purpose  to make sure the business is in line with Islam and the profit made by the Islamic bank is halal .

umur bi maqasidiha  Murabaha  buy and sell with profit margin  Example  Islamic bank buy a house to the buyer and sell with mark up price  Purpose  eliminate interest  avoiding from asymmetric risk that may lead to the profit becoming haram under the real property asset .Application of al.

umur bi maqasidiha  Wadiah saving  put money in the bank and get low profit as hibah for giving permission used the money  Example  1 to 2% rate of return for save money in the Islamic bank  Purpose  To get capital from the public in order to do the businesS.  Plus.Application of al. it used the concept of trustee and trust where bank are trustee and depositor are trust .

Application of al.umur bi maqasidiha  Islamic investment  offer a low rate of return to the investor based on previous performance  Example  special investment  Purpose  to get capital  allow because based on previous performance .

Application of al.umur bi maqasidiha  Ar-Rahnu  give money when public pledge the gold  Example  public bring necklace to change with money and it charge low cost to the public  Purpose  to eliminate the interest  based on the concept of safe keeper charge .

Application of al.umur bi maqasidiha  Qard al-hassan  financing without any interest  Example  borrow RM 10 000 and pay back RM 10 000  Purpose  eliminate interest  as token of appreciation if pay more than principal amount .

Second maxim  Dhararu Yuzaal .‫الضرار يزال‬  Mean is “Harm must be eliminated”  Support by the hadith :  Laa dharara wala dhirar .‫ال ضرر وال ضرار‬  Mean is “Harm should not be inflicted nor reciprocated” .

Syart Jazaie may include the imposition of compensation for delay in repayment .Penalty (Ta’widh)  Mawsu'ah fiqhiyyah: Payment of monetary consideration is required on the injury occurred that caused by other parties.  Majma 'OIC Islamic Fiqh: Pay compensation or financial compensation is required for causing harm to others. and ta'widh more specific than compensated (dhaman) prescribed by Islamic texts such as compensation and yard dhaman  Syart Jazaie Penalty clauses that contain the consent of the parties to do something if it fails to perform its obligations.

 The receivables are those who have the ability to guarantee.  Property must be owned by persons who suffered harm.  Adversity happens is permanent.  Imposition of Ta'widh need to benefit.Condition of Ta’widh  The method used in fiqh should ta'widh by (Dhararu Yuzal). .  The jurists outlined several conditions for applying ta'widh property as follows:  Adversity is happening is a form of property.

 Dr. . Sadiq Dharir  The agreement must be made by the debtor and creditor in order to determining the loss of ta’widh.Party To Determined Ta’widh  Sheikh Mustafa al-Zarqa’ :  Only judge can determined the ta’widh rate and the rate of loss incurred by debtor.  The rate also based on actual profit to be derived by the creditor during the delayed period.

 Requiring money penalty. but passed over to welfare.The Scholars View  Different scholars Opinions related permissibility Ta'widh impose :  Can be applied to those who defaulted in payment of debt based on the loss of benefits caused by the delay in paying off a debt.  Penalties should not be at all .

. Therefore. the ta’widh rate is calculated based on the actual loss suffered by the lender.Ta'widh Rate  Scholars View: The fine is considered ta’widh due to the late payment by the borrower. • The rate only 1% • Actual loss • Determine by central bank.

Became clear that the debtor unable to pay. then ta'widh cannot be imposed Imposed on the actual loss suffered by the creditor during the period of delay in payment Does not distinguish between debtors who able and who cannot afford to pay Impose on total amount of payment and actual loss suffered by creditor. .Difference of Riba Jahiliah and Ta'widh Riba’ Jahiliyyah The basis of agreement between two parties (debtor and creditor) in the event of delay there will be increased Ta’widh A sentence imposed as a result of loss of benefits. Usury has gone on before was a condition imposed for delays To prevent cruelty that occurred on property owners for the delays that have already occurred without the consent of creditors.

.  In case of Ta’widh. present state of society that is getting less value in manner and transparency is need to make sure that they settled the debt.Conclusions  Qawaid fiqhiyyah have 5 legal maxim that can be applied in Islamic banking product. seeking the elimination harm as need to penalty by follow the condition. Ta'widh imposed is intended that the debtor did not delay the debt payments. For example.  The uses of qawaid fiqh will solve the problem.