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Perbankan Islam

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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Perbankan Islam

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  1. SIJIL TINGGI MUAMALAT Perbankan Islam Pembentang Prof. Madya Dr. Asyraf Wajdi Dato’ Dusuki Ketua Hal-EhwalPenyelidikan AkademiAntarabangsaKajianSyariahMengenaiKewangan Islam (ISRA)/ PengerusiJawatankuasaPenasihatSyariahAffin Bank Berhad

  2. 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

  3. 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)

  4. 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).

  5. 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

  6. 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.

  7. 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

  8. 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

  9. 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

  10. 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

  11. 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

  12. 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

  13. ApakahCiri-ciriasasKewangan Islam yang MembezakannyadaripadaKewanganKonvensional?

  14. Bagaimananakmembangunkanprodukkewangan Islam…? Dharurah! Maslahah Keuntungan? Maqasid Undang2 Kamiperlukanwangnakbelirumah, keretadll.

  15. Hartahanyabolehberpindahdarisatupihakkesatupihak yang lain melaluikontrak @ aqad yang sempurnadansahih TeoriAsasKontrakDalam Islam SumberHukum (Quran & Sunnah) SalingRedha-meredhai 15

  16. 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

  17. Sebab-sebabPengharamanDalamKontrak(اسباب التحريم)

  18. 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)

  19. Klasifikasi Umum Kontrak Dalam Islam KontrakBerkaitanKeuntungan Kontrak Pertukaran (معاوضات) Kontrak Berkaitan Kebajikan (تبرعات) Kontrak Perkongsian (معاوناات) 19

  20. 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

  21. Adakah‘pinjaman’ dan‘pembiayaan’ maksud yang sama?

  22. IlustrasiSebahagianProduk-produkKewangan Islam diPasaranKetikaini

  23. Bay’ al-Inah – PembiayaanPeribadi Bagaimanasayabolehdapatkan RM150,000 untukbelanjakahwin? Bank jualaset RM 150,000 Pelangganbayardenganhargatangguh Bank bayarsecaratunai RM 100,000 Pelangganjualaset

  24. 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

  25. 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

  26. 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%

  27. 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”

  28. 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

  29. Apakah Produk Kewangan Islam Lebih Mahal Daripada Produk Kewangan Konvensional……....?

  30. ProdukKonvensional Produk Islam Berasaskan Kontrak Hutang (Loan) Berasaskan Kontrak Jual-Beli

  31. 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

  32. 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

  33. 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

  34. Perbankan Konvensional Perbankan Islam Installment Amount Years Perbezaan 'Installment' vs

  35. PERGERAKAN BASED LENDING RATE (BFR)

  36. 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

  37. 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

  38. 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)

  39. 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

  40. 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

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