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Explanation and Analysis of the issues (form different perspective)

Shariah Advisory Council of Bank Negara has imposed Ta’widh and gharamah in order to overcome the issues in “Late Payment Charge Imposed by Islamic Banks”.

- Ta’widh means damaged imposed on the actual loss suffered by the lenders financing the impact of delayed payment by the receiver.
- Gharamah is defined as a penalty or fine imposed for late debt, without proof of the existence of the actual loss.
- The different  opinions of Ta’widh case where penalty is imposed because of deferred payment are as follows:

1. It should be penalised in the form of money.
2. It should be penalised in the form of money but it should be channeled to charity.
3. No penalty should be charge at all.

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Explain and analyse issue (from different perspective)

- The portrayal of women as one of the subjects in advertising has raised issues of sexual exploitation such as stereotyping, sexual harassment, degrading dignity, immorality and tabarruj.

- Even women involved in advertising invite negative issues, but there have positive and shariah ads. This is a question of the mistake of judging the law whether it is illegal or there is still room for women in the advertising.

- Tabaruj in advertisement can lead a negative issues in the involvement of non-shariah advertisement through women.

- Tabarruj means a woman reveals her jewelry and its beauty, which must be covered from various things that can be invited to male orgasm.

- The different opinions of involvement Muslim women in advertising :

1) Women should wearing the clothes that is obedient to the Shariah law.
2) Women must engage in Shariah-compliant advertising.
3) Women need to avoid themselves from tabarruj or extreme ornaments.

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Explanation and Analysis of the Issues(from different perspective)

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Explanation and Analysis of the Issues(from different perspective)

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The explanation from this journal we can simply that, it is very important to introduce the repayment system so that it can give an easier way to the clients in conducting transactions, this is based on the main concerned that have been stated in the journal.
Althought as we known,E- payment can be defined as a collection of components and processes that enables two or more parties to conduct financial transactions and exchange monetary value via an electronic system. No cash is used in making payments through the e- payment system. Payments can be made via online transactions using channels such as mobile banking, credit and debit cards, cheques, and wire transfer.

In the practice of buying and selling based on information and electronic technology in the view of the Ash-madzhab
Shafi'i becomes a number of transaction contracts, such as

 An absolute purchase agreement for a transaction
Cash on Delivery
and transactions using Debit cards (Debit on Delivery)

 Contract of sale and purchase with Wakalah for transactions Cash on Delivery or use a Debit card (Debit on Delivery) via courier or Delivery Service

 Bay 'bi At-Taqsith  for credit purchase transactions using a Credit card with no interest conditions in the payment of bills for the purchase transaction.

 Akad Qardh
to buy and sell with goods sent first.

 Akad Sharf for credit card transactions in place (Credit on Delivery ) or online with non-interest terms in the payment of credit bills for online transactions.

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Explanation and analysis of the issue(from different perspective)

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Explanation and analysis of the issue(from different perspective)

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Contemporary shariah scholars give the view that there is ambiguity in understanding the speculative speculation and at the same time there is a speculative equation with elements prohibited in Islam such as gambling and uncertainty (gharar).

There is five of takyif fiqhi proposed by contemporary shariah scholar which can be analysed between the speculation using the al-sabr wa al-taqsim:
1. Speculation and investment
2. Speculation and gharar
3. Speculation and maysir
4. Speculation and purchase(al-bay)
5. Speculation and al-Najash

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Explanation and analysis of the issues from different perspective 

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Explanation and analysis of the issues from different perspective 

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FOREX is a market between banks and dealers that established by 1971 while floating exchange rate emerged simultaneously. This market has a huge transaction volume in comparison to other financial market.

From the Shariah viewpoint, the problem with the conventional FX Swap structure arises when the parties involved want to exchange currency sometime in future but already fixing a rate which is fixed today while the contract is sealed today. This contravenes to the basic Shariah

rules governing the exchange of currency (bay` al-sarf).

1) Futures and Forwards are Gharar

Deferring in trading two currencies with uncertain rate of exchange can be a kind of gharar which is unlawful in perspective of Islam. As a result of gharar there is an uncertainty in owning two currencies by contract parties in delivery time, on the other hand there would be a possibility that one party in agreement could not be able to settle at exercise time.

2)Future and forwards are zero sum games

Other reason for disapproving currency futures and forwards is in consequence of zero sum game. In other words jurist believe that in this kind of agreements one party usually gains and other party losses so it resembles a gamble with zero sum and therefore it is illegal.

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Explaination and Analysis of the issues (form different perspective)

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Explaination and Analysis of the issues (form different perspective)

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Malaysia sukuk and bonds market is expected to be among the most vulnerable to foreign market. This shows that Malaysia has aming the highest foreign participation in the region. The investors more interested with Malaysia market compare than international market because they can denominate the value of foreign currency that issued in Malaysia and also can exemption from the tax payment. For the different perspective, investors should consider the interest rate and currencies. Secondly, they should prefer the sukuk because sukuk are based on shariah that avoids interest and usury compare than bonds.

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The profits and losses shared in PLS are those of a business enterprise or person which/who has obtained capital from the Islamic bank/financial institution (the terms "debt", "borrow", "loan" and "lender" are not used). As financing is repaid, the provider of capital collects some agreed upon percentage of the profits (or deducts if there are losses) along with the of the financing.Unlike a conventional bank, there is no fixed rate of interest collected along with the principal of the loan. Also unlike conventional banking, the PLS bank acts as a capital partner (in the mudarabah form of PLS) serving as an intermediary between the depositor on one side and the entrepreneur/borrower on the other. The intention is to promote "the concept of participation in a transaction backed by real assets, utilizing the funds at risk on a profit-and-loss-sharing basis".

Profit-and-loss-sharing is one of "two basic categories" of Islamic financing, the other being "debt-based contracts" (or "debt-like instruments") such as murabaha, istisna'a, salam and leasing, which involve the "purchase and hire of goods or assets and services on a fixed-return basis". While early promoters of Islamic banking (such as Mohammad Najatuallah Siddiqui) hoped PLS would be the primary mode of Islamic finance, use of fixed return financing now far exceeds that of PLS in the Islamic financing industry.

In reality it is very difficult to implement Islamic banking in this technological age. Through

interview with respondent A, BIMB used to grant musharakah and mudharabah based financing, although the number was small BIMB did tried this method of financing. However, there were some who were successful and some who failed. The Islamic bank had granted various portfolios based on musharakah and mudharabah.

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The profits and losses shared in PLS are those of a business enterprise or person which/who has obtained capital from the Islamic bank/financial institution (the terms "debt", "borrow", "loan" and "lender" are not used). As financing is repaid, the provider of capital collects some agreed upon percentage of the profits (or deducts if there are losses) along with the principal of the financing. Unlike a conventional bank, there is no fixed rate of interest collected along with the principal of the loan. Also unlike conventional banking, the PLS bank acts as a capital partner (in the mudarabah form of PLS) serving as an intermediary between the depositor on one side and the entrepreneur/borrower on the other. The intention is to promote "the concept of participation in a transaction backed by real assets, utilizing the funds at risk on a profit-and-loss-sharing basis".

Profit-and-loss-sharing is one of "two basic categories" of Islamic financing, the other being "debt-based contracts" (or "debt-like instruments") such as murabaha, istisna'a, salam and leasing, which involve the "purchase and hire of goods or assets and services on a fixed-return basis". While early promoters of Islamic banking (such as Mohammad Najatuallah Siddiqui) hoped PLS would be the primary mode of Islamic finance, use of fixed return financing now far exceeds that of PLS in the Islamic financing industry.

In reality it is very difficult to implement Islamic banking in this technological age. Through interview with respondent A, BIMB used to grant musharakah and mudharabah based financing, although the number was small BIMB did tried this method of financing. However, there were some who were successful and some who failed. The Islamic bank had granted various portfolios based on musharakah and mudharabah.

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The profits and losses shared in PLS are those of a business enterprise or person which/who has obtained capital from the Islamic bank/financial institution (the terms "debt", "borrow", "loan" and "lender" are not used). As financing is repaid, the provider of capital collects some agreed upon percentage of the profits (or deducts if there are losses) along with the principal of the financing.Unlike a conventional bank, there is no fixed rate of interest collected along with the principal of the loan. Also unlike conventional banking, the PLS bank acts as a capital partner (in the mudarabah form of PLS) serving as an intermediary between the depositor on one side and the entrepreneur/borrower on the other. The intention is to promote "the concept of participation in a transaction backed by real assets, utilizing the funds at risk on a profit-and-loss-sharing basis".

Profit-and-loss-sharing is one of "two basic categories" of Islamic financing, the other being "debt-based contracts" (or "debt-like instruments") such as murabaha, istisna'a, salam and leasing, which involve the "purchase and hire of goods or assets and services on a fixed-return basis". While early promoters of Islamic banking (such as Mohammad Najatuallah Siddiqui) hoped PLS would be the primary mode of Islamic finance, use of fixed return financing now far exceeds that of PLS in the Islamic financing industry.

In reality it is very difficult to implement Islamic banking in this technological age. Through

interview with respondent A, BIMB used to grant musharakah and mudharabah based financing, although the number was small BIMB did tried this method of financing. However, there were some who were successful and some who failed. The Islamic bank had granted various portfolios based on musharakah and mudharabah.

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Multi-Level Marketing
Issue : The negative perception towards Multi-Level marketing
- Due to some negative elements and critics about the losses of money and cannot get return as promises by top management, it has raised a concerns among the public especially from the Islamic view about this matter.

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Explanation & analysis of the issues (form different perspective)

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Explanation & analysis of the issues (form different perspective)

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Detariffication was aim to bring the competition among insurers & takaful operators in order to risk-up the efficiency of the market and directly could reduce the prices. This efficiency could be done when there is the flexibility in calculating the premiums (insurance) / contribution (takaful) which will push up the industry's competitiveness.
Besides, it also promotes and bring up more fairness through pricing the premiums (insurances) / contributions (takaful) based on the underlying risks by determining charging associated with the risk profiles