tag:blogger.com,1999:blog-109210582024-03-06T15:49:32.884+07:00Explore Islamic BankingIsyrokh Fuaidihttp://www.blogger.com/profile/02313701662276106315noreply@blogger.comBlogger22125tag:blogger.com,1999:blog-10921058.post-60985445678480993682009-05-24T20:23:00.001+07:002009-05-24T20:23:58.512+07:00What is the meaning of "necessity", such that it becomes permissible to borrow money with interest?If borrowing from the bank is done in a shar’i manner, such as taking a loan which he will pay back with no interest, or he buys something from them to be paid for at an agreed time – even if that is for more than the current price – there is nothing wrong with that. But if he borrows from them on the basis of riba (interest), this is not permissible, because Allaah has Isyrokh Fuaidihttp://www.blogger.com/profile/02313701662276106315noreply@blogger.com1tag:blogger.com,1999:blog-10921058.post-64462749069039783242009-04-16T15:47:00.000+07:002009-04-16T15:48:52.009+07:00Diminishing Musharakah<!--[if !supportLists]-->• <!--[endif]-->Musharakah is a form of partnership (Shirkat) between two or more parties whereby each party contributes to the capital of the partnership in equal or varying proportions either to establish a new venture or share in an existing one. <!--[if !supportLists]-->• <!--[endif]-->There are two types of Shirkah: Shirkat-ul-Milk Isyrokh Fuaidihttp://www.blogger.com/profile/02313701662276106315noreply@blogger.com0tag:blogger.com,1999:blog-10921058.post-56477709184059031272009-04-16T15:46:00.000+07:002009-04-16T15:47:29.069+07:00IJARAH <!--[if !supportLists]-->• <!--[endif]-->Ijarah is a term of Islamic Fiqh <!--[if !supportLists]-->• <!--[endif]-->Literally, it means “To give something on rent” <!--[if !supportLists]-->• <!--[endif]-->The term “Ijarah” is used in two situations: <!--[if !supportLists]-->1. <!--[endif]-->It means ‘To employ the services of a person on wages’ e.g. “A” hires a porterIsyrokh Fuaidihttp://www.blogger.com/profile/02313701662276106315noreply@blogger.com0tag:blogger.com,1999:blog-10921058.post-4199935467526016332009-04-16T15:45:00.001+07:002009-04-16T15:45:54.105+07:00Practical Issues in Murabaha1. Timing of Declaration <!--[if !supportLists]-->• <!--[endif]-->A Murabaha financing arrangement consists of a series of documents to be executed at various stages, the sequence and timing of which is extremely important. <!--[if !supportLists]-->• <!--[endif]-->Through declaration, the client and the bank execute an important step of a valid Murabaha sale i.e. Offer & Isyrokh Fuaidihttp://www.blogger.com/profile/02313701662276106315noreply@blogger.com0tag:blogger.com,1999:blog-10921058.post-15341633924465497272009-04-16T15:42:00.000+07:002009-04-16T15:43:59.111+07:00Step by step Murabaha financing(under Agency arrangement) Client and bank sign an agreement to enter into Murabaha (MMFA). <!--[if gte vml 1]> <![endif]--><!--[if !vml]--><!--[endif]--> 2. Client appointed as ‘Agent’ to purchase goods on bank’s behalf <!--[if gte vml 1]> <![endif]--><!--[if !vml]--><!--[endif]--> 3. Bank gives money to Agent/supplier for Isyrokh Fuaidihttp://www.blogger.com/profile/02313701662276106315noreply@blogger.com0tag:blogger.com,1999:blog-10921058.post-45444677762971685352009-04-16T15:39:00.001+07:002009-04-16T15:41:52.931+07:00MURABAHA<!--[if !supportLists]--><!--[endif]-->· Murabaha is a particular kind of sale and not a financing in its origin. <!--[if !supportLists]-->· <!--[endif]-->Where the transaction is done on a “cost plus profit” basis i.e. the seller discloses the cost to the buyer and adds a certain profit to it to arrive at the final selling price. <!--[if !supportLists]-->· <!--[endif]-->Isyrokh Fuaidihttp://www.blogger.com/profile/02313701662276106315noreply@blogger.com0tag:blogger.com,1999:blog-10921058.post-70206209564867701132009-04-16T15:32:00.000+07:002009-04-16T15:37:27.947+07:00ISLAMIC FINANCIAL INSTRUMENTS <!--[if !supportLists]-->Ø <!--[endif]-->Islamic Shariah is the set of rules & regulations which are to be followed by Islamic Banks. <!--[if !supportLists]-->Ø <!--[endif]-->Scholars study these laws and guide the bank on how to apply them on day to day transactions. BASIC RULES OF SALE <!--[if !supportLists]-->· <!--[endif]-->Since Murabaha is a sale Isyrokh Fuaidihttp://www.blogger.com/profile/02313701662276106315noreply@blogger.com0tag:blogger.com,1999:blog-10921058.post-92000669839454054542008-07-24T01:39:00.002+07:002008-07-27T18:36:30.707+07:00Rib¯a includes the exchange of a debt with a debt It is related from M¯us¯a ibn ‘Ubaydah from ‘Abd All¯ah ibn D¯in¯ar from Ibn ‘Umar from the Prophet (God’s peace and blessings be upon him) that he proscribed the exchange of a k¯al¯i’ (debt) for a k¯al¯i’ (debt), while in some versions the words are, “exchange of a dayn (debt) for a dayn (debt),” but they are both the same. This is, however, overlooked up to the session of the contract, Isyrokh Fuaidihttp://www.blogger.com/profile/02313701662276106315noreply@blogger.com0tag:blogger.com,1999:blog-10921058.post-82243134903038955712008-07-24T00:21:00.001+07:002008-07-24T03:12:52.152+07:00Excerpt on Rib¯a from Ahk¯am al-Qur’¯anAll¯ah, the Exalted, said: ”Those who devour usury will not stand except as stands one whom the Evil One by his touch hath driven to madness. That is because they say: “Trade is like usury,” but Allah hath permitted trade and forbidden usury.” (Qur’¯an 2 : 275.) Ab¯u Bakr (al-Jass¯as) said: The root meaning of al-rib¯a in the language is excess from which is also derived the word r¯abiyah, Isyrokh Fuaidihttp://www.blogger.com/profile/02313701662276106315noreply@blogger.com0tag:blogger.com,1999:blog-10921058.post-69207547802553716412008-05-01T16:31:00.000+07:002008-05-01T16:55:56.276+07:00GLOSSARY ON ISLAMIC BANKINGAmanah: It refers to deposits in trust. A person can hold a property in trust for another, sometimes by express contract and sometimes by implication of a contract. Amanah entails absence of liability for loss except in breach of duty. Current Accounts are regarded as Amanah (trust). If the bank gets authority to use Current Accounts funds in his business, Amanah transforms into a loan. As Isyrokh Fuaidihttp://www.blogger.com/profile/02313701662276106315noreply@blogger.com0tag:blogger.com,1999:blog-10921058.post-10232092955993748502008-04-21T02:52:00.001+07:002008-04-23T22:45:44.808+07:00Types of Wealth in IslamThe classification of wealth is to be laid down below to identify more comprehensively about the types of wealth in Islamic legal system. It is not to redefine the term as mentioned above but to elaborate the specific meaning according it's different aspects in result of which the proper legal implications can be drawn and to be applied accordingly. Types of wealth can be classified below Isyrokh Fuaidihttp://www.blogger.com/profile/02313701662276106315noreply@blogger.com0tag:blogger.com,1999:blog-10921058.post-40060249519931991352008-04-21T02:30:00.005+07:002008-04-23T22:54:33.935+07:00TYPE OF WEALTHDefinition of māl:By definition, māl (مال) in Arabic which is translated as wealth in Latin word has various meanings in its technical meaning: It refers to things of value owned. Any existence which gives value in it can be considered as wealth including those though they are prohibited under Islamic point of view such as pig, wine, etc. The common laws nowadays also consider wealth in this Isyrokh Fuaidihttp://www.blogger.com/profile/02313701662276106315noreply@blogger.com0tag:blogger.com,1999:blog-10921058.post-35191070243154718162008-04-21T01:37:00.001+07:002008-04-21T02:52:06.023+07:00Issue on The adoption of the Dinar and the Dirham in the Recent EraThe adoption of the dinar and the dirham is not binding on us. The followings are the basis of the argument:a) There is no clear evidence from the Quran and Sunnah that the Muslim shall use and adopt the dirham in their transaction.b)However, it is preferable to use the dinar and dirham as the gold and silver are the most stable currency since its emergence until the recent era.c) Not only the Isyrokh Fuaidihttp://www.blogger.com/profile/02313701662276106315noreply@blogger.com0tag:blogger.com,1999:blog-10921058.post-83758857739951651532008-04-21T01:30:00.000+07:002008-04-21T02:05:53.361+07:00<!-- google_ad_client = "pub-9958514770471582"; /* 300x250, created 4/20/08 */ google_ad_slot = "2309473580"; google_ad_width = 300; google_ad_height = 250; //-->Isyrokh Fuaidihttp://www.blogger.com/profile/02313701662276106315noreply@blogger.com0tag:blogger.com,1999:blog-10921058.post-85819228272261700992008-04-21T01:29:00.000+07:002008-04-21T01:34:49.478+07:00Zakat on Paper MoneyIn book of Al-Fiqhu Ala al-Mazahib al-Arba'ah, in case of paper money, the following different views of Islamic jurist are supposed to be noticed:i. Hanafi School: banknotes –as in paper money- is considered as a substance upon which the payment of zakat is applied provided that it can be directly exchanged with gold or silver.ii. Shafii School: also considered that money in the bank fall Isyrokh Fuaidihttp://www.blogger.com/profile/02313701662276106315noreply@blogger.com0tag:blogger.com,1999:blog-10921058.post-19654330834938079252008-04-21T01:19:00.000+07:002008-04-21T01:27:08.169+07:00Paper Money : Legal Currency or nota. To test whether paper money is legal currency or not, just follow the three requirements above, if the above three requirements are found then paper money is legal currency. So, the use and role of paper money is similar to the dinar or dirham.b. The medium of exchange is not limited to gold or silver and the barter of commodity is not confined to specific articles such as gold, silver, etc, Isyrokh Fuaidihttp://www.blogger.com/profile/02313701662276106315noreply@blogger.com0tag:blogger.com,1999:blog-10921058.post-32195382399772523892008-04-21T01:10:00.000+07:002008-04-21T01:16:21.748+07:00Legal Currency1. <!--[endif]-->By definition a currency is a unit of exchange, facilitating the transfer of goods and/or services. (wikipedia) <!--[if !supportLists]-->2. <!--[endif]-->In Islam, there is no disagreement between the jurists, whether the old jurists or modern jurists that dinar and dirham was the legal currency. The currency which is recognized and commonly used at the time of the Isyrokh Fuaidihttp://www.blogger.com/profile/02313701662276106315noreply@blogger.com0tag:blogger.com,1999:blog-10921058.post-60170212719336977502008-04-21T01:00:00.001+07:002008-04-21T01:09:54.411+07:00How the Money Attained its Modern FormOriginally, paper money was a receipt which represented a certain amount of real money, usually gold and silver, given to the goldsmith. Paper money was a promise note to pay based on a previous deposit of quantity of money with someone in trust. A person, by using that paper money can exchange with any other service or commodity as he is declared to be the owner of that receipt and gold. Isyrokh Fuaidihttp://www.blogger.com/profile/02313701662276106315noreply@blogger.com0tag:blogger.com,1999:blog-10921058.post-10189883078858843682008-04-21T00:44:00.000+07:002008-04-21T00:47:27.241+07:00History of the Dinar• At about 500 BC, pieces of silver coin were already known. It was found in Greek, Persian, turkey and Roman Empires. However, dinar which is too a form of coin and composed of metal emerged as a currency since being used by the Muslim at 7th century. The prophet also states: "A time is certainly coming over mankind in which there will be nothing [left] which will be of use save a dinar and a Isyrokh Fuaidihttp://www.blogger.com/profile/02313701662276106315noreply@blogger.com0tag:blogger.com,1999:blog-10921058.post-1109104448123883772005-02-23T03:28:00.002+07:002008-04-21T00:40:40.076+07:00RENUNGAN UNTUK NEGERI(Dialektika Teologis Tentang Tsunami)Tak akan hilang dalam ingatan kita, peristiwa suram 26 Desember 2004 di NAD yang disebut dengan badai Tsunami. Bencana alam yang telah menelan korban jiwa ratusan ribu manusia. Pantaslah apabila pemerintah RI menyatakan tiga hari sebagai hari berkabung nasional.Bukan hanya Indonesia yang mungkin menangis, sejumlah negara Asia Tenggara dan Selatan yang lain pun ikut berbagi duka atas bencana itu. Isyrokh Fuaidihttp://www.blogger.com/profile/02313701662276106315noreply@blogger.com0tag:blogger.com,1999:blog-10921058.post-1108893825269805632004-12-20T17:00:00.001+07:002008-04-21T00:25:01.033+07:00MUNGKINDunia ini memang terasa aneh. Aneh karena sesuatu terkadang berjalan tidak sebagaimana mestinya. Sesuatu yang normal lazimnya tidak akan menimbulkan sejumlah pertanyaan dan jawaban. Hal itulah yang diharapkan karena dengan adanya pertanyaan dan jawaban akan menambah pekerjaan tersendiri kepada si pelakunya.Hukum "Sebab Akibat" (kausalitas) merupakan analogi dasar yang paling mudah untuk Isyrokh Fuaidihttp://www.blogger.com/profile/02313701662276106315noreply@blogger.com0tag:blogger.com,1999:blog-10921058.post-1108887015386502582003-04-22T14:06:00.000+07:002005-03-05T02:17:46.000+07:00NEGARA TERTAWA dalam "ORGANIC THEORY "Salah satu sifat yang lazim dimiliki manusia adalah tertawa. Entah itu merupakan qodrat manusia atau bukan itulah ketawa, yang tidak bisa dipisahkan dari manusia. Kecuali sikap rasul yang konon selama masa hidup beliau tidak pernah melakukannya kecuali hanya tersenyum dalam mengekspresikan kebahagiaannya.Tertawa seseorang mempunyai banyak ekspresi yang berbeda-beda. Adakalanya seseorang tertawaIsyrokh Fuaidihttp://www.blogger.com/profile/02313701662276106315noreply@blogger.com0