Isu dalam pembiayaan perumahan: analisis perbandingan produk berasaskan musharakah mutanaqisah dan konvensional

Islamic financing products are completely different between conventional loan products. Islamic products are based on shariah concepts such as Murabahah, Bay‘ Bithaman Ajil (BBA), BBA komoditi, Ijarah Thumma Bay`, Istisna‘ and musharakah mutanaqisah (MM). While the conventional loans is based on lending. musharakah mutanaqisah (MM) is the hybrid contract based on partnership and ending with single ownership.The early of this concept applied in banking practice after year 2000.Equity-based concept is strongly encouraged its use in daily practices based on the concept of Islam as compared to debt such as Bay‘ Bithaman Ajil (BBA).Therefore, this article will analyze and comparison between the concept of products based on musharakah mutanaqisah (MM) with a conventional loan products.Focus for the comparison is about financing and housing loan products in Malaysia

Accessibility of low income earners to home financing: a case study in Kedah

The purpose of this article is to examine the accessibility of low income earner to home financing facilities.This study involves 119 respondents who are low income earners in Kedah and have experience in applying and accessing home financing.Structured interview schedule was developed, pre-tested and used for collecting quantitative data for the study from the sample of low income group. Descriptive statistics were used for analysing quantitative data.Based on the finding, it shows that the lower income earners are looking for the house at the RM100, 000 with monthly payment of RM500 which is the maximum amount that they can afford to pay.In addition, they also really need an aid from the government in term of specific policies for low income earners to own affordable homes.With regards to level of information, individuals need clearer and accurate information on housing loans to ensure that they can make a right decision. Therefore, policy maker particularly government and banks need to consider these factors and provide the right tenant mixes, services and other facilities that are essential to ensure the lower income earner also have the equal opportunity to access home financing

Kaedah pengurusan harta wakaf oleh Majlis Agama Islam Negeri Kedah (MAIK): pelaksanaan pajakan untuk 99 tahun

Artikel ini membincangkan tentang kaedah pengurusan harta wakaf yang dilaksanakan Oleh Majlis Agama Islam Kedah (MAIK).Terdapat pelbagai kaedah pembangunan yang telah digunakan oleh MAIK untuk tujuan pengurusan yang optimal antaranya kaedah sewaan, istibdal, B.O.T (Build Operate Transfer), Pajakan 99 tahun, RMK-9 (Rancangan Malaysia Ke-9) dan juga kaedah usahasama. Kajian ini memfokuskan kaedah pajakan 99 tahun yang telah diamalkan oleh MAIK untuk menguruskan harta wakaf yang berada dibawah seliaannya.Perbahasan dari segi fiqh juga diutarakan dalam kajian ini yang berkisar tentang kaedah pajakan tanah untuk tempoh 99 tahun. Hasil perbincangan ini kelak akan membolehkan institusi wakaf dinegeri lain menjadikan ianya sebagai acuan dalam usaha memartabatkan kelestarian harta wakaf yang diselia

Issues in Bay’ Bithaman Al-Ajil Islamic Home Finance (‘BBA’) in Abandoned Housing Projects In Malaysia: An Examination of ‘Gharar’

Islamic Banking has been established since 1980s in Malaysia. It was initially commenced with the incorporation of Bank Islam Malaysia Berhad (BIMB) in 1983. Until today, Islamic Banking has robustly developed in Malaysia providing various kinds of Islamic transaction products including Islamic Home Finance. Various Islamic Home Finance products have been introduced and practised in Malaysia. Among the products are: Bay’ Bithaman al-Ajil (BBA), Musharakah al-Mutanaqisah (MM), Commodity Murabahah and Ijarah. Nonetheless, there are many issues in these products when faced with the problems of abandoned housing projects. One of the issues is the issue of ‘gharar’ in BBA. It is evident that, the application of BBA is proven to be defective and contains many flaws, if involves abandoned housing projects in Malaysia. This paper aims to highlight and analyse this issue (gharar) and provide solutions to the issues discussed. This paper used shariah (Islamic Law) doctrinal and qualitative case study research methodologies. This paper finds that the current terms in the BBA are inadequate and warranted it to be provided with terms that can prevent the occurrences of gharar thus can fully comply with the requirements of the shariah (lslamic Law). The outcome of this paper will help the Islamic banking industry in dealing with the issues of gharar in abandoned housing projects in Malaysia and protect the rights and interests of the purchaser consumers. Keywords: Gharar; Abandoned Housing Projects; Bay’ Bithaman al-Ajil (BBA); Purchaser Consumers’ Losses and Grievances; Proposal for Refor

Is Malaysian Islamic home financing bay’ bithaman al-ajil (‘BBA’) compatible with Islamic law? A critical examination on the issue of ‘beneficial ownership’

Islamic Banking has been established since 1980s in Malaysia. It was initially commenced with the incorporation of Bank Islam Malaysia Berhad (BIMB) in 1983. Until today, Islamic Banking has robustly developed in Malaysia providing various kinds of Islamic transaction products including Islamic home finance. Various Islamic home finance products have been introduced and practised in Malaysia. Among the products are: Bay’ Bithaman al-Ajil (BBA), Musharakah al-Mutanaqisah (MM), Commodity Murabahah and Ijarah. Nonetheless, there are many issues in these products when faced with the problems of abandoned housing projects.One of the issues is the issue of beneficial ownership in BBA.It is evident that, the application of BBA is proven to be defective and contains many flaws, if involves abandoned housing projects in Malaysia. This paper aims to highlight this issue and provide solutions to the issues discussed.This paper used shariah (Islamic Law) doctrinal and qualitative case study research methodologies. This paper finds that the current terms in the BBA are inadequate and warranted it to be provided with equitable terms on beneficial ownership thus can fully comply with the requirements of the shariah.The outcome of this paper will help the Islamic banking industry in dealing with issues arising from ‘beneficial ownership’ in transaction involving abandoned housing projects in Malaysia

Musharakah Mutanaqisah Home Financing Products: An Implementation Analysis, Product Advantages and Issues at Citibank (Malaysia) Berhad

Banking institutions in Malaysia consists of two categories, the full-fledge Islamic banks and interest-free banking scheme. Banks offering Islamic products that are purely local and some from outside, such as Citibank (Malaysia). This research discuses the concept of Musharakah Mutanaqisah in Islamic transaction and its application in the home financing product at Citibank Malaysia Berhad. The research focuses on how does this syariah concept apply on Islamic home financing product, their advantages, issues and challenges that was faced by this institution. In order to achieve the objectives of the research, the researcher used the library and fields work methods to collect the data. The data collected was analyzed using the methods of inductive and deductive and comparative. This research shows that home financing through Musharakah Mutanaqisah is a new product, offered from 2005. Musharakah Mutanaqisah is a hybrid contract and created by some elements like ijarah, al-bay‘, Musharakah. Research finding also shows that the impact of the use of Musharakah Mutanaqisah instrument is better than previous contract like BBA. This indirectly explain to us how conventional banks like Citibank offers Islamic banking products through Windows Islamic Banking schemes

The Influence of Third-Party Funds and Other Operating Income on Profits of Islamic banking: Financing as an Intervening Variable

This study aims to determine the effect of third-party funds and other operating income on profits at Bank Mega Syariah with financing as an intervening variable. This research is a quantitative model using secondary data with a purposive sampling technique. The sample used is the annual report of Bank Mega Syariah for the 2012-2021 period. Data were analyzed and processed using Microsoft Excel and SPSS 25. The results found that third-party funds had a significant effect on financing. Meanwhile, other operating income has no significant effect on financing. Furthermore, third-party funds have a significant effect on net income. Other operating income and financing have no significant effect on net income. Then, financing cannot mediate the effect of third-party funds and other operating income on the net income.

Aplikasi kontrak muamalat dalam pengurusan hotel halal: Satu tinjauan awal

Industri pelancongan dan perhotelan merupakan salah satu sektor penting di Malaysia dalam menjana pendapatan kepada Negara di samping menyediakan pelbagai peluang kepada masyarakat.Bagi menjana industri ini, penyediaan kemudahan yang mampu memenuhi kehendak para pelanggan boleh menyumbang kepada kerancakan aliran ekonomi industri. Penyediaan hotel yang berkualiti yang dapat memenuhi citarasa dan kehendak pelancong mampu memberi impak yang baik kepada industri ini.Contohnya dalam penyediaan penginapan kepada para pelancong, hotel yang bakal disediakan bukan sekadar bertaraf lima bintang, bahkan seharusnya halal dan lulus syariah.Industri perhotelan di Malaysia menyediakan lebih 1500 hotel untuk dipilih oleh para pelancong.Namun dari jumlah tersebut, hanya 144 hotel yang mempunyai sijil halal diiktiraf Jabatan Kemajuan Islam Malaysia (JAKIM).Sijil halal yang dikeluarkan JAKIM pada waktu ini pula lebih tertumpu kepada penyediaan makanan atau dapur dan café yang halal.Justeru kertas ini cuba mengetengahkan beberapa kontrak muamalat yang boleh diaplikasi dalam pengurusan sesebuah hotel. Pengaplikasian kontrak ini nanti diharap dapat memperkembangkan lagi sisi-sisi hotel halal yang sedia ada agar menjadi lebih lulus syariah bukan sekadar pada makanan sahaja, bahkan keseluruhan operasi hotel

Accessibility of Low Income Earners to Home Financing: A Case Study in Kedah

The purpose of this article is to examine the accessibility of low income earner to home financing facilities. This study involves 119 respondents who are low income earners in Kedah and have experience in applying and accessing home financing. Structured interview schedule was developed, pre-tested and used for collecting quantitative data for the study from the sample of low income group. Descriptive statistics were used for analysing quantitative data. Based on the finding, it shows that the lower income earners are looking for the house at the RM100, 000 with monthly payment of RM500 which is the maximum amount that they can afford to pay. In addition, they also really need an aid from the government in term of specific policies for low income earners to own affordable homes. With regards to level of information, individuals need clearer and accurate information on housing loans to ensure that they can make a right decision. Therefore, policy maker particularly government and banks need to consider these factors and provide the right tenant mixes, services and other facilities that are essential to ensure the lower income earner also have the equal opportunity to access home financing. Keywords: Home financing; low income earners; descriptive statistics; government intervention JEL Classifications: D6, G18, H

Ijarah Mausufah Fi Zimmah Islamic Home Finance In Dealing With Abandoned Housing Projects In Malaysia: Features, Issues, And Prospects

There have been many Islamic Home products introduced in Malaysia since the establishment of its first Islamic bank – Bank Islam (M) Berhad in early 1980s. However, hitherto, it is still doubtful that these products have fully complied with Islamic law. This is evident in the issue of justice and gharar in face of the problems of abandoned housing projects. This paper discusses Ijarah Mausufah Fi Zimmah (IMFZ) as one of the Islamic Home Finance products that are currently applicable in Malaysia. The discussion entails the issues of abandoned housing projects and examines as to whether the terms in IMFZ can fully deal with the issues. This paper used shariah (Islamic Law), legal doctrinal and qualitative research methodologies. This paper shows that the current applicable terms in IMFZ are inadequate and warranted them to be replaced with terms that provide better equitable protection to aggrieved purchaser in abandoned housing projects, comply with the shariah and dispense justice to the contracting parties. The outcome of this paper will improve the theory and practice of Islamic banking industry in dealing with this issue in Malaysia