ISTILAH DALAM TRANSAKSI KEWANGAN ISLAM

Salam Dari keinginan yang membuak-buak ingin mengetahui lebih banyak tentang kewangan Islam, terjumpa pula pelbagai-bagai isltilah yang tidak difahami langsung tetapi penting untuk diketahui supaya lebih jelas bila perlu melaksanakanya. Tidak dapat tidak sebagai seorang Muslim kita hanya ada satu pilihan iaitu kewangan Islam dan kewangan Islam adlah yang terbaik namun amatlah rendah thapa kefahaman kita tentangnya. Mungkin terlalu asas tetapi istilah ini amatlah luas penggunaannya dalam transaksi-transaksi kita dan mahu tidak mahu kita perlu tahu. Perlu saya kekalkan ianya dalam bahasa inggeris kerana saya bukanlah seorang yang bijak mengalih bahasa tetapi bagi saya bahasanya mudah difahami untuk semua. Selamat membaca

1. Bai' al 'inah

• is a financing facility with the underlying buy and sell transactions between the financier and the customer. The financier buys an asset from the customer on spot basis. The price paid by the financier constitutes the disbursement under the facility. Subsequently the asset is sold to the customer on a deferred-payment basis and the price is payable in instalments. The second sale serves to create the obligation on the part of the customer under the facility. There are differences of opinion amongst the scholars on the permissibility of Bai' al 'inah, however this is practised in Malaysia and the like jurisdictions

2. Bai' bithaman ajil

• This concept refers to the sale of goods on a deferred payment basis at a price, which includes a profit margin agreed to by both parties. Like Bai' al 'inah, this concept is also used under an Islamic financing facility. Interest payment can be avoided as the customer is paying the sale price which is not the same as interest charged on a loan.

3. Bai' muajjal

• Literally bai' muajjal means a credit sale. Technically, it is a financing technique adopted by Islamic banks that takes the form of murabahah muajjal. It is a contract in which the bank earns a profit margin on the purchase price and allows the buyer to pay the price of the commodity at a future date in a lump sum or in installments. It has to expressly mention cost of the commodity and the margin of profit is mutually agreed. The price fixed for the commodity in such a transaction can be the same as the spot price or higher or lower than the spot price. Bai' muajjal is also called a deferred-payment sale.

4. Musharakah

• Musharakah (joint venture) is an agreement between two or more partners, whereby each partner provides funds to be used in a venture. Profits made are shared between the partners according to the invested capital. In case of loss, each partner loses capital in the same ratio. If the Bank provides capital, the same conditions apply. It is this financial risk, according to the Shariah, that justifies the bank's claim to part of the profit. Each partner may or may not participate in carrying out the business. A working partner gets a greater profit share compared to a sleeping (non-working) partner. The difference between Musharaka and Madharaba is that, in Musharaka, each partner contributes some capital, whereas in Madharaba, one partner, e.g. a financial institution, provides all the capital and the other partner, the entrepreneur, provides no capital. Note that Musharaka and Madharaba commonly overlap

5. Mudarabah

• A special kind of partnership where one partner gives money to another for investing it in a commercial enterprise. The investment comes from the first partner who is called "rabb-ul-mal", while the management and work is an exclusive responsibility of the other, who is called "mudarib. Mudarabah (Profit Sharing) is a contract, with one party providing 100 percent of the capital and the other party providing its specialist knowledge to invest the capital and manage the investment project. Profits generated are shared between the parties according to a pre-agreed ratio. Compared to Musharaka, in a Mudaraba only the lender of the money has to take losses.

6. Murabahah

• This concept refers to the sale of goods at a price, which includes a profit margin agreed to by both parties. The purchase and selling price, other costs, and the profit margin must be clearly stated at the time of the sale agreement. The bank is compensated for the time value of its money in the form of the profit margin. This is a fixed-income loan for the purchase of a real asset (such as real estate or a vehicle), with a fixed rate of profit determined by the profit margin. The bank is not compensated for the time value of money outside of the contracted term (i.e., the bank cannot charge additional profit on late payments); however, the asset remains as a mortgage with the bank until the default is settled.

7. Musawamah

• is the negotiation of a selling price between two parties without reference by the seller to either costs or asking price. While the seller may or may not have full knowledge of the cost of the item being negotiated, they are under no obligation to reveal these costs as part of the negotiation process. This difference in obligation by the seller is the key distinction between Murabaha and Musawamah with all other rules as described in Murabaha remaining the same. Musawamah is the most common type of trading negotiation seen in Islamic commerce.

8. Bai salam

• a contract in which advance payment is made for goods to be delivered later on. The seller undertakes to supply some specific goods to the buyer at a future date in exchange of an advance price fully paid at the time of contract. It is necessary that the quality of the commodity intended to be purchased is fully specified leaving no ambiguity leading to dispute. The objects of this sale are goods and cannot be gold, silver, or currencies based on these metals. Barring this, Bai Salam covers almost everything that is capable of being definitely described as to quantity, quality, and workmanship.

BERBILANG JEMAAH

Salam

Tidak saya di sini untuk mengulas tentang hukum hakam di sebalik perkataan itu mahupun ingin menyatakan yang mana patut diikut atau yang mana tidak. Namun, ada sesuatu yang dirasakan patut dipandang serius oleh semua orang yang sayangkan agama ini dan sayangkan segala bentuk perjuangan untuk meninggikan kembali agama ini di muka bumi.

Tidak dinafikan bahawa di Malaysia sahaja kita mempunyai pelbagai pertubuhan dan pergerakan yang berteraskan Islam. Pertubuhan dan pergerakan ini samada berbentuk parti politik, NGO, extended usrah group, pergerakan pelajar, alumni dan macam-macam lagi semuanya kasihkan Islam dan bergerak hanya kerana sayangkan agama ini.

Namun begitu satu penyakit yang agak merunsingkan ramai orang ialah wujudnya sikap taksub dan persaingan tidak baik di kalangan mereka-mereka ini. Mereka menjadi tertutup dan tidak mampu lagi membuka minda mereka kepada idea-idea atau pendapat-pendapat yang dikira bukan dari kalangan mereka. Apa sahaja yang dikaitkan dengan diri mereka adalah benar belaka seolah-olah sempurna dan sebarang idea yang kelihatan sedikit bercanggah atau berbau kritikan akan segera dicantas dan ditidakkan dengan cara yang kadang-kadang tersasar jauh dari nilai Islami yang mereka ingin perjuangkan.

Sesetengah dari mereka akan terus melenting dan beremosi bila mendapati ada pihak yang ingin menegur atau menyatakan pendapat. Mereka menjadi marah dan sampai tahap sanggup pula menghina dan memperkecilkan pertubuhan atau pergerakan orang lain. Mentaliti 'aku sahaja yang betul' ini amatlah merosakkan dan mampu memecahbelahkan golongan pencinta agama. Pergerakan mereka semuanya cantik-cantik belaka dan apa yang dilakukan hampir sepanjang masa adalah mencari kekurangan dan cela orang lain untuk meningkatkan 'kemuliaan' gerakan sendiri.

Akhirnya, kita bukan melawan orang yang bencikan Islam tetapi orang yang juga kasihkan Islam sama seperti kita. Kerugian besarlah kita bilamana ini terus berlaku. Kita tidak akan mampu menjadi kuat walaupun kita ramai di luar sana. Jika dilihat dan dihitung-hitung pergerakan yang berbau ISlam di Malaysia sahaja, saya berpendapat kita sudah harus berasa bangga dan mampu tersenyum. Namun kita masih tidak mampu menjadi kuat kerana ketidaksepakatan kita. Masing-masing ingin menjadi hero dan jaguh dan akhirnya menimbulkan persaingan yang tidka sihat sesama kita.

Cuba bayangkan bilamana kita mampu bersatu. Segala bentuk dana, tenaga, masa dan kepakaran pastinya dapat digunasama pada bila-bila masa. Walaupun kita bukan dari gerakan yang sama tetapi matlamat kita yang sama sahaja sepatutnya sudah cukup untuk kita bergabung tenaga dan bersatu hati. Cuba buang mentaliti pengkelasan pada diri kita dan pandanglah matlamatnya. Pasti kita mampu lebih jauh lagi.

Jangan fikir kita sahaja yang betul dan orang lain tidak. Terima kritikan dan perbetulkan dan perkukuhkan apa yang kurang. Jangan mudah melenting atau marah bila kita dikatakan tidak betul tetapi cuba cari di mana apa yang kurangnya dan bergerak dari situ. Memang mudah untuk berpecahbelah tetapi bersatu bukanlah sesuatu yang mustahil. Salurkan tenaga ingin bersaing itu dengan cara yang betul dan pastinya hasilnya haru dibanggakan.

Patutkah kita mula dengan berlapang dada dalam menerima kritikan? Saya berpendapat di situlah salah satu titik tolaknya. Semoga kita semua mampu berjaya seperti gerakan-gerakan lain yang boleh dibanggak di serata dunia. Insya Allah

LICENCE TO CURB ILLEGAL BETTING

Salam

First and foremost, I should 'congratulate' the Malaysian government for the success of getting out with a 'tremendous' way of stopping the rampant illegal betting syndicates in our country by giving the illegal, the legal means. Not to forget also the possible huge income that can be generated from this means by taxing the profits of the business entity involved. It was said that the estimated worth of this illegal industry in Malaysia alone reaches 20 billion a year. That must be a significant income to the country.

As been reported in the media, the money that is generated from this tax can be channeled to further improve our sports facilities, trainings and what not, it will also able to control the other illegal activities that are mushrooming through illegal betting such as illegal money lending activities, gangsterism and a lot more. So this can be considered as a 'legendary' success by our government.

The 'rakyat' must be very happy also as the government at last has found a new income generating activity in the country to reduce the burden of the 'rakyat' and to reduce our dependency to the oil industry. I am 'extremely' 'happy' with this development.

Congratulation to the Berjaya group and particularly Tan Sri Vincent Tan for this joyous moment in their business circle. It was mentioned in the paper today that a 70% stake of the Ascot group privately owned by Tan Sri Vincent is worth 525 millions. After 20 years in the wild, they finally come back to Malaysia as a legal entity and obviously can recoup all their investment in no time. 'Fantastic!!'

With such a huge amount of money at stake both for the government and Tan Sri Vincent, no wonder the pledges and flak from the NGOs, political party and 'rakyat' turn on a deaf ear. The stake is too high to ignore and any argument should be throw into the garbage bin. Should we care for the possible negative development from this activity? I don't think so because according to the minister, this problem will be settled with the license that has been given. Very naive statement by a 'naive' minister. We should thank him for his forward thinking and novel way of settling a thousand of years problem/ illness of the people.

So what next? Prostitution anyone? It will definitely will generate millions of money also and let me suggest the possible explanation here: the tax money can be use to take care all the abandon babies in Malaysia.