Wednesday, June 13, 2012

Islamic banking ilmu - updated

Owh, I am so exicited to have this post on! Tapi I was so tired, I postponed it for many times.
Anyway, last Sunday, I participated in the` Kursus Perancangan Kewangan Islam’ organized by Al-Naqiy at the Security Commission in Bukit Kiara. There were nearly 300 participants and the hall was packed!

The first story told by Dr Zaharuddin really captured my attention.
Suatu masa dahulu, pada zaman Nabi Muhammad SAW., ada seorang anak yatim yang ingin membuat pagar di sekeliling rumahnya. Malangnya, sebatang pokok tamar jirannya telah termasuk ke kawasan rumahnya. Jadi, dia pun berjumpa dengan jirannya untuk berunding cara tentang pokok tamar tersebut. Semua cadangan yang anak yatim itu berikan kpd jirannya, walaupun dia ingin membelinya, satu pun tidak dipersetujui jiran tersebut. 
Anak yatim itu pergi berjumpa Rasulullah untuk meminta bantuan Baginda. Baginda pun pergi ke rumah jiran tersebut dan berunding bagi pihak anak yatim tersebut. Jiran tersebut masih berkeras dengan pendiriannya. Dan Baginda Nabi memberikan tawaran terakhir, “Sekiranya kamu bersetuju utk membantu anak yatim ini, akan ada sepohon tamar di dalam syurga nanti buatmu yang sangat besar. Teramatlah besar sehingga bayang-bayang pohon tersebut mengambil masa 1000 tahun utk sesiapa berjalan di bawahnya, dari mula ke akhir bayang-bayang tersebut”. Jiran itu masih menjawab-tidak.
Terdengarlah tawaran ini oleh seorang daripada sahabat Nabi dan dia bertanya sekiranya tawaran pohon tamar di syurga itu terbuka kepada sesiapa yang mampu membantu anak yatim tersebut. Dan baginda menjawab, “Ya”.
Sahabat Nabi ini pun berjumpa dengan jiran anak yatim tersebut. Beliau menawarkan kebun tamarnya di Madinah yang sangat besar dan sangat bermutu, yang tamarnya sangat terkenal di seluruh Negara Arab. Dan jiran itu bersetuju. Dan sahabat itu menyerahkan pohon tamar tadi kepada anak yatim tersebut.
Maka, sahabat itu berjumpa dengan Nabi dan bertanyakan sama ada dia telah pun berjaya utk mendapatkan tamar di dalam syurga itu? Dan Nabi menjawab “Tidak. Kerana kau berhak mendapat lebih daripada itu”.
Sahabat itu terlalu gembira dan dengan segera pulang ke Madinah untuk menyuruh isteri dan anak-anaknya keluar dari kebun tersebut. Dia menceritakan apa yang telah terjadi kepada dan isterinya dan subhanallah isterinya sedikit pun tidak membantah malah isterinya sungguh gembira dengan perkhabaran tersebut.
Hebat betul iman sahabat ini,kan? =) Kadang-kadang kita terlalu leka sampai terlupa `perkiraan’ di akhirat nanti jauh lebih penting daripada segala-galanya.

The morning session was presented by none other than Dr Zaharuddin, the Senior Lecturer in IIUM. I have always had his blog as my reference whenever I have inquiries and doubts with my financial decision. He talked about riba’, gharar and judi. His talk was very interesting as he is very good in giving relevant analogies. There are many situations in our daily lives which came under these three points.
“Aku pinjamkan kau RM 100, jgn lupa bila pulangkan, bagi extra RM 10,ok?”
“Ni haa, ada bawa kek coklat, masak tadi. Nnt pulangkan bekasnya,ok? Tp jgn lupa la isi-isi something”
“Ok2, boleh je pinjam kereta aku, tp jgn lupa, minyak kasi isi full la, tau?”

Sounds familiar? Those are the exact examples that Dr Zaharuddin gave to us as an example of riba. It does not necessarily money, but it also involves other benefits.
We are exposed to these three elements during our financial transaction. From housing loan, personal loan, car loan, credit cards, charge cards, insurance etc. Banyak kan? That does not include the competitions or games that we participated. If we are paying for registration fees, and the fees are being included as part of the winning price, that is actually judi.
Move on to gold trading. Do you know that one of the syarat sah for gold trading is it has to be a physique gold and the transaction must be on the same day – cash on delivery (COD)? It means you can’t purposely delay the delivering of the gold to buyers or vice versa. Kalau tak, memang tak sah transaction tu.
Next is Islamic banking. Do you know there are actually more non-Muslims who applied for Islamic housing loans compared to the Muslim? Funny isn’t it? Despite the fact that BFR can’t go beyond 10% and BLR can go more than that, late charge is only 1% and a portion of the money goes to charity, no compounding issue, yet the Muslims in Malaysia are still reluctant to go for Islamic housing loan. Because once upon a time, Islamic banking is always way more `mahal’ compared to the conventional banks. But Alhamdulillah, it has improved so much that we as Muslims should be supporting it by subscribing to the Islamic banking.

There were so many questions being asked by the participants from what is the hukum for ASB, KWSP etc. Any mind you, there are many khilaf over certain issue. For example, Fatwa Kebangsaan said ASB is harus. But the Syariah Commission said haram. Both parties have their own arguments and both parties have their own opinions. Fatwa Kebangsaan said harus basically due to the interest of majority Muslims who had invest into ASB and the fact that nearly 70% of PNB investment is to the Maybank (a conventional bank), it’s like for kepentingan of a big group of Muslims. Syariah Commission stands on haram because of the percentage of investment are to a conventional; non-syariah bank is more than 5%. Plus now that we have alternative to invest to Amanah Saham Hartanah, which is a syariah compliance fund. Owh, too much info I presume, hehehe! But bear with me since this `so difficult to understand issues’ are very relevant to our path in the hereafter day.

With Forex, the hukum is clearly haram. I won’t be able to elaborate more, since I do not understand the system.
With MLM, the hukum is harus buuuuuuuuuuuttttttt, again, the company which listed as syariah compliance by the Security Commission (SC) does not necessarily means that they are syariah compliance company. Let me walk you through this. Company XYZ, is a MLM company, classified by SC as syariah compliance. But SC has no power to classify the SYSTEM that XYZ is using for the MLM business purpose. SC is only listing XYZ as syariah compliance for the purpose for investor’s guideline. To really qualify the SYSTEM used by XYZ is not gharar, XYZ has to appoint their own panel syariah, which has been done by other Islamic bank who appointed their own panel syariah to go through every single transactions are halal. This is one if the pre-requisite required by JAKIM in their guideline. Complicated isn’t it? That is why one day course is not enough.

1.00pm, we had our lunch and solat Zuhur then we proceed to the afternoon session by Dr Aznan. If Dr Zaharudin gave us info on something which relevant to our normal daily transaction, Dr Aznan focus more on wealth management. He started with wealth generation (our salary, income), to wealth accumulation (buying properties, unit trust, shares etc), to wealth protection (insurance), to wealth purification (zakat, sedekah etc) and finally wealth management (will). And in every step of this wealth procedure, it is our own obligation to be very details on the source and transactions. That is why ilmu become so important.
Dr Aznan starts off with the roles and responsibility of SC and panel syariah in every Islamic company in Malaysia. He had such an enormous amount of knowledge in this area that I find my reading throughout my living years are vain, hehehe! He talked about the mass market that we can invest in and there are many opportunities that we can have to multiply our wealth. So deep he went, that I highlighted some of his slide so that I will go back and have a depth reading on that matter.

After Asar, we moved to insurance and takaful. Indeed it is a fatwa by all panel syariah around the world insist that insurance is haram. Taking the benefits of the insurance is haram. Some khilaf said that we can only take the premium (which we paid over the years), and the rest is to be given to the needy people, or zakat etc. It is rather interesting the reason behind why insurance as in conventional insurance is haram. We are paying the monthly payment for our life insurance value of RM xxxxx. Siti paid RM 250, and Aminah pay RM 250 too. But, Siti died 4 months after she started her policy and her family gets her insurance money while Aminah after 40 years, she still alive. This is where the gharar lies. Gharar simply means uncertainty. We are uncertain on the time we’re dead and we are uncertain where do our insurance company invest the money that we paid them monthly. The same goes to our car insurance. We paid an amount of premium yearly, if we get into an accident, the insurance company would have to cover us, whereas if not, we didn’t get any part of the premium. So, this is gharar. And, it is so clear, kan?

I got to make a move 15 min. before the seminar ended since Kakak and Iddin has arrived to fetch me there (with Hazeman, of course! ;p). But on and on, the seminar was worth of paying and attend to. I love it so much because Islamic financial is not something to be taken lighly, since we are talking about money and transaction. It has so much effect on our later life (our akhirat remember?) Seriuosly, so much of updates and enlightment of unclear issues and matters and now is the hardest part; to do what I have learn. I have to:

1) Refinance (do we call it as refinance? hehehe!) my car loan from conventional AmBank, to Islamic AmBank
2) Car insurance (I just renew them last month..=(), but nevermind, I just asked them if I can transfer or re-do and pay it to takaful car insurance
3) Cancel my RHB conventional credit card
Big changes start with small steps. So, here to Islamic banking! =)

p/s- Can't wait for the Being Me Conference which happen on the 30th June! ;D Who's going?

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