Monday, September 7, 2015



Assalamualaikum sahabat semua.. Alhamdulillah sama2 kita panjatkan kesyukuran ke hadrat Ilahi kerana dengan limpah kurnia dan izinNya dapat lagi kita rasai nikmat-nikmat dari Allah, terutama nikmat terbesar, nikmat Iman dan Islam, alhamdulillah. Lama juga tidak menulis di laman ni.. huhu..

Fokus penulisan di ruang ini, kali ini adalah untuk berkongsi apa yang telah saya dapat dari satu 'symposium' yang telah saya hadiri, pada hari Ahad 31 Mei 2015 yang lepas, RIBA SYMPOSIUM 2015 - DEFYING RIBA (2nd Edition), anjuran Al-Naqiy Islamic Solution Sdn. Bhd.. Lambat post sebab tengah nak final exam. Alhamdulillah baru je habis. Sebelum tu mohon maaf jika terkurang sebab tak dapat amik sepenuhnya, hanya takat yang saya mampu salin. Moga bermanfaat buat semua in sha Allah.


**Tadabbur Quran - Surah Al-Baqarah, 2 : 275-276

Speaker 1 : Datuk Dr Mohd Daud Bakar
*Member of the Shariah Advisory Council of BNM
*Chairman of the Shariah Advisory Council of SC

-Quranic solution for prohibition of Riba.
-The prohibition of Riba (Al-Baqarah, 2: 275)
-In trade, in sale, in ijarah, need to create new wealth.
-Gambling doesn't create new wealth.
-In History, people confused with Riba & money contract.
-Al-Qurtubi :-
  • "Al-Bai' " in Quran doesn't focus on a particular sale only.
  • All transaction we do will end up at sale contract.
-Some islamic finance product depends on sale, sale & money contract, but doesn't develop to society.
-Outstanding debt ---> not healthy
-Use halal product for 'consumerism' purpose.
-Many people excited about Riba', but then, 'full stop'.
-Need to create Muslim financial society.
-How to free ourselves and society from excessing borrowing loan.
-Need to create the real GDP.
-Riba and gharar is more to transparency.
-Source of fund? - Money is not wrong, the wrong is the one who did the money in wrong way.
-Hedging  currency risk
  • Currency loss - need to have more time to discuss because we have to many currencies in the world.

Speaker 2 : Dr. Zaharuddin Abdul Rahman

-Unlawful elements :-
*Riba - Maysir - Gharar - Ikrah - Ihtikar - Najash - Jahalah - Ghabn
-"Ittaqullah" - If you believe in Allah, you have to be serious in this ayatul Quran.
-"AT the Judgement Day, those who involve in Riba', ready and prepare weapons to face war with Allah."
-Eating pork is less punishment than eating Riba'.
-Balasan Riba' = Balasan orang yang berzina dengan ibu/bapanya.
-Azab of Riba' :-
  • People give mandate & believe to bad people, not good people.
  • Crimes growing everywhere.
  • We dislike the true knowledge-making session. For example, between knowledge & nasyid in one event, we just want to see and listen to nasyid rather than seek the knowledge. If there's no nasyid, we don't go to the event.
-Types of Riba':-
  1. Riba Duyun (Loan & Debt)
  • Qard (Loan) - due to time value of money (very famous now in the world)
  • Jahiliyah (penalty)

  1. Riba Buyu' (Sale usurious items)
  • Fadhl (Different in weight)
  • Nasiah (delay)
-Discuss of issue :-
1. Conventional credit card even if full payment was made.
- issued by conventional bank (Haram credit card)
- When using credit card to purchase something, means bank pay out thing. But the real mean is, bank extending the loan.
- "What if you are the restaurant/shop etc owner? And people want to pay using credit card?"

2. Individual & Institutional loan with fixed return on 'investment'.

3. Penalty in the event of late payment.
- Monetary loan
 - monetary debt (riba)
 - Not riba : late delivery, contract eg. Renovation kitchen etc.

4. Exchanging money (same currency) with a delay on different amount.
- Give money/full payment at once, and if delay, it's riba.
- Forex training is gambling (haram)

5. Conventional savings account.

6. Monetary loan with non-monetary fixed benefits.
- eg. Fetching son from school
- unsettled debt eg. Marry

7. Ribawi loan items with additional benefits in return.
- Non-homogenous items - not riba
- Homogenous items - riba

8. Selling of invoice of defered payment with discounted amount by third party.
- not premisable (riba)

9. Selling or purchase gold bar etc via online.
- Riba'
- National fatwa said, " Gold, silver.."

10. Conventional insurance.

11. Conventional insurance with islamic investment link.

12. Receiving payment from conventional credit card.

13. A partner guaranteeing other partner in business.
- Online payment (an usurious items only - riba')
- multi-level market

14. Loan with interest within family?
- not riba'

15. Different prices between cash and deferred?

16. Selling with profit more than 100%?

17. Selling book voucher less than it face value?
- can

18. Paper money is riba because of its creation?

**P/S :- Ini ialah list2 case/issues. Ada beberapa yg tak sempat dijelaskan oleh Dr. Zaharuddin atas kekangan masa, dan ada beberapa juga yg saya tak sempat catat. Maaf atas kekurangan tersebut.

Speaker 3 : Dr Yasmin Hanani Mohd Safian
*Lecturer of Faculty of Syariah & Law, Universiti Sains Islam Malaysia

- Mudharabah :- Profit & loss sharing.
- Bank Islam :- Concept of Mudharabah & Wadiah and No Interest.
- Islam Concept :- Any profit you received, there's effort in it.
- Islamic bank :
 + No riba
 + deferred from conventional
 + Not deferred by just term only, the process in the bank itself

- Wadiah concept :- No return at all (Concept asal - Bagi orang jaga duit, datang minta balik, no more, no less)(Safely potected)
 + But bank use the money for business etc
 + Yaddul Dhomanah - Anything happen to the money, he need to pay the money (not to utilize the money)

- Capital Murabahah
 :- if there's capital, there's profit
 :- Capital not protected because use for investment, so there will profit or loss.

- Tawarruq :- Comodity is used as undelying asset for the purchase and sale transaction. (Al-fardi, Al-Munazzam, Al-Masrafi)
- Bay' Murabahah - Mark up sale
- Wadiah has been used in Islamic Finance Institution.
- Istisna'
-Commodity Murabahah

P/S : Gambar slide yang diambil agak banyak sebab tak sempat nak salin. Selamat merujuk.

Speaker 4 : Mr Monem Abdul Salam
*President and Fund Manager of Saturna Sdn. Bhd.

Hadith about :

  1. Earn money in halal way
  2. Economic spending
  3. Spend when needed / Saved money
WHY do we need personal finance strategies??
- Fulfill the responsibities as college students.
- Pay off all your debts
 + If possible, don't even use credit card, it is like 'Syaitan in your wealth'.

- Save money even  if it in small amount.
 + learn spending less than  what you have.

*Ada kisah nabi :-
- Allah takkan tanya dia sama ada dia dapat bad debt or good debt.
- Ada seorang ni mati dalam hutangnya dalam 2 dinar. Nabi tak tanya bad or good debt. Nabi suruh sahabat kepadanya bayarkan hutang tu, kalau tak, nabi takkan solatkan untuk dia sehingga lelaki itu bayarkan.
- Nowadays, people take debt as lifestyle.

WHY should we invest?
- far future purpose
- Investment
 + Don't know where the money goes
+ Can put 10% or some, but either you get more or loss that 10%.

-Stalk market  in the halal way.
- Minimize the company exposure from the haram thing.
- The higher the potential rate of return, the higher the risk we take

* Put the money in realistic, there's time you loss the money.
- How much you gonna loss money to produce the other some money.
* Why only small group of Muslim believe in islamic banking system?
- Muslim don't know specifically the system.

*Forex training :-
- Forex is money, not commodity, if it is not commodity, it cannot be more or less. Money is value, and its fix. 

**Conventional = Haram?
- How can we turn the conventional to halal and thayyib?

* Now, gold is not the store value.

- Saving --> Investment part --> Get lower rate of return, save.
- The lower the portion, the riskier, and vice versa.
- Righteous way --> halal (halal way, spend economically, saved money)
- Righteous way in spemd money, Allah will protect the wealth. (ada kisah, tak ingat kisahnya.)

Speaker 5 : Dr. Zulkifli Hasan

1) Rahmatan lilalamin & purifying wealth.
- Duty to uphold justice.
- Reform (Muslim thinking), revival, resurgence, renewal, and awakening.
- Wealth purification :-
 + Purify human soul (91 : 1-10)
- Blessing of Allah (Barakah) ;-
 + Bestowal of divine blessing from Allah (Al-Araaf, 7 ; 96)
- Fundamental ingredient of barakah :-
 + Iman (faith), Taqwa (Piety), and good action, avoidance of sins.

2 Principles ;
- Tazkiyah :-
 + Purification of wealth and heart.
- Tadhiyyah ;-
 + Sacrifice, purify wealth and heart, for giving a portion of his wealth to those in need (Al-Jumuah : 2)

Objective :-
To create AWARENESS and OPEN THE EYES OF PEOPLE about what we get and give our wealth.

- Not rely fully on government. Its all about what is our effort to give somthing to community.
- Excessive financialization, nowadays.
- Delegate something  that productive, so that it can be utilized. eg Waqaf.
- If we give loan to someone, when we see our borrowers faced difficulties, give time to him (Ihsan).
- Ihsan requires extra caution, effort and good intention.

- Free ourselves from prohibited elements.
- Giving Zakat; - Efficient on managing zakah.
- Income; Purify the non-halal, and give charity to community.

Speaker 6 : Shaykh Waleed Abdulhakeem
*Director of Studies AtIlm Path Studies

- How did Islam come to Malaysia? = Trade

A) Earning an income jobs of Messengers A.S.
Nabi Ilyas - Textile
Nabi Nuh - Carpenter
Nabi Muhammad - Shepherd and Merchant

- Muslim has the spending power.

B) His Buying and Selling
1- Buying things himself (Not abusing authority)

2- Ordering Merchants to be truthful

Hershey's Spread & Nutella --> 7% chocolate, 53% Hazelnut

- People need perfective value for price; now.
-Which companies are 250 years old? Japan has 52% companies at that range of age.

3- Return and Exchange
- "Allah will excuse them from the return in the day of judgement." (Abu Daud)

4- Making monopoly forbidden.
- Hadith : "Whoever  monopolize 'At-Tho'am' in 40 nights, then Allah will Bari' ."

5- Purifying our transactions.
- Purifying with sadaqah.

C) How He Dealt with Debts.
1- Offering a Collateral (give something if we can't repay) when borrowing.

2- Returning the loan in better way.

3- Having patience with the leader
- Kisah pemberi pinjam unta kepada Rasulullah s.a.w., berkasar minta. Sahabat tanya nabi dan ambil unta yang lain usia.

4- Protecting the vulnerable.
-  Kisah seorang lelaki yang lemah nak minta hutang Abu Jahal kepadanya. Dia mahu Rasulullah untuk mintakan kepada Abu Jahal. Abu Jahal dan beberapa orang Quraisy ketawa. Kerana mana mungkin Rasulullah berani dengan Abu Jahal. 

Maka lelaki itu berjumpa dengan Rasulullah s.a.w., dan beritahu hasratnya. Nabi kata, "Jom pergi bersama." Sampai di rumah Abu Jahal, Nabi ketuk pintu. Lalu Abu Jahal keluar, dan nabi terus minta, "Beri semula hutang kamu kepada lelaki ini." Abu Jahal terus masuk ke dalam mengambil hutang dan bagi dan terus berlalu. Setelah mendapat semula hutang dari Abu Jahal, nabi dan lelaki itu terus pergi.

Ada orang spy mereka, untuk melihat nabi dan lelaki tersebut tidak mendapat hutangnya dari Abu Jahal dan mengetawakan mereka. Tetapi tidak seperti yang mereka sangkakan. Mereka jumpa dengan Abu Jahal dan bertanya, "Kenapa kau bagi hutang itu?" Lalu Abu Jahal berkata, "Aku bersumpah, aku nampak unta marah di belakang nabi jika aku tidak bagi semula hutang itu."

"Tunaikan amanah kamu kepada sesiapa yang diamanahkan kepada kamu. Dan jangan khianat kepada sesiapa yang telah mengkhianati kamu." (Abu Daud).

FB - Sheikh Waleed Abdulhakeem


Alhamdulillah.. Jadinya, setakat itu sahaja perkongsian yang saya dapat kongsikan di sini. Mohon maaf atas sebarang kekurangan dan persoalan yang tidak dapat saya jawabkan atas pengetahuan saya yang terhad dan mana yang sempat untuk menyalin pada waktu itu.

In sha Allah, semoga bermanfaat buat semua pembaca. Terima kasih sudi menyinggah di laman blog ini. Moga Allah sentiasa merahmati kehidupan kalian in sha Allah.. ^^ Wallahu'alam.

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