Moratorium in Islamic Hire Purchase Financing: A Shariah Perspective

Azmuddin Razali, Mohammad Amir, Wan Harun
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Abstract

This study examined the implementation of moratorium in the Islamic hire purchase financing based on Al-Ijarah Thumma Al-Bay’ (AITAB) from the Shariah perspective. The implementation of moratorium by Bank Negara Malaysia (BNM) is a new practice in the banking and finance industry in Malaysia. Implementing the moratorium causes several changes to the AITAB contract such as the extension in contract tenure and the increase in the total payment obligation due to the profit charged on the outstanding principal. This study analysed these changes from the Shariah perspective by using the al-takyif al-fiqhi methodology. The results of the analysis confirm the practice of moratorium by IFIs is in line with the Shariah requirements as long as it is agreed by the parties to the contract - which are the bank and the customer. Needless to say, both Ijarah Policy Document and Hire Purchase Act 1967 allow any forms of amendments including profit compounding when the AITAB contract is restructured, provided that such amendments are agreed between the contracting parties. Despite this permissibility, IFIs are still required to comply with the new ruling issued by SAC BNM that prohibits the practice of profit compounding during the COVID-19 crisis. Although, in principle, the ruling is based on the concept of ihsan (beneficence) which is not compulsory (wajib) but rather recommendation (istihbab) from the Shariah perspective; however, from the regulatory perspective the ruling is compulsory for IFIs to comply pursuant to section 28(1) and 28(2) of Islamic Financial Services Act 2013 (IFSA) that stated compliance with Shariah means compliance with any ruling of the Shariah Advisory Council. The moratorium is seen as a manifestation of the concept of ihsan (beneficence) towards the customers affected financially due to the COVID-19 pandemic. This commendable effort should be encouraged and continued by the Islamic financial institutions in upholding the Shariah principle of maslahah and lifting of difficulties (raf al-haraj), particularly in the current outbreak of COVID-19 and the impact of MCO.
暂停伊斯兰租赁购买融资:伊斯兰教法的观点
本研究从伊斯兰教法的角度考察了基于Al-Ijarah Thumma Al-Bay ' (AITAB)的伊斯兰租赁购买融资暂停的实施情况。马来西亚国家银行(BNM)实施暂停是马来西亚银行和金融业的新做法。实施暂停会对AITAB合同造成一些变化,例如合同期限的延长以及由于未偿还本金收取的利润而导致的总付款义务的增加。本研究使用al-takyif al-fiqhi方法从伊斯兰教法的角度分析了这些变化。分析结果证实,国际金融机构暂停贷款的做法符合伊斯兰教法的要求,只要得到合同双方(银行和客户)的同意。毋庸置疑,Ijarah政策文件和1967年分期付款购买法案都允许在AITAB合同重组时进行任何形式的修改,包括利润复合,只要这些修改在合同双方之间达成一致。尽管有这种许可,但国际金融机构仍需遵守SAC BNM发布的新规定,该规定禁止在COVID-19危机期间进行利润复利。虽然,原则上,裁决是基于ihsan(善行)的概念,这不是强制性的(wajib),而是建议(istihbab)从伊斯兰教法的角度来看;然而,从监管的角度来看,根据2013年伊斯兰金融服务法(IFSA)第28(1)和28(2)条,该裁决对国际金融机构来说是强制性的,该规定规定遵守伊斯兰教法意味着遵守伊斯兰教法咨询委员会的任何裁决。这一暂停被视为对因COVID-19大流行而受到财务影响的客户的ihsan(慈善)概念的体现。伊斯兰金融机构在维护伊斯兰教法“马斯拉哈”原则、消除困难方面,特别是在当前新冠肺炎疫情和金融监管组织影响下,应继续鼓励和发扬这一值得赞赏的努力。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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