{"title":"Legitimizing Ar-Rahnu Through Tawarruq: What Practitioners Have to Say","authors":"N. Bahari, Zurina Shafii, Mustafa Mohd Hanefah","doi":"10.7187/gjat122022-5","DOIUrl":null,"url":null,"abstract":"Effective February 2020, all Ar-Rahnu providers were required to streamline their existing products to the new ar-rahn structure based on the Islamic contract bay al tawarruq and rahn. The action was taken in response to the decision made by the Shariah Advisory Council (SAC) of Bank Negara Malaysia (BNM) where they claim that the practise of ar-rahn violates the shariah rules as outlined in the Rahn Policy (BNM, 2019). Nevertheless, the BNM enforcement was effective only for IBs or any institutions governed by the central bank and was not applicable to Ar-Rahnu cooperatives. Recent studies indicate that few studies have addressed the implementation of the new ar-rahn structure, and almost no inductive research has been conducted to seek feedback from Ar-Rahnu cooperatives' practioners related to the current changes in the ar-rahn scheme. This paper attempts to obtain views from cooperative members on this particular issue. Furthermore, this study compares the practise of the former ar-rahn scheme with the new alternative ar-rahn. A case study design was employed, and data was obtained through interviews and document review. Emergent findings from the interviews reveal that the majority of Ar-Rahnu cooperatives have adapted to the new ar-rahn scheme. However, Ar-Rahnu cooperatives faced several challenges in realising this new structure. Support from the regulator and management of the cooperatives could expedite the implementation of the new ar-rahn structure, thus enhancing the adherence to shariah. This study contributes to the body of knowledge in Ar-Rahnu and has significant implications for policymakers, customers, and cooperatives.","PeriodicalId":12715,"journal":{"name":"global journal al thaqafah","volume":"26 1","pages":""},"PeriodicalIF":0.1000,"publicationDate":"2022-12-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"global journal al thaqafah","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.7187/gjat122022-5","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"0","JCRName":"RELIGION","Score":null,"Total":0}
引用次数: 0
Abstract
Effective February 2020, all Ar-Rahnu providers were required to streamline their existing products to the new ar-rahn structure based on the Islamic contract bay al tawarruq and rahn. The action was taken in response to the decision made by the Shariah Advisory Council (SAC) of Bank Negara Malaysia (BNM) where they claim that the practise of ar-rahn violates the shariah rules as outlined in the Rahn Policy (BNM, 2019). Nevertheless, the BNM enforcement was effective only for IBs or any institutions governed by the central bank and was not applicable to Ar-Rahnu cooperatives. Recent studies indicate that few studies have addressed the implementation of the new ar-rahn structure, and almost no inductive research has been conducted to seek feedback from Ar-Rahnu cooperatives' practioners related to the current changes in the ar-rahn scheme. This paper attempts to obtain views from cooperative members on this particular issue. Furthermore, this study compares the practise of the former ar-rahn scheme with the new alternative ar-rahn. A case study design was employed, and data was obtained through interviews and document review. Emergent findings from the interviews reveal that the majority of Ar-Rahnu cooperatives have adapted to the new ar-rahn scheme. However, Ar-Rahnu cooperatives faced several challenges in realising this new structure. Support from the regulator and management of the cooperatives could expedite the implementation of the new ar-rahn structure, thus enhancing the adherence to shariah. This study contributes to the body of knowledge in Ar-Rahnu and has significant implications for policymakers, customers, and cooperatives.
自2020年2月起,所有Ar-Rahnu供应商都被要求将其现有产品精简为基于伊斯兰合同bay al tawarruq和rahn的新ar-rahn结构。这一行动是为了回应马来西亚国家银行(BNM)伊斯兰教法咨询委员会(SAC)的决定,他们声称拉恩的做法违反了拉恩政策(BNM, 2019)中概述的伊斯兰教法规则。然而,国家银行的执法只对ibb或任何由中央银行管理的机构有效,不适用于Ar-Rahnu合作社。最近的研究表明,很少有研究涉及新的ar-rahn结构的实施,而且几乎没有进行归纳研究,以寻求与ar-rahn计划当前变化有关的ar-rahn合作社从业人员的反馈。本文试图就这一特殊问题征求合作成员的意见。此外,本研究还比较了原ar-rahn方案与新替代ar-rahn方案的实践。采用个案研究设计,通过访谈和文献查阅获得数据。访谈的新发现表明,大多数rahnu合作社已经适应了新的ar-rahn计划。然而,Ar-Rahnu合作社在实现这种新结构时面临若干挑战。合作社监管机构和管理部门的支持可以加快新的ar-rahn结构的实施,从而加强对伊斯兰教法的遵守。本研究为Ar-Rahnu的知识体系做出了贡献,并对政策制定者、消费者和合作社具有重要意义。
期刊介绍:
Global Journal Al-Thaqafah (GJAT) is a biannual journal, published by Universiti Sultan Azlan Shah (USAS), Perak, MALAYSIA. This journal is purely academic and peer reviewed. It caters to articles, research notes and reports, and book reviews on diverse topics relating to Islam and the Muslims. This journal is intended to provide an avenue for researchers and academics from all persuasions and traditions to share and discuss differing views, new ideas, theories, research outcomes, and socio-cultural and socio-political issues that impact on and directly or indirectly affect the Muslim World with the sole purpose of making this world a better place to live in. GJAT started in 2011 and was later granted the SCOPUS status in March 2014. Since then, GJAT has published numerous articles and materials from international contributors. GJAT welcomes contributions from all: academics, experts, and professionals. All articles submitted must be original, academic, of high scholarly standard, and meet the strict SCOPUS requirements. GJAT prioritizes articles that discuss fundamental issues and are of global relevance and importance, and publishes all articles that fulfill the basic criteria without prejudice (kindly refer to "Submission and Guidelines"). All decisions by GJAT to publish any article are final.