An overview of ibra' implementation in Malaysian Islamic Banks / Mohd Ab Malek Md Shah … [et al.]
In the normal conventional banking system, customer only has to pay the outstanding principal amount and earned interest at the time when early settlement is made. The financier normally waives the unearned interest. Contractually, customer in Islamic banks has to settle all outstanding selling pric...
| Hoofdauteurs: | , , , |
|---|---|
| Formaat: | Artikel |
| Taal: | English |
| Gepubliceerd in: |
Academy of Contemporary Islamic Studies
2016
|
| Onderwerpen: | |
| Online toegang: | https://ir.uitm.edu.my/id/eprint/16532/1/AJ_MOHD%20AB%20MALEK%20MD%20SHAH%20JCIS%2016.pdf |
| _version_ | 1825734678350397440 |
|---|---|
| author | Md Shah, Mohd Ab Malek Mohd Jody, Jeniwaty Shahudin, Mohd Harun Mahzan, Sulaiman |
| author_facet | Md Shah, Mohd Ab Malek Mohd Jody, Jeniwaty Shahudin, Mohd Harun Mahzan, Sulaiman |
| author_sort | Md Shah, Mohd Ab Malek |
| collection | UITM |
| description | In the normal conventional banking system, customer only has to pay the outstanding principal amount and earned interest at the time when early settlement is made. The financier normally waives the unearned interest. Contractually, customer in Islamic banks has to settle all outstanding selling prices in the case of early settlement. Nevertheless, Islamic bank normally gives ibra' to its customer who made early settlement. This practice of rebate is important to maintain the competitiveness of Islamic banking as a mechanism of providing mutual help in terms of charitable matters within a Muslim society, which is highly recommended by shariah principles. This concept is actually more suitable for the financier who wants to surrender its right over the debt to customers. Hence, this paper aimed to explore the fundamental concept of ibra' as practised by the bankers currently within the ambit of Islamic teaching. In addition, it is hoped that; throughout this study, it would lead to the betterment of understanding of this concept holistically. |
| first_indexed | 2024-03-06T01:35:29Z |
| format | Article |
| id | oai:ir.uitm.edu.my:16532 |
| institution | Universiti Teknologi MARA |
| language | English |
| last_indexed | 2024-03-06T01:35:29Z |
| publishDate | 2016 |
| publisher | Academy of Contemporary Islamic Studies |
| record_format | dspace |
| spelling | oai:ir.uitm.edu.my:165322019-02-15T04:04:35Z https://ir.uitm.edu.my/id/eprint/16532/ An overview of ibra' implementation in Malaysian Islamic Banks / Mohd Ab Malek Md Shah … [et al.] jcis Md Shah, Mohd Ab Malek Mohd Jody, Jeniwaty Shahudin, Mohd Harun Mahzan, Sulaiman Indexes (General) In the normal conventional banking system, customer only has to pay the outstanding principal amount and earned interest at the time when early settlement is made. The financier normally waives the unearned interest. Contractually, customer in Islamic banks has to settle all outstanding selling prices in the case of early settlement. Nevertheless, Islamic bank normally gives ibra' to its customer who made early settlement. This practice of rebate is important to maintain the competitiveness of Islamic banking as a mechanism of providing mutual help in terms of charitable matters within a Muslim society, which is highly recommended by shariah principles. This concept is actually more suitable for the financier who wants to surrender its right over the debt to customers. Hence, this paper aimed to explore the fundamental concept of ibra' as practised by the bankers currently within the ambit of Islamic teaching. In addition, it is hoped that; throughout this study, it would lead to the betterment of understanding of this concept holistically. Academy of Contemporary Islamic Studies 2016 Article PeerReviewed text en https://ir.uitm.edu.my/id/eprint/16532/1/AJ_MOHD%20AB%20MALEK%20MD%20SHAH%20JCIS%2016.pdf An overview of ibra' implementation in Malaysian Islamic Banks / Mohd Ab Malek Md Shah … [et al.]. (2016) Journal of Contemporary Islamic Studies <https://ir.uitm.edu.my/view/publication/Journal_of_Contemporary_Islamic_Studies/>, 2 (1). pp. 59-68. ISSN 2289-9634 https://jcis.uitm.edu.my/ |
| spellingShingle | Indexes (General) Md Shah, Mohd Ab Malek Mohd Jody, Jeniwaty Shahudin, Mohd Harun Mahzan, Sulaiman An overview of ibra' implementation in Malaysian Islamic Banks / Mohd Ab Malek Md Shah … [et al.] |
| title | An overview of ibra' implementation in Malaysian Islamic Banks / Mohd Ab Malek Md Shah … [et al.] |
| title_full | An overview of ibra' implementation in Malaysian Islamic Banks / Mohd Ab Malek Md Shah … [et al.] |
| title_fullStr | An overview of ibra' implementation in Malaysian Islamic Banks / Mohd Ab Malek Md Shah … [et al.] |
| title_full_unstemmed | An overview of ibra' implementation in Malaysian Islamic Banks / Mohd Ab Malek Md Shah … [et al.] |
| title_short | An overview of ibra' implementation in Malaysian Islamic Banks / Mohd Ab Malek Md Shah … [et al.] |
| title_sort | overview of ibra implementation in malaysian islamic banks mohd ab malek md shah et al |
| topic | Indexes (General) |
| url | https://ir.uitm.edu.my/id/eprint/16532/1/AJ_MOHD%20AB%20MALEK%20MD%20SHAH%20JCIS%2016.pdf |
| work_keys_str_mv | AT mdshahmohdabmalek anoverviewofibraimplementationinmalaysianislamicbanksmohdabmalekmdshahetal AT mohdjodyjeniwaty anoverviewofibraimplementationinmalaysianislamicbanksmohdabmalekmdshahetal AT shahudinmohdharun anoverviewofibraimplementationinmalaysianislamicbanksmohdabmalekmdshahetal AT mahzansulaiman anoverviewofibraimplementationinmalaysianislamicbanksmohdabmalekmdshahetal AT mdshahmohdabmalek overviewofibraimplementationinmalaysianislamicbanksmohdabmalekmdshahetal AT mohdjodyjeniwaty overviewofibraimplementationinmalaysianislamicbanksmohdabmalekmdshahetal AT shahudinmohdharun overviewofibraimplementationinmalaysianislamicbanksmohdabmalekmdshahetal AT mahzansulaiman overviewofibraimplementationinmalaysianislamicbanksmohdabmalekmdshahetal |