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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...

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Main Authors: Md Shah, Mohd Ab Malek, Mohd Jody, Jeniwaty, Shahudin, Mohd Harun, Mahzan, Sulaiman
Format: Article
Language:English
Published: Academy of Contemporary Islamic Studies 2016
Subjects:
Indexes (General)
Online Access:http://ir.uitm.edu.my/id/eprint/16532/1/AJ_MOHD%20AB%20MALEK%20MD%20SHAH%20JCIS%2016.pdf
http://ir.uitm.edu.my/id/eprint/16532/
https://jcis.uitm.edu.my/
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spelling my.uitm.ir.165322019-02-15T04:04:35Z http://ir.uitm.edu.my/id/eprint/16532/ An overview of ibra' implementation in Malaysian Islamic Banks / Mohd Ab Malek Md Shah … [et al.] 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 http://ir.uitm.edu.my/id/eprint/16532/1/AJ_MOHD%20AB%20MALEK%20MD%20SHAH%20JCIS%2016.pdf Md Shah, Mohd Ab Malek and Mohd Jody, Jeniwaty and Shahudin, Mohd Harun and Mahzan, Sulaiman (2016) An overview of ibra' implementation in Malaysian Islamic Banks / Mohd Ab Malek Md Shah … [et al.]. Journal of Contemporary Islamic Studies, 2 (1). pp. 59-68. ISSN 2289-9634 https://jcis.uitm.edu.my/
institution Universiti Teknologi Mara
building Tun Abdul Razak Library
collection Institutional Repository
continent Asia
country Malaysia
content_provider Universiti Teknologi Mara
content_source UiTM Institutional Repository
url_provider http://ir.uitm.edu.my/
language English
topic Indexes (General)
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.]
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.
format Article
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
title 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_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_sort overview of ibra' implementation in malaysian islamic banks / mohd ab malek md shah … [et al.]
publisher Academy of Contemporary Islamic Studies
publishDate 2016
url http://ir.uitm.edu.my/id/eprint/16532/1/AJ_MOHD%20AB%20MALEK%20MD%20SHAH%20JCIS%2016.pdf
http://ir.uitm.edu.my/id/eprint/16532/
https://jcis.uitm.edu.my/
_version_ 1685648815236841472
score 13.211869

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