#islamic banking and finance in malaysia

[finance-and-taxation]

Islamic banking, also known as Sharia-compliant banking, is a financial system that operates in accordance with Islamic law (Sharia). The key principle of Islamic banking is the prohibition of interest (riba), which is considered exploitative in Islam. Instead, Islamic banks use profit-sharing arrangements, where risks and rewards are shared between the bank and its clients.

Key features include the prohibition of interest, asset-backed financing, risk-sharing, and ethical investments. Islamic banks promote fairness by ensuring transactions involve tangible assets, avoiding unethical industries, and sharing both profits and losses.

Islamic banking has gained global traction, particularly in Muslim-majority countries like Pakistan, Saudi Arabia, and Malaysia, and is increasingly appealing to non-Muslims interested in ethical financial practices. It provides an alternative to conventional banking, focusing on ethical and interest-free transactions, with the potential to reshape global finance.

[kavanchoksiuae]

Kavan Choksi Discusses the Future of Islamic Finance in a Digital World

Exploring How Digital Innovation is Shaping the Future of Islamic Finance with Kavan Choksi

As the global financial landscape undergoes rapid transformation, Islamic finance is uniquely positioned to adapt and thrive in the digital age. According to Kavan Choksi, the integration of digital technologies with Islamic finance principles not only offers new opportunities for growth and innovation but also ensures that these advancements align with the ethical and religious foundations that define this financial system. This evolution is paving the way for a more inclusive and resilient financial ecosystem that serves both the needs of the modern world and the values of the Muslim community.

The Rise of Digital Technologies in Islamic Finance

Islamic finance, governed by Shariah principles, prohibits interest (riba) and emphasizes risk-sharing, ethical investments, and asset-backed transactions. These unique characteristics have traditionally required a more hands-on approach, with a strong emphasis on personal relationships and transparency. However, the advent of digital technologies is reshaping the way Islamic financial services are delivered, making them more accessible, efficient, and scalable.

One of the most significant developments in this space is the rise of fintech solutions tailored to Islamic finance. Fintech companies are creating platforms that enable Shariah-compliant investments, peer-to-peer lending, and digital banking services. These platforms offer a modern, user-friendly experience while ensuring compliance with Islamic principles. For example, mobile banking apps designed for Islamic finance allow users to manage their finances, invest in halal (permissible) products, and make charitable donations (zakat) seamlessly from their smartphones.

Moreover, blockchain technology is emerging as a powerful tool for enhancing transparency and trust in Islamic finance. Blockchain’s decentralized and immutable ledger system aligns well with Islamic finance principles, which require clear and honest transactions. By utilizing blockchain, Islamic financial institutions can offer greater assurance to their customers that their investments are managed according to Shariah law.

Government Support and Regulatory Development

The future of Islamic finance in the digital age also depends on the support of governments and regulatory bodies. Several countries in the Middle East, including the United Arab Emirates, Saudi Arabia, and Malaysia, have recognized the potential of digital Islamic finance and are implementing policies to support its growth.

Regulatory sandboxes, which allow fintech companies to test new products in a controlled environment, have been instrumental in fostering innovation in Islamic finance. These sandboxes enable companies to experiment with digital solutions while ensuring they remain compliant with Shariah law and other regulatory requirements. Additionally, central banks in the region are exploring the use of digital currencies and blockchain to enhance the efficiency and inclusivity of Islamic finance.

Another area of interest is the integration of open banking frameworks in Islamic finance. Open banking allows third-party providers to access banking data with the customer’s consent, enabling the creation of innovative financial products that meet the specific needs of Islamic finance customers. This not only enhances competition but also promotes the development of more personalized and ethical financial services.

The Social and Economic Impact of Digital Islamic Finance

The digital transformation of Islamic finance is not just about technological advancement; it has the potential to create significant social and economic benefits. By making Islamic financial services more accessible, particularly to underserved populations, digital technologies can help bridge the financial inclusion gap in Muslim-majority countries.

For example, digital microfinance platforms are offering Shariah-compliant loans to small businesses and individuals who may not have access to traditional banking services. This empowers entrepreneurs and contributes to economic growth by providing much-needed capital in a manner consistent with Islamic values.

Furthermore, digital zakat platforms are revolutionizing the way charitable contributions are collected and distributed. These platforms ensure that zakat payments are made transparently and efficiently, reaching those in need more quickly and effectively.

The future of Islamic finance in the digital age is bright, with significant potential for growth and innovation. As Kavan Choksi highlights, the successful integration of digital technologies with Islamic finance principles will not only enhance the industry’s competitiveness but also reinforce its commitment to ethical and socially responsible finance. By embracing digital transformation, Islamic finance can continue to thrive in a rapidly changing world while staying true to its foundational values.

[educationinmalaysia]

Accounting Courses in Malaysia—Top Universities & Opportunities

An accounting course in Malaysia is a comprehensive and specialized educational program designed to equip students with the knowledge and skills required to pursue a career in accounting and finance. These courses cover a wide range of topics, including financial accounting, management accounting, taxation, auditing, and financial management. Students learn to prepare financial statements, analyze financial data, and understand the principles and regulations governing accounting practices in Malaysia.

Accounting courses in Malaysia often align with professional accounting qualifications like ACCA (Association of Chartered Certified Accountants) and CIMA (Chartered Institute of Management Accountants), enabling students to work towards these esteemed designations.

All about Accounting course in Malaysia

Studying accounting in Malaysia offers an enriching educational experience within a diverse and culturally vibrant environment. The courses are typically offered at various levels, including diploma, degree, and postgraduate levels, catering to students with diverse educational backgrounds and career aspirations.

The knowledge and skills acquired through an accounting course in Malaysia can lead to a wide array of career opportunities in the field of accounting, finance, and business, both within the country and on the international stage.

Accounting and Finance Course in Malaysia

Accounting primarily deals with the systematic recording, summarizing, and analysis of financial transactions to ensure accurate financial reporting. It encompasses activities such as bookkeeping, financial statement preparation, and auditing, with a focus on maintaining transparency and compliance. In contrast, finance delves into the strategic planning and allocation of financial resources to achieve an organization's goals. It involves decisions related to investments, risk management, and financial strategies. The synergy between accounting and finance ensures that a company's financial health is monitored, its resources are optimized, and its long-term financial success is secured. Together, they play a fundamental role in helping organizations make informed financial decisions and drive economic growth.

Best Accounting Courses offered Universities in Malaysia

• University of Malaya (UM • Universiti Teknologi MARA (UiTM • Universiti Kebangsaan Malaysia (UKM • Multimedia University (MMU) • Universiti Tunku Abdul Rahman (UTAR) • Taylor's University • Sunway University • Monash University Malaysia • Curtin University Malaysia. • Asia Pacific University (APU

All Universities of Malaysia

Eligibility criteria to study Accounting Course in Malaysia

Educational Qualifications: For Bachelors--high school diploma or an equivalent qualification For postgraduate programs --bachelor's degree, preferably in accounting or a related field.

Language Proficiency: IELTS or TOEFL scores, or to pass an English language proficiency test administered by the university.

Specific Program Requirements: Certain accounting programs may have additional requirements, such as prerequisite courses or minimum GPA scores.

Best Accounting Courses Offered in Universities of Malaysia

Bachelor of Accounting (Hons • Bachelor of Finance (Hons • Bachelor of Business Administration (Hons) in Accounting • Bachelor of Finance and Investment (Hons • Bachelor of Commerce (Hons) Accounting and Finance • Bachelor of Islamic Banking and Finance (Hons • Master of Professional Accounting • Master of Business Administration (MBA) in Finance • Ph.D. in Accounting and Finance

Benefits of pursuing Accounting courses in Malaysia

Pursuing an accounting course in Malaysia provides you with a globally recognized education. Accounting courses in this Southeast Asian nation are highly regarded, and here's an overview of what you can expect when pursuing an accounting course in Malaysia:

• Many institutions offer programs that are accredited by professional accounting bodies such as ACCA (Association of Chartered Certified Accountants) and CPA (Certified Public Accountant). • Accounting degrees earned in Malaysia are globally recognized. • Malaysia is known for its multicultural society. • Experienced Faculty • State-of-the-Art Facilities • Practical Experience. • Variety of Specializations--Accounting courses in Malaysia often allow students to specialize in areas like financial accounting, management accounting, auditing, taxation, and more. • English-Medium Programs • Economic Hub: Malaysia's growing economy and business-friendly environment offer ample job opportunities for accounting graduates. • Malaysia is relatively affordable compared to other European countries • Best Career Prospects

Best Career Opportunities available after studying Accounting in Malaysia

• Certified Public Accountant (CPA • Chartered Accountant (CA • Financial Analyst • Tax Consultant • Internal Auditor • Management Accountant • Forensic Accountant • Financial Planner • Investment Analyst • Academia and Research • Banking and Finance • Business Owner or Entrepreneur • Government Sector

The career opportunities may vary based on your qualifications, certifications, and experience. To maximize your career potential, it's advisable to pursue relevant professional certifications and gain practical experience through internships and entry-level positions.

[soumyapanda28]

Investigating the Leading Banks of Malaysia: A Comprehensive Diagram

Malaysia’s managing an account segment is known for its soundness, innovation, and customer-centric approach. In this article, we are going dig into a few of the leading banks in Malaysia, highlighting their key highlights, administrations, and commitments to the country’s budgetary scene. In expansion to the previously mentioned banks, a few other outstanding monetary teach contribute to Malaysia’s vigorous managing an account division. These incorporate RHB Bank, Union Bank, and AmBank, each advertising one of a kind qualities and custom-made administrations to cater to particular client needs. With Malaysia’s ceaseless center on advanced change and development, the managing an account scene is advancing quickly, giving clients with more prominent comfort, security, and openness. As the division proceeds to prosper, Malaysia remains an appealing goal for people and businesses looking for dependable and dynamic managing an account administrations.

Maybank — Malaysia’s Biggest Bank Malayan Keeping money Berhad, commonly known as Maybank, is Malaysia’s biggest bank and one of Southeast Asia’s driving budgetary teach. Maybank offers a wide extend of keeping money items and administrations, counting individual and commerce managing an account, speculation managing an account, Islamic managing an account, and protections. With an broad organize of branches and ATMs across the country, Maybank gives helpful get to to its clients. The bank is famous for its strong computerized keeping money capabilities and imaginative arrangements, such as Maybank2u, its online keeping money stage. Maybank’s commitment to client fulfillment and its solid nearness within the locale make it one of the best choices for people and businesses alike.

CIMB Group — A Head Widespread Bank CIMB Group Possessions Berhad may be a unmistakable keeping money bunch in Malaysia, offering comprehensive money related administrations over ASEAN nations. With a solid nearness in shopper managing an account, discount managing an account, and Islamic managing an account, CIMB Bunch caters to different client needs. The bank’s customer-centric approach is clear through its user-friendly advanced stages, such as CIMB Clicks, which empower consistent online exchanges and keeping money administrations. CIMB Group too centers on economical keeping money hones and activities, illustrating its commitment to natural and social responsibility. Through its ceaseless endeavors in development and territorial extension, CIMB Gather has built up itself as a driving widespread bank in Malaysia.

Public Bank — A Trusted Monetary Institution Public Bank Berhad could be a well-established and trustworthy budgetary institution in Malaysia. Known for its solid accentuation on client benefit and judicious administration, Open Bank has earned a steadfast client base over the a long time. The bank gives a wide extend of managing an account items, counting individual and commerce managing an account, riches administration, and Islamic keeping money arrangements. Open Bank’s user-friendly advanced stages, such as PBeBank, offer helpful and secure online banking services. With its vigorous chance administration system and commitment to corporate administration, Open Bank proceeds to be recognized as one of the country’s most trusted banks.

Hong Leong Bank — Improving for the Long run Hong Leong Bank Berhad may be a driving Malaysian bank that grasps advancement to improve client encounter. The bank’s digital-first procedure is reflectedin its advanced online keeping money stages and portable applications, making keeping money exchanges simple and open. Hong Leong Bank offers a comprehensive suite of monetary administrations, counting individual and commerce banking, trade finance, and riches administration. The bank also collaborates with fintech companies and new businesses to create cutting-edge arrangements for its clients. Through its center on technology-driven managing an account and nonstop development, Hong Leong Bank stands out as a forward-thinking institution in Malaysia.

Conclusion Malaysia’s keeping money segment is domestic to a few extraordinary educate that contribute to the country’s money related steadiness and development. Maybank, CIMB Gather, Open Bank, and Hong Leong Bank are among the leading banks in Malaysia, advertising a extend of administrations, grasping advanced advancement, and prioritizing client fulfillment. These banks play a significant part in supporting people, businesses, and the generally economy of Malaysia.

[sanjeedashapna]

I am qualified to write on the topic of Olymp Trade Islamic Account in Malaysia due to my extensive knowledge and experience in the field of Islamic finance and trading. I have a strong academic background in Islamic banking and finance, having completed a degree in Islamic Economics and Finance. Furthermore, I have worked in the financial industry for several years, specifically focusing on Shariah-compliant investment products. I have conducted in-depth research on various Islamic trading platforms, including Olymp Trade, and have a comprehensive understanding of the features and benefits of their Islamic account. With my expertise, I can provide valuable insights and accurate information to guide readers in understanding and utilizing Olymp Trade Islamic Account in Malaysia.

[tradestockmrkts]

Malaysia 's Financial Landscape: Exploring Opportunities and Trends

Navigating Malaysia 's Financial Terrain: Unlocking Growth and Potential By Amir Shayan Malaysia has emerged as a vibrant and dynamic financial hub in Southeast Asia. With its robust economy, strategic location, and favorable business environment, the country offers a myriad of opportunities for individuals and businesses alike. In this article, we will delve into Malaysia's financial landscape, exploring the key opportunities and trends that shape the country's financial sector. Whether you are an investor looking for potential ventures or simply curious about the state of Malaysia's financial industry, this article will provide valuable insights and knowledge. - Economic Overview To understand Malaysia's financial landscape, it is crucial to first examine the country's economic backdrop. Malaysia boasts a diversified economy, with key sectors including manufacturing, services, and agriculture. The country's GDP growth has been consistently strong over the years, driven by various factors such as government initiatives, foreign investments, and domestic consumption. We will delve into the key economic indicators, including GDP growth, inflation rates, and employment trends, to gain a comprehensive understanding of Malaysia's economic landscape. - Banking and Financial Institutions Malaysia's banking sector plays a vital role in facilitating economic growth and development. The country is home to a robust banking system, consisting of domestic and international banks, Islamic banks, and development financial institutions. We will explore the key players in the banking industry, their roles, and the services they offer. Additionally, we will discuss the regulatory framework and initiatives undertaken by the government to ensure stability and transparency in the financial sector. - Capital Market and Investments The capital market in Malaysia offers a wide range of investment opportunities, including the stock market, bond market, and Islamic capital market. We will delve into the Kuala Lumpur Stock Exchange (Bursa Malaysia), its performance, and the sectors driving its growth. Furthermore, we will discuss investment options such as mutual funds, exchange-traded funds (ETFs), and real estate investment trusts (REITs). Additionally, we will explore the Islamic finance sector, which has gained prominence in Malaysia and has positioned the country as a global hub for Shariah-compliant investments. - Fintech and Digital Innovation In recent years, Malaysia has witnessed a surge in fintech and digital innovation, transforming the way financial services are delivered and consumed. We will explore the advancements in digital banking, payment systems, peer-to-peer lending, and blockchain technology. Furthermore, we will discuss the government's efforts to promote fintech innovation through regulatory sandboxes, startup funding, and collaboration with industry players. Understanding the fintech landscape in Malaysia is crucial for investors and businesses looking to leverage technology-driven opportunities. - Islamic Finance Malaysia is a global leader in Islamic finance, offering a comprehensive range of Shariah-compliant financial products and services. We will delve into the principles of Islamic finance and its significance in Malaysia's financial landscape. We will explore Islamic banking, takaful (Islamic insurance), sukuk (Islamic bonds), and Islamic wealth management. The article will provide insights into the growth of Islamic finance in Malaysia and its potential as a lucrative investment avenue. - Opportunities for Foreign Investors Malaysia welcomes foreign direct investments (FDIs) and provides various incentives and facilitation measures to attract international businesses. We will discuss the sectors that present attractive opportunities for foreign investors, including manufacturing, technology, renewable energy, and tourism. Additionally, we will highlight the government's initiatives to enhance the ease of doing business and foster a favorable investment climate. - Emerging Trends and Future Outlook To wrap up the article, we will discuss the emerging trends and future outlook for Malaysia's financial landscape. This section will touch upon topics such as sustainable finance, green investments, digital transformation, and regional collaborations. Understanding these trends will enable individuals and businesses to stay ahead of the curve and make informed decisions in the ever-evolving financial landscape.

Conclusion

Malaysia's financial landscape is a dynamic ecosystem that offers diverse opportunities for investors, businesses, and individuals seeking financial growth and stability. By exploring the various sectors and trends, we have gained valuable insights into the country's economic potential and the avenues available for wealth creation. Whether you are considering investment options, looking to start a business, or simply interested in Malaysia's financial landscape, this article has provided a comprehensive overview to guide you in your decision-making journey. Read the full article

[osarothomprince]

Hong Leong Will Raise Its BLR To 3% From May 9

Following the latest hike in Bank Negara Malaysia’s Overnight Policy Rate by 25 bps, the Standardised Base Rate for Hong Leong Bank and Hong Leong Islamic Bank will be at 3.00% it said in a release. The Bank’s Base Rate and Islamic Base Rate will be revised to 3.88% from 3.63%. Similarly, loans and financing based on the Base…Hong Leong Will Raise Its BLR To 3% From May 9

[decaffeinatedfirelover]

Malayan Banking Berhad Company Market Analysis Report - Company Market size - Company profile

Malayan Banking Berhad (Maybank) is a provider of personal banking, wholesale banking, investment banking, private banking, online banking, and insurance products and services. Malayan Banking Berhad market analysis Malayan Banking Berhad Company Profile

Its personal and wholesale banking product and service portfolio comprises lending solutions such as mortgage loans, trade finance, vehicle and equipment loans, share margin financing, and personal loans; card products such as debit and credit cards; accounts and deposits that include saving accounts, current accounts, cash accounts and Islamic accounts; custody and clearing services; and personal accident plans.

It also provides wealth management services and treasury services, takaful insurance products and other services. The group has an operational presence in Malaysia, China, the Philippines, Indonesia, Labuan, Cambodia Vietnam, the UK, Singapore, Brunei, Hong Kong, Thailand, the US, Myanmar, India, Pakistan, Laos, Saudi Arabia, and Bahrain. Maybank is headquartered in Kuala Lumpur, Malaysia.

Access in-depth analysis, premium industry data, predictive signals, and more on Malayan Bank… for 12 months starting at $395 on our Company Analytics platform

Access in-depth analysis, premium industry data, predictive signals, and more on Malayan Bank… for 12 months starting at $395 on our Company Analytics platform

[fincrew]

Koperasi Loans are arguably one of the most popular personal loans in Malaysia. However, they aren’t very well understood. Considering this, we’ve decided to highlight the most important features of this loan type. Here’s everything you need to know.

What Are Koperasi Loans?

Also referred to as cooperative loans, they’re a type of personal financing scheme offered by Foundations (Yayasan) that are available only to civil servants working in different arms of the government. This loan type is under the Cooperatives Act of 1993.

Management Of Koperasi Loans

These loans are usually managed or funded by cooperatives in Malaysia. They create these credit facilities either directly from their funds or source them from other financial institutions. Because of this, the resources of these institutions are somewhat limited. Some local banks that cooperatives rely on for funding in Malaysia include RHB Islamic IDSB and CIMB Koputri, among others.

Eligibility For Koperasi Loans

As we mentioned earlier, koperasi loans are almost exclusively for civil servants—individuals in this category range from those who work to employees of government-linked agencies and institutions. In addition, individuals should have been in the service of the said government agency for a minimum of six (6) months. Otherwise, they don’t qualify for this loan either.

Credit Criteria For Koperasi Loan Application

Unlike most personal loans, the credit requirements for securing a koperasi loan aren’t too steep. One likely reason is that it configures the repayments to deduct from the borrowers’ monthly automatically, so there’s less risk of non-payment. You’ll have less trouble securing this type of loan even if you currently have a high debt service ratio (DSR) or other current and demanding payment commitments.

Documents Required For Loan Application

Depending on the corporative loan provider, you may need to present several documents before the paperwork for the loan can be finalized. Some documents most koperasi loan providers typically ask for include;

A clear photocopy of your National Registration Identity Card (NRIC)

Valid bank statements

Pay slip for the last three (3) months

A verified letterhead from your government employer

A valid copy of Tenaga, ASTRO, or any other utility bill

A clear photocopy of your savings account book (the specifics of this may vary, depending on the lender).

Loan Tenure

Also, unlike most personal loans, you get a significantly longer loan repayment time frame with koperasi. It is because the loan tenure can stretch as long as ten (10) years. In contrast, it’s tough to get more than seven (7) years with conventional loans.

Bottom Line

Like every other legitimate loan, you won’t be asked for any upfront payment to secure a koperasi loan. Where transactional fees apply, this is usually debited from the loan sum, making this type of loan more than ideal for most city workers. See one of the best koperasi loans in Malaysia right now here.

[ssaram122]

Distance Learning Programs

AlHuda CIBE is a recognized name in Islamic financial market focusing on Education, Training, Awareness, Promotion & Research, Advisory, Consultancy and Publications. To serve the Islamic banking and finance, we offer distance learning programs.

The goals of these courses are to provide educational facilities for the educational uplift under Islamic financial system and training to facilitate people who cannot leave their homes or jobs, so don’t miss the opportunities to accelerate and polish up your expertise. You are invited to join one of our programs that are compatible with your needs.

For more information contact: alhudacibe.sara@gmail.com

[globalinvestmentfounderr]

Global Investment Bank Founder Helped Islamic Banking in the Maldives to scale up

Mohammad Yaw, the founder of Global Investment Bank in the Maldives, is a brilliant, passionate and driven man. He speaks from pain and has learned from many of the world’s biggest achievers. I caught up with him recently to discuss his experiences, successes and challenges as he continues to shape one of the fastest-growing financial institutions in the world. Here are some of the key points from our conversation

An experienced financial advisor who has made it his business mission to develop capable and empowered financial entrepreneurs worldwide, Mohammad Yaw feels that the key to financial success is building relationships with mentors and business partners. As founder of Global Investment Bank (GIB), he has the unique ability to bring together an impressive group of individuals with diverse backgrounds and experience who are dedicated to growing their businesses, helping them build their capabilities and providing them with the attention they need to succeed. He is the founder of Global Investment Bank (GIB). He has been leading its transformation from a regional bank to a global asset manager with $30 billion in assets under management. Currently, he is responsible for overseeing the Bank's asset management group, which includes asset advisory services as well as investment banking, private equity and equity funding activities. Prior to becoming Head of GIB Mohammad Yaw was Head of Economic Research and Planning at Maldives Institutional Investor where he was responsible for asset allocation and research design. Prior to that, he was an economics student at Harvard College who received BS and MA degrees in Economics.

   The story behind Global investment Bank is that of the founder Mohammad Yaw in the Maldives, it was set up by a group of young professionals who were frustrated by the lack of opportunities available to them in their home countries of Maldives, Indonesia, Malaysia, Cambodia, and Singapore. In order to be businessmen, they had to leave their comfortable lives behind and take on challenges that could potentially put their lives at risk. They ultimately came up with the idea of establishing a financial institution that would offer commercial banking services to those in the developing world who lacked access to adequate financial institutions. A that brings together private equity firms, real estate investment funds, sovereign wealth funds and financial institutions on a sustainable basis since 2020. global investment bank draws its strength from its strong network of advisors and key personnel from around the world in Islamic Banking. In addition to providing advisory services such as equity capital raise training and capacity building for private equity funds, it also provides operational expertise such as operational excellence, financial audit services and funding disposition services. In the quest for wealth, Mohammad Yaw converted to Islam and like many before him, naturally, he turned to Islamic banking. with the help of his friend Hafiz Ehsan, a Malaysian-born academic, the institution is one of the first in the Muslim world to fully integrate financial services with Islamic law. Starting with a small base in Indonesia, it now serves clients throughout the Middle East and Asia. Founded as a means of financing the cost of educating students, Islamic Global Investment banking has since expanded its remit to include a wide range of services including investment, funds management, scholarships, and insurance products with their headquarters in the Maldives.

Global Investment Bank in recent years, international investment banks have played a significant role in the investment of countries and regions. These institutions provide funding to numerous companies and individuals around the world, thereby influencing economic and social development in a variety of ways.

Be sure to follow Global Investment Bank Founder Mohammad Yaw on social Media for more updates.

[sirajfinance]

Know the general terms used in Islamic Banking & Finance

It is 2021, and the post COVID world is still waking up. Islamic banking is one of the fastest upcoming financial systems. It is expected to grow at the rate of 13% annually. To understand the nuances of the Islamic banking system it is important to have a clear understanding of some of the frequently used terms.

Takaful: Word takaful means Islamic insurance. It is a structured waqf pool of funds collected based on the idea of mutual assistance. In a takaful, the members are the insurers as well as the insured. Since conventional insurance is prohibited in Islam due to its dealings comprising of several haram elements – these elements include Gharar and Riba.

Al Ajr: Commission, fees, or wages charged for any service.

Al Rahn: It is an arrangement in which a valuable asset is placed as collateral for a debt, which may be disposed of in case there’s an event of a default.

Bai Al-Arboon: A sale agreement in which a security deposit is given in advance as a partial payment towards the price of the commodity being purchased. This deposit is forfeited if the buyer fails to meet his obligation.

Bai al-Salam: A lender (Al-muslam) buys an asset from a party seeking financing (the seller or Al-muslam Ileihi), pays the purchase price of the asset in advance, and agrees to accept the delivery of an asset at a later date.

Haram: Unlawful.

Ijara: A leasing agreement in which the bank buys an item for a customer and then leases it back for a specific period.

Ijara-wa-Iqtina: It is similar to Ijara, but the customer can buy the item at the end of the contract.

Ju'alal: It is the stipulated price for performing any service, which is technically applied in the model of Islamic banking sometimes.

Mudaraba: It is an Investment partnership. Mudaraba is essentially a contract in which the capital is provided by rab al maal(fund provider) and the business is managed by mudarib. The profit is shared in pre-agreed ratios, and loss, if any, is borne by the rab-al-maal.

Murabaha: A kind of sale transaction where the seller sells the goods to the buyer on a cost+profit basis. The bank buys an item on customer’s behalf and then sells it to the customer on Murabaha basis on a deferred payment.

Musharaka: An investment partnership in which profit-sharing ratio are pre-agreed, and losses, if any, are set as per the partners proportionate share in the investment.

Rab-al-maal: In a mudaraba contract, the person who invests the capital is known as Rab-al-maal.

Riba: Riba denotes any increase or advantage obtained by the lender as a condition of the loan. Riba is a guaranteed rate of return on any loan, which is prohibited in Islam.

Sukuk – A Sukuk is a sharia-compliant bond-like instrument used in Islamic finance. It involves a direct asset ownership interest, while bonds are indirect interest-bearing debt obligations. Sukuks are typically issued by corporate issuers, some Financial Institutions, and also by Governments (Bahrain, Malaysia, Pakistan).

Source

[annisafithria]

Alhamdulillahilladzi bi ni'matihi tatimmushsholihat..

Alhamdulillah ya Allah, perjuangan sejak awal tahun 2020 terjawab hari ini.. alhamdulillah.

Persiapan yang sudah dimulai sejak tahun lalu lebih tepatnya. Sejak April 2019 memberanikan diri ikut real test IELTS yang alhamdulillah hasil tesnya membuat saya lolos menjadi 1 dari 150 peserta program PKBI di ITB selama 3 bulan dari 19 Agustus 2020 sampai 19 November 2020. Alhamdulillah dari hasil program PKBI, skor IELTSnya cukup untuk mendaftar PhD di Asia. Nyari-nyari kampus yang ada prodi Islamic Finance-nya, nyari yang coursework, nyari yang AACSB, nyari yang nyediain beasiswa, nyari yang lokasi kampusnya mudah dijangkau, nyari yang lingkungannya mendukung buat riset yang bagus dan layak terbit di jurnal-jurnal top Q1, nyari yang industry-based curriculum, akhirnya tertuju pada 1 pilihan yang mengakomodir semua yang saya cari, INCEIF.

Mungkin belum banyak yang tau INCEIF, jangankan yang bukan lulusan FEB, yang FEB aja mungkin banyak yang belum tau INCEIF. Karena memang kampusnya baru berdiri sejak tahun 2005, didirikan oleh Bank Negara Malaysia, dan hanya ada program S2, S3, dan sertifikasi, dan khusus Islamic finance hehe. Jadi yang ga concern ke Islamic finance ga heran kalo ga pernah denger INCEIF. INCEIF kepanjangannya International Center for Education in Islamic Finance, atau INCEIF juga sering disebut the Global University of Islamic Finance. Saya mendaftar di INCEIF tanggal 9 Februari 2020. Lanjut dapat jadwal interview tanggal 5 Maret 2020 siang, sorenya alhamdulillah langsung dapat LoA. Ohya, karena saya ambilnya program PhD by coursework, jadi saya ga perlu menghubungi calon supervisor dulu, cukup lengkapi syarat administrasi dan interview. Ohya lagi, saat mendaftar di INCEIF, saya juga sekaligus mendaftar Chancellor Sholarship. Chancellor Scholarship ini beasiswa yang ditawarkan INCEIF untuk program PhD, untuk master ada juga namanya President Scholarship. Nah, setelah dapat LoA ternyata ga otomatis dapat beasiswanya. Beasiswanya ada interviewnya lagi nanti.

Sambil nunggu pengumuman chancellor scholarship, saya nyoba daftar MIS (Malaysian International Scholarship). Alhamdulillah masih keburu waktunya buat nyiapin berkas saat itu yang harus dikumpulin ke Jakarta sebelum 15 Maret 2020. Ga nyampe 10 hari buat nyiapin berkasnya karena memang dadakan banget, awalnya cuma berharap sama chancellor scholarship aja, tapi kayaknya berat, jadinya memutuskan untuk nyoba MIS juga.. alhamdulillah ada Pak Mahfud dan Pak Akbar yang berbaik hati ngasi surat rekomendasi di detik-detik terakhir, sehari sebelum saya berangkat mengantar berkas pendaftaran ke Kemendikbud di Jakarta. Terima kasih banyak Pak Mahfud dan Pak Akbar, jazakumullah khayr.. :")

Perjalanan ngantar berkasnya juga drama wkwk. Ngambil pesawat pagi bgt, berangkat abis subuh dari kosan. Nyampe bandara, udah mau take off, ternyata tiba-tiba ada kabut tebal, jadi penerbangan ditunda.. lumayan juga di dalam pesawat nunggu kabutnya reda sekitar hampir 2 jam kayaknya. Ga nyangka juga ternyata ada beberapa temen di jam yang sama yang kejebak kabut ga bisa terbang di bandara yang sama, ada mbak syifa dan kak fani di pesawat yang berbeda dan ada mbak icha yang qadarullah satu pesawat, hehe, seneng bgt ternyata ga sendirian (sejak kapan naik pesawat sendirian, pasti rame2 lah bareng penumpang lainnya ya 🤪😂). Nyampe di Jakarta, saya menuju ke kedubes Malaysia, ternyata salah alamat guys, ga perlu kesitu ngurusnya. Efek buru-buru jadi ga baca, ternyata di formnya ditulis diantar ke International Office gitu, yaudah deh ke Kemenlu. Ternyata pas udah nyampe Kemenlu harus bawa surat pengantar dari Kemendikbud coba. Mo nangis. Nangis lah diriku sendirian di gojek pas ngelilingin jakarta seharian itu. Alhamdulillah udah di Jakarta, alhamdulillah kantor kementeriannya di sekitar2 situ juga, walaupun dari satu tempat ke tempat yang lain butuh waktu sekitar 30-45 menit juga. Alhamdulillah akhirnya nyampe di Kemendikbud. Pas udah nyampe Kemendikbud ternyata simple aja, abis minta tanda tangan dan stempel dah selesai, ga perlu ke Kemenlu lagi. Ya Allah, tau gini tadi dari bandara langsung aja ke Kemendikbud, ngapain coba muter2 ke Kedubes dan Kemenlu dulu. Jadi pengalaman bgt ini bandara jogja-jkt -kedubes-kemenlu-kemendikbud-bandara jkt-jogja dalam sehari sendirian. Berangkat subuh dari jogja, nyampe jogja lagi jam 9an malem huehe. Perlu dicatet ini biar jadi sejarah hidup pernah setangguh ini sendirian memperjuangkan beasiswa wkwk.

Alhamdulillah berkas lengkap dan sudah submit semua via website. Lalu datanglah covid-19. Interview yang dijadwalkan bulan April ga ada kabarnya.. pengumuman beasiswa yang dijadwalkan bulan Juni 2020 juga ga ada kabarnya. Mulai deg2an juga ga ada kabar sedangkan kuliahnya harusnya mulai 1 September 2020 ini.

Lalu muncul titik terang, ada panggilan interview chancellor scholarship. Saya dapat jadwal interview tanggal 15 Juni 2020. Pengalaman pertama interview beasiswa yang kurang memuaskan. Sedih karena kurang persiapan, yang berujung dapat pengumuman tepat sebulan kemudian kalo hasilnya belum lulus. Qadarullah. Jadi pelajaran bgt interview yang ini, interview yang selanjutnya harus lebih baik.

Latihan interview berkali-kali, special thanks to kakak dan bapak dokter terbaik yang udah nemenin latihan interview.. kak dokter fury dan pak dokter vet.. terima kasih banyak sudah meluangkan waktu, menyemangati, dan ngasi banyak masukan untuk interview. Semoga lancar studi kita semua yaaa...

Perjuangan belum berakhir. Alhamdulillah dijadwalkan interview MIS tanggal 21 Juni 2020. Belajar banyak dari kegagalan interview sebelumnya, alhamdulillah kali ini lebih dipersiapkan dan lebih PD huehe. Alhamdulillah, bi idznillah, hasilnya juga sesuai harapan, tepat hari ini 1 September 2020 dapat conditional offer dari MIS, yang berarti saya harus melakukan konfirmasi dan menyelesaikan pendaftaran kampus agar statusnya berubah menjadi unconditional.

Alhamdulillah. Walaupun tidak sesuai rencana awalnya, saya yakin ini adalah rencana terbaik yang sudah ditakdirkan Allah untuk saya. Seharusnya saya sudah mulai kuliah hari ini, 1 September 2020, tapi qadarullah karena beasiswanya baru pengumuman hari ini, jadi kuliahnya saya defer ke semester depan, tepatnya 11 Januari 2021. Alhamdulillah, pengurusan defer studi juga tidak dipersulit. Alhamdulillah jadi punya waktu yang lebih banyak untuk mempersiapkan keberangkatan. Alhamdulillah.

Perjalanan masih panjang. Ini baru awalnya :")

Semoga Allah lancarkan, kuatkan, dan mudahkan dalam menyelesaikan studi ini nantinya. Semoga Allah mudahkan juga teman-teman yang sedang dan akan mengurus lanjut studinya. Feel free to ask me about MIS ya.

Special thanks juga untuk semua pihak yang sudah membantu dan menyemangati saya sampai hari ini.. khususnya orangtua, my nuclear family.. miss ossy yang udah bantuin ngoreksi cv dan essay.. buibu rudos 5, vivi, dian, teh fitri, dan semua teman yang mengetahui proses ini dan ikut menyemangati dan mendoakan.. terima kasih banyak.. jazakumullahu khayran :")

*catatan ini ditulis sebagai pengingat diri dalam memperjuangkan cita, sekaligus sebagai penyemangat bagi diri sendiri.. sudah melangkah sampai disini. alhamdulillah.

Binjai, 1 September 2020 | annisafithria

[devakuru99]

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[bisry]

Second'12

ini penagalaman yang sungguh luar biasa dan bermakna dimana bisa berkenalan dengan Mahasiswa dan Mahasiswi Jurusan EKONOMI dari berbagai kampus se Indonesia

sekilas Dari Fakultas Ekonomi Univ.Pancasila, ada kelompok yang khusus membahas tentang  Ekonomi Syariah dan dinamai  KSEi “Kelompok Study Ekonomi Islam” nah di Fak.Ekonomi UP ksei nya bernama PsyhEco “Pancasila Syariah Economic” dan dari up sendiri  mengirimkan atau mendelegasikan tuk acara SECOND UI yakni akhina Bisri Ali Taufik dan Nurul Iman.

nah Ini Sedikit Ragkuman cerita selama mengikuti SCOND’12 yang di selengarakan oleh BSM dan LDF FSI Unvi.Indonesia  Ekslisensia—Leader Vision yang diikuti oleh lebih dari 95 kampus dan salah satunya dari  Fakultas Ekonomi Univ.Pancasila, dengan lebih dari 200 delegasi diselenggarakan pada hari Jumat malam kemarin (27/01). Acara yang disponsori oleh Bank Syariah Mandiri atas prakarsa Forum Silaturahim Studi Ekonomi Islam ini dilaksanakan di Universitas Indonesia Depok Jawa Barat.

Satu per satu delegasi datang ke gedung Lembaga Peningkatan Mutu Pendidikan (LPMP) Jl. Tb. Simatupang Jakarta Selatan. Beberapa delegasi dari luar Jawa datang setelah sholat Jumat. Perjalanan cukup melelahkan justru delegasi dari pasuruan Jawa Timur yang menghabiskan waktu 2 hari yang tiba di LPMP pukul 3 pagi Ma’lum jauh.

Pada Jumat malam diisi dengan pemaparan dari Divisi Human Capital BSM mengenai berkarier di BSM. Pemaparan ini mendapat antusiasme  yang cukup baik dari para mahasiswa. Peluang mengenai rekrutmen SDM di BSM cukuk dijelaskan dengan gamblang. Setelah acara selesai, kemudia dilanjutkan dengan ta’aruf dari ka Kasei dan istirahat.

Materi - materi yang di rangkum :

Pergiliran Peradaban

Apakah optimisme akan kebangkitan Islam Indonesia akan menjadi nyata di masa depan? Itulah orasi ilmiah yang disampaikan oleh Direktur Utama BSM Yuslam Fauzi. Dalam pemaparannya dijelaskan mengenai pergiliran peradaban yang dimulai dari bangsa Mesir dan Yunani.

“Setiap pergiliran yang terjadi selalu perubahan dari peradaban spiritualisme menuju peradaban matrealistik”paparnya. Yuslam fauzi juga menjelaskan bahwa sangat mungkin setelah kondisi yang menimpa berbagai bangsa barat yang mengusung matrealisme, kejayaan akan kembali kepada bangsa timur dengan spiritualitasnya.

Namun, siapakah yang mendapat giliran untk menjadi leader dunia pada saat itu?. Optimisme semakin memuncak saat CEO Terbaik 2011 ini menjelaskan berbagai indikator dan data-data yan dibuat oleh lembaga-lembaga asing yang menyebutkan bahwa Indonesia secara perlahan akan mengeser negara-negara maju dunia saat ini.

Pada 2020 Indonesia akan menjadi negara dengan GDP terbesar ke 10 didunia dan 5 besar di 2030. Pada ahun 2040 Indonesia akan menggeser posisi Prancis, dilanjutkan UK di tahun 2044, kemudian negara Jerman di tahun 2047, dan Amerika di tahun 2050!

Kemajuan ini ditopang oleh 3 hal utama, pertama adalah membaiknya iklim investasi Indonesia, kemdian meningkatnya kelas meneganh berpendidikan, dan populasi penduduk yang luarbiasa. Sehingga menjadi penting bagi BSM untuk ikut serta dalam menciptakan para calon peimpin untuk mencapai masa emas Indonesia.

Dari Fiqh ke- Indonesiaan hingga Outlook Ekonomi Syariah masa depan

Pada diskusi panel selanjutnya dipaparkan oleh tiga pembicara yang luar biasa. Rifqi Ismail dari senior research bank Indonesia, Prof Sudin Haron dari Malaysia, dan pakar fiqh  muamalah Agustianto Minka.  Dengan dimodertori oleh anggota Masyarakat Ekonomi Syariah, Ikang Fauzi.

Pada pemaparan pertama, Rifqi Ismail menjelaskan berbagai kemajuan-kemajuan lembaga keuangan islam di Indonesia yang berada d posisi ke 4 dunia berdasarkan laporan dari Islamic Board and Finance. Beliau juga menegaskan bahwa Indonesia sangat mampu untuk menjadi negara nomor 1 paling maju dalam perbankan syariah di dunia. Dalam waktu singkat, sangat mungkin dilakukan. Intervensi dapat dilakukan pemerintah dengan tiga cara, pertama pemerintah memasukan dana yang dimilikinya ke perbankan syariah, minimal dana BUMN. Kedua, memasukan dana haji untuk dikelola oleh bank syariah, atau mengkonversi salah satu bank BUMN menjadi bank syariah.

Sementara Profesor Sudin Haron menjelaskan mengenai cara-cara yang dilakukan bank syariah d Malaysia untuk menjadi bank yang berkembang. Dan pemerintah memiliki peran penting dalam membuat kebijakan baik dalam bentuk regulasi dan kompilasi aturan syariah.

Dan terakhir yaitu Agustianto Minka menjelskan bagaimana fiqh harus disesuakan dengan lokalisasi yang terjadi di masyarakatnya. Sebagaimana jika ada Fiqh Hijaz, Mesir, ataupun Bashraa, maka menjadi penting untuk membuat Fiqh Indonesia.

Alhamdulillah acara demi acarapun terlaksana dengan lancar, pulang membawa ilmu dan kenangan yang tak  terlupakan selainitu Peserta mendapatkan kengan-kenagan Buku yang  judulnya "Memaknai Kerja" Dari Dirut.BSM bp. Yuslam Fauzi dan daept oleh oleh bukunya terima kasih pak yuslam Semoga apa yang kita hasilkan dan dikerjakan bisa bermanfaat bagi kita dan orang lain amiin

Sukron Jiddan panitia BSM FSI FEUI serta FOSSEI

Sampai Jumpa di SeCOND selanjutnya

photo seblum pulang

[airman7com]

Islamic Banking and Maslahah

Islamic Banking and Maslahah

Theories and concepts of Islamic economics and banking are rooted in sharia principles which aim to create prosperity. Therefore, practices and systems implemented in Islamic Banking contain Islamic values and teachings. One of the most important teachings is the realization of greater justice in social life. As for justice in the banking system is a practice based on moral values, such as…