مبادئ وتطبيقات للتمويل الشخصي :‏‏دراسة مقارنة بين/ محمد عبدالله إسحاق

Abstract

This study examines the nature of personal financing in general, in both Islamic and conventional banks. Most conventional banks offer personal financing through their interest-based loan package or overdraft facility, which is advance money, or draft loan in excess of credit balance in accounts for a limited period. Islamic banks at international and national levels practise various shariah concepts such as bay’ tawarruq, inah, murabahah and ijarah for personal financing. The study focuses on tawarruq and inah as practiced by Bank Al Rajhi and Bank Islam in Malaysia, in personal financing, in order to examine their conformity with Islamic law. This study is based on both theoretical analysis and fieldwork, and data is collected both from the writings of classical Muslim jurists and contemporary Muslim scholars. In addition, personnel from both Bank Al Rajhi and Bank Islam were interviewed regarding their application of personal financing through tawarruq and inah. The study reveals that inah is not permissible according to the majority of the jurists. In the case of tawarruq, there are two types, viz. Classical tawarruq and organized tawarruq. The First is completely permissible, since it fulfils all requirements and conditions of valid sales, whereas the permissibility of the second depends on the fulfillment of certain conditions. Bank Islam has adopted organized tawarruq starting from 2009 for personal financing.