Muamalat Islam

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Huraikan kepentingan dan peranan yang dimainkan oleh institusi kewangan semasa dari perspektif Muamalat Islam.

Islamic Financial Institutions play great roles to maintain economic stability, providing syariah compliance services and to create socio economic balance through wealth distribution. In current days, these cannot be achieved by a single financial institution, however it needs cooperation and support from all Islamic institutions which play different functions such as the banks, the baitulmal, the hisbah or in kind organizations, takaful operators and many others. In general the roles of Islamic financial institutions from the Islamic perspectives are:

i.Agent of Da’wah
Other than offering financial services, financial institutions should also be agent of da’wah by delivering knowledge about Islam especially the knowledge and values of Islamic Muamalat. The financial services should be very attractive and competitive in order to attract also the non Muslims that will slowly approach them and learn about the values and philosophy behind the Islamic financial products and services. For this purpose, all the financial institutions’ employees should be made ready through the appropriate knowledge and to be trained to be a good da’ie. Therefore, the Islamic finance will not only become the tool of economics but also a tool of da’wah.

Almighty Allah says: “Invite (all) to the Way of thy Lord with wisdom and beautiful preaching; and argue with them in ways that are best and most gracious. " (An-Nahl: 125)

ii.Provide financial services based on syariah compliance
All financial services provided by the financial institutions should be syariah compliance. Syariah compliances in this case are referring to:

i.Avoiding riba’ transactions - Interest free
Allay says: "Those who devour usury will not stand except as stands one whom the Satan by his touch has driven to madness. That is because they say, "trade is like usury", but Allah has permitted trade and has forbidden usury" (Al-baqarah:275)

ii.Avoiding gambling and uncertainty
Allay says: “O you who believe, truly intoxicants and gambling and divination by arrows are an abomination of Satan's doing; avoid them in order that you may be successful. Assuredly Satan desires to sow enmity and hatred among you by means of intoxicants and gambling, and to hinder you from the remembrance of Allah and from prayer. Will you not then desist?” (Al-Ma'idah: 93-94)

iii.Avoiding from involving in any prohibited activities such as alcoholic, gambling, prostitution and pork related products Allay says: “O you who believe, truly intoxicants and gambling and divination by arrows are an abomination of Satan's doing; avoid them in order that you may be successful. Assuredly Satan desires to sow enmity and hatred among you by means of intoxicants and gambling, and to hinder you from the remembrance of Allah and from prayer. Will you not then desist?” (Al-Ma'idah: 93-94)

In fact, Allah has provided alternative for riba’ which is sales based transaction, therefore all transactions are backed by assets. In addition, other form of contracts other than sales are also available to be adapted by the financial institutions such as ijaarah, qard, musyarakah, mudharabah and many others.

iii.Financial intermediaries
Islamic financial institutions especially the banks are also play role as financial intermediaries where the surplus units go there to keep and invest money whereas, the deficit units approach the banks to ask for financial help. This can be explained further by the followings:

a.For the Surplus units
The surplus units usually come from the households, business firms and governments who has money surplus. They keep money in the banks in form of savings/deposits through multiple choices of contract such as Wadhiah Ya Dhamanah, Qardh Hassan, Mudharabah. The banks will treat this as liabilities in the financial accounts as the money will be return back...
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