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/ http://ir.uitm.edu.my/id/eprint/16532/1/AJ_MOHD%20AB%20MALEK%20MD%20SHAH%20JCIS%2016.pdf

id	uitm-16532
recordtype	eprints
spelling	uitm-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
repository_type	Digital Repository
institution_category	Local University
institution	Universiti Teknologi MARA
building	UiTM Institutional Repository
collection	Online Access
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/ http://ir.uitm.edu.my/id/eprint/16532/1/AJ_MOHD%20AB%20MALEK%20MD%20SHAH%20JCIS%2016.pdf
first_indexed	2023-09-18T22:56:17Z
last_indexed	2023-09-18T22:56:17Z
_version_	1777417875370278912

An overview of ibra' implementation in Malaysian Islamic Banks / Mohd Ab Malek Md Shah … [et al.]

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