Bebas-Hutang.com

tak dinafikan, rebate adalah perkara yg kurang jelas dlm perbankan islam sebelum ini…tidak seperti perbankan konvensional yg rebat akan dikira berdasarkan baki terakhir, perbankan islam ni dh markup siap2 total loan dlm akad…so hopefully with this new order, pengguna2 perbankan islam lebih terjamin

Business Times Online, 26 June, 2010

Malaysia’s central bank has ordered syariah banks to give borrowers a rebate for early settlement under new rules designed to prevent legal disputes and restore confidence in Islamic financing contracts.

The ruling from Bank Negara Malaysia’s syariah advisers will standardise the use of rebate, or ibrar, in bai bithaman ajil and murabaha financing contracts which are widely used in Malaysia’s US$95 billion (RM308 billion) Islamic finance market.

Unlike conventional loans which levy interest on the accrued portion upon default, Islamic contracts are often asset sales where banks are entitled to the entire sum based on the whole tenure of the contract, regardless of when default occurs.

In practice, Islamic banks can grant a rebate to waive their right to the unaccrued sum but such discounts are discretionary, resulting in legal disputes. If a rebate is not given, syariah financing contracts can be more costly than conventional loans.

“In line with the need to safeguard maslahah (public interest) and to ensure justice to the financiers and customers, Islamic banking institutions are obliged to grant ibrar to customers for early settlement of financing based on buy and sell contracts,” the ruling said.

The ruling, effective June 7, requires the right of rebate to be specified in contracts. The method of computing the rebate will be determined by the central bank.

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