Islamic banking system has emerged as a competitive and a viable substitute for the conventional system during the last three decades. Nevertheless, the situation now has become more challenging since more conventional banks have participated in offering similar Islamic based services when Central Bank introduced Islamic Banking scheme (IBS) in March 1993. In term of products and services, there are more than 40 Islamic financial products and services that may be offered by the banks using various Islamic concepts such as Mudharabah, Musyarakah, Murabahah, Al-Bai Bithaman Ajil, Al-Ijrah, Al-Takjiri, Qard Hasan, Al-Wakalah, Al- Kafalah and Wadiah (Haron, Ahmad and Planisek, 1994).
a. Mudharabah Mudharabah contract is a profit sharing contract between the entrepreneur and the capital provider in which the capital provider agrees to finance the entrepreneur’s projects according to a predetermined ratio agreed upon between the two parties. Any loss incurred will be borne by the capital provider.
b. Musyarakah This is an agreement between two or more partners whereby each party provides funds to be used in a venture. Profits made are shared between the partners according to the invested capital. Each partner may or may not participate in carrying out the business. In the case of loss, all partners bear the loss according to their portion of shares in the financing arrangement. A working partner will get a greater share profit compared to a sleeping partner.
c. Murabahah This is basically the sale of goods at a price which includes a profit margin agreed to by both parties. The selling price and the profit margin must be clearly stated at the time of the sale agreement under which the lender buys the goods wanted by the borrower for resale to the borrower at a higher price agreed by both parties. The bank cannot charge additional profit on late payments. However, the assets remain as a mortgage with the bank until the default is settled.
d. Al-Bai Bithaman Ajil This is a variant of the concept of Murabahah, whereby the borrower is allowed to defer settlement of the payment for the goods purchased within the period, and in the manner, determined and agreed upon by both parties.
e. Al-Ijarah This is the Shariah’s concept of leasing finance whereby the bank purchases the asset required by the customer and then makes available to the customer the usage of the assets or equipments such as plants, office automation, or motor vehicles for a fixed period and price according to the terms and conditions that have been agreed upon by both parties.
f. Al-Takjiri This is a variant of the concept of Al-Ijarah which, however, provides for the acquisition of the leased assets by the leasee.
g. Qard Hasan This is a “benevolent loan” which obliges a borrower to repay the lender the pricipal sum borrowed on maturity of the loan. However, the borrower has the discretion to reward the lender for his/her loan by paying any sum over and above the amount of the principal.
h. Al-Wakalah This is an agreement between a customer and his/her bank in which the former appoints the latter as his/her agent in undertaking a certain transaction on his/her behalf.
i. Al-Kafalah
This is an agreement between a customer and the bank whereby the latter guarantees the fulfillment of the obligation of the former to a third party.
j. Wadiah This is an agreement to deposit an asset, excluding immovable fixed assets, in the custody of another party who is not the owner, or any such asset deposited with a non-owner for custody. The bank is deemed as a keeper and trustee of funds. A person deposits funds in the bank and when the depositors demands it, the bank guarantees the refund of the entire amount of the deposits.[1]
[1] Almossawi, M, 2001. Bank selection criteria employed by college students in Bahrain: an empirical analysis. International Journal of Bank Marketing, 19, 115-125.
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