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Saturday, 18 August 2007

Bank Danamon Syariah Collaborates With National Zakat Agency of Indonesia

Jakarta, August 16, 2007 (ANTARA) - Bank Danamon Syariah and the national zakat agency Baznas Dompet Dhuafa today signed an agreement for the allocation of zakat, or obligatory tax required of Moslems, as well as charity funds generated from the Dirham Card, the first syariah card in Indonesia. The agreement was signed by Hendarin Sukarmadji, Director of Bank Danamon Syariah and Rahmad Riyadi President of Baznas Dompet Dhuafa.Dirham Card uniquely offers the full functionality and benefits of a conventional credit card, while the relationship among transacting parties is based on syariah regulations. Bank Danamon Syariah requires its Dirham Card holders to maintain a mandatory goodwill investment and manages a charity fund, or Qardhul Hasan, generated from its syariah card business activities, for example from late payment fees, which will be used to fund charity activities."This agreement with Baznas Dompet Dhuafa reflects the high social responsibility, of Dirham Card in particular and of the business activities of Bank Danamon Syariah, in general," said Hendarin Sukarmadji. "The zakat from this goodwill investment feature is one of the advantages from Dirham Card. We also aim to educate and encourage customers to save through the mandatory goodwill investment which amounts to 10 percent of their credit limit. Cardholders can opt to donate the yield or revenue-sharing generated from this investment," he added.Rahmad Riyadi, President of Baznas Dompet Dhuafa said, "Our collaboration with Bank Danamon is one of the ways Baznas Dompet Dhuafa will take to improve service quality to the contributors, by making possible zakat payments through features of the Dirham Card." The Dirham Card is a product of the collaboration between Bank Danamon and MasterCard with all networks or merchants throughout the world to provide payment services to card holders.The uniqueness of the Dirham Card lies in the 'akad', the term for transaction contract or scheme which it uses; namely Ijarah, Kafalah and Qardh. The Dirham Card is introduced based on Fatwa No. 54/DSN-MUI/X/2006 of the Indonesian Ulemas Council's National Syariah Board or Dewan Syariah Nasional Majelis Ulama Indonesia (DSN-MUI) and Bank Indonesia Letter No. 9/183/DPbS/2007 on the approval for the Danamon Syariah Card.The three contracts, or 'akad', can be distinguished as follows. On the Ijarah scheme, the card issuer acts as the provider of payment and service system for the card holder. For the provision of this service, the card holder is charged a membership fee. Meanwhile, in the Kafalah transaction scheme, Bank Danamon Syariah as card issuer, acts as the guarantor (kafil) for the card holders against the merchants, of all obligations to pay (dayn) which arise from the transactions between card holder and merchant, and/or cash withdrawal from banks other than the ATM of the bank issuing the card. Based on Kafalah, the card issuer can accept a fee (ujrah kafalah). Under the Qardh scheme, the card issuer acts as the lender (muqridh) to the card holder (muqtaridh) through the cash withdrawal from the bank or ATM of the card issuing bank. The card holder is therefore obliged to return the same amount of funds he withdrew at the time.

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