An Islamic
financial institution would like to offer hibah in al-ijarah thumma al-bai` (AITAB)
as an incentive and encouragement to customers to timely observe their monthly
payment of rent according to the prescribed schedule. In the proposed
arrangement, hibah will be given to customers who pay their monthly
rents in the first year without any late payment. The proposed hibah rate
is 1% of the financing amount which will be directly credited into the account
of eligible customers on the 13th month.
However, customers who settle all his debts and terminate their AITAB contract
within the first 12 months are not eligible to receive such hibah.
In this regard, the SAC was referred to on the
issue as to whether the application of the concept of hibah in
AITAB as proposed is permissible.
Resolution
The SAC, in its 13th meeting dated 10 April 2000, has resolved
that giving hibah in an AITAB contract as an incentive to the
customer who pays on schedule as proposed is permissible.
Basis of the Ruling
Giving hibah and gift is highly recommended as suggested in
the following verse of al-Quran and hadith of Rasulullah SAW:
“...but if they choose of their own accord to
make over to you a part of it, then you may enjoy it with pleasure and good
cheer.”120
“Abu Abdullah al-Hafiz has reported to us, he
said, I heard that Abu Zakaria Yahya bin Muhammad al-`Anbari said, I heard that
Abu Abdullah al-Busyanji said, about the saying of the Prophet Muhammad SAW:
Exchange gifts (among you) and you will love each other.”121
Besides that, there is no impediment in
Shariah to apply the concept of hibah in AITAB contract sincehibah is a benevolent act and is at the discretion of
the giver of hibah.
Issuer:
Central
Bank of Malaysia (Bank Negara Malaysia)
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Alfalah Consulting - Kuala Lumpur: www.alfalahconsulting.com
Consultant-Speaker-Motivator: www.ahmad-sanusi-husain.com
Islamic Investment Malaysia: www.islamic-invest-malaysia.com
Pelaburan Unit Amanah Islam: www.unit-amanah-islam.net
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