Perniagaan Satu Jihad

“Perniagaan Satu Jihad“

 Slogan ini dipopularkan oleh Allahyarham Tan Sri Muhammad Ali Hashim (1947-2017), bekas Ketua Pengawai Eksekutif Johor Corporation. Idea ini bertitik tolak daripada pelbagai faktor dan cabaran yang melibatkan keadaan ekonomi dan sosial umat Islam di Malaysia dan juga dunia. Ini tidak kurang juga dari kepercayaan bahawa rezeki secupak tidak akan sejadi segantang. Oleh yang demikian keadaan yang menimpa umat Islam adalah ketentuan yang mesti diterima sebagai takdir. Ini ditambah lagi dengan pelbagai tanggapan sinikal yang disulam dengan petikan-petikan keagamaan yang menempelak kekayaan dan harta benda sebagai alat keduniaan yang mengalpakan serta melalaikan. Namun pada saat yang sama kita tidak boleh menyalahkan masyarakat Islam dan ulamanya yang mempunyai tanggapan sinikal ini. Ia perlu diteliti dalam konteks suasana amalan sistem ekonomi modern yang didominasi oleh sistem kapitalis dengan kerangka nilainya yang berbeza atau bertentangan dengan ajaran Islam. Dalam sistem ekonomi kapitalis seperti yang diamalkan di Malaysia dan rata-rata negara lain dunia kini, objektif utama ahli perniagaan adalah membuat keuntungan. Kerangka nilai sistem kapitalis ini adalah bersifat persaingan yang selalunya melibatkan iklan pemasaran dan pengaruh lobi melobi serta lain-lainnya yang mengabaikan nilai-nilai moral. Ini ditambah lagi dengan penggunaan wang fiat dalam sistem ekonomi moden yang membolehkan penciptaan wang tanpa apa-apa sandaran yang mempunyai nilai intrinsik seperti emas atau barangan bernilai serta penggunaan faedah dalam pengambilan keuntungan kewangan adalah garis merah besar kepada sistem perniagaan Islam.  Oleh itu pandangan sinikal ini ada kewajarannya.

 

Sungguhpun pada masakini kesan-kesan negatif elemen-elemen persaingan sistem ekonomi dikurangi atau diimbangi dengan beberapa inisiatif awam seperti SDG, perlindungan hak-hak pengguna, undang-undang buruh dan lain-lain lagi, yang mana dasar-dasar ini mempunyai persamaan dengan nilai-nilai Islam, masyarakat Islam masih kurang berminat untuk terlibat dengan sektor ekonomi atau perniagaan. Sebabnya mudah sahaja, iaitu jentera utama sistem kewangan yang menjadi tunjang kepada kegiatan ekonomi modern adalah penggunaan faedah dalam sistem kewangan. Setelah halangan ini diatasi melalui pengenalan perbankan Islam di Malaysia pada tahun 1982, pertumbuhan ekonomi umat Islam di tanah air masih belum memberansangkan. Tidak dinafikan pada masa kini telah lahir golongan menengah Islam yang kuat melalui strategi pendidikan melalui dasar-dasar seperti penyediaan biasiswa, penubuhan institusi pendidikan tinggi dan pelbagai lagi.  Pun begitu pemilikan kekayaan negara oleh umat Islam masih rendah, kerana penglibatan umat Islam dalam sektor ekonomi tidak rancak sebagaimana yang diharapkan. Oleh yang demikian stigma atau paling kurang pun ketidakpedulian kepada kepentingan penguasaan ekonomi atau kekayaan sedikit sebanyak ada pengaruh yang mengambarnya sebagai korup atau yang dicemuh boleh membawa kepada lagha dan kelalaian.

 

Di sini terletak kebijakan Tan Sri Muhammad Ali Hashim yang menyedari bahawa pegangan pandangan dunia sebegini perlu ditanggani dengan kaedah yang sama. Dari sini lahirlah slogan jihad perniagaan, jihad ekonomi, jihad busines dan seumpamanya. Jihad adalah satu istilah atau perkataan islamis yang sudah berakar umbi dalam pemikiran dan kepercayaan serta nilai dan jati diri umat Islam. Sudah tentu gabungannya dengan perniagaan akan memberi kesan saikologi yang mendalam kepada umat Islam mengenai kegiataan ekonomi. Slogan ini bukanlah satu manipulasi istilah islamis sebagaimana yang digunakan oleh banyak kumpulan lain bagi pelbagai tujuan terutama mencari sokongan dan pengaruh, kerana ianya bertitik tolak dari kelemahan umat Islam itu sendiri dalam pelbagai bidang. Menyedihkan lagi jumlah umat yang ramai dan “penguasaan“ dalam politik masih tidak boleh membebaskan mereka dari kepungan dan pergantungan penghidupan dalam aspek ekonomi dan kewangan dari sumber-sumber luar. Begitu juga anjuran-anjuran keagamaan supaya mencari punca penghidupan secara berdikari serta galakan melibatkan diri dalam perniagaan melalui hadis hadis bahawa 9/10 daripada rezeki adalah pada perniagaan, belum cukup untuk membangkitkan kesedaran betapa peri pentingnya perniagaan digerakkan oleh umat Islam Malaysia. Lantaran itu bergemalah slogan perniagaan satu jihad dari Tan Sri Muhammad Ali Hashim. Menurutnya perkara ini diperlukan kerana keadaan ekonomi umat Islam adalah dalam keadaan darurat sehingga memerlukan jihad untuk membebaskannya.

 

Menyedari supaya penglibatan umat Islam dalam kegiataan ekonomi tidak terpengaruh dengan nilai-nilai barat atau kapitalis atau lebih serius lagi tanpa disedari nilai-nilai Islam dicairkan oleh nilai-nilai barat atau ia diterapkan dalam nilai-nilai Islam sebagaimana yang berlaku kepada beberapa projek islamisasi institusi barat, maka Tan Sri Muhammad Ali mengariskan beberapa nilai etika Islam yang perlu dipatuhi. Paling utama adalah mematuhi hukum-hukum Syariah dalam perniagaan kerana tanpanya perniagaan itu tidak akan mempunyai keberkahan. Bagi Tan Sri bergiat dalam kegiatan ekonomi yang halal adalah penting kerana ianya memberi keadilan dan seterusnya keberkahan dan mengikut keyakinannya akan meningkatkan penjualan serta keuntungan. Seterusnya mengambil sikap yang berbeza mengenai manusia dan harta dari sistem kapitalis yang memboleh kedua-duanya dimanipulasi semaksimum mungkin bagi mencapai objektif kekayaan. Bagi Tan Sri Muhammad Ali Hashim manusia adalah khalifah dan oleh itu perlu dihormati. Sesuai dengan ini kegiatan ekonomi atau perniagaan perlu menghormati manusia sebagai khalifah. Dalam hubungan ini kegiatan ekonomi tidak boleh menjejaskan atau memudaratkan kepentingtan dan pengidupan manusia. Kegiatan ekonomi mestilah mensejahterakan penghidupan manusia.

 

Manakala harta adalah satu amanah yang perlu dijaga dan digunakan untuk kepentingan semua melalui dasar-dasar serta amalan-amalan adil dan baik. Pada masa kini sikap ini diterapkan melalui pelbagai inisiatif seperti SDG, Valued Based Initiative dan Social Corporate Responsibility dan sebagainya. Namun begitu pada masa yang sama, ini tidak bermakna kebaikan model-model perniagaan barat atau kapitalis ditolak. Sesuai dengan ini, dalam konteks strategi perniagaan yang baik dan berkesan serta murah, ahli perniagaan Islam perlu mengambil peluang dengan menggunakan tanda-tanda perniagaan terkenal antarabangsa seperti KFC (yang mana tanda perniagaan ini begitu sinonim dengan Tan Sri Muhammad Ali Hashim). Atau dengan katanya kita perlu menghalalkan business berkenaan supaya ia cenderung kepada nuansa Islamik atau menjadi islamik lambat laun. Sungguhpun demikian penggunaan logo-logo antarabangsa ini mungkin boleh menimbulkan kontroversi terutama dalam konteks perkembangan geopolitik kini. Apapun hasil dari usaha dan kegigihan Tan Sri Muhammad Ali Hashim kesannya sudah dirasakan kini, walaupun masih banyak perlu dilakukan. Ternyata pendekatan Tan Sri Muhammad Ali dalam perubahan kegiatan ekonomi Islam, walaupun melalui slogan yang berapi iaitu jihad, namun sebenarnya adalah secara organik dan bertahap atau gradual. Ini adalah sesuai dengan Islam yang bersifat fitrah. 

 

Intergenerational Housing Loan Proposal A Cause for Rising Housing Price?

House ownership is no longer affordable to many common folks simply because the price is beyond the reach. One of the recent proposal to make house ownership affordable is by prolonging the loan repayment tenure up to 50 or even 60 years, making the monthly payment reduced. Although this proposal might provide people with house ownership, but it has certain issues both economically and socially. Among the problems that will arise are burden of paying the loan will be passed to children who may not economically or mentally prepared for such a responsibility. Based the mathematic or calculation of the loan repayment it seems that the issue of owning of the house is to a large extent passed only to the owner or co-owners who has to pay the monthly instalments through family "generation". The government let alone the banks and the property developers have little participation in solving this issue. In fact the latter two tremendously benefitted from this proposal of generational housing loan. What ever the solution that is going to be tabled or proposed, it has to be fair and borne by all, and not only one sided. The government house ownership policies hitherto seem not able to bring the house price down, but in fact to the contrary. Simply because the focus is mainly to protect the interest of the developer and banks. It is true and not to deny that certain government housing projects have been initiated to help people from lower income group to own house. But these projects do not significantly impact the house price because of other counter policies that kept the house price high at the same time. Another aspect that is has a close relation to house ownership in Malaysia is the culture which needs to be changed. With the rise of gig and financial technology, the aims are now moving from ownership to accessibility. This has started to impact car ownership where now more people are using e-hailing service for mobility. Although house is not the same with car, the same concept or idea of accessibility for such a service can be remodeled and by this everyone or at least most of common folks will have the place to stay without any unnecessary burden of housing loan. But culture and habits are hard.           

 

Medical Takaful/Insurance Re-Pricing Not Final

It seems that this issue of Medical Takaful/Insurance re-pricing is still being debated. The Takaful and Insurance Operators, it appears to have settled the re-pricing process and everything seems to move towards that. Even one of the certificate holder as reported below already received a notice from the company on the increased premium. Naturally many people are not happy with this increase which has been viewed by as outrageously high and frequent. Under pressure, particularly where the question was raised by several MPs in the Parliament on the matter, the Finance Ministry agree to review the hike. The news was reported in a Malay papers and did not not make the way to one of the English new papers that I subscribe. It seems to be something of a great concern to the government as the Prime Minister himself has to make a statement. Not sure what the outcome of this review will be. I am sure, the re-pricing will still increase the price but less than what has been proposed previously.

  

Medical Insurance "Repricing" a.k.a. pay more

The term repricing here is on the increase of premium that the policy holder has to pay in the coming years as the result of the rising of medical cost inflation up to more than 50 percent since 2021. Three main factors have been identified to this increase. (1) rising cost of medical treatments (2) use of new technologies (which is in my view supposed to be cheaper? but in medical terms, the prime purpose, I suspect, is to cure illness rather than to reduce cost) and (3) increase demand for the use of private medical services (not sure whether this medial tourism where Malaysia is famous for in one of the reason for this increase). The recent implementation of co-payment option of insurance or co-takaful medical plan can help maintaining the pricing of the premium. In respect of Takaful to my knowledge the existing takaful certificate holders may not be affected by this repricing unless there is a mechanism to do so, such as mutual agreement or provision of the effective contribution based on ceiling rate etc. Anyhow the best way to avoid additional cost to your health care is to stay healthy. 

 

What is Non-Bank Financial Institutions?

The bank is where you deposit money for safekeeping or investment and others, make payment and apply for financing. Well other non bank can do a similar function but probably with limitation and more focus to a more specific purpose like protection for Takaful or retirement for Pension Fund. The apparent limitation is probably for retail financing which is mainly handled by Banks.  

More younger millionaires in Malaysia

The stories told to us that most of them started early in their teens. Dedication, hard work and seizing opportunity at every availability are some of the ingredients to success. But how about the schooling and other form of formal education. There is a trend not to continue studies in pursue of wealth or to put it mildly for the betterment of livelihood. Perhaps educational system as it is today should be revamped as AI is now starting to gain momentum and impacting today's business, politics and even day to day errands.

   

Cukai memang tidak popular

 

GST lebih baik dari SST?

Tajuk yang amat sensitif. Kalau menyokong dilihat dengan pelbagai tanggapan. Kalau tidak menyokong dilihat sebagai beremosi. Jika mengikut penulis ini banyak kebaikan GST berbanding sistem SST sekarang. 

 

Wakaf, Takaful dan Skim Hybrid Persaraan

Dalam skim persaraan tradisional KWSP yang ada pada masa sekarang dikatakan bersifat sumbangan langsung dari pekerja dan majikan. Sistem ini dikatakan tidak lagi sesuai dengan perkembangan semasa terutama dalam konteks ekonomi digital. Secara umumnya dalam skim hybrid yang dicadangkan ini masih mengabungkan sumbangan pekerja dan majikan di mana sumbangan tertakrif atau defined contribution (DC)  disumbangkan oleh pekerja dan manfaat tertakrif atau defined benefit (DB) disumbangkan oleh majikan.  Mengikut penjelasan yang diberikan seperti dalam keratan akhbar di bawah sumbangan-sumbangan ini adalah milik kolektif pekerja bagi tujuan pembayaraan persaraan mereka ketika waktu bersara. Oleh yang demikian struktur skim hybrid ini nampaknya hampir sama dengan skim persaraan kerajaan yang mana sumbangan pekerja dimasukkan dalam satu tabung. 

Memandangkan ianya adalah milik kolektif maka terdapat cadangan supaya prinsip wakaf dan takaful digunakan dalam pengelolaan skim hybrid ini. Cadangan ini boleh diteroka bagi tujuan pelaksanaannya secara yang lebih praktikal. Namun perlu diingat jika menggunakan wakaf sumbangan tersebut bukan lagi menjadi milik pekerja. Namun begitu syarat boleh dibuat bagi pengendali wakaf persaraan berkenaan untuk membuat bayaran tertentu kepada pekerja berkenaan samada berbentuk sekali gus atau saraan bulanan ketika persaraan nanti. Struktur ini adalah hampir sama dengan modul takaful berasaskan wakaf. Manakala penggunaan takaful mungkin bermaksud sumbangan berkenaan dimasukkan dalam mana-mana skim berkelompok Takaful bagi tujuan pembayaran ketika persaraan nanti. Sumbangan takaful boleh dibuat oleh kedua-dua pekerja dan majikan. Kelebihan struktur takaful ialah terdapat manfaat kematian dan ilat kekal serta jaminan deposit oleh kerajaan.    

Menyentuh tentang Takaful dan Wakaf terdapat dua keadaan. Pertama ialah modul Takaful berkenaan berasaskan kepada wakaf sebagaimana yang dijelaskan di atas. Modul ini tidak diamalkan di Malaysia. Setakat ini modul ini dilaksanakan di Pakistan. Namun cara pengurusannya hampir sama sahaja dengan modul wakalah di mana pengendali atau operator Takaful boleh mengenakan yuran wakalah dari tabung wakaf. Perbezaannya dengan modul wakalah ialah sebagaimana dalam konteks wakaf boleh menggunakan wang dari tabung wakaf untuk perbelanjaan pengurusan Takaful berkenaan. Sunggupun demikian lebihan atau surplus jika ada tidak boleh dikongsi bersama dengan operator sebagaimana yang berlaku dalam modul wakalah. 

Keadaan kedua takaful dan wakaf ialah sama ada gabungan antara takaful dan wakaf sebagaimana yang ditawarkan oleh Hong Leong MSIG Takaful atau pilihan oleh pencarum atau peserta Takaful untuk menyumbang manfaat takaful berkenaan sebagai wakaf seperti yang ditawarkan oleh Great Eastern Takaful. Gabungan antara wakaf dan takaful oleh Hong Leong MSIG Takaful dibuat secara bersama dengan Yayasan Wakaf Malaysia (YWM). Dalam produk ini 5% dari sumbangan wakaf peserta akan digunakan oleh YWM bagi perbelanjaan pengurusan. Di samping sumbangan terus sebagai wakaf, peserta juga diminta bersetuju untuk menyumbang kepada YWM sebagai wakaf dengan kadar tidak melebihi dari 1/3 manfaat takaful apabila berlaku kematian. Nampaknya kedua-dua Takaful berkenaan tidak membenarkan penamaan manfaat berkenaan secara hibah bersyarat, sebaliknya menganggapnya sebagai wasiat. Pun begitu dari segi proses pentadbiran agihan manfaat takaful ini samada kepada YWM atau badan-badan wakaf yang lain dijangkakan akan dibuat sepertimana penamaan. Ini adalah kerana agihan secara wasiat memerlukan surat kuasa wasiat atau probet dari Mahkamah dan ini sudah tentulah menyulitkan atau melambatkan agihan berkenaan.

Hak Pelanggan Dalam Takaful/Insurans Perubatan

 

Cadangan Pelaksanaan Cukai Warisan

 

80 Peratus Orang Muda Miskin?

 

BBA bukan bermaksud pindah milik mengikut s.214 KTN

 MAPLE AMALGAMATED SDN BHD & ANOR v. BANK PERTANIAN MALAYSIA BHD [2021] 8 CLJ 409

FEDERAL COURT, PUTRAJAYA
TENGKU MAIMUN TUAN MAT CJ; ROHANA YUSUF PCA; MOHD ZAWAWI SALLEH FCJ; ZABARIAH MOHD YUSOF FCJ; HASNAH MOHAMMED HASHIM FCJ
[CIVIL APPEAL NO: 02(f)-54-09-2020(A)]
23 JULY 2021

An agreement for the sale and purchase of an estate land by way of asset sale and purchase agreements pursuant to a Bai Bithamin Ajil financing is not in breach of s. 214A of the National Land Code; it remains so even if no prior approval has been obtained from the Estate Land Board. Taking heed of this court's decision in Gula Perak Berhad v. Datuk Lim Sue Beng & Other Appeals, and reading s. 214A NLC strictly while giving it and its subsections their natural and ordinary meaning in the context of the provisions' object and purpose, it is clear that a Bai Bithamin Ajil financing scheme is not caught by the words 'transfer, convey or dispose of' in s. 214A. The words 'transfer, convey or dispose of', being analogous, should have their meaning confined to Parliament's intention to prevent dispossession of land whether in law or equity. They were only meant to cater to a comprehensively narrow intent of preventing actual or outright transfers and fragmentation. Reading the law this way accords with commercial realities, avoids contravening any law and favours commercial transactions such as the one transacted in this case.

LAND LAW
Agreement - Unconditional agreement - Estate land - Parties entered into sale and purchase agreement - Bai bithamin ajil financing - No prior approval obtained from Estate Land Board before entering into agreements - Whether transfer of estate land could only be done with approval of Estate Land Board - Whether there was intention to 'transfer, convey or dispose of' land - Whether unconditional agreement in breach of s. 214A of National Land Code

https://mail.google.com/mail/u/0/?tab=rm&ogbl#inbox/FMfcgzGljvJlGpNhMVZXGdkdHxKjTWxJ

Matawang Kripto Akan Diregulasi?

Matawang Kripto Akan Diregulasi?

Katanya kerana tekanan daripada bank-bank yang bakal kehilangan deposit dan pendapatan melalui perkhidmatan kewangan yang ditawarkan. Secara umum cadangan untuk diregulasi ini dialu-alukan, namun pandangan peribadi saya ia mungkin boleh menjejas maksud asal kewangan kripto ini untuk menjadi bebas, mudah dan murah serta terjamin melalui teknologi block-chain. Apapun nampaknya pemintaan kepada kripto pada masa kini meningkat dengan berita kejatuhan Silicon Valley Bank di US. 

  

Covid-19 Moratorium and Islamic Banking

Covid-19 Moratorium and Islamic Banking

With the nearing of the end period of financing moratorium on this coming September 2020, there has been a call to extent it until the end of this year. It is not clear what is the response from the financial institutions on this proposal. It would seem the extension will be given but not in the same generous blanket fashion of the first moratorium. There was a misunderstanding between the banks and customers when the moratorium was first announced by the Government which saw different banks applied different ways on how to handle the moratorium. After public pressure that insisted that banking institution should also share the suffering of their customer in this difficult time, it was then officially declared that the moratorium is automatic to all customers and without any extra charges. The banks including Islamic banks as a result suffer some loss from the view point of the accounting methodology of bank's income and financial statement. As logical consequence of this quandary, it is likely that the financial institutions will extent the moratorium by their terms and conditions. 

The underlying problem from this suspicious perception on the operation of Islamic banks by the public and consumer group in particular is the expectation to see Islamic banks to behave in a manner that is perceived as just and fair. The content of the paper cutting below is probably old story but it reverberates the same and current discontentment. Indeed what is considered as just and fair is subjective, although some basic rules can be identified. One of the complaint was that the failure of the Islamic bank to understand the predicament faced by customer and hence providing necessary assistance to alleviate the problem. Both sides are at the extreme end of the spectrum whereby what that is needed by the customer is to stop the payment whereas the bank insisting on the payment by the customer for the reason that the latter has a legal obligation to do that, rain or shine. It would mean that what is just for a customer might not be so for the bank that has to protect the interest of the shareholders and depositors. In the case of abandoned housing projects below for example, the bank might not think just and fair to waive the payment since it has already paid some part of the money to housing developer who is actually the real culprit in this case.

Another criticism is that whether the Shariah scholars advising the bank are naturally have a conflict of interest by leaning towards the bank in a disagreement between the bank and customer simply because these scholars are paid by the bank. This is a valid question and steps have been taken to avoid this from happening through the issuance of Guidelines on the appointment of Shariah Advisors to the bank by Bank Negara Malaysia. This guidelines was updated, reviewed and consolidated into Shariah Governance Framework passed in 2011 and Shariah Governance Policy Document in 2019 which provide a comprehensive provisions on the duties, roles and responsibilities of the Shariah Advisor. I think the criticism below has some effect to ways how Shariah Advisor is appointed and their roles in a particular Islamic bank. Actually a lot has taken place since 2012 in term of just and fairness both to customers and financial institutions. One of the important aspect of understanding customer needs and predicament is through the Value Based Initiatives or VBI launched in 2018 by Bank Negara Malaysia. Although many saw that VBI is very much influenced  and related to United Nation Program on Sustainable Growth, it has some uniqueness that is exclusive to Islamic banking especially the promotion of the maqasid in achieving a truly Islamic banking as a term.

Question of Robotic 'Aqad

Question of Robotic 'Aqad

When we misspell a word while writing using any software application, the system will tell us to correct it. Or if we mistakenly pressed a button, a sound is made to warn us. Little we question this small help. In fact, to the contrary we will criticize if the software were not able to do things that we expect the wonder of computer and technology to do. Without doubt automation has overtaken many of our daily tasks which are in the past were done manually. Till in the 70's and even 80's our telephone lines are connected by hands of the operators almost whom were ladies. Today not only the operators are long gone but the way how we communicate is fast changing. The bottom line of our modern techno life is speed and cost. Everything must be super fast and cost-effective. For people engaged in commerce and trade these are true. Not only our transaction has changed from off-line to on-line, the way dealings are done is now transforming from flesh to wire from blood to circuit as now sale and purchase are being automated. The process of purchasing and selling are being reduced to a push of a button! The issue of human error or mistake, delay in processing and labour cost can be avoided by this automated technology or to be exact by a robot. The image of a robot doing humanly physical things is perhaps still in the process of perfection, but the "intellectual task" of calculating, processing, delivering, systematizing, and probably deciding or agreeing after all the necessary variables or algorithm are keyed-in to the program are quickly become a norm of a day. For conventional banking this automation is most welcomed with big open hand. Islamic banking would also do the same, but cautiously. Since the 'aqad or agreement is Islamic law is the manifestation of consent and meeting of minds of the parties, can a robot without heart and soul do the same. The answer is certainly it cannot. No robot can replace any human. But the issue here, would the use of robot or automation make the contract or 'aqad into something that is uncertain, unclear and full of doubt between parties. The answer is most likely no. For me the consent of parties is already manifest once they agree to enter the robotic world. Of course when there is a dispute because of anything from system down to accidental pushing of button, settlement can be achieved through agreement or "see you in court!".                   

Pertumbuhan Insurans di Arab Saudi 2019

Middle East Insurance Review pada 15 Julai 2020 melaporkan industri insurans di Arab Saudi berkembang buat pertama kalinya dalam tempoh tiga tahun pada tahun 2019 dengan pertambahan sebanyak 8% atau SAR37.9 billion (Ref). Laporan ini dipetik daripada Saudi Arabia Insurance Market Report 2019 yang dikeluarkan oleh Saudi Arabian Monetary Authority (SAMA). Peningkatan  ini disumbangkan secara signifikannya oleh premium perubatan. Secara keseluruhannya premium perubatan dan motor menyumbang sebanyak 82% GWP (Gross Written Premium) industri insurans pada tahun 2019 iaitu dengan kadar pertumbuhan sebanyak 13%. GWP bagi premium kesihatan adalah sebanyak 59.3% (SAR22.5 billion) manakala NWP (Net Written Premium) adalah sebanyak 68.3% atau SAR21.6 billion. GWP kesihatan pada tahun 2018 adalah sebanyak 56.8%. Manakala GWP bagi premium motor bagi tahun yang sama adalah sebanyak 22.7% (SAR8.6 billion). Begitu juga didapati nisbah penembusan atau penetration ratio bertambah sebanyak 1.28% pada tahun 2019 berbanding 1.20% pada tahun 2018. Ini ditunjukkan melalui peningkat mendadak hasil bersih pasaran insurans sebanyak 370% iaitu kepada SAR858 juta pada tahun 2019 daripada hanya SAR183 juta pada 2018. Nisbah pemegangan atau retention ratio juga adalah tinggi pada sektor kesihatan iaitu sebanyak 96.2%, walaupun terdapat sedikit pengurangan berbanding tahun 2018 sebanyak 97.2% dan 96.7% pada tahun 2017. Sungguhpun demikian jumlah tuntutan bersih atau Net Claims Incurred bagi kedua-dua sektor perubatan dan motor adalah tinggi iaitu masing-masing sebanyak SAR18.3 billion dan SAR6 billion. Namun begitu SAMA melaporkan nisbah kerugian atau Loss Ratio kedua-dua sektor ini adalah stabil iaitu sebanyak 87.8% bagi kesihatan dan 73.1% bagi motor.  

Peningkatan dalam pembayaran premium kesihatan ini berpunca daripada kenaikan harga premium akibat daripada semakan kepada jadual pembayaran faedah kesihatan. Ini bermakna pemegang premium terpaksa membayar harga yang lebih mahal berbanding tahun-tahun sebelum ini. Oleh yang demikian peningkatan ini sungguhpun nampak menarik dari segi angkanya tidaklah merubah apa-apa yang signifikan dari segi perkembangan insurans. Ini ditambah lagi dengan penurunan sumbangan premium motor sebanyak 8.7%. Penurunan ini berpunca daripada no claim discount dengan ketiadaan polisi baru. Namun adalah dijangkakan premium insurans motor meningkat pada tahun-tahun mendatang antaranya akibat daripada polisi membenarkan wanita memandu kenderaan pada tahun 2018 dan polisi kerajaan Arab Saudi untuk meningkatkan pendaftaran kenderaan dilindungi oleh insurans kepada 50%. Peningkatan dalam premium kesihatan juga dijangka meningkat dengan pengenalan skim insurans kesihatan kepada jemaah haji yang bermula pada tahun 2020 - Ref. Sebagaimana maklum halangan utama perkembangan insurans di Arab Saudi dan juga negara Islam yang lain adalah sistem bantuan sosial yang kukuh dan sebati dengan masyarakat Islam seperti zakat, sedekah, wakaf dan lain-lain yang bersifat non formal dan voluntari.  Ini ditambah lagi dengan pegangan konsep tawakkal yang berlebihan dan menolak sesuatu yang bersifat perancangan masa hadapan di sesetengah kalangan umat Islam.   

Mungkin ada bertanya, mengapa terma insurans digunakan di Arab Saudi dan tidak Takaful. Keadaan ini boleh menimbulkan kekeliruan pada sesetengah kalangan yang akan merasakan insurans berkenaan tidak patuh Syariah. Sebagaimana yang dimaklumi, di Malaysia dan juga negara-negara lain istilah takaful digunakan bagi menganti insurans yang dianggap tidak patuh Syariah. Ini mungkin berbeza di Arab Saudi kerana model insurans yang digunakan adalah berbentuk insurans kerjasama atau mutual/cooperative insurance atau apa yang dikenali dalam bahasa Arab sebagai Ta'min Ta'awuni. Model insurans sebegini dikatakan sebagai patuh Syariah. Keadaan ini menjelaskan sungguhpun Loss Ratio yang tinggi dalam premium perubatan dan motor, keadaan ini tidak menimbulkan tekanan kepada syarikat insurans. Sungguhpun demikian amalan-amalan tadbir urus yang biasa terdapat di dalam takaful bagi memastikan kepatuhan Syariah seperti Jawatankuasa Pengawasan Syariah, pelaburan patuh Syariah dan lain-lain tidak diamalkan di syarikat insurans di Arab Saudi. Perkara ini dijelaskan oleh seorang penulis bernama Bashar Al Natoor sebagai berikut:

"Saudi Arabia’s cooperative insurance model is a Sharia-compliant structure where 10 per cent of the net surplus of an insurer’s profit is returned to policyholders annually, by direct payment or reduction in the premiums for the following year. However, in contrast to takaful, it does not include any provisions relating to Sharia-compliant investment requirements, Sharia-compliant boards, or the segregation of takaful funds from shareholder insurance funds".Ref

Untuk mengikuti perkembangan negara-negara Islam yang lain dan juga kemungkinan bagi tujuan perniagaan, produk-produk takaful juga diperkenalkan oleh syarikat insurans di Arab Saudi. Ketiadaan amalan tadbir urus yang berkaitan dengan pematuhan Syariah di Arab Saudi tidaklah bermakna syarikat yang menawarkan insurans bebas melakukan apa sahaja. Ini adalah kerana jika terdapat pertikaian antara syarikat dengan pemegang premium insurans, undang-undang yang akan digunakan bagi menyelesai pertikaian tersebut di Mahkamah adalah undang-undang Syariah. Ini ditetapkan dalam Perkara 7 Undang-undang Utama Perundangan Arab Saudi 1412H (1991M) iaitu semua perundangan di Arab Saudi yang terpakai di Mahkamah merujuk kepada al-Quran dan al-Sunnah. Keadaan ini berbeza dengan negara-negara lain, di mana undang-undang yang akan digunakan di Mahkamah jika berlaku pertikaian adalah undang-undang negara berkenaan yang tidak merujuk kepada Syariah.   

Nomination is to Assist the Poor?

"Main objective of nomination, especially required or provided by the law is to assist the poor to channel their small sums of money without going through the trouble of making will or taking out a grant of representation." Quoted from Barry C. Crown (2007). Death and the Central Provident Fund: Legislative Intervention. Singapore Journal of Legal Studies, pp.138-147.  The modern or western introduced administration of estate proves to be problematic to Muslims as it does not take into account the limitation of testamentary disposition of the Muslim property. The modern idea of nomination with the purpose of assisting the poor fits squarely to the freedom and unlimited power of testamentary disposition of the western legal system. Thus when the idea was first introduced, the Muslim scholars rejected it. For the Malays, who are the avid Muslims without question, the idea is troubling indeed, but for sure they are not fanatical. For practical reasons the idea was accepted with modification. Thus fatwa was issued to allow nomination but the nominee is now a trustee, receiving the property of the deceased as a trust to be distributed among the legal heirs. Of course there was occurrence of abuse and breach of trust and this continues to be so, but Islamic law is not all about law and order, it is about personal integrity and a belief that there will be a final judgment in the hereafter that all wrongs will be corrected. Thus a person whose right was wrongfully taken or robbed will always contend to think that his or her offender will deserve punishment sooner or later and on top of that the offended is rewarded for his or her patient. This is not to be mistaken as to say that Islamic law takes lightly on the breach of trust as whenever this is a proof to such a felony, suitable punishment will be meted out. Thus within this idea of law and the character of the Malays who appreciate practicality and peaceful co-existence with others, the practice of nomination is accepted with modification. Practicality because many of the Malays in the past were poor and nomination therefore is supposed to assist them? Probably.           

Matawang Kripto Global Pasca Bitcoin

Artikel saya yang disiarkan dalam Berita Harian 6 Ogos 2019 halaman 10. Untuk capaian laman sesawang boleh ke link https://www.bharian.com.my/kolumnis/2019/08/593202/mata-wang-kripto-global-pasca-bitcoin

Questions from Islamic Banker Asia Magazine

Islamic Banker Asia Magazine posted me three questions as below on 29/9/2014. Immediately after the questions are my answers. I do not know what they want to do with the answers. 

QUESTION 1:

Recently, we have heard a lot about the why it is advisable to bring Halal industry into the banking industry. This issue was mentioned during the recently held Global Islamic Finance Forum 2014. In your views, how this would help to raise integrity for both industries and pioneer inroads for Islamic finance, specifically into new emerging markets? And what role does Shari'a scholars such as yourself play in this initiative?

Answer:

With the desire to increase the assets of Islamic banking and finance, Halal industries which are hitherto produced and operated largely by large and multinational corporations (mostly owned by non-Muslim companies), it is a wise decision to create a symbiosis between the two. In my view it is more a kind of strategic financial planning rather a technical Syariah issue. But of course the measure is within the scope of the general purpose of the Shariah or maqasid. And as such it is upon the Muslim government to stimulate, nurture and if necessary introduce rules and laws to favour the collaboration and esprit de corps between these two economic agents.

QUESTION 2:

As we all aware, assets managed by the Islamic financial industry is currently about 1% of total banking assets globally and majority of the assets are concentrated in the muslim majority countries - such as the GCC. What steps should Islamic banks implement to attract and engage more non-Muslim entrepreneurs to utilise Islamic finance?

Answer:

To concentrate more on substance and purpose. To seek common grounds and maximise them, and to reduce differences and to minimise them. To elucidate benefits and advantages of Islamic finance based on practical efficiency and common sense with the emphasis of moral obligation to protect the society and world natural resources. In general there has always been a challenge for an economic system based on moral inclination to persuade the general public to participate in the system, because human generally including Muslims are attracted to material and physical rewards. Therefore the success of a moral economy cannot be measured through the same instruments or methodologies of material economy.

QUESTION 3: 

Islamic finance requires greater linkages or connectivity in integrating it with global economy. One of the key enabler in facilitating the integration is the harmonisation of Islamic finance standards. In your opinion, is dis-harmonisation of standards still impeding the growth of the industry?

Answer:

This is an old-aged question as the result of globalisation and financial industries going international (to make more money) together with the so-called cross border transactions. Efforts have been made by many parties whether government or industries to calibrate and fine tune their differences in many aspects of government and businesses. In situation of economic equilibrium among states dis-harmonisation of standards could post as an impediment or difficulty to economy growth. But given the fact of economic disparities among states currently, financial and banking standards normally benefit rich and developed nations.