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//Bicara Profesor

“Neither harming nor Nonetheless, there are still 3. Echchabi, A. and Abd. Aziz, H.
reciprocating harm (in other issues or considerations (2014), Shariáh Issues in Islamic
Islam)”. Based on this which need further deliberations. Banking: A Qualitative Survey in
maxim, the delay in These issues include: Malaysia, Qualitative Research
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financial institutions as of rebate on the penalty
the financier. The Islamic for late payment paid to 4. Engku Ali, E. R. A. (n.d.), Riba
financial institutions be returned back to those and Its Prohibition in Islam,
suffer actual loss in terms customers who have International Islamic University
of incurring additional since continue making 5. Malaysia, http://www.nzibo.
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for issuing notices and ii. The position of some its%20prohibition.pdf
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other related costs. These institutions which do not 6. Jarrar, K. (2009), Modern
issues are to be avoided impose any penalty on Murabahah: A Fiduciary Sale or
in order to ensure that late payments to avoid Misnomer, Opalesque Islamic
business transactions are possibility of riba; and Finance Intelligence, 1, pp.
conducted according to 12-15
the principle of market iii. The mechanism to prove
efficiency. that the customers are 7. Khediri, K. B., Charfeddine,
intentionally delaying L. and Youssef, S. B. (2015),
the payments. If the Islamic versus Conventional
Conclusions and delay is intentional then Banks in the GCC countries:
Recommendations A Comparative Study using
penalty can be imposed.
In conclusion, the initial perception However, if the customers Classification Techniques,
on the issue of late payment is have real problems in Research in International
Islamic financial institutions that settling the payment (for Business and Finance, 33, pp.
provide financing to their customers example, the customer 75-98
cannot charge any fine or penalty as lose their jobs which 8. Lahsana, A. (2010), Introduction
this is tantamount to riba. then lead to financial to Fatwa, Shariah Supervision &
difficulties), Islamic banks
This is because the customers may need to have better Governance in Islamic Finance,
need to pay more amount mechanism to prevent 2nd Edition, CERT Publications
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However, after taking into Malaysia.
consideration other factors, Further discussion on the 9. Laldin, M. A. and Furqani, H.
the SAC of BNM has come to a above issues are vital to ensure (2013), Developing Islamic
resolution regarding this matter comprehensive coverage of the Finance in the Framework
by clarifying the conditions late penalty payment ruling. These of Maqasid al-Shariáh,
required in order to impose the can avoid further discord within the International Journal of Islamic
penalty. Islamic banking sector in the future and Middle Eastern Finance
and improve governance.
Consequently, Islamic banks and Management, 6 (4) pp. 278
need to clearly distinguish – 289
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The ta’widh is the actual cost (2010), Resolutions of Shariah International Journal of Islamic
incurred and can be considered Advisory Council of Bank Negara and Middle Eastern Finance
as their income; while the amount and Management, 3 (2), pp.
of gharamah is to be distributed 2. Malaysia, 2nd Edition, Kuala 132-146
to charity. Lumpur, Malaysia.

28 UIM Bulletin