What is AITAB?
AITAB – in a nutshell – is the Islamic version of “conventional” Hire Purchase whereby the parties enter into a lease contract for a specified tenure and subsequently enter into a sale contract at the expiry of the lease tenure.
What is Bai Bithaman Ajil concept?
Bai’ Bithaman Ajil (BBA) refers to a sale and purchase transaction of an asset to be paid on later date (deferred payment) based on a price, which include a profit margin agreed to by both contracting parties.
Is hire purchase allowed in Islam?
Renting an asset is permissible, but renting money is strictly prohibited in Islam. For example, a Hire Purchase (HP) agreement is off-limits (unless it’s an interest-free credit setup) because the lender will charge interest on the amount of money borrowed to finance the car.
What is Islamic hire purchase?
The name Al-ijarah has its origins in the Islamic fiqh and means allowing someone the use of something on the basis of a lease or rental agreement. Islamic principles permit the purchase of personal and real property for subsequent leasing at a mutually agreed periodic rent.
What is Aitab public bank?
Vehicle financing under the Shariah principle of Al Ijarah Thumma Al-Bai, we offer an attractive margin of financing and competitive financing rates. Features: Financing period of up to 9 years for commercial or consumer vehicle. Multiple payment channels via PBe, ATM and PIBB/PBB branches.
What is Aitab Flexi?
WITH THE CONVENIENCE OF AITAB FLEXI BIBD, PEOPLE IN BRUNEI WILL BE ABLE TO LOAN A MUCH MORE LUXURIOUS AND SPORTY VEHICLE. REQUIREMENTS : 1) MODELS OF VEHICLE 2015 ABOVE. 2) PURCHASER MUST HAVE A SALARY ABOVE $1,000. 3) PURCHASERS MUST BE WORKING IN A GOVERNMENT SECTOR / SERVANT.
What is the difference between Murabaha and Bai Bithaman Ajil?
Bai’ Bithaman Ajil means a “deferred payment sale”. It is a mode of Islamic financing used for property, vehicle, as well as financing of other consumer goods. The underlying transactions of the BBA is said to be based on the concept Murabaha (cost plus) whereby the sales price is added up with the profit.
What is Commodity Murabahah?
Commodity Murabahah is the purchase of certain specified commodities on a cost plus profit basis (Murabahah) agreed upon by both parties (buyer & seller) and subsequently, the commodity is sold to another commodity trader (third party) with the objective of obtaining cash.
Is 0% interest halal?
Halal car finance is neccessary because interest (riba) is forbidden (haram) in Islam. Halal car finance isn’t just a shortcut to 0% car finance. That’s because the amount borrowed is essentially the cost of the car plus the interest that the seller would add to non-Islamic buyers.
Are cats halal?
After issuing a fatwa asking Egyptians to eat locusts that invaded the country last week, head of the Fatawa centre in Al Azhar declared eating monkeys, flies, rats, elephants, cats, dogs, and butterflies is also considered halal (permissible) in Islam.
What is Aitab hire purchase-I?
What is Aitab Flexi Bibd?
What does AITAB stand for?
Furthermore pertaining perceptions and expectations toward the actual and propose model of al-ijarah thumma Al-bay (AITAB) thirty questionnaires have been distributed.
What is the AITAB penalty for late payment?
Over the past two decades, AITAB has gained a strong public acceptance among the consumers to finance their purchase of motor vehicle. One of the most prevailing features of AITAB is that the penalty imposed for late payment is 1% compared to its conventional competitor of 8% that is compounding.
What are the accounting treatments on Ijarah (AITAB)?
Accounting treatments on Ijarah (AITAB) implemented by all Malaysian Islamic banks have no difference from conventional hire-purchase whereby Banks do not recognize asset and expenses. Therefore, the financial statements do not truly and fairly reflect the Shariah rights and obligations of the parties.