This topic is very subjective. As a Muslim, one has no choice but to take-up Islamic financing irrespective the pricing imposed by Islamic banks BUT for non-Muslims, their decision to take-up Islamic or conventional banking facility would depend on the pricing and benefits that they would enjoy from Islamic financing.
Our issue here (or is it an issue..??), what are the benefits for those who choose to take-up Islamic financing (irrespective of fixed profit rate or the hybrid fixed/variable profit rate pricing)? My reason for asking this question is because from the information provided to the Writer (including from his own experience), in most Islamic banks in Malaysia, their financing customers are non-Muslims (some reported, more than 60%).
Anyhow, from Writer's own experience most non-Muslim who took-up Islamic financing were due to as follows:
1. Natural Hedge - irrespective they take-up a fixed or hybrid financing profit rate, they are actually hedging themselves against possible hike in future interest rate. The 1997 Asian Financial Crisis has made many, especially those in business, aware of the danger of variable interest rate prevailing in conventional banks. Without BNM intervention during the financial crisis, the impact would have been more severe.
2. Sales campaign - most Islamic banks (and most of the existing Islamic banks are a full-fledged subsidiary of conventional banks) are having shared marketing/sale staff (most sale staff are non-Muslims either permanent or on contract basis). The sales people are commission driven and whenever a campaign is launched, for example, to write at least 500 Islamic new financing accounts (or a target of say, RM100 million sale for new Islamic financing account is set), the sale staff force will push the sale as the target will be included in they KPIs.
The Writer remembered introducing a pocket handbook with Q&A on all possible questions by Customers, including how profit is calculated, comparative analysis (basically, benefits of Islamic financing over conventional banking) etc so whenever a sales staff is landed with questions he is not familiar with, he can immediately refer to the handbook for answers. This handbook is a very effective marketing tools and all Islamic banks should made this available for their sale staff. We have to admit that in general sales staff are good in selling but weak in the product knowledge, especially Islamic products.
3. BNM target - the Islamic bank (as a group with their conventional) need to achieve certain targets imposed by BNM. The Writer is not sure whether such targets are still being imposed by BNM but the Writer opine, it is a good move to achieve the MIFC's objectives. By removing this target, the sale staff will prefer to sell products that they are familiar with.
Our issue here (or is it an issue..??), what are the benefits for those who choose to take-up Islamic financing (irrespective of fixed profit rate or the hybrid fixed/variable profit rate pricing)? My reason for asking this question is because from the information provided to the Writer (including from his own experience), in most Islamic banks in Malaysia, their financing customers are non-Muslims (some reported, more than 60%).
Anyhow, from Writer's own experience most non-Muslim who took-up Islamic financing were due to as follows:
1. Natural Hedge - irrespective they take-up a fixed or hybrid financing profit rate, they are actually hedging themselves against possible hike in future interest rate. The 1997 Asian Financial Crisis has made many, especially those in business, aware of the danger of variable interest rate prevailing in conventional banks. Without BNM intervention during the financial crisis, the impact would have been more severe.
2. Sales campaign - most Islamic banks (and most of the existing Islamic banks are a full-fledged subsidiary of conventional banks) are having shared marketing/sale staff (most sale staff are non-Muslims either permanent or on contract basis). The sales people are commission driven and whenever a campaign is launched, for example, to write at least 500 Islamic new financing accounts (or a target of say, RM100 million sale for new Islamic financing account is set), the sale staff force will push the sale as the target will be included in they KPIs.
The Writer remembered introducing a pocket handbook with Q&A on all possible questions by Customers, including how profit is calculated, comparative analysis (basically, benefits of Islamic financing over conventional banking) etc so whenever a sales staff is landed with questions he is not familiar with, he can immediately refer to the handbook for answers. This handbook is a very effective marketing tools and all Islamic banks should made this available for their sale staff. We have to admit that in general sales staff are good in selling but weak in the product knowledge, especially Islamic products.
3. BNM target - the Islamic bank (as a group with their conventional) need to achieve certain targets imposed by BNM. The Writer is not sure whether such targets are still being imposed by BNM but the Writer opine, it is a good move to achieve the MIFC's objectives. By removing this target, the sale staff will prefer to sell products that they are familiar with.
Surprisingly however, prior to my retirement, there were a number of instances, Malays (who are supposed to be Muslims) still prefer to take-up conventional banking, despite knowing (we even showed to them Sura Al Baqarah - 2:276 that Allah will deprive usury of all blessing...
...part of Al Baqarah (2:276)
Infact, there was one incident when a Muslim customer insisted conventional loan over Islamic banking financing facility just because to him, Islamic banking facility is more expensive than conventional. He further reiterated that it's was a matter of principle NOT religion. Honestly, this was something that the Writer cannot comprehend until today, a Muslim willing to sacrifice Allah's blessing for the sake of principle...?? There are some who said, existing Islamic banks are actually adopting a disguised "riba" so it is okay for them to take-up conventional loan due to 'dharurah" rather than taking disguised "riba". Irrespective of one's opinion, a fatwa has been issued by the National Shariah Advisory Council (NSAC) of BNM. We have to assume they have addressed all issues relating to "riba" as people sitting in the NSAC are reknowned Muslim scholars who are expert in their fields.The Writer hopes that there are NO OTHER MUSLIMS out there having same thinking about Islamic banking.
4. Pricing - in reality pricing is an important element when it comes to making decision to take-up financing or to borrow.! (common terminology used by people on the street). As a true Muslim, what is most important to him is Allah's blessing. If a Muslim believes this, even if Islamic banking pricing is say, 1.0% higher than conventional bank loan, he will still take-up Islamic financing. What more , under Surah Al-Baqarah (2:279), Allah and his Prophet, declare war on those who takes "riba". Was informed, in the USA, "halal" meat is difficult to get, so the price of halal meat is normally more expensive than the non-halal meat but as a Muslim, one will still buys it because from young, a Muslim has been trained not to eat non-halal food. But when it comes to "riba".....why there are people who said "a matter of principle or they are not afraid of Allah's warning..?? The Writer trained his children from young "pork and riba are haram" although only a certain age they understand what is riba meant ...but most important we instill this saying in their mind from young. Perhaps, it's because "blessing" as promised by Allah to Muslims is something "non-tangible" or something that cannot touch, feel and visualize. We have also heard some said " not to worry, we can repent when older". Please visit my other blog http://alqamar5417.blogspot.com that touch a bit on these subject matters.
Anyhow, let's evaluate whether Islamic banking products are more expensive then conventional. Let's look at customers' point of view first. The Writer, in later topics, shall also discuss as to whether Islamic banking is a loosing business to the banking group (conventional bank plus its full-fledged Islamic subsidiary).
As for this topic, let's look at this comparative analysis..! Some of the points have actually been deliberated under Topic 33C(i).....
a) Comparative Analysis
...part of Al Baqarah (2:276)
Infact, there was one incident when a Muslim customer insisted conventional loan over Islamic banking financing facility just because to him, Islamic banking facility is more expensive than conventional. He further reiterated that it's was a matter of principle NOT religion. Honestly, this was something that the Writer cannot comprehend until today, a Muslim willing to sacrifice Allah's blessing for the sake of principle...?? There are some who said, existing Islamic banks are actually adopting a disguised "riba" so it is okay for them to take-up conventional loan due to 'dharurah" rather than taking disguised "riba". Irrespective of one's opinion, a fatwa has been issued by the National Shariah Advisory Council (NSAC) of BNM. We have to assume they have addressed all issues relating to "riba" as people sitting in the NSAC are reknowned Muslim scholars who are expert in their fields.The Writer hopes that there are NO OTHER MUSLIMS out there having same thinking about Islamic banking.
4. Pricing - in reality pricing is an important element when it comes to making decision to take-up financing or to borrow.! (common terminology used by people on the street). As a true Muslim, what is most important to him is Allah's blessing. If a Muslim believes this, even if Islamic banking pricing is say, 1.0% higher than conventional bank loan, he will still take-up Islamic financing. What more , under Surah Al-Baqarah (2:279), Allah and his Prophet, declare war on those who takes "riba". Was informed, in the USA, "halal" meat is difficult to get, so the price of halal meat is normally more expensive than the non-halal meat but as a Muslim, one will still buys it because from young, a Muslim has been trained not to eat non-halal food. But when it comes to "riba".....why there are people who said "a matter of principle or they are not afraid of Allah's warning..?? The Writer trained his children from young "pork and riba are haram" although only a certain age they understand what is riba meant ...but most important we instill this saying in their mind from young. Perhaps, it's because "blessing" as promised by Allah to Muslims is something "non-tangible" or something that cannot touch, feel and visualize. We have also heard some said " not to worry, we can repent when older". Please visit my other blog http://alqamar5417.blogspot.com that touch a bit on these subject matters.
Anyhow, let's evaluate whether Islamic banking products are more expensive then conventional. Let's look at customers' point of view first. The Writer, in later topics, shall also discuss as to whether Islamic banking is a loosing business to the banking group (conventional bank plus its full-fledged Islamic subsidiary).
As for this topic, let's look at this comparative analysis..! Some of the points have actually been deliberated under Topic 33C(i).....
a) Comparative Analysis
Now, let's look at Chart 1 below
Chart 3
Likewise, we can see this impact in legal case "Zulkifli Abdullah" versus "Affin Bank" in later section of this topic.
Chart 4
For Chart 4, rather than customer (particularly non-Muslims) seek re-financing from conventional bank (assume in low interest rate regime situation) it would be cheaper in long-run, for them to seek the bank to provide them a rebate (or a discount) on the profit payment i.e. not on profits already earned by the bank but on future profits (termed as unearned income). The Islamic banks on the otherhand, should consider the rebate request if they are to maintain the customer.
b) Legal case to show Islamic banking is cheaper..!
This has been discussed in Topic 15 of this blog. However, in this topic we shall provide detailed explanation on the impact of the Judge's decision if the case is not overturned. Infact, this case is a good example to show the impact of conventional loan when landed in court.
Chart 5
SELECTED FACTS OF THE CASE
Chart 11
Based on current shariah view by providing refinancing facility, including capitalising the unpaid installments, the transaction is against the shariah principle of bay al-kali bi al-Kali nevertheless, Islamic banking were new then and such principle has not been raised by Shariah scholars at that time.
Chart 13
Chart 13 above (unfortunately, we are unable to make the image bigger) provide a single view between the conventional banking calculation determined by the Court and the Islamic Banking calculation where the Banks normally work from the outstanding sale price downwards. To explain, let's look at the chart individually as per Chart 14 and 15 below.
Chart 14
Chart 15
Now, lets look at Chart 15 below. Using similar formula, the calculation is actually the same, except the penalty charges awarded is considered "riba".
a) Original sale price (based on so call, new contract) was RM 992,363.40
b) To find out the actual outstanding sale price, we need to deduct all installment paid so the sum of RM33,454.19 is to be deducted from the sale price, giving an outstanding sale price of RM958,909.21
c) The original sale price comprise UNEARNED INCOME NOT YET DUE (income that the bank was not entitled to earn as of December 2005). Using simple profit (interest) formula, the rebate amount due was RM379,425.84 and the principal outstanding equal to RM579,483.36
d) At late charges and miscellaneous charges (RM3,141.44 + RM2.0) the total amount due was RM582,626.80, which is the SAME AMOUNT DUE USING CONVENTIONAL CALCULATION.
Main reason for the misunderstanding by both all the parties concerned i.e. defendant's lawyer, the Bank and the Court was that they are not aware of the calculation method in default situation.
INTERESTING FACTS ABOUT INTEREST COMPOUNDING EFFECT!
As commented by Judge. Islamic financing is more burdensome..?
Is that statement true..?.
Chart 16
Chart 17
Assume that Court decision was right. Customer thereafter diligently pay his monthly installment based on the 2nd contract. In 25 years, the whole sale price of RM992,361.60 will be fully settled.
On the otherhand, in a similar situation but assume it is a conventional loan, the total payable shall be as follows:
Chart 18
The case when through an appeal process but the Writer will stop his discussion on the above case up to here. What is more important, customer will be able to distinguish the benefits of fixed rate financing versus conventional in situation of default.
ALLAH KNOWS BEST
www.islamicbankingway.com
Late charges in Islamic banking is allowed basically as a deterrent mechanism against
cases of default by customers in discharging their financial obligation arising
from Islamic contracts. Islamic banks used to charge only 1.0% p.a. on overdue installment. The side effect, there are customers (having both Islamic and conventional accounts) that placed priority in payment of conventional loans rather than Islamic due to the low penalty charges they will incur compared to delaying conventional loan payments. Due to this (the Writer believe that the pressure comes from conventional bank having Islamic subsidiary) there were banks that seek BNM to review the penalty charges to be imposed on Islamic banking customers.
As a result, sometime in August 2011 (implemented in first quarter of 2012), the NSCA approved new late charges calculation that comprises both concepts of gharamah (fine or penalty) and ta'widh (compensation). Gharamah is not allowed to be recognised as income, and it
must be channeled to specified charitable bodies. However, Islamic banking
institutions may recognise ta'widh as income (normally at 1.0% p.a.) on the basis that it is imposed on the
customers as compensation for the actual loss incurred by the Islamic banking
institutions. The maximum rate of gharamah and ta'widh that may be imposed by Islamic banking
institutions will be determined by Bank Negara Malaysia.
Chart 2
We have discussed the impact on compounding under Chart 13 of Topic 33C(i) but to see further impact on "compounding" we shall at end of this topic use the "famous" legal case "Zulkifli Abdullah versus Affin Bank" to further elaborate the impact of "compounding" on default case.
Chart 2
The impact of fixed monthly installment for conventional Bank is shown in Chart 13 of earlier topic 33C(i)
Likewise, we can see this impact in legal case "Zulkifli Abdullah" versus "Affin Bank" in later section of this topic.
Chart 4
For Chart 4, rather than customer (particularly non-Muslims) seek re-financing from conventional bank (assume in low interest rate regime situation) it would be cheaper in long-run, for them to seek the bank to provide them a rebate (or a discount) on the profit payment i.e. not on profits already earned by the bank but on future profits (termed as unearned income). The Islamic banks on the otherhand, should consider the rebate request if they are to maintain the customer.
b) Legal case to show Islamic banking is cheaper..!
This has been discussed in Topic 15 of this blog. However, in this topic we shall provide detailed explanation on the impact of the Judge's decision if the case is not overturned. Infact, this case is a good example to show the impact of conventional loan when landed in court.
Chart 5
SELECTED FACTS OF THE CASE
- In 1997, the defendant took up a BBA financing of RM346,000-00 from BSN Commercial Bank (which was later taken over by Affin Bank Berhad) for a financing period of 18 years (216 equal monthly installments) under the staff loan [ the word "loan" is used here by court ] scheme at 3.5% profit rate (special staff profit rate) with the Bank’s selling price of RM466,847.28
- At commercial profit margin, the Facility was to be repaid over an 18 year tenure by 216 monthly installments of RM3,582.80 BUT since the defendant is a staff, by the applying Islamic principle of Ibra (for as long as the defendant remained in the Bank’s employee) the staff is entitled for a rebate of RM1,421.47 per month. Thus, his monthly installment after rebate was RM 2,161.33 per month.
- Formula for calculating the installment: [ RM3,582.80 less RM1,421.47 = RM2,161.33 ] (Refer Chart 6 below)
- The total payments as long as he remained an employee of the Bank was therefore, RM2,161.33 x 216 = RM466,847.28
- This RM466,847.28 was described in the Letter of Offer of 26th May 1997 as the Bank Selling Price.
Chart 6
Chart 7
e
Chart 8
Chart 9
Chart 10
Due to the Judge statement, quote " when the gratification of being able to satisfy the pious desire to avoid financing containing the elements of riba (interest) gives way to the sorrow of default......" Writer felt obligated to explain the "actual calculation method" and took-up challenge then ..to explain how the judgement should be made based on Shariah decision. The Writer presented the facts to 2 universities (UIA and UiTM), bar council members (3 sessions, including one in Sarawak) and also 2-3 other seminars, including that organised by IBFIM. The slides used for this topics were actual sides used by the Writer during the presentation.
Based on the above court decision, the award of RM98.54 per day profit until full settlement is actually "riba". The award was calculated based on at 8.0% p.a. the standard penalty charges imposed by court today. You will notice that the court uses the word loan to imply Islamic financing.
COMPARISON BASED ON JUDGEMENT
Chart 12
Based on current shariah view by providing refinancing facility, including capitalising the unpaid installments, the transaction is against the shariah principle of bay al-kali bi al-Kali nevertheless, Islamic banking were new then and such principle has not been raised by Shariah scholars at that time.
Nevertheless, based on earlier practises, the customer and the Banks MUST entered into a new contract which means there must be a new agreement entered by both parties i.e. a new purchase price (principal + unpaid instalments + penalty charges) and a new sale price (total payable based on new profit rate and financing tenor).
However, for this legal case, there was ONLY the original purchase agreement (when defendant signed as a bank staff) AND there were two (2) sale agreements i.e. the original sale price of RM466,847.28 (at staff profit rate) and another sale price of RM958,909.21 (at commercial profit rate)
However, for this legal case, there was ONLY the original purchase agreement (when defendant signed as a bank staff) AND there were two (2) sale agreements i.e. the original sale price of RM466,847.28 (at staff profit rate) and another sale price of RM958,909.21 (at commercial profit rate)
Chart 13
Chart 13 above (unfortunately, we are unable to make the image bigger) provide a single view between the conventional banking calculation determined by the Court and the Islamic Banking calculation where the Banks normally work from the outstanding sale price downwards. To explain, let's look at the chart individually as per Chart 14 and 15 below.
Chart 14
a) Under conventional banking, all calculation shall begin from the principal outstanding figure as of a particular day and subject to certain validity period. In Chart 15, the principal outstanding was RM394,172.06 [line 1 of formula]
b) Using daily profit of RM98.40 x standard 30 days per month, the monthly penalty interest due was RM98.40 x 30 days = RM2,952.00 per month.
c) No. of months overdue was 74 x RM2,952.00 = RM218,765.49 [line 2 of formula]
d) Add penalty charges, miscellaneous charges and also MINUS total installments paid to date then of RM33,454.19, the outstanding balance due as at December 2005 then, was RM582,626.80
Chart 15
Now, lets look at Chart 15 below. Using similar formula, the calculation is actually the same, except the penalty charges awarded is considered "riba".
For BBA, the calculation shall start from the original sale price as follows:
a) Original sale price (based on so call, new contract) was RM 992,363.40
b) To find out the actual outstanding sale price, we need to deduct all installment paid so the sum of RM33,454.19 is to be deducted from the sale price, giving an outstanding sale price of RM958,909.21
c) The original sale price comprise UNEARNED INCOME NOT YET DUE (income that the bank was not entitled to earn as of December 2005). Using simple profit (interest) formula, the rebate amount due was RM379,425.84 and the principal outstanding equal to RM579,483.36
d) At late charges and miscellaneous charges (RM3,141.44 + RM2.0) the total amount due was RM582,626.80, which is the SAME AMOUNT DUE USING CONVENTIONAL CALCULATION.
Main reason for the misunderstanding by both all the parties concerned i.e. defendant's lawyer, the Bank and the Court was that they are not aware of the calculation method in default situation.
c) Shariah view of the above case.
Some pertinent questions raised as a result of the above case.
i) Is the daily profit of RM98.54 award by court permissible under Syariah ?
Some pertinent questions raised as a result of the above case.
i) Is the daily profit of RM98.54 award by court permissible under Syariah ?
ii) Irrespective of Court decision then, if balance remained unpaid.. Can a Islamic Bank, continue to
earn profits at RM98.54 per day until sale price of RM958,908.21 is fully
exhausted…?
Now, let's look at the above case based on Shariah decision.!
a) Outstanding sale price should be RM466,847.28 will apply i.e. sale price stipulated in the original agreement signed when the defendant was under employment of the Bank.
b) No new agreement executed for the 2nd contract although letter of offer accepted by defendant. Since there is no new purchase price and new sale price executed, there is no "akad".
c) Daily profit awarded is considered "riba".
d) Any judgement amount in excess of original sale price i.e. RM466,847.28 is considered 'riba" and cannot be earnedd as income to the Bank to avoid other income as "tainted income" but whatever amount in excess awarded by Court, can be given to charitable organisation.
e) To resolve this issue, OK to stipulate in claim that a "rebate based on agreed formula...show the formula...will be granted if the account is full settled" prior expiry of the original financing tenor.
Now, let's look at the above case based on Shariah decision.!
a) Outstanding sale price should be RM466,847.28 will apply i.e. sale price stipulated in the original agreement signed when the defendant was under employment of the Bank.
b) No new agreement executed for the 2nd contract although letter of offer accepted by defendant. Since there is no new purchase price and new sale price executed, there is no "akad".
c) Daily profit awarded is considered "riba".
d) Any judgement amount in excess of original sale price i.e. RM466,847.28 is considered 'riba" and cannot be earnedd as income to the Bank to avoid other income as "tainted income" but whatever amount in excess awarded by Court, can be given to charitable organisation.
e) To resolve this issue, OK to stipulate in claim that a "rebate based on agreed formula...show the formula...will be granted if the account is full settled" prior expiry of the original financing tenor.
As commented by Judge. Islamic financing is more burdensome..?
Is that statement true..?.
Chart 16
Bigger view of the chart
Chart 17
Assume that Court decision was right. Customer thereafter diligently pay his monthly installment based on the 2nd contract. In 25 years, the whole sale price of RM992,361.60 will be fully settled.
On the otherhand, in a similar situation but assume it is a conventional loan, the total payable shall be as follows:
Chart 18
Due to the "compounding effect" on the loan, those who took-up conventional bank loan under similar situation will only finalize the loan at 31years + 8 months and will end-up paying a total sum of RM1.312 million. Additional about RM320k vis-a-vis Islamic financing.
The case when through an appeal process but the Writer will stop his discussion on the above case up to here. What is more important, customer will be able to distinguish the benefits of fixed rate financing versus conventional in situation of default.
ALLAH KNOWS BEST
www.islamicbankingway.com
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