Be Smart about "Interest"

Hutang Oh Hutang...

Antara tahun 2002-2005, antara sedar dan tidak sedar masalah kewangan (peribadi) yang dihadapi oleh saya nampak seperti tidak akan surut. Bermula dengan satu kad kredit (saya masih ingat lagi, 'Citibank') kepada satu kad kredit yang lain. Dari satu program ke satu lagi program pemindahan baki kad kredit yang lain. Namun, masalah hutang kad kredit nampaknya seperti tidak akan selesai. Walhal, hutang tetap bertambah, dibantu oleh sikap yang suka berbelanja di tempat-tempat yang saya akui agak mahal terutama sekali oleh seorang yang baru makan gaji dan muda seperti saya pada masa itu. Mungkin seronok disebabkan sudah ada pendapatan sendiri, ataupun tidak mengambil peduli hal-hal berkenaan Pengurusan Kewangan Peribadi kerana tidak ada apa-apa komitmen yang perlu difikirkan. Belum ada isteri, belum ada anak manakala ibu bapa masih bekerja, jadi tidak terfikir untuk menyumbang apa-apa kepada kedua-duanya sebagai tanda syukur dan terima kasih atas kasih sayang yang dicurahkan serta pendidikan yang diberi sejak kecil sehinggalah dewasa.

Kadang-kala apabila difikirkan balik, saya amat bersyukur kehadrat Allah S.W.T, kerana dengan limpah kurnia serta rahmat dan hidayat daripadaNya, saya diberi peluang ('opportunity') untuk melanjutkan pelajaran ke United Kingdom (dari Januari 1996 sehingga October 2001), negara yang sentiasa diidam-idamkan oleh saya untuk melanjutkan pelajaran sejak kecil lagi. Tak lain dan tak bukan semangat yang senantiasa dikobar-kobarkan oleh Bapa saya (terngiang-ngiang lagi di kepala saya 'the famous statement' yang selalu disebut oleh Bapa saya, "study hard and no girlfriend ya..."), serta seorang ‘role model’ dalam keluarga saya sendiri iaitu salah seorang saudara lelaki (‘sepupu’) saya yang terlebih dahulu melanjutkan pelajaran ke United Kingdom dalam bidang perubatan (kedoktoran) pada awal tahun 1990an. Alhamdulillah.

Sepandai-pandai tupai melompat akhirnya jatuh ke tanah jua. Begitulah salah satu peribahasa yang saya rasa amat sesuai digambarkan dalam situasi ini. Sejauh mana saya merantau menuntu ilmu tetapi akhirnya tetap gagal dalam merancang kewangan peribadi. Sedar akan perkara tersebut saya terus bersemangat dan berjihad akan mengubah cara saya menguruskan hal-hal kewangan peribadi. Perlbagai buku dibeli (mungkin tidak sempat membaca kesemuanya kerana sibuk dengan tugas) namun saya berjaya mendapat beberapa nasihat atau ‘tips-tips’ berguna yang dapat membantu saya keluar daripada masalah kewangan yang saya hadapi.

Salah satu buku yang begitu membakar semangat saya untuk terus menuntut ilmu pengurusan kewangan peribadi serta ilmu kewangan Islam (‘Islamic Finance’) adalah tulisan daripada Saudara Ustaz Zaharuddin Abdul Rahman (“Wang, Anda dan Islam” terbitan Truewealth Sdn Bhd). Buku Ustaz Zaharuddin memberi impak yang maksima kepada diri saya untuk mempelajari bagaimana menguruskan kewangan peribadi berdasarkan prinsip-prinsip Shariah (perundangan Islam). Saya akui, diri saya ini amat kerdil jika hendak diukur mengenai ilmu Shariah atau ilmu kewangan Islam. Namun cinta saya terhadap ilmu Pengurusan Kewangan Peribadi (Personal Financial Planning) secara Islam amat membuak-buak. Salah satu bahagian di dalam buku beliau yang amat saya minati adalah dalam isu ‘Riba’ atau dalam Bahasa Inggeris biasa disebut “Interest”. Saya amat terkejut membaca buku Ustaz Zaharuddin apabila mengetahui betapa besarnya dosa terhadap Allah s.w.t. sekiranya terlibat dalam aktiviti yang berlandaskan Riba atau faedah (“interest”), dan mungkin itulah antara jawapan yang saya tercari-cari selama ini. Dari segi ‘spiritual’, agaknya salah satu penyebab utama masalah hutang kad kredit saya (kad kredit konvensional) serta hutang piutang lain mungkin disebabkan dosa-dosa Riba yang secara tidak sedar telah saya terjebak sejak zaman Universiti lagi!

Pelbagai bahan bacaan (buku, tulisan ilmiah, petikan suratkhabar,majalah, internet dan sebagainya) telah saya cari untuk mendalami ilmu berkenaan Riba. Dan Alhamdulillah terlintas di hati saya untuk berjihad secara penulisan kali ini untuk berkongsi masalah-masalah dan isu-isu Riba yang dihadapi oleh masyarakat Malaysia umumnya, dan orang-orang Islam khasnya. Tulisan ini ditujukan kepada anda semua. Semoga sedikit manfaaat yang diperolehi daripada tulisan ini boleh anda kongsi bersama keluarga, rakan dan sahabat handai hendaknya.

Informasi di bawah, telah dipetik sepenuhnya melalui laman website http://www.learnislamicfinance.com/Free_Notes_Riba_or_Interest.htm

Introduction about Riba

"The dictionary meaning of Riba is increase and the reference in the verse is to every increase against which there is no exchange or consideration".

This includes the increase which is obtained by offering money on credit because repayment of the principal is obtained against the amount originally lent. The increase called "interest" is without any exchange or financial consideration. Kinds of sale, purchase are also included in Riba where any increase is obtained without offering anything in exchange. In the period of ignorance ('Zaman Jahiliah'), the word Riba was used only for the transaction of the first kind. The other kinds however were not considered Riba.

Various forms of Riba were in vogue in Arabia when Prophet Muhammed (SAW) was sent. Most common practice was to lend a specific amount for a specific period and at an agreed rate determined in advance. If the borrower repaid at the agreed time then only the agreed amount of interest was charged. If he was unable to repay at that time, then the amount of interest would be increased. In any case, even before the revelation of Qur'an, the essence of riba was considered to be the gain, made out of loaning of money. This very aspect has been highlighted in the saying of the Prophet (PBUH),

"Every loan which brings a gain is a riba based loan”

lbn-Abbas has defined riba as the offer by the borrower that he will pay an extra sum of money if the lender extends the moratorium for repayment. It is therefore obvious that riba is the compensation or the excess paid for an extension in the tenor of the loan. Riba was common in Arabia and in the early days of Prophet Mohammed (SAW) prophet hood, the situation did not change. Almost 8 years after migration to Madinah, verses in respect of riba were revealed and riba was categorically prohibited. As soon as these verses were revealed, everyone realized that these referred to taking any profit on loans or credit that this was now prohibited, and gave it up.

The Prophet however, in keeping with his position as the last messenger of Allah, elucidated upon these verses. The meaning of riba, as explained by the Prophet (SAW) included a kind of trade which was not hitherto considered riba by the Arabs. The second kind of riba, in the words of the Prophet was,

"Exchange of gold with gold, silver with silver, wheat with wheat, barley with barley, dates with dates and salt with salt should be of equal quantities and spot. Anyone who varies the quantities or allows one side of the exchange to be deferred, indulges in riba for which both buyer and seller are equality responsible. "

This saying is included in all books of Prophet (SAW) sayings, under various headings, with authentic and highly reliable chains of reporting.

Based on this, a new kind of riba was identified which is that in the case of the six commodities mentioned in it, if exchanged against themselves, the quantities should be equal and these should be exchanged simultaneously (Spot) by both parties. Varying the quantity or deferring the exchange (even though the quantity may not be varied) is riba. The well known and commonly accepted meaning of riba, taking profit on loans, was obvious to the companions of the Prophet and was abandoned immediately. But the other kind of riba, mentioned in the saying quoted above was not known until such time that the Prophet elaborated upon it.

Prohibition of Riba in Quran

The Qur'an states the following on Riba:

“That they took riba, though they were forbidden and that they devoured men’s substance wrongfully – We have prepared for those among men who reject faith a grievous punishment” (Qur'an 4:161)

{"dan disebabkan mereka memakan riba, padahal sesungguhnya mereka telah dilarang daripadanya, dan karena mereka memakan harta benda orang dengan jalan yang batil. Kami telah menyediakan untuk orang-orang yang kafir di antara mereka itu siksa yang pedih"}

“Those who charge riba are in the same position as those controlled by the devil's influence. This is because they claim that riba is the same as commerce. However, God permits commerce, and prohibits riba. Thus, whoever heeds this commandment from his Lord, and refrains from riba, he may keep his past earnings, and his judgment rests with God. As for those who persist in riba, they incur Hell, wherein they abide forever” (Qur'an 2:275)

{"Orang-orang yang makan (mengambil) riba[1] tidak dapat berdiri melainkan seperti berdirinya orang yang kemasukan syaitan lantaran (tekanan) penyakit gila[2]. Keadaan mereka yang demikian itu, adalah disebabkan mereka berkata (berpendapat), sesungguhnya jual beli itu sama dengan riba, padahal Allah telah menghalalkan jual beli dan mengharamkan riba. Orang-orang yang telah sampai kepadanya larangan dari Tuhannya, lalu terus berhenti (dari mengambil riba), maka baginya apa yang telah diambilnya dahulu[3] (sebelum datang larangan); dan urusannya (terserah) kepada Allah. Orang yang kembali (mengambil riba), maka orang itu adalah penghuni-penghuni neraka; mereka kekal di dalamnya."}

[1] Riba itu ada dua macam: nasiah dan fadhl. Riba nasiah ialah pembayaran lebih yang disyaratkan oleh orang yang meminjamkan. Riba fadhl ialah penukaran suatu barang dengan barang yang sejenis, tetapi lebih banyak jumlahnya karena orang yang menukarkan mensyaratkan demikian, seperti penukaran emas dengan emas, padi dengan padi, dan sebagainya. Riba yang dimaksud dalam ayat ini riba nasiah yang berlipat ganda yang umum terjadi dalam masyarakat Arab zaman jahiliyah.

[2] Maksudnya: orang yang mengambil riba tidak tenteram jiwanya seperti orang kemasukan syaitan.

[3] Riba yang sudah diambil (dipungut) sebelum turun ayat ini, boleh tidak dikembalikan

It is because trade and usury are absolutely different. In trade one earns profit as a result of initiative, enterprise, efficiency and hard work. But the interest is not earned through hard work or any value creating process. It is not the reward of labour but is in fact unearned income. Moreover interest is fixed whereas profit fluctuates. In case of trade there is risk of loss also, but in case of interest the lender gets his fixed amount irrespective of the fact whether the debtor earns any profit or sustains loss. God has forbidden interest but has permitted trade. In current time, this pratice of earning income through interest is prevalent in the conventional credit card industries.

“God condemns riba, and blesses charities. God dislikes every disbeliever, guilty. Lo! those who believe and do good works and establish worship and pay the poor-due, their reward is with their Lord and there shall no fear come upon them neither shall they grieve. O you who believe, you shall observe God and refrain from all kinds of riba, if you are believers. If you do not, then expect a war from God and His messenger. But if you repent, you may keep your capitals, without inflicting injustice, or incurring injustice. If the debtor is unable to pay, wait for a better time. If you give up the loan as a charity, it would be better for you, if you only knew. (Qur'an 2:276-280)

{"Allah memusnahkan riba dan menyuburkan sedekah[4]. Dan Allah tidak menyukai setiap orang yang tetap dalam kekafiran, dan selalu berbuat dosa[5]" 2:276

"Sesungguhnya orang-orang yang beriman, mengerjakan amal saleh, mendirikan shalat dan menunaikan zakat, mereka mendapat pahala di sisi Tuhannya. Tidak ada kekhawatiran terhadap mereka dan tidak (pula) mereka bersedih hati" 2:277

Hai orang-orang yang beriman, bertakwalah kepada Allah dan tinggalkan sisa riba (yang belum dipungut) jika kamu orang-orang yang beriman" 2:278

Maka jika kamu tidak mengerjakan (meninggalkan sisa riba), maka ketahuilah, bahwa Allah dan Rasul-Nya akan memerangimu. Dan jika kamu bertaubat (dari pengambilan riba), maka bagimu pokok hartamu; kamu tidak menganiaya dan tidak (pula) dianiaya" 2:279

Dan jika (orang yang berhutang itu) dalam kesukaran, maka berilah tangguh sampai dia berkelapangan. Dan menyedekahkan (sebagian atau semua utang) itu, lebih baik bagimu, jika kamu mengetahui" 2:280}

[4] Yang dimaksud dengan memusnahkan riba ialah memusnahkan harta itu atau meniadakan berkahnya. Dan yang dimaksud dengan menyuburkan sedekah ialah memperkembangkan harta yang telah dikeluarkan sedekahnya atau melipat gandakan berkahnya.

[5] Maksudnya ialah orang-orang yang menghalalkan riba dan tetap melakukannya.

“O you who believe, you shall not take riba, compounded over and over. Observe God, that you may succeed." (Qur'an 3:130)

{"Hai orang-orang yang beriman, janganlah kamu memakan riba dengan berlipat ganda[6]] dan bertakwalah kamu kepada Allah supaya kamu mendapat keberuntungan."}

[6] Yang dimaksud riba di sini ialah riba nasi'ah. Menurut sebagian besar ulama bahwa riba nasi'ah itu selamanya haram, walaupun tidak berlipat ganda

“And for practicing riba, which was forbidden, and for consuming the people's money illicitly. We have prepared for the disbelievers among them painful retribution.” (Qur'an 4:161)

{"dan disebabkan mereka memakan riba, padahal sesungguhnya mereka telah dilarang daripadanya, dan karena mereka memakan harta benda orang dengan jalan yang batil. Kami telah menyediakan untuk orang-orang yang kafir di antara mereka itu siksa yang pedih."}

“The riba that is practiced to increase some people's wealth, does not gain anything at God. But if people give to charity, seeking God's pleasure, these are the ones who receive their reward many fold. (Qur'an 30:39)

{"Dan sesuatu riba (tambahan) yang kamu berikan agar dia bertambah pada harta manusia, maka riba itu tidak menambah pada sisi Allah. Dan apa yang kamu berikan berupa zakat yang kamu maksudkan untuk mencapai keridhaan Allah, maka (yang berbuat demikian) itulah orang-orang yang melipat gandakan (pahalanya)."}

Prohibition of Riba in Hadith

Riba is also mentioned in Ahadith and is considered one of the seven major sins:

“Jabir said that Allah's Messenger (may peace be upon him) cursed the accepter of usury and its payer, and one who records it, and the two witnesses, and he said: They are all equal.” (Ref: Sahih Muslim)

“It is reported on the authority of Abu Huraira that the Messenger of Allah (may peace be upon him) observed: Avoid the seven noxious things. It was said (by the hearers): What are they, Messenger of Allah? He (the Holy Prophet) replied: Associating anything with Allah, magic, killing of one whom God has declared inviolate without a just cause, consuming the property of an orphan, and consuming of usury, turning back when the army advances, and slandering chaste women who are believers, but unwary. (Ref: Sahih Muslim)

Abdullah-bin-Hanjalah reported that the Messenger of Allah said: A Dirham of usury a man devours with knowledge is greater than thirty-six fornications.(Ref:Ahmad, Darqutni)

Sebagai Penutup......

Tuan-tuan dan Puan-puan, ketahuilah betapa besarnya dosa sekiranya kita terlibat dalam aktiviti Riba atau "Interest". Tidak dinafikan, saya sendiri mengambil masa 3-4 tahun untuk keluar dari belenggu Riba; sebagai contoh menukar akaun bank kepada Islamic savings and current account, menguruskan hutang-hutang kad kredit serta menukar kesemua kad kredit convetional kepada kad kredit yang berlandaskan Syariah (Syariah compliant), serta melabur di dalam unit trust yang juga berlandaskan Syariah dan sebagainya.

Kadang-kadang terasa sedih apabila kita cuba memberi nasihat kepasa ahli keluarga sendiri berkenaan produk-produk Islamik yang banyak terdapat di pasaran sekarang tetapi jarang diambil endah oleh ahli keluarga sendiri disebabkan alasan-alasan tersendiri seperti, "tak ada masa nak pergi bank apply kredit kad baru"; "islamic loan (islamic financing) lagi mahal berbanding conventional, tak mampu nak bayar bulan-bulan untuk islamic loan"; dan berbagai lagi seribu satu alasan. Kemungkinan meraka tidak sedar bahawa inilah yang disebut di dalam Al-Quran seperti di atas:

Hai orang-orang yang beriman, bertakwalah kepada Allah dan tinggalkan sisa riba (yang belum dipungut) jika kamu orang-orang yang beriman" 2:278

Maka jika kamu tidak mengerjakan (meninggalkan sisa riba), maka ketahuilah, bahwa Allah dan Rasul-Nya akan memerangimu. Dan jika kamu bertaubat (dari pengambilan riba), maka bagimu pokok hartamu; kamu tidak menganiaya dan tidak (pula) dianiaya" 2:279

Renung-renungkan dan fikir-fikirkanlah.....

Wallahualam... Only Allah knows the best.

28 December 2010

Source:

1) http://www.learnislamicfinance.com/Free_Notes_Riba_or_Interest.htm

2) Terjemahan Al-Quran: Al-Quran Digital Versi 2.1. Freeware © Hak cipta hanya milik Allah swt. Website http://www.alquran-digital.com/

Islamic Investment

Introduction to Islamic Investment

Islam allows the sale and purchase of stocks as long as the transaction does not contradict the Shariah law. One thing for sure, as a Muslim we must avoid dealing in any financial transaction that involve Riba, Gharar (uncertainty) and Maysir (gambling). This is a clear cut Golden Rule (i.e. prohibition) that must be abide by all of us. Basically, investors who take up these shares are willing to bear the risk of losing their capital in exchange for securing higher returns. Investment in stocks is therefore a profit-sharing activity, which Islam rightly enjoins. Islamic or Shariah law therefore requires investors to participate in risk taking if they wish to earn profit. Apart from that, investment in stocks require the production process of the issuing company to be free from prohibitive elements of riba, gambling, intoxicants, pork an its derivatives.

Islamic investors, especially retailers (i.e. people like us, the white collar workers) are however not encourage to purchase and sell stocks for speculative purposes, since the business of speculation is not our line of work. Yes, in Islam, speculation is an everyday event. People whose life depends on trade and commerce speculate daily. That is why they buy goods at cost price, hoping and speculating to sell them at a higher price. Speculation in this sense is permissible in Islam. However, for normal people like us the practice of speculation may lead to gambling (maysir), because we are simply taking chances.

Therefore, stock purchase in Islam must be made on the basis of sound investigative system of stock valuation. This is the Tabi’ (nature’s way) dimension of Islamic stock investment. Investor must make a proper valuation of the company it intends to partner with i.e. they must make use of financial and company indicators in making decision to invest. Failure to do so may lead to losses and is like committing a sin, since the investor fails to uphold his role of a trustee of God-given bounty.

The basic principle of investment in Islam is that wealth belongs to God (Allah s.w.t.) and Man is entrusted i.e. given Amanah (trust), to look after it in the best manner possible on the basis of rules and regulation ordained by God. In doing so Man must not put wealth to waste by way of unwise investment decisions. He is expected to invest wealth in the most efficient manner. The Holy Prophet Muhammad s.a.w. once said “Whenever you make anything, pay special attention to its beauty and finesse.” On another occasion, the Prophet s.a.w. said “the best among you is he who when given a task, does it beautifully.”

Margin Financing

Again, since this column is about Islamic investment, I am not going to touch on conventional financing. Margin Financing is a transaction in which investor uses a loan to purchase shares using the latter as collateral. Under Islamic financing from some Islamic Banks, the issue of Margin Call arises when maintenance margin of 90% (or less) is breached. To me, this is quite an issue. Since the IPO financing is usually based on the contract of Bai’Inah i.e. buy and sell, therefore what is the justification for the bank to request from the client (i.e. ‘kutip hutang’) part of their selling price money when the stock price goes down?

Islam in a sense does not encourage people to borrow, especially when modern life today places a high value on the materials aspect of life and its wealth seeking-way. Seeking borrowed fund to purchase stocks is not the way one should strive to earn a living in Islam. There are many instances in historical Islam where the act of borrowing and lending for business is not encouraged at all. Muslims should stay away from debts as it brings many problems. Muslim customers should not be encouraged to borrow in order to invest in Islamic shares. Another Golden Rule in Financial Planning is ‘DO NOT BORROW TO INVEST’. Use your own money instead. If you don’t have the money then you are not ready to invest. Learn how to maximize your income potential during your prime age, then think of investing.

In summary, investing in shares is not for the faint-hearted, low-risk profile and goes-with-the-crowd kind of mentality investors. It is a high risk investment and you need to find out what your risk profile is, and whether shares trading are for you. You need to learn, learn and learn before committing your hard earned money and in worst case borrowing other people’s money (i.e. borrowing from banks) to invest. There will always be plenty of opportunities in the future once you have gained that knowledge, skills, confident and the emotional & financial stability before you start investing.

Having said all of the above, if you do have one of those life time opportunities that come across your way to buy cheap stocks and since you are a high-risk person, lets enjoy the thrill and exciting ride of investing. Who knows you could make a buck or two from the shares you own or maybe some pro like you will make tons of money if the market moves in your favour.

References:

• “Critical Issues on Islamic Banking and Financial Markets” by Dr. Saiful Azhar (Dinamas Publishing)


• “Islamic Finance: An Old Skeleton in a Modern Dress” by Dr. Asyraf (ISRA).