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Salam and istisna'
Transcript of Salam and istisna'
(^_^) CONCLUSION Revenue are recognized at fair value according to time basis of completion method. Recognition Percentage of Salam: US$ (80,284,000/8,213,057,000) x 100% = 0.97%
RM (244,427,962.66/25,004,992,149.64) x 100% = 0.97%
Percentage of Istisna’: US$ (26,879,000/8,213,057,000) x 100% = 0.32%
RM (81,834,228.59/25,004,992,149.64) x 100% = 0.32% Al-Baraka Banking Group Percentage of istisna’: Rp (74,992,864/9,508,553,843) x 100% = 0.78%
RM (23,853/3,024,413) x 100% = 0.78% PT. Bank Muamalat Indonesia, Tbk Percentage of istisna’: (301,566/7,501,267) x 100% = 4.02% Bank Muamalat Malaysia Berhad Percentage of istisna’: (339,990/13,042,214) x 100% = 2.61% RHB Islamic Bank Berhad Percentage of istisna’: (245,250/14,563,795) x 100% = 1.68% Bank Islam Malaysia Berhad Cont’: Cont’: LIST OF BANK ISLAMIC BANK ISSUE Bay’ al-salam and istisna’ have been allowed by the based on the Hadith of the Prophet which allowed the sale of future goods. All the Muslim jurists allowed such condition because it was customarily practiced in the business sector and responded to the public needs. It was, therefore, an exception to the general rule of the existence of the subject matter of sale. However, bay’ al-salam and istisna’ are bound by special rules and conditions. Bay’ al-salam was allowed by the Holy Prophet Muhammad s.a.w. subject to certain conditions. The basic purpose of this sale was to meet the needs of small farmers who needed money to grow their crops and to feed their families up to the time of harvest. After the prohibition of riba, they could not take usurious loans. Therefore, it was allowed for them to sell the agricultural products in advance (Usmani, n.d.)
Product manufacturing contract
AGREED DELIVERY AND PRICE ISTISNA’
Agreement to PAY NOW
GOODS DELIVERED LATER
(finance agricultural like goods) SALAM DEFINITION MUHAMMAD AFNAN BIN MOHD ROZE 0915637
NURUL AKMAL MUHAMAD 0822132
SYADATUL AIZAN BINTI MOHD SUFAMI 0827916
NORMADIHAH MAT RADZI 0924794
USWATUN HASANAH IMAM MUHTASARI 0922764 GROUP 8: SALAM
ISTISNA’ Percentage of istisna’: BD (841,000/219,670,000) x 100% = 0.38%
RM (6,811,654/1,779,210,464) x 100% = 0.38% Khaleji Comercial Bank Percentage of istisna’: (10,455/6,428,508) x 100% = 0.16% Kuwait Finance House (Malaysia) Berhad Percentage of istisna’: (75,344,137/960,844,072) x 100% = 7.84% Asian Finance Bank Berhad Disclosure of Istisna’ Uswatun Hasanah
0922764 Muhammad Afnan
0915637 Nurul Akmal
0822132 Syadatul Aizan