Академический Документы
Профессиональный Документы
Культура Документы
Prepared By:
Huzaimah Bt. Jaimin Eka Pusmawati Bt. Abd. Wasir Sofiah Bt. Arip Smelta Ak Judi
Islamic letter of credit (ILC) is a written undertaking given by the Islamic bank to the seller (beneficiary) at the request and on the instruction of the buyer (the applicant) to pay at sight or at a determinable future date, a stated sum of money within prescribed time limit and against stipulated documents which must comply with term and condition. An Islamic ban may offer ILC under the some Shariah contract namely Murabahah (cost-plus profit), Musharakah (partnership) and Wakalah (agency).
Uniform Customs and Practice for Documentary Credit International Chamber of Commerce Publication 600 (2007 Revision )
narrated from Abu Said Al Khudri, the Prophet S.A.W. said: gold for gold, silver for silver, wheat for wheat, barley for barley, dates for dates, and salt for salt, like for like, and hand-to-hand. whoever pays more or takes more has indulged in Riba. the taker and giver are alike (in guilt).
Customer Informs The Bank Of His LC Requirement And Request Bank To Purchase The Goods. The Bank Retains The Legal Title To The Goods BUT Relinquishes Physical Possession To The Buyer Or Importer. Buyer/Importer Acts As Trustee Or Agent Of The Bank Buyer/Importer Dispose The Goods And Repays The Bank SP = FV [1 + {r x t)] --------36500 Note: Sp = Selling Price Fv = Invoice Value R = Mark-up Rate Or Annual Rate Of Return T = Tenor
MUSHARAKAH
Islamic bank issues the ILC and both the bank and customer contribute to the purchase price under ILC, and later share.
2.
3.
4. 5. 6.
Advantaged
Customer shares the profit from the venture as provided in this agreement
WAKALAH
Islamic letter of credit, the customer must pay in advance the full value of the item in question prior to the issuance of the ILC.
Furthermore, the Islamic bank will receive a commission or service fee upon the service rendered to the customer.
2.
3.
4. 5.
Advantaged
To ensure buyer receives merchandise on time and payment made upon receipt of complied document.
From islamic point of view, zakat fund of the islamic banks will help the muflis. So, there will be no auction of assets of the muflis unless he surrenders himself.
Therefore, this explicitly shows the beauty of islamic banking system in protecting its ummah.
THANK YOU
ANY QUESTION??