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http://cdr.uum.edu.my/jspui/handle/123456789/139| Title: | Embracing The New Norms: The Role of Ar Rahnu Yapeim During Covid-19 |
| Authors: | Md Nor, Mohd Zakhiri Mohamad, Ani Munirah Hussain, Mohammad Azam Md Nasir, Nor Ashikin |
| Keywords: | Ar Rahnu;Legal;Shariah;YaPEIM;Tawarruq;Islamic Banking Law;Legal Environment;Global Business;Bachelor of Philosophy;Law and Business;Islamic Finance and Banking;Contract in Islamic Banking and Finance;Zakat Planning and Taxation;Banking and Finance Law;Islamic Banking Products and Services;Islamic Financial Markets, Practice and Governance |
| Issue Date: | 2021 |
| Abstract: | Azrul Azlan Iskandar, a Member of YaPIEM's Board of Trustees, has demonstrated that YaPIEM is one of the greatest institutions that offer numerous items under the Ar Rahnu. Azrul Azlan is aware that the Rahn business in Malaysia has expanded in unison with the pawnbrokers. However, the Ar Rahnu industry is not governed by the Pawnbrokers Act of 1972. It is subject to the control of numerous authorities, who are pressing them to abandon the Islamic ideal of qard in favour of tawarruq. As such, the purpose of this teaching case is (1) to analyse current YaPEIM Ar Rahnu Care product during Covid-19 (2) to compare (i) Ar Rahnu Care of YaPEIM and PEMERKASA Bank Simpanan National Products during Covid-19 (ii) to compare between Ar Rahnu Care in YaPEIM and Ar Rahnu in Bank Islam Malaysia and Ar Rahnu in Bank Muamalat (iii) to compare Ar Rahnu care and conventional pawnbroking and (3) to analyse the legal and Shariah aspects of YaPEIM's Ar Rahnu Care product. The narrative and comparative analysis are employed to demonstrate the illustrative and best practices of this teaching case. This teaching case also adopted a semi-structured interview as Dr Azrul Azlan Iskandar is the protagonist. This paper concluded that YaPEIM Ar Rahnu Care and other YaPEIM products are based on societal segments and needs. The customer for Ar Rahnu Care pays the safekeeping box rental based on the ijarah al khadamat contract, which the customer entered before the tawarruq agreement. The wage charge is unaffected by the transition from qard to tawarruq. Ar Rahnu Care's current operation in YaPEIM is Shariah-compliant and is not subject to the Pawn Brokers Act 1972. Rahnu Care Products in YaPEIM and BSN are based on tawarruq, traded at Burq al Sila. Compared to Rahnu Care, which is based on gold as collateral, BSN stimulus packages are based on tawarruq financing, which does not require any collateral. Compared to other market players, the YaPEIM Rahnu is accredited by MS ISO 9001:2015 and Syariah Certification MS 1900:2014. |
| URI: | http://cdr.uum.edu.my/jspui/handle/123456789/139 |
| Payment Link: | http://epay.uum.edu.my/go.php?billcode=CDRCASE&productid=TC205-1 |
| Appears in Collections: | Cases in CDR |
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