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The Shariah Advisory Council of Bank Negara Malaysia (the SAC) 191st Meeting
The SAC of Bank Negara Malaysia at its 191st meeting on 26 March 2019 ruled the following:
Rebate (ibra’) Reduction Mechanism to Partially Recover the Costs in Cashline Financing Product
The SAC has resolved that there is no objection in Shariah on the proposal to reduce the rebate (ibra’) on the unutilised amount for cashline-i facility based on murabahah / tawarruq concept to cover part of the costs incurred by the financier arising from compliance to the Malaysian Financial Reporting Standards 9: Financial Instruments (MFRS 9). However, to promote fair market practices, Bank Negara Malaysia as the authority may determine the appropriate regulatory policy or guideline on the implementation of such mechanism within the Islamic finance industry in Malaysia to ensure that the interest of all parties are considered.
Please refer attachment for more information.
Keputusan Majlis Penasihat Shariah
MPS Bank Negara Malaysia pada mesyuarat ke-191 bertarikh 26 Mac 2019 telah memutuskan perkara berikut:
Mekanisme Pengurangan Rebat (ibra’) bagi Menampung Sebahagian Kos Dalam Produk Pembiayaan Aliran Tunai (cashline)
MPS memutuskan bahawa tiada halangan Syarak dalam meluluskan cadangan mekanisme pengurangan rebat (ibra’) ke atas baki pembiayaan aliran tunai (cashline-i) yang belum digunakan (unutilised) berasaskan murabahah / tawarruq bagi menampung sebahagian kos yang ditanggung oleh pembiaya yang terhasil daripada pematuhan Piawaian Pelaporan Kewangan Malaysia 9 (MFRS 9). Bagi tujuan menyelaraskan amalan, Bank Negara Malaysia selaku pengawal selia boleh menentukan dasar atau garis panduan yang bersesuaian berhubung pelaksanaan mekanisme tersebut dalam industri kewangan Islam di Malaysia bagi memastikan kepentingan semua pihak diambil kira.
