The Shariah Advisory Council of Bank Negara Malaysia (the SAC) 194th Meeting

The SAC of Bank Negara Malaysia at its 194th meeting on 25 June 2019 ruled the following:

Import Financing Product Based on Bai` Istijrar for Islamic Letter of Credit

The SAC approved the proposed structure of import financing based on bai` istijrar (sale of supplies with deferred price) for Islamic Letter of Credit (Letter of Credit-i) subject to the following conditions:

1. The Facility Agreement must clearly specify the following:
   1. Responsibility of the importer (customer) as an agent to execute the purchase of goods on behalf of the Islamic financial institution (IFI);
   2. Responsibility of the importer to purchase goods from the IFI upon receiving the imported goods and/or documents; and
   3. Risks and liabilities of the contracting parties with regards to ownership of the goods at each stage of the sale transaction.
2. The IFI must ensure that the transactions above are executed in a proper sequence where the responsibility of the importer as the purchasing agent must be fulfilled prior to the purchase of goods by the importer from the IFI.

The SAC’s approval on the above application of bai` istijrar contract is confined to the proposed structure due to the specific needs for such financing product under trade finance facility.

Please refer attachment for more information.

Keputusan Majlis Penasihat Shariah

MPS Bank Negara Malaysia pada mesyuarat ke-194 bertarikh 25 Jun 2019 telah memutuskan perkara berikut:

Produk Pembiayaan Import Surat Kredit Islamik Berasaskan Kontrak Bai` Istijrar

MPS meluluskan struktur cadangan produk pembiayaan import Surat Kredit Islamik (Surat Kredit-i) berasaskan kontrak bai` istijrar (jual beli bekalan dengan harga tangguh) tertakluk kepada syarat-syarat berikut:

1. Perjanjian Fasiliti (Facility Agreement) bagi produk ini hendaklah memperincikan perkara-perkara berikut:
   1. Tanggungjawab pengimport (pelanggan) sebagai wakil untuk melaksanakan pembelian barangan bagi pihak institusi kewangan Islam (IKI);
   2. Tanggungjawab pengimport untuk membeli barangan daripada IKI ketika penerimaan barangan dan/atau dokumen; dan
   3. Risiko dan liabiliti pihak-pihak berkontrak berkaitan pemilikan barangan pada setiap peringkat transaksi jual beli.
2. Memastikan transaksi di atas dilaksanakan dalam aturan proses yang betul iaitu tanggungjawab pengimport sebagai wakil pembelian barangan bagi pihak IKI mestilah disempurnakan terlebih dahulu sebelum pembelian barangan oleh pengimport daripada pihak IKI dilaksanakan.

Kelulusan MPS berhubung kontrak bai` istijrar ini hanya terhad kepada struktur yang dicadangkan sahaja berikutan terdapat keperluan yang khusus berhubung produk pembiayaan bagi pelaksanaan pembiayaan perdagangan.

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