Practise of AITAB in Vehicle Purchasing at Bank Rakyat / Nur Izzati Hafizah Mat Tohid

The understanding from both parties is important in contract, if one of them give a wrong information, it will be misunderstanding among them. Beside both parties need to know the responsibility. The responsibility towards ijarah asset is determined by referring to the status of ownership held by p...

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Main Author:	Mat Tohid, Nur Izzati Hafizah
Format:	Student Project
Language:	English
Published:	Academy of Contemporary Islamic Studies (ACIS) 2018
Subjects:	Commercial credit. Commercial loans. Credit management Finance, Islamic
Online Access:	http://ir.uitm.edu.my/id/eprint/23849/ http://ir.uitm.edu.my/id/eprint/23849/1/PPd_NUR%20IZZATI%20HAFIZAH%20MAT%20TOHID%20ACI%20B%2018_5.pdf

id	uitm-23849
recordtype	eprints
spelling	uitm-238492019-04-11T04:03:12Z http://ir.uitm.edu.my/id/eprint/23849/ Practise of AITAB in Vehicle Purchasing at Bank Rakyat / Nur Izzati Hafizah Mat Tohid Mat Tohid, Nur Izzati Hafizah Commercial credit. Commercial loans. Credit management Finance, Islamic The understanding from both parties is important in contract, if one of them give a wrong information, it will be misunderstanding among them. Beside both parties need to know the responsibility. The responsibility towards ijarah asset is determined by referring to the status of ownership held by parties to the contract. Such responsibility covers the aspect of maintenance and protection towards the underlying assets throughout the terms of ijarah. The asset meant here is the vehicle that corresponds with the studied product which is al-Ijarah Thumma al-Bay (AITAB). Such product is based on ijarah contract; thus, it must fulfill the crucial elements in ijarah and bay contract, its conditions, and must as well avoid any shariah prohibitions. As the Islamic Hire Purchase Act is absent, hence Conventional Hire Purchase Act 1967 must be followed in order to avoid any breach of contract. The impact of it is that there is a contradiction between the shariah and law enforcement regarding the risks of the responsibilities of contracting parties towards the asset where such risks are now under the responsibility of consumers whereby supposedly according to original theory of ijarah, such risks shall be assumed by the owner. Hence, the main objective of this study is to identify the position of leased asset and responsibility in ijarah according to shariah and law, as well as to evaluate the compliance of the practice of AITAB in terms of assets, responsibilities at Bank Rakyat as well as to analyze the method applied by the bank in determining the ownership of AITAB asset. The design of the study is qualitative by applying the approach of content analysis and case study. AITAB product in Bank Rakyat was chosen in this study. Data are collected through document analysis of Islamic jurisprudence books, journals and semi-structural interviews. The findings of this study are that the practice of assuming the responsibilities among contracting parties to the contract in Bank Rakyat have yet to fulfill the responsibility guidelines as desired in the contract of ijarah. The implication of this study illustrates the need of specific provision for AITAB products in handling such issues. Academy of Contemporary Islamic Studies (ACIS) 2018 Student Project NonPeerReviewed text en http://ir.uitm.edu.my/id/eprint/23849/1/PPd_NUR%20IZZATI%20HAFIZAH%20MAT%20TOHID%20ACI%20B%2018_5.pdf Mat Tohid, Nur Izzati Hafizah (2018) Practise of AITAB in Vehicle Purchasing at Bank Rakyat / Nur Izzati Hafizah Mat Tohid. [Student Project] (Unpublished)
repository_type	Digital Repository
institution_category	Local University
institution	Universiti Teknologi MARA
building	UiTM Institutional Repository
collection	Online Access
language	English
topic	Commercial credit. Commercial loans. Credit management Finance, Islamic
spellingShingle	Commercial credit. Commercial loans. Credit management Finance, Islamic Mat Tohid, Nur Izzati Hafizah Practise of AITAB in Vehicle Purchasing at Bank Rakyat / Nur Izzati Hafizah Mat Tohid
description	The understanding from both parties is important in contract, if one of them give a wrong information, it will be misunderstanding among them. Beside both parties need to know the responsibility. The responsibility towards ijarah asset is determined by referring to the status of ownership held by parties to the contract. Such responsibility covers the aspect of maintenance and protection towards the underlying assets throughout the terms of ijarah. The asset meant here is the vehicle that corresponds with the studied product which is al-Ijarah Thumma al-Bay (AITAB). Such product is based on ijarah contract; thus, it must fulfill the crucial elements in ijarah and bay contract, its conditions, and must as well avoid any shariah prohibitions. As the Islamic Hire Purchase Act is absent, hence Conventional Hire Purchase Act 1967 must be followed in order to avoid any breach of contract. The impact of it is that there is a contradiction between the shariah and law enforcement regarding the risks of the responsibilities of contracting parties towards the asset where such risks are now under the responsibility of consumers whereby supposedly according to original theory of ijarah, such risks shall be assumed by the owner. Hence, the main objective of this study is to identify the position of leased asset and responsibility in ijarah according to shariah and law, as well as to evaluate the compliance of the practice of AITAB in terms of assets, responsibilities at Bank Rakyat as well as to analyze the method applied by the bank in determining the ownership of AITAB asset. The design of the study is qualitative by applying the approach of content analysis and case study. AITAB product in Bank Rakyat was chosen in this study. Data are collected through document analysis of Islamic jurisprudence books, journals and semi-structural interviews. The findings of this study are that the practice of assuming the responsibilities among contracting parties to the contract in Bank Rakyat have yet to fulfill the responsibility guidelines as desired in the contract of ijarah. The implication of this study illustrates the need of specific provision for AITAB products in handling such issues.
format	Student Project
author	Mat Tohid, Nur Izzati Hafizah
author_facet	Mat Tohid, Nur Izzati Hafizah
author_sort	Mat Tohid, Nur Izzati Hafizah
title	Practise of AITAB in Vehicle Purchasing at Bank Rakyat / Nur Izzati Hafizah Mat Tohid
title_short	Practise of AITAB in Vehicle Purchasing at Bank Rakyat / Nur Izzati Hafizah Mat Tohid
title_full	Practise of AITAB in Vehicle Purchasing at Bank Rakyat / Nur Izzati Hafizah Mat Tohid
title_fullStr	Practise of AITAB in Vehicle Purchasing at Bank Rakyat / Nur Izzati Hafizah Mat Tohid
title_full_unstemmed	Practise of AITAB in Vehicle Purchasing at Bank Rakyat / Nur Izzati Hafizah Mat Tohid
title_sort	practise of aitab in vehicle purchasing at bank rakyat / nur izzati hafizah mat tohid
publisher	Academy of Contemporary Islamic Studies (ACIS)
publishDate	2018
url	http://ir.uitm.edu.my/id/eprint/23849/ http://ir.uitm.edu.my/id/eprint/23849/1/PPd_NUR%20IZZATI%20HAFIZAH%20MAT%20TOHID%20ACI%20B%2018_5.pdf
first_indexed	2023-09-18T23:11:29Z
last_indexed	2023-09-18T23:11:29Z
_version_	1777418831902277632

Practise of AITAB in Vehicle Purchasing at Bank Rakyat / Nur Izzati Hafizah Mat Tohid

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