Ar-Rahn

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Date Submitted: 10/01/2012 08:07 AM

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TABLE OF CONTENT

NO. | TITLES | PAGE |

1. | ACKNOWLEDGEMENT | 3 |

2. | INTRODUCTION | 4 |

3. | DEFINITION AND CONCEPT | |

| 3.1 Definition of Al-Rahn | 5 |

| 3.1.1 Definition by Scholars | 5 |

| 3.1.2 Definition by Bank Negara Malaysia | 6 |

| 3.2 Concept of Al-Rahn | 7 |

| 3.2.1 Flow of Al-Rahn | 8 |

4. | EVIDENCES OF LEGALITY | |

| 4.1 Al-Quran | 9 |

| 4.2 Sunnah | 10 |

| 4.3 Ijma | 10 |

5. | PILLARS AND CONDITION | |

| 5.1 Pillars of Al-Rahn | 11 |

| 5.2 Conditions of Al-Rahn | 12 |

| 5.3 Termination of Al-Rahn Contract | 14 |

6. | OPINIONS OF SCHOLARS | |

| 6.1 Form of pawning | 15 |

| 6.2 Expenses for the pledged asset | 15 |

| 6.3 Creditor uses the pledged asset in absolute terms6.4 Al-Rahn with Tabarru’ contract | 1516 |

7. | CURRENT SHARIAH PRACTICES | |

| 7.1 Comparisons between Al-Rahn with Conventional Pawning | 17 |

| 7.2 Application Of Al-Rahn At Islamic Financial Institutions In Malaysia | 18 |

| 7.2.1 Al Rahn Bank Rakyat | 18 |

| 7.2.2 Al Rahn by Agrobank | 20 |

| 7.2.3YaPEIM Al Rahn | 21 |

| 7.2.4 Al Rahn Facility-I by RHB Islamic | 22 |

8. | CONCLUSION | 24 |

9. | REFERENCES/BIBLIOGRAPHY | 25 |

ACKNOWLEDGEMENT

Apart from the efforts of us, the success of any assignment depends largely on the encouragement and guidelines of many others. We take this opportunity to express our gratitude to the people who have been instrumental in the successful completion of this assignment.

We would like to show our greatest appreciation to our lecturer, Ustaz Mahyuddin Khalid. We can’t say thank you enough for his tremendous support and help. We feel motivated and encouraged every time we attend his class. Without his encouragement and guidance this assignment would not have materialized.

The guidance and support received from all the members who contributed and who are contributing to this...