FatwaPenangTransactions & Finance
PELAKSANAAN SKIM PEMBIAYAAN BAI AL-INAH, KOPERASI MAJLIS BANDARAYA PULAU PINANG BERHAD
Is the Bai' Al-'Inah financing scheme implemented by the Penang City Council Cooperative (Koperasi Majlis Bandaraya Pulau Pinang Berhad) permissible?
Short answer
The Penang State Fatwa Committee agreed to the implementation of the Bai' Al-'Inah financing scheme on the basis of public benefit (maslahah) for Muslims, despite differing scholarly opinions.
A reference, not a fatwa. First sentence of the summary below — read the original fatwa and consult your state authority before acting.
- Authority
- Penang State Mufti Department
- Date
- Status
- Fatwa committee decision
- Series
- Keputusan Fatwa Negeri Pulau Pinang (e-Fatwa)
- Topic
- Transactions & Finance
No evidence of gazettement in the source — this is not a gazetted fatwa.
Summary
The Penang State Fatwa Committee agreed to the implementation of the Bai' Al-'Inah financing scheme on the basis of public benefit (maslahah) for Muslims, despite differing scholarly opinions. The fatwa notes that the Shafi'i school and part of the Hanafi school permit it when the pillars and conditions of sale are fulfilled, while the Maliki and Hanbali schools do not. The committee recommends that the first sale and the buy-back be separated into two different forms so that ownership is properly transferred before the second contract.
Written in our own words from the original fatwa — check the source before acting on it.
Mesyuarat berpandangan, walaupun terdapat perbezaan pandangan di kalangan ulama berkaitan dengan Bai' Al-'Inah, namun mesyuarat bersetuju dengan Pelaksanaan Skim Pembiayaan Bai' Al-'Inah seperti yang dikemukakan berdasarkan maslahah kepada umat Islam.
Read the full fatwa on the Penang website (new tab)
How to cite
Cite the original fatwa and its authority. Rujuk Fatwa is only where you found it.
Penang State Mufti Department. “PELAKSANAAN SKIM PEMBIAYAAN BAI AL-INAH, KOPERASI MAJLIS BANDARAYA PULAU PINANG BERHAD”, 5 December 2016. http://efatwa.penang.gov.my/fatwa_details.php?fatwaid=921. Found via Rujuk Fatwa: https://rujukfatwa.com/en/fatwa/ruling-bai-al-inah-financing-scheme-cooperative/