Published on: 20/07/2018
Updated on: 22/11/2018
- Able to keep away from sin and usury that Shariah prohibits.
- Making the financing provided to entrepreneurs halal in Islam.
- Making the income earned by TEKUN halal.
- Making the livelihood earned by entrepreneurs more blessed.
- To make the heart more calm.
- Improve livelihood and solve problems in life.
Is Shariah-compliant financing offered to all TEKUN Nasional entrepreneurs nationwide?
Yes. Shariah-compliant financing is offered to all entrepreneurs irrespective of their religious status and beliefs. This is because such financing will affect two parties namely TEKUN and entrepreneurs whereas TEKUN will benefit from the funding provided. To ensure the profit is halal then financing transactions need to be done in a Shariah-compliant manner.
Is the profit rate of shariah-compliant financing lower than the conventional loan interest rate?
Not necessarily. However, shariah-compliant financing can be the solution to anyone who wants to keep away from usury which is prohibited by Shariah.
What are the terminologies changed after using a Shariah-compliant concept?
Among the converted words are loans to financing, charges to profit rates, insurance to takaful, rebate to ibra’, borrower to financing receiver or entrepreneur, loan balance to financing balance and fee to wakalah fee.