...acceptable or not in a newly context of Islamic pawnshop. The simplified theory is tested using survey data from 250 respondents. Out of these, only 221 questionnaires are found to be usable whilst the rest are omitted owing to the incomplete responses. The results reveal that attitude was significantly related to the intention to use Islamic pawnshop. Subjective norm was also significantly associated with the intention to use Islamic pawnshop. In sum, the present study provides us valuable insights for service providers to future planning of Islamic pawnshop businesses. Key words: Attitude, subjective norm, questionnaire-survey, theory testing, Islamic pawnshop, Malaysia. INTRODUCTION In this study, an Islamic pawn is normally noted as arRahnu. Ar-Rahnu is defined as a method of providing short-term financing to a person by pawning her jewellery to banks or pawnshops as a security. It is one of the micro financing facilities available for low and middle class income earners who are seeking financial assistance to meet two purposes. Firstly, for precautionary purposes, mainly when one encounters unexpected situations such as death and accident which required quick cash, and less cumbersome financial assistance, Islamic pawnshop particularly acts to provide the access to overcome this demanding situation. Secondly, it is to meet one’s transaction needs. For instance, the availability of Islamic pawnshop is certainly assisting a small trader to meet her working capital need for the continuity...
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...Research 13 (Research in Contemporary Islamic Finance and Wealth Management): 98-102, 2013; ISSN 1990-9233 © IDOSI Publications, 2013 DOI: 10.5829/idosi.mejsr.2013.13.1888 The Concept and Challenges of Islamic Pawn Broking (Ar-Rahnu) 1 S. Hisham, 1S. Abdul Shukor, 1A.B. Ummi Salwa and 2Kamaruzaman Jusoff 1 Faculty of Economics and Muamalat, Universiti Sains Islam Malaysia, 71800 Bandar Baru Nilai, Negeri Sembilan, Malaysia 2 Department of Forest Production, Faculty of Forestry, Universiti Putra Malaysia, 43400 UPM Serdang, Selangor, Malaysia Abstract: The introduction of Islamic pawn broking (Ar-Rahnu) in Malaysia is seen as a new micro credit instrument. This paper aims to provide a review on Ar-Rahnu’s concept and challenges faced by Islamic pawn shops in Malaysia. The study employs library and archive research to achieve the objectives of the paper. Islamic pawn broking consists of four basic concepts namely Qardhul Hasan, Ar-Rahnu, Al-Wadi'ah and Al-Ujrah. The Islamic pawn broking have several advantages over conventional pawn broking because it provides a cheaper way to obtain financing and is free from interest. In addition, assets pawned are guaranteed to be kept safely and there is a fair practice in auctioning and bidding. In addition, Ar-Rahnu also helps finance educational needs and provides capital to small businesses and entrepreneurs. It implies that this instrument will help the community to increase economic capability of their families. Future research should...
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...needs cash to pay debts or settle a down payment, buy shares, house renovation or even to go on a vacation. The above instruments may not help us get the cash we want. A pawn broking operation is relatively straightforward. The borrower simply needs to place a pledge or security for the amount of debt needed. Rahnu is a means of providing short term financing to the public by pawning his/her jewellery to banks or pawnshops as a security. It is one of the microcredit and financial instruments for low income earners seeking financial assistance to meet their fast working capital needs. [2] The inclusion of syariah regulation in the banking system in 1983 has encouraged its implementation in other finance institutions such as insurance, trust unit and Islamic pawn broking (ar-rahnu). The main reason is to eliminate interest which was imposed by pawn brokers as payment from the cash being loaned. The effect can be seen by the emergence of two pawn broking systems in Malaysia, namely the conventional pawn broking system and the Islamic pawn broking system. Rahnu principle is mainly used for Islamic pawn broking services in Malaysia. Under rahnu, valuable item is collateralized to a debt which may be utilized as payment if the debt is not repaid within the agreed period. In the event the debtor is not able to repay the debt, the pawned asset will be sold off to...
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...awareness towards Islamic pawn broking Ar Rahnu Scheme and the main factors that influence the public to pursue Islamic pawn broking in Sungai Petani, Kedah. Questionnaires were used to collect the data and were analyzed via cross tabulation, mean score analysis and multiple regressions. The findings indicate Sungai Petani’s community is aware of the term Islamic pawn broking but the awareness is at a different level among the races. The majority of Chinese and Malays were aware of this scheme. However the Indians were not aware of the scheme. The findings also indicate that the majority of Islamic pawn broking consumers are in a lower income group, mainly from the private sector with an income of RM1000 and below. It is also found that the main factor influencing public to pursue Islamic pawn broking was its cheap cost of loan. The other factors that were tested were confidential, customer service, locality and income level. Keywords: Ar Rahnu Scheme, public awareness, cost of loan, confidential, customer service, locality and income level. 1459 2 INTERNATIONAL CONFERENCE ON BUSINESS AND ECONOMIC RESEARCH (2 ICBER 2011) PROCEEDING nd nd 1. INTRODUCTION The first Islamic pawn broking institution, Muassasah Gadaian Islam Terengganu (MGIT), was set up by the Terengganu State Islamic Affairs and Malay Customs in January 1992.On 21 August 1993, the Minister of Finance announced the introduction of a scheme, known as Ar-Rahnu scheme through the collaboration...
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...CHAPTER 1 1.0 INTRODUCTION This chapter traces the background of the study covering definition of AR-RAHNU system, its history and the benefits that make it accepted even among non Muslim society. And then, a comparative analysis is done between AR-RAHNU with conventional pawnshop. Since this study was done at AR-RAHNU Bank Rakyat, thus the background also will cover a little about Bank Rakyat and then goes through its AR-RAHNU system. In this chapter, problem statement, objective of the study, scope and significance of the study also be presented. 1.1 Background of Study People say diamonds are women’s best friend while gold jewelry is their true friend. In reality, this is at least true among Malaysian women. The reason is, other than to enhance women’s look, the jewellery also could be functioned as collateral whenever cash is needed by using pawn broking financing. As we can see, pawnshop has become a common activity to Malaysian especially among the Malays community and has an overwhelming responses among the poor and middle class in Malaysia to have financial sources quickly and easily. On that basis, many pawnshops and pawnbrokers exist to offer this service. Pawnbroking is a business of advancing loans to customers who have pledged their personal belongings as security. The pawnbroker's trade is one of the oldest known, having existed 2,000–3,000 years ago in China, as well as in ancient Greece and Rome. 1.1.1 CURRENT SCENARIO Among the current scenarios...
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...Implementation of the Goods and Services Tax (GST) in the Singapore Construction Industry Low Sui Pheng and Carol P.W. Loi Introduction The Goods and Services Tax (GST), to be pegged at 3 per cent across the board for the first five years, was introduced by the Singapore Government on 1 April 1994. While this may just be another tax for many businesses, the rules and regulations governing the mechanism of this tax are entirely different from what companies and individuals have so far experienced from corporate and personal income tax respectively. Because GST is a transaction-based tax, it is levied at every stage of the business process and will finally be borne by the end consumers. Businesses registered for GST purposes become in essence the taxcollecting agents for the Inland Revenue Authority of Singapore (IRAS). The manner in which businesses have traditionally been conducted will need to be changed. There will also be changes to both external and internal documentation to be maintained by GST-registered businesses. Like Value Added Tax (VAT), GST is a tax on domestic consumption. It is paid when money is spent on goods or services, including imports. It is not paid when money is saved and invested in productive capability. A business will therefore charge GST on the output it sells (called the “output tax”), pays a tax on materials and services it buys (called the “input tax”), and hands over to the tax authority the difference between its output tax and input tax in...
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...Then, it continued to expand after the discovery of tin mining in Larut in the 19 century. Pawn broking can be traced back to at least 3,000 years in ancient China. It also has been found in the earliest written histories of Greek and Roman civilizations. According to the Islamic Financial Services Board (IFSB), the Ar- Rahnu scheme can demonstrate its roles as a viable microcredit product of the financial institution in meeting the different customer requirements. Firstly, it represents a credit channel to those who want to use Ar-Rahnu scheme to obtain financial resources to meet their daily financial requirements; and secondly, it can be a credit channel to those who requires temporary working capital, particularly for small business. The objective of Ar-Rahnu is to create an alternative financing channel to the conventional pawn broking, that is not only more transparent but it also more compliant with Shari’ah principles. Ar-Rahnu is a form of microcredit product the borrower places their valuable assets such as gold or jewellery as collateral for the financing. In conventional pawn broking, the interest is charge based on the loan. On the other hand, Ar-Rahnu has no interest but it charges on safekeeping service. 1.2 BACKGROUND OF THE ORGANIZATION 1.3.1 BANK RAKYAT Bank...
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...1-5 Ayat Mekah (Makkiyyah) Dan Ayat Madinah (Madaniyyah) al-Quran turun ke atas Nabi s.a.w. secara beransur-ansur selama 23 tahun, kebanyakan waktunya Nabi s.a.w. berada di Mekah. Firman Allah Ta‘ala (al-Isra’ 17:106) - Maksudnya: Dan al-Quran itu telah Kami turunkan dengan beransur-ansur agar kamu membacakannya perlahan-lahan kepada manusia dan Kami menurunkannya bahagian demi bahagian. Oleh sebab itu, para ulamak telah membahagikan al-Quran kepada: 1. al-Makki: iaitu ayat yang turun ke atas Nabi s.a.w. sebelum hijrah. 2. al-Madani: iaitu ayat yang turun ke atas Nabi s.a.w. selepas hijrah. Berdasarkan perkara ini, kita dapati firman Allah Ta‘ala (al-Maidah 5:3) - Maksudnya: Pada hari ini telah Kusempurnakan untuk kamu agamamu, dan telah Kucukupkan kepadamu nikmatKu, dan telah Kuredhai Islam itu jadi agama bagimu. Kita dapati ayat ini tergolong dalam bahagian al-Madaniyyah walaupun ianya turun ke atas Nabi s.a.w. pada hari Haji di Arafah (yang letaknya di persekitaran Mekah). Umar pernah berkata: قد عرفنا ذلك اليوم ، والمكان الذي نزلت فيه على النبي صلى الله عليه وسلم، نزلت وهو قائم بعرفة يوم الجمعة.[1] Maksudnya: Kami mengetahui hari itu dan tempat di mana ayat itu turun ke atas Nabi s.a.w. Ianya telah turun semasa Baginda s.a.w. berada di Arafah pada hari Jumaat. Perbezaan Bentuk Dan Isi Ayat Makkiyyah Dan Madaniyyah Di antara perbezaan kedua-dua bentuk ayat ini ialah: 1. Ayat Makkiyyah lebih kuat caranya dan tegas...
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...CUSTOMER SATISFACTION LEVELS OF SERVICE QUALITY AT AR-RAHNU, KELANTAN Azizah Othman, Norashidah Hashim and Syahrina Abdullah College of Business , Universiti Utara Malaysia , Sintok, 06010 Kedah, Malaysia o.azizah@uum.edu.my, norashidah@uum.edu.my,syahrina@uum.edu.my ABSTRACT This research was conducted to verify levels of customer satisfaction and service quality for the pawn-broking company Ar-Rahnu in Kelantan, Malaysia. Three hundred (300) respondents were selected by choosing the sample through simple sampling or by quota sampling. The instrument used to collect the data was by a questionnaire that was filled out by the respondents and collected back on the same day. The information collected was analysed using inferential and descriptive methods. The descriptive analysis showed that the majority of the respondents were married women, 30-39 years old. The majority of the respondents also had an education level until secondary school (high school), but only 38% had an education level until diploma or degree. Most of the respondents were traders and made less than RM1000.00 per month. The main factor that motivated the respondents to obtain Ar-Rahnu services was that the company could handle problems that were not expected. Statistical methods showed that service quality at Ar-Rahnu Kelantan and Ar-Rahnu Bank Rakyat services is high. The research may show the level of service quality prepared by the Ar-Rahnu organizations but the organizing and implementation...
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...With last years school shooting in Newtown Connecticut a movement started to ban assault style rifles, not only would this ban be ineffective but it would be a solution to an issue that does not exist. Assault rifles are used in a very small percentage of gun crimes in the United States and they are only cosmetically different from other rifles. There has been a ban on them in the past and it proved to be an ineffective measure that was allowed to expire without being renewed by congress. These types of superficial classifications of weapons is useless when deciding whether or not a gun should be allowed to be owned and attacking assault weapons is similar to attacking one brand of cars for being involved in traffic accidents. An assault rifle is a semiautomatic rifle that has a pistol grip, detachable magazine, and is styled after a military rifle. These rifles require a pull of the trigger for every round that needs to be fired unlike their automatic military counterparts that are able to fire multiple rounds for each pull of the trigger. Assault rifles come in a variety of calibers and styles which is likely one of the reason that gun enthusiasts have such a passion for them. The most recent proposed legislation attempted to limit magazine size to ten rounds, prohibit the sale of rifles with a pistol grip, and had a list of other criteria that if a rifle had two of the characteristics present would classify it as an assault rifle and illegal. These characteristics...
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...02/07/2013 GOV 100 Paper Assignment #2 Gun Control: - S.150 - Assault Weapons Ban of 2013 Connecticut December 2012, a Bushmaster AR-15 assault weapon was involved in the deaths of twenty children. Colorado, an AR-15 assault rifle was involved in the killing of twelve innocent civilians at a movie theater. A TEC-DC 9, Hi-Point 995 Carbin, and a Savage 67H shotgun involved in killing eleven high school students along with one high school teacher in Colorado. The fundamental question here, is that why are such powerful assault weapons in the hands of civilians? Most Americans are against the possession of assault weapons in the hands of the civilians. Established in 1791, The 2nd Amendment in the Bill of Rights gives citizens the right to bear arms. The founding fathers had intended for American citizens to have the right to bear arms to protect themselves from a tyrannical government regime. Which was a legitimate concern during that time period that does not uphold presently. However, throughout history the American government makes changes to the constitution as the country goes through economic expansion and technological progress. A fine example is the 1965 voting act, which outlawed discriminatory voting. It was indeed a necessary and important act implemented to uphold the ideal of equality among all American citizens. As time and circumstances change, so must the terms and conditions that govern them. Essentially, the interpretation of the constitution must...
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...During this essay we will discuss the Disassembly of an M4 Carbine Rifle. The only items needed to perform these directions provided is an M4, M4 magazine, gloves which are optional and the readers undivided attention. Before any disassembly to any weapon no matter what experience level the person may be, the individual must "clear the weapon" in order to ensure that the weapon is unloaded and that there is no round in the chamber. The first step is to ensure that the weapon is pointed in a safe direction weather it is aimed down range toward targets or toward the ground. You must never point their weapon at something they don’t intend to shoot. Always point your weapon in a safe direction you must always ensure the weapon is on safe at all times until you are ready to use it. To place the weapon on safe move the selector lever on the left side of the pistol grip to the indicated position of “safe”. After you are sure the weapon is on safe you must remove the magazine from the magazine well and lock the bolt to the rear. To accomplish this you must push the magazine release button located on the right side of the magazine well. The magazine should just fall out. Now that the magazine is no longer in the weapon you must now lock the bolt to the rear of the rifle. You will then need to depress the lever on the left side of the charging handle (the T-shaped piece located on the bottom rear of the carrying handle) and pull sharply to the rear. While holding the charging handle all...
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...People who inflict violence can make people live in a state of fear. Gun control is a very controversial topic and many people live in a state of fear because of the people that cause many violent acts with guns. Assault rifles should be outlawed. Although many people say that AR’s can be used as protection because they are very accurate and have a reasonable price, many people live in fear though because AR’s are deadly weapons. They have caused the biggest and most controversial massacres in the past years. Furthermore, ethnicity also has taken a part in this because more black males are killed with guns than any other ethnic group. Same citizens feel more safe with a lightweight gun like an AR. People want to protect themselves or...
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...of an AR-15 modern sporting rifle. The main housing of an AR-15, as well as any other firearm, is known as the lower receiver; the lower receiver houses the springs, hammer, trigger and magazine. As a third party, we were commissioned by Lively Machine to test the physical properties of these lower receivers that the shop was producing. The purpose of the design of this devise was to test the tensile properties of the components upper receiver attachment pin holes. We also performed a compression test on another critical component of the lower receiver, the magazine well. The newest design in the firearm industry calls for lower receivers to be made from magnesium, as opposed to the old models of aluminum. We will display the data we received from the tensile and compression testing of the magnesium component, and then compare it to a theoretical testing of the currently used 6061-T6 Aluminum Alloy. The Modern Sporting Rifle There are many widespread misconceptions about the modern day sporting rifle also known as the AR-15. The most popular misconception is that the AR-15 sporting rifles are military grade weapons, this is a false accusation. Cosmetically the AR-15 sporting rifle is nearly identical to its’ military counterpart the M16, the functionality of the sporting series is much different. A military grade M16 is a fully automatic rifle that will disperse rounds as long as the shooter is holding the trigger making it the modern term of assault rifle. The AR-15 sporting...
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...LEAD SCOUT- I am the lead scout, eyes and ears of the team, Equip with binocular and night vision goggles. Arm with M16 rifle NAVIGATOR- I am the navigator, driver of the team. Equip with lensatic compass and map. Arm with 60 cal Machine gun. RADIO MAN- I am the radio man, the life of the team and communication specialist. Equip with radio set and handbook. TEAM LEADER-HOWAAAA I am the team leader, command and control of the team, conversant of troop leading procedure. Equip with handheld radio, map and lensatic compass, Arm with Ar-15 rifle. HOWAAAAA. CONTACT MAN- I am the contact man, versatile actor of the team, intel and psy ops specialist, fluent in several dialects and languages. Equip with civilian clothes. Arm with M203 and grenade. ASSISTANT TEAM LEADER- I am the asst. team leader, demolition specialist. Equip with demolition equipment. Arm with M16 rifle. SNIPER- I am the sniper of team, expert in rifle, expert in estimating ranges, sharp shooter. Arm with sniper rifle with complete scope. TAIL SCOUT- I am the tail scout, my primary duty is to erase the track made by the team, medical specialist. Equip with first aid kit and camera. Arm with M16 rifle. LEAD SCOUT- He is the eyes and ears of the team. He is the sense of the visual tracker of the team. He is expert disarming and different type of traps, baits, snares and early warning devices by the enemies. He is specialized in silent hand signal. Expert to analyzed the terrain in the far sight and evaluating...
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