ISLAMIC PAWNBROKING PDF

If the borrowers are still unable to repay the loan, the pawned item will be auctioned off and any surplus less outstanding amount and charges would be returned to the borrower. Islamic Pawnbroking Ar-Rahnu It implies that this instrument will help the community to increase economic capability of their families. Ar-Rahnu; Islamic pawn broking; Micro credit instrument. Why would anyone go for Ar Rahnu? However, if the price of gold has increased during the auction, the excess balance after deducting the principal and safekeeping will be refunded to you. Where to get Ar Rahnu facilities in Malaysia?

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Ar Rahnu, also known as Ar Rahn, is Islamic pawnbroking for short-term collateralized borrowing. Ar Rahnu introduced in Malaysia was a relatively new micro credit instrument. Only gold and jewelry made of gold can be pawned. It is available to both locals and foreigners, Muslims and Non-Muslims alike, Loan tenures range from months.

Borrowers have a choice either to repay either via lump sum or by monthly installments. In the event the borrower cannot repay the loan, it is possible to be granted extensions of up to 2 months. If the borrowers are still unable to repay the loan, the pawned item will be auctioned off and any surplus less outstanding amount and charges would be returned to the borrower. Ar Rahnu is free from any riba and gharar element.

Borrowers only need pay the principal plus a safekeeping fee as agreed in the agreement during the maturity date. Where to get Ar Rahnu facilities in Malaysia? Only safekeeping fees as agreed will be charged on the pledged item. Pawned items will be in the same condition as before When items are redeemed, there will be no problems such as shorter or lighter gold chains, which can sometimes happen with conventional pawn brokers Notice of Auction If the borrower is unable to repay the debt, they will be notified of the charges and about the forced sale Surplus will be returned If the sales price exceeds the remaining debt, the excess will be returned Reasonable pawn value Although the Pawnbroker Act did not fix the par value or criteria to appraise the pawned item, one can still expect a reasonable pawn value from institutionalized pawn brokers Conclusion Ar Rahnu is suitable to those are looking for short term loans as jewelry, gold bar or gold dinar as collateral.

The process is simple and fast. Just bring the gold and you will get the loan on the same day. If you have any query regarding Ar Rahnu Islamic Pawnbroking and interested to Invest in Gold with Shariah Compliant please do not hesitate to contact me the undersigned.

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Ar Rahnu, also known as Ar Rahn, is Islamic pawnbroking for short-term collateralized borrowing. Ar Rahnu introduced in Malaysia was a relatively new micro credit instrument. Only gold and jewelry made of gold can be pawned. It is available to both locals and foreigners, Muslims and Non-Muslims alike, Loan tenures range from months. Borrowers have a choice either to repay either via lump sum or by monthly installments. In the event the borrower cannot repay the loan, it is possible to be granted extensions of up to 2 months. If the borrowers are still unable to repay the loan, the pawned item will be auctioned off and any surplus less outstanding amount and charges would be returned to the borrower.

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Islamic pawn broking, Ar rahnu, application, challenges Abstract Islamic Pawn Broking industry, known as Ar Rahnu, have since received tremendous support in the Malaysian market, especially amongst micro, small and medium entrepreneurs. The study employs the previous studies and engages an interview session with the staff of Ar Rahnu Bank Rakyat. In the early stage of Ar-Rahnu establishment, the demand was influenced by the Muslim societies to obtain financing based on the Shariah principle. Simultaneously, with the effort of the Malaysian government to promote the development of Islamic pawn broking industry, the demand for Ar-Rahnu services increase continuously. The industry has tremendously contributed to the Muslim economy because it plays an important role as a means of community service that fulfil the desperate needs of low income families.

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