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About the Bank

The Shariah Advisory Council of Bank Negara Malaysia (the SAC) 179th Meeting


The Shariah Advisory Coucil (SAC) ruled that the contract session for bai` al-sarf refers to the period of time during which the contracting parties enter into a contract, commencing with an offer (ijab), followed by an acceptance (qabul) to exchange monies between each other, and ending by the disengagement of the contracting parties physically or constructively, or through the waiving of rights to revoke the contract (takhayur). The delivery of money in bai` al-sarf shall take place during the contract session.

The practice of the delivery of money in bai` al-sarf, for instance on day two after transaction date (T+2) is construed to have taken place after the contract session. However, this practice may be allowed due to established customary business practice (‘urf tijari) arising from operational constraints. In addition, the delivery of money beyond the contract session may also be allowed in the event of unexpected disruptions.

Refer attachment for more information.

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Majlis Penasihat Shariah (MPS) memutuskan bahawa majlis akad bagi bai` al-sarf (pertukaran mata wang) merujuk kepada suatu tempoh masa berlakunya pemeteraian kontrak pertukaran mata wang yang bermula dengan penawaran (ijab) dan diiringi dengan penerimaan (qabul) serta diakhiri dengan perpisahan (disengagement) pihak-pihak berkontrak secara fizikal atau konstruktif, atau pelepasan hak untuk membatalkan kontrak (takhayur). Serah terima mata wang dalam bai` al-sarf mestilah berlaku ketika majlis akad.

Amalan serah terima mata wang dalam bai` al-sarf, contohnya yang dilaksanakan pada hari kedua selepas tarikh transaksi (T+2) dianggap berlaku selepas majlis akad. Walau bagaimanapun, amalan tersebut boleh dibenarkan berdasarkan amalan pasaran (`urf tijari) ekoran daripada kekangan operasi. Di samping itu, serah terima mata wang selepas majlis akad juga boleh dibenarkan sekiranya berlaku gangguan di luar jangkaan (unexpected disruption).

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