In this article, we will discuss more specifically about sharia pawnshops.What is sharia pawnshop and how is it different from conventional? Is sharia pawnshop really in accordance with sharia?
Let’s start from the understanding. Sharia pawnshop is a non-bank financial institution that provides facilities in the form of financing and mortgage services based on sharia principles.
The main contract used is the rahn.
An explanation of this covenant is found in the DEWAN NATIONAL COMPANIES (DSN) ruling
No. 25 / DSN-MUI / III / 2002 regarding rahn.
In the DSN MUI fatwa it was explained that loans by mortgaging goods as collateral for debt in the form of rahn are allowed with several conditions, including:
- Defendant(receiver) has the right to withhold Marhun (goods) until all of Rahin’s debtors (lenders) have been repaid.
- Marhun and its benefits remain the property of Rahin. In principle, Marhun should not be used by Murtahin except Rahin’s permission , by not reducing Marhun’s value and its use is merely a substitute for maintenance and care costs.
- Maintenance and storage of Marhun is basically an obligation of Rahin, but can also be done by Murtahin, while the cost and maintenance of storage remains Rahin’s obligation .
- The amount of Marhun’s maintenanceand storage costs cannot be determined by the amount of the loan.
- When due, Murtahinshould warn Rahin to pay off his debt immediately.
- If Rahin still cannot repay her debts, Marhun is forcibly sold / executed through sharia-compliant auctions.
- Proceeds from sale of Marhunused to pay off debt, the cost of maintenance and storage of unpaid as well as cost of sales.
- The excess proceeds from the sale belong to Rahin and the shortcomings become Rahin’s obligation .
Also Read: Guidelines for Emasi Investment in Pegadaian
Type of product
For the types of products that exist in the Islamic pawnshop in its development at least have a few products. And we will discuss 3 of them.
1. Rahn financing
This is the main product in Islamic pawn shops. As a pawn system where you will get the funds you need by pawning the items you have.
Guarantees or items that you can mortgage for this service include jewelery, electronics, or motor vehicles.
Take it easy, all your collateral will be stored securely in the pawnshop.
The Islamic pawnshop system is not the same as conventional one that applies interest. In this system, the pawnshop only asks for service fees for the maintenance of collateral, aka ujrah.
Marhun bih or borrowers through this product can get loans between Rp. 50,000, – to Rp. 500,000,000,
2. Arrum Hajj
This is a service from Islamic pawnshop that aims to facilitate customers in the context of carrying out the pilgrimage.
Guarantees that can be submitted to be able to get this service are in the form of gold at least Rp. 7 million.
By using this service, customers can get Hajj savings that can be directly used to obtain Hajj numbers.
3. Gold Savings
This is one of the sharia pawnshop services that has a focus on investment. For those of you who are interested in investing, especially in the form of gold, you can try this service.
Capital to have gold savings is relatively very affordable. That is starting from a budget of Rp. 5,000 or equivalent to a weight of 0.01 grams. Cheap, right?
Plus, this gold savings can easily be disbursed so that if you have urgent needs, your money can be immediately disbursed.
Also Read: Pegadaian Gold Savings (How to Play and Profit)
Is it Shariah-compliant?
Before discussing or determining whether the Islamic sharia pawnshop is suitable or not. Let’s find out first how the business model of this one non-bank financial institution.
The following explanation Dr. Adiwarman Karim related to the mechanism of sharia pawnshop business model.
In the first stage, people who need money then they come to the Islamic pawnshop. Then, technically an assessment will be made of the goods to be pawned.
After an assessment of the mortgaged goods, the person will receive an amount of funds according to the estimated value.
Unlike conventional pawnshops that apply the interest system, the sharia pawnshop is not the interest applied. The money they get is from the mortgaged deposit service.
This deposit service is not necessarily multiplied by a certain percentage, but it is associated with a certain rate.
For example, if the item is so many grams to so many grams, then the deposit fee or ujrah that is charged is that much.
So that happened in shariah pawnshop, customers incur a charge from the cost point of pentipian. So they pay the day care rental fee.
Thus, because the business model established is in accordance with the MUI DSN fatwa on rahn. So at the conclusion of this article, God willing, sharia pawnshop is in principle in accordance with sharia.
As for if there are differences of opinion then that is a natural thing and do not make noise because of differences. Hehe.
This is the explanation of the Shariah pardon that you need to know. So a sharia settlement on the principle of God willing is in accordance with sharia.
What is clear if you finally want to try the pawnshop facilities because of an urgent need then use the Islamic pawnshop.