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Prof. nazari's presentation

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This is a slideshow by prof nazari during seminar bebas hutang, masjid KLCC. …

This is a slideshow by prof nazari during seminar bebas hutang, masjid KLCC.

he asked us to share this with the world.

"if RIBA is brought away, the whole financial knowledge falls"

"Finance is a useless knowledge"

find out more by reading this presentation.

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  • 1. Pencekikan Diri Sendiri:Bagaimana Pertumbuha​n Industri Hutang Sedang Menghancur​kan Ekonomi Dunia Mohd Nazari Ismail Fakulti Perniagaan dan Perakaunan Universiti Malaya
  • 2. Ilmu Ekonomiadalah ‘unnecessary’… tidak perlu…
  • 3. Ilmu yang tidak menjaminmanfaat dan kesejahteraan
  • 4. Universiti2 terkemuka dalam bidangekonomi adalah dari Amerika Syarikat Massachusetts Institute of Technology
  • 5. Nobel Laureates in Economics Year Name Birth Date Country of Origin 2010 Peter A. Diamond, 1940 American Dale T. Mortensen and 1939 American Christopher A. 1948 Cyprus Pissarides 2009 Elinor Ostrom 1933- American Oliver Williamson 1932- American 2008 Paul R. Krugman 1953- American 2007 Leonid Hurwicz 1917-2008 Russian Eric S. Maskin 1950- American Roger B. Myerson 1951- American 2006 Edmund Phelps 1933- American 2005 Thomas Schelling 1921- American Robert J. Aumann 1930- Israeli and American 2004 Edward C. Prescott 1940- American Finn E. Kydland 1943- Norwegian 2003 Clive W.J. Granger 1934-2009 British Robert F. Engle 1942- American 2002 Vernon L. Smith 1927- American Daniel Kahneman 1934- Israeli 2001 George A. Akerlof 1940- American A. Michael Spence 1943- American Joseph E. Stiglitz 1943- American 2000 James J. Heckman 1944- American Daniel L. McFadden 1937- American 1999 Robert A. Mundell 1932- Canadian
  • 6. Nobel Laureates in Economics (cont.) 1998 Amartya Sen 1933- Indian 1997 Robert C. Merton 1944- American Myron S. Scholes 1941- American 1996 James A. Mirrlees 1936- British William S. Vickrey 1914-1996 American 1995 Robert E. Lucas, Jr. 1937- American 1994 John C. Harsanyi 1920-2000 American (born Hungary) John F. Nash 1928- American Reinhard Selten 1930- German 1993 Robert W. Fogel 1926- American Douglass C. North 1920- American 1992 Gary S. Becker 1930- American 1991 Ronald H. Coase 1910- American (British-born) 1990 Harry M. Markowitz 1927- American Merton H. Miller 1923-2000 American William F. Sharpe 1938- American 1989 Trygve Haavelmo 1911-1999 Norwegian 1988 Maurice Allais 1911- French 1987 Robert M. Solow 1924- American 1986 James M. Buchanan, Jr. 1919- American 1985 Franco Modigliani 1918-2003 American (born Italy) 1984 Sir Richard Stone 1913-1991 British 1983 Gerard Debreu 1921-2004 American (born France) 1982 George J. Stigler 1911-1991 American
  • 7. Nobel Laureates in Economics (cont.) 1981 James Tobin 1918-2002 American 1980 Lawrence R. Klein 1920- American 1979 Theodore W. Schultz 1902-1998 American Sir Arthur Lewis 1915-1991 West Indian 1978 Herbert A. Simon 1916-2001 American 1977 James E. Meade 1907-1995 British Bertil Ohlin 1899-1979 Swedish 1976 Milton Friedman 1912-2006 American 1975 Leonid V. Kantorovich 1912-1986 Russian American (born Tjalling C. Koopmans 1910-1985 Netherlands) 1974 Gunnar Myrdal 1898-1987 Swedish Friedrich A. von Hayek 1899-1992 British (born Austria) American (Russian- 1973 Wassily Leontief 1906-1999 born) 1972 Kenneth J. Arrow 1921- American John R. Hicks 1904-1989 British American (Russian- 1971 Simon Kuznets 1901-1985 born) 1970 Paul A. Samuelson 1915- American 1969 Ragnar Frisch 1895-1973 Norwegian Jan Tinbergen 1903-1994 Dutch
  • 8. 46 Pemenang hadiah Nobel dalam bidang Ekonomi adalah dari Amerika Syarikat (70%)
  • 9. Senarai krisis2 ekonomi yang dialami oleh Amerika Syarikat 1. Financial Crisis of 1772 2. Panic of 1792 3. Panic of 1796-1797 4. Panic of 1819, a U.S. recession with bank failures; culmination of U.S.s first boom-to- bust economic cycle 5. Panic of 1837, a U.S. recession with bank failures, followed by a 5-year depression 6. Panic of 1857, a U.S. recession with bank failures 7. Long Depression (1873-1896) Panic of 1873, a US recession with bank failures, followed by a 4-year depression
  • 10. Senarai krisis2 ekonomi yang dialami oleh Amerika Syarikat (cont.) 8. Panic of 1884 9. Panic of 1893, a US recession with bank failures 10. Panic of 1907, a U.S. economic recession with bank failures 11. Wall Street Crash of 1929 and Great Depression (1929-1939) the worst depression of modern history 12. Black Monday (1987) 13. Savings and loan crisis of the 1980s and 1990s in the U.S. 14. 1998 collapse of Long-Term Capital Management 15. Financial crisis of 2007–2010 (Subprime)
  • 11. Jelaslah keilmuan dalam bidangekonomi yang mereka bangunkan adalah tidak berguna… Kenapa? InshaAllah, akan diperjelaskan
  • 12. Kerugian akibat krisis kewangan berbanding Tsunami Tsunami Jepun - USD300 billion Krisis Kewangan US-Subprime - USD16.3 trillion lesap (wiped out) dari sistem kewangan global dalam tempoh 2007 dan 2008sumber: http://hofinet.org/themes/theme.aspx?id=65
  • 13. Bentuk2 Krisis Kewangan Krisis Matawang Krisis Perbankan Pasaran Merudum Kerajaan Muflis
  • 14. Semua bentuk krisis kewanganadalah sebenarnya krisis HUTANG
  • 15. Contoh2 Krisis Kewangan Krisis Matawang – Krisis Matawang Asia 1997 Krisis Perbankan – Argentina 2001; Iceland 2009http://mises.org/daily/3499 Pasaran Merudum – Jepun 1989 dan US 2008 Kerajaan Muflis (Sovereign defaults) – Greece 2010
  • 16. Krisis Matawang Asia - 1997
  • 17. Berhutang utk spekulasi dalam hartanah di Bangkok
  • 18. Merebak ke seluruh AsiaTenggara dan Korea• Negara yang paling teruk adalah negara yang paling banyak berhutang dari luar• Hutang berlipat ganda apabila matawang jatuh
  • 19. Krisis Perbankan
  • 20. Source: Worldbank
  • 21. Krisis Perbankan di Argentina Fiscal indiscipline Public debt: 1983 USD46 billion 1989 USD65 billion 1999 USD130 billion Trade deficit Bank run
  • 22. Argentinian bank runDepositors protesting frozenaccounts for fear they might losevalue, or worse. February 2002.Source: http://en.wikipedia.org/wiki/Corralito
  • 23. Thieving banks! Give back our dollars….
  • 24. Argentina riots…Sorry, you cannot withdraw anymoney today…
  • 25. Argentina Foreign Debt in 2010:USD160 billion (43%of GDP) (Malaysia – USD72.6 billion – 3% of GDP Singapore USD21 billion - .09% of GDP)
  • 26. Contoh2 Pasaran MerudumJapanese property crash (1990)Dot.Com crash (2000)Sub-prime mortgage crash (2007)
  • 27. Pasaran Merudum di Jepun – Satu Keanehan? Pengekspot yang berjaya Surplus/Lebihan Dagangan Kadar simpanan yang tinggi Perkerja yang rajin dan mahir
  • 28. Tetapi Jepun masih mengalami krisis ekonomi….! Kenapa?
  • 29. Hutang adalah Punca Masaalah JepunBankTerlebih memberi pinjamHutang meningkatSpekulasi
  • 30. Cerita nya begini… Savings/fundsdeposited into banks Banks increased lendings Asset prices skyrocketed ?
  • 31. Pada tahun 1989, nilai hartanah paling tinggi disekitar kawasanGinza di Tokyo, dengan harga lebih100 juta yen (US$1 juta ) satu meterpersegi ($93,000 satu kaki persegi). http://en.wikipedia.org/wiki/Japanese_asset_price_bubbl e
  • 32. Pada suatu ketika pada tahun 1987,jumlah nilai tanah2 disekitar IstanaImperial di Tokya dianggarkan bernilailebih dari semua tanah2 di CaliforniaSumber: California…http://www.economist.com/node/9955765
  • 33. ….sudah tentu ini adalah satu‘belon’ yang menunggu utk pecah…
  • 34. Apabila belon pecah…Puluhan trillion dollar lesap dari pasaran saham danhartanahHarga hartanah jatuh ke kurang dari 1% berbandingharga paling tinggi (prime "A" property in Tokyosfinancial districts)Ramai peminjam menghadapi masaalah membayarhutangBank2 menjadi muflis ( `zombie’ banks)Ekonomi merudum
  • 35. Japanese Poorest and Weakest
  • 36. A side of Japanthat is not oftenseen…
  • 37. The self-built homes, huts and hide-outs ofthe Japan-ese home-less
  • 38. Homeless, unemployed people line up in a Tokyo park for freefood. Many did not want their faces pictured. As Japaneseindustry fires more temporary workers, the queues willbecome longer and more common. Photo: Robert GilhoolyRead more: http://www.theage.com.au/world/japans-failing-industries-dump-workers-at-the-public-doorstep-20090109-7dnh.html#ixzz1M1hZcVcT
  • 39. Homeless peoples tents right below a trainstation in Osaka
  • 40. Chart with the existing homeless villages inOsaka
  • 41. Japan homeless resist removal from tent homesTOKYO — Hundreds of Japanese police and security guards sought to forciblyevict a group of homeless people from their tents in two parks in the western cityof Osaka on Monday, just days after an Osaka court ruled that a homeless mancould register a park as his legal residence
  • 42. Ini bukan rehlah…
  • 43. Shelters for the homeless along the riverbank
  • 44. HOMELESS IN JAPAN: Homeless people waited in line to receive charity supplies atShinjuku Central Park in Tokyo Monday. The Inoki Genome Federation, led by Japaneseprofessional wrestler Antonio Inoki, gave soup noodles to more than 500 people.(Toshifumi Kitamura/Agence France-Presse/Getty Images)
  • 45. Krisis Kewangan US 2008 Juga adalah krisis hutang…
  • 46. Ceritanya…Low interest Banks lentrates, excess to Housing CDOs act liquidity Sub-prime boom as booster in 1990s borrowers
  • 47. Krisis Kewangan US 2008 ) Housing Interest Borrowers prices rates CRASH! go bustskyrocketed rose
  • 48. Total UK and US debt to GDP ratio of 300 % (estimate by BBC Economic Correspondent)
  • 49. … 20% of total economic output used to pay interest
  • 50. Krisis Kewangan US 2008 Housing Interest Borrowers prices rates CRASH! go bustskyrocketed rose
  • 51. Krisis Kewangan US 2008Lenders Credit Globalgo bust Crunch Recession
  • 52. Krisis yang seriusUSD16.3 trillion hilang dari sistemkewangan global dalam tempoh2007 and 2008 (http://hofinet.org/themes/theme.aspx?id=65Kemelesetan ekonomi global
  • 53. Sektor Kewangan US tenat
  • 54. Rakyat Menderita , chaos…
  • 55. Pegawai polis membantu menghalau pemilikrumah yang tidak mampu membayarpinjaman rumah.Lafayette, Colorado, USA, Feb 2009.
  • 56. Kelulusan tinggi tidak lagi menjamin pekerjaan
  • 57. The Tent City of New Jersey: Desperate victims of theeconomic slump forced to live in makeshift homes inforestRead more: http://www.dailymail.co.uk/news/article-2021173/Americas-city-broken-dreams-50-jobless-destitute-people-set-forest-community-New-Yorks-doorstep.html#ixzz1UQAdFu9z
  • 58. Protesters break the line of University of California policeofficers at the garage entrance to the University of CaliforniaCampus in San Francisco, Calif. on Wednesday Nov. 17, 2010
  • 59. Jumlah Hutang State of California 2011$265 BILLIONHTTP://ARTICLES.SFGATE.COM/2011-01-19/OPINION/27036341_1_DEBT-CEILING-DEBT-SERVICE-UNFUNDED-PENSION-LIABILITY
  • 60. Protesters are handcuffed after breaking a line of University ofCalifornia police officers at the entrance to the University ofCalifornia Campus in San Francisco, Calif. on Wednesday Nov. 17,2010
  • 61. Kerajaan US terpaksa menjanjikan USD11.6 trillion utk membantu memulihkan ekonomihttp://www.bloomberg.com/apps/news?pid=newsarchive&sid=aZchK_ _XUF84
  • 62. Hutang terkumpul Kerajaan Pusat US adalah sekarang $14.3 trillion
  • 63. In 2010 US’s poverty rate rose to a 17-year high, with more than 46 million people – 15.1% of the population - living in poverty http://www.reuters.com/article/2011/09/13/us-usa-economy-poverty-idUSTRE78C3YV20110913
  • 64. Kerajaan Muflis Contoh: Greece
  • 65. Beberapa fakta berkenaan Greece Negara MAJU! GDP per capita in 2010 is the 25th highest in the world - $30,000 Malaysia GDP per capita is 77th in the world - $14,800 Rasuah tinggi … 71 on TI Index 2009 (Malaysia ialah 56) Perbelanjaan Sektor awam yang tinggi
  • 66. Punca masaalah GreeceGreece berbelanja tanpa berhemahMeminjam dari Europena Central Bank (ECB)Gaji tinggi utk kakitangan awamProjek2 mewah (termasuk 2004 Olympics)Defisit yang bertambah2Ramai golongan atasan tidak membayar cukai
  • 67. Punca masaalah Greece (samb.) Jumlah hutang 2009 iaitu $405 billion, 113% of GDP) (Malaysia is 53.1% of GDP pada tahun 2010) June, 2011 meningkat ke $485 billion http://www.bbc.co.uk/news/business-13832164 Bank2 bimbang keadaan kewangan Greece Hutang yang terlampau banyak Kemampuan Greece membayar hutang dipersoalkan Kadar bunga dinaikkan Greece dalam keadaan tersepit Tetapi pemberi hutang juga tersepit
  • 68. Apa berlaku di Greece sekarang? Greece terpaksa minta bantuan luar Meminjam 110 billion euros (£95bn/$146bn) dari negara2 EU dan IMF Kadar bunga yang bawah kadar pasaran Tetapi dengan syarat yang sangat ketat Mesti laksanakan langkah penjimatan perbelanjaan Contoh: 30,000 pekerja masuk kumpulan `reserve’, gaji potong 40% selama setahun sebelum diberhentikan (http://english.aljazeera.net/news/europe/2011/10/20111029261136346.html) Dan ini lah yang membuat rakyat Greece marah
  • 69. Demonstrasi menentang langkah jimat cermat kerajaanGREECE 2010
  • 70. Lelong Aset NegaraGreece merancang menjual aset negara seperti: Lapangan terbang Lebuhraya Syarikat2 milik kerajaan Bank2 milik kerajaan Hartanah milik kerajaan Lesen perjudian, dll……Utk diberi peluang untuk berhutang lagi…
  • 71. Hutang adalah masaalah global…
  • 72. Hutang Kerajaan2 (2010)Negara Peratus /GDPAmerika Syarikat 59% ($15 trillion)Jepun 225.8%Greece 144%Portugal 83.2%Ireland 94.2%Spain 63.4%Malaysia 53.1% (RM403 bil) 53.8% (RM455 bil) Jun 2011Indonesia 26.4%
  • 73. http://www.economist.com/blogs/dailychart/2011/09/government-debt (22/9/11)
  • 74. Hutang Luar Sektor Awam dan Swasta (External Debt) Berdasarkan jumlah absolute
  • 75. Highly Indebted Poor CountriesAfghanistan NicaraguaBeninBolivia NigerBurkina Faso RwandaCameroon (9.6% of GDP) São Tomé and PríncipeCentral African Republic Senegal (32.1% of GDP)Chad*Republic of the Congo Sierra LeoneDemocratic Republic of the Congo TanzaniaComoros* Togo*Côte dIvoire*Ethiopia Uganda (20.4% of GDPGambia (2010 est.)
  • 76. Highly Indebted Poor Countries Ghana Madagascar Guinea Malawi Guinea-Bissau Mali Guyana Mauritania Haiti Mozambique Honduras Liberia
  • 77. List of Countries likely to Default http://www.businessinsider.com/sovereign-probability-of-default-2011-9?op=1 Country Probability of Default Luxembourg 0.01% Slovakia 0.03% South Africa 0.06% Slovenia 0.06% Israel 0.07% Poland 0.08% Mexico 0.10% China 0.11% Brazil 0.13% Philippines 0.13% Panama 0.14% Guatemala 0.16% Peru 0.16% Uruguay 0.21%
  • 78. Country Probabality of defaultTurkey 0.22%Morocco 0.23%Russia 0.24%Colombia 0.28%Indonesia 0.34%El Salvador 0.48%Dominican Republic 0.55%Lithuania 0.55%Spain 0.60%Hungary 0.61%Malaysia 0.66%India 0.72%Costa Rica 0.79%Jordan 0.88%Kazakhstan 0.97%
  • 79. Country Probablity of defaultRomania 1.20Sri Lanka 1.45Macedonia 2.15%Lebanon 2.41%Portugal 2.73%Vietnam 2.80%Jamaica 2.84%Argentina 3.90%Ukraine 4.10%Iceland 4.53%Ireland 5.66%Pakistan 7.92%Venezuela 10.93Ecuador 11.11%%Greece 16.13%
  • 80. Hutang Firma-firmaFirma Jumlah Hutang semasa Syarikat menghadapi masalah kewanganLehman Brothers USD 613 billionGeneral Motors USD 172.81 billionCIT Group USD 68.2 billionFord USD 32 billionWorldcom USD 30.2 billionJAL USD$25.6 billionEnron USD23 billionPacific Gas and Electric Co USD 9 billionChrysler USD 7 billion
  • 81. Prof Kenneth Rogoff ‘Global Imbalances without Tears’ http://english.aljazeera.net/indepth/opinion/2011/03/201133114346397254.html “… the real problems are rooted in excessiveconcentrations of debt”“Of the roughly $200 trillion in global financial assetstoday, almost three-quarters are in some kind of debtinstrument”“Unfortunately, overcoming the deeply ingraineddebt bias in rich-world financial systems will not beeasy”
  • 82. Prof Kenneth Rogoff ‘Global Imbalances without Tears’ http://english.aljazeera.net/indepth/opinion/2011/03/201133114346397254.html“Perhaps scholars who argue that Islamicfinancial systems’ prohibition on interestgenerates massive inefficiencies ought to be looking at these systems for positive ideas that Western policymakers might adopt.”
  • 83. Bagaimanakah dunia begituterjebak dengan masalah hutang?
  • 84. Perlu memahami sejarahperkembangan industri hutang
  • 85. Dalam sejarah peradaban manusiasebelum kurun 15, industri hutang tidak wujud..
  • 86. Human History of 2 million yrs no finance industry 15th century
  • 87. DURING PREVIOUS 99.97% OFHUMAN HISTORY THERE WAS NOLEGITIMATE FINANCEINDUSTRY!
  • 88. Sikap Eropah terhadap Amalan Riba Sebelum kurun 15, amalan riba adalah terhad Namun ada peniaga2 yang mahukan modal yang lebih John Eck (1486 –1543) John Calvin (1509 – 1564) Penghujung kurun 16 Katolik dan Protestan lebih toleran terhadap amalan riba (…bergantung pada niat) Kurun ke 17 – hanya kadar bunga yang tinggi diharamkan (8%)
  • 89. Eropah mula menerima Riba1700s, di terima sebagai halal oleh pemikir protestanAmalan riba menjadi biasaAmalan perbankan secara deposit juga menjadi biasaIstilah ‘banking’ – dipinjam dari Middle English dariMiddle French ‘banque’, dari Old Italian ‘banca’, fromOld High German ‘banc’… bank "bench, counter".Bangku yg digunakan oleh Ah Long2 Eropah
  • 90. Permulaan Industri PerbankanKeluarga Medici di Italy di akhir kurun 14Mulanya ‘moneylender’ dan ‘currency trader’Urusniaga berkembang dgn penggunaan ‘Bills ofExchange’ – menjual kertas hutang dgn diskaun (tidakdibenarkan dalam Islam)Mengelak dari kutukan masyarakat kerana amalan iniadalah tidak jelas ‘keribaan’ nyaMenggunakan kaedah balance sheet (aset dan liabiliti)Membuktikan ‘In Finance, Small is Seldom Beautiful’
  • 91. 3 Inovasi dlm perbankan di kurun 17 1. Exchange bank – system of checks and direct debits, tak perlu kpd penggunaan duit shiling 2. Stockholm banco 1657 – memberi pinjam dalam jumlah melebihi rezab duit shilling i.e. fractional reserve banking and ‘credit creation’ (akan diterangkan nanti...) 3. Bank of England 1694 Assist the government in war finance Allowed to operate on joint stock basis Partial monopoly on the issue of banknotes
  • 92. Adam Smith (1723-1790)‘Wealth of Nations’menyokong konsep ribaPerlu untuk menggalakkan pelaburan yang produktifTetapi masih tidak berjaya menukar sikap umumbahawa meminjam utk perbelanjaan (privateconsumption) adalah tidak bagus
  • 93. Katolik masih melawanPerdebatan dikalangan Katolik pada 1700anAda yang menyokong (1744 Scipio Maffei)Dikecam oleh yang lain (papal encyclical, Vix Pervenit, 1745)Jeremy Bentham – 1787 – “In Defence of Usury” Laissez-Faire Manusia perlu bebas utk meminjam jika memanfaatkan beliau Hujah ini meyakinkan Parlimen England yang seterusnya menghalalkan amalan riba
  • 94. Kurun 19 – Industri hutang berkembangKatolik hanya mengharamkan ‘interest’ jika kadarterlampau tinggi .Penganut Katolik yang mengenakan faedah padahutang tidak dianggap berdosa jika kadar bungaadalah sederhana (moderate rate).
  • 95. Revolusi PerindustrianKurun 18 - 19Ekonomi Eropah berkembang majuHasil dua faktor: Renaissance Industri kewangan‘Joint-stock corporation’Penekanan kpd efficiency utk mengurangkan kosPenindasan pekerjaDibangkang oleh pemikir sosialis seperti Karl Marx
  • 96. Dunia IslamTiada industri hutangTiada penindasan walaupun mengamalkan ‘privateownership of capital’Ekonomi stabil, tetapi perlahan berbanding EropahTiada ‘joint-corporation ‘ (company)Tetapi wujud Waqf (utk menabur bakti)
  • 97. Janganlah engkau menujukan pandanganmu (serta menaruh hati) kepada nikmat kesenangan yang kamiberikan kepada beberapa golongan di antara mereka (yang kafir itu) (Al Hijr 15:88)
  • 98. Dan janganlah engkau menujukan pandangan kedua matamudengan keinginan kepada apa yang telah Kami berikan kepada beberapa golongan dari mereka yang kafir itu menikmatinya, yang merupakan keindahan kehidupan dunia ini, untuk Kami menguji mereka padanya; sedang limpah kurnia Tuhanmu di akhirat lebih baik dan lebih kekal. (TaaHa 20:131)
  • 99. Hutang Kerajaan Khilafah Othmaniah Mula berhutang dengan syarikat2 Eropah pada tahun 1854 Pembiayaan projek keretapi dan defisit belanjawan (pembesar Othmaniah hidup mewah!) Menghadapi masaalah membayar hutang pada tahun 1875 1875 hutang kerajaan berjumlah £200,000,000, dan bayaran faedah dan amortization adalah £12,000,000, setahun, yaitu lebih separuh pendapatan negara.
  • 100. Hutang Kerajaan Khilafah Othmaniah (cont.) Penubuhan Ottoman Public Debt Administration (OPDA) 1881 Pada December 1881, hutang dikurangkan dari £191,000,000 menjadi £106,000,000 dan kerajaan Ottoman melakukan ‘concession’ kpd OPDA. Khilafah Othmaniah menjadi lemah dan tumbang pada tahun 1925 1929 persetujuan dicapai dimana Republik Turki hanya perlu membayar 67% dari jumlah hutang kpd syarikat2 barat berjumlah 107.5 juta lira emas
  • 101. PenjajahanDunia Islam di jajahMemaksa sultan2 menerima sistem kapitalis ribaMemindahkan fahaman LiberalismaMendidik barisan pelapis pentadbirMenghadkan pengamalan IslamAmalan Ekonomi & Kewangan mengenepikan ajaran IslamContoh: Tiada bantahan kepada Moneylenders Act 1951… sehingga sekarang. Pembayaran Interest atas pinjaman adalah tax-deductible
  • 102. Amalan riba di Tanah Melayudikurun 19Staronline: Tuesday May 10, 2011 MYT 2:26:00 PM115-year-old land dispute in Johor is finally settledBy M. MAGESWARIPUTRAJAYA: In a landmark judgment, the Federal Court held thatthe Johor state government is the rightful owner of a piece of land,a prime property in Johor which has been in dispute between thebeneficiaries of Johor royalty and the Johor state government formore than a centuryUngku Abdullah, who is the brother of the then Johor Sultan -Sultan Abu Bakar Daeng Ibrahim - had bought the six acres of landwith money borrowed from a Chettiar in 1890. The land wascharged to the Chettiar.
  • 103. Sejarah Kewangan di negeri2 Melayu Sistem perbankan tidak wujud dan wang adalah dlm bentuk komoditi Han Dynasty (206 BC-221AD), Pedagang Cina datang ke Patani, berdagang dengan pedagang India dan Arab yang bergiat di Kedah. Wang dalam bentuk ‘Cowrie Shells’ yang di impot dari kepulauan Maldive atau Borneo
  • 104. Sejarah Kewangan di negeri2 Melayu (cont.) Kurun ke 8, pedagang Cina memperkenalkan wang tembaga Wang ini paling popular di kebanyakan negeri 2Melayu. Musim tengkujuh menghadkan jumlah wang tembaga Cina Orang Melayu terpaksa membuat wang tembaga sendiri Sumber: http://moneymuseum.bnm.gov.my/index.php?ch=8&pg=16 &ac=12
  • 105. Bentuk2 Wang lain yang digunakanpada kurun 13 di kepulauan Melayu:
  • 106. Bentuk2 Wang lain yang digunakanpada kurun 13 di kepulauan Melayu: Animal Money, Tin; Cockerel-shaped. Brass Kettle, ca. 1800s; Brass. Shell-Backed Ingot, Tin; Tortoise-shell shaped Tampang, ca. 1400s; Tin; One Cent. Small Tampang, ca. 1847; Tin; 1/100 cent. Private Issue Tampang, ca. 1860s; Tin; One cent with Chinese characters. Duit Ayam Kedah, 1710; Cockerel-shaped.
  • 107. Kupang Kedah, 1661; GoldKijang Emas, ca. 1500s; Gold. Reverseinscription: (Arabic) Al-Adil "The Just(Ruler)" Dinar Matahari, Gold. Pitis Kelantan, Tin. Pohon Pitis Kelantan, Tin. Pohon Pitis Mould, -
  • 108. Pohon Pitis Terengganu, Tin. Pitis Matahari Terengganu, Tin. Jokoh Terengganu, Tin Katun Johor, Tin. Mas Johor, 1623; Gold.Melaka Tin Coin, 1445; Tin; Reverseinscription: (Arabic) Nasir Al-Dunia Wa Al-Din("Success in life and religion").
  • 109. Wang Penjajah
  • 110. Portuguese Silver Tanga, -Dutch Bazaar, -British Trade Dollar, -British Gold Trade Dollar, -Mexican Trade Dollar, -
  • 111. Spanish Trade Dollar, -Singapore Merchant Token, -Cocos Keeling Islands Ivory Token, -Siamese & Chinese Porcelain Counters, -British East India Company Penang Coin, -
  • 112. Straits Settlements $10 Note, - Straits Settlements $1000 Note, -Straits Settlements $1 Coin, -Straits Settlements One Cent Coin, KingEdward VII, 1 cent, 1903Straits Settlements Quarter Cent Coin, QueenVictoria, � cent. 1826
  • 113. British North Borneo $25 Note, -British North Borneo Five Cent Coin, 5 centsSarawak One Cent Coin, 1 cent; Portrait of SirJames Brooke on obverse Sarawak Ten Cent Note, -
  • 114. Japanese Government Five Rupee Note, - Japanese Government One Pound Note, -Japanese Government Malayan Pattern Coin,- British Military Administration $10,000 Note, -
  • 115. Private Tokens & Currencies
  • 116. Straits Settellements $10 Private Banknote, -Straits Settellements $5 Private Banknote, - Johor Private Currency Note, - Selangor Private Currency Token, - Private Individual Currency Note, - Rubber Export Coupon, Rubber Planting Certificate, -
  • 117. Post Colonial MOney
  • 118. This coin was issued by the Board ofCommissioners Of Currency Malaya in 1948. The Board commenced to issue currency in 1939. All the notes issued by the Board bore the portrait of King George VI (1936 - 1952). Malaya & British Borneo $1 Note, -
  • 119. Malaya & British Borneo $10 Note, -Malaya & British Borneo $1000 Note,The 20-cent coin issued by the Board ofCommissioners of Currency Malaya andBritish Borneo depicts the portrait of QueenElizabeth II.
  • 120. Malaysian Currency Notes & Coins
  • 121. First Series, 100 Ringgit, Old Spelling -Signature of Tun Ismail bin Mohamed Ali.First Series, 10 Ringgit. New Spelling -Signature of Tun Ismail Ali bin Mohamed Ali. Second Series, 500 Ringgit, with signature of Tan Sri Aziz TahaSecond Series, 20 Ringgit, with signature ofTan Sri Aziz Taha.
  • 122. RM1 Circulation Coin (1st Series), -RM1 Circulation Coin (2nd Series), -
  • 123. Sistem Kewangan Di Malaysia1870s: Metallic money system (Emas dan Perak)1899: wang kertas (Straits Dollar) bersandarkan suratjaminan dan perak1906: Sandaran wang kepada Sterling (92.5% Silver Alloy). 1straits dollar = 2 Sterling and 4 dimePaper money convertible to metal based on amountwritten on it.1947 – Bretton Woods agreement – flexible exchange rateMoney Lenders Act 1951
  • 124. Sistem Kewangan Di Malaysia (cont.) 1954: Malayan and British Borneo Monetary Commission exchanged paper money to Straits Dollar (metal) , and then replaced by Malaya Dollar 1959 Bank Negara di tubuhkan 1967 Ringgit Malaysia introduced 1975 Malaysian Money Act, Ringgit Malaysia enforced (fiat money) Industri Perbankan mula berkembang Tetapi menghadapi ‘resistance’ dari ajaran Islam berkenaan Riba
  • 125. Sistem Perbankan di MalaysiaDi kawal oleh Bank Negara MalaysiaMengeluarkan wang kertasMenentukan reserve ratio dan kadar bungaMenentukan jumlah pinjaman yang boleh dilakukanoleh bank komersialJumlah pinjaman yang dilakukan menentukan jumlah‘Money Supply’Tetapi `Ringgit’ hanya boleh dicipta oleh bank2komersial
  • 126. Credit Creation (Penciptaan Hutang)Bermula apabila bank menerima deposit olehpendepositorBank akan menyimpan sebahagian dari deposit utkmemenuhi permintaan pengeluaran oleh sebahagiandari pendepositorSimpanan adalah dalam bentuk rezab di BNMYang selebih dipinjamkan untuk mendapat `bunga’
  • 127. Mekanisma Penciptaan Hutang (dan Wang) Ada beberapa Bank komersial di dalam sistem perbankan negara – Bank 1, Bank 2, Bank 3, dan seterusnya. Katakan Individual A melakukan deposit dalam Bank 1 berjumlah RM 100 Katakan juga BNM membuat peraturan bahawa ‘Cash Reserve Requirement’ sebanyak 5% Bank 1 perlu pegang rezab tunai sebanyak RM5 (5% of 100). Bank 1 boleh memberi pinjam RM 95 (yaitu 100 – 5) Jika Bank 1 memberi pinjam RM 95 kepada Individu B, satu akaun utk Individu B dibuka dalam Bank 1
  • 128. Balance Sheet Bank 1Liabilities Amount Assets AmountAs deposits 100 Cash 5 Reserve Loan to "B" 95 Total 100 Total 100
  • 129. Mekanisma Penciptaan Hutang (cont.)Katakan duit yg dipinjam dari Bank 1 oleh individu Bdibayar kpd individu C utk menyelesaikan hutang Bkpd CIndividu C mendepositkan duit itu kedalam Bank 2.Katakan Bank 2 menyimpan 5%, atau RM4.75 (5% of95) dan memberi pinjam selebihnya iaitu RM90.5 kpdIndividu D.
  • 130. Balance Sheet Bank 2Liabilities Amount Assets AmountCs deposits 95 Cash 4.75 Reserve Loan to “D" 90.5 Total 95 Total 95
  • 131. Mekanisma Penciptaan Hutang (cont.)Duit yang dipinjamkan ke D akan masuk balik kedalamsistem perbankanSeperti dalam kes pinjaman kepada B.Proses deposit dan pinjaman berterusan sehinggarezab dalam sistem bank menjadi ‘zero’.Kenyataan consolidated balance sheet semua bankadalah seperti berikut:-
  • 132. Balance sheet semua bank Liabilities Assets Total Bank Deposits Credits Reserve AssetsBank 1 100 95 5 100Bank 2 95 90.5 4.75 95Bank 3 90.5 85.98 4.52 90.5 - - - - - - - - - -Bank n 0 0 0 0 Total 2,000 1,900 100 2,000
  • 133. Mekanisma Penciptaan Hutang (cont.)Deposit asal berjumlah RM100 didalam Bank 1 telahberkembang menjadi RM2,000.Jumlah pinjaman/hutang yang dicipta ialah RM1,900Jumlah rezab tunai ialah RM100 = deposit asalJumlah hutang yang diciptakan (RM1900) dicampurdengan deposit asal (RM100) merupakan ‘moneysupply’ dalam sistem kewangan negara (yakniRM2,000)
  • 134. Klasifikasi Wang: M1, M2, M3 and M4 M0 = Monetary base (cash plus reserves of private sector banks on deposit at central bank) M1 = coins + current accounts + notes + deposit accounts transferable by cheque (also called narrow money i.e. cash in circulation plus demand or sight deposits) M2 = M1 + non-interest-bearing bank deposits + National Savings accounts + building-society deposits M3 = M1 + certificates of deposit + all private-sector bank deposits M4 = M1 + most private-sector bank deposits + holdings of money-market instruments
  • 135. Wang: Dulu dan sekarang…Bentuknya sudah berubahBukan saja berbentuk syiling logam atau kertasSekarang ialah jumlah liabiliti dan rezab yangditanggung oleh bank2 komersialKredit adalah jumlah hutang2 yang diberikan olehbankAset bank terdiri dari: Yang dapat dilihat - duit kertas dan syiling Yang tidak dapat dilihat - hutang belum bayar
  • 136. Beberapa ciri penting ekonomi moden berasaskan RibaBekalan wang adalah banyak (menyumbang kepadapertumbuhan yang pesat)Hutang yang banyak (menyumbang kepada berbagai2masaalah dan tekanan)Lambat laun akan menghadapi krisis apabila tahaphutang terlampau tinggi
  • 137. Jika Individu A meminta utkmengeluarkan keseluruhan RM100 yang didepositkan dalam Bank 1, apa akan terjadi?
  • 138. Argentinian bank runDepositors protesting frozenaccounts for fear they might losevalue, or worse. February 2002.Source: http://en.wikipedia.org/wiki/Corralito
  • 139. Thieving banks! Give back our dollars….
  • 140. On September 14 2007, tens of thousands of saversbesieged Northern Rock branches across the UK, in thefirst run on a British bank in almost 150 years. They hadheard that their bank had turned to the Bank of Englandfor emergency funding, and feared that their savings wereat risk. Source: http://www.guardian.co.uk/business/gallery/2008/sep/12/northernrock.banking
  • 141. Peranan dan Kesan Institusi PerbankanMemberi perkhidmatan hutang kepada masyarakatMenjadi pembekal kepada matawang yang digunakandi dalam masyarakatMenjadikan Ekonomi bergantung penuh kepadainstitusi perbankanEkonomi tidak dapat berfungsi tanpa suntikan hutangdari institusi perbankan
  • 142. Sistem Kewangan Berkembang Cepat http://hofinet.org/themes/theme.aspx?id=65#45 It took 100 years for the global financial system to deepen by 93 percentage points of GDP between 1885 and 1985 when the rate of growth of the financial system was closely linked to the growth of the real economy However, it took fewer than 20 years to increase this depth by another 198 percentage points, up to a peak of 442 percent during the late derivatives bubble of 2005-2007 (Fig. 1).
  • 143. Sistem Kewangan menjadi Dominan Ekonomi global meningkat 3 kali ganda dari USD21.2 trillion dlm tahun 1990 menjadi USD60.7 trillion dlm tahun 2008 Tetapi sistem kewangan global meningkat 5 kali ganda dari USD48 trillion dlm tahun 1990 menjadi USD198 trillion pada tahun 2007 Bermakna …. Hutang meningkat lebih cepat berbanding aktiviti ekonomi yang lain
  • 144. Ekonomi berkembang, tetapi hutang berkembang lagi cepat…The Star. Wednesday May 4, 2011Rise in bank credit points to robust economyBehind the News - By Jagdev Singh SidhuTHE economy appears to be firing on all cylinders domestically as bank credit,an indicator of robustness of any economy, grew by 13.2% in March from a yearago with the breakdown suggesting both consumers and businesses haveratchet up their borrowings.With business loans growing by 13.1% and household credit demand from banksrising by 13.3%, it gives the picture that domestic demand, which has been theprimary driver of the economy, was still robust.
  • 145. Kesan2 Perkembangan Industri HutangMenambahkan keuntungan kpd institusi kewanganMenambahkan Jumlah Hutang dlm masyarakatMeningkatkan kemungkinan krisisMemaksa pekerja berkerja lebih kuatMeningkatkan tahap persainganMemaksa firma mengurangkan kos operasiMeningkatkan pengangguranDlll…
  • 146. Hutang Isi Rumah di Malaysia1901 - ?2001 – RM210 billion2007 – RM450 billion2010 – RM581 billion (58% of total loans) 74% - hutang pembelian rumah & kereta 6.1% - kad kredit - RM28.6 billionHutang per kapita 2001: 210b/24.12 juta = 8,706Hutang per kapita 2010: 581b/26.785 juta = 21,691
  • 147. Hutang Isi Rumah di Malaysia (cont.) Nisbah hutang isi rumah kepada KDNK (2010) ialah 76% Nisbah penjelasan hutang kpd pendapatan (debt service ratio) 2008 - 39.5% 2010 - 47.8%
  • 148. Kesan Industri Hutang Kepada Persaingan
  • 149. Hyper Competition (Persaingan Sengit)Antara syarikat2 gergasi yang berhutang besarApabila sebuah firma meminjam dengan jumlah yangbesar, yang lain terpaksa melakukan perkara yangsama
  • 150. Kesan2 persaingan sengitSaiz bertambah besar utk mencapai `scale economy’Meminjam dengan lebih besarTekanan utk mengurangkan kosMengurangkan perkerja
  • 151. Syarikat2 yang kalah…Syarikat Tarikh Muflis Jumlah AsetGeneral Motors 06/01/2009, $91 billionChrysler LLC 04/30/2009, $39 billionLyondell Chemical 01/06/2009, $29.3 billionUAL Corporation 12/09/2002 $25.1 billionDelta Air Lines 09/14/2005 $21.8 billion
  • 152. Syarikat yang menang pun rugi…
  • 153. Kesan negatif lainSpekulasi minyakSpekulasi matawang – Asian financial crisis 1997Spekulasi pasaran saham (Jepun 1989)Spekulasi komoditi makanan
  • 154. Spekulasi makananGandum naik 58 percent dalam masa 12 bulan lepasberakhir Mac 2011Jagung naik 87 percentBeras naik 6.5 percent.Menyumbang kepada kemiskinan seluruh duniaFaktor pencetus revolusi di negara2 Timur Tengah
  • 155. Sentimen rakyat US
  • 156. PembaziranIstilah yang tidak diajar dalam kursus ekonomiYang paling penting ialah ‘pengeluaran’ dan‘consumption’ Slide 143Contoh: ‘End-of-life vehicle’ policy utk memastikan Proton dapat meningkatkan jualan Projek pembangunan baru di Bukit Beruntung`Sustainable development’ tidak mungkin dapatdicapai
  • 157. Memusnahan makanan dan minuman utk memastikan harga tidak jatuhTINDAK TANDUK TIDAKRASIONAL AKIBAT BEBANHUTANG
  • 158. Belgian farmers sprayed 790,000 gallons offresh milk onto their fields Wednesday, furiousover the low milk prices they say arebankrupting farmers. 9/16/2009
  • 159. PEMBUNUHAN…
  • 160. BUNUH DIRI…
  • 161. Akibat paling bahaya industri hutang…KERAJAAN TERPAKSAMENGURANGKAN PERBELANJAAN
  • 162. KACAU BILAU DAN HURU HARA…
  • 163. Contoh2:ARGENTINA 2002
  • 164. 11 May 2010, demonstrasi menentang langkah jimat cermat kerajaanIRELAND
  • 165. Demonstrasi menentang langkah jimat cermat kerajaan -2010SPAIN
  • 166. Demonstrasi pelajar menentang kenaikan yuran, Nov 11, 2010LONDON
  • 167. Kekecohan juga di negara MUSUH!ISRAEL 30 JULY 2011
  • 168. Israelis hold up banners as they march against housing costs inthe centre of the coastal city of Tel Aviv [AFP]From: http://english.aljazeera.net/news/middleeast/2011/07/201173020161903849.html
  • 169. A policeman confronts demonstrators during aprotest against rising housing prices inJerusalem on Sunday.Source:http://online.wsj.com/article/SB10001424053111904772304576466322269905328.html
  • 170. Israeli demonstrators protest against risinghousing prices in Tel AvivSource:http://www.africasia.com/services/news_mideast/article.php?ID=CNG.13de1470a74fc4ecf33d0be2aa407f92.a51
  • 171. An Israeli participates in a protest against therising living prices, in Jerusalem, July 30, 2011.Tens of thousands of Israelis took to thestreets nationwide on Saturday to protestrising housing prices in the largest turnoutsince the grass-roots demonstrations begantwo weeks ago. Photo: Bernat Armangue / AP
  • 172. Israelis march during a protest against the costof living in Israel, in central Tel Aviv, Saturday,July 30, 2011. Thousands of people marched indowntown Tel Aviv on Saturday to protestrising housing prices, in a majordemonstration in a movement callingattention to the soaring cost of living. Photo:Ariel Schalit / AP
  • 173. Israelis march with a stretcher with a person wearing a mask of IsraelsPrime Minister Benjamin Netanyahu during a protest against the cost ofliving in Israel, in central Tel Aviv, Saturday, July 30, 2011. Thousands ofpeople marched in downtown Tel Aviv on Saturday to protest the risinghousing prices, in a major demonstration in a movement callingattention to the soaring cost of living. The sign in Hebrew say "Mubarak,Assad, Netanyahu". Photo: Ariel Schalit / AP
  • 174. Israeli activists shout slogans as they take partin a protest in Jerusalem against risingproperty prices in Israel July 30, 2011.REUTERS/Ronen Zvulun
  • 175. Israeli activists march in Jerusalem as they take part in a protest againstrising property prices in Israel July 30, 2011.REUTERS/Ronen Zvulun
  • 176. Israeli activists shout slogans during a march in Jerusalem as they take part in aprotest against rising property prices in Israel July 30, 2011.REUTERS/Ronen Zvulun
  • 177. Police arrest a protester after the rally in Tel Aviv, July 23, 2011Photo by: Oren Zivhttp://www.haaretz.com/news/national/israeli-police-arrest-dozens-following-tel-aviv-housing-protest-1.374960
  • 178. Prestasi Ekonomi Israel Public debt: 77.3% of GDP (2010 est.) Revenues: $60.59 billion Expenditures: $68.68 billion (2010 est.)
  • 179. Kekecohan dan huru hara berterusan…GREECE 2011
  • 180. Krisis hutang dan huru hara….APAKAH MUNGKIN AKAN BERLAKUDI MALAYSIA?
  • 181. Hutang Kerajaan Malaysia Tahun 2008 RM303 billion Tahun 2009 RM364 billion Tahun 2010 RM407 billion Debt Service: RM15 billion setahun
  • 182. Jelaslah bahawa IndustriHutang mesti dihapuskan… Akan sentiasa menimbulkan masaalah… yang semakin serius
  • 183. Bagaimana pula dengan perbankan Islam?
  • 184. Perbankan IslamSebahagian dari industri hutangMatlamat operasi ialah menambahkan ‘hutang’ Slide 228Menerima deposit, dan terlibat dengan proses‘penciptaan hutang’ (credit creation).Semua urusniaga Bank Islam juga akan menghasilkanpenghutangAset Bank Islam adalah ‘hutang belum bayar’… yaknisama dgn bank konvensional Slide 232Struktur Balance sheet nya sama
  • 185. Perbankan Islam (cont.)Istilah NPL (non-performing loans) juga digunakanoleh perbankan Islam Slide 229Jika aset perbankan Islam berkembang, jumlahhutang dalam masyarakat juga akan bertambahPerkembangan perbankan Islam akan menyumbangkepada masaalah krisis hutang dalam masyarakat
  • 186. Manfaat Perbankan Islam adalahseperti manfaat racun serangga… Bermanfaat untuk jangkamasa pendek kepada segolongan kecil tetapi merosakkan untuk jangka panjang kepada masyarakat keseluruhan
  • 187. Bolehkah Perbankan Islam beramal dengan ayat ini? Dan jika orang yang berhutang itu sedang mengalami kesempitan hidup, maka berilah tempoh sehingga dia lapang hidupnya dan (sebaliknya) bahawa kamu sedekahkan hutang itu (kepadanya) adalah lebih baik untuk kamu, kalau kamu mengetahui (pahalanya yang besar yang kamu akan dapati kelak). (Al-Baqarah:280)
  • 188. Jawapan: Tidak boleh! sebab NPL nya akan meningkat, aset akanmengurang dan bank akan menjadi muflis. Sebuah institusi yang betul2 ‘Islamik’ sepatutnya tidak akan menghadapi masaalah jika beramal dengan ajaran Islam…
  • 189. Jelaslah bahawa Perbankan Islamtidak berupaya membantu negara mengelak dari menghadapi krisis hutang. Bahkan ia boleh menyumbang menjadikan krisis menjadi lebih teruk!
  • 190. Lagi pun, apa akan terjadi jikaperbankan islam diceburi olehramai pemiutang bukan Islam?
  • 191. Untuk mengelak dari krisis hutang berlaku, amalan riba mesti diharamkan Sistem selari (parallel) perbankan dimana sistem konvensional berdasarkan riba dibenarkan wujud adalah salah dan tidak menepati ajaran Islam
  • 192. Untuk mengelak dari krisis hutang berlaku, industri hutang (aktivitimemberi hutang utk keuntungan) mesti dihapuskan
  • 193. Masalahnya sistem perbankan juga adalah pembekal matawang Kalau money supply berhenti, huru hara akan berlaku…
  • 194. Tugas mengeluarkan matawang mesti dipindahkan secara beransur2 dari tangan bank komersial ke tangan kerajaan Utk mewujudkan keadaan di mana wang dicipta bersamaan dgn hutang.
  • 195. Bagaimana hendak melemahkan Industri perbankan?
  • 196. Kurangkan keuntungannya… Janganlah kita terlibat dengan transaksi yang memperkuatkan sistem parbankan…
  • 197. Jangan meminjam dari sistem perbankan (termasuk perbankanIslam) supaya keuntungan industri perbankan meleset
  • 198. Kita hendaklah menggalakkanusaha kehidupan ‘Bebas Hutang’, terutama dari institusi industri perbankan
  • 199. Kita perlu membantu usaha mewujudkan sistem pembiayaan yang bebas dari industriperbankan…. BaitulMal, Koperasi, waqaf dll.
  • 200. Pesanan akhir…
  • 201. “Diampunkan semua dosa bagiorang mati yang terkorban syahid,kecuali jika dia mempunyai hutang (kepada manusia).” (Riwayat Muslim, 6/38)
  • 202. “Ya Allah, aku berlindung kepada-Mu daripada dosa dan hutang.” Lalu bagindaditanya: “Mengapa engkau sering meminta perlindungan daripada hutang, wahai Rasulullah?” Baginda menjawab: “Jikaseseorang berhutang, apabila berbicara dia dusta, apabila berjanji dia mengingkari.” (Riwayat Al-Bukhari, 1/214)
  • 203. “Ya Allah, aku berlindung daripada kekufuran dan hutang.” Mendengar itu, seseorang bertanya, “Apakah engkau menyamakan kekufuran dengan hutang, wahai Rasulullah?” “Benar,” jawab Rasulullah.(Riwayat An-Nasaie, 2/316; Ahmad 3/38; Al-Hakim berkata sahih dan disepakati oleh Az-Zahabi; Menurut Albani: Dhoif)
  • 204. Jangan sekali-kali engkau (wahai Muhammad) terpedaya oleh usaha gerakan orang-orang yang kafir di dalam negeri (yang membawa keuntungan-keuntungan kepada mereka). (Semuanya) itu hanyalah kesenangan yang sedikit, (akhirnya akan lenyap), kemudian tempat kembali mereka Neraka Jahanam dan itulah seburuk-buruk tempatketetapan. Tetapi orang-orang yang bertakwa kepada Tuhan mereka, mereka beroleh Syurga-syurga yang mengalir di bawahnya beberapa sungai, mereka kekal di dalamnya, sebagai tempat sambutan tetamu(yang meriah dengan nikmat pemberian) dari Allah dan (ingatlah) apa jua yang ada di sisi Allah adalah lebih bagi orang-orang yang berbakti (yang taat, yang banyak berbuat kebajikan) (Ali-Imran 196-198)
  • 205. Dan (Tuhan berfirman lagi): Sekiranya penduduk negeri itu, beriman serta bertaqwa, tentulah Kami akan membuka kepada mereka (pintu pengurniaan) yangmelimpah-limpah berkatnya, dari langit dan bumi. Tetapimereka mendustakan (Rasul Kami), lalu Kami timpakanmereka dengan azab seksa disebabkan apa yang mereka telah usahakan. (A-A’raf:96)
  • 206. Sekian,jzkk kerana sudi mendengarSegala yang baik adalah dari Allah dan segala yang buruk adalah dari kelemahan diri saya.

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