Ok td my master brief me about Islamic loan documentation. *i did the conventional one before* and she said that Islamic loan is kinda waste of papers whereby the terms and the needs are just the same with the conventional. I partially agree with that becoz indeed for islamic loan there are so many security documents to be prepared before the loan can be disbursed.*like 5-7 docs*.
However, in this regard, we have to consider that the words were uttered by a non-muslim who is my master. And I didn't take it personally coz I highly doubt she knows the reason behind it.
The reason being is that in islam,doesn't matter what we do,we have to be certain. So in this case,islamic banking,we have to make it CERTAIN.meaning,we cannot put all things under 1 agmnt. We have to separate them accordingly. In fact,there's a quranic verse which order us to put in writing and make the thing certain If we are doing any future transaction.
Therefore,documentation wise,we have to make it certain thus we need those documents to secure the banks interest as well as complying with the shariah.
Sent by DiGi from my BlackBerry® Smartphone