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Ujrah Research Paper

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As for the objective of this assignment, we are going to discuss the concept of Ujrah in details. Ujrah may be considered as one of the Islamic banking products, which act as the facility to the customers. Ujrah concept has been long discussed in the syariah system. Ujrah may be defined as ‘wages’ in Arabic and also means the wages of the benefits provided. The ujrah is a system that is based on fixed fee, which on current terms is fixed interest rate. This system is implemented worldwide by the Islamic financial system. Ujrah also meant leasing a sum amount of money to the loanee with agreement and maturity period of payment. The payment are on fixed interest rate which the interest rate offers from other financial system. Ujrah refers to a fee that is …show more content…

Under conventional, fee is charged by the percentage of the outstanding amount. Whereby under ujrah, it is a fixed free structure which means that only fixed fee will be charged. The loan would not be levied with any floating percentage fee dependent on the outstanding balance. This is important to avoid riba which Allah s.w.t had stressed on the Holy Quran many times reminding us to avoid riba. As for example, in Surah Al- Baqarah: 275, “Those who eat Riba (usury) will not stand (on the Day of Resurrection) except like the standing of a person beaten by Shaitan (Satan) leading him to insanity”. That is because they say: "Trading is only like Riba (usury)," whereas Allah has permitted trading and forbidden Riba (usury). So whosoever receives an admonition from his Lord and stops eating Riba (usury) shall not be punished for the past; his case is for Allah (to judge); but whoever returns [to Riba (usury)], such are the dwellers of the Fire - they will abide therein. And in Surah Ali-Imran:130, “O you who believe! Eat not Riba (usury) doubled and multiplied, but fear Allah that you may be

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