PROCEEDINGS OF THE 9TH WORKSHOP ON ISLAMIC ECONOMICS AND FINANCE 2011 (WIEF 2011):

WIEF 2011 CASE STUDIES IN ISLAMIC ECONOMICS AND FINANCE

ISSUE OF SHARIAH COMPLIANCE IN PRIZE GIVING:

AL-AWFAR DEPOSIT (BANK ISLAM MALAYSIA BERHAD) VS. SIJIL
SIMPANAN PREMIUM (BANK SIMPANAN NASIONAL)

Muhammad Nor Azam Bin Samah1

Graduate School of Business (UKM-GSB)
Universiti Kebangsaan Malaysia
and
Shahida Shahimi2
Abdul Ghafar Ismail3
Research Centre for Islamic Economics and Finance (EKONIS-UKM)
Faculty of Economics and Management
Universiti Kebangsaan Malaysia

Abstract

This paper focuses on a case study of shariah compliance in prize-giving for deposit products
by Bank Islam Malaysia Berhad (BIMB) and National Savings Bank of Malaysia (Bank
Simpanan Malaysia (BSN)) in Malaysia. The case study can be used as a teaching case for
under graduate or post graduate majoring in Islamic Banking or Muamalat particularly
relating to deposit products. This case discussed on the comparison of Sijil Simpanan
Premium or Premium Savings Certificate (PSC) of BSN with Al-Awfar deposit of BIMB that
uses mudharabah (profit-sharing) approach. The different of both products will bring
significant impact toward the shariah compliance with regard to prize giving initiatives. This
case allows students to understand the importance of customer deposits in banking operation
and differentiate the implication of different contract such as wadiah, wadiah yad dhamanah
and mudharabah products in Islamic financial transactions. The expectation is to give better
understanding on shariah compliant requirement pertaining to the implementation of prize-
giving in inducing customers.

Keywords: Premium Savings Certificate (PSC), Al-Awfar, Wadiah, Mudharabah, Syariah

Compliance, Deposit

1. Introduction

The Malaysian Islamic banking system (MIBS) continued to remain resilient throughout
2010 supported by high capitalization, with a risk-weighted capital ratio (RWCR) of 14.9
percent and an improvement in asset quality with non-performing financing pegged at 2
percent in an environment of ample liquidity and improved economic conditions as reported
in Bank Negara Malaysia 2010 Financial Stability Report (BNM, 2010).

1
MBA student at Graduate School of Business UKM (azam_217@yahoo.com.my)
2
Senior Lecturer of Islamic Economics, Banking and Finance, School of Economics, Faculty of Economics and
Management, UKM. (shahida@ukm.my). Corresponding author.
3
Professor of Banking and Financial Economics, School of Economics, Faculty of Economics and
Management, UKM. (agibab@ukm.my)

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The data released confirmed the hugely success of MIBS especially if we looked back
of the humble introduction of the first full-fledge Islamic Bank, BIMB in 1983 and Islamic
banking window scheme in 1993. The total aset of MIBS in 1993 was at RM2.4 billion
compared to RM350.80 billion recorded in 2010. Similarly, total financing allocated by
MIBS stood at RM222.28 billion in 2010 contrary to a lowly RM1.1 billion in 1993 (BNM,
2010 & Rosylin, 2009).

In terms of profitability, Islamic banking institutions registered a steady and sustained

income, thereby improving returns on assets and equity. Total income year-on-year increased
from RM9.71 billion in 2009 to RM11.80 billion at Dec. 31, 2010. Similarly, net income
(profit) increased from RM6.10 billion in 2009 to RM6.84 billion at end 2010.

The encouraging profitability has enabled Islamic banking institutions to provide

competitive returns to their depositors, thus enabling Islamic banking institutions to continue
to attract additional deposits. Indeed, total deposits in the MIBS increased to RM277.55
billion for the year 2010 as opposed to only RM2.2 billion in 1993. This represents a 22.6
percent market share of the total banking deposits in the country - up from 20.7 percent in the
previous year (2009) and a healthy 15.7 percent increase from the 2009 (BNM, 2010 &
Rosylin, 2009).

The deposit profile is also revealing with almost half in the form of mudharabah
(profit-sharing and loss bearing) contracts. Mudharabah General Investment Accounts
(GIAs) comprised 33 percent of deposits; followed by Demand deposits at 15 percent;
Mudharabah Specific Investment Accounts (SIAs) at 14 percent. Commodity Murabaha and
savings each accounted for only 9 percent of deposits. Of the mudharabah deposits, about 70
percent was in the form of GIAs where the depositors have expectations on the protection of
their principal investments and certainty of the returns.

Overall, total assets, total deposits and total financing in the Islamic banking industry
recorded an average market share of the total banking assets, deposits and financing in excess
of 22 percent, which is a considerable achievement in a period of a mere 27 years. This
clearly meets the target set by the Financial Master Plan of Malaysia for the Islamic banking
sector to achieve a 20 percent market share by the end of 2010.

Funding Sources

Banks create money through the deposits and other placement earnings from customers,
banks and other financial institutions (Abdul Ghafar, 2010). Besides their own capital and
equity, the needed deposits are contributed from two main sources which are:

a) Transaction Deposits
Demand and saving deposits which are risk free but yield no return such as Wadiah
Yad Dhamanah Current/Saving Accounts-I, Mudharabah Current/Saving Accounts-i
and Wakalah Saving Accounts-i

b) Investment Deposits
Carry the risk of capital loss for the promise of returns such as General Investment
Accounts-I, Special Investment Accounts-i and Specific Investment Accounts-i

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2. Company Background: BIMB

In MIBS, the Islamic banks normally obtain more than 75 percent of their funds from deposit
(Abdul Ghafar, 2010). The heavy reliance to deposits as source of funds for BIMB, as the
focus of this study is shown in the comparison of 3 years (2008-2010) of its balance sheet
below:

Table 1: BIMB Balance Sheet, 2008-2010 (RM Billion)

Financial Year 2008 2009 2010

Assets
Cash/Bank Balance 9,947 8,492 2,762
Government Securities 362 140 10
Inter Bank Assets 247 100 413
Total Net Financing 9,055 9,662 11,861
Investment 3,734 9,089 15,432
Associates 0 0 0
Fixed Assets 214 185 220
Goodwill 0 0 0
Other Assets 361 311 334
Total Assets 27,582 31,923 35,491

Liability & Shareholders’

Funds
Customer Deposits 20,536 24,877 26,798
Inter Bank Deposits 58 8 378
Debts/Borrowings 0 0 0
Others 1,387 727 735
Minorities 934 1,094 1,466
Shareholders' Funds 1,005 1,272 1,655
Total Liability &
27,582 31,923 35,491
Shareholders’ Funds
% Customer Deposits to Total
74.45 77.93 75.51
Liability & Shareholders
Source: BIMB Annual Report (2008 – 2010)

Indeed, customer deposits are very crucial in the operation of BIMB since it is the
major contributor for source of fund in financing activity. Hence, BIMB needs to be creative
and innovative within the parameter of shariah compliancy to compete in inducing potential
customers. One of the marketing strategy not employed by BIMB (before the introduction of
Al-Awfar savings and investment product in 2009) was prize-giving of valuable/luxurious
goods or cash. Back then, the prize-giving products in Malaysia banking industry was
synonym to the huge success of PSC offered by BSN. In 2007, the total depositors of PSC
reached more than 1.3 million with overall savings worth almost RM900 million (Fuad,
2011).

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But, PSC has drawn lots of controversies by the way it was implemented revolving
the shariah compliant issues. BSN has not listed PSC under their shariah based products but
according to the 79th Conference (Muzakarah) of the Fatwa Committee of the National
Council for Islamic Religious Affairs Malaysia held on 6th - 8th September 2007 has agreed
with the previous ruling issued by the Fatwa Committee National Council of Islamic
Religious Affairs Malaysia held on 29th December 1991 that “the BSN Premium Savings
Certificate is in accordance to the Shariah”. But, the Committee has also advised the BSN to
amend any current practice in such system if it is contradictory to Shariah.

As pioneer of full-fledge Islamic banking in Malaysia, BIMB has the reputation to be

preserved and any controversies of its product will bring severe impact on the image not only
confine to BIMB but Malaysia as the hub of Islamic banking. Since its inception in July
1983, BIMB has not only become the symbol of Islamic banking in Malaysia but has also
played an integral role in setting the stage for a robust growth of the country’s Islamic
financial services industry. As the flag bearer of the industry, BIMB continues to pave a
future of unparalleled innovation and unlimited possibilities in Islamic finance.

BIMB has grown from strength to strength over the years. From the seed capital of
only RM80 million initially, BIMB’s shareholder funds swelled to RM2.5 billion as at
December 2010, a testament to its successful long-run growth plan. Today, BIMB parades a
wide-ranging list of more than 50 innovative and sophisticated Islamic financial products and
services as well as a fast growing network of 119 branches and more than 1000 self-service
terminals nationwide (BIMB, 2010).

In recognition of its prominence in the industry, BIMB was awarded the Reader’s
Digest Platinum Award for being the Most Trusted Brand for Islamic Financial Services for
three consecutive years, namely in 2009, 2010 and 2011– a significant milestone in its
journey towards becoming “the global leader in Islamic banking” (BIMB, 2010).

3. Overview of Al-Awfar BIMB

One of BIMB innovative product is Al-Awfar saving and investment account, launched on 25
Mac 2009. Al-Awfar means “prosperous investment”. It was one of its kinds, combining
savings and investment account based on mudharabah contract offering chance to win cash
prizes through lucky draw. Before the introduction, the product was tabled to BIMB Shariah
Supervisory Board for approval. The board in its 109th meeting on 26th Mac 2009 gave
Al-Awfar the due approval.

Under the mudharabah contract, depositor as capital owner (rabbul mal) places the
money in BIMB (mudharib) for investment including financing activities. Profits generated
by the business are shared in accordance with the terms in the contract and losses (if any) are
borne only by the depositor and BIMB does not bear any portion thereof unless the loss was
due to its misconduct or negligence. The agreed profit ratio to be shared is 98% (Bank) and
2% (depositor) for savings account while the ratio for investment account is 70% (Bank) and
30% (depositor). The lucky depositors are selected from those maintained the minimum
balance of RM100 in their account which give one opportunity to win the lucky draw held
every 3 month. The cash prizes are provided by the Bank and are not specifically derived
from profits of Al-Awfar Savings and Investment Account-i.

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The summary of Al-Awfar is shown below:

Features Saving Account-i Investment Account-i

Minimum Initial Deposit  RM1,000 - 1 month
tenure
 RM100
 RM500 - 3 to 60
months tenure

Minimum Balance RM100 -

Profit-Sharing Ratio 98 : 2 (Bank : Customer) 70 : 30 (Bank : Customer)
(Subject to change from time to time)
Who can open an account Individuals
Associations
Schools/Universities
Clubs/Societies
Religious Groups
Eligibility to Enter Prize Draw Every RM100 = 1 unit of entry
Frequency of Prize Draw Monthly & Quarterly
Frequency of the prize draw and the date of the prize-
giving ceremony are subject to change at the Bank’s
discretion

Customers will be entitled to participate in the monthly and quarterly prize draws and be able
to enjoy the probability of receiving valuable cash prizes.

a) Monthly Draws :

Prize Cash Prizes No. of Winners

1 RM100,000 1
2 RM10,000 1
3 RM1,000 20

b) Quarterly Draws :

Prize Cash Prizes No. of Monthly Prizes

1 RM200,000 1
2 RM20,000 1
3 RM1,000 50
4 RM500 100
Source: Al-Awfar Brochure, BIMB

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The introduction of Al-Awfar proved to be an immense success for BIMB. BIMB Annual
Report 2010 shows that deposits grew by RM1.7 billion or 6.7%, of which low cost deposits
comprising of current and savings account (CASA) growth accounted for RM1.6 billion or
more than 95% of the increase. The Bank’s CASA-to-deposits ratio stood at 39.7% compared
to 35.9% as at end June 2009. The report acknowledged the growth was attributed to an
increase in the number of branches as well as overwhelming response to innovative Al-Awfar
deposit product. Al-Awfar saw more than three-fold increase during the period under review,
amounting to close to RM500 million.

In latest development, BIMB launched Al-Awfar Junior on 28 September 2011

targeting 100,000 young customer comprising 2 types of account:
i. Trust account type will be opened for the minor account holder( Below 13 years old ); and
ii. An individual account type will be opened for the youth account holder (Between 13 to
below 18 years old)

4. Company Background: BSN

BSN is a government-owned bank. It was officially launched by Tun Abdul Razak on the
5th December 1974 with the vision of becoming one of the most dynamic and efficiently
operated savings banks in providing comprehensive financial services for the Malaysians.
BSN is governed under the Act of BSN 1974 and Act of Parliament 146 (Awang, 2004). It
takes over all the tasks and the responsibilities previously held under the post office savings
bank. As savings bank, the deposits from customers contribute the largest portion in its total
liability and equity as shown in BSN balance sheet 2008-2009 below:

Table 2: BSN Balance Sheet, 2008-2009 (RM’000)

Financial Year 2009 2008

Assets
Cash and short-term funds 1,393,195 1,253,81
45,000 125,000
Deposits and placements with banks
and other financial institutions
Securities held-for-trading – 17,366
Securities available-for-sale 1,129,001 749,188
Investment Securities held-to-maturity 6,383,573 6,302,129
Associates Loans, advances and financing 9,220,040 7,804,191
Other assets 187,826 115,218
14,431 14,388
Tax recoverable
Investment in subsidiaries – –
Investment in associate 14,224 11,870
270,033 256,19
Property, plant and equipment
Prepaid lease payment 85,524 85,553
Investment properties 23,828 24,554
91,152 73,010
Deferred tax assets

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General and family takaful fund assets 269,653 140,985

Total Assets 19,127,480 16,973,46

Liabilities & Equity

Customer Deposits 16,179,633 14,910,020

Deposits and placements of banks and other financial 805,078 493,630

institutions
Deferred income 68,920 69,900
Borrowing from institution 12,622 –
Other liabilities 604,618 564,787
Provision for tax and zakat 45,108 27,184
General and family takaful fund liabilities 58,918 44,973
General and family takaful policy holders’ fund 210,735 96,012
Total liabilities 17,985,632 16,206,514
Total reserves 1,077,114 710,495
Minority interest 64,734 56,457
19,127,480 16,973,460
Total liabilities and equity
% of Customer Deposit to Total Liabilities and Equity 84.59 87.84
Sources: BSN Annual Report (2008 – 2009)

Products and services in BSN are divided into conventional banking scheme and Islamic
banking scheme. BSN’s main conventional products include PSCs, current accounts, savings
accounts, investment accounts, debit cards, credit cards, personal loans and home loans,
among others. On the other hand, the Islamic banking scheme offers products which are in
accordance with the Shari ’ah, which includes Islamic savings accounts, al-mudarabah
accounts, Islamic debit cards, Islamic credit cards, personal financing and home financing.
BSN has more than 5,100 employees and 382 branches. It has more than seven million
customers around the country (BSN, 2009).

5. An Overview of PSC, BSN

PSC was launched on 1 June 1978 with the objective of attracting people to save money. This
scheme is characterized by savings in the form of certificates which may or may not be given
interest on. Intended as an incentive to attract the public to save, the bank gives rewards to
the certificate holders in a random selection (Awang, 2004). The PSC is a numbered savings
certificate which is redeemable, either on demand or otherwise, issued by the bank for a
deposit account on which dividends may or may not be payable, and which may or may not
participate in periodical draws held by the bank for the award of bonus payments, by way of
cash or otherwise to the holders thereof.

This scheme is implemented under section 33, Akta BSN 1974. Every certificate may
be redeemed according to the value of the certificate without any reduction in its value. As
PSC is a savings certificate, the concept of savings is used in its transaction. The Shariah term
which describes a savings contract is wadiah. There is no doubt that wadiah is a permissible

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contract in the Shariah as several texts of the Shariah approve this contract. However, The
BSN management does admit that they use the depositors’ money for investment (Fuad,
2011). Fuad (2010) mentioned that in the context of PSC, BSN has used the PSC depositors’
money for the purpose of investment and merged the PSC depositors’ money with other
depositors’. Those are circumstances that changed wadiah contract into guarantee contract
(dhamanah) (Al-Zuhayli, 2006). On the other hand, the prizes uses fund from the BSN and
they (depositor) will not lose any of their savings.

Dividends are paid to the certificate holders which are determined by the bank. For
example, on 26 January 2008, BSN announced a dividend payment to PSC scheme depositors
in the year 2007 who kept their PSC saving amounting RM 2,000 and above starting 30 June
2007 till 31 December 2007 without redeeming. A dividend of 0.5 percent was given for the
period of 30 June until 31 December 2007. It is estimated that a total of RM 3 million was
used by BSN to make dividend payments starting March 2008 (Fuad, 2010). In 2010, PSC
dividend rate for was 0.75 percent.

The certificate holders are participants of draws which are made periodically to select
the winners of prizes. A number of attractive prizes are given to the holders to promote a
saving culture via the PSC scheme. In 2008, this scheme offered 1,616 prizes. The PSC has
become a popular product among the Malaysians, receiving an encouraging response from
the Muslims. This is proven when the overall total depositors under the BSN PSC scheme
reached more than 1.3 million as of July 2007 (Fuad, 2010).

Individuals aged 12 years and above are eligible to purchase the PSC. The minimum
purchase is one unit worth RM10.00. There is no maximum purchase limit. Every unit is
registered under the name of the holder and is not transferable. Organizations and corporate
bodies also may purchase the certificate as bonus payments, excellent service awards and
incentives for the staffs (Awang, 2004).

In latest development, BSN has announced that effective from 1st March 2011, PSC
will be transacted based on mudharabah contract. This contract refers to an agreement
between the customers as investor participating in shariah compliant financial activities
undertaken by BSN as entrepreneur. Any profit will be distributed based on the profit sharing
ratio agreed at the initial contract and the current profit ratio is 98% (Bank) and 2%
(Customer). Subsequently, PSC is placed under BSN shariah based product.

6. Conclusion

It is interesting to note how important deposits from customer contribute to the funding
activity of banks. Hence, it is not a surprised that banks try various ways in inducing potential
customer, no exception to Islamic banks, and one of them is through shariah compliant prize-
giving and lucky draw. For now, it is a sure success recipe and a low profit ratio of
mudharabah, 2% (customer) and 98% (bank) failed to deter the lure of prizes offered
(Shaharuddin, 2010).

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7. Key Learning Points

a. The importance of customer deposit in banks (Islamic and conventional) as source of

financing.

b. The type of contracts used in deposits account prize-giving.

c. The source or provider of prizes.

d. The success of prize-giving in soliciting customer money (deposit).

8. Discussion: Al-Awfar, |BIMB versus PSC, BSN in Shariah Compliancy

The proven success of prize-giving in soliciting customer (muslim or non-muslim) deposits

may tempt others Islamic banks in embarking the same approach. The passionate to introduce
innovative products based on prize-giving incentives could lead to controversy in term of the
non-compliance of shariah. Based on the implementation of Al-Awfar and PSC, discuss the
questions below in the parameter of shariah compliant.

a. Is PSC, BSN (before it changed to mudharabah approach) fulfill the requirement of a

wadiah contract?

b. Is PSC, BSN (before it changed to mudharabah approach) could be justified as

wadiah yad dhamanah contract? If yes, does PSC, BSN be assumed as qard (loan)
contract?

c. Using wadiah, wadiah yad dhamanah and mudharabah contract, compare the
suitability of the three in prize-giving of deposit product (Al-Awfar & PSC)? Explain
the shariah issue related.

d. Is prize-giving in Al-Afwar and PSC a gambling? Is lucky draw permissible in Islam?

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