On the other hand, Faleel Jamaldeen notes that “Commodity Murabaha” contracts are used to finance short-term liquidity bonds for Islamic interbank transactions when they are not allowed to use gold, silver, barley, salt, wheat or dates for raw materials, as this is forbidden by Riba al-Fadl. Islamic banks using Tawarruq (in 2012) to Jamaldeen include United Arab Bank, QNB Al Islamic, Standard Chartered of United Arab Emirates and Bank Muaamalat of Malaysia.  Many institutions that finance through Murabahah determine their profit or increase on the basis of the current interest rate, most often using libor (Inter-Bank offered rate in London) as a criterion.  A – There does not appear to be any legal obstacle to the acquisition of shares of the bank and their subsequent sale to a third party through Murabahah if the company`s bare values do not exceed their material value and provided that the company`s activity does not in any way participate in illegality, such as wear or narcotics or pork. Or something like that. Sharia scholars are not in favour of using the deferral payment system in a Murabaha contract. Instead, they encourage the use of Murabaha as a financial instrument only if other equity financings, such as Mudaraba and Musharaka, cannot be used. The bank may take assets as collateral for a possible default by the customer. However, if no such assets are available, the bank may take the bank-financed merchandise.
Murabahah is the former was a simple sales contract, where a markup is negotiated between the parties and calculated on the basis of the seller`s purchase costs. Nevertheless, murabahah is an interesting case of financial technology in the contemporary Islamic banking sector, where this simple sales contract was designed to replace bank loans. Since banks are not “traders,” assets are assets that may be submitted to Murabahah, and are not in the bank`s possession if the customer wishes to buy them. One solution would be for the bank to sell first and then save goods outside the market. However, this is not permissible from Shari`ah`s point of view. Islamic banks have opted for a “purchase commitment” from the customer. It can be said that if such an obligation is binding, it is a kinship of the contract for sale, and if it is not a promise of value. The customer is not obliged to buy, but is bound to keep his promise. If the bank that relies on such a promise has purchased the property and the customer decides not to sue the selling bank, it will then sell it to a third party. If a loss is made, the bank will have recourse to that customer, because the loss was caused by the promise.
Only actual losses are taken into account and no cost of credits is taken into account. A Murabahahah is a deferral of payment. Additional fees should not be collected on Murabaha`s due date, making Murabaha`s bankruptcy a growing concern for Islamic banks. Many banks believe that defaults should be blacklisted and should not allow future loans from an Islamic bank as a way to reduce Murabaha`s bankruptcy. Although not explicitly mentioned in the loan agreement, this scheme is permitted in Sharia law. If a debtor is in a real emergency and cannot repay a loan within a period of time, a pause may be granted, as described in the Quran.
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