Fatwa: Conditions of Permissibility of Different Modes of Murabaha

Transcription

1. Fatwa Database https ://islamicmarkets.com/publications Topic: Conditions of Permissibility of Different Modes of Murabaha Question: What are the conditions of permissibility of different modes of Murabaha? Answer: The forum, which had been held during the period 8th-11thJune, 1990, corresponding to 13 16 Dul'qa'dah 1410H and based on in depth study of Murabaha, has reached the following conclusions: (1) Scholars have got a specific concept of Murabaha. (2) The forum has discussed the different modes and types of Murabaha that are prevailing nowadays in the Islamic banks. (3) Fiqh has a famous rule that the essential factor in contract is about the purposes and meanings and not words and phrases. However, the transactions which are common practices today in banks under the name of Murabaha contain only the reality of Murabaha and not its mere name. (4) The modes of Murabaha which are prevailing today in the Islamic banks can only be accepted based on the following terms and conditions: (A) The bank clearly stipulates in its special form the nature of the goods which the bank sells as to their kind, origin and other description that must be mentioned in order not to leave in the contract any kind of vagueness and ambiguity which lead to dispute between the contractors. It must also state the amount of benefit granted to the bank out of the value of the contract and to determine the duration of maturity and amount of installments. (B) Contracts with prices that are different due to advance or deferred payment as well as due to different lengths of the periods of the contract are not valid. Yet, the bank has to submit a sample of goods and specify payment of the price within a specific time with certain installments and define the profit of the bank. Compiled & Classified By: Dr Ahmed Mohieddin Ahmed Source: Reviewed by: Dr Abdul Sattar Abu Ghuddah Significant Islamic Figh resolutions: Islamic Figh Academy in India, University of Enker-New Delhi, third juristic (Figh) Forum, Resolution (No. 2).