How is Murabaha different from a debt based transaction?If it is only an issue and the installments one has to pay fro murabah AND any consumer financing in conventional bank hen why should a country like India introduce Islamic banking in India if it is the difference in name only?
kindly advice on investment murabaha for personal finance product where certificate are traded in nasdaq and cash is offered to client..is it recommended as per sharia
What is the sequences or descending order of this steps of contract can u help me I did 80% correct but I have ambiguity,help me regarding it
1. Bank will disburse the requested amount to make direct payment to the supplier(s) (growers/landlords/brokers/grain market).
2. Bank’s official would conduct physical inspection of the transactions to ensure that the goods are not sold or consumed before signing of Murabaha Contract.
3. Customer to inform bank about the receipt of goods through Declaration form along with any Purchase Evidences.
4. Customer will offer to purchase the same goods from Bank via a Murabaha Contract. Bank’s official and the customer must ensure that the goods are not consumed before the Murabaha Contract is executed.
5. Bank to conduct supplier verification and confirm the genuineness of purchase evidences
provided by the customer as and when required and in case of any misrepresentation bank reserves the right to call back the facilities.
6. Bank’s official will educate the customer about the Murabaha transaction.
7. Customer to negotiate with the supplier as an agent of the bank and must submit an Order Form to the bank.
8. Bank’s goods will be separately identified by separate placement/stacking of goods from other stocks available in the godown of customer.
9. Bank and Khyber Cotton Ginners to enter into MMFA and Agency Agreement.
10. Customer to intimate about the estimated date of making payment to supplier and estimated date of receipt of goods in the Order Form.
11. Bank will accept the offer by counter signing the Murabaha Contract and communicate the same to customer after counter signing. With this the ownership of assets will transfer to the customer and Payment Schedule will also be finalized.