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The basis of Murabaha nancing has been called "costplus"[7] and is similar to a rent-to-own arrangement, with
Islamic banker and author Harris Irfan writes that use of
the intermediary (i.e. the lending bank) retaining ownermurabaha has become so distorted from its original in[8]
ship of the property until the loan is paid in full.
tent that it has become the single most common method
A proper murbaah transaction diers from conven- of funding inter-bank liquidity and corporate loans in the
tional loans in a number of other ways. After the Islamic nance industry.[20] A number of economists
murbaah contract is signed, the amount being nanced have noted the dominance of Murabahah in Islamic cannot be increased in case of late payment or default, nor nance, despite its theological inferiority to prot and loss
can a penalty be imposed, unless the buyer has deliber- sharing.[21][22][23] One scholar has coined the term the
ately refused to make a payment.[9] The seller also has to murabaha syndrome to describe this.[24]
assume any liability from delivering defective goods.[9]
The accounting treatment of Murbaah, and its discloSources dier as to whether charges for late payments are
sure and presentation in nancial statements, vary from
allowed,[10] with some authors stating late fees ought to be
bank to bank. If the exact cost of the item(s) cannot be
donated to charity.[11][12][13] Proper Murbaah involves
or are not ascertained, they are sold on the basis of muguidelines, (such as the bank taking actual possession of
sawamah (bargaining).[2] Dierent banks use this instruthe good before selling it to the customer), to ensure that
ment in varying ratios. Typically, banks use murabahah
a Murbaah transaction is based on trade between the
in asset nancing, property, micronance and commodbank and the customer and not merely a nancing transity import-export.[25] The International Monetary Fund
action.
reports that, Murbaah transactions are widely used to
Critics/skeptics complain/note that in practice most trans- nance international trade, as well as for interbank actions are merely cash-ows between banks, brokers and nancing and liquidity management through a multistep
borrowers, with no buying or selling of commodities;[14] transaction known as tawarruq, often using commodities
that the prot or mark-up is based on the prevail- traded on the London Metal Exchange (LME).[9]
ing interest rate used in haram lending by the nonThe basic murabaha transaction is a cost-plus-prot purMuslim world;[15] that the nancial outlook of Islamic
chase where the item the bank purchases is something
Murabaha nancing and conventional debt/loan nancthe customer wants but does not have cash at the time
1
to buy directly.[26] However, there are other murabaha the transactions taking place.[14] Frank Vogel and Samuel
transactions where the customer wants cash and the prod- Hayes also note multi-billion-dollar murabaha transacuct/commodity the bank buys is a means to an end.
tions in London popular for many years where many
doubt the banks truly assume possession, even constructively, of inventory, a key condition of a religiously ac1.1 Bay' al-Ina
ceptable murabaha. [Note 1]
(Also Bay' al-'Inah). This simple form of Murabahah involves the lender buying some object from the borrower
for cash, then selling the object back to the borrower at a
higher price, with payment to be deferred over time. The
borrower now has cash and will be paying the lender back
a larger sum of money over time. This resemblance to a
conventional loan has led to bay' al-ina being criticized as
a ruse for a cash loan repaid with interest.[27] It was used
by a number of modern Islamic nancial institutions despite condemnation by jurists, but in recent years its use
is very much limited.[28]
1.2
Bay' al-Tawarruq
4.2
Citations
See also
Islamic banking and nance
Prot and loss sharing
FINCA Afghanistan, a Murbaah-compliant
micronance institution (MFI)
Shariah investments
[6] Usmani, Taqi. An Introduction to Islamic Finance. Creative Commons Attribution-No Derivative Works 3.0. p.
107. Retrieved 4 August 2015. Therefore, it [Murabahah] should neither be taken as an ideal Islamic mode of
nancing, nor a universal instrument for all sorts of nancing. It should be taken as a transitory step towards the
ideal Islamic system of nancing based on musharakah or
mudarabah.
[7] Irfan, Harris (2015). Heavens Bankers. Overlook Press.
p. 135.
[8] Murabaha. Investopedia. Retrieved 3 August 2015.
[9] Hussain, Mumtaz; Shahmoradi, Asghar; Turk, Rima
(June 2015). IMF Working paper, An Overview of Islamic
Finance (PDF). p. 8. Retrieved 9 July 2016.
[10] Late Payment Charges for Islamic Financial Institutions.
Islamic Bankers : Resource Centre. Retrieved 9 July 2016.
4
4.1
References
Notes
4.2
Citations
[1] Usmani, Taqi. An Introduction to Islamic Finance. Creative Commons Attribution-No Derivative Works 3.0. p.
65. Retrieved 4 August 2015.
[2] Islamic Finance: Instruments and Markets. Bloomsbury
Publishing. 2010. p. 131. Retrieved 4 August 2015.
[3] Irfan, Harris (2015). Heavens Bankers. Overlook Press.
p. 139.
[4] A Simple Introduction to Islamic Mortgages. 14 May
2015.
[5] Irfan, Harris (2015). Heavens Bankers. Overlook Press.
p. 136.
External links
World Database for Islamic Banking and Finance
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