A financing facility has been approved for a customer, whereby it was allowed to utilize the facility through multiple Murabahah transactions under the facility limit during the facility period

السؤال

An Islamic bank has raised the following query. A financing facility has been approved for a customer, whereby it was allowed to utilize the facility through multiple Murabahah transactions under the facility limit during the facility period. Under each Murabahah transaction, the Islamic bank purchases the goods, and sells the same to the customer with a higher price and deferred payment. In one of these Murabahah transactions, it happened that the customer could not pay the deferred sale price under that Murabahah transaction on the scheduled date and requested the bank to extend the payment date by three months. Since there is clear guidance from the shariah board not to increase the Murabahah amount if it becomes past due, the Islamic bank has suggested the following options subject to approval from its shariah board : To reschedule the overdue Murabahah amount for another three months and charge the customer an administration fee equal to the lost profit for the proposed period. To reschedule the overdue Murabahah amount with a condition to increase the profit element in the next Murabahah by the loss of profit for three months on the current Murabahah. Shariah guidance is required to see if either of the provisions is Shariah compliant.

جواب الفتوى

أنقر هنالمشاهدة هذا المحتوى

الناشر

Islamic Finance News

تاريخ النشر

2015-05-13

دولة النشر

ماليزيا

التخصصات الرئيسية

العلوم الاقتصادية والمالية وإدارة الأعمال
الدراسات الإسلامية

نوع البيانات

فتاوى

لغة النص

الإنجليزية

رقم السجل

BIM-783024

• APA
• MLA
• AMA