This query is related to transfer of ownership to the bank before the bank finances a fleet of cars for its customer (a car dealer)‎ under a Murabahah contract

السؤال

This query is related to transfer of ownership to the bank before the bank finances a fleet of cars for its customer (a car dealer) under a Murabahah contract. The question is whether the formal registration of cars purchased by the bank from the manufacturer is mandatory in the bank’s name before the bank sells the cars to the dealer on Murabahah basis ? As per market practice, the cars are registered only in the name of the end buyer when they purchase the cars from the dealer in cash or get them financed through conventional or Islamic banks. Since conventional banks do not need to purchase the cars in their name in order to finance their customers as they simply lend money to the customer to buy cars from dealers, the registration issue is not relevant for them. However, since Islamic banks cannot sell anything which they do not first own, guidance is needed for avoiding the requirement of the registration of cars in the name of the Islamic bank to confirm ownership, since this will result in extra cost and effort, making Islamic car financing a more expensive affair for the dealers ; who may pass on such extra costs to the end buyers.

جواب الفتوى

أنقر هنالمشاهدة هذا المحتوى

الناشر

Islamic Finance News

تاريخ النشر

2013-04-24

دولة النشر

ماليزيا

التخصصات الرئيسية

العلوم الاقتصادية والمالية وإدارة الأعمال
الدراسات الإسلامية

نوع البيانات

فتاوى

لغة النص

الإنجليزية

رقم السجل

BIM-784623

• APA
• MLA
• AMA