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An Islamic bank has been approached by a customer seeking import finance through letter of credit
Fatawa Question
An Islamic bank has been approached by a customer seeking import finance through letter of credit. Generally, Islamic banks purchase goods from a supplier and sell the goods to the customer by way of Murabahah. Shipping documents including a commercial invoice and bill of lading are required to be issued in the name of the bank, evidencing that title and possession of the goods have been passed to the bank being a purchaser. However, in the subject scenario, the customer is a sole distributer of the supplier and it has been communicated by the customer that the supplier cannot issue the invoice in the name of the bank. Shariah guidance is sought to resolve the above situation.
Fatwa
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Publisher
Publication Date
2013-07-17
Country of Publication
Malaysia
Main Subjects
Economics & Business Administration
Islamic Studies
Data Type
Fatawa
Language
English
Record ID
BIM-784608
American Psychological Association (APA)
Hassan, Husayn Hamid. 2013-07-17. An Islamic bank has been approached by a customer seeking import finance through letter of credit. . Islamic Finance News Kuala Lumpur Malaysia :.
https://search.emarefa.net/detail/BIM-784608
Modern Language Association (MLA)
Hassan, Husayn Hamid. An Islamic bank has been approached by a customer seeking import finance through letter of credit. Islamic Finance News Kuala Lumpur Malaysia :. 2013-07-17.
https://search.emarefa.net/detail/BIM-784608
American Medical Association (AMA)
Hassan, Husayn Hamid. 2013-07-17. An Islamic bank has been approached by a customer seeking import finance through letter of credit. Islamic Finance News Kuala Lumpur Malaysia :.
https://search.emarefa.net/detail/BIM-784608