Loans, Tawarruq, discounting, financing of business : discounting bills of export
Fatawa Question
As Salam-O-Alaykum Dear Dr. Monzer Kahf Here, I am Aquib Khan of Shahid Group of Industries, New Delhi, India, as executive accountant and finance officer. I have joined this firm a week earlier after completing my post graduate diploma in Islamic banking and finance from Aligarh Muslim University, Aligarh, India. As I have in the field of Islamic finance, the Director of the company Mr. Abdullah wants me to search the avenues to raise the funds (about 10 crores) for the expansion of his retail business I.e. Store 99 in Shari’ah compliant manner. The problem is that the FDI is not allowed in Retails in India, so please direct me on these two questions mentioned below : 1. As one of the segment of the Industry in Export. So, on this part my Question is that can we discount the bills of export to raise the fund for our business ? Guide me in the light of Shari’ah regulations. 2. My 2nd question is that in our store / retail business most of the high profile people SWAP their credit cards for the payments. In this regards, can we discount this credit cards collection to raise immediate funds ? Waiting Eagerly for your Reply. We the students of Aligarh Muslim University had met you in the international conference on Islamic Finance, organized at Islamic cultural center, and Lodhi road new Delhi on 3rd and 4th Feb, 2010. Plz kindly reply on the provided mail addresses. Zakallah. Aquib
Fatwa
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Publication Date
2010-08-07
Main Subjects
Financial and Accounting Sciences
Religion
Islamic Studies
Topics
- Islamic jurisprudence
- Sales
- Financing
- Exports
- Loans
- Corporations
- Tawarruq
- Discount
- Bills of exchange
- Credit cards
- Commercial companies
- Payments
No. of Pages
2
Data Type
Fatawa
Language
English
Record ID
BIM-729699
American Psychological Association (APA)
Qahf, Mundhir. 2010-08-07. Loans, Tawarruq, discounting, financing of business : discounting bills of export. .
https://search.emarefa.net/detail/BIM-729699
Modern Language Association (MLA)
Qahf, Mundhir. Loans, Tawarruq, discounting, financing of business : discounting bills of export. 2010-08-07.
https://search.emarefa.net/detail/BIM-729699
American Medical Association (AMA)
Qahf, Mundhir. 2010-08-07. Loans, Tawarruq, discounting, financing of business : discounting bills of export.
https://search.emarefa.net/detail/BIM-729699