A trader was appointed by an Islamic bank as an agent to purchase certain goods on behalf of the bank from the local market, with a promise to subsequently buy the same from the bank on deferred Murabahah basis

Fatawa Question

A trader was appointed by an Islamic bank as an agent to purchase certain goods on behalf of the bank from the local market, with a promise to subsequently buy the same from the bank on deferred Murabahah basis. The agency agreement had a fixed maturity date which has expired and the customer did not renew the same with the bank. The customer has since submitted an invoice issued by a local supplier in the name of the customer but dated after the expiry of the agency agreement requesting the bank to make direct payment to the supplier and sell the goods to the customer on deferred Murabahah basis. Shariah guidance is sought as to whether it is permissible to consider the above consignment under the expired agency, in order to enable the bank to finance the same by way of Murabahah for the customer ?

Fatwa

Click hereto view more

Publisher

Islamic Finance News

Publication Date

2014-03-05

Country of Publication

Malaysia

Main Subjects

Economics & Business Administration
Islamic Studies

Data Type

Fatawa

Language

English

Record ID

BIM-783579

• APA
• MLA
• AMA