COMMODITY MURABAHAH PDF

For the past few years, controversies have arisen over the use of several working capital products, which aims to provide one party with cash and another with debt. As with all Islamic transactions in the market, an underlying asset is a key requirement to ensure the transaction is valid in the Islamic Banking world. The main challenge for a customer requiring cash for their use but without any collateral or asset to enable the economic transaction to take effect, Banks have obtained alternative structures to provide the customers with the much-needed cash. The structures of Bai-Inah and Commodity Murabaha are introduced as possible solutions.

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The deposits will be managed in accordance with Shariah. In addition, the account provides you the flexibility of receiving your returns upfront or at maturity. This Shariah-compliant fixed deposit product uses the Shariah concept of Murabahah mark-up to facilitate the deposit-taking activity from you to the bank. Upon maturity, your deposit is automatically renewed for the same tenure at the prevailing profit rate, unless you instruct otherwise.

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The deposits will be managed in accordance with Shariah. In addition, the account provides you the flexibility of receiving your returns upfront or at maturity. This Shariah-compliant fixed deposit product uses the Shariah concept of Murabahah mark-up to facilitate the deposit-taking activity from you to the bank. Upon maturity, your deposit is automatically renewed for the same tenure at the prevailing profit rate, unless you instruct otherwise.

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Murabaha financing is similar to a rent-to-own arrangement in the non-Muslim world, with the intermediary e. The purpose of murabaha is to finance a purchase without involving interest payments, which most Muslims particularly most scholars consider riba usury and thus haram forbidden. Conservative scholars promoting Islamic finance consider murabaha to be a "transitory step" towards a "true profit-and-loss-sharing mode of financing ", [16] and a "weak" [17] or "permissible but undesirable" [18] form of finance to be used where profit-and-loss-sharing is "not practicable. While orthodox Islamic scholars have expressed a lack of enthusiasm for murabaha transactions, [24] calling them "no more than a second best solution" Council of Islamic Ideology [24] or a "borderline transaction" Islamic scholar Taqi Usmani , [25] nonetheless they are defended as Islamically permitted. According to Taqi Usmani, the reference to permitted "trade" or "trafficking" in Quran aya [26].

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Financing : Tawarruq (Commodity Murabaha)

Some Islamic scholars think commodity murabahah should be avoided as much as possible, saying it closely resembles an interest-bearing transaction. Is there a better alternative financing structure? THE concept of commodity murabahah or tawarruq in some jurisdictions has only recently been widely applied in Islamic finance, along with other syariah contracts such as mudarabah, musharaka and bai murabahah. However, resistance still exists on the ground from some critics who say that commodity murabahah-based financial products bear a striking resemblance to interest-based products. By and large, it is not unusual for both Islamic finance and its conventional counterpart to mirror each other given the identical nature of their business of receiving funds, usually by way of deposits, which subsequently will be re-directed towards productive use in various economic activities. Indeed, in undertaking financial intermediation functions, both Islamic and conventional finance serve as a medium to mobilise funds from savings surplus economic units, which will be channelled subsequently to savings deficit economic units.

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The deposits will be managed in accordance with Shariah. In addition, the account provides you the flexibility of receiving your returns upfront or at maturity. This Shariah-compliant fixed deposit product uses the Shariah concept of Murabahah mark-up to facilitate the deposit-taking activity from you to the bank. Upon maturity, your deposit is automatically renewed for the same tenure at the prevailing profit rate, unless you instruct otherwise. Please find all accompanying fees and charges in our Corporate Pricing Guide. Use of the 3rd Party Website will be entirely at your own risk, and subject to the terms of the 3rd Party Website, including those relating to confidentiality, data privacy and security. CIMB Bank makes no warranties, representations or undertakings about and does not endorse, recommend or approve the contents of the 3rd Party Website.

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