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Legal Aspects of Applying the Murabaha Financing Contract الجوانب القانونية لتطبيق عقد المرابحة

Author

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  • Jamal Atia

    (Visiting Professor, Qatar University, Qatar)

Abstract

This paper highlights legal problems that arise in implementing Murabaha (mark-up) contract as a financing tool that is widely used by Islamic banks. One major problem is the question of bank ownership of the financed commodity. This ownership is required by shariah but prohibited by banking laws in many countries. Exempting Islamic banks from such laws-as has often been the case and referring them to fiqh leaves important legal gaps, because fiqh encompasses several and occasionally opposite views. The paper discusses a bank's rights and obligations in case of traditional letter of credit as compared to murabaha. Concludes with suggested solutions to the problems raised. Some suggestions require specific changes in laws, while others may be adopted by individual banks. يلقي هذا البحث الضوء على مشكلات قانونية تعترض تطبيق عقد المرابحة بوصفه صيغة تمويلية تستخدمها المصارف الإسلامية على نطاق واسع. ومن أهم تلك المشكلات مسألة تملك المصرف للسلع التي يتم تمويلها، وهو ما يتطلبه عقد المرابحة شرعًا وتمنعه القوانين المصرفية في كثير من البلاد. وعندما تستثنى المصارف الإسلامية من بعض القوانين المصرفية المتعارضة مع الشريعة الإسلامية، تصبح العديد من العقود التي يستخدمها المصرف غير مغطاة بنظام قانوني تفصيلي. ويين البحث أن الاعتماد حينئذ على إحالة عامة إلى الفقه الإسلامي لا تزيل هذه المشكلة لأن الفقه ينطوي على آراء متعددة ومختلفة.

Suggested Citation

  • Jamal Atia, 1990. "Legal Aspects of Applying the Murabaha Financing Contract الجوانب القانونية لتطبيق عقد المرابحة," Journal of King Abdulaziz University: Islamic Economics, King Abdulaziz University, Islamic Economics Institute., vol. 2(1), pages 131-155, January.
    • Handle: RePEc:abd:kauiea:v:2:y:1990:i:1:no:11:p:131-155
    DOI: 10.4197/islec.2-1.11
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