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MURABAH PROBLEMS

Islam dejects the Riba and credit based financing which means to be dependents on others.
Essentially Islam focus on personage work and done with their own behalf. Islam wholly
supports profit and loss sharing Finance system. Following are the tribulations of Murabaha
financing;

 Islamic bank sometimes do not reveal the cost of expenses which create a negative
impact, and can impinge on the legality of the Murabaha contract and make it non-
shariah complaint product.
 Islamic bank hasn’t set up their own benchmark in most of their contract as it is using
conventional index as benchmark. Using conventional markup rate can be a one more
factor of non shariah complaint.
 Occasionally Islamic bank stimulates more than their equivalent.
 It charges upper prices on tardy payments in a credit based Murabaha Finance.
 This involves Islamic banking into assistance from time value of money.
 Islamic Bank should avoid these practices as it avoids the Riba.
 Other scholars said that any surplus amount charged against late payments is Riba only
where subject matter is Money on parallel side.
 In case of default the excess charges issues is another predicament which makes
assistance from debt as the other word of Riba said by some scholars.
 Islamic institutions evade penalty the payments approach and durations.
 Islamic bank give discount on early payments of debt which according to some scholars
prohibited by Islamic Law.
 Islamic finance gives rebate as conventional banks such Murabaha transactions are
criticized by the scholars.
 Offer and Acceptance must be mark while the goods are in existence if this happens
before than the transactions will be prohibited.
 Rollover in Murabaha is not allowed since the transactions are of particular Assets.
 Most of the Murabaha transactions take place without having ownership over the
product.
 In some Murabaha cases bank ask to provide promissory notes to eliminate the risk of
ownership which according to shariah Scholars is the transactions of Non- shariah
complaint
 It contravenes the ruling “two sales in one sale” is prohibited in Islam.
 Murabaha involves Bay Al-Tawarruq and Bay AL- Ina. Bay Al-Ina is accepted by some
scholars but the scholars of Hanafis, Malikis claimed that it is a ploy of borrowing
money and paying Riba.
 Scholars of middle east followed the rule of Murabaha Finance which involves Bay Al-
Ina is not valid.
 Other issues are sale based sukuk which leads to Riba (discount on sale of debt).
 Murabaha price becomes Dayn, if any amount is charged over the dayn the amount will
become Riba.
 Goods must be subsisting at the time of execution of Murabaha contract.
 Murabaha cannot be done in all commodities like gold silver etc
 Murabaha cannot be done in paying utility bills wages and overhead expenses.
 The purchase evidence confirms that assets must purchase after the agreement is
executed.