Difference between revisions of "Islamic Finance through Cooperatives in Mauritius"

Latest revision as of 02:48, 9 November 2017

Top 20 FREQUENT WORDS

murabahah 38 profit 15 goods 14 islamic 14 sale 13 payment 12 price 10 salam 10 client 9 exchange 9 contract 8 delivery 8 facility 8 purchase 8 commodity 7 installment 7 parallel 7 receivable 7 received 7 accounting 6 credit 6 maturity 6 risk 6 transaction 6

DOCUMENT KEY POINTS

• islamic finance a principles principles of islamic finance hhadith a sahih muslim a gold for gold silver for silver dates for dates wheat for wheat salt for salt barley for barley a
• exchange among listed goods with or without equality but with delay riba al nasia wheat and rice so that wheat now and rice later or gold now or silver late

• theory practice of murabahah murabahah a concept and historical perspective a c the contemporary banking also takes into account the cash and credit prices different from each other as justified by usmani a c the banks are also required to fulfill regulatory compliance relating to credit transactions maximum exposure to risk classification of credit transactions international supervision etc
• a c since the operation of murabaha transaction resembles riba based practice of lending the preconditions prescribed by shariah advisors are to be met in letter and spirit

• islamic modes a agricultural financing financing of crop production liquidity requirements hiring of tractor implements sowing purchase of water hiring of labour for preparation of land and harvesting marketing input requirements seed fertilizer pesticides liquidity inputs in kind liquidity hiring for hiring for sale of fertilizers seed pesticides harvest land prep
• s m a s u l a r a l a m delivery a b payment m delivery

• islamic modes instruments sale contracts parallel salam procedural details the disposal of commodity at the end of bank can be through a parallel salam bank may sell commodity before the date of delivery to some other purchaser for the date of original delivery
• the period in second contract will be shorter than the original contract but price higher than the original contract

• in case of commodity a cdefective goods could be a ccollateral or security can be supplied obtained a cgoods may be delivered late a cpenalty clause a charity commodity price risk a cthe market price at delivery a cparallel salam or promise to time could be lower than the purchase price expected at the time of contract
• islamic modes instruments sale contracts risks involved in salam transaction risks mitigants counterparty delivery risk a cclient defaults after receiving a cliquidate security purchase price same goods from market a cthere could be dispute in a cmou should clearly specify to quality quantity time of delivery avoid any dispute etc

• islamic modes instruments sale contracts risks involved in salam transaction risks mitigants commodity marketing risk a cbank is not able to market the a cselect appropriate commodities goods timely resulting into for salam take promise with blocking of funds hamish jiddiyah or appoint client as agent asset holding risk a cbank bears holding cost till a ccost can be recovered in disposal of commodity parallel transaction early termination chances a cclint refuse to supply the goods a csalam is a binding contract
• penalty clause can be inserted a charity parallel salam a coriginal seller might not supply a cbank may purchase the similar goods in time

• when commodities are heterogenous but illa is the same then excess deficiency is allowed but delay not allowed
• gold for gold silvera a a like for like equal for equal and hand to hand

• practice of murabahah pricing of murabahah example a c purchase of poultry feed stock a c murabahah facility days a c payment six monthly installments a c rate of profit six months kibor a c murabahah transaction rs
• a c securities pledge of feed stock equitable mortgage lien on deposit post dated cheques etc

• practice of murabahah pricing of murabahah example particulars amount rs
• freight insurance of cost total cost x risk premium profit p

• sale defined exchange of a thing of value with another thing of value with mutual consent or the sale of a commodity in exchange of cash
• elements of a valid sale a c contract aqd a c subject matter mabe e a c price thaman a c possession or delivery qabza

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DOCUMENT WORD ANALYSIS

Main Category

AlHuda Material\islamic micro

KeyWords

islam bankable microfin financial finance institute cooper bprs productcommodity indonesia convent bmt rural service sector commercial deposit average loan required

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DOCUMENT REFERENCES

Number of Pages

18

Published Date

2016-09-17 00:47:47

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