Difference between revisions of "Islamic Modes Agricultural Financing by Muhammad Khaleequzza"

Revision as of 04:33, 21 September 2016

Top 20 FREQUENT WORDS

murabahah 44 salam 39 sale 27 payment 23 price 23 islamic 18 khaleequzzaman 17 delivery 16 ibf 16 theory 16 commodity 14 client 12 purchase 12 agent 11 contract 11 mfi 11 modes 11 profit 10 seller 10 supplier 10

DOCUMENT KEY POINTS

• training workshop a islamic microfinance 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

• price of subject must be certain risks and responsibilities attached with the subject must transfer from seller to the purchaser as a result of sale
• training workshop a islamic microfinance rules of sale sale defined and elements of sale

• mfiing murabahah murabahah to the purchase orderer
• procedural details of murabahah as practiced by islamic mfis

• theory practice of murabahah murabahah a concept and shariah legitimacy murabahah defined a c selling a commodity as per cost with a defined and agreed margin of profit ribh a c profit may be a percentage of the selling price or a lump sum
• shariah legitimacy of murabahah a c qura an it is no crime for you to seek the bounty of your lord surah ale imran allah has permitted trading and forbidden riba surah al baqarah a c sunnah the prophet pbuh purchased a she camel from abu bakr raa for use as transportation from medinah m

• theory practice of murabahah murabahah a historical perspective a c introduced as new form of sale in second half of first hijrah century as a sale with necessary condition of declaring cost by the seller and agreeing on profit margin by both the seller and the purchaser almuwatta imam malik a c modifications were made by imam shafii including an order of the purchaser who could subsequently exercise the option not to purchase the same and also included credit transaction a c he clearly bifurcated two sales transactions m
• khaleequzzaman ibf iiui

• theory practice of murabahah process flow a negotiation approval of overall limit a mou master murabahah facility agreement a requisition undertaking security deposit hamish jiddiyah optional invoice mfi mou master mfa client approval of limit requisition undertaking sec
• khaleequzzaman ibf iiui

• theory practice of murabahah a third party appointed as agent optional a a clint can be appointed agent case of dire need a payment to the supplier a direct payment in supplier s name a agent client receipt of payment agent mfimfi client rd party agency agreement supplier invoice payment m
• khaleequzzaman ibf iiui

• theory practice of murabahah possession a c payment to supplier a c discount of supplier benefit to client a c title of goods a c transfer of risk and responsibilites risks and responsibilities agent client agent mfi supplier title goods rd party m
• khaleequzzaman ibf iiui

• deposit hamish jiddiyah dp note i R payment of murabahah price murabahah price mfi client murabahah terminates m
• offer to purchase mfi client acceptance of offer receipt possession report sec

• theory practice of murabahah purchase of poultry feed stock a c murabahah transaction rs
• a c freight of cost of goods a c security personal group guarantee m

• theory practice of murabahah pricing of murabahah example particulars amount rs
• freight insurance of cost total cost x profit x x murabahah price installment m

• theory practice of murabahah issues in murabahah a c unilateral promise undertaking a c invoice in the name of mfi a c prior contractual relationship customer and supplier a c vendor being third party blood relation wholly owned institution of customer buy back inah a c commitment or credit facility fee a c documentation charges a c hamish jiddiyah treatment timing a c timing of promissory note a c rollover default in payment of price a c rebate on early payment m
• khaleequzzaman ibf iiui

• theory practice of murabahah documentation a c murabahah agreement and allied documents a parties to the murabahah a subject matter a cost price a profit margin a value date a disbursement date of cost price a contract price a default clause penalty a right of set off i
• o client s credit balance a c agency agreement as separate contract a c purchase requisition a c invoice a c receipt of payment to the supplier m

• theory practice of murabahah documentation a c declaration a c securities as per security documents a c demand promissory note a c schedule of payment m
• khaleequzzaman ibf iiui

• theory practice of murabahah risks in murabahah risks mitigants customer refuses to promise hj purchase while holding as agent customer already direct payment to supplier date of invoice to purchased from be after date of agency agreement obtain supplier wants other documents a gate pass truck receipts liquidity inah physical inspection etc
• overdue installments penalty to go to charity default risk collateral securities market price risk immediately supply the item m

• a c after acquisition a a asset available for sale to client shall be measured at historical cost a in case of default in payment of murabahah price the asset shall be measured at cash equivalent value ie
• measurement of asset value a c at acquisition a measured and recorded at historical cost

• a c profits of credit sale whose payment is due after the current financial period shall be recognized as per following a proportionate allocation of profits a profit may also be recognized as and when received

• failure to fulfill promise having paid hamish jiddiyah a c hamish jiddiyah to be treated as liability on islamic mfi
• theory practice of murabahah some applicable guidelines from aaoifi d

• it is a type of sale in which the price known as the salam capital is paid at the time of contracting while the delivery of the item to be sold known as subject matter of salam al muslam fihi is deferred
• salam is also known as salaf lit borrowing salam purposes a liquidity needs of farm production a working capital running finance a project finance partial requirements

• islamic modes a agricultural financing salam shariah legitimacy i allh says o ye who believe when you deal with each other in transactions involving future obligations in a fixed period time reduce them to writing al baqara verse i ibn abbas reported the prophet pbuh came to medina and found that people were selling dates for deferred delivery salam after a duration of one or two years
• the prophet pbuh said whoever pays for dates on a deferred delivery basis salam should do so on the basis of specified scale and weight bukhari and muslim

• islamic modes a agricultural financing wisdom of allowing salam i farmers orchard owners merchants can fulfill their working capital and liquidity needs before the commodity is ready to be sold three major problems and solutions
• seller s inabillity to produce or procure commodity receive back the same price

• if agent has been able to sell the commodity at a price more than the one agreed in agency agreement agent gets the difference
• islamic modes a agricultural financing salam alternatives available to mfis of taking delivery of commodity

• signed delivery sale proceeds mfi salam farmer transaction agent delivery of wheat c sale proceeds less commission a sale of wheat third party purchaser b sale proceeds
• payment of salam price salam contract wheat kg

• salam salam price price payment payment june delivery of purchaser farmer client commodity purchaser seller mfi dec mfi nd salam contract of price payment of price payment parallel salam delivery of third party third party commodity nd salam nd salam dec june
• salam sale contract wheat kg

• therefore the original seller cannot be entered into the parallel salam a c the third party giving unilateral promise should not pay the price as this is not allowed in shariah examples of products
• salam and parallel salam must be independent of each other a c parallel salam is allowed only with third parties

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DOCUMENT WORD ANALYSIS

Main Category

AlHuda Material\islamic micro

KeyWords

islam finance bankable contract client profit purchase financial asset microfin risk sale transact price murabahah busi sharia goodasset payment invest

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DOCUMENT REFERENCES

Number of Pages

33

Published Date

2016-09-17 00:48:10

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