Islam, Murabaha and Fixed Deposits

Top 20 FREQUENT WORDS

riba 16 price 12 allah 10 credit 9 fixed 9 transactions 9 declared 8 islamic 8 murabaha 8 transaction 8 cash 7 client 7 islam 7 business 6 due 6 item 6 lending 6 prophet 6 sale 6 usury 6

DOCUMENT KEY POINTS

• if ye do it not ie if you persist in your claim or demand for the interest due to you then take notice of a declaration of war from allah and his messenger but if ye turn away from such claim or demand then you are entitled to the return of your capital sum placed in the fixed deposit or otherwise lent do not enter into such unjust transactions nor allow yourselves to be subjected to such
• indeed he cursed all four and declared that they were all equally guiltya the one who took riba ie the money lender the one who gave riba ie while paying interst on a loan the one who recorded the transaction hence bank personnel and the two witnesses

• in this way the rich would not remain permanently rich and the poor would not be imprisoned in permanent poverty in his masterpiece entitled a merchant of venice william shakespeare likened riba or usury to a a pound of flesh
• in this essay we direct attention to a fixed deposits as well as to so called murabaha transactions in an attempt to explain such to be a money lending transactions

• when a client wishes to purchase something but does not possess the cash with which to purchase it the so called islamic bank enters into the fiction of purchasing the item at its cash price and then selling it to the client on credit
• those who after receiving direction from their lord desist shall be pardoned for the past their case is for allah to judge but those who persist in claiming the interest due from fixed deposits or other such loans on interest are companions of the hellfire they will abide therein forever

• the court however dismissed the claim and ruled that the bank was entitled to nothing more than the interest payment for the actual duration of the contract ie the amount of time it took the bank to recover its
• if they obstinately persist in their defense of today s so called murabaha transactions and then learn in allah s court that it was not murabaha but riba at that time they cannot plead for mercy from allah for they will have misguided people nor can they say i did not know

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DOCUMENT WORD ANALYSIS

Main Category

AlHuda Material\islamic banking

KeyWords

contract price sale asset financing lease client purchase ijarah payment profit musharakah lessee amount commodity housing agreement contracts ownership project

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DOCUMENT REFERENCES

Number of Pages

4

Published Date

2007-11-23 10:25:07

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