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Subject : Ruling on the Murabaha Contracts of the Jordan Dubai Islamic Bank
Fatwa Number : 2829
Date : 30-07-2013
Classified : Current Financial Issues
Fatwa Type : Search Fatawaa

Question :

What is the ruling of Sharia on the Murabah sale contract of the Jordan Dubai Islamic Bank?



The Answer :

All perfect praise be to Allah the Lord of the Worlds. May His peace and blessings be upon our Prophet Mohammad and upon all his family and companions.

 

The Fatwa Committee of the General Iftaa` Department has reviewed the Murabaha sale contracts of the above bank (see attached copy), and it was found out that they meet the conditions of Sharia stipulated in this regard, thus there is no sin to deal in them.

However, it is the duty of  the bank clerk to make sure of the sound application of these transactions in light of Sharia and on case-by-case basis. Thus, the bank must buy the commodity from the seller first, then receive it, then resell it to the client through the signing of the Murabaha contract of sale. And Allah the Almighty knows best.   






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