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Subject : Ruling on the Murabaha Contract of the Phosphate Mines Company Staff Provident Fund
Fatwa Number : 2868
Date : 06-01-2014
Classified : Transactions & Marketing
Fatwa Type : Search Fatawaa

Question :

What is the ruling of Sharia on the contract of Murabaha to the purchase orderer of the Phosphate Mines Company Staff  Provident Fund (See enclosed copy)?



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 enclosed contract  contains no violations of Sharia. Therefore, it is a valid contract that entails its legal impacts.

However, we would like to point out that the annex: "Transaction Procedures to Obtain a Loan from the Provident Fund", the word (Loan) was mentioned in the title and the texts about the procedures. Therefore, it should be replaced with the word (Financing) in order for the contract to become clear. 

In addition, those in charge of the system are responsible for the proper application of all the conditions stated therein. And Allah the Almighty knows best. 






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