المستخلص: |
Technically a contract of sale in which the seller declares his cost and profit. This has been adopted as a mode of financing by a number of Is¬lamic banks. As a financing technique, it involves a request by the client to the bank to purchase a certain item for him. The bank does that for a defi¬nite profit over the cost which is settled in advance. Murabaha is the most popular and most common mode of Islamic financing. It is also known as Mark up or Cost plus financing. The word Murabaha is derived from the Arabic word Ribh that means profit. Originally, Murabaha was a contract of sale in which a commodity is sold on profit. The seller is obliged to tell the buyer his cost price and the profit he is making. This contract has been modified a little for application in the financial sector. Its modern form Murabaha has become the single most popular technique of financing amongst the Islamic banks all over the world. It has been estimated that 80 to 90 percent of financial operations of some Islamic banks belong to this category. However, much is needed to make this instrument as refined as possible in a highly competitive world market.
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