A bank draft is an unconditional order issued by one branch of a bank on its branch to pay a certain sum of money to the named person or order on demand. Hence, a bank draft is always payable on demand it is also known as demand draft. Essential features of Demand Draft:
Bai-Murabaha may be defined as a contract between a buyer and a seller under which the seller sells certain specific goods permissible under Islamic Shariah and the Law of the land to the buyer at a cost plus an agreed upon profit payable today or on some date in the future in lump-sum or by installments.
The profit may be either a fixed sum or based on a percentage of the price of the goods. Features of Murabaha A client can make an offer to purchase particular goods from the bank for a specified agreed upon price, including the cost of the goods plus a profit. A client can make Islami banking system of aibl promise to purchase from the bank, that is, he is either to satisfy the promise or to indemnify any losses incurred from the breaking the promise without excuse.
Documentation of the debt resulting from Bai-Murabaha by a Guarantor, or a mortgage, or both like any other debt is permissible. The bank must deliver the goods to the client at the date, time, and place specified in the contract.
The bank sells the goods at a price above the cost to obtain a profit. The sale price that is charged by the bank is agreed upon in the Bai-Murabaha. The profit can be stated in terms of a flat dollar amount or on a percentage of the purchase price.
If a percentage is used, the percentage shall never be expressed in terms of time, in order to avoid confusion that the price is a form of interest Ribawhich is not allowed.
The price agreed to in the agreement is binding on both parties. It is permissible for the bank to contract with a third party to buy and receive the goods on its behalf. This agreement must be a separate contract.
Rules of Bai-Murabaha It is permissible for the client to offer to purchase a particular commodity, deciding its specifications and committing itself to buy it on Murabaha for the cost plus the agreed upon profit.
It is permissible that the mutual agreement shall contain various conditions agreed upon by the two parties, especially with respect to the place of delivery, the payment of a cash security to guarantee the implementation of the operation and the method of payment.
It is permissible to stipulate the binding nature of the promise to purchase. Thus, the agreement can only be satisfied by either fulfilling the promise to purchase or by indemnifying the bank for any losses incurred if the promise to purchase is not fulfilled.
It is a condition that the bank purchases the requested commodity first purchase contract before selling it on Murabaha to the buyer. The contract in the first purchase must be settled, in principle, between the source seller and the bank. It is permissible for the bank to authorize a second party including the buyer to receive the commodity on its behalf.
This authorization must be in a separate contract, particularly if the buyer is going to receive the goods on behalf of the bank. This is necessary to avoid any conflicts with the ensuing Murabaha sale. Once the bank takes ownership of the goods, it is responsible for any damages or defects.
Thus, if the goods are damaged, the bank is liable and must repair the damage prior to delivering the goods to the purchaser. It is a condition that the Bai-Murabaha contract be drawn at the last phase.
That is after the promise to purchase and the purchase of the commodity in the name of the bank and receipt of the commodity directly by the bank or through an agent.
The legal rules of Bai-Murabaha must be observed in drawing the contract of the Murabaha sale connected with a promise to purchase. Particularly concerning the issue of the transparency of the cost of the first purchase and the amount of profit because discrepancies lead to disputes, which may invalidate the contract.
It is permissible to document the debt resulting from Bai-Murabaha by a guarantor or a mortgage, like any other sale on credit.
Further, it is permissible that the mortgage accompanies the contract, because it is possible to take a mortgage on actual debt as well as promised debt before it is realized.
However, the mortgage shall only be in effect if the debt is actually incurred.News: The Asset Manager of the Fund has informed that cash dividends for the year ended on March 31, has been disbursed to the respective unit holders' bank accounts through Bangladesh Electronic Fund Transfer Network (BEFTN) system.
Shahjalal Islami Bank Ltd. is a financial institution that operates with the objective to implement and materialize the economic and financial principles of Islam in the banking area. The report will illustrate a basic reflection about the Shahjalal Islami Bank Ltd.
Al-Arafah Islami Bank started its journey in with the principles in mind and to introduce a modern banking system based on Al-Quran and Sunnah.
A group of 13 dedicated and noted Islamic personalities of Bangladesh are the member of board of Directors of the Bank. The bank is committed towards establishing a welfare-oriented banking system to meet the needs of low income and underprivileged class of people.
The Bank upholds the Islamic values of establishment of a justified economic system through social emancipation and equitable distribution of wealth.
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