System & Device Check
About the Class
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Murabaha contracts represent between 60-90 percent of the contracts of the shariah-compliant finance industry. During this session Readings will cover the fatawa that have authorized these “mark-up” sales and the equivalency they represent with ribaa or fixed interest contracts will be revealed. Thereafter, we will discuss the implications this reality has on preventing Shariah-compliant finance from presenting a paradigmatic challenge to the dominant order.
• A Comparative Study of Islamic Banking Practices. Harun, Sudin. Journal of King AbdulAziz University. Islamic Economics, Vol. 10 pp.23-50. (p29, sec 4 especially)
• Murabaha Financing Versus Lending on Interest: A Thin Line Making a Big Difference in the Understanding of Ribaa. Irfan, Qazi. Islamabad, Pakistan, hazariba.com. July 22, 2008.
• Shariah Opinions (Fatwa) on Murabaha. Al-Baraka Banking Group, Department of Research and Development. 2008.
Language of instruction:
Keywords: islam, finance, economics, islamic finance, islamic economics