Murabaha rulings within the framework of so-called Islamic banks

Abstract

This research intensively addresses an age-old topic related to transactions, specifically the subject of Murabaha, in a difficult time filled with usurious practices under various names. In such times, we are in dire need of practical solutions that protect Islamic societies and their economies from usury and its semblances, through good intentions, commendable efforts, meticulous planning, and constructive cooperation to adapt to the global banking system and its methods of operation. Murabaha, in short, is a type of sale based on knowing the original price and adding a profit margin. It is one of the trust sales, in which the price and profit must be known, based on an agreement between the contracting parties. Thus, Murabaha is a form of sale, and sale is permissible by consensus. Usury has become widespread and pervasive, to the extent that it has infiltrated the details of our lives, enveloped our societies, shackled trade and investment, and hindered many means of compassion among people. Many merchants have been perplexed and found themselves at a loss. Hence, Murabaha, with its conditions, is a real solution to activating the national economy without falling into the forbidden or committing the ill omen of the prohibited.

This research calls for the widespread adoption of the culture of Murabaha in banking transactions within precise, lenient Shariah-compliant regulations.