Is the Murabahah contract concluded with "Al Baraka Algerian Islamic Bank" for purchasing a car in installments permissible, and what is the legitimate Shar'i opinion on its mentioned clauses?
The answer addresses several clauses within the Murabaha contract:
1. Order to Purchase: This is not considered part of the contract but rather a promise, and fulfilling it is recommended by the majority of scholars. 2. Exoneration from Defects: Scholars differed on its permissibility, with some prohibiting it and others allowing it under certain conditions. 3. Insurance: Cooperative insurance is permissible by mutual consent, while commercial insurance is prohibited. 4. "Pay Less and Hasten" (Da' wa Ta'ajjal): This is impermissible according to the four schools of thought, though some scholars permitted it. 5. Late Payment Penalties: These are impermissible in Islamic law; a procrastinator should be penalized through legitimate measures, and an insolvent person should be granted respite. 6. Clause of Rescission and Immediate Payment: This is impermissible if the client is insolvent. For other conditions, it falls under the prohibited "sale with a condition." 7. Dispute Resolution in Courts: This is not permissible in general, as most of these courts do not adhere to rulings. 8. The Wording of the Order to Purchase: This includes Sharia prohibitions such as insurance and late payment penalties.
Conclusion: The mentioned contract contains Sharia prohibitions that necessitate avoiding it.
Summary from Ftawy's records · added here
Reviewed by El Fatwa's sharia committee.
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