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Monetisation or Cost plus sale using commodities Transaction: Musawamah simple saleWakalah agency Commonly used for: As with all Islamic transactions in the market, an underlying asset is a key requirement to ensure the transaction is valid in the Islamic Banking world.
The main challenge for a customer requiring cash for their use but without any collateral or asset to enable the economic transaction to take effect, Banks have obtained alternative structures to provide the customers with the much-needed cash.
The structures of Bai-Inah and Commodity Murabaha are introduced as possible solutions. The word Tawarruq is also greatly been used to reflect transactions involving Commodity Murabaha. Although the Bai-Inah structure is generally rejected by international scholars except for in Malaysia, the remaining Tawarruq arrangement with Commodity Murabaha are still accepted throughout the Islamic Banking world.
Recent pronouncements by some scholars that the Tawarruq arrangement is not permissible only highlights the challenges in Islamic Banking. There has been on-going questions on the validity of the contract and the rationale for doing so. The Legal Maxim used is that Tawarruq satisfies people needs and meets their requirements i.
Before moving further, is there a difference between Commodity Murabaha and Tawarruq? Wakalah, Murabahah and Musawamah. Between scholars and practitioners, these terms are now used interchangeably. But in my humble opinion, I subscribe with BNM view that Tawarruq is the over-arching arrangement where multiple contract work together; Wakalah, Murabahah and Musawamah to complete the Tawarruq arrangement.
Why is it being put to question? In the olden days, this structure would be a normal trading scenario, where there is real sale transactions involving goods or commodities. But this Cash is derived from real trading. A person needs Cash to run his business. He looks around the market for a liquid commodity that can be sold quickly for Cash.
He approach a Cocoa Beans supplier maybe direct from the plantation and negotiates a deal for the beans.
This is a Murabaha for purchase of Commodity transaction in other words, Commodity Murabaha i. Profit Sale using Commodities. Murabaha is an accepted Sharia compliant sale-contract. Is there any thing wrong with that?
He plans to use the proceeds for his business to generate economic benefit for him. This is his main intention. As he already identified the buyers of Cocoa Beans in the market, he approaches them to sell the Cocoa Beans under contract of Musawama simple sale.
All the underlying transactions are based on valuable, real and deliverable assets which meets the requirements of the Sharia. Customers seeking Cash, for whatever reasons it may be, will approach people who are skilled to conduct such endeavour. Banks, seeing the need for such services or facility, have built a stable infrastructure to support the process.
Crude Palm Oil Malaysia and Non-Precious Metals International — London are the commonly used commodity due to its stable and continuous demand for the commodities. Having developed internal systems that is able to track and monitor the evidence, ownership and movement of the commodities used.
Having established relationships with commodity brokers and commodity bourse in where the trade transaction will happen. Having clear processes that is controlled and monitored to ensure proper sequencing and transfers in accordance to Sharia rules and regulations.
Having Sharia-approved documentations to capture the debt obligations created from the Murabaha sale of commodities. With the above infrastructure, Sharia is able to monitor and regulate the implementation of the Tawarruq transaction, ensuring its validity. A Tawarruq transaction or arrangement will then involve a series of sale contracts whereby: · Financial Planning & Analysis processes are commonly a level of complexity higher than the traditional, transactional outsourcing candidate processes.
Generally, FP&A activities can be broken down into four categories: • Planning: Finance is typically heavily involved in building company strategic plans due to its proximityvetconnexx.com Karen Toh. Head, Consumer Business Planning & Analysis at CIMB Bank Singapore.
Location Singapore Industry Banking. Financial Analyst, Consumer Financial Services Consumer Business Planning & Analysis at CIMB Bank Singapore. CIMB Bank Singapore.
Singapore Institute of vetconnexx.com://vetconnexx.com CIMB advanced stock charts: view historical CIMB data and compare to other stocks and exchanges. Premium News and analysis for those planning for or living in retirement; Intraday Data vetconnexx.com › Home › Investing › Quotes › Stocks › Malaysia › CIMB.
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