X hits on this document

PDF document

The Principles and Practices of Shariah in Islamic Finance - page 37 / 49

192 views

0 shares

0 downloads

0 comments

37 / 49

Waiver clause on defects

Pre-agreement between purchase orderer and supplier

Binding force of unilateral Wa d

Execution of Wad prior to Murabahah

contract

Duly signed promise



  • 70.

    Alternatively, the IFI may incorporate in the contract to exempt itself from any defect in the asset.The IFI may, upon agreement by the purchase orderer, assign the right of recourse against the supplier for the defect to the purchase orderer.

  • 71.

    The IFI shall reject a Murabahah application by the purchase orderer who has already established a contractual relationship with the supplier aimed at acquiring cash rather than trading the goods under transaction.

5.5 Enhanced Features of The Contract

Wa d (Promise) by Purchase Orderer to Purchase The Asset on Murabahah Basis

  • 72.

    The Wad (promise) by the purchase orderer to purchase the asset from the IFI upon the latter’s acquisition of the asset shall be binding on the purchase orderer.

  • 73.

    The Wad shall be separately executed prior to the execution of Murabahah contract.

74.During the purchase requisition, the purchase order application shall contain the promise which must be duly signed by the purchase orderer.

Document info
Document views192
Page views196
Page last viewedSun Jan 22 10:46:13 UTC 2017
Pages49
Paragraphs589
Words9086

Comments