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The Principles and Practices of Shariah in Islamic Finance - page 42 / 49





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  • 92.

    The purchase orderer, as a purchasing agent of the IFI, shall not waive the effective transfer of assets or goods from the IFI to the purchase orderer. The IFI which appoints the purchase orderer as a purchasing agent shall not waive its liability on the purchased asset. Such a waiver may lead to money lending or cash financing.

  • 93.

    As a purchasing agent of the IFI, the purchase orderer may obtain quotations on asset price in the name of the IFI.

  • 94.

    As a purchasing agent of the IFI, the purchase orderer may obtain quotations from the supplier under his name subject to acceptance from the IFI.

  • 95.

    The IFI may appoint the supplier as its selling agent to conclude the Murabahah contract with the purchase orderer provided that the IFI has taken possession of the asset.

  • 96.

    The supplier may be appointed as the agent of the purchase orderer to purchase the goods on Murabahah basis from the IFI provided that the supplier was not appointed as a selling agent by IFI to conclude sale with customer. This agency contract is a separate contract, independent from the sale contract of the supplier to sell and deliver the assets to IFI.

  • 97.

    The purchase orderer cum promisor may be the sole authorized agent to purchase or import a particular asset from the supplier or exporter. The relationship between the purchase orderer and supplier and the fair value of the purchase price must be made known to the IFI.

98. The name of the purchase orderer who is appointed as an agent of the IFI to conclude the Murabahah contract may be disclosed in all documents.

Agency leading to money lending or waiver of F’s liability

Procurement of quotations by agent in the name of F

Procurement of quotations as agentof in the name of purchase orderer

Supplier as

  • F’s agent

Separate contract of agency appointment for supplier to purchase on Murabahah on behalf of the purchase orderer

Name of purchase orderer as agent in all documents

  • 1

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