Post by account_disabled on Mar 15, 2024 20:24:11 GMT -7
agreements follow generally applicable legal rules. Meanwhile, for Islamic banks, there are requirements that follow Islamic law, such as goods and services that must be clear and halal, a clear place of delivery, and the ownership status of goods that must be fully owned by the seller. Transactions also depend on the contract chosen at the start of the transaction. This contract must be clear and transparent so that both parties know their respective rights and obligations. Some commonly used contracts include: Murabahah : a sale and purchase agreement which of course complies with the Shari'a, namely there is an agreement on price and profit, type and quantity of goods, and method of payment Musyarakah.
An agreement made by capital owners to pool their capital in a particular business whose executor can be appointed by one of them Qardh : an agreement to borrow funds from a customer and will be returned at the agreed time Wadi'ah : an Bulk Lead agreement to deposit goods or money which aims to maintain the security and integrity of the deposit Investment Products Investment Products illustration of Islamic banking. source envato At conventional banks, credit can be given to any business regardless of its type and halal status. However, at Islamic banks, there are requirements for businesses that can apply for loans, namely that they must be halal businesses, both in terms of products and how they operate.
It can be useful for the general public, and is expected to provide profits so that profit sharing runs smoothly. Therefore, the business chosen to be financed is one that has a clear existence. Also read: Understanding Foreign Exchange Banks and + Main Benefits Profit Sharing Conventional banks apply an interest system based on bank interest rates set by the government. In this case, the bank assumes that the customer's business will always be profitable. This is what is often considered usury by users of the sharia system. In Islamic banks, profit distribution is based on a fair profit sharing system. If there is a profit, it will be shared equally, and if there is a loss, it will be shared together.
An agreement made by capital owners to pool their capital in a particular business whose executor can be appointed by one of them Qardh : an agreement to borrow funds from a customer and will be returned at the agreed time Wadi'ah : an Bulk Lead agreement to deposit goods or money which aims to maintain the security and integrity of the deposit Investment Products Investment Products illustration of Islamic banking. source envato At conventional banks, credit can be given to any business regardless of its type and halal status. However, at Islamic banks, there are requirements for businesses that can apply for loans, namely that they must be halal businesses, both in terms of products and how they operate.
It can be useful for the general public, and is expected to provide profits so that profit sharing runs smoothly. Therefore, the business chosen to be financed is one that has a clear existence. Also read: Understanding Foreign Exchange Banks and + Main Benefits Profit Sharing Conventional banks apply an interest system based on bank interest rates set by the government. In this case, the bank assumes that the customer's business will always be profitable. This is what is often considered usury by users of the sharia system. In Islamic banks, profit distribution is based on a fair profit sharing system. If there is a profit, it will be shared equally, and if there is a loss, it will be shared together.