This is an authentic presentation on the fiqh and practical applications of the Islamic financial instrument of Mudarabah. This is compiled from authentic sources and is relevant especially against the backdrop of Islamic banking.
1. Mudarabah is a type of partnership where one partner provides capital to another to invest in a business venture, with profits shared according to a predetermined ratio.
2. There are two types of Mudarabah: restricted, where the capital provider specifies the business or place of investment, and unrestricted, where full freedom of investment is given.
3. In a Mudarabah, the capital provider is called Rab-ul-Maal and the manager is called Mudarib. The Mudarib acts as a trustee, agent, partner, and is liable for negligence, while also being entitled to a fee if the Mudarabah is terminated.
Here are the steps to setup the Musharakah company for Case 1:
1. Partner A and Partner B form a Musharakah company on Jan 1 with a capital contribution of Rs. 10 million and Rs. 5 million respectively.
2. The company operates throughout the year and earns a profit of Rs. 3 million by Dec 31.
3. As per the agreed ratio, the profit of Rs. 3 million is distributed between Partner A and Partner B in the ratio of their capital contribution i.e. Partner A receives Rs. 2 million (10/15 of Rs. 3 million) and Partner B receives Rs. 1 million (5/15 of Rs. 3 million).
4.
Musharakah, Mudarabah, Riba, Islamic modes of financinghameedrehman96
This document discusses various Islamic financing concepts including musharakah, mudarabah, and prohibitions on riba. It provides definitions and rules for each:
Musharakah is a partnership where two or more parties contribute capital and labor to a business, sharing profits and losses. Mudarabah involves one party providing capital (rabb-ul-mal) and another providing labor (mudarib), with profits shared according to agreement. Riba refers to interest charged on loans, which is prohibited in Islam as it is unjust. The document outlines other Islamic modes of financing like project financing, securitization of musharakah, and using these structures for working capital or single transactions.
This document discusses the Islamic financing contract of Istisna. It begins by defining Istisna as an agreement for the sale of goods to be manufactured or constructed at a future date, with an agreed upon price.
It outlines the key parties and conditions of an Istisna contract, including specifying the subject matter to be manufactured, stating the price and delivery terms. It also discusses penalties for late delivery and payment terms.
The document compares Istisna to other Islamic contracts such as Salam and Ijarah, highlighting the differences. It then explores some potential applications of Istisna contracts in Islamic banking such as financing construction projects.
In closing, it argues that I
The document discusses Musharakah, which is an Islamic financing structure based on profit-and-loss sharing partnership. It defines Musharakah and various types of Shirkah (partnership). It also describes how Musharakah works as a financing model, including diminishing Musharakah. The key differences between interest-based financing and Musharakah are that Musharakah shares profits and losses between partners according to contribution ratios, while interest guarantees a fixed return. The document proposes using market prices and rental data rather than interest rates to determine profit rates for Musharakah financing.
The document discusses various Islamic financial instruments used in Malaysia. It describes instruments like Mudharabah, Musharakah, Murabahah, Ijarah, and Wakalah. It explains how these instruments work, including the rights and responsibilities of parties in each contract. Shariah committees provide oversight to ensure Islamic banks operate according to Shariah principles.
This clause makes the Ijarah contract invalid because selling of the asset cannot be contingent upon fulfilling the terms of the Ijarah contract. Under Islamic finance principles, the lease and sale contracts must be separate, with the sale not being an automatic outcome of fulfilling the lease terms.
This document discusses mudarabah agreements as a mode of Islamic financing. It defines mudarabah as a partnership where one partner provides capital and the other provides management and labor to invest in a business venture, with profits shared according to a predetermined ratio. It distinguishes mudarabah from musharakah, and outlines the types and conditions of mudarabah agreements, including distribution of profits and losses. It also discusses how mudarabah and musharakah can be combined or used to finance various transactions and projects.
1. Mudarabah is a type of partnership where one partner provides capital to another to invest in a business venture, with profits shared according to a predetermined ratio.
2. There are two types of Mudarabah: restricted, where the capital provider specifies the business or place of investment, and unrestricted, where full freedom of investment is given.
3. In a Mudarabah, the capital provider is called Rab-ul-Maal and the manager is called Mudarib. The Mudarib acts as a trustee, agent, partner, and is liable for negligence, while also being entitled to a fee if the Mudarabah is terminated.
Here are the steps to setup the Musharakah company for Case 1:
1. Partner A and Partner B form a Musharakah company on Jan 1 with a capital contribution of Rs. 10 million and Rs. 5 million respectively.
2. The company operates throughout the year and earns a profit of Rs. 3 million by Dec 31.
3. As per the agreed ratio, the profit of Rs. 3 million is distributed between Partner A and Partner B in the ratio of their capital contribution i.e. Partner A receives Rs. 2 million (10/15 of Rs. 3 million) and Partner B receives Rs. 1 million (5/15 of Rs. 3 million).
4.
Musharakah, Mudarabah, Riba, Islamic modes of financinghameedrehman96
This document discusses various Islamic financing concepts including musharakah, mudarabah, and prohibitions on riba. It provides definitions and rules for each:
Musharakah is a partnership where two or more parties contribute capital and labor to a business, sharing profits and losses. Mudarabah involves one party providing capital (rabb-ul-mal) and another providing labor (mudarib), with profits shared according to agreement. Riba refers to interest charged on loans, which is prohibited in Islam as it is unjust. The document outlines other Islamic modes of financing like project financing, securitization of musharakah, and using these structures for working capital or single transactions.
This document discusses the Islamic financing contract of Istisna. It begins by defining Istisna as an agreement for the sale of goods to be manufactured or constructed at a future date, with an agreed upon price.
It outlines the key parties and conditions of an Istisna contract, including specifying the subject matter to be manufactured, stating the price and delivery terms. It also discusses penalties for late delivery and payment terms.
The document compares Istisna to other Islamic contracts such as Salam and Ijarah, highlighting the differences. It then explores some potential applications of Istisna contracts in Islamic banking such as financing construction projects.
In closing, it argues that I
The document discusses Musharakah, which is an Islamic financing structure based on profit-and-loss sharing partnership. It defines Musharakah and various types of Shirkah (partnership). It also describes how Musharakah works as a financing model, including diminishing Musharakah. The key differences between interest-based financing and Musharakah are that Musharakah shares profits and losses between partners according to contribution ratios, while interest guarantees a fixed return. The document proposes using market prices and rental data rather than interest rates to determine profit rates for Musharakah financing.
The document discusses various Islamic financial instruments used in Malaysia. It describes instruments like Mudharabah, Musharakah, Murabahah, Ijarah, and Wakalah. It explains how these instruments work, including the rights and responsibilities of parties in each contract. Shariah committees provide oversight to ensure Islamic banks operate according to Shariah principles.
This clause makes the Ijarah contract invalid because selling of the asset cannot be contingent upon fulfilling the terms of the Ijarah contract. Under Islamic finance principles, the lease and sale contracts must be separate, with the sale not being an automatic outcome of fulfilling the lease terms.
This document discusses mudarabah agreements as a mode of Islamic financing. It defines mudarabah as a partnership where one partner provides capital and the other provides management and labor to invest in a business venture, with profits shared according to a predetermined ratio. It distinguishes mudarabah from musharakah, and outlines the types and conditions of mudarabah agreements, including distribution of profits and losses. It also discusses how mudarabah and musharakah can be combined or used to finance various transactions and projects.
This document discusses the Islamic concepts of Riba, Gharar and Qimar. It defines Riba as any excess compensation without due consideration, especially interest charged on loans. The document outlines verses from the Quran that prohibit Riba and classify two types of Riba - Riba al-Nasiyah (interest charged on loans) and Riba al-Fadl (excess received when exchanging specific commodities). It also discusses the prohibition of Gharar (uncertainty) in contracts and defines Qimar as events where there is a possibility of total loss for one party.
The document discusses the concept of Mudarabah, an Islamic financing structure. Mudarabah is a partnership between an investor and a manager, where the investor provides capital and the manager provides labor/expertise. Profits are shared according to a pre-agreed ratio, while losses are borne solely by the investor. The document outlines the key elements of Mudarabah contracts including capital requirements, management roles, profit/loss distribution, and termination procedures. It also compares Mudarabah to other structures like Musharakah and analyzes various risks in Mudarabah like credit, market, and liquidity risks.
The document provides an introduction to various Islamic financing concepts, including Musharakah, Mudarabah, Murabahah, Ijarah, and Salam/Istisna.
Musharakah refers to a partnership where two or more parties contribute capital to a business and share profits and losses. Mudarabah is a partnership where one party provides capital and the other manages the business, with profits shared according to a predetermined ratio. Murabahah involves the sale of an asset at a pre-agreed markup over cost. Ijarah is a leasing contract where the lessor transfers use of an asset to the lessee for a rental fee but retains ownership.
Musharakah is an Islamic financing structure where two or more parties agree to contribute capital to a business venture with the goal of sharing profits and losses. It is a form of partnership permitted under Islamic law. The document discusses the definition of Musharakah according to Bank Negara Malaysia, how profits and losses are shared, examples of how it can be applied, its origins in the Quran and hadith, and the consensus of Muslim jurists that it is valid.
Mudarabah is an Islamic contract where one party provides capital to another party for investing in a commercial enterprise. The capital provider is called rabb-ul-mal and the manager is called mudarib. Profits are shared according to a predetermined ratio, while losses are solely borne by the capital provider except in cases of misconduct or negligence by the mudarib. There are two main types of mudarabah - restricted and unrestricted. The contract can be terminated by either party with notice. Mudarabah is used by Islamic banks to accept deposits and invest funds on behalf of depositors based on profit and loss sharing. However, there are also risks involved for the banks in applying mudarabah.
MUSYARAKAH MUTANAQISAH AN ALTERNATIVES TO BBA IN HOME FINANCINGmiss_hajar
1) MMP is an alternative to BBA in home financing that is based on three contracts: musharakah, ijarah, and bay'. Under MMP, the customer and bank jointly own the asset, the bank leases its share to the customer, and the customer gradually buys out the bank's share.
2) BBA is a deferred payment sale that is widely used in Asia but has been ruled as containing riba' elements and being inequitable for customers. It requires customers to pay the full price even if the developer neglects the property.
3) MMP offers advantages over BBA for both banks and customers, including risk sharing and flexible rescheduling. It allows customers to fully own
The document discusses Mudaraba, which is an Islamic financing concept where one party provides capital to another party to carry out a business venture. The two main parties are the Rab-ul-Mal, who provides the capital, and the Mudarib, who manages the business. The document outlines the roles and responsibilities of each party, as well as how profits and losses are distributed. It also provides information on the regulatory framework for Mudaraba companies in Pakistan and discusses ways to further develop the Islamic capital market.
This document provides an overview of Murabaha finance, which is a particular type of sale in Islamic finance where the seller discloses the cost of purchasing an asset and sells it to the buyer at a higher price to generate a profit. The document defines Murabaha and explains its key features and components. It also outlines three common models for structuring Murabaha transactions, with Model III involving banks as the most prevalent in modern Islamic banking. Model III is explained in further detail through its typical phases and documentation requirements.
Murabaha is an Islamic financing structure where a financial institution purchases an asset for a customer and sells it to them at an agreed upon markup. The document defines Murabaha, provides examples of how it works, and answers common questions about the process. Key points include:
- In Murabaha, the cost of the asset and the pre-agreed profit amount must be disclosed to the customer.
- The financial institution purchases the asset then sells it to the customer for a higher price paid in installments or all at once.
- The customer can be appointed as an agent to select the asset on behalf of the bank.
This document provides an overview of Murabaha, an Islamic financing structure. It defines Murabaha as a sale where the seller discloses the cost of an item and sells it for a higher price, adding a known profit. The document outlines the difference between Murabaha and Musawamah sales, basic rules of Islamic sales, evidence for Murabaha's validity, how it is structured as a financing transaction, potential issues, and mistakes to avoid. It concludes that Murabaha must be implemented carefully according to Islamic principles, as a legitimate sale rather than an interest-based loan.
1) Murabahah is a sale contract where the seller discloses the cost price and profit margin to the buyer. It involves the purchase and resale of assets where the seller earns a defined profit margin.
2) The key pillars of a murabahah contract include the seller, buyer, asset being traded, price, and offer/acceptance. It must also avoid elements of riba such as uncertainty around prices.
3) Modern applications of murabahah include its use in Islamic banking for financing, treasury products, sukuk issuances, and international trade. Structures like tri-party murabahah and murabahah to the purchase order are commonly used.
Ijarah is a lease contract that allows the transfer of ownership of an asset to another party for an agreed upon rental payment over a specified period of time. There are two main types of Ijarah: operating Ijarah, which does not include transfer of asset ownership at the end of the lease, and financial Ijarah (Ijarah Muntahia Bittamleek), where ownership does transfer to the lessee. The basic rules of Ijarah require that the rental amount and lease period be clearly defined upfront. Diminishing Musharakah is a partnership concept where one partner's ownership stake gradually decreases over time as the other partner purchases more shares.
ISLAMIC BANKING INSTRUMENTS IN APLLYING OF LETTER OF CREDIT (LC) Huzaimah Jaimin
This document discusses Islamic letters of credit (ILCs) and how they are applied using different Shariah contracts. It provides an overview of key Islamic trade finance products like Murabahah, Musharakah, and Wakalah that can be used as the basis for ILCs. It then examines the modus operandi and processes for Murabahah, Musharakah and Wakalah ILCs. The advantages of each model are also highlighted. The document aims to explain how ILCs can be structured in compliance with Islamic principles like the prohibition of Riba.
This document discusses the concept of Musharakah, which is an Islamic form of partnership or joint venture. It defines Musharakah, discusses its evidence in the Quran and Hadith, outlines its key pillars and types. It also covers the conditions of Musharakah partnerships, examples like Musharakah Mutanaqisah, and its modern applications.
This presentation was presented by a group of students of MBA (Finance) at University Institute of Management Sciences (University of Arid Agriculture Rawalpindi, Pakistan
Diminishing Musharakah is an Islamic financing structure where the financier and client jointly own an asset. The financier's share is divided into units that the client purchases over time through separate sale contracts, eventually becoming the sole owner. It involves three components: joint ownership through a Musharakah agreement between the bank and client, the client leasing the bank's share and paying rent, and the client gradually redeeming the bank's share by purchasing units. All schools of Islamic jurisprudence permit joint ownership and leasing one's share to a partner. The transactions cannot be combined but must occur independently through promises. An example shows a client obtaining 90% financing for an asset costing $300 million, with
This document provides an overview of Salam and Istisna contracts in Islamic finance. It defines Salam as a sale where the price is paid in full at the time of contract for goods to be delivered in the future. Istisna is defined as a sale of goods to be manufactured, where the price is not necessarily paid in full up front. The document outlines the conditions for each contract and differences between them, such as payment terms and ability to cancel. It also discusses how Istisna can be used to structure financing agreements, such as for construction projects.
1) This document discusses the Islamic finance contracts of Salam and Istisna'a, which are forward sales agreements. Salam involves payment in advance for goods to be delivered later, while Istisna'a is an agreement with a manufacturer to produce specified goods.
2) The key aspects of Salam contracts discussed include the requirements for specifying price, commodity, delivery date/location. Istisna'a similarly requires specifying the manufactured item. Parallel Salam and securitization of Salam contracts are also mentioned.
3) The objectives, features, and risks of Salam and Istisna'a contracts are analyzed, and their differences from Murabaha contracts are highlighted
This document defines and discusses the concept of bay' al-tawarruq, an Islamic financing structure. It provides the definition, evidence from Islamic legal sources, key pillars and participants, types, conditions and a modern application of bay' al-tawarruq. Bay' al-tawarruq involves the purchase of a commodity on credit followed by the immediate resale of that commodity to a third party for a lower price in cash. The document outlines the different types and conditions that must be met for bay' al-tawarruq to be valid according to Islamic law.
Mudarabah ! Islamic Finance By Mufti Taqi Usmani .Faisal Hayat
Mudarabah is a form of partnership where one party provides capital for an investment and the other party manages the project. Any profits are shared according to a predetermined ratio, while losses are borne solely by the capital provider. There are two types of Mudarabah: restricted, where the capital provider specifies the business or place; and unrestricted, where the manager has broader discretion. Mudarabah can be terminated by either party giving notice. While opinions differ, most scholars allow trading of Mudarabah certificates if non-liquid assets represent over 50% of the project's value. Mudarabah and Musharakah can also be used to finance single transactions like imports.
An authentic and comprehensive presentation on Musharaka - the Islamic Finance instrument. The presentation covers the classic fiqh aspects of Shirqat and also Musharaka as we know it in Islamic banking parlance today.
This document discusses the Islamic concepts of Riba, Gharar and Qimar. It defines Riba as any excess compensation without due consideration, especially interest charged on loans. The document outlines verses from the Quran that prohibit Riba and classify two types of Riba - Riba al-Nasiyah (interest charged on loans) and Riba al-Fadl (excess received when exchanging specific commodities). It also discusses the prohibition of Gharar (uncertainty) in contracts and defines Qimar as events where there is a possibility of total loss for one party.
The document discusses the concept of Mudarabah, an Islamic financing structure. Mudarabah is a partnership between an investor and a manager, where the investor provides capital and the manager provides labor/expertise. Profits are shared according to a pre-agreed ratio, while losses are borne solely by the investor. The document outlines the key elements of Mudarabah contracts including capital requirements, management roles, profit/loss distribution, and termination procedures. It also compares Mudarabah to other structures like Musharakah and analyzes various risks in Mudarabah like credit, market, and liquidity risks.
The document provides an introduction to various Islamic financing concepts, including Musharakah, Mudarabah, Murabahah, Ijarah, and Salam/Istisna.
Musharakah refers to a partnership where two or more parties contribute capital to a business and share profits and losses. Mudarabah is a partnership where one party provides capital and the other manages the business, with profits shared according to a predetermined ratio. Murabahah involves the sale of an asset at a pre-agreed markup over cost. Ijarah is a leasing contract where the lessor transfers use of an asset to the lessee for a rental fee but retains ownership.
Musharakah is an Islamic financing structure where two or more parties agree to contribute capital to a business venture with the goal of sharing profits and losses. It is a form of partnership permitted under Islamic law. The document discusses the definition of Musharakah according to Bank Negara Malaysia, how profits and losses are shared, examples of how it can be applied, its origins in the Quran and hadith, and the consensus of Muslim jurists that it is valid.
Mudarabah is an Islamic contract where one party provides capital to another party for investing in a commercial enterprise. The capital provider is called rabb-ul-mal and the manager is called mudarib. Profits are shared according to a predetermined ratio, while losses are solely borne by the capital provider except in cases of misconduct or negligence by the mudarib. There are two main types of mudarabah - restricted and unrestricted. The contract can be terminated by either party with notice. Mudarabah is used by Islamic banks to accept deposits and invest funds on behalf of depositors based on profit and loss sharing. However, there are also risks involved for the banks in applying mudarabah.
MUSYARAKAH MUTANAQISAH AN ALTERNATIVES TO BBA IN HOME FINANCINGmiss_hajar
1) MMP is an alternative to BBA in home financing that is based on three contracts: musharakah, ijarah, and bay'. Under MMP, the customer and bank jointly own the asset, the bank leases its share to the customer, and the customer gradually buys out the bank's share.
2) BBA is a deferred payment sale that is widely used in Asia but has been ruled as containing riba' elements and being inequitable for customers. It requires customers to pay the full price even if the developer neglects the property.
3) MMP offers advantages over BBA for both banks and customers, including risk sharing and flexible rescheduling. It allows customers to fully own
The document discusses Mudaraba, which is an Islamic financing concept where one party provides capital to another party to carry out a business venture. The two main parties are the Rab-ul-Mal, who provides the capital, and the Mudarib, who manages the business. The document outlines the roles and responsibilities of each party, as well as how profits and losses are distributed. It also provides information on the regulatory framework for Mudaraba companies in Pakistan and discusses ways to further develop the Islamic capital market.
This document provides an overview of Murabaha finance, which is a particular type of sale in Islamic finance where the seller discloses the cost of purchasing an asset and sells it to the buyer at a higher price to generate a profit. The document defines Murabaha and explains its key features and components. It also outlines three common models for structuring Murabaha transactions, with Model III involving banks as the most prevalent in modern Islamic banking. Model III is explained in further detail through its typical phases and documentation requirements.
Murabaha is an Islamic financing structure where a financial institution purchases an asset for a customer and sells it to them at an agreed upon markup. The document defines Murabaha, provides examples of how it works, and answers common questions about the process. Key points include:
- In Murabaha, the cost of the asset and the pre-agreed profit amount must be disclosed to the customer.
- The financial institution purchases the asset then sells it to the customer for a higher price paid in installments or all at once.
- The customer can be appointed as an agent to select the asset on behalf of the bank.
This document provides an overview of Murabaha, an Islamic financing structure. It defines Murabaha as a sale where the seller discloses the cost of an item and sells it for a higher price, adding a known profit. The document outlines the difference between Murabaha and Musawamah sales, basic rules of Islamic sales, evidence for Murabaha's validity, how it is structured as a financing transaction, potential issues, and mistakes to avoid. It concludes that Murabaha must be implemented carefully according to Islamic principles, as a legitimate sale rather than an interest-based loan.
1) Murabahah is a sale contract where the seller discloses the cost price and profit margin to the buyer. It involves the purchase and resale of assets where the seller earns a defined profit margin.
2) The key pillars of a murabahah contract include the seller, buyer, asset being traded, price, and offer/acceptance. It must also avoid elements of riba such as uncertainty around prices.
3) Modern applications of murabahah include its use in Islamic banking for financing, treasury products, sukuk issuances, and international trade. Structures like tri-party murabahah and murabahah to the purchase order are commonly used.
Ijarah is a lease contract that allows the transfer of ownership of an asset to another party for an agreed upon rental payment over a specified period of time. There are two main types of Ijarah: operating Ijarah, which does not include transfer of asset ownership at the end of the lease, and financial Ijarah (Ijarah Muntahia Bittamleek), where ownership does transfer to the lessee. The basic rules of Ijarah require that the rental amount and lease period be clearly defined upfront. Diminishing Musharakah is a partnership concept where one partner's ownership stake gradually decreases over time as the other partner purchases more shares.
ISLAMIC BANKING INSTRUMENTS IN APLLYING OF LETTER OF CREDIT (LC) Huzaimah Jaimin
This document discusses Islamic letters of credit (ILCs) and how they are applied using different Shariah contracts. It provides an overview of key Islamic trade finance products like Murabahah, Musharakah, and Wakalah that can be used as the basis for ILCs. It then examines the modus operandi and processes for Murabahah, Musharakah and Wakalah ILCs. The advantages of each model are also highlighted. The document aims to explain how ILCs can be structured in compliance with Islamic principles like the prohibition of Riba.
This document discusses the concept of Musharakah, which is an Islamic form of partnership or joint venture. It defines Musharakah, discusses its evidence in the Quran and Hadith, outlines its key pillars and types. It also covers the conditions of Musharakah partnerships, examples like Musharakah Mutanaqisah, and its modern applications.
This presentation was presented by a group of students of MBA (Finance) at University Institute of Management Sciences (University of Arid Agriculture Rawalpindi, Pakistan
Diminishing Musharakah is an Islamic financing structure where the financier and client jointly own an asset. The financier's share is divided into units that the client purchases over time through separate sale contracts, eventually becoming the sole owner. It involves three components: joint ownership through a Musharakah agreement between the bank and client, the client leasing the bank's share and paying rent, and the client gradually redeeming the bank's share by purchasing units. All schools of Islamic jurisprudence permit joint ownership and leasing one's share to a partner. The transactions cannot be combined but must occur independently through promises. An example shows a client obtaining 90% financing for an asset costing $300 million, with
This document provides an overview of Salam and Istisna contracts in Islamic finance. It defines Salam as a sale where the price is paid in full at the time of contract for goods to be delivered in the future. Istisna is defined as a sale of goods to be manufactured, where the price is not necessarily paid in full up front. The document outlines the conditions for each contract and differences between them, such as payment terms and ability to cancel. It also discusses how Istisna can be used to structure financing agreements, such as for construction projects.
1) This document discusses the Islamic finance contracts of Salam and Istisna'a, which are forward sales agreements. Salam involves payment in advance for goods to be delivered later, while Istisna'a is an agreement with a manufacturer to produce specified goods.
2) The key aspects of Salam contracts discussed include the requirements for specifying price, commodity, delivery date/location. Istisna'a similarly requires specifying the manufactured item. Parallel Salam and securitization of Salam contracts are also mentioned.
3) The objectives, features, and risks of Salam and Istisna'a contracts are analyzed, and their differences from Murabaha contracts are highlighted
This document defines and discusses the concept of bay' al-tawarruq, an Islamic financing structure. It provides the definition, evidence from Islamic legal sources, key pillars and participants, types, conditions and a modern application of bay' al-tawarruq. Bay' al-tawarruq involves the purchase of a commodity on credit followed by the immediate resale of that commodity to a third party for a lower price in cash. The document outlines the different types and conditions that must be met for bay' al-tawarruq to be valid according to Islamic law.
Mudarabah ! Islamic Finance By Mufti Taqi Usmani .Faisal Hayat
Mudarabah is a form of partnership where one party provides capital for an investment and the other party manages the project. Any profits are shared according to a predetermined ratio, while losses are borne solely by the capital provider. There are two types of Mudarabah: restricted, where the capital provider specifies the business or place; and unrestricted, where the manager has broader discretion. Mudarabah can be terminated by either party giving notice. While opinions differ, most scholars allow trading of Mudarabah certificates if non-liquid assets represent over 50% of the project's value. Mudarabah and Musharakah can also be used to finance single transactions like imports.
An authentic and comprehensive presentation on Musharaka - the Islamic Finance instrument. The presentation covers the classic fiqh aspects of Shirqat and also Musharaka as we know it in Islamic banking parlance today.
“Mudarabah” is a special kind of partnership where one partner gives money to another for investing it in a commercial enterprise. The investment comes from the first partner who is called “rabb-ul-mal”, while the management and work is an exclusive responsibility of the other, who is called “mudarib”.
Burj Bank Limited is Pakistan's sixth full-fledged Islamic commercial bank, operating according to Shariah principles of Islamic finance. It offers various Shariah-compliant financing products using modes of financing like musharakah and mudarabah.
Musharakah involves a partnership where both parties contribute capital and share profits and losses. It is used by Burj Bank for project financing, working capital, imports and more. Mudarabah is an investment partnership where one party provides capital and the other manages it, splitting profits according to a predetermined ratio. Burj Bank uses detailed rules and contract terms for musharakah and mudarabah arrangements with customers.
Burj Bank is an Islamic commercial bank in Pakistan that offers various Shariah-compliant financing products using principles like musharakah and mudarabah. Musharakah involves a partnership where both parties share profits and losses from a joint business venture. Burj Bank uses musharakah for project financing, working capital financing, and other services. Mudarabah is a partnership where one party provides capital and the other provides management expertise. Burj Bank uses mudarabah for short, medium, and long-term financing, project financing, import/export financing, and other services. Both musharakah and mudarabah aim to share risks and profits in accordance with Islamic principles prohibiting interest/
1. Mudarabah is a type of partnership where one partner provides capital to another to invest in a business venture. Profits are shared according to a predetermined ratio, while losses are borne solely by the capital provider.
2. There are two types of Mudarabah - restricted, where the capital provider specifies the business or place of investment, and unrestricted, with broader investment freedom.
3. A Mudarabah can be terminated by either party through notice and distribution of profits/losses occurs according to capital ratios at termination.
Islamic financing is based on Islamic principles that prohibit interest and speculative behavior, and emphasize risk sharing and sanctity of contracts. It differs from conventional financing in that financing must be backed by real assets and involve sharing of profits and losses between partners. Common Islamic financing instruments include musharakah, mudarabah, murabahah, ijara, salam and istisna. Musharakah and mudarabah are partnership models where multiple or sole partners invest capital for a shared or compensated stake in profits and losses.
The group presentation is telling about the general description on Al Mudharabah (profit sharing partnership) transaction, which is classified under one of the Islamic Banking transactions.
This document provides an overview of various Islamic finance concepts including Musharakah (partnership), Mudarabah (profit-sharing partnership), Murabahah (cost-plus sale), Ijarah (leasing), and Bai Mu'ajjal (deferred payment sale). It defines these concepts, outlines their basic rules and differences, and provides examples to illustrate how they work in practice.
1) Mudarabah is a partnership agreement where one party provides capital while the other provides labor and management skills, with profits shared between the parties according to a predetermined ratio.
2) In mudarabah, the capital provider is called rabb-ul-maal and the manager is called the mudarib. The mudarib manages the business while the rabb-ul-maal does not interfere.
3) Mudarabah can be used by Islamic banks for investment purposes and financing projects, businesses, and private equity through profit-sharing with entrepreneurs. Deposits from customers to banks are treated as rabb-ul-maal funds to be invested by the bank as mudarib.
Topic ii. participatory modes of islamic finance musharakah and mudarabah(2)SaudBilal1
Musharakah, Mudarabah, and Diminishing Musharakah are participatory modes of Islamic finance.
Musharakah is a partnership where both partners provide capital and work, and share profits according to agreement but losses according to capital contribution. Mudarabah is a partnership where one partner provides capital while the other provides expertise, with profits shared according to agreement but losses borne by capital provider.
Diminishing Musharakah allows a client to gradually purchase a financier's shares in a jointly owned asset over time through periodic payments until becoming sole owner, compensating the financier through return of capital. These structures can be used to finance various projects and transactions in
Silent partnership, also known as mudarabah or qirad, is an Islamic business contract where one party provides capital to another party who uses it to conduct business activities. Any profits generated are shared according to a predetermined formula agreed upon by both parties, while losses are solely borne by the capital provider. There are differing views among Islamic schools of jurisprudence on whether restrictions can be placed on how the business is conducted. The contract is considered legally valid as long as certain conditions are met, such as the capital being monetary and present for use.
Shirkah refers to partnership in Islamic commercial law. There are two main types: shirkah al milk which is joint ownership of property, and shirkah al 'aqd which is a joint commercial enterprise where partners share capital and profit. Mudharabah is a specific type of partnership where one partner provides capital to another to invest in a business venture. The capital provider shares profit according to a profit ratio but bears any losses. Double mudharabah allows the capital from one mudharabah partnership to be invested in another mudharabah contract.
This document provides an overview of key Islamic finance concepts including Musharakah, Mudarabah, Murabahah, and Ijarah. It defines Musharakah as a partnership contract between partners on both capital and profit. It can include partnerships of ownership or contracts. Mudarabah is a partnership where one partner provides capital and the other provides labor/management. Key differences between Musharakah and Mudarabah are outlined. Murabahah is a sale with a specified profit markup agreed upon by both parties. Ijarah refers to hiring or leasing, where the benefits of an asset are transferred for rent.
This document provides an overview of Mudharabah contracts in Islamic finance. Some key points:
- Mudharabah is a partnership between an investor and manager where the investor provides capital and the manager manages the project, with profits shared according to a predetermined ratio. Losses are typically borne solely by the investor.
- There are two main types - restricted Mudharabah, where the manager has constraints, and unrestricted where the manager has sole discretion.
- Mudharabah contracts find basis in the Quran and hadiths. Jurists agree they are permissible.
- Profits are shared according to the contract terms. Losses are borne by the investor
This document discusses the concept of mudarabah, a type of partnership in Islamic finance. In a mudarabah, one partner provides capital while the other provides management and labor. Profits are shared according to a predetermined ratio, while losses are absorbed by capital first. There are two types of mudarabah - restricted and unrestricted - which differ in how much freedom the mudarib is given to make investment decisions. The document outlines rules around profit and loss distribution, duties of each partner, and circumstances under which the mudarabah contract can be terminated.
Al-Musharakah is an Islamic financing method where partners share profits according to a specific ratio while sharing losses according to capital contribution ratios. It involves a joint commercial venture with capital investment from two or more parties. There are two types of partnerships (shirkah) in Islamic law - shirkat al-milk which is joint ownership of property, and shirkat al-aqd which is a contractual partnership for business. Musharakah refers specifically to shirkat al-amwal, a type of shirkat al-aqd where all partners invest capital. Basic rules for musharakah include quantified capital contributions, profit sharing by ratio rather than capital amount, and loss sharing by capital ratio.
1) Musharakah is an Islamic financing structure where multiple parties contribute capital to a business venture and share profits according to a predetermined ratio. It can be used as an alternative to interest-based financing.
2) There are two types of Shirkah (partnership) in Islamic law - Shirkat al-Milk which is joint ownership of property, and Shirkat al-Aqd which is a commercial partnership formed by contract. Musharakah refers specifically to Shirkat al-Amwal, a type of Shirkat al-Aqd where all partners invest capital.
3) For a Musharakah to be valid, the capital contributions must be clearly defined, profit
Al-Musharakah is an Islamic financing method where partners share profits according to a specified ratio while sharing losses according to capital contribution ratios. It involves a joint commercial venture with capital investment from two or more parties. There are two types of partnerships (shirkah) in Islamic law - shirkat al-milk which is joint ownership of property, and shirkat al-aqd which is a contractual partnership for business. Musharakah refers specifically to shirkat al-aqd partnerships where all partners invest capital. The rules for Musharakah require capital contributions to be specified, management and profit/loss sharing to be agreed upon, and the partnership can be terminated by any partner or due to specific
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Collapsing Narratives: Exploring Non-Linearity • a micro report by Rosie WellsRosie Wells
Insight: In a landscape where traditional narrative structures are giving way to fragmented and non-linear forms of storytelling, there lies immense potential for creativity and exploration.
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This presentation by OECD, OECD Secretariat, was made during the discussion “Competition and Regulation in Professions and Occupations” held at the 77th meeting of the OECD Working Party No. 2 on Competition and Regulation on 10 June 2024. More papers and presentations on the topic can be found at oe.cd/crps.
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Suzanne Lagerweij - Influence Without Power - Why Empathy is Your Best Friend...Suzanne Lagerweij
This is a workshop about communication and collaboration. We will experience how we can analyze the reasons for resistance to change (exercise 1) and practice how to improve our conversation style and be more in control and effective in the way we communicate (exercise 2).
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This presentation by Professor Alex Robson, Deputy Chair of Australia’s Productivity Commission, was made during the discussion “Competition and Regulation in Professions and Occupations” held at the 77th meeting of the OECD Working Party No. 2 on Competition and Regulation on 10 June 2024. More papers and presentations on the topic can be found at oe.cd/crps.
This presentation was uploaded with the author’s consent.
XP 2024 presentation: A New Look to Leadershipsamililja
Presentation slides from XP2024 conference, Bolzano IT. The slides describe a new view to leadership and combines it with anthro-complexity (aka cynefin).
Carrer goals.pptx and their importance in real lifeartemacademy2
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2. •“Mudarabah” is a special kind of partnership where one partner gives money to another for investing it in a commercial enterprise.
•The investment comes from the first partner who is called “rabb-ulmal”, while the management and work is an exclusive responsibility of the other, who is called “mudarib”.
3. Points of Difference – Mudarabah and Musharakah
1. The investment in musharakah comes from all the partners, while in mudarabah, investment is the sole responsibility of rabb-ulmal.
2. In musharakah, all the partners can participate in the management of the business and can work for it, while in mudarabah, the rabb-ul- mal has no right to participate in the management which is carried out by the mudarib only.
3. In musharakah all the partners share the loss to the extent of the ratio of their investment while in mudarabah the loss, if any, is suffered by the rabb-ul-mal only, because the mudarib does not invest anything. His loss is restricted to the fact that his labor has gone in vain and his work has not brought any fruit to him. However, this principle is subject to a condition that the mudarib has worked with due diligence which is normally required for the business of that type. If he has worked with negligence or has committed dishonesty, he shall be liable for the loss caused by his negligence or misconduct.
4. 4. The liability of the partners in musharakah is normally unlimited. Therefore, if the liabilities of the business exceed its assets and the business goes in liquidation, all the exceeding liabilities shall be borne pro rata by all the partners. However, if all the partners have agreed that no partner shall incur any debt during the course of business, then the exceeding liabilities shall be borne by that partner alone who has incurred a debt on the business in violation of the aforesaid condition. Contrary to this is the case of mudarabah. Here the liability of rabb-ul-mal is limited to his investment, unless he has permitted the mudarib to incur debts on his behalf.
5. 5. In musharakah, as soon as the partners mix up their capital in a joint pool, all the assets of the musharakah become jointly owned by all of them according to the proportion of their respective investment. Therefore, each one of them can benefit from the appreciation in the value of the assets, even if profit has not accrued through sales.
The case of mudarabah is different. Here all the goods purchased by the mudarib are solely owned by the rabb-ul-mal, and the mudarib can earn his share in the profit only in case he sells the goods profitably. Therefore, he is not entitled to claim his share in the assets themselves, even if their value has increased (However, some jurists have opined that any natural increase in the capital may be taken as a profit distributable between the rabbul-mal and mudarib. For example, if the capital was in the form of sheep, and lambs were born to some of them, these lambs will be taken as profit and will be shared between the parties according to the agreed proportions (see al- Nawawi, Rawdat al-Talibin, 5:125). But this is a minority view).
6. Business of Mudarabah
•The rabb-ul-mal may specify a particular business for the mudarib, in which case he shall invest the money in that particular business only.
•This is called al-mudarabah al-muqayyadah (restricted mudarabah).
•But if he has left it open for the mudarib to undertake whatever business he wishes, the mudarib shall be authorized to invest the money in any business he deems fit. This type of mudarabah is called “al-mudarabah al-mutlaqah” (unrestricted mudarabah).
7. •A rabbul-mal can contract mudarabah with more than one person through a single transaction.
•It means that he can offer his money to A and B both, so that each one of them can act for him as mudarib and the capital of the mudarabah shall be utilized by both of them jointly, and the share of the mudarib shall be distributed between them according to the agreed proportion (Ibn Qudamah, Al-Mughni, 5:145).
•In this case both the mudaribs shall run the business as if they were partners inter se.
8. •The mudarib or mudaribs, as the case may be, are authorized to do anything which is normally done in the course of business.
•However, if they want to do an extraordinary work, which is beyond the normal routine of the traders, they cannot do so without express permission from the rabb-ul-mal.
9. Distribution of the Profit
•It is necessary for the validity of mudarabah that the parties agree, right at the beginning, on a definite proportion of the actual profit to which each one of them is entitled.
•No particular proportion has been prescribed by the Shari‘ah; rather, it has been left to their mutual consent.
•They can share the profit in equal proportions, and they can also allocate different proportions for the rabb-ul-mal and the mudarib.
•However, they cannot allocate a lump sum amount of profit for any party, nor can they determine the share of any party at a specific rate tied up with the capital.
•For example, if the capital is Rs. 100000/- they cannot agree on a condition that Rs. 10000/- out of the profit shall be the share of the mudarib, nor can they say that 20% of the capital shall be given to rabb-ul-mal.
10. •However, they can agree on that 40% of the actual profit shall go to the mudarib and 60% to the rabb-ul- mal or vice versa.
•It is also allowed that different proportions are agreed in different situations.
•For example the rabbul-mal can say to mudarib, “If you trade in wheat, you will get 50% of the profit and if you trade in flour, you will have 33% of the profit.
•Similarly, he can say “If you do the business in your town, you will be entitled to 30% of the profit, and if you do it in another town, your share will be 50% of the profit.” (Al-Kasani, Bada’i‘ al-Sana’i‘, 6:99)
11. •Apart from the agreed proportion of the profit, as determined in the above manner, the mudarib cannot claim any periodical salary or a fee or remuneration for the work done by him for the mudarabah (Al-Sarakhsi, al-Mabsut, 22:149–50).
•All the schools of Islamic Fiqh are unanimous on this point.
•However, Imam Ahmad has allowed for the mudarib to draw his daily expenses of food only from the mudarabah account (Ibn Qudamah, Al- Mughni, 5:186).
12. •The Hanafi jurists restrict this right of the mudarib only to a situation when he is on a business trip outside his own city.
•In this case he can claim his personal expenses, accommodation, food, etc., but he is not entitled to get anything as daily allowances when he is in his own city (Al-Kasani, Bada’i‘ al-Sana’i‘, 6:109).
•If the business has incurred loss in some transactions and has gained profit in some others, the profit shall be used to offset the loss at the first instance, then the remainder, if any, shall be distributed between the parties according to the agreed ratio (Ibn Qudamah, Al- Mughni, 5:168).
13. Termination of Mudarabah
•The contract of mudarabah can be terminated at any time by either of the two parties.
•The only condition is to give a notice to the other party.
•If all the assets of the mudarabah are in cash form at the time of termination, and some profit has been earned on the principal amount, it shall be distributed between the parties according to the agreed ratio.
•However, if the assets of the mudarabah are not in the cash form, the mudarib shall be given an opportunity to sell and liquidate them, so that the actual profit may be determined (Al-Kasani, Bada’i‘ al-Sana’i‘, 6:109).
14. •There is a difference of opinion among the Muslim jurists about the question whether the contract of mudarabah can be effected for a specified period after which it terminates automatically.
•The Hanafi and Hanbali schools are of the view that the mudarabah can be restricted to a particular term, like one year, six months, etc, after which it will come to an end without a notice.
•On the contrary, Shafi’i and Maliki schools are of the opinion that the mudarabah cannot be restricted to a particular time (Ibid., 6:99. See also Ibn Qudamah, al-Mughni, 5:185–86 and al-Sarakhsi, al-
•Mabsut, 22:133).
15. •However, this difference of opinion relates only to the maximum time-limit of the mudarabah.
•Can a minimum time-limit also be fixed by the parties before which mudarabah cannot be terminated?
•No express answer to this question is found in the books of Islamic Fiqh, but it appears from the general principles enumerated therein that no such limit can be fixed, and each party is at liberty to terminate the contract whenever he wishes.
16. •This unlimited power of the parties to terminate the mudarabah at their pleasure may create some difficulties in the context of the present circumstances, because most of the commercial enterprises today need time to bring fruits.
•They also demand constant and complex efforts.
•Therefore, it may be disastrous to the project, if the rabb-ul-mal terminates the mudarabah right in the beginning of the enterprise.
•Specially, it may bring a severe set-back to the mudarib who will earn nothing despite all his efforts.
•Therefore, if the parties agree, when entering into the mudarabah, that no party shall terminate it during a specified period, except in specified circumstances, it does not seem to violate any principle of Shari‘ah, particularly in the light of the famous hadith, already quoted, which says: المسلمون على شروطهم الا شرطا احل حراما او حرم حلالا - All the conditions agreed upon by the Muslims are upheld, except a condition which allows what is prohibited or prohibits what is lawful.
17. Combination of Musharakah and Mudarabah
•A contract of mudarabah normally presumes that the mudarib has not invested anything to the mudarabah.
•He is responsible for the management only, while all the investment comes from rabb-ulmal.
•But there may be situations where mudarib also wants to invest some of his money into the business of mudarabah. In such cases, musharakah and mudarabah are combined together.
18. •For example, A gave to B Rs. 100000/- in a contract of mudarabah. B added Rs. 50000/- from his own pocket with the permission of A. This type of partnership will be treated as a combination of musharakah and mudarabah. Here the mudarib may allocate for himself a certain percentage of profit on account of his investment as a sharik, and at the same time he may allocate another percentage for his management and work as a mudarib. The normal basis for allocation of the profit in the above example would be that B shall secure one third of the actual profit on account of his investment, and the remaining two thirds of the profit shall be distributed between them equally. However, the parties may agree on any other proportion. The only condition is that the sleeping partner should not get more percentage than the proportion of his investment.
19. •Therefore, in the aforesaid example, A cannot allocate for himself more than two thirds of the total profit, because he has not invested more than two thirds of the total capital.
•Short of that, they can agree on any proportion. If they have agreed on that the total profit will be distributed equally, it means that one third of the profit shall go to B as an investor, while one fourth of the remaining two thirds will go to him as a mudarib.
•The rest will be given to A as “rabb-ul-mal.” (See Ibn Qudamah, al-Mughni, 5:136–37; and al-Kasani, Bada’i‘ al- Sana’i‘)
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