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Islamic finance

Islamic finance

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Subrogation of the bank in place of its client in an international Murabaha transaction or in part of it, after the bank had carried out the deal of the Murabaha and prior to the settlement of the client of his debt resulting from the purchase of the goods on credit, is not Shariah permissible, because the investment have already been effected based on carrying out the transaction and there remains only the debt which is receivable from the debtor of the Murabaha.This debt is the right of the creditor who is the client. Then, for the creditor to get his capital or part thereof from the Bank before maturity date against an excess amount which is the profit of the transaction or part of it, is considered as spot sale for a credit sale,of its kind, to another party who is not the debtor with an increased amount versus period of time, a case which is considered as a state of usury.
and banking instruments