Murabaha: (Cost plus)
A Murabaha transaction is basically a cost plus profit financing transaction in which a
tangible asset is purchased by an Islamic bank at the request of its customer from a
supplier. The Islamic bank sells this asset to its customer on a deferred sales basis with a
mark up that is bank’s profit. The mark up on the asset cannot be altered during the life of
the contract. The Murabaha deals offer enough flexibility to be used in real estate and
project financing.
Ijara and Ijara wa-Iqtina: (leasing and lease purchase)
Ijara and Ijara wa-iqtina are Islamic leasing concepts similar to western operating and
finance leases. Ijara is similar to conventional operating lease, where in an Islamic bank
(lesser) leases the asset to the client (lessee) for agreed on lease payments for a specified
period of time, but with no option of ownership for the lessee. The maintenance and
insurance is the responsibility of the lesser.
On the other hand, in ijara wa iqtina, lessee has the option of owing the asset at the
termination of the lease. In both types of leasing, the lease payments must be agreed on in
advance to avoid any speculation.
Istinsa: (leasing structured mode)
Istinsa is a leasing mode which is used to finance long term or large scale facilities
involving like construction of a sugar plant. In this mode, bank could either own the plant
and charge the lessee a fee based on profits or sell the plant to the company on a deffered
basis similarly like the Murabaha transaction.
Mudaraba: (profit-sharing)
Mudaraba is a trust based financing agreement in which an investor e.g. Islamic bank
give capital to an agent for a project. Profits are based on prearranged and agreed ratio. In
case of loss earn no return and the agent receives no compensation for his effort.
Musharaka: (equity participation)
Musharaka is similar to a joint venture in which bank and agent jointly invest in some
project. They agreed on some prearranged profits and losses.
(Zaher and Hassan 2001)
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