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Search Fatawaa

Subject : Ruling on the Murabaha Contract from Cities and Villages Development Bank

Fatwa Number : 2996

Date : 15-10-2014

Classified : Transactions & Marketing

Fatwa Type : Search Fatawaa

Question :

What is the ruling on merchandise Murabaha contract from Cities and Villages Development Bank ?

The Answer :

All perfect praise be to Allah. Blessings and peace be upon Prophet Mohammad.

The Iftaa` committee at the General Iftaa` Department reviewed the (attached copy of Murabaha contracts ) pertaining to Cities and Villages Development Bank and found that they adhere to the Islamic pillars and lack the restrictions and errors that render them invalid; therefore, there is no harm in dealing with them.

However, the Bank`s employee is in charge of making sure that the conditions for the validity of such transaction are met, and he should also consider every transaction separately. And Allah knows best.



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