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href="#Islamic_finance,_use,_variations"> <div class="vector-toc-text"> <span class="vector-toc-numb">2</span> <span>Islamic finance, use, variations</span> </div> </a> <button aria-controls="toc-Islamic_finance,_use,_variations-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Islamic finance, use, variations subsection</span> </button> <ul id="toc-Islamic_finance,_use,_variations-sublist" class="vector-toc-list"> <li id="toc-Variations" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Variations"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.1</span> <span>Variations</span> </div> </a> <ul id="toc-Variations-sublist" class="vector-toc-list"> <li id="toc-Bay'_bithaman_'ajil" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Bay'_bithaman_'ajil"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.1.1</span> <span><i>Bay' bithaman 'ajil</i></span> </div> </a> <ul id="toc-Bay'_bithaman_'ajil-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Bay'_al-Ina" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Bay'_al-Ina"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.1.2</span> <span><i>Bay' al-Ina</i></span> </div> </a> <ul id="toc-Bay'_al-Ina-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Bay'_al-Tawarruq" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Bay'_al-Tawarruq"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.1.3</span> <span><i>Bay' al-Tawarruq</i></span> </div> </a> <ul id="toc-Bay'_al-Tawarruq-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Legal_status" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Legal_status"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.2</span> <span>Legal status</span> </div> </a> <ul id="toc-Legal_status-sublist" class="vector-toc-list"> <li id="toc-United_States" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#United_States"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.2.1</span> <span>United States</span> </div> </a> <ul id="toc-United_States-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> </ul> </li> <li id="toc-Challenges_and_criticism" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Challenges_and_criticism"> <div class="vector-toc-text"> <span class="vector-toc-numb">3</span> <span>Challenges and criticism</span> </div> </a> <ul id="toc-Challenges_and_criticism-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-See_also" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#See_also"> <div class="vector-toc-text"> <span class="vector-toc-numb">4</span> <span>See also</span> </div> </a> <ul id="toc-See_also-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-References" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#References"> <div class="vector-toc-text"> <span class="vector-toc-numb">5</span> <span>References</span> </div> </a> <button aria-controls="toc-References-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle References subsection</span> </button> <ul id="toc-References-sublist" class="vector-toc-list"> <li id="toc-Notes" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Notes"> <div class="vector-toc-text"> <span class="vector-toc-numb">5.1</span> <span>Notes</span> </div> </a> <ul id="toc-Notes-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Citations" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Citations"> <div class="vector-toc-text"> <span class="vector-toc-numb">5.2</span> <span>Citations</span> </div> </a> <ul id="toc-Citations-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Books,_documents" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Books,_documents"> <div class="vector-toc-text"> <span class="vector-toc-numb">5.3</span> <span>Books, documents</span> </div> </a> <ul id="toc-Books,_documents-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-External_links" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#External_links"> <div class="vector-toc-text"> <span class="vector-toc-numb">6</span> <span>External links</span> </div> </a> <ul id="toc-External_links-sublist" class="vector-toc-list"> </ul> </li> </ul> </div> </div> </nav> </div> </div> <div class="mw-content-container"> <main id="content" class="mw-body"> <header class="mw-body-header vector-page-titlebar"> <nav aria-label="Contents" class="vector-toc-landmark"> <div id="vector-page-titlebar-toc" class="vector-dropdown vector-page-titlebar-toc vector-button-flush-left" > <input type="checkbox" id="vector-page-titlebar-toc-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-vector-page-titlebar-toc" class="vector-dropdown-checkbox " aria-label="Toggle the table of contents" > <label id="vector-page-titlebar-toc-label" for="vector-page-titlebar-toc-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--icon-only " aria-hidden="true" ><span class="vector-icon mw-ui-icon-listBullet mw-ui-icon-wikimedia-listBullet"></span> <span class="vector-dropdown-label-text">Toggle the table of contents</span> </label> <div class="vector-dropdown-content"> <div id="vector-page-titlebar-toc-unpinned-container" class="vector-unpinned-container"> </div> </div> </div> </nav> <h1 id="firstHeading" class="firstHeading mw-first-heading"><span class="mw-page-title-main">Murabaha</span></h1> <div id="p-lang-btn" class="vector-dropdown mw-portlet mw-portlet-lang" > <input type="checkbox" id="p-lang-btn-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-p-lang-btn" class="vector-dropdown-checkbox mw-interlanguage-selector" aria-label="Go to an article in another language. Available in 16 languages" > <label id="p-lang-btn-label" for="p-lang-btn-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--action-progressive mw-portlet-lang-heading-16" aria-hidden="true" ><span class="vector-icon mw-ui-icon-language-progressive mw-ui-icon-wikimedia-language-progressive"></span> <span class="vector-dropdown-label-text">16 languages</span> </label> <div class="vector-dropdown-content"> <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li class="interlanguage-link interwiki-ar mw-list-item"><a href="https://ar.wikipedia.org/wiki/%D9%85%D8%B1%D8%A7%D8%A8%D8%AD%D8%A9" title="مرابحة – Arabic" lang="ar" hreflang="ar" data-title="مرابحة" data-language-autonym="العربية" data-language-local-name="Arabic" class="interlanguage-link-target"><span>العربية</span></a></li><li class="interlanguage-link interwiki-bn mw-list-item"><a href="https://bn.wikipedia.org/wiki/%E0%A6%AE%E0%A7%81%E0%A6%B0%E0%A6%BE%E0%A6%AC%E0%A6%BE%E0%A6%B9%E0%A6%BE" title="মুরাবাহা – Bangla" lang="bn" hreflang="bn" data-title="মুরাবাহা" data-language-autonym="বাংলা" data-language-local-name="Bangla" class="interlanguage-link-target"><span>বাংলা</span></a></li><li class="interlanguage-link interwiki-ba mw-list-item"><a href="https://ba.wikipedia.org/wiki/%D0%9C%D1%83%D1%80%D0%B0%D0%B1%D0%B0%D1%85%D0%B0" title="Мурабаха – Bashkir" lang="ba" hreflang="ba" data-title="Мурабаха" data-language-autonym="Башҡортса" data-language-local-name="Bashkir" class="interlanguage-link-target"><span>Башҡортса</span></a></li><li class="interlanguage-link interwiki-ary mw-list-item"><a href="https://ary.wikipedia.org/wiki/%D9%85%D8%B1%D8%A7%D8%A8%D8%AD%D8%A9" title="مرابحة – Moroccan Arabic" lang="ary" hreflang="ary" data-title="مرابحة" data-language-autonym="الدارجة" data-language-local-name="Moroccan Arabic" class="interlanguage-link-target"><span>الدارجة</span></a></li><li class="interlanguage-link interwiki-de mw-list-item"><a href="https://de.wikipedia.org/wiki/Murabaha" title="Murabaha – German" lang="de" hreflang="de" data-title="Murabaha" data-language-autonym="Deutsch" data-language-local-name="German" class="interlanguage-link-target"><span>Deutsch</span></a></li><li class="interlanguage-link interwiki-fa mw-list-item"><a href="https://fa.wikipedia.org/wiki/%D8%A8%D9%87%D8%B1%D9%87%E2%80%8C%DA%A9%D8%A7%D8%B1%DB%8C" title="بهره‌کاری – Persian" lang="fa" hreflang="fa" data-title="بهره‌کاری" data-language-autonym="فارسی" data-language-local-name="Persian" class="interlanguage-link-target"><span>فارسی</span></a></li><li class="interlanguage-link interwiki-fr mw-list-item"><a href="https://fr.wikipedia.org/wiki/Murabaha" title="Murabaha – French" lang="fr" hreflang="fr" data-title="Murabaha" data-language-autonym="Français" data-language-local-name="French" class="interlanguage-link-target"><span>Français</span></a></li><li class="interlanguage-link interwiki-id mw-list-item"><a href="https://id.wikipedia.org/wiki/Murabahah" title="Murabahah – Indonesian" lang="id" hreflang="id" data-title="Murabahah" data-language-autonym="Bahasa Indonesia" data-language-local-name="Indonesian" class="interlanguage-link-target"><span>Bahasa Indonesia</span></a></li><li class="interlanguage-link interwiki-kk mw-list-item"><a href="https://kk.wikipedia.org/wiki/%D0%9C%D1%83%D1%80%D0%B0%D0%B1%D0%B0%D1%85%D0%B0" title="Мурабаха – Kazakh" lang="kk" hreflang="kk" data-title="Мурабаха" data-language-autonym="Қазақша" data-language-local-name="Kazakh" class="interlanguage-link-target"><span>Қазақша</span></a></li><li class="interlanguage-link interwiki-arz mw-list-item"><a href="https://arz.wikipedia.org/wiki/%D9%85%D8%B1%D8%A7%D8%A8%D8%AD%D9%87" title="مرابحه – Egyptian Arabic" lang="arz" hreflang="arz" data-title="مرابحه" data-language-autonym="مصرى" data-language-local-name="Egyptian Arabic" class="interlanguage-link-target"><span>مصرى</span></a></li><li class="interlanguage-link interwiki-ms mw-list-item"><a href="https://ms.wikipedia.org/wiki/Murabahah" title="Murabahah – Malay" lang="ms" hreflang="ms" data-title="Murabahah" data-language-autonym="Bahasa Melayu" data-language-local-name="Malay" class="interlanguage-link-target"><span>Bahasa Melayu</span></a></li><li class="interlanguage-link interwiki-ru mw-list-item"><a href="https://ru.wikipedia.org/wiki/%D0%9C%D1%83%D1%80%D0%B0%D0%B1%D0%B0%D1%85%D0%B0" title="Мурабаха – Russian" lang="ru" hreflang="ru" data-title="Мурабаха" data-language-autonym="Русский" data-language-local-name="Russian" class="interlanguage-link-target"><span>Русский</span></a></li><li class="interlanguage-link interwiki-sq mw-list-item"><a href="https://sq.wikipedia.org/wiki/Murabaha" title="Murabaha – Albanian" lang="sq" hreflang="sq" data-title="Murabaha" data-language-autonym="Shqip" data-language-local-name="Albanian" class="interlanguage-link-target"><span>Shqip</span></a></li><li class="interlanguage-link interwiki-tg mw-list-item"><a href="https://tg.wikipedia.org/wiki/%D0%91%D0%B0%D2%B3%D1%80%D0%B0%D0%BA%D0%BE%D1%80%D3%A3" title="Баҳракорӣ – Tajik" lang="tg" hreflang="tg" data-title="Баҳракорӣ" data-language-autonym="Тоҷикӣ" data-language-local-name="Tajik" class="interlanguage-link-target"><span>Тоҷикӣ</span></a></li><li class="interlanguage-link interwiki-tr mw-list-item"><a href="https://tr.wikipedia.org/wiki/Murabaha" title="Murabaha – Turkish" lang="tr" hreflang="tr" data-title="Murabaha" data-language-autonym="Türkçe" data-language-local-name="Turkish" class="interlanguage-link-target"><span>Türkçe</span></a></li><li class="interlanguage-link interwiki-ur mw-list-item"><a href="https://ur.wikipedia.org/wiki/%D9%85%D8%B1%D8%A7%D8%A8%D8%AD%DB%81" title="مرابحہ – Urdu" lang="ur" hreflang="ur" data-title="مرابحہ" data-language-autonym="اردو" 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dir="ltr"><div class="shortdescription nomobile noexcerpt noprint searchaux" style="display:none">Type of Islamic finance</div> <style data-mw-deduplicate="TemplateStyles:r1236090951">.mw-parser-output .hatnote{font-style:italic}.mw-parser-output div.hatnote{padding-left:1.6em;margin-bottom:0.5em}.mw-parser-output .hatnote i{font-style:normal}.mw-parser-output .hatnote+link+.hatnote{margin-top:-0.5em}@media print{body.ns-0 .mw-parser-output .hatnote{display:none!important}}</style><div role="note" class="hatnote navigation-not-searchable">Not to be confused with <a href="/wiki/Murabba" title="Murabba">Murabba</a>.</div> <style data-mw-deduplicate="TemplateStyles:r1129693374">.mw-parser-output .hlist dl,.mw-parser-output .hlist ol,.mw-parser-output .hlist ul{margin:0;padding:0}.mw-parser-output .hlist dd,.mw-parser-output .hlist dt,.mw-parser-output .hlist li{margin:0;display:inline}.mw-parser-output .hlist.inline,.mw-parser-output .hlist.inline dl,.mw-parser-output .hlist.inline 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href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1246091330"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1246091330"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1246091330"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><table class="sidebar sidebar-collapse nomobile nowraplinks"><tbody><tr><td class="sidebar-pretitle" style="background: #dcf5dc;">Part of <a href="/wiki/Category:Islamic_jurisprudence" title="Category:Islamic jurisprudence">a series</a> on</td></tr><tr><th class="sidebar-title-with-pretitle" style="background: #dcf5dc;;background: #dcf5dc;padding-top:0.2em; display:block;margin-bottom:0.25em;"><a href="/wiki/Fiqh" title="Fiqh">Islamic jurisprudence<br />(<i>fiqh</i>)</a></th></tr><tr><td class="sidebar-image"><span typeof="mw:File"><a href="/wiki/File:ALFiqh.png" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/0/03/ALFiqh.png/125px-ALFiqh.png" decoding="async" width="125" height="125" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/0/03/ALFiqh.png/188px-ALFiqh.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/0/03/ALFiqh.png/250px-ALFiqh.png 2x" data-file-width="576" data-file-height="576" /></a></span></td></tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background: #dcf5dc;;background: #dcf5dc;padding-left:0.4em;text-align:center;padding-right:0.4em;;color: var(--color-base)"><a href="/wiki/Ibadah" title="Ibadah">Ritual</a></div><div class="sidebar-list-content mw-collapsible-content plainlist" style="padding-left:1.5em;padding-right:1.5em;"><table class="sidebar nomobile nowraplinks" style="background-color: transparent; color: var( --color-base ); border-collapse:collapse; border-spacing:0px; border:none; width:100%; margin:0px; font-size:100%; clear:none; float:none"><tbody><tr><th class="sidebar-heading"> <i><a href="/wiki/Shahada" title="Shahada">Shahada</a></i></th></tr><tr><th class="sidebar-heading" style="padding-bottom:0.5em;"> <i><a href="/wiki/Salah" title="Salah">Salah</a></i></th></tr><tr><td class="sidebar-content"> <div class="hlist"> <ul><li><i><a href="/wiki/Rakat" class="mw-redirect" title="Rakat">Raka'ah</a></i></li> <li><i><a href="/wiki/Qibla" title="Qibla">Qibla</a></i></li> <li><i><a href="/wiki/Turbah" title="Turbah">Turbah</a></i></li></ul> </div> <ul><li><div style="display:inline-block; padding:0.2em 0.4em; line-height:1.2em;"><i><a href="/wiki/Sunnah_prayer" title="Sunnah prayer">Sunnah prayer</a></i> <div class="hlist"><ul><li>(<i><a href="/wiki/Tarawih" title="Tarawih">Tarawih</a></i></li><li><i><a href="/wiki/Tahajjud" title="Tahajjud">Tahajjud</a></i>)</li></ul></div></div></li> <li><i><a href="/wiki/Witr" title="Witr">Witr</a></i></li> <li><i><a href="/wiki/Nafl_prayer" title="Nafl prayer">Nafl prayer</a></i></li></ul></td> </tr><tr><th class="sidebar-heading"> <i><a href="/wiki/Sawm" class="mw-redirect" title="Sawm">Sawm</a></i></th></tr><tr><th class="sidebar-heading"> <i><a href="/wiki/Zakat" title="Zakat">Zakat</a></i></th></tr><tr><th class="sidebar-heading"> <i><a href="/wiki/Hajj" title="Hajj">Hajj</a></i></th></tr><tr><td class="sidebar-content"> <div class="hlist"> <ul><li><i><a href="/wiki/Ihram" title="Ihram">Ihram</a></i> (<a href="/wiki/Ihram_clothing" title="Ihram clothing">clothing</a></li> <li><a href="/wiki/Mut%27ah_of_Hajj" title="Mut'ah of Hajj"><i>Mut'ah</i></a>)</li> <li><i><a href="/wiki/Tawaf" class="mw-redirect" title="Tawaf">Tawaf</a></i></li> <li><i><a href="/wiki/Umrah" title="Umrah">Umrah</a></i> (<a href="/wiki/Mut%27ah_of_Hajj" title="Mut'ah of Hajj">and <i>Hajj</i></a>)</li></ul> </div></td> </tr></tbody></table></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background: #dcf5dc;;background: #dcf5dc;padding-left:0.4em;text-align:center;padding-right:0.4em;;color: var(--color-base)"><a href="/wiki/Political_aspects_of_Islam" title="Political aspects of Islam">Political</a></div><div class="sidebar-list-content mw-collapsible-content plainlist" style="padding-left:1.5em;padding-right:1.5em;"> <ul><li><a href="/wiki/Islamic_leadership" class="mw-redirect" title="Islamic leadership">Islamic leadership</a></li></ul> <div class="hlist"> <ul><li><a href="/wiki/Caliphate" title="Caliphate">Caliphate</a></li> <li><i><a href="/wiki/Majlis-ash-Shura" class="mw-redirect" title="Majlis-ash-Shura">Majlis-ash-Shura</a></i></li> <li><i><a href="/wiki/Imamate" title="Imamate">Imamate</a></i></li> <li><i><a href="/wiki/Guardianship_of_the_Islamic_Jurist" title="Guardianship of the Islamic Jurist">Wilayat al-faqih</a></i></li> <li><i><a href="/wiki/Bay%27ah" title="Bay'ah">Bay'ah</a></i></li> <li><i><a href="/wiki/Dhimmi" title="Dhimmi">Dhimmi</a></i></li> <li><i><a href="/wiki/Aman_(Islam)" title="Aman (Islam)">Aman</a></i></li></ul> </div></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background: #dcf5dc;;background: #dcf5dc;padding-left:0.4em;text-align:center;padding-right:0.4em;;color: var(--color-base)"><a href="/wiki/Islamic_family_jurisprudence" title="Islamic family jurisprudence">Family</a></div><div class="sidebar-list-content mw-collapsible-content plainlist" style="padding-left:1.5em;padding-right:1.5em;"><table class="sidebar nomobile nowraplinks" style="background-color: transparent; color: var( --color-base ); border-collapse:collapse; border-spacing:0px; border:none; width:100%; margin:0px; font-size:100%; clear:none; float:none"><tbody><tr><th class="sidebar-heading"> <a href="/wiki/Marriage_in_Islam" title="Marriage in Islam">Marriage</a></th></tr><tr><td class="sidebar-content"> <div class="hlist"> <ul><li><a href="/wiki/Islamic_marriage_contract" title="Islamic marriage contract">Contract</a></li> <li><i><a href="/wiki/Mahr" title="Mahr">Mahr</a></i></li></ul> </div> <div class="hlist"> <ul><li><i><a href="/wiki/Misyar_marriage" title="Misyar marriage">Misyar</a></i></li> <li><i><a href="/wiki/Nikah_halala" title="Nikah halala">Halala</a></i></li> <li><i><a href="/wiki/Nikah_%27urfi" title="Nikah 'urfi">Urfi</a></i></li> <li><i><a href="/wiki/Nikah_mut%27ah" title="Nikah mut'ah">Mut‘ah</a></i></li></ul> </div></td> </tr><tr><td class="sidebar-content"> <div class="hlist"> <ul><li><a href="/wiki/Polygyny_in_Islam" title="Polygyny in Islam">Polygyny</a></li> <li><a href="/wiki/Divorce_in_Islam" title="Divorce in Islam">Divorce</a> <ul><li><i><a href="/wiki/Khula" class="mw-redirect" title="Khula">Khula</a></i></li> <li><i><a href="/wiki/Zihar" title="Zihar">Zihar</a></i></li></ul></li> <li><i><a href="/wiki/Iddah" title="Iddah">Iddah</a></i></li> <li><i><a href="/wiki/Kafa%27ah" title="Kafa'ah">Kafa'ah</a></i></li></ul> </div> <ul><li><a href="/wiki/Islamic_adoptional_jurisprudence" title="Islamic adoptional jurisprudence">Adoption</a></li> <li><a href="/wiki/Breastfeeding_in_Islam" title="Breastfeeding in Islam">Breastfeeding</a></li></ul></td> </tr></tbody></table> <table class="sidebar nomobile nowraplinks" style="background-color: transparent; color: var( --color-base ); border-collapse:collapse; border-spacing:0px; border:none; width:100%; margin:0px; font-size:100%; clear:none; float:none"><tbody><tr><th class="sidebar-heading"> <a href="/wiki/Sexuality_in_Islam" title="Sexuality in Islam">Sexual</a></th></tr><tr><td class="sidebar-content"> <div class="hlist"> <ul><li><i><a href="/wiki/Intimate_parts_in_Islam" title="Intimate parts in Islam">Awrah</a></i></li> <li><i><a href="/wiki/Abortion_in_Islam" class="mw-redirect" title="Abortion in Islam">Abortion</a></i></li> <li><i><a href="/wiki/Baligh" title="Baligh">Baligh</a></i></li> <li><i><a href="/wiki/Haya_(Islam)" title="Haya (Islam)">Haya</a></i></li> <li><i><a href="/wiki/Sexuality_in_Islam#Purification_and_hygiene" title="Sexuality in Islam">Hygiene</a></i></li> <li><i><a href="/wiki/Rape_in_Islamic_law" title="Rape in Islamic law">Rape</a></i></li> <li><i><a href="/wiki/Zina" title="Zina">Zina</a></i></li> <li><i><a href="/wiki/Islam_and_masturbation" class="mw-redirect" title="Islam and masturbation">Masturbation</a></i></li></ul> </div></td> </tr></tbody></table></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background: #dcf5dc;;background: #dcf5dc;padding-left:0.4em;text-align:center;padding-right:0.4em;;color: var(--color-base)"><a href="/wiki/Islamic_criminal_jurisprudence" title="Islamic criminal jurisprudence">Criminal</a></div><div class="sidebar-list-content mw-collapsible-content plainlist" style="padding-left:1.5em;padding-right:1.5em;"><table class="sidebar nomobile nowraplinks" style="background-color: transparent; color: var( --color-base ); border-collapse:collapse; border-spacing:0px; border:none; width:100%; margin:0px; font-size:100%; clear:none; float:none"><tbody><tr><td class="sidebar-content"> <ul><li><i><a href="/wiki/Hudud" title="Hudud">Hudud</a></i></li> <li><a href="/wiki/Islam_and_blasphemy" title="Islam and blasphemy">Blasphemy</a></li> <li><a href="/wiki/Maisir" title="Maisir"><i>Maisir</i>  <span style="font-size:85%;">(gambling)</span></a></li> <li><a href="/wiki/Zina" title="Zina"><i>Zina</i>  <span style="font-size:85%;">(illicit sex)</span></a></li> <li><a href="/wiki/Hirabah" title="Hirabah"><i>Hirabah</i>  <span style="font-size:85%;">(unlawful warfare and banditry)</span></a></li> <li><a href="/wiki/Fasad" title="Fasad"><i>Fasad</i>  <span style="font-size:85%;">("mischief")</span></a></li> <li><a href="/wiki/Mofsed-e-filarz" title="Mofsed-e-filarz">Mofsed-e-filarz</a>  <span style="font-size:85%;">("spreading corruption")</span></li> <li><a href="/wiki/Fitna_(word)" title="Fitna (word)">Fitna</a>  <span style="font-size:85%;">("sedition")</span></li> <li><a href="/wiki/Rajm" class="mw-redirect" title="Rajm"><i>Rajm</i>  <span style="font-size:85%;">(stoning)</span></a></li></ul></td> </tr><tr><td class="sidebar-content"> <ul><li><a href="/wiki/Tazir" title="Tazir"><i>Tazir</i>  <span style="font-size:85%;">(discretionary)</span></a></li> <li><a href="/wiki/Qisas" title="Qisas"><i>Qisas</i>  <span style="font-size:85%;">(retaliation)</span></a></li> <li><a href="/wiki/Diya_(Islam)" class="mw-redirect" title="Diya (Islam)"><i>Diya</i>  <span style="font-size:85%;">(compensation)</span></a></li></ul></td> </tr></tbody></table></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background: #dcf5dc;;background: #dcf5dc;padding-left:0.4em;text-align:center;padding-right:0.4em;;color: var(--color-base)"><a href="/wiki/Adab_(Islam)" title="Adab (Islam)">Etiquette</a></div><div class="sidebar-list-content mw-collapsible-content plainlist" style="padding-left:1.5em;padding-right:1.5em;"><div class="hlist"> <ul><li><i><a href="/wiki/Adab_(Islam)" title="Adab (Islam)">Adab</a></i></li> <li><a href="/wiki/Islam_and_gender_segregation" title="Islam and gender segregation">Gender segregation</a> (<a href="/wiki/Purdah" title="Purdah">Purdah</a>)</li> <li><i><a href="/wiki/Mahram" title="Mahram">Mahram</a></i></li> <li><a href="/wiki/Islamic_honorifics" title="Islamic honorifics">Honorifics</a></li> <li><a href="/wiki/Islamic_toilet_etiquette" title="Islamic toilet etiquette">Toilet</a></li></ul> </div></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible"><div class="sidebar-list-title" style="background: #dcf5dc;;background: #dcf5dc;padding-left:0.4em;text-align:center;padding-right:0.4em;;color: var(--color-base)"><a href="/wiki/Islamic_economics" title="Islamic economics">Economic</a></div><div class="sidebar-list-content mw-collapsible-content plainlist" style="padding-left:1.5em;padding-right:1.5em;"><table class="sidebar nomobile nowraplinks" style="background-color: transparent; color: var( --color-base ); border-collapse:collapse; border-spacing:0px; border:none; width:100%; margin:0px; font-size:100%; clear:none; float:none"><tbody><tr><td class="sidebar-content"> <a href="/wiki/History_of_Islamic_economics" title="History of Islamic economics">History</a></td> </tr><tr><th class="sidebar-heading"> <i><a href="/wiki/Zakat" title="Zakat">Zakat</a></i></th></tr><tr><td class="sidebar-content"> <div class="hlist"> <ul><li><i><a href="/wiki/Jizya" title="Jizya">Jizya</a></i></li> <li><i><a href="/wiki/Nisab" title="Nisab">Nisab</a></i></li> <li><i><a href="/wiki/Khums" title="Khums">Khums</a></i></li> <li><i><a href="/wiki/Sadaqah" title="Sadaqah">Sadaqah</a></i> (<i><a href="/wiki/Waqf" title="Waqf">Waqf</a></i>)</li></ul> </div> <ul><li><i><a href="/wiki/Bayt_al-mal" title="Bayt al-mal">Bayt al-mal</a></i></li></ul></td> </tr><tr><th class="sidebar-heading"> <a href="/wiki/Islamic_banking_and_finance" title="Islamic banking and finance">Banking</a></th></tr><tr><td class="sidebar-content"> <div class="hlist"> <ul><li><i><a href="/wiki/Riba" title="Riba">Riba</a></i></li> <li><i><a class="mw-selflink selflink">Murabaha</a></i></li> <li><i><a href="/wiki/Takaful" title="Takaful">Takaful</a></i></li> <li><i><a href="/wiki/Sukuk" title="Sukuk">Sukuk</a></i></li></ul> </div></td> </tr><tr><th class="sidebar-heading"> <a href="/wiki/Islamic_inheritance_jurisprudence" title="Islamic inheritance jurisprudence">Inheritance</a></th></tr></tbody></table></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background: #dcf5dc;;background: #dcf5dc;padding-left:0.4em;text-align:center;padding-right:0.4em;;color: var(--color-base)"><a href="/wiki/Ritual_purity_in_Islam#Hygienical_Jurisprudence" title="Ritual purity in Islam">Hygiene</a></div><div class="sidebar-list-content mw-collapsible-content plainlist" style="padding-left:1.5em;padding-right:1.5em;"><table class="sidebar nomobile nowraplinks" style="background-color: transparent; color: var( --color-base ); border-collapse:collapse; border-spacing:0px; border:none; width:100%; margin:0px; font-size:100%; clear:none; float:none"><tbody><tr><td class="sidebar-content"> <div class="hlist"> <ul><li><a href="/wiki/Islamic_sexual_hygienical_jurisprudence" class="mw-redirect" title="Islamic sexual hygienical jurisprudence">Sexual</a></li> <li><a href="/wiki/Islamic_toilet_etiquette" title="Islamic toilet etiquette">Toilet</a></li> <li><i><a href="/wiki/Ritual_purity_in_Islam" title="Ritual purity in Islam">Taharah</a></i></li> <li><i><a href="/wiki/Ihram" title="Ihram">Ihram</a></i></li> <li><i><a href="/wiki/Wudu" title="Wudu">Wudu</a></i></li> <li><i><a href="/wiki/Masah" title="Masah">Masah</a></i></li> <li><i><a href="/wiki/Ghusl" title="Ghusl">Ghusl</a></i></li> <li><i><a href="/wiki/Tayammum" title="Tayammum">Tayammum</a></i></li> <li><i><a href="/wiki/Miswak" title="Miswak">Miswak</a></i></li> <li><i><a href="/wiki/Najis" title="Najis">Najis</a></i></li> <li><i><a href="/wiki/Istinja" title="Istinja">Istinja</a></i></li></ul> </div></td> </tr><tr><th class="sidebar-heading"> <a href="/wiki/Islamic_dietary_laws" title="Islamic dietary laws">Dietary</a></th></tr><tr><td class="sidebar-content"> <div class="hlist"> <ul><li><i><a href="/wiki/Dhabihah" title="Dhabihah">Dhabihah</a></i></li> <li><a href="/wiki/Islamic_dietary_laws#Intoxicants" title="Islamic dietary laws">Alcohol</a></li> <li><a href="/wiki/Islamic_dietary_laws#Pork" title="Islamic dietary laws">Pork</a></li></ul> </div> <ul><li><span class="nowrap"><a href="/wiki/Comparison_of_Islamic_and_Jewish_dietary_laws" title="Comparison of Islamic and Jewish dietary laws">Comparison with <i>kashrut</i></a></span></li></ul></td> </tr></tbody></table></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background: #dcf5dc;;background: #dcf5dc;padding-left:0.4em;text-align:center;padding-right:0.4em;;color: var(--color-base)"><a href="/wiki/Islamic_military_jurisprudence" title="Islamic military jurisprudence">Military</a></div><div class="sidebar-list-content mw-collapsible-content plainlist" style="padding-left:1.5em;padding-right:1.5em;"> <ul><li><i><a href="/wiki/Jihad" title="Jihad">Jihad</a></i></li> <li><i><a href="/wiki/Ghanimah" title="Ghanimah">Ghanimah</a></i></li> <li><i><a href="/wiki/Hudna" title="Hudna">Hudna</a></i></li> <li><a href="/wiki/Istijarah" title="Istijarah"><i>Istijarah</i> <span style="font-size:85%;">(asylum)</span></a></li> <li><a href="/wiki/Islamic_views_on_prisoners_of_war" title="Islamic views on prisoners of war">Prisoners of war</a></li></ul></div></div></td> </tr><tr><td class="sidebar-below" style="border-top:1px solid #dcf5dc;border-bottom:1px solid #dcf5dc;padding-bottom:0.4em;"> <a href="/wiki/Islamic_studies" title="Islamic studies">Islamic studies</a></td></tr><tr><td class="sidebar-navbar"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><style data-mw-deduplicate="TemplateStyles:r1239400231">.mw-parser-output .navbar{display:inline;font-size:88%;font-weight:normal}.mw-parser-output .navbar-collapse{float:left;text-align:left}.mw-parser-output .navbar-boxtext{word-spacing:0}.mw-parser-output .navbar ul{display:inline-block;white-space:nowrap;line-height:inherit}.mw-parser-output .navbar-brackets::before{margin-right:-0.125em;content:"[ "}.mw-parser-output .navbar-brackets::after{margin-left:-0.125em;content:" ]"}.mw-parser-output .navbar li{word-spacing:-0.125em}.mw-parser-output .navbar a>span,.mw-parser-output .navbar a>abbr{text-decoration:inherit}.mw-parser-output .navbar-mini abbr{font-variant:small-caps;border-bottom:none;text-decoration:none;cursor:inherit}.mw-parser-output .navbar-ct-full{font-size:114%;margin:0 7em}.mw-parser-output .navbar-ct-mini{font-size:114%;margin:0 4em}html.skin-theme-clientpref-night .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}@media(prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}}@media print{.mw-parser-output .navbar{display:none!important}}</style><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Fiqh" title="Template:Fiqh"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Fiqh" title="Template talk:Fiqh"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Fiqh" title="Special:EditPage/Template:Fiqh"><abbr title="Edit this template">e</abbr></a></li></ul></div></td></tr></tbody></table> <p> <i><b>Murabaḥah</b></i>, <i><b>murabaḥa</b></i>, or <i><b>murâbaḥah</b></i> (<a href="/wiki/Arabic_language" class="mw-redirect" title="Arabic language">Arabic</a>: <span lang="ar" dir="rtl">مرابحة</span>, derived from <i>ribh</i> <a href="/wiki/Arabic_language" class="mw-redirect" title="Arabic language">Arabic</a>: <span lang="ar" dir="rtl">ربح</span>, meaning profit) was originally a term of <i><a href="/wiki/Fiqh" title="Fiqh">fiqh</a></i> (Islamic jurisprudence) for a sales contract where the buyer and seller agree on the <a href="/wiki/Markup_(business)" title="Markup (business)">markup</a> (profit) or "<a href="/wiki/Cost-plus_pricing" title="Cost-plus pricing">cost-plus</a>" price<sup id="cite_ref-Irfan-2015-135_1-0" class="reference"><a href="#cite_note-Irfan-2015-135-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> for the item(s) being sold.<sup id="cite_ref-Usmani-65_2-0" class="reference"><a href="#cite_note-Usmani-65-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> In recent decades it has become a term for a very common form of Islamic (i.e., "<a href="/wiki/Shariah" class="mw-redirect" title="Shariah">shariah</a> compliant") <a href="/wiki/Islamic_banking_and_finance" title="Islamic banking and finance">financing</a>, where the price is marked up in exchange for allowing the buyer to pay over time—for example with monthly payments (a contract with deferred payment being known as <i>bai-muajjal</i>). <i>Murabaha</i> financing is similar to a <a href="/wiki/Rent-to-own" title="Rent-to-own">rent-to-own</a> arrangement in the non-Muslim world, with the intermediary (e.g., the lending bank) retaining ownership of the item being sold until the loan is paid in full.<sup id="cite_ref-Investopedia_3-0" class="reference"><a href="#cite_note-Investopedia-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> There are also Islamic investment funds and <i>sukuk</i> (Islamic bonds) that use <i>murabahah</i> contracts.<sup id="cite_ref-FJIFD2012:220-221_4-0" class="reference"><a href="#cite_note-FJIFD2012:220-221-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> </p><p>The purpose of <i>murabaha</i> is to finance a purchase without involving <a href="/wiki/Interest" title="Interest">interest</a> payments, which most Muslims (particularly most scholars) consider <i><a href="/wiki/Riba" title="Riba">riba</a></i> (<a href="/wiki/Usury" title="Usury">usury</a>) and thus <i><a href="/wiki/Haram" title="Haram">haram</a></i> (forbidden).<sup id="cite_ref-IFIM_5-0" class="reference"><a href="#cite_note-IFIM-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> <i>Murabaha</i> has come to be "the most prevalent"<sup id="cite_ref-IFIM_5-1" class="reference"><a href="#cite_note-IFIM-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> or "default" type of Islamic finance.<sup id="cite_ref-Irfan-2015-139_6-0" class="reference"><a href="#cite_note-Irfan-2015-139-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> </p><p>A proper <i>murâbaḥah</i> transaction differs from conventional interest-charging loans in several ways. The buyer/borrower pays the seller/lender at an agreed-upon higher price; instead of interest charges, the seller/lender makes a religiously permissible "profit on the sale of goods".<sup id="cite_ref-IFIM_5-2" class="reference"><a href="#cite_note-IFIM-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-7" class="reference"><a href="#cite_note-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> The seller/financer must take actual possession of the good before selling it to the customer, and must assume "any liability from delivering defective goods".<sup id="cite_ref-IMF-2015-8_8-0" class="reference"><a href="#cite_note-IMF-2015-8-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> Sources differ as to whether the seller is permitted to charge extra when payments are late,<sup id="cite_ref-9" class="reference"><a href="#cite_note-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup> with some authors stating any late fees ought to be donated to charity,<sup id="cite_ref-Edward_Elgar_10-0" class="reference"><a href="#cite_note-Edward_Elgar-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-kettell-38_11-0" class="reference"><a href="#cite_note-kettell-38-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-al-yusr_12-0" class="reference"><a href="#cite_note-al-yusr-12"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup> or not collected unless the buyer has "deliberately refused" to make a payment.<sup id="cite_ref-IMF-2015-8_8-1" class="reference"><a href="#cite_note-IMF-2015-8-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> For the rate of markup, <i>murabaha</i> contracts "may openly use" <i>riba</i> interest rates such as <a href="/wiki/LIBOR" class="mw-redirect" title="LIBOR">LIBOR</a> "as a benchmark", a practice approved of by the scholar <a href="/wiki/Taqi_Usmani" title="Taqi Usmani">Taqi Usmani</a>.<sup id="cite_ref-Visser-2013-66_13-0" class="reference"><a href="#cite_note-Visser-2013-66-13"><span class="cite-bracket">[</span>13<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-16" class="reference"><a href="#cite_note-16"><span class="cite-bracket">[</span>Note 1<span class="cite-bracket">]</span></a></sup> </p><p>Conservative scholars promoting Islamic finance consider <i>murabaha</i> to be a "transitory step" towards a "true <a href="/wiki/Profit_and_loss_sharing" title="Profit and loss sharing">profit-and-loss-sharing mode of financing</a>",<sup id="cite_ref-Irfan-2015-136_17-0" class="reference"><a href="#cite_note-Irfan-2015-136-17"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup> and a "weak"<sup id="cite_ref-18" class="reference"><a href="#cite_note-18"><span class="cite-bracket">[</span>17<span class="cite-bracket">]</span></a></sup> or "permissible but undesirable"<sup id="cite_ref-MOFRIEI2005:35-6_19-0" class="reference"><a href="#cite_note-MOFRIEI2005:35-6-19"><span class="cite-bracket">[</span>18<span class="cite-bracket">]</span></a></sup> form of finance to be used where profit-and-loss-sharing is "not practicable."<sup id="cite_ref-Irfan-2015-136_17-1" class="reference"><a href="#cite_note-Irfan-2015-136-17"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-Usmani-107_20-0" class="reference"><a href="#cite_note-Usmani-107-20"><span class="cite-bracket">[</span>19<span class="cite-bracket">]</span></a></sup> Critics/skeptics complain/note that in practice most "<i>murabaḥah</i>" transactions are merely cash-flows between banks, brokers, and borrowers, with no buying or selling of commodities;<sup id="cite_ref-mmhi-2008_21-0" class="reference"><a href="#cite_note-mmhi-2008-21"><span class="cite-bracket">[</span>20<span class="cite-bracket">]</span></a></sup> that the profit or markup is based on the prevailing interest rate used in <i><a href="/wiki/Haram" title="Haram">haram</a></i> lending by the non-Muslim world;<sup id="cite_ref-Usmani-81_22-0" class="reference"><a href="#cite_note-Usmani-81-22"><span class="cite-bracket">[</span>21<span class="cite-bracket">]</span></a></sup> that "the financial outlook" of Islamic <i>murabaha</i> financing and conventional debt/loan financing is "the same",<sup id="cite_ref-23" class="reference"><a href="#cite_note-23"><span class="cite-bracket">[</span>22<span class="cite-bracket">]</span></a></sup> as is most everything else besides the terminology used.<sup id="cite_ref-kayali-MHoH_24-0" class="reference"><a href="#cite_note-kayali-MHoH-24"><span class="cite-bracket">[</span>23<span class="cite-bracket">]</span></a></sup> </p> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="Religious_justification">Religious justification</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Murabaha&action=edit&section=1" title="Edit section: Religious justification"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>While orthodox Islamic scholars have expressed a lack of enthusiasm for <i>murabaha</i> transactions,<sup id="cite_ref-KH-CS_25-0" class="reference"><a href="#cite_note-KH-CS-25"><span class="cite-bracket">[</span>24<span class="cite-bracket">]</span></a></sup> calling them "no more than a second best solution" (<a href="/wiki/Council_of_Islamic_Ideology" title="Council of Islamic Ideology">Council of Islamic Ideology</a>)<sup id="cite_ref-KH-CS_25-1" class="reference"><a href="#cite_note-KH-CS-25"><span class="cite-bracket">[</span>24<span class="cite-bracket">]</span></a></sup> or a "borderline transaction" (Islamic scholar Taqi Usmani),<sup id="cite_ref-MTUHJI1999:227_26-0" class="reference"><a href="#cite_note-MTUHJI1999:227-26"><span class="cite-bracket">[</span>25<span class="cite-bracket">]</span></a></sup> nonetheless they are defended as Islamically permitted. </p><p>According to Taqi Usmani, the reference to permitted "trade" or "trafficking" in <a href="/wiki/Quran" title="Quran">Quran</a> aya 2:275:<sup id="cite_ref-27" class="reference"><a href="#cite_note-27"><span class="cite-bracket">[</span>26<span class="cite-bracket">]</span></a></sup> </p> <style data-mw-deduplicate="TemplateStyles:r1244412712">.mw-parser-output .templatequote{overflow:hidden;margin:1em 0;padding:0 32px}.mw-parser-output .templatequotecite{line-height:1.5em;text-align:left;margin-top:0}@media(min-width:500px){.mw-parser-output .templatequotecite{padding-left:1.6em}}</style><blockquote class="templatequote"><p><i>"... they say, 'Trafficking (trade) is like usury,' [but] God has permitted trafficking, and forbidden usury .."</i></p></blockquote> <p>refers to credit sales such as <i>murabaha</i>, the "forbidden usury" refers to charging extra for late payment (<a href="/wiki/Late_fee" title="Late fee">late fees</a>), and the "they" refers to non-Muslims who didn't understand why if one was allowed both were not:<sup id="cite_ref-MTUHJI1999:50,51,219_28-0" class="reference"><a href="#cite_note-MTUHJI1999:50,51,219-28"><span class="cite-bracket">[</span>27<span class="cite-bracket">]</span></a></sup> </p> <blockquote><p> the objection of the infidels ... was that when they increase the price at the initial stage of sale, it has not been held as prohibited but when the purchaser fails to pay on the due date, and they claim an additional amount for giving him more time, it is termed as "riba" and haram. The Holy Qur'an answered this objection by saying: "Allah has allowed sale and forbidden riba."<sup id="cite_ref-MTUHJI1999:219_29-0" class="reference"><a href="#cite_note-MTUHJI1999:219-29"><span class="cite-bracket">[</span>28<span class="cite-bracket">]</span></a></sup></p></blockquote> <p>Usmani states that while it may appear to some people that allowing a buyer more time to pay for some product/commodity (deferred payment) in exchange for their paying a higher price is effectively the same as paying interest on a loan,<sup id="cite_ref-MTUHJI1999:223_30-0" class="reference"><a href="#cite_note-MTUHJI1999:223-30"><span class="cite-bracket">[</span>29<span class="cite-bracket">]</span></a></sup> this is incorrect. In fact, just as a buyer may pay more for a product/commodity when the seller has a cleaner shop or more courteous staff, so too the buyer may pay more when given more time to complete payment for that product or commodity.<sup id="cite_ref-MTUHJI1999:223_30-1" class="reference"><a href="#cite_note-MTUHJI1999:223-30"><span class="cite-bracket">[</span>29<span class="cite-bracket">]</span></a></sup> When this happens, the extra they pay is not <i>riba</i> but just "an ancillary factor to determining the price". In such a case, according to Usmani, the "price is against a commodity and not against money" — and so permitted in Islam.<sup id="cite_ref-MTUHJI1999:225_31-0" class="reference"><a href="#cite_note-MTUHJI1999:225-31"><span class="cite-bracket">[</span>30<span class="cite-bracket">]</span></a></sup> When a credit transaction is made <i>without</i> the purchase of a specific commodity or product, (i.e. a loan is made charging interest), the added charge for deferred payment is for "nothing but time", and so is forbidden <i>riba</i>.<sup id="cite_ref-MTUHJI1999:225_31-1" class="reference"><a href="#cite_note-MTUHJI1999:225-31"><span class="cite-bracket">[</span>30<span class="cite-bracket">]</span></a></sup> However according to another Islamic finance promoter—Faleel Jamaldeen -- "murabaha payments represent debt" and because of that are not "negotiable or tradable" as Islamic finance instruments, making them (according to Jamaldeen) unpopular among investors.<sup id="cite_ref-FJIFD2012:220_32-0" class="reference"><a href="#cite_note-FJIFD2012:220-32"><span class="cite-bracket">[</span>31<span class="cite-bracket">]</span></a></sup> </p><p><a href="/wiki/Hadith" title="Hadith">Hadith</a> also supports use of credit-sales transactions such as <i>murabaḥa</i>. Another scholar, M.O.Farooq, states "it is well-known and supported by many hadiths that the Prophet had entered into credit-purchase transactions (<i>nasi'ah</i>) and also that he paid more than the original amount" in his repayment.<sup id="cite_ref-MOFRI6H2009:112_33-0" class="reference"><a href="#cite_note-MOFRI6H2009:112-33"><span class="cite-bracket">[</span>32<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-34" class="reference"><a href="#cite_note-34"><span class="cite-bracket">[</span>Note 2<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-35" class="reference"><a href="#cite_note-35"><span class="cite-bracket">[</span>Note 3<span class="cite-bracket">]</span></a></sup> </p><p>Usmani states that "this position" is accepted "unanimously" by the "four [ <a href="/wiki/Sunni" class="mw-redirect" title="Sunni">Sunni</a> ] schools" of Islamic law and "the majority" of the Muslim jurists.<sup id="cite_ref-MTUHJI1999:227_26-1" class="reference"><a href="#cite_note-MTUHJI1999:227-26"><span class="cite-bracket">[</span>25<span class="cite-bracket">]</span></a></sup> <i>Murabahah</i> and related fixed financing has been approved by a number of government reports in the Islamic Republic of Pakistan on how to eliminate Interest. <sup id="cite_ref-37" class="reference"><a href="#cite_note-37"><span class="cite-bracket">[</span>Note 4<span class="cite-bracket">]</span></a></sup> </p> <dl><dt>Late payment</dt></dl> <p>Usmani presents a theory of why sellers are allowed to charge for providing credit to the lender/buyer, but are guilty of <i><a href="/wiki/Riba" title="Riba">riba</a></i> when charging for late payment. In a true (non-riba) <i>murâbaḥah</i> transaction (Usmani states) "the whole price ... is against a commodity and not against money" and so "... once the price is fixed, it relates to the commodity, and not to the time". Consequently "the price will remain the same and can never be increased by the seller." If the price had "been against time", (which is forbidden) "it might have been increased, if the seller allows ... more time" for repayment when the bill is past due.<sup id="cite_ref-MTUHJI1999:224_38-0" class="reference"><a href="#cite_note-MTUHJI1999:224-38"><span class="cite-bracket">[</span>34<span class="cite-bracket">]</span></a></sup> </p><p>(Usmani and other Islamic finance scholars<sup id="cite_ref-IMF-2015-8_8-2" class="reference"><a href="#cite_note-IMF-2015-8-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-Parker-2010_39-0" class="reference"><a href="#cite_note-Parker-2010-39"><span class="cite-bracket">[</span>35<span class="cite-bracket">]</span></a></sup> agree that not being able to penalize a lender/buyer for late payment has led to late payments in <i>murâbaḥah</i> and other Islamic finance transactions. Usmani states that a "problem" of <i>murabahah</i> financing is that "if the client defaults in payment of the price at the due date, the price cannot be increased".<sup id="cite_ref-IIFTU1998:91_40-0" class="reference"><a href="#cite_note-IIFTU1998:91-40"><span class="cite-bracket">[</span>36<span class="cite-bracket">]</span></a></sup> According to one source (Mushtak Parker), Islamic financial institutions "have long tried to grapple with the issue of delayed payments or defaults, but thus far there is no universal consensus across jurisdictions in this respect."<sup id="cite_ref-Parker-2010_39-1" class="reference"><a href="#cite_note-Parker-2010-39"><span class="cite-bracket">[</span>35<span class="cite-bracket">]</span></a></sup>) </p> <div class="mw-heading mw-heading2"><h2 id="Islamic_finance,_use,_variations"><span id="Islamic_finance.2C_use.2C_variations"></span>Islamic finance, use, variations</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Murabaha&action=edit&section=2" title="Edit section: Islamic finance, use, variations"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <dl><dt>Limits of use in fiqh</dt></dl> <p>In its 1980 <i>Report on the Elimination of Interest from the Economy</i>,<sup id="cite_ref-Ali-2015_41-0" class="reference"><a href="#cite_note-Ali-2015-41"><span class="cite-bracket">[</span>37<span class="cite-bracket">]</span></a></sup> the <a href="/wiki/Council_of_Islamic_Ideology" title="Council of Islamic Ideology">Council of Islamic Ideology</a> of Pakistan stated that <i>murabahah</i> should </p> <ul><li>be undertaken only when the borrower wants to borrow to purchase a some item</li> <li>must involve <ul><li>the item being purchased by the bank;<sup id="cite_ref-MTUHJI1999:190_42-0" class="reference"><a href="#cite_note-MTUHJI1999:190-42"><span class="cite-bracket">[</span>38<span class="cite-bracket">]</span></a></sup></li> <li>coming under the ownership and possession of the bank;<sup id="cite_ref-MTUHJI1999:190_42-1" class="reference"><a href="#cite_note-MTUHJI1999:190-42"><span class="cite-bracket">[</span>38<span class="cite-bracket">]</span></a></sup></li> <li>which must assume the risk for that item;<sup id="cite_ref-MTUHJI1999:190_42-2" class="reference"><a href="#cite_note-MTUHJI1999:190-42"><span class="cite-bracket">[</span>38<span class="cite-bracket">]</span></a></sup></li></ul></li> <li>the item then being sold to the customer through a valid sale;<sup id="cite_ref-MTUHJI1999:190_42-3" class="reference"><a href="#cite_note-MTUHJI1999:190-42"><span class="cite-bracket">[</span>38<span class="cite-bracket">]</span></a></sup></li> <li>be used to the "minimum extent" and</li> <li>only in cases where <a href="/wiki/Profit_and_loss_sharing" title="Profit and loss sharing">profit and loss sharing</a> is not practicable.<sup id="cite_ref-MTUHJI1999:190_42-4" class="reference"><a href="#cite_note-MTUHJI1999:190-42"><span class="cite-bracket">[</span>38<span class="cite-bracket">]</span></a></sup></li></ul> <p><i>Murâbaḥah</i> is one of three types of <i>bayu-al-amanah</i> (fiduciary sale), requiring an "honest declaration of cost". (The other two types are <i>tawliyah</i>—sale at cost—and <i>wadiah</i>—sale at specified loss.) </p><p>According to Taqi Usmani "in exceptional cases" an Islamic bank or financial institution may lend cash to the customer for a murâbaḥah, but this is when the customer is acting as an <i>agent</i> of the bank in buying the good the customer needs financed. </p> <blockquote><p>[W]here direct purchase from the supplier is not practicable for some reason, it is also allowed that he makes the customer himself his agent to buy the commodity on his behalf. In this case the client first purchases the commodity on behalf of his financier and takes its possession as such. Thereafter, he purchases the commodity from the financier for a deferred price.<sup id="cite_ref-IIFTU1998:73_43-0" class="reference"><a href="#cite_note-IIFTU1998:73-43"><span class="cite-bracket">[</span>39<span class="cite-bracket">]</span></a></sup></p></blockquote> <p>The idea that the seller may not use murâbaḥah if profit-sharing modes of financing such as <a href="/wiki/Islamic_banking#Mudarabah" class="mw-redirect" title="Islamic banking">mudarabah</a> or <a href="/wiki/Islamic_banking#Musharakah_.28joint_venture.29" class="mw-redirect" title="Islamic banking">musharakah</a> are practicable, is supported by other scholars that those in the <a href="/wiki/Council_of_Islamic_Ideology" title="Council of Islamic Ideology">Council of Islamic Ideology</a>.<sup id="cite_ref-Irfan-2015-136_17-2" class="reference"><a href="#cite_note-Irfan-2015-136-17"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-Usmani-107_20-1" class="reference"><a href="#cite_note-Usmani-107-20"><span class="cite-bracket">[</span>19<span class="cite-bracket">]</span></a></sup> </p> <dl><dt>Limits of use in practice</dt></dl> <p>But these involve risks of loss, profit-sharing modes of financing cannot guarantee banks income. <i>Murabahah</i>, with its fixed margin, offers the seller (i.e. the bank/financier) a more predictable income stream. One estimate is that 80% of Islamic lending is by <i>murabahah</i>.<sup id="cite_ref-Haltom2014_44-0" class="reference"><a href="#cite_note-Haltom2014-44"><span class="cite-bracket">[</span>40<span class="cite-bracket">]</span></a></sup> <a href="/wiki/M._Kabir_Hassan" class="mw-redirect" title="M. Kabir Hassan">M. Kabir Hassan</a> reports that <i>murabaha</i> accounts are quite profitable. As of 2005, "the average cost efficiency" for <i>murabaha</i> was "74%, whereas average profit efficiency" even higher at 84%. Hassan states, "although Islamic banks are less efficient in containing cost, they are generally efficient in generating profit."<sup id="cite_ref-45" class="reference"><a href="#cite_note-45"><span class="cite-bracket">[</span>41<span class="cite-bracket">]</span></a></sup> </p><p>Islamic banker and author Harris Irfan writes that use of <i>murabaha</i> "has become so distorted from its original intent that it has become the single most common method of funding inter-bank liquidity and corporate loans in the Islamic finance industry."<sup id="cite_ref-irfan-135_46-0" class="reference"><a href="#cite_note-irfan-135-46"><span class="cite-bracket">[</span>42<span class="cite-bracket">]</span></a></sup> A number of economists have noted the dominance of <i>murabahah</i> in Islamic finance, despite its theological inferiority to profit and loss sharing.<sup id="cite_ref-Iqbal_Molyneux_2005_47-0" class="reference"><a href="#cite_note-Iqbal_Molyneux_2005-47"><span class="cite-bracket">[</span>43<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-Kuran_2004_48-0" class="reference"><a href="#cite_note-Kuran_2004-48"><span class="cite-bracket">[</span>44<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-Lewis_and_Al-Guad_2001_49-0" class="reference"><a href="#cite_note-Lewis_and_Al-Guad_2001-49"><span class="cite-bracket">[</span>45<span class="cite-bracket">]</span></a></sup> One scholar has coined the term "the <i>murabaha</i> syndrome" to describe this.<sup id="cite_ref-Yousef_2004_50-0" class="reference"><a href="#cite_note-Yousef_2004-50"><span class="cite-bracket">[</span>46<span class="cite-bracket">]</span></a></sup> </p><p>The accounting treatment of murâbaḥah, and its disclosure and presentation in financial statements, vary from bank to bank. If the exact cost of the item(s) cannot be or are not ascertained, they are sold on the basis of <i>musawamah</i> (bargaining).<sup id="cite_ref-IFIM_5-3" class="reference"><a href="#cite_note-IFIM-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> Different banks use this instrument in varying ratios. Typically, banks use <i>murabaha</i> in asset financing, property, <a href="/wiki/Microfinance" title="Microfinance">microfinance</a> and commodity import-export.<sup id="cite_ref-51" class="reference"><a href="#cite_note-51"><span class="cite-bracket">[</span>47<span class="cite-bracket">]</span></a></sup> The <a href="/wiki/International_Monetary_Fund" title="International Monetary Fund">International Monetary Fund</a> reports that, Murâbaḥah transactions are "widely used to finance international trade, as well as for interbank financing and liquidity management through a multistep transaction known as tawarruq, often using commodities traded on the London Metal Exchange" (LME).<sup id="cite_ref-IMF-2015-8_8-3" class="reference"><a href="#cite_note-IMF-2015-8-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> </p><p>The basic <i>murabaha</i> transaction is a cost-plus-profit purchase where the item the bank purchases is something the customer wants but does not have cash at the time to buy directly.<sup id="cite_ref-dummies_52-0" class="reference"><a href="#cite_note-dummies-52"><span class="cite-bracket">[</span>48<span class="cite-bracket">]</span></a></sup> However, there are other <i>murabaha</i> transactions where the customer wants/needs cash and the product/commodity the bank buys is a means to an end. (Thus violating the requirement spelled out by Usmani and others.) </p> <div class="mw-heading mw-heading3"><h3 id="Variations">Variations</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Murabaha&action=edit&section=3" title="Edit section: Variations"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In addition to being used by Islamic banks, <i>murabahah</i> contracts have been used by Islamic investment funds (such as SHUAA Capital of Saudi Arabia and Al Bilad Investment Company),<sup id="cite_ref-FJIFD2012:220-221_4-1" class="reference"><a href="#cite_note-FJIFD2012:220-221-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> and sukuk (also called Islamic bonds)(an example being a 2005 sukuk issued by Arcapita Bank sukuk in 2005).<sup id="cite_ref-FJIFD2012:220-221_4-2" class="reference"><a href="#cite_note-FJIFD2012:220-221-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading4"><h4 id="Bay'_bithaman_'ajil"><span id="Bay.27_bithaman_.27ajil"></span><i>Bay' bithaman 'ajil</i></h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Murabaha&action=edit&section=4" title="Edit section: Bay' bithaman 'ajil"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>(Also called <i>Bai' muajjal</i><sup id="cite_ref-53" class="reference"><a href="#cite_note-53"><span class="cite-bracket">[</span>49<span class="cite-bracket">]</span></a></sup> abbreviated BBA, and known as credit sale or deferred payment sale). Reportedly the most popular mode of Islamic financing is cost-plus <i>murabaha</i> in a credit sale setting (<i>Bay bithaman 'ajil</i>) with "an added binding promise on the customer to purchase the property, thus replicating secured lending in `Shari'a compliant` manner." The concept was developed by Sami Humud, and shortly after it became popular Islamic Banking began its strong growth in the late 1970s.<sup id="cite_ref-MeGIFLEP2006:18_54-0" class="reference"><a href="#cite_note-MeGIFLEP2006:18-54"><span class="cite-bracket">[</span>50<span class="cite-bracket">]</span></a></sup> </p><p>Another source (Skrine law firm) distinguishes between <i>Murabahah</i> and <i>Bay' bithaman 'ajil</i> (BBA) banking products, saying that in BBA disclosure of the cost price of the item being financed is not a condition of the contract.<sup id="cite_ref-skrine_55-0" class="reference"><a href="#cite_note-skrine-55"><span class="cite-bracket">[</span>51<span class="cite-bracket">]</span></a></sup> </p><p>One variation on <i>murabahah</i> (known as "Murabahah to the Purchase Orderer" according to Muhammad Tayyab Raza) allows the customer to serve as the "agent" of the bank, so that the customer buys the product using the bank's borrowed funds.<sup id="cite_ref-IIFTU1998:73_43-1" class="reference"><a href="#cite_note-IIFTU1998:73-43"><span class="cite-bracket">[</span>39<span class="cite-bracket">]</span></a></sup> The customer then repays the bank similar to a cash loan. While this is not "preferable" from a Sharia point of view, it avoids extra cost and the problem of a financial institution lacking the expertise to identify the exact or best product or the ability to negotiate a good price.<sup id="cite_ref-56" class="reference"><a href="#cite_note-56"><span class="cite-bracket">[</span>52<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading4"><h4 id="Bay'_al-Ina"><span id="Bay.27_al-Ina"></span><i>Bay' al-Ina</i></h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Murabaha&action=edit&section=5" title="Edit section: Bay' al-Ina"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>(Also <i>Bay' al-'Inah</i>). This simple form of <i>murabahah</i> involves the Islamic bank buying some object from the customer (such as their house or motor vehicle) for cash, then selling the object back to the customer at a higher price, with payment to be deferred over time. The customer now has cash and will be paying the bank back a larger sum of money over time. This resemblance to a conventional loan has led to <i>bay' al-ina</i> being criticized as a ruse for a cash loan repaid with interest.<sup id="cite_ref-57" class="reference"><a href="#cite_note-57"><span class="cite-bracket">[</span>53<span class="cite-bracket">]</span></a></sup> It was used by a number of modern Islamic financial institutions despite condemnation by jurists, but in recent years its use is "very much limited" according to Harris Irfan.<sup id="cite_ref-Irfan-2015-137_58-0" class="reference"><a href="#cite_note-Irfan-2015-137-58"><span class="cite-bracket">[</span>54<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading4"><h4 id="Bay'_al-Tawarruq"><span id="Bay.27_al-Tawarruq"></span><i>Bay' al-Tawarruq</i></h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Murabaha&action=edit&section=6" title="Edit section: Bay' al-Tawarruq"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <figure class="mw-halign-right" typeof="mw:File"><a href="/wiki/File:Reverse_murabaha_or_tawarruq_and_conventional_loan_in_landscape.jpg" class="mw-file-description" title="Both a Reverse Murabaha (aka Tawarruq) and conventional loan provide a customer with cash in return for deterred repayment, but while a conventional loan is simpler and involves fewer fees, a tawarruq does not violate sharia law (according to some jurists)."><img alt="Both a Reverse Murabaha (aka Tawarruq) and conventional loan provide a customer with cash in return for deterred repayment, but while a conventional loan is simpler and involves fewer fees, a tawarruq does not violate sharia law (according to some jurists)." src="//upload.wikimedia.org/wikipedia/commons/thumb/8/8a/Reverse_murabaha_or_tawarruq_and_conventional_loan_in_landscape.jpg/600px-Reverse_murabaha_or_tawarruq_and_conventional_loan_in_landscape.jpg" decoding="async" width="600" height="316" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/8/8a/Reverse_murabaha_or_tawarruq_and_conventional_loan_in_landscape.jpg/900px-Reverse_murabaha_or_tawarruq_and_conventional_loan_in_landscape.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/8/8a/Reverse_murabaha_or_tawarruq_and_conventional_loan_in_landscape.jpg 2x" data-file-width="1080" data-file-height="569" /></a><figcaption>Both a Reverse Murabaha (aka <i>Tawarruq</i>) and conventional loan provide a customer with cash in return for deterred repayment, but while a conventional loan is simpler and involves fewer fees, a <i>tawarruq</i> does not violate sharia law (according to some jurists).</figcaption></figure> <p><i>Tawarruq</i> (also called a "reverse <i>murabaha</i>"<sup id="cite_ref-FJIFD2012:156_14-1" class="reference"><a href="#cite_note-FJIFD2012:156-14"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup> and sometimes a "commodity <i>murabaha"</i>)<sup id="cite_ref-CMP-Dusuki_59-0" class="reference"><a href="#cite_note-CMP-Dusuki-59"><span class="cite-bracket">[</span>55<span class="cite-bracket">]</span></a></sup> also allows the banking customer to borrow cash instead of finance a purchase,<sup id="cite_ref-FKIBP2015:93_60-0" class="reference"><a href="#cite_note-FKIBP2015:93-60"><span class="cite-bracket">[</span>56<span class="cite-bracket">]</span></a></sup> and has also been criticized by some jurists.<sup id="cite_ref-61" class="reference"><a href="#cite_note-61"><span class="cite-bracket">[</span>57<span class="cite-bracket">]</span></a></sup> Unlike a <i>bay al-ina</i> it involves another party in addition to the customer, Islamic bank and seller of the commodity. In <i>Tawarruq</i> the customer would buy some amount of a commodity (a commodity which is not a "medium of exchange" or forbidden in <i><a href="/wiki/Riba#Riba_al-fadl" title="Riba">riba al-fadl</a></i> such as gold, silver, wheat, barley, salt, etc.)<sup id="cite_ref-FJIFD2012:156_14-2" class="reference"><a href="#cite_note-FJIFD2012:156-14"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup> from the bank to be paid in installments over a period of time and sell that commodity on the spot market (the commodity buyer being the additional party) for cash.<sup id="cite_ref-Irfan-2015-137_58-1" class="reference"><a href="#cite_note-Irfan-2015-137-58"><span class="cite-bracket">[</span>54<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-WDBaT_62-0" class="reference"><a href="#cite_note-WDBaT-62"><span class="cite-bracket">[</span>58<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-63" class="reference"><a href="#cite_note-63"><span class="cite-bracket">[</span>59<span class="cite-bracket">]</span></a></sup> (The commodity buying and selling is usually done by the bank on behalf of the customer,<sup id="cite_ref-FJIFD2012:156_14-3" class="reference"><a href="#cite_note-FJIFD2012:156-14"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup> so that "all that changes hands is papers being signed and then handed back" according to one researcher).<sup id="cite_ref-FKIBP2015:93_60-1" class="reference"><a href="#cite_note-FKIBP2015:93-60"><span class="cite-bracket">[</span>56<span class="cite-bracket">]</span></a></sup> An example would be buying $10,000 worth of copper on credit for $12,000 to be paid over two years, and immediately selling that copper to the third party spot buyer for $10,000 in cash. There are additional fees involved for the commodity purchases and sales compared to a cash loan, but the additional $2000 is considered "profit" not "interest" and so not <i><a href="/wiki/Haram" title="Haram">haram</a></i> according to proponents. </p><p>According to Islamic banker Harris Irfan, this complication has "not persuaded the majority of scholars that this series of transactions is valid in the Sharia."<sup id="cite_ref-Irfan-2015-138_64-0" class="reference"><a href="#cite_note-Irfan-2015-138-64"><span class="cite-bracket">[</span>60<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-66" class="reference"><a href="#cite_note-66"><span class="cite-bracket">[</span>Note 5<span class="cite-bracket">]</span></a></sup> Because the buying and selling of the commodities in <i>Tawarruq</i> served no functional purpose, banks/financers are strongly tempted to forgo it. Islamic scholars have noticed that while there have been "billions of dollars of commodity-based tawarruq transactions" there have not been a matching value of commodity being traded.<sup id="cite_ref-FT-tawarruq_67-0" class="reference"><a href="#cite_note-FT-tawarruq-67"><span class="cite-bracket">[</span>62<span class="cite-bracket">]</span></a></sup> The IMF states that "<i>tawarruq</i> has become controversial among Shari’ah scholars because of its divergence of its use from the spirit of Islamic finance".<sup id="cite_ref-IMF-2015-8_8-4" class="reference"><a href="#cite_note-IMF-2015-8-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> But some prominent scholars have tolerated commodity <i>murabaha</i> "for the growth of the [Islamic finance] industry".<sup id="cite_ref-Irfan-2015-139_6-1" class="reference"><a href="#cite_note-Irfan-2015-139-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> Irfan states that (at least as of 2015) Sharia boards of some banks (such as <a href="/wiki/Abu_Dhabi_Islamic_Bank" title="Abu Dhabi Islamic Bank">Abu Dhabi Islamic Bank</a>), have taken a stand against <i>Tawarruq</i> and were "looking at 'purer' forms of funding" (such as <i>mudarabah</i>).<sup id="cite_ref-Irfan-2015-226_68-0" class="reference"><a href="#cite_note-Irfan-2015-226-68"><span class="cite-bracket">[</span>63<span class="cite-bracket">]</span></a></sup> To "counter the obvious violation of the spirit of the riba ban", some banks have required the complication (and expense) of two additional commodity brokers in addition to the customer and financier.<sup id="cite_ref-FKIBP2015:93_60-2" class="reference"><a href="#cite_note-FKIBP2015:93-60"><span class="cite-bracket">[</span>56<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-Warde_2010_144_69-0" class="reference"><a href="#cite_note-Warde_2010_144-69"><span class="cite-bracket">[</span>64<span class="cite-bracket">]</span></a></sup> </p><p>On the other hand, Faleel Jamaldeen states that "commodity <i>murabaha</i>" contracts<sup id="cite_ref-CMP-Dusuki_59-1" class="reference"><a href="#cite_note-CMP-Dusuki-59"><span class="cite-bracket">[</span>55<span class="cite-bracket">]</span></a></sup> are used to fund short-term liquidity requirements for Islamic interbank transactions,<sup id="cite_ref-CMP-Dusuki_59-2" class="reference"><a href="#cite_note-CMP-Dusuki-59"><span class="cite-bracket">[</span>55<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-70" class="reference"><a href="#cite_note-70"><span class="cite-bracket">[</span>65<span class="cite-bracket">]</span></a></sup> although they may not use gold, silver, barley, salt, wheat or dates for commodities<sup id="cite_ref-FJIFD2012:155_71-0" class="reference"><a href="#cite_note-FJIFD2012:155-71"><span class="cite-bracket">[</span>66<span class="cite-bracket">]</span></a></sup> as this is forbidden under <i><a href="/wiki/Riba#Riba_al-fadl" title="Riba">Riba al-Fadl</a></i>. Among the Islamic banks using <i>Tawarruq</i> (as of 2012) according to Jamaldeen, include the United Arab Bank, QNB Al Islamic, Standard Chartered of United Arab Emirates, and Bank Muaamalat of Malaysia.<sup id="cite_ref-FJIFD2012:156_14-4" class="reference"><a href="#cite_note-FJIFD2012:156-14"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Legal_status">Legal status</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Murabaha&action=edit&section=7" title="Edit section: Legal status"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <div class="mw-heading mw-heading4"><h4 id="United_States">United States</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Murabaha&action=edit&section=8" title="Edit section: United States"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div><p> In the United States the <a href="/wiki/Office_of_the_Comptroller_of_the_Currency" title="Office of the Comptroller of the Currency">Office of the Comptroller of the Currency</a>—which regulates nationally licensed banks—has allowed <i>murabaha</i>:</p><blockquote><p>Interpretive Letter #867. November 1999 ... In the current financial marketplace lending takes many forms . ... murabaha financing proposals are functionally equivalent to or a logical outgrowth of secured real estate lending and inventory and equipment financing, activities that are part of the business of banking.<sup id="cite_ref-72" class="reference"><a href="#cite_note-72"><span class="cite-bracket">[</span>67<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-MeGIFLEP2006:15_73-0" class="reference"><a href="#cite_note-MeGIFLEP2006:15-73"><span class="cite-bracket">[</span>68<span class="cite-bracket">]</span></a></sup></p></blockquote> <div class="mw-heading mw-heading2"><h2 id="Challenges_and_criticism">Challenges and criticism</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Murabaha&action=edit&section=9" title="Edit section: Challenges and criticism"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div><p> Orthodox Islamic Scholars such as Taqi Usmani emphasize that murâbaḥah should only be used as a structure of last resort where <a href="/wiki/Profit_and_loss_sharing" title="Profit and loss sharing">profit and loss sharing</a> instruments are unavailable.<sup id="cite_ref-MTUHJI1999:227_26-2" class="reference"><a href="#cite_note-MTUHJI1999:227-26"><span class="cite-bracket">[</span>25<span class="cite-bracket">]</span></a></sup> Usmani himself describes <i>murâbaḥah</i> as a "borderline transaction" with "very fine lines of distinction" compared to an interest bearing loan, as "susceptible to misuse", and "not an ideal way of financing".<sup id="cite_ref-MTUHJI1999:227_26-3" class="reference"><a href="#cite_note-MTUHJI1999:227-26"><span class="cite-bracket">[</span>25<span class="cite-bracket">]</span></a></sup> He laments that </p><blockquote><p>Many institutions financing by way of <i>murabahah</i> determine their profit or mark-up on the basis of the current interest rate, mostly using <a href="/wiki/LIBOR" class="mw-redirect" title="LIBOR">LIBOR</a> (Inter-bank offered rate in London) as the criterion.<sup id="cite_ref-Usmani-81_22-1" class="reference"><a href="#cite_note-Usmani-81-22"><span class="cite-bracket">[</span>21<span class="cite-bracket">]</span></a></sup></p></blockquote> <p>Another pioneer, <a href="/wiki/Mohammad_Najatuallah_Siddiqui" class="mw-redirect" title="Mohammad Najatuallah Siddiqui">Mohammad Najatuallah Siddiqui</a>, has lamented that "as a result of diverting most of its funds towards murabaha, Islamic financial institutions may be failing in their expected role of mobilizing resources for development of the countries and communities they are serving,"<sup id="cite_ref-74" class="reference"><a href="#cite_note-74"><span class="cite-bracket">[</span>69<span class="cite-bracket">]</span></a></sup> and even bringing about "a crisis of identity of the Islamic financial movement."<sup id="cite_ref-Siddiqi-1988_75-0" class="reference"><a href="#cite_note-Siddiqi-1988-75"><span class="cite-bracket">[</span>70<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-79" class="reference"><a href="#cite_note-79"><span class="cite-bracket">[</span>Note 6<span class="cite-bracket">]</span></a></sup> </p><p>Some Muslims (Rakaan Kayali among others) complain that <i>murabaha</i> does not eliminate interest as it guarantees for itself the amount of profit it collects,<sup id="cite_ref-kayali-MHoH_24-1" class="reference"><a href="#cite_note-kayali-MHoH-24"><span class="cite-bracket">[</span>23<span class="cite-bracket">]</span></a></sup> and so amounts to a <i><a href="/wiki/%E1%B8%A4iyal" title="Ḥiyal">Ḥiyal</a></i> or legal "trick" to defeat the intent of shariah.<sup id="cite_ref-Irfan-2015-137_58-2" class="reference"><a href="#cite_note-Irfan-2015-137-58"><span class="cite-bracket">[</span>54<span class="cite-bracket">]</span></a></sup> Khalid Zaheer considers it an example of how two classical shariah-compliant contracts (<i>Murabahah</i> and <i>Bai Muajjal</i>) can be combined to form a contract that is not compliant.<sup id="cite_ref-80" class="reference"><a href="#cite_note-80"><span class="cite-bracket">[</span>74<span class="cite-bracket">]</span></a></sup> </p><p>Non-orthodox critics of <i>murâbaḥah</i>, have found the distinction of setting a price "against a commodity" as opposed to "against money" — with the first being allow and the second forbidden because "money has no intrinsic utility" — abstract or suspicious.<sup id="cite_ref-MTUHJI1999:224-5_81-0" class="reference"><a href="#cite_note-MTUHJI1999:224-5-81"><span class="cite-bracket">[</span>75<span class="cite-bracket">]</span></a></sup> According to El-Gamal it has been called "merely inefficient lending".<sup id="cite_ref-MeGIFLEP2006:63_65-1" class="reference"><a href="#cite_note-MeGIFLEP2006:63-65"><span class="cite-bracket">[</span>61<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-83" class="reference"><a href="#cite_note-83"><span class="cite-bracket">[</span>Note 7<span class="cite-bracket">]</span></a></sup> However criticism of the transaction has been primarily levied against its application. Critics complain that in most real world <i>murâbaḥah</i> transactions the commodities never change hands (the commodity never appears on the bank's balance sheet)<sup id="cite_ref-Irfan-2015-139_6-2" class="reference"><a href="#cite_note-Irfan-2015-139-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> and sometimes there are no commodities at all, merely cash-flows between banks, brokers and borrowers. Often the commodity is completely irrelevant to the borrower's business and not even enough of the relevant commodities are in existence in the world to account for all the transactions taking place.<sup id="cite_ref-mmhi-2008_21-1" class="reference"><a href="#cite_note-mmhi-2008-21"><span class="cite-bracket">[</span>20<span class="cite-bracket">]</span></a></sup> Frank Vogel and Samuel Hayes also note multi-billion-dollar <i>murabaha</i> transactions in London "popular for many years", where "many doubt the banks truly assume possession, even constructively, of inventory". <sup id="cite_ref-86" class="reference"><a href="#cite_note-86"><span class="cite-bracket">[</span>Note 8<span class="cite-bracket">]</span></a></sup> </p><p>Islamic banker Irfan bemoans the fact that "not only is the <i>murabaha</i> money market insufficiently well developed and illiquid, but the very sharia compliance of it has come to be questioned", often by Islamic scholars not known for their strictness.<sup id="cite_ref-Irfan-2015-226_68-1" class="reference"><a href="#cite_note-Irfan-2015-226-68"><span class="cite-bracket">[</span>63<span class="cite-bracket">]</span></a></sup> </p><p>Nejatullah Siddiqi warned the Islamic banking community that the alleged difference between modes of finance based on <i>murabahah</i>, <i>bay' salam</i> and conventional loans was even less than it appeared: </p> <blockquote><p>Some of these modes of finance are said to contain some elements of risk, but all these risks are insurable and are actually insured against. The uncertainty or risk to which the business being so financed is exposed is fully passed over to the other party. A financial system built solely around these modes of financing can hardly claim superiority over an interest-based system on grounds of equity, efficiency, stability and growth.<sup id="cite_ref-87" class="reference"><a href="#cite_note-87"><span class="cite-bracket">[</span>79<span class="cite-bracket">]</span></a></sup></p></blockquote> <p>Circa 1999 the Pakistan <a href="/wiki/Federal_Shariat_Court" title="Federal Shariat Court">Federal Shariat Court</a> ruled that the "mark-up system ... in vogue" among banks in Pakistan was against the Islamic injunctions.<sup id="cite_ref-MTUHJI1999:219_29-1" class="reference"><a href="#cite_note-MTUHJI1999:219-29"><span class="cite-bracket">[</span>28<span class="cite-bracket">]</span></a></sup> Usmani noted (much like the complaints above) that the Pakistani banks failed to follow proper <i>murabaha</i> requirements—not actually buying a commodity or buying one "already owned by the customer".<sup id="cite_ref-MTUHJI1999:191_88-0" class="reference"><a href="#cite_note-MTUHJI1999:191-88"><span class="cite-bracket">[</span>80<span class="cite-bracket">]</span></a></sup> </p> <dl><dt>Late payment</dt></dl> <p>While in conventional finance late payments/delinquent loans are discouraged by accumulating interest, in Islamic finance control and management of late accounts has become a "vexing problems", according to Muhammad Akran Khan.<sup id="cite_ref-WIWWIE2013:207-8_89-0" class="reference"><a href="#cite_note-WIWWIE2013:207-8-89"><span class="cite-bracket">[</span>81<span class="cite-bracket">]</span></a></sup> Others agree it is a problem.<sup id="cite_ref-Parker-2010_39-2" class="reference"><a href="#cite_note-Parker-2010-39"><span class="cite-bracket">[</span>35<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-IIFTU1998:91_40-1" class="reference"><a href="#cite_note-IIFTU1998:91-40"><span class="cite-bracket">[</span>36<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-91" class="reference"><a href="#cite_note-91"><span class="cite-bracket">[</span>Note 9<span class="cite-bracket">]</span></a></sup> According to Ibrahim Warde, </p> <blockquote><p>Islamic banks face a serious problem with late payments, not to speak of outright defaults, since some people take advantage of every dilatory legal and religious device ... In most Islamic countries, various forms of penalties and late fees have been established, only to be outlawed or considered unenforceable. Late fees in particular have been assimilated to riba. As a result, 'debtors know that they can pay Islamic banks last since doing so involves no cost'<sup id="cite_ref-WIWWIE2013:207-8_89-1" class="reference"><a href="#cite_note-WIWWIE2013:207-8-89"><span class="cite-bracket">[</span>81<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-IFGE2010:163_92-0" class="reference"><a href="#cite_note-IFGE2010:163-92"><span class="cite-bracket">[</span>83<span class="cite-bracket">]</span></a></sup></p></blockquote><p> Warde also complains that </p><blockquote><p>"Many businessmen who had borrowed large amounts of money over long periods of time seized the opportunity of Islamicization to do away with accumulated interest of their debt, by repaying only the principal -- usually a puny sum when years of double-digit inflation were taken into consideration.<sup id="cite_ref-WIWWIE2013:207-8_89-2" class="reference"><a href="#cite_note-WIWWIE2013:207-8-89"><span class="cite-bracket">[</span>81<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-IFGE2010:163_92-1" class="reference"><a href="#cite_note-IFGE2010:163-92"><span class="cite-bracket">[</span>83<span class="cite-bracket">]</span></a></sup></p></blockquote> <p>Some suggestions to solve the problem include having the government or the central bank penalizing defaultors "by depriving them" of the use of "any financial institution" until they paid up (Taqi Usmani in <i>Introduction to Islamic Finance</i>) -- although this would require a completely Islamized society.<sup id="cite_ref-IIFTU1998:91_40-2" class="reference"><a href="#cite_note-IIFTU1998:91-40"><span class="cite-bracket">[</span>36<span class="cite-bracket">]</span></a></sup> Collecting late fees but donating them to charity,<sup id="cite_ref-Edward_Elgar_10-1" class="reference"><a href="#cite_note-Edward_Elgar-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-kettell-38_11-1" class="reference"><a href="#cite_note-kettell-38-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-al-yusr_12-1" class="reference"><a href="#cite_note-al-yusr-12"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup> Collecting late fees only when the buyer "has deliberately refused to make a payment".<sup id="cite_ref-93" class="reference"><a href="#cite_note-93"><span class="cite-bracket">[</span>Note 10<span class="cite-bracket">]</span></a></sup> </p> <dl><dt>Extra costs</dt></dl> <p>Because <i>murabaha</i> financing is “asset-based” financing (and must be to avoid riba according to orthodox Islamic thinking), it requires financiers to purchase and sell properties. But regulatory frameworks in most countries forbid financial intermediaries such as banks "from owning or trading real properties" (according to scholar Mahmud El-Gamal).<sup id="cite_ref-MeGIFLEP2006:14_94-0" class="reference"><a href="#cite_note-MeGIFLEP2006:14-94"><span class="cite-bracket">[</span>84<span class="cite-bracket">]</span></a></sup> Furthermore when the financier holds title to the property being sold it can be lost "if the financier is sued, loses, and declares bankruptcy", and this can happen when a customer has paid off most /almost all of the product/property’s price. To avoid these dangers SPVs (<a href="/wiki/Special-purpose_entity" title="Special-purpose entity">Special Purpose Vehicles</a>) are created to hold title to the property and also "serve as parties to various agreements regarding obligations for repairs and insurance" as required by Islamic jurists. However, the SPVs entail extra costs usually not borne in conventional finance.<sup id="cite_ref-MeGIFLEP2006:14_94-1" class="reference"><a href="#cite_note-MeGIFLEP2006:14-94"><span class="cite-bracket">[</span>84<span class="cite-bracket">]</span></a></sup> </p> <dl><dt>Example of Murâbaḥah</dt></dl> <p>An example of a <i>murabaha</i> contract is: Adam approaches a <i>Murabaha</i> Bank in order to finance the purchase of a $10,000 automobile from “Cash-Only-Automobiles”. The bank agrees to purchase the automobile from “Cash-Only-Automobiles” for $10,000 and then sell it to Adam for $12,000 which is to be paid by Adam in equal installments over the next two years. </p><p>While the cost to Adam is approximately that of a 10% per year loan, the <i>Murabaha</i> Bank using this transaction maintain it is different because the amount that Adam owes is fixed and does not increase if he is delinquent on payments. Therefore, the finance is a sale for profit and not <i>riba</i>. </p><p>Another argument that <i>murahaba</i> is shariah compliant is that it is made up of two transactions, both <a href="/wiki/Halal" title="Halal">halal</a> (permissible): </p><p>Buying a car for $10,000 and selling it for $12,000 is allowed by Islam. <br />Making a purchase on a deferred payment basis is also allowed by Islam. </p><p>However, not mentioned here is the fact that the same car that is being sold for $12,000 on a deferred payment basis is being sold for $10,000 on a cash basis. So basically Adam has two options: </p> <ol><li>“Cash-Only-Automobiles” will sell him the car for $10,000 but are not willing to wait to receive the full price.</li> <li>The Murabaha Bank will sell him the car for $12,000 and is willing to wait two years to receive the full price.</li></ol> <p>Adam’s choice to purchase from the Murabaha Bank reflects his desire to not pay the full price of the car today. In other words, he prefers to pay part of the price today and be indebted with the rest. </p><p>The Murabaha Bank agrees to be owed by Adam the price of his car in return for the amount that it is owed being $2,000 more than the price of the car today. </p><p>Did the bank charge Adam a predetermined return for the use of its money [interest]? Yes. The bank charged $2,000 in return for Adam’s use of its $10,000 to buy a car. </p><p>The fact that no penalties are assessed if Adam is delinquent on his payments simply means that the amount of interest in the <i>murabaha</i> contract is fixed at $2,000.<sup id="cite_ref-kayali-MHoH_24-2" class="reference"><a href="#cite_note-kayali-MHoH-24"><span class="cite-bracket">[</span>23<span class="cite-bracket">]</span></a></sup> This amounts to a <i><a href="/wiki/%E1%B8%A4iyal" title="Ḥiyal">Ḥiyal</a></i> or legal "trick" to defeat the intent of shariah.<sup id="cite_ref-Irfan-2015-137_58-3" class="reference"><a href="#cite_note-Irfan-2015-137-58"><span class="cite-bracket">[</span>54<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Murabaha&action=edit&section=10" title="Edit section: See also"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a href="/wiki/Islamic_banking_and_finance" title="Islamic banking and finance">Islamic banking and finance</a></li> <li><a href="/wiki/Profit_and_loss_sharing" title="Profit and loss sharing">Profit and loss sharing</a></li> <li><a href="/wiki/Islamic_finance_products,_services_and_contracts" title="Islamic finance products, services and contracts">Islamic finance products, services and contracts</a></li> <li><a href="/wiki/Sharia_and_securities_trading" title="Sharia and securities trading">Sharia and securities trading</a></li> <li><i><a href="/wiki/Muamalat" class="mw-redirect" title="Muamalat">Muamalat</a></i></li> <li><a href="/wiki/FINCA_Afghanistan" title="FINCA Afghanistan">FINCA Afghanistan</a>, a Murâbaḥah-compliant <a href="/wiki/Microfinance" title="Microfinance">microfinance</a> institution (MFI)</li></ul> <div class="mw-heading mw-heading2"><h2 id="References">References</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Murabaha&action=edit&section=11" title="Edit section: References"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <div class="mw-heading mw-heading3"><h3 id="Notes">Notes</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Murabaha&action=edit&section=12" title="Edit section: Notes"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style><div class="reflist"> <div class="mw-references-wrap"><ol class="references"> <li id="cite_note-16"><span class="mw-cite-backlink"><b><a href="#cite_ref-16">^</a></b></span> <span class="reference-text">Faleel Jamaldeen insists that using LIBOR as a benchmark "doesn't mean that Islamic banks were charging an interest rate; they simply got guidance" from that rate of interest. Furthermore in late 2011 an Islamic Interbank Rate (IIBR) was developed and should "alleviated this source of controversy".<sup id="cite_ref-FJIFD2012:156_14-0" class="reference"><a href="#cite_note-FJIFD2012:156-14"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup> (see also "Thomson Reuters' "Islamic Interbank Benchmark Rate" -- IIBR. Is it really an important Step Forward for Islamic Finance Authenticity?")<sup id="cite_ref-TRIIBR_15-0" class="reference"><a href="#cite_note-TRIIBR-15"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup></span> </li> <li id="cite_note-34"><span class="mw-cite-backlink"><b><a href="#cite_ref-34">^</a></b></span> <span class="reference-text">Sahih al-Bukhari, Vol. 3, #282, Narrated [A'ishah: “The Prophet purchased food grains from a Jew on credit and mortgaged his iron armur to him”. (ishtara ta[aman min yahudi ila ajalin wa rahnahu dir[an min hadid; in al-Bukhari, Vol. 3, #309 the hadith is narrated with nasi’ah, instead of ajal)</span> </li> <li id="cite_note-35"><span class="mw-cite-backlink"><b><a href="#cite_ref-35">^</a></b></span> <span class="reference-text">Sahih al-Bukhari, Vol. 3, #579, Narrated Jabir bin [Abdullah: “I went to the Prophet while he was in the Mosque. (Mis[ar thinks that Jabir went in the forenoon.) After the Prophet told me to pray two rak[ah, he repaid me the debt he owed me and gave me an extra amount”.</span> </li> <li id="cite_note-37"><span class="mw-cite-backlink"><b><a href="#cite_ref-37">^</a></b></span> <span class="reference-text"> <ul><li>"The first comprehensive report in this respect was submitted by the Council of Islamic Ideology in 1980.</li> <li>"The second report was that of the Commission for Islamization of Economy, constituted under the Shariat Act. This Commission has submitted its comprehensive report to the government in 1991.</li> <li>"Lastly, the same Commission was reconstituted under the Chairmanship of Raja Zafarul Haq which submitted its final report in August 1997."<sup id="cite_ref-MTUHJI1999:228_36-0" class="reference"><a href="#cite_note-MTUHJI1999:228-36"><span class="cite-bracket">[</span>33<span class="cite-bracket">]</span></a></sup></li></ul> </span></li> <li id="cite_note-66"><span class="mw-cite-backlink"><b><a href="#cite_ref-66">^</a></b></span> <span class="reference-text"> "...jurists of most schools have forbidden this transaction [tawarruq], which takes the form of multiple valid sales but does not serve the desired substance of Islamic law."<sup id="cite_ref-MeGIFLEP2006:63_65-0" class="reference"><a href="#cite_note-MeGIFLEP2006:63-65"><span class="cite-bracket">[</span>61<span class="cite-bracket">]</span></a></sup></span> </li> <li id="cite_note-79"><span class="mw-cite-backlink"><b><a href="#cite_ref-79">^</a></b></span> <span class="reference-text">M.O. Farooq,<sup id="cite_ref-MOFRIE-2005:35_76-0" class="reference"><a href="#cite_note-MOFRIE-2005:35-76"><span class="cite-bracket">[</span>71<span class="cite-bracket">]</span></a></sup> quoting M. Iqbal and P. Molyneux<sup id="cite_ref-77" class="reference"><a href="#cite_note-77"><span class="cite-bracket">[</span>72<span class="cite-bracket">]</span></a></sup> quoting M.N. Siddiqi<sup id="cite_ref-78" class="reference"><a href="#cite_note-78"><span class="cite-bracket">[</span>73<span class="cite-bracket">]</span></a></sup></span> </li> <li id="cite_note-83"><span class="mw-cite-backlink"><b><a href="#cite_ref-83">^</a></b></span> <span class="reference-text"> Dr. Yusuf Al-Qaradawi, who described himself as one of the early supporters of Islamic banking, recently criticized many developments in the industry quite harshly. He was particularly critical of tawarruq, which is a natural extension of traditional murabaha financing; cf.<sup id="cite_ref-82" class="reference"><a href="#cite_note-82"><span class="cite-bracket">[</span>76<span class="cite-bracket">]</span></a></sup></span> </li> <li id="cite_note-86"><span class="mw-cite-backlink"><b><a href="#cite_ref-86">^</a></b></span> <span class="reference-text">"A number of scholars have recently cast doubts upon the acceptability of one of the most widely used forms of Islamic finance: the type of Murabaha trade financing practiced in London. These investors and well-known multinationals seeking lowest-cost working capital loans. Although these multi-billion-dollar contracts have been popular for many years, many doubt the banks truly assume possession, even constructively, of inventory, a key condition of a religiously acceptable murabaha. Without possession, these arrangements are condemned as nothing more than short-term conventional loans with a predetermined interest rate incorporated in the price at which the borrower repurchases the inventory. These 'synthetic' murabaha transactions are unacceptable to the devout Muslim, and accordingly there is now a movement away from murabaha investments of all types. Al-Rajhi Bank, al-Baraka, and the Government of Sudan are among the institutions that have vowed to phase out murabaha deals. This development creates difficulty: as Islamic banking now operates, murabaha trade financing is an indispensable tool."<sup id="cite_ref-Vogel_and_Hayes,_pp.8-9_84-0" class="reference"><a href="#cite_note-Vogel_and_Hayes,_pp.8-9-84"><span class="cite-bracket">[</span>77<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-MOFRIE-2005:19_85-0" class="reference"><a href="#cite_note-MOFRIE-2005:19-85"><span class="cite-bracket">[</span>78<span class="cite-bracket">]</span></a></sup> </span> </li> <li id="cite_note-91"><span class="mw-cite-backlink"><b><a href="#cite_ref-91">^</a></b></span> <span class="reference-text">The Islamic Bankers Resource Centre also states that "for the longest time, Islamic Banks have been abused by delinquent customers due to the low penalties for late payments".<sup id="cite_ref-IBRC_90-0" class="reference"><a href="#cite_note-IBRC-90"><span class="cite-bracket">[</span>82<span class="cite-bracket">]</span></a></sup></span> </li> <li id="cite_note-93"><span class="mw-cite-backlink"><b><a href="#cite_ref-93">^</a></b></span> <span class="reference-text">Mumtaz Hussain, Asghar Shahmoradi, Rima Turk, writing for the IMF.<sup id="cite_ref-IMF-2015-8_8-5" class="reference"><a href="#cite_note-IMF-2015-8-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup></span> </li> </ol></div></div> <div class="mw-heading mw-heading3"><h3 id="Citations">Citations</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Murabaha&action=edit&section=13" title="Edit section: Citations"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239543626"><div class="reflist reflist-columns references-column-width" style="column-width: 30em;"> <ol class="references"> <li id="cite_note-Irfan-2015-135-1"><span class="mw-cite-backlink"><b><a href="#cite_ref-Irfan-2015-135_1-0">^</a></b></span> <span class="reference-text"><style data-mw-deduplicate="TemplateStyles:r1238218222">.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free.id-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited.id-lock-limited a,.mw-parser-output .id-lock-registration.id-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-subscription.id-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-free a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-limited a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-registration a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-subscription a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .cs1-ws-icon a{background-size:contain;padding:0 1em 0 0}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:var(--color-error,#d33)}.mw-parser-output .cs1-visible-error{color:var(--color-error,#d33)}.mw-parser-output .cs1-maint{display:none;color:#085;margin-left:0.3em}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}@media screen{.mw-parser-output .cs1-format{font-size:95%}html.skin-theme-clientpref-night .mw-parser-output .cs1-maint{color:#18911f}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .cs1-maint{color:#18911f}}</style><cite id="CITEREFIrfan2015" class="citation book cs1">Irfan, Harris (2015). <i>Heaven's Bankers</i>. Overlook Press. p. 135.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Heaven%27s+Bankers&rft.pages=135&rft.pub=Overlook+Press&rft.date=2015&rft.aulast=Irfan&rft.aufirst=Harris&rfr_id=info%3Asid%2Fen.wikipedia.org%3AMurabaha" class="Z3988"></span></span> </li> <li id="cite_note-Usmani-65-2"><span class="mw-cite-backlink"><b><a href="#cite_ref-Usmani-65_2-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFUsmani1998" class="citation book cs1">Usmani, Taqi (1998). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=0aDStX-qUAgC&q=Murabahah&pg=PA65"><i>An Introduction to Islamic Finance</i></a>. Creative Commons Attribution-No Derivative Works 3.0. p. 65<span class="reference-accessdate">. Retrieved <span class="nowrap">4 August</span> 2015</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=An+Introduction+to+Islamic+Finance&rft.pages=65&rft.pub=Creative+Commons+Attribution-No+Derivative+Works+3.0.&rft.date=1998&rft.aulast=Usmani&rft.aufirst=Taqi&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3D0aDStX-qUAgC%26q%3DMurabahah%26pg%3DPA65&rfr_id=info%3Asid%2Fen.wikipedia.org%3AMurabaha" class="Z3988"></span></span> </li> <li id="cite_note-Investopedia-3"><span class="mw-cite-backlink"><b><a href="#cite_ref-Investopedia_3-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.investopedia.com/terms/m/murabaha.asp">"Murabaha"</a>. <i>Investopedia</i><span class="reference-accessdate">. Retrieved <span class="nowrap">3 August</span> 2015</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Investopedia&rft.atitle=Murabaha&rft_id=http%3A%2F%2Fwww.investopedia.com%2Fterms%2Fm%2Fmurabaha.asp&rfr_id=info%3Asid%2Fen.wikipedia.org%3AMurabaha" class="Z3988"></span></span> </li> <li id="cite_note-FJIFD2012:220-221-4"><span class="mw-cite-backlink">^ <a href="#cite_ref-FJIFD2012:220-221_4-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-FJIFD2012:220-221_4-1"><sup><i><b>b</b></i></sup></a> <a href="#cite_ref-FJIFD2012:220-221_4-2"><sup><i><b>c</b></i></sup></a></span> <span class="reference-text"><a href="/wiki/Sukuk#FJIFD2012" title="Sukuk">Jamaldeen, <i>Islamic Finance For Dummies</i>, 2012</a>:188-9, 220-1</span> </li> <li id="cite_note-IFIM-5"><span class="mw-cite-backlink">^ <a href="#cite_ref-IFIM_5-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-IFIM_5-1"><sup><i><b>b</b></i></sup></a> <a href="#cite_ref-IFIM_5-2"><sup><i><b>c</b></i></sup></a> <a href="#cite_ref-IFIM_5-3"><sup><i><b>d</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation book cs1"><a rel="nofollow" class="external text" href="https://books.google.com/books?id=YxPVBAAAQBAJ&q=Murabahah&pg=PA131"><i>Islamic Finance: Instruments and Markets</i></a>. Bloomsbury Publishing. 2010. p. 131. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/9781849300391" title="Special:BookSources/9781849300391"><bdi>9781849300391</bdi></a><span class="reference-accessdate">. Retrieved <span class="nowrap">4 August</span> 2015</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Islamic+Finance%3A+Instruments+and+Markets&rft.pages=131&rft.pub=Bloomsbury+Publishing&rft.date=2010&rft.isbn=9781849300391&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3DYxPVBAAAQBAJ%26q%3DMurabahah%26pg%3DPA131&rfr_id=info%3Asid%2Fen.wikipedia.org%3AMurabaha" class="Z3988"></span></span> </li> <li id="cite_note-Irfan-2015-139-6"><span class="mw-cite-backlink">^ <a href="#cite_ref-Irfan-2015-139_6-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-Irfan-2015-139_6-1"><sup><i><b>b</b></i></sup></a> <a href="#cite_ref-Irfan-2015-139_6-2"><sup><i><b>c</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFIrfan2015" class="citation book cs1">Irfan, Harris (2015). <i>Heaven's Bankers</i>. Overlook Press. p. 139.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Heaven%27s+Bankers&rft.pages=139&rft.pub=Overlook+Press&rft.date=2015&rft.aulast=Irfan&rft.aufirst=Harris&rfr_id=info%3Asid%2Fen.wikipedia.org%3AMurabaha" class="Z3988"></span></span> </li> <li id="cite_note-7"><span class="mw-cite-backlink"><b><a href="#cite_ref-7">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.mohammedamin.com/Islamic_finance/Simple-introduction-to-Islamic-mortgages.html">"A Simple Introduction to Islamic Mortgages"</a>. 14 May 2015.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=A+Simple+Introduction+to+Islamic+Mortgages&rft.date=2015-05-14&rft_id=http%3A%2F%2Fwww.mohammedamin.com%2FIslamic_finance%2FSimple-introduction-to-Islamic-mortgages.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AMurabaha" class="Z3988"></span></span> </li> <li id="cite_note-IMF-2015-8-8"><span class="mw-cite-backlink">^ <a href="#cite_ref-IMF-2015-8_8-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-IMF-2015-8_8-1"><sup><i><b>b</b></i></sup></a> <a href="#cite_ref-IMF-2015-8_8-2"><sup><i><b>c</b></i></sup></a> <a href="#cite_ref-IMF-2015-8_8-3"><sup><i><b>d</b></i></sup></a> <a href="#cite_ref-IMF-2015-8_8-4"><sup><i><b>e</b></i></sup></a> <a href="#cite_ref-IMF-2015-8_8-5"><sup><i><b>f</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFHussainShahmoradiTurk2015" class="citation book cs1">Hussain, Mumtaz; Shahmoradi, Asghar; Turk, Rima (June 2015). <a rel="nofollow" class="external text" href="https://www.imf.org/external/pubs/ft/wp/2015/wp15120.pdf"><i>IMF Working paper, An Overview of Islamic Finance</i></a> <span class="cs1-format">(PDF)</span>. p. 8<span class="reference-accessdate">. Retrieved <span class="nowrap">9 July</span> 2016</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=IMF+Working+paper%2C+An+Overview+of+Islamic+Finance&rft.pages=8&rft.date=2015-06&rft.aulast=Hussain&rft.aufirst=Mumtaz&rft.au=Shahmoradi%2C+Asghar&rft.au=Turk%2C+Rima&rft_id=https%3A%2F%2Fwww.imf.org%2Fexternal%2Fpubs%2Fft%2Fwp%2F2015%2Fwp15120.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AMurabaha" class="Z3988"></span></span> </li> <li id="cite_note-9"><span class="mw-cite-backlink"><b><a href="#cite_ref-9">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://islamicbankers.me/focus/late-payment-charges-tawidh-gharamah/">"Late Payment Charges for Islamic Financial Institutions"</a>. <i>Islamic Bankers : Resource Centre</i>. 11 June 2014<span class="reference-accessdate">. Retrieved <span class="nowrap">9 July</span> 2016</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Islamic+Bankers+%3A+Resource+Centre&rft.atitle=Late+Payment+Charges+for+Islamic+Financial+Institutions&rft.date=2014-06-11&rft_id=https%3A%2F%2Fislamicbankers.me%2Ffocus%2Flate-payment-charges-tawidh-gharamah%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AMurabaha" class="Z3988"></span></span> </li> <li id="cite_note-Edward_Elgar-10"><span class="mw-cite-backlink">^ <a href="#cite_ref-Edward_Elgar_10-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-Edward_Elgar_10-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFVisser2009" class="citation book cs1">Visser, Hans, ed. (January 2009). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=KIXe3rY_OkgC&q=murabaha+impose+penalties+for+late+payment+charity&pg=PA77">"4.4 Islamic Contract Law"</a>. <i>Islamic Finance: Principles and Practice</i>. Edward Elgar. p. 77. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/9781848449473" title="Special:BookSources/9781848449473"><bdi>9781848449473</bdi></a><span class="reference-accessdate">. Retrieved <span class="nowrap">9 July</span> 2016</span>. <q>The prevalent position, however, seems to be that creditors may impose penalties for late payments, which have to be donated, whether by the creditor or directly by the client, to a charity, but a flat fee to be paid to the creditor as a recompense for the cost of collection is also acceptable to many fuqaha.</q></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=bookitem&rft.atitle=4.4+Islamic+Contract+Law&rft.btitle=Islamic+Finance%3A+Principles+and+Practice&rft.pages=77&rft.pub=Edward+Elgar&rft.date=2009-01&rft.isbn=9781848449473&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3DKIXe3rY_OkgC%26q%3Dmurabaha%2Bimpose%2Bpenalties%2Bfor%2Blate%2Bpayment%2Bcharity%26pg%3DPA77&rfr_id=info%3Asid%2Fen.wikipedia.org%3AMurabaha" class="Z3988"></span></span> </li> <li id="cite_note-kettell-38-11"><span class="mw-cite-backlink">^ <a href="#cite_ref-kettell-38_11-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-kettell-38_11-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFKettell2011" class="citation book cs1">Kettell, Brian (2011). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=lLVVRAqvZZIC&q=murabaha+impose+penalties+for+late+payment&pg=PA38"><i>The Islamic Banking and Finance Workbook: Step-by-Step Exercises to help you ...</i></a> Wiley. p. 38. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/9781119990628" title="Special:BookSources/9781119990628"><bdi>9781119990628</bdi></a><span class="reference-accessdate">. Retrieved <span class="nowrap">9 July</span> 2016</span>. <q>The bank can only impose penalties for late payment by agreeing to `purify` them by donating them to charity.</q></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+Islamic+Banking+and+Finance+Workbook%3A+Step-by-Step+Exercises+to+help+you+...&rft.pages=38&rft.pub=Wiley&rft.date=2011&rft.isbn=9781119990628&rft.aulast=Kettell&rft.aufirst=Brian&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3DlLVVRAqvZZIC%26q%3Dmurabaha%2Bimpose%2Bpenalties%2Bfor%2Blate%2Bpayment%26pg%3DPA38&rfr_id=info%3Asid%2Fen.wikipedia.org%3AMurabaha" class="Z3988"></span></span> </li> <li id="cite_note-al-yusr-12"><span class="mw-cite-backlink">^ <a href="#cite_ref-al-yusr_12-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-al-yusr_12-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.alyusr.om/faq.aspx?id=15">"FAQs and Ask a Question. Is it permissible for an Islamic bank to impose penalty for late payment?"</a>. <i>al-Yusr</i><span class="reference-accessdate">. Retrieved <span class="nowrap">9 July</span> 2016</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=al-Yusr&rft.atitle=FAQs+and+Ask+a+Question.+Is+it+permissible+for+an+Islamic+bank+to+impose+penalty+for+late+payment%3F&rft_id=http%3A%2F%2Fwww.alyusr.om%2Ffaq.aspx%3Fid%3D15&rfr_id=info%3Asid%2Fen.wikipedia.org%3AMurabaha" class="Z3988"></span></span> </li> <li id="cite_note-Visser-2013-66-13"><span class="mw-cite-backlink"><b><a href="#cite_ref-Visser-2013-66_13-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFVisser2013" class="citation book cs1">Visser, Hans (2013). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=Y30tAgAAQBAJ&q=difference+between+Bai-muajjal+and+Murabaha&pg=PA66"><i>Islamic Finance: Principles and Practice</i></a> (Second ed.). Elgar Publishing. p. 66. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/9781781001745" title="Special:BookSources/9781781001745"><bdi>9781781001745</bdi></a><span class="reference-accessdate">. Retrieved <span class="nowrap">7 December</span> 2016</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Islamic+Finance%3A+Principles+and+Practice&rft.pages=66&rft.edition=Second&rft.pub=Elgar+Publishing&rft.date=2013&rft.isbn=9781781001745&rft.aulast=Visser&rft.aufirst=Hans&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3DY30tAgAAQBAJ%26q%3Ddifference%2Bbetween%2BBai-muajjal%2Band%2BMurabaha%26pg%3DPA66&rfr_id=info%3Asid%2Fen.wikipedia.org%3AMurabaha" class="Z3988"></span></span> </li> <li id="cite_note-FJIFD2012:156-14"><span class="mw-cite-backlink">^ <a href="#cite_ref-FJIFD2012:156_14-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-FJIFD2012:156_14-1"><sup><i><b>b</b></i></sup></a> <a href="#cite_ref-FJIFD2012:156_14-2"><sup><i><b>c</b></i></sup></a> <a href="#cite_ref-FJIFD2012:156_14-3"><sup><i><b>d</b></i></sup></a> <a href="#cite_ref-FJIFD2012:156_14-4"><sup><i><b>e</b></i></sup></a></span> <span class="reference-text"><a href="/wiki/Sukuk#FJIFD2012" title="Sukuk">Jamaldeen, <i>Islamic Finance For Dummies</i>, 2012</a>:156</span> </li> <li id="cite_note-TRIIBR-15"><span class="mw-cite-backlink"><b><a href="#cite_ref-TRIIBR_15-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://islamicmarkets.com/publications/islamic-interbank-benchmark-rate-iibr">"Thomson Reuters' "Islamic Interbank Benchmark Rate" -- IIBR. Is it really an important Step Forward for Islamic Finance Authenticity?"</a>. <i>Islamicmarkets.com</i><span class="reference-accessdate">. Retrieved <span class="nowrap">15 April</span> 2018</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Islamicmarkets.com&rft.atitle=Thomson+Reuters%27+%22Islamic+Interbank+Benchmark+Rate%22+--+IIBR.+Is+it+really+an+important+Step+Forward+for+Islamic+Finance+Authenticity%3F&rft_id=https%3A%2F%2Fislamicmarkets.com%2Fpublications%2Fislamic-interbank-benchmark-rate-iibr&rfr_id=info%3Asid%2Fen.wikipedia.org%3AMurabaha" class="Z3988"></span></span> </li> <li id="cite_note-Irfan-2015-136-17"><span class="mw-cite-backlink">^ <a href="#cite_ref-Irfan-2015-136_17-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-Irfan-2015-136_17-1"><sup><i><b>b</b></i></sup></a> <a href="#cite_ref-Irfan-2015-136_17-2"><sup><i><b>c</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFIrfan2015" class="citation book cs1">Irfan, Harris (2015). <i>Heaven's Bankers</i>. Overlook Press. p. 136.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Heaven%27s+Bankers&rft.pages=136&rft.pub=Overlook+Press&rft.date=2015&rft.aulast=Irfan&rft.aufirst=Harris&rfr_id=info%3Asid%2Fen.wikipedia.org%3AMurabaha" class="Z3988"></span></span> </li> <li id="cite_note-18"><span class="mw-cite-backlink"><b><a href="#cite_ref-18">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFSiddiqui2002" class="citation book cs1">Siddiqui, M.N. (2002). <i>Dialogue in Islamic Economics</i>. Islamabad: Institute of Policy Studies. p. 175.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Dialogue+in+Islamic+Economics&rft.place=Islamabad&rft.pages=175&rft.pub=Institute+of+Policy+Studies&rft.date=2002&rft.aulast=Siddiqui&rft.aufirst=M.N.&rfr_id=info%3Asid%2Fen.wikipedia.org%3AMurabaha" class="Z3988"></span></span> </li> <li id="cite_note-MOFRIEI2005:35-6-19"><span class="mw-cite-backlink"><b><a href="#cite_ref-MOFRIEI2005:35-6_19-0">^</a></b></span> <span class="reference-text"><a href="#MOFRIEI2005">Farooq, <i>Riba-Interest Equation and Islam</i>, 2005</a>: p.35-6</span> </li> <li id="cite_note-Usmani-107-20"><span class="mw-cite-backlink">^ <a href="#cite_ref-Usmani-107_20-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-Usmani-107_20-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFUsmani1998" class="citation book cs1">Usmani, Taqi (1998). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=0aDStX-qUAgC&q=Murabahah&pg=PA65"><i>An Introduction to Islamic Finance</i></a>. Creative Commons Attribution-No Derivative Works 3.0. p. 107<span class="reference-accessdate">. Retrieved <span class="nowrap">4 August</span> 2015</span>. <q>Therefore, it [<i>Murabahah</i>] should neither be taken as an ideal Islamic mode of financing, nor a universal instrument for all sorts of financing. It should be taken as a transitory step towards the ideal Islamic system of financing based on <i>musharakah</i> or <i>mudarabah</i>.</q></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=An+Introduction+to+Islamic+Finance&rft.pages=107&rft.pub=Creative+Commons+Attribution-No+Derivative+Works+3.0.&rft.date=1998&rft.aulast=Usmani&rft.aufirst=Taqi&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3D0aDStX-qUAgC%26q%3DMurabahah%26pg%3DPA65&rfr_id=info%3Asid%2Fen.wikipedia.org%3AMurabaha" class="Z3988"></span></span> </li> <li id="cite_note-mmhi-2008-21"><span class="mw-cite-backlink">^ <a href="#cite_ref-mmhi-2008_21-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-mmhi-2008_21-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.arabianbusiness.com/misused-murabaha-hurts-industry-122008.html">"Misused murabaha hurts industry"</a>. Arabian Business. 1 February 2008.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Misused+murabaha+hurts+industry&rft.pub=Arabian+Business&rft.date=2008-02-01&rft_id=http%3A%2F%2Fwww.arabianbusiness.com%2Fmisused-murabaha-hurts-industry-122008.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AMurabaha" class="Z3988"></span></span> </li> <li id="cite_note-Usmani-81-22"><span class="mw-cite-backlink">^ <a href="#cite_ref-Usmani-81_22-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-Usmani-81_22-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFUsmani1998" class="citation book cs1">Usmani, Taqi (1998). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=0aDStX-qUAgC&q=Murabahah&pg=PA65"><i>An Introduction to Islamic Finance</i></a>. 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Ariff, Mohamed (ed.). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=IehCi9TSYz4C&q=%22it+can+be+characterized+as+a+crisis+of+identity+of+the+Islamic+financial+movement.%22&pg=PA56"><i>Islamic Banking in Southeast Asia: Islam and the Economic Development of ...</i></a> Institute of Southeast Asian Studies. p. 56. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/9789971988982" title="Special:BookSources/9789971988982"><bdi>9789971988982</bdi></a><span class="reference-accessdate">. Retrieved <span class="nowrap">21 December</span> 2017</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Islamic+Banking+in+Southeast+Asia%3A+Islam+and+the+Economic+Development+of+...&rft.pages=56&rft.pub=Institute+of+Southeast+Asian+Studies&rft.date=1988&rft.isbn=9789971988982&rft.aulast=Siddiqi&rft.aufirst=Muhammad+Nejatullah&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3DIehCi9TSYz4C%26q%3D%2522it%2Bcan%2Bbe%2Bcharacterized%2Bas%2Ba%2Bcrisis%2Bof%2Bidentity%2Bof%2Bthe%2BIslamic%2Bfinancial%2Bmovement.%2522%26pg%3DPA56&rfr_id=info%3Asid%2Fen.wikipedia.org%3AMurabaha" class="Z3988"></span></span> </li> <li id="cite_note-MOFRIE-2005:35-76"><span class="mw-cite-backlink"><b><a href="#cite_ref-MOFRIE-2005:35_76-0">^</a></b></span> <span class="reference-text"><a href="#HIHB2015">Farooq, <i>Riba-Interest Equation and Islam</i>, 2005</a>: p.35</span> </li> <li id="cite_note-77"><span class="mw-cite-backlink"><b><a href="#cite_ref-77">^</a></b></span> <span class="reference-text">Munawar IQBAL and Philip Molyneux. <i>Thirty Years of Islamic Banking: History, Performance and Prospects</i>, [Palgrave, 2005], p. 125</span> </li> <li id="cite_note-78"><span class="mw-cite-backlink"><b><a href="#cite_ref-78">^</a></b></span> <span class="reference-text">Mohammad Nejatullah SIDDIQI. <i>Issues in Islamic Banking</i>, [Leicester: The Islamic Foundation, UK, 1983]</span> </li> <li id="cite_note-80"><span class="mw-cite-backlink"><b><a href="#cite_ref-80">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFZaheer" class="citation web cs1">Zaheer, Khalid. <a rel="nofollow" class="external text" href="http://www.khalidzaheer.com/qa/238">"Is Islamic Banking, in fact, Islamic?"</a><span class="reference-accessdate">. Retrieved <span class="nowrap">21 September</span> 2017</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Is+Islamic+Banking%2C+in+fact%2C+Islamic%3F&rft.aulast=Zaheer&rft.aufirst=Khalid&rft_id=http%3A%2F%2Fwww.khalidzaheer.com%2Fqa%2F238&rfr_id=info%3Asid%2Fen.wikipedia.org%3AMurabaha" class="Z3988"></span></span> </li> <li id="cite_note-MTUHJI1999:224-5-81"><span class="mw-cite-backlink"><b><a href="#cite_ref-MTUHJI1999:224-5_81-0">^</a></b></span> <span class="reference-text"><a href="#MTUHJI1999">Usmani, <i>Historic Judgment on Interest</i>, 1999</a>: para 224-5</span> </li> <li id="cite_note-82"><span class="mw-cite-backlink"><b><a href="#cite_ref-82">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="http://www.qaradawi.net/site/topics/article.asp?">Qaradawi</a> <sup class="noprint Inline-Template"><span style="white-space: nowrap;">[<i><a href="/wiki/Wikipedia:Link_rot" title="Wikipedia:Link rot"><span title=" Dead link tagged September 2023">dead link</span></a></i><span style="visibility:hidden; color:transparent; padding-left:2px">‍</span>]</span></sup></span> </li> <li id="cite_note-Vogel_and_Hayes,_pp.8-9-84"><span class="mw-cite-backlink"><b><a href="#cite_ref-Vogel_and_Hayes,_pp.8-9_84-0">^</a></b></span> <span class="reference-text">Frank VOGEL and Samuel Hayes, III. Islamic Law and Finance: Religion, Risk and Return [The Hague: Kluwer Law International, 1998], pp.8-9</span> </li> <li id="cite_note-MOFRIE-2005:19-85"><span class="mw-cite-backlink"><b><a href="#cite_ref-MOFRIE-2005:19_85-0">^</a></b></span> <span class="reference-text"><a href="#HIHB2015">Farooq, <i>Riba-Interest Equation and Islam</i>, 2005</a>: p.19</span> </li> <li id="cite_note-87"><span class="mw-cite-backlink"><b><a href="#cite_ref-87">^</a></b></span> <span class="reference-text">Mohammad Nejatullah SIDDIQI. Issues in Islamic Banking [Leicester: The Islamic Foundation, UK, 1983, p.52</span> </li> <li id="cite_note-MTUHJI1999:191-88"><span class="mw-cite-backlink"><b><a href="#cite_ref-MTUHJI1999:191_88-0">^</a></b></span> <span class="reference-text"><a href="#MTUHJI1999">Usmani, <i>Historic Judgment on Interest</i>, 1999</a>: para 191</span> </li> <li id="cite_note-WIWWIE2013:207-8-89"><span class="mw-cite-backlink">^ <a href="#cite_ref-WIWWIE2013:207-8_89-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-WIWWIE2013:207-8_89-1"><sup><i><b>b</b></i></sup></a> <a href="#cite_ref-WIWWIE2013:207-8_89-2"><sup><i><b>c</b></i></sup></a></span> <span class="reference-text"><a href="#WIWWIE2013">Khan, <i>What Is Wrong with Islamic Economics?</i>, 2013</a>: p.207-8</span> </li> <li id="cite_note-IBRC-90"><span class="mw-cite-backlink"><b><a href="#cite_ref-IBRC_90-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://islamicbankers.me/focus/late-payment-charges-tawidh-gharamah/">"Late Payment Charges for Islamic Financial Institutions"</a>. <i>Islamic Bankers : Resource Centre</i>. 11 June 2014<span class="reference-accessdate">. Retrieved <span class="nowrap">2 December</span> 2016</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Islamic+Bankers+%3A+Resource+Centre&rft.atitle=Late+Payment+Charges+for+Islamic+Financial+Institutions&rft.date=2014-06-11&rft_id=https%3A%2F%2Fislamicbankers.me%2Ffocus%2Flate-payment-charges-tawidh-gharamah%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AMurabaha" class="Z3988"></span></span> </li> <li id="cite_note-IFGE2010:163-92"><span class="mw-cite-backlink">^ <a href="#cite_ref-IFGE2010:163_92-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-IFGE2010:163_92-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><a href="/wiki/">Warde, <i>Islamic finance in the global economy</i>, 2000</a>: p.163</span> </li> <li id="cite_note-MeGIFLEP2006:14-94"><span class="mw-cite-backlink">^ <a href="#cite_ref-MeGIFLEP2006:14_94-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-MeGIFLEP2006:14_94-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><a class="mw-selflink-fragment" href="#MeGIFLEP2006">El-Gamal, <i>Islamic Finance</i>, 2006</a>: p.14, 64-5</span> </li> </ol></div> <div class="mw-heading mw-heading3"><h3 id="Books,_documents"><span id="Books.2C_documents"></span>Books, documents</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Murabaha&action=edit&section=14" title="Edit section: Books, documents"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="MOFRIEI2005" class="citation journal cs1">Farooq, Mohammad Omar. <a rel="nofollow" class="external text" href="http://ebooks.rahnuma.org/religion/Islamic_Fiqh/Riba-Interest%20Equation%20and%20Islam.pdf">"The Riba-Interest Equation and Islam: Re-examination of the Traditional Arguments (November 2005, September 2009)"</a> <span class="cs1-format">(PDF)</span>. <i>Global Journal of Finance and Economics</i>. <b>6</b> (2): 99–111<span class="reference-accessdate">. Retrieved <span class="nowrap">16 September</span> 2016</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Global+Journal+of+Finance+and+Economics&rft.atitle=The+Riba-Interest+Equation+and+Islam%3A+Re-examination+of+the+Traditional+Arguments+%28November+2005%2C+September+2009%29&rft.volume=6&rft.issue=2&rft.pages=99-111&rft.aulast=Farooq&rft.aufirst=Mohammad+Omar&rft_id=http%3A%2F%2Febooks.rahnuma.org%2Freligion%2FIslamic_Fiqh%2FRiba-Interest%2520Equation%2520and%2520Islam.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AMurabaha" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="HIHB2015" class="citation book cs1">Irfan, Harris (2015). <i>Heaven's Bankers: Inside the Hidden World of Islamic Finance</i>. Overlook Press.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Heaven%27s+Bankers%3A+Inside+the+Hidden+World+of+Islamic+Finance&rft.pub=Overlook+Press&rft.date=2015&rft.aulast=Irfan&rft.aufirst=Harris&rfr_id=info%3Asid%2Fen.wikipedia.org%3AMurabaha" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="FJIFD2012" class="citation book cs1">Jamaldeen, Faleel (2012). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=T7ImTjBd1gQC&q=islamic+finance+for+dummies"><i>Islamic Finance For Dummies</i></a>. John Wiley & Sons. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/9781118233900" title="Special:BookSources/9781118233900"><bdi>9781118233900</bdi></a><span class="reference-accessdate">. Retrieved <span class="nowrap">15 March</span> 2017</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Islamic+Finance+For+Dummies&rft.pub=John+Wiley+%26+Sons&rft.date=2012&rft.isbn=9781118233900&rft.aulast=Jamaldeen&rft.aufirst=Faleel&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3DT7ImTjBd1gQC%26q%3Dislamic%2Bfinance%2Bfor%2Bdummies&rfr_id=info%3Asid%2Fen.wikipedia.org%3AMurabaha" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="MeGIFLEP2006" class="citation book cs1">el-Gamal, Mahmoud A. (2006). <a rel="nofollow" class="external text" href="https://web.archive.org/web/20180403160351/http://iugc.yolasite.com/resources/Reference%20Book%2004%20-%20Islamic%20finance,%20law%20economics%20and%20practice,%20M.%20El%20Gamal.pdf"><i>Islamic Finance : Law, Economics, and Practice</i></a> <span class="cs1-format">(PDF)</span>. New York, NY: Cambridge. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/9780521864145" title="Special:BookSources/9780521864145"><bdi>9780521864145</bdi></a>. Archived from <a rel="nofollow" class="external text" href="http://iugc.yolasite.com/resources/Reference%20Book%2004%20-%20Islamic%20finance,%20law%20economics%20and%20practice,%20M.%20El%20Gamal.pdf">the original</a> <span class="cs1-format">(PDF)</span> on 3 April 2018<span class="reference-accessdate">. Retrieved <span class="nowrap">4 March</span> 2017</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Islamic+Finance+%3A+Law%2C+Economics%2C+and+Practice&rft.place=New+York%2C+NY&rft.pub=Cambridge&rft.date=2006&rft.isbn=9780521864145&rft.aulast=el-Gamal&rft.aufirst=Mahmoud+A.&rft_id=http%3A%2F%2Fiugc.yolasite.com%2Fresources%2FReference%2520Book%252004%2520-%2520Islamic%2520finance%2C%2520law%2520economics%2520and%2520practice%2C%2520M.%2520El%2520Gamal.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AMurabaha" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="FKIBP2015" class="citation book cs1">Khan, Feisal (22 December 2015). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=dqlACwAAQBAJ&q=islamic+modernism+and+financial+interest&pg=PA80"><i>Islamic Banking in Pakistan: Shariah-Compliant Finance and the Quest to Make Pakistan More Islamic</i></a>. Routledge. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/9781317366539" title="Special:BookSources/9781317366539"><bdi>9781317366539</bdi></a><span class="reference-accessdate">. Retrieved <span class="nowrap">9 February</span> 2017</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Islamic+Banking+in+Pakistan%3A+Shariah-Compliant+Finance+and+the+Quest+to+Make+Pakistan+More+Islamic&rft.pub=Routledge&rft.date=2015-12-22&rft.isbn=9781317366539&rft.aulast=Khan&rft.aufirst=Feisal&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3DdqlACwAAQBAJ%26q%3Dislamic%2Bmodernism%2Band%2Bfinancial%2Binterest%26pg%3DPA80&rfr_id=info%3Asid%2Fen.wikipedia.org%3AMurabaha" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="WIWWIE2013" class="citation book cs1">Khan, Muhammad Akram (2013). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=Fr36Gd1X_rcC&q=khan+sum+up+the+modernist+interpretation&pg=PA178"><i>What Is Wrong with Islamic Economics?: Analysing the Present State and Future Agenda</i></a>. Edward Elgar Publishing. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/9781782544159" title="Special:BookSources/9781782544159"><bdi>9781782544159</bdi></a><span class="reference-accessdate">. Retrieved <span class="nowrap">26 March</span> 2015</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=What+Is+Wrong+with+Islamic+Economics%3F%3A+Analysing+the+Present+State+and+Future+Agenda&rft.pub=Edward+Elgar+Publishing&rft.date=2013&rft.isbn=9781782544159&rft.aulast=Khan&rft.aufirst=Muhammad+Akram&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3DFr36Gd1X_rcC%26q%3Dkhan%2Bsum%2Bup%2Bthe%2Bmodernist%2Binterpretation%26pg%3DPA178&rfr_id=info%3Asid%2Fen.wikipedia.org%3AMurabaha" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="RATMTRIBP2014" class="citation book cs1">Turk, Rima A. (27–30 April 2014). <a rel="nofollow" class="external text" href="https://web.archive.org/web/20170517075857/http://www.imfmetac.org/Upload/Link3_743_105.pdf"><i>Main Types and Risks of Islamic Banking Products</i></a> <span class="cs1-format">(PDF)</span>. Kuwait: Regional Workshop on Islamic Banking. International Monetary Fund. Archived from <a rel="nofollow" class="external text" href="http://www.imfmetac.org/Upload/Link3_743_105.pdf">the original</a> <span class="cs1-format">(PDF)</span> on 17 May 2017<span class="reference-accessdate">. Retrieved <span class="nowrap">17 August</span> 2017</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Main+Types+and+Risks+of+Islamic+Banking+Products&rft.place=Kuwait&rft.pub=Regional+Workshop+on+Islamic+Banking.+International+Monetary+Fund&rft.date=2014-04-27%2F2014-04-30&rft.aulast=Turk&rft.aufirst=Rima+A.&rft_id=http%3A%2F%2Fwww.imfmetac.org%2FUpload%2FLink3_743_105.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AMurabaha" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="IIFTU1998" class="citation book cs1">Usmani, Taqi (1998). <a rel="nofollow" class="external text" href="https://web.archive.org/web/20150807040308/http://apsk.kz/en/images/economics/An%20Introduction%20to%20Islamic%20Finance.pdf"><i>An Introduction to Islamic Finance</i></a> <span class="cs1-format">(PDF)</span>. Kazakhstan. Archived from <a rel="nofollow" class="external text" href="http://apsk.kz/en/images/economics/An%20Introduction%20to%20Islamic%20Finance.pdf">the original</a> <span class="cs1-format">(PDF)</span> on 7 August 2015.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=An+Introduction+to+Islamic+Finance&rft.place=Kazakhstan&rft.date=1998&rft.aulast=Usmani&rft.aufirst=Taqi&rft_id=http%3A%2F%2Fapsk.kz%2Fen%2Fimages%2Feconomics%2FAn%2520Introduction%2520to%2520Islamic%2520Finance.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AMurabaha" class="Z3988"></span><span class="cs1-maint citation-comment"><code class="cs1-code">{{<a href="/wiki/Template:Cite_book" title="Template:Cite book">cite book</a>}}</code>: CS1 maint: location missing publisher (<a href="/wiki/Category:CS1_maint:_location_missing_publisher" title="Category:CS1 maint: location missing publisher">link</a>)</span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="MTUHJI1999" class="citation book cs1">Usmani, Muhammad Taqi (December 1999). <a rel="nofollow" class="external text" href="http://www.albalagh.net/Islamic_economics/riba_judgement.pdf"><i>The Historic Judgment on Interest Delivered in the Supreme Court of Pakistan</i></a> <span class="cs1-format">(PDF)</span>. Karachi, Pakistan: albalagh.net.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+Historic+Judgment+on+Interest+Delivered+in+the+Supreme+Court+of+Pakistan&rft.place=Karachi%2C+Pakistan&rft.pub=albalagh.net&rft.date=1999-12&rft.aulast=Usmani&rft.aufirst=Muhammad+Taqi&rft_id=http%3A%2F%2Fwww.albalagh.net%2FIslamic_economics%2Friba_judgement.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AMurabaha" class="Z3988"></span></li></ul> <div class="mw-heading mw-heading2"><h2 id="External_links">External links</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Murabaha&action=edit&section=15" title="Edit section: External links"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a rel="nofollow" class="external text" href="http://www.wdibf.com/">World Database for Islamic Banking and Finance</a></li></ul> <div class="navbox-styles"><link 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<li><a href="/wiki/Islamic_banking_and_finance#Bai'_al_'inah_(sale_and_buy-back_agreement)" title="Islamic banking and finance">Bai' al 'Inah</a></li> <li><a href="/wiki/Islamic_banking_and_finance#Bai'_bithaman_ajil_(deferred_payment_sale)" title="Islamic banking and finance">Bai' Bithaman Ajil</a></li> <li><a href="/wiki/Islamic_banking_and_finance#Bai'_muajjal_(credit_sale)" title="Islamic banking and finance">Bai' Muajjal</a></li> <li><a href="/wiki/Bai_Salam" title="Bai Salam">Bai Salam</a></li> <li><a href="/wiki/Gharar" title="Gharar">Gharar</a></li> <li><a href="/wiki/Islamic_banking_and_finance#Hibah_(gift)" title="Islamic banking and finance">Hibah</a></li> <li><a href="/wiki/Ijarah" title="Ijarah">Ijarah</a></li> <li><a href="/wiki/Islamic_banking_and_finance#Istisna" title="Islamic banking and finance">Istisna</a></li> <li><a href="/wiki/Muamalat" class="mw-redirect" title="Muamalat">Muamalat</a></li> <li><a href="/wiki/Profit_and_loss_sharing" title="Profit and loss sharing">Mudaraba</a></li> <li><a class="mw-selflink selflink">Murabaha</a></li> <li><a href="/wiki/Islamic_banking_and_finance#Musawamah" title="Islamic banking and finance">Musawamah</a></li> <li><a href="/wiki/Musharaka" class="mw-redirect" title="Musharaka">Musharaka</a></li> <li><a href="/wiki/Qard_al-Hasan" title="Qard al-Hasan">Qard al-Hasan</a></li> <li><a href="/wiki/Qirad" title="Qirad">Qirad</a></li> <li><a href="/wiki/Riba" title="Riba">Riba</a></li> <li><a href="/wiki/Sharia_and_securities_trading" title="Sharia and securities trading">Securities trading</a></li> <li><a href="/wiki/Sharia_investments" class="mw-redirect" title="Sharia investments">Sharia investments</a></li> <li><a href="/wiki/Sukuk" title="Sukuk">Sukuk</a></li> <li><a href="/wiki/Takaful" title="Takaful">Takaful</a></li> <li><a href="/wiki/Islamic_banking_and_finance#Tawarruq" title="Islamic banking and finance">Tawarruq</a></li> <li><a href="/wiki/Islamic_banking_and_finance#Wadiah_(safekeeping)" title="Islamic banking and finance">Wadiah</a></li> <li><a href="/wiki/Islamic_banking_and_finance#Wakalah_(power_of_attorney)" title="Islamic banking and finance">Wakalah</a></li> <li><a href="/wiki/Waqf" title="Waqf">Waqf</a></li> <li><a href="/wiki/Zakat" title="Zakat">Zakat</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Currency</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Dinar" title="Dinar">Dinar</a></li> <li><a href="/wiki/Dirham" title="Dirham">Dirham</a></li> <li><a href="/wiki/Fals" title="Fals">Fals</a></li> <li><a href="/wiki/Gold_dinar" title="Gold dinar">Gold dinar</a></li> <li><a href="/wiki/Mithqal" title="Mithqal">Mithqal</a></li> <li><a href="/wiki/Modern_gold_dinar" title="Modern gold dinar">Modern gold dinar</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Scholars</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Abdul_Azim_Islahi" title="Abdul Azim Islahi">Abdul Azim Islahi</a></li> <li><a href="/wiki/Mohammad_Najatuallah_Siddiqi" class="mw-redirect" title="Mohammad Najatuallah Siddiqi">Mohammad Najatuallah Siddiqi</a></li> <li><a href="/wiki/Muhammad_Taqi_Usmani" class="mw-redirect" title="Muhammad Taqi Usmani">Muhammad Taqi Usmani</a></li> <li><a href="/wiki/Rusni_Hassan" title="Rusni Hassan">Rusni Hassan</a></li> <li><a href="/wiki/Umer_Chapra" title="Umer Chapra">Umer Chapra</a></li> <li><a href="/wiki/Waleed_El-Ansary" title="Waleed El-Ansary">Waleed El-Ansary</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Other</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/List_of_banks_in_the_Arab_world" title="List of banks in the Arab world">Banks in the Arab world</a></li> <li><a href="/wiki/Participation_banking" title="Participation banking">Participation banking</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Works</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><i><a href="/wiki/Iqtisaduna" title="Iqtisaduna">Iqtisaduna</a></i></li> <li><i><a href="/wiki/The_Economic_System_In_Islam" class="mw-redirect" title="The Economic System In Islam">The Economic System In Islam</a></i></li></ul> </div></td></tr><tr><td class="navbox-abovebelow" colspan="2"><div><span style="font-size:85%;">The bloc known as the <a href="/wiki/Organisation_of_Islamic_Cooperation" title="Organisation of Islamic Cooperation">Organisation of Islamic Cooperation</a> (OIC) are nations which officially recognize Islam politically.</span></div></td></tr></tbody></table></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236075235"></div><div role="navigation" class="navbox" aria-labelledby="Islam_topics" style="padding:3px"><table class="nowraplinks hlist mw-collapsible mw-collapsed navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2" style="background-color:#dcf5dc;"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Islam_topics" title="Template:Islam topics"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Islam_topics" title="Template talk:Islam topics"><abbr title="Discuss this 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<ul><li><a href="/wiki/God_in_Islam" title="God in Islam">God in Islam</a> <ul><li><a href="/wiki/Allah" title="Allah">Allah</a></li></ul></li> <li><i><a href="/wiki/Tawhid" title="Tawhid">Tawhid</a></i></li> <li><a href="/wiki/Muhammad" title="Muhammad">Muhammad</a> <ul><li><a href="/wiki/Muhammad_in_Islam" title="Muhammad in Islam">In Islam</a></li></ul></li> <li><a href="/wiki/Prophets_and_messengers_in_Islam" title="Prophets and messengers in Islam">Prophets of Islam</a></li> <li><a href="/wiki/Angels_in_Islam" title="Angels in Islam">Angels</a></li> <li><a href="/wiki/Islamic_holy_books" title="Islamic holy books">Revelation</a></li> <li><i><a href="/wiki/Predestination_in_Islam" title="Predestination in Islam">Qadar</a></i></li> <li><a href="/wiki/Day_of_Resurrection" class="mw-redirect" title="Day of Resurrection">Judgement Day</a></li> <li><a href="/wiki/Holiest_sites_in_Islam" title="Holiest sites in Islam">Holiest sites</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:8em;background:#dcf5dc;"><a href="/wiki/Five_Pillars_of_Islam" title="Five Pillars of Islam">Five Pillars</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="padding:0;background-color:#f7fdf7;"><div style="padding:0 0.25em"> <ul><li><i><a href="/wiki/Shahada" title="Shahada">Shahada</a></i></li> <li><i><a href="/wiki/Salah" title="Salah">Salah</a></i></li> <li><i><a href="/wiki/Fasting_in_Islam" title="Fasting in Islam">Sawm</a></i></li> <li><i><a href="/wiki/Zakat" title="Zakat">Zakat</a></i></li> <li><i><a href="/wiki/Hajj" title="Hajj">Hajj</a></i></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:8em;background:#dcf5dc;"><div class="hlist"><ul><li><a href="/wiki/History_of_Islam" title="History of Islam">History</a></li><li><a href="/wiki/Islamic_religious_leaders" title="Islamic religious leaders">Leaders</a></li></ul></div></th><td class="navbox-list-with-group navbox-list navbox-odd" style="padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Timeline_of_the_history_of_Islam" title="Timeline of the history of Islam">Timeline of the history of Islam</a></li> <li><a href="/wiki/Succession_to_Muhammad" title="Succession to Muhammad">Succession to Muhammad</a></li> <li><a href="/wiki/Early_Muslim_conquests" title="Early Muslim conquests">Early conquests</a></li> <li><a href="/wiki/Islamic_Golden_Age" title="Islamic Golden Age">Golden Age</a></li> <li><a href="/wiki/Historiography_of_early_Islam" title="Historiography of early Islam">Historiography</a></li> <li><i><a href="/wiki/Companions_of_the_Prophet" title="Companions of the Prophet">Sahaba</a></i></li> <li><i><a href="/wiki/Ahl_al-Bayt" title="Ahl al-Bayt">Ahl al-Bayt</a></i></li> <li><a href="/wiki/Imamate_in_Shia_doctrine" title="Imamate in Shia doctrine">Shi'a Imams</a></li> <li><a href="/wiki/Caliphate" title="Caliphate">Caliphates</a> <ul><li><a href="/wiki/Rashidun_Caliphate" title="Rashidun Caliphate"><i>Rashidun</i></a></li> <li><a href="/wiki/Umayyad_Caliphate" title="Umayyad Caliphate">Umayyad</a></li> <li><a href="/wiki/Abbasid_Caliphate" title="Abbasid Caliphate">Abbasid</a></li> <li><a href="/wiki/Caliphate_of_C%C3%B3rdoba" class="mw-redirect" title="Caliphate of Córdoba">Córdoba</a></li> <li><a href="/wiki/Fatimid_Caliphate" title="Fatimid Caliphate">Fatimid</a></li> <li><a href="/wiki/Almohad_Caliphate" title="Almohad Caliphate">Almohad</a></li> <li><a href="/wiki/Sokoto_Caliphate" title="Sokoto Caliphate">Sokoto</a></li> <li><a href="/wiki/Ottoman_Caliphate" title="Ottoman Caliphate">Ottoman</a></li></ul></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:8em;background:#dcf5dc;"><a href="/wiki/Islamic_holy_books" title="Islamic holy books">Religious texts</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="padding:0;background-color:#f7fdf7;"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Quran" title="Quran">Quran</a></li> <li><a href="/wiki/Hadith" title="Hadith">Hadith</a></li> <li><a href="/wiki/Tafsir" title="Tafsir">Tafsir</a></li> <li><a href="/wiki/Prophetic_biography" class="mw-redirect" title="Prophetic biography">Seerah</a></li> <li><i><a href="/wiki/Qisas_Al-Anbiya" class="mw-redirect" title="Qisas Al-Anbiya">Story of Prophets</a></i></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:8em;background:#dcf5dc;"><a href="/wiki/Islamic_schools_and_branches" title="Islamic schools and branches">Denominations</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Sunni_Islam" title="Sunni Islam">Sunni</a> <ul><li><a href="/wiki/Ash%27arism" title="Ash'arism">Ash'arism</a></li> <li><a href="/wiki/Atharism" title="Atharism">Atharism</a></li> <li><a href="/wiki/Maturidism" title="Maturidism">Maturidism</a></li> <li><a href="/wiki/Mu%27tazili" class="mw-redirect" title="Mu'tazili">Mu'tazili</a></li> <li><a href="/wiki/Salafi_movement" title="Salafi movement">Salafi</a> <ul><li><a href="/wiki/Wahhabism" title="Wahhabism">Wahhabism</a></li></ul></li></ul></li> <li><a href="/wiki/Sufism" title="Sufism">Sufi</a></li> <li><a href="/wiki/Shia_Islam" title="Shia Islam">Shia</a> <ul><li><a href="/wiki/Twelver_Shi%27ism" title="Twelver Shi'ism">Twelver Shi'ism</a></li> <li><a href="/wiki/Isma%27ilism" title="Isma'ilism">Isma'ilism</a></li> <li><a href="/wiki/Alawites" title="Alawites">Alawites</a></li> <li><a href="/wiki/Alevism" title="Alevism">Alevism</a> <ul><li><a href="/wiki/Alevism" title="Alevism">Bektashi Alevism</a></li></ul></li> <li><a href="/wiki/Zaydism" title="Zaydism">Zaydism</a></li></ul></li> <li><a href="/wiki/Muhakkima" title="Muhakkima">Muhakkima</a>/<a href="/wiki/Kharijites" title="Kharijites">Khawarij</a> <ul><li><a href="/wiki/Azariqa" title="Azariqa">Azariqa</a></li> <li>Moderate Kharijites <ul><li><a href="/wiki/Ibadi_Islam" title="Ibadi Islam">Ibadi</a> <ul><li><a href="/wiki/Azzabas" title="Azzabas">Azzabas</a></li> <li><a href="/wiki/Nukkari" title="Nukkari">Nukkari</a></li> <li><a href="/wiki/Ibadi_Islam#Wahbi_school" title="Ibadi Islam">Wahbi</a></li></ul></li> <li><a href="/wiki/Sufri" title="Sufri">Sufri</a></li></ul></li> <li><a href="/wiki/Najdat" title="Najdat">Najdat</a></li></ul></li> <li><a href="/wiki/Nation_of_Islam" title="Nation of Islam">Nation of Islam</a></li> <li><a href="/wiki/Ahmadiyya" title="Ahmadiyya">Ahmadiyya</a> <ul><li><a href="/wiki/Lahore_Ahmadiyya_Movement_for_the_Propagation_of_Islam" class="mw-redirect" title="Lahore Ahmadiyya Movement for the Propagation of Islam">Lahori</a></li></ul></li> <li><a href="/wiki/Quranism" title="Quranism">Quranism</a></li> <li><a href="/wiki/Non-denominational_Muslim" title="Non-denominational Muslim">Non-denominational</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:8em;background:#dcf5dc;"><div class="hlist"><ul><li><a href="/wiki/Muslim_world" title="Muslim world">Life</a></li><li><a href="/wiki/Islamic_culture" title="Islamic culture">Culture</a></li></ul></div></th><td class="navbox-list-with-group navbox-list navbox-even" style="padding:0;background-color:#f7fdf7;"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Animals_in_Islam" title="Animals in Islam">Animals</a></li> <li><a href="/wiki/Islamic_art" title="Islamic art">Art</a></li> <li><a href="/wiki/Islam_in_association_football" class="mw-redirect" title="Islam in association football">Association football</a></li> <li><a href="/wiki/Islamic_calendar" title="Islamic calendar">Calendar</a></li> <li><a href="/wiki/Islam_and_children" title="Islam and children">Children</a></li> <li><a href="/wiki/Islamic_clothing" title="Islamic clothing">Clothing</a></li> <li><a href="/wiki/Islamic_flags" class="mw-redirect" title="Islamic flags">Flags</a></li> <li><a href="/wiki/Islamic_holidays" title="Islamic holidays">Holidays</a></li> <li><a href="/wiki/Mosque" title="Mosque">Mosques</a></li> <li><a href="/wiki/Madrasa" title="Madrasa">Madrasas</a></li> <li><a href="/wiki/Morality_in_Islam" title="Morality in Islam">Moral teachings</a></li> <li><a href="/wiki/Islamic_music" title="Islamic music">Music</a></li> <li><a href="/wiki/Islamic_philosophy" title="Islamic philosophy">Philosophy</a></li> <li><a href="/wiki/Political_aspects_of_Islam" title="Political aspects of Islam">Political aspects</a></li> <li><i><a href="/wiki/Qurban_(Islamic_ritual_sacrifice)" title="Qurban (Islamic ritual sacrifice)">Qurbani</a></i></li> <li><a href="/wiki/Islamic_attitudes_towards_science" title="Islamic attitudes towards science">Science</a></li> <li><a href="/wiki/Islam_and_humanity" title="Islam and humanity">Social welfare</a></li> <li><a href="/wiki/Women_in_Islam" title="Women in Islam">Women</a></li> <li><a href="/wiki/LGBT_in_Islam" class="mw-redirect" title="LGBT in Islam">LGBT</a></li> <li><a href="/wiki/Islam_by_country" title="Islam by country">Islam by country</a></li></ul> </div></td></tr></tbody></table><div></div></td></tr><tr><td colspan="2" class="navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks mw-collapsible mw-collapsed navbox-subgroup" style="border-spacing:0"><tbody><tr><th scope="col" class="navbox-title" colspan="2" style="background-color:#dcf5dc;"><div id="LawJurisprudence" style="font-size:114%;margin:0 4em"><div class="hlist"><ul><li><a href="/wiki/Sharia" title="Sharia">Law</a></li><li><a href="/wiki/Fiqh" title="Fiqh">Jurisprudence</a></li></ul></div></div></th></tr><tr><td colspan="2" class="navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><th scope="row" class="navbox-group" style="width:8em;background:#dcf5dc;"><a href="/wiki/Islamic_economics" title="Islamic economics">Economics</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Islamic_banking_and_finance" title="Islamic banking and finance">Banking</a></li> <li><a href="/wiki/History_of_Islamic_economics" title="History of Islamic economics">Economic history</a></li> <li><i><a href="/wiki/Sukuk" title="Sukuk">Sukuk</a></i></li> <li><i><a href="/wiki/Takaful" title="Takaful">Takaful</a></i></li> <li><i><a class="mw-selflink selflink">Murabaha</a></i></li> <li><i><a href="/wiki/Riba" title="Riba">Riba</a></i></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:8em;background:#dcf5dc;"><a href="/wiki/Islamic_hygienical_jurisprudence" class="mw-redirect" title="Islamic hygienical jurisprudence">Hygiene</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="padding:0;background-color:#f7fdf7;"><div style="padding:0 0.25em"> <ul><li><i><a href="/wiki/Ghusl" title="Ghusl">Ghusl</a></i></li> <li><i><a href="/wiki/Miswak" title="Miswak">Miswak</a></i></li> <li><i><a href="/wiki/Najis" title="Najis">Najis</a></i></li> <li><i><a href="/wiki/Tayammum" title="Tayammum">Tayammum</a></i></li> <li><a href="/wiki/Islamic_toilet_etiquette" title="Islamic toilet etiquette">Toilet</a></li> <li><i><a href="/wiki/Wudu" title="Wudu">Wudu</a></i></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:8em;background:#dcf5dc;"><div class="hlist"><ul><li><a href="/wiki/Islamic_family_jurisprudence" title="Islamic family jurisprudence">Family</a></li><li><a href="/wiki/Islamic_marital_jurisprudence" title="Islamic marital jurisprudence">Marriage</a></li><li><a href="/wiki/Islamic_sexual_jurisprudence" class="mw-redirect" title="Islamic sexual jurisprudence">Sex</a></li></ul></div></th><td class="navbox-list-with-group navbox-list navbox-odd" style="padding:0"><div style="padding:0 0.25em"> <ul><li><i><a href="/wiki/Haya_(Islam)" title="Haya (Islam)">Haya</a></i></li> <li><i><a href="/wiki/Islamic_marriage_contract" title="Islamic marriage contract">Marriage contract</a></i></li> <li><i><a href="/wiki/Mahr" title="Mahr">Mahr</a></i></li> <li><i><a href="/wiki/Mahram" title="Mahram">Mahram</a></i></li> <li><i><a href="/wiki/Marriage_in_Islam" title="Marriage in Islam">Nikah</a></i></li> <li><i><a href="/wiki/Nikah_mut%27ah" title="Nikah mut'ah">Nikah mut'ah</a></i></li> <li><i><a href="/wiki/Zina" title="Zina">Zina</a></i></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:8em;background:#dcf5dc;">Other aspects</th><td class="navbox-list-with-group navbox-list navbox-even" style="padding:0;background-color:#f7fdf7;"><div style="padding:0 0.25em"> <ul><li><i><a href="/wiki/Baligh" title="Baligh">Baligh</a></i></li> <li><a href="/wiki/Islamic_hygienical_jurisprudence" class="mw-redirect" title="Islamic hygienical jurisprudence">Cleanliness</a></li> <li><a href="/wiki/Islamic_criminal_jurisprudence" title="Islamic criminal jurisprudence">Criminal</a> <ul><li><a href="/wiki/Apostasy_in_Islam" title="Apostasy in Islam">Apostasy</a></li> <li><a href="/wiki/Islam_and_blasphemy" title="Islam and blasphemy">Blasphemy</a></li> <li><a href="/wiki/Capital_punishment_in_Islam" title="Capital punishment in Islam">Death penalty</a></li></ul></li> <li><i><a href="/wiki/Dhabihah" title="Dhabihah">Dhabiĥa</a></i></li> <li><i><a href="/wiki/Dhimmi" title="Dhimmi">Dhimmi</a></i></li> <li><a href="/wiki/Divorce_in_Islam" title="Divorce in Islam">Divorce</a></li> <li><a href="/wiki/Islamic_dietary_laws" title="Islamic dietary laws">Diet</a></li> <li><a href="/wiki/Islamic_ethics" title="Islamic ethics">Ethics</a></li> <li><a href="/wiki/Adab_(Islam)" title="Adab (Islam)">Etiquette</a></li> <li><a href="/wiki/Maisir" title="Maisir">Gambling</a></li> <li><a href="/wiki/Islam_and_gender_segregation" title="Islam and gender segregation">Gender segregation</a></li> <li><a href="/wiki/Islamic_honorifics" title="Islamic honorifics">Honorifics</a></li> <li><i><a href="/wiki/Hudud" title="Hudud">Hudud</a></i></li> <li><a href="/wiki/Islamic_inheritance_jurisprudence" title="Islamic inheritance jurisprudence">Inheritance</a></li> <li><i><a href="/wiki/Jizya" title="Jizya">Jizya</a></i></li> <li><a href="/wiki/Islamic_leadership" class="mw-redirect" title="Islamic leadership">Leadership</a></li> <li><i><a href="/wiki/Ma_malakat_aymanukum" class="mw-redirect" title="Ma malakat aymanukum">Ma malakat aymanukum</a></i></li> <li><a href="/wiki/Islamic_military_jurisprudence" title="Islamic military jurisprudence">Military</a> <ul><li><a href="/wiki/Prisoners_of_war_in_Islam" class="mw-redirect" title="Prisoners of war in Islam">POWs</a></li></ul></li> <li><a href="/wiki/Islamic_views_on_slavery" title="Islamic views on slavery">Slavery</a></li> <li><a href="/wiki/Sources_of_sharia" class="mw-redirect" title="Sources of sharia">Sources of law</a></li> <li><a href="/wiki/Islamic_theological_jurisprudence" class="mw-redirect" title="Islamic theological jurisprudence">Theological</a> <ul><li><i><a href="/wiki/Kalam" title="Kalam">Kalam</a></i></li></ul></li> <li><a href="/wiki/Madhhab" title="Madhhab">Schools of islamic jurisprudence</a></li></ul> </div></td></tr></tbody></table><div></div></td></tr></tbody></table><div></div></td></tr><tr><td colspan="2" class="navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks mw-collapsible mw-collapsed navbox-subgroup" style="border-spacing:0"><tbody><tr><th scope="col" class="navbox-title" colspan="2" style="background-color:#dcf5dc;"><div id="_Islamic_studies" style="font-size:114%;margin:0 4em"><span style="padding-left:2.5em;"> </span><a href="/wiki/Islamic_studies" title="Islamic studies">Islamic studies</a></div></th></tr><tr><td colspan="2" class="navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><th scope="row" class="navbox-group" style="width:8em;background:#dcf5dc;"><a href="/wiki/Islamic_art" title="Islamic art">Arts</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Arabesque" title="Arabesque">Arabesque</a></li> <li><a href="/wiki/Islamic_architecture" title="Islamic architecture">Architecture</a></li> <li><a href="/wiki/Islamic_calligraphy" title="Islamic calligraphy">Calligraphy</a></li> <li><a href="/wiki/Oriental_rug" title="Oriental rug">Carpets</a></li> <li><a href="/wiki/Islamic_garden" title="Islamic garden">Gardens</a></li> <li><a href="/wiki/Islamic_geometric_patterns" title="Islamic geometric patterns">Geometric patterns</a></li> <li><a href="/wiki/Islamic_music" title="Islamic music">Music</a></li> <li><a href="/wiki/Islamic_pottery" title="Islamic pottery">Pottery</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:8em;background:#dcf5dc;"><a href="/wiki/Science_in_the_medieval_Islamic_world" title="Science in the medieval Islamic world">Medieval science</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="padding:0;background-color:#f7fdf7;"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Alchemy_and_chemistry_in_the_medieval_Islamic_world" class="mw-redirect" title="Alchemy and chemistry in the medieval Islamic world">Alchemy and chemistry</a></li> <li><a href="/wiki/Astronomy_in_the_medieval_Islamic_world" title="Astronomy in the medieval Islamic world">Astronomy</a></li> <li><a href="/wiki/Cosmology_in_medieval_Islam" class="mw-redirect" title="Cosmology in medieval Islam">Cosmology</a></li> <li><a href="/wiki/Geography_and_cartography_in_the_medieval_Islamic_world" title="Geography and cartography in the medieval Islamic world">Geography and cartography</a></li> <li><a href="/wiki/Mathematics_in_the_medieval_Islamic_world" title="Mathematics in the medieval Islamic world">Mathematics</a></li> <li><a href="/wiki/Medicine_in_the_medieval_Islamic_world" title="Medicine in the medieval Islamic world">Medicine</a></li> <li><a href="/wiki/Ophthalmology_in_the_medieval_Islamic_world" title="Ophthalmology in the medieval Islamic world">Ophthalmology</a></li> <li><a href="/wiki/Physics_in_the_medieval_Islamic_world" title="Physics in the medieval Islamic world">Physics</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:8em;background:#dcf5dc;"><a href="/wiki/Islamic_philosophy" title="Islamic philosophy">Philosophy</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Early_Islamic_philosophy" title="Early Islamic philosophy">Early</a></li> <li><a href="/wiki/Contemporary_Islamic_philosophy" title="Contemporary Islamic philosophy">Contemporary</a></li> <li><a href="/wiki/Islamic_eschatology" title="Islamic eschatology">Eschatology</a></li> <li><a href="/wiki/Kalam" title="Kalam">Theological</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:8em;background:#dcf5dc;">Other areas</th><td class="navbox-list-with-group navbox-list navbox-even" style="padding:0;background-color:#f7fdf7;"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Astrology_in_the_medieval_Islamic_world" title="Astrology in the medieval Islamic world">Astrology</a></li> <li><a href="/wiki/Islamic_views_on_evolution" title="Islamic views on evolution">Creationism (evolution)</a></li> <li><a href="/wiki/Islamic_feminism" title="Islamic feminism">Feminism</a></li> <li><a href="/wiki/List_of_inventions_in_the_medieval_Islamic_world" title="List of inventions in the medieval Islamic world">Inventions</a></li> <li><a href="/wiki/Liberalism_and_progressivism_within_Islam" title="Liberalism and progressivism within Islam">Liberalism and progressivism</a></li> <li><a href="/wiki/Islamic_literature" title="Islamic literature">Literature</a> <ul><li><a href="/wiki/Islamic_poetry" title="Islamic poetry">poetry</a></li></ul></li> <li><a href="/wiki/Psychology_in_the_medieval_Islamic_world" title="Psychology in the medieval Islamic world">Psychology</a></li> <li><i><a href="/wiki/Shu%27ubiyya" title="Shu'ubiyya">Shu'ubiyya</a></i></li> <li><a href="/wiki/Conversion_of_non-Islamic_places_of_worship_into_mosques" title="Conversion of non-Islamic places of worship into mosques">Conversion to mosques</a></li></ul> </div></td></tr></tbody></table><div></div></td></tr></tbody></table><div></div></td></tr><tr><td colspan="2" class="navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks mw-collapsible mw-collapsed navbox-subgroup" style="border-spacing:0"><tbody><tr><th scope="col" class="navbox-title" colspan="2" style="background-color:#dcf5dc;"><div id="_Other" style="font-size:114%;margin:0 4em"><span style="padding-left:2.5em;"> </span>Other</div></th></tr><tr><td colspan="2" class="navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><th scope="row" class="navbox-group" style="width:8em;background:#dcf5dc;"><a href="/wiki/Islam_and_other_religions" title="Islam and other religions">Other religions</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Christianity_and_Islam" title="Christianity and Islam">Christianity</a> <ul><li><a href="/wiki/Catholic_Church_and_Islam" title="Catholic Church and Islam">Catholicism</a></li> <li><a href="/wiki/Islam_and_Mormonism" title="Islam and Mormonism">Mormonism</a></li> <li><a href="/wiki/Protestantism_and_Islam" title="Protestantism and Islam">Protestantism</a></li></ul></li> <li><a href="/wiki/Druze#Relationship_with_Muslims" title="Druze">Druzism</a></li> <li><a href="/wiki/Hindu%E2%80%93Islamic_relations" title="Hindu–Islamic relations">Hinduism</a></li> <li><a href="/wiki/Islam_and_Jainism" title="Islam and Jainism">Jainism</a></li> <li><a href="/wiki/Islamic%E2%80%93Jewish_relations" title="Islamic–Jewish relations">Judaism</a></li> <li><a href="/wiki/Islam_and_Sikhism" title="Islam and Sikhism">Sikhism</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:8em;background:#dcf5dc;"><a href="/wiki/Apostasy_in_Islam" title="Apostasy in Islam">Apostasy</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="padding:0;background-color:#f7fdf7;"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Apostasy_in_Islam_by_country" title="Apostasy in Islam by country">Apostasy in Islam by country</a></li> <li><a href="/wiki/Ex-Muslims" title="Ex-Muslims">Ex-Muslims</a></li> <li><a href="/wiki/List_of_former_Muslims" title="List of former Muslims">List of former Muslims</a></li> <li><a href="/wiki/List_of_ex-Muslim_organisations" title="List of ex-Muslim organisations">List of ex-Muslim organisations</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:8em;background:#dcf5dc;">Related topics</th><td class="navbox-list-with-group navbox-list navbox-odd" style="padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Criticism_of_Islam" title="Criticism of Islam">Criticism of Islam</a> <ul><li><a href="/wiki/Criticism_of_Muhammad" title="Criticism of Muhammad">Muhammad</a></li> <li><a href="/wiki/Criticism_of_the_Quran" title="Criticism of the Quran">Quran</a></li></ul></li> <li><a href="/wiki/Cultural_Muslim" class="mw-redirect" title="Cultural Muslim">Cultural Muslim</a></li> <li><a href="/wiki/Islamism" title="Islamism">Islamism</a> <ul><li><a href="/wiki/Criticism_of_Islamism" title="Criticism of Islamism">Criticism</a></li> <li><a href="/wiki/Post-Islamism" title="Post-Islamism">Post-Islamism</a></li> <li><a href="/wiki/Qutbism" title="Qutbism">Qutbism</a></li></ul></li> <li><a href="/wiki/Islamophobia" title="Islamophobia">Islamophobia</a></li> <li><a href="/wiki/Islamic_extremism" title="Islamic extremism">Islamic extremism</a></li> <li><a href="/wiki/Islamic_terrorism" title="Islamic terrorism">Islamic terrorism</a></li> <li><a href="/wiki/Islamic_view_of_miracles" title="Islamic view of miracles">Islamic view of miracles</a></li> <li><a href="/wiki/Islam_and_domestic_violence" title="Islam and domestic violence">Domestic violence</a></li> <li><a href="/wiki/Nursing_in_Islam" title="Nursing in Islam">Nursing</a></li> <li><a href="/wiki/Persecution_of_Muslims" title="Persecution of Muslims">Persecution of Muslims</a></li> <li><a href="/wiki/Quran_and_miracles" class="mw-redirect" title="Quran and miracles">Quran and miracles</a></li> <li><a href="/wiki/Symbols_of_Islam" title="Symbols of Islam">Symbolism</a></li></ul> </div></td></tr></tbody></table><div></div></td></tr></tbody></table><div></div></td></tr><tr><td class="navbox-abovebelow" colspan="2" style="background-color:#dcf5dc;"><div> <ul><li><span class="nowrap"><span class="noviewer" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/4/4e/Allah-green.svg/15px-Allah-green.svg.png" decoding="async" width="15" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/4/4e/Allah-green.svg/23px-Allah-green.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/4/4e/Allah-green.svg/31px-Allah-green.svg.png 2x" data-file-width="206" data-file-height="215" /></span></span> </span><a href="/wiki/Portal:Islam" title="Portal:Islam">Islam portal</a></li> <li><span class="noviewer" typeof="mw:File"><span title="Category"><img alt="" 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