60 Islamic Finance in Practice
Delivery in tranches
If this were required, the Shari’a scholars would have to be consulted. Some
schools permit delivery in stages, but there is an argument that this creates
gharar(uncertainty), because the price being paid for the assets that are
delivered later is the same as those being delivered first.Diagrammatical depiction of a trademurabahafinancing.Schedule 1: Form for a transaction request^1
From: [the customer]
To: [the Islamic financial institution]
Date: [________]Murabaha agreement dated [•] (the Agreement)
Terms defined in the Agreement have the same meaning when used in this
document. This is a transaction request.
We request your approval to purchase the goods indicated below as your
undisclosed agent upon the terms and conditions of the Agreement. Please
notify us of your approval by facsimile by sending a transaction approval to
us by no later than the close of business on the date [•], _______ business
days after the date of this transaction request.
We wish to enter into a purchase contract as follows:(a) Transaction date: [_________](^1) The schedules are for illustration purposes only and should not be solely used as a basis for a transaction.