(4-22) Purchase of Travel Tickets and selling them on Murabaha
(4-22) Purchase of Travel Tickets and selling them on Murabaha
Question:
Please look into the question raised by the commercial department concerning the purchase of travel tickets and selling them on Murabaha on credit through a draft agreement forwarded by the enquiring party?
Answer:
There is no objection, from Shari'ah point of view, to buy tickets and sell them on Murabaha subject to the following:
First: The commercial department would prepare a draft of the contract clarifying the relationship between the Kuwait Finance House and the Kuwaiti Airlines on how to execute this transaction with the clients. However, it is necessary to submit the contract to the Shariah board prior to its implementation.
Second: Enquire the commercial department about the method of executing this operation in conjunction with the clients.
Third: Present this proposal to the board. Fourth: Dispatch these papers prior to commencement in line with
this principle.
Source:
Kuwait Finance House, Book of Fatwas in Economic issues, Parts (1), and (2), Fatwa No.(310).
(4-23) Existence of damage, deficiency or otherwise Question:
A client approached the Kuwait Finance House to purchase some goods for him, and Kuwait Finance House has purchased the goods. After possessing the goods and receiving the documents, a sale contract has been signed. When the client cleared the goods he discovered that they are defective.
How could the damage be treated bearing in mind that the sale contract has been concluded on the assumption that the goods are complete/consistent.
Is there any correlation between the Kuwait Finance House receiving a compensation from the insurance company or not, and settling the matter with the client considering that according to the contract the first installment becomes due after a week?
Answer:
According to Shari'ah opinion, in cases of partial damage to contracted goods, the value of the damaged commodities shall be deducted from the price according to the percentage between the complete price and the entire quantity of the contracted goods. There is no relationship between the sale contract signed with the client and the insurance agreement which has been concluded between the Kuwait Finance House and the insurance company as well as, whether or not compensation has been attained before or after negotiating with the client. There are in fact two independent transactions:
Such goods may not be sold on Murabaha since it is impossible to know its original price whereby the sold commodity may be rejected after having seen the damage based on the first price.
Source:
Kuwait Finance House, Book of Fatwas in economic issues, Parts (1), and (2), Fatwa No.(307).
(4-24) Relieving the exporter from defects found in goods Question:
Is it permissible to enter into a sale contract with the promising buyer on damaged good that have been shipped on board a vessel provided that such damage is disclosed to the promising buyer prior to the contract or should the Kuwait Finance House relieve the exporter of the damages prior to the promising buyer relieves Kuwait Finance House before the contract is signed with him?
Answer:
There is no connection between the act of promising to buy and the contract signed with the exporter. Each one shall have its provisions applied in the light of the agreed terms with regard to claiming compensation against damages or rebating the claim. However, relieving the promising buyer of the damage liability shall only be considered at the time of executing the purchase contract with him.
Source:
Kuwait Finance House, Book of Fatwas in economic issues, Parts (1), and (2), Fatwa No.(62).