88
10. The return the bank wishes for its depositors as well for itself The responsibility of determining the benchmark is entrusted upon the
Assets and Liability committee ALCO of Albaraka Bank. The Albaraka Profit Mark-up benchmark once determined for
implementation is publicized for the benefit of internal use as well as for the public.
Clients requesting that Albaraka bank follows the prime rate will be educated on the nature of an Islamic transaction and the benefits thereof.
C. Nominating a representative or agent Wakalah
Bank Muamalat
The client wishes to purchase a house, the bank would nominated the client as an agent wakalah agreement to purchase the house on behalf of the
bank from the third party supplier. Once the bank is informed of the purchase, the bank draws up a murabaha contract whereby the bank re-sells the house to the
client at an agreed profit margin. MUI Fatwa No.04DSN-MUIIV2000 April 1, 2000 26 Dzulhijah H
1420 have established that if the Bank nominates the customer as an agent to buy goods from a third party, then the sale and purchase agreement murabahah
should be done after the goods are owned by the Bank. In other words, granting authority Wakalah from the Bank to the Customer or any third party must be
done before the contract of sale and Murabahah happens.
89
Bank Indonesia BI seems pretty explicit in this regard. Bank Indonesia Regulation PBI No.746PBI2005 dated 14 November 2005 on the
standardization of contract, the central bank reiterates the use of Wakalah in the in article 9, paragraph 1, point d in the case of the Customer representing the bank
Wakalah for buying of goods, then Murabahah should in principle be done after the goods become the property of the Bank. Then asserted, which is in principle
the Banks Articles of Agreement in Wakalah Murabaha is the flow of funds directed to suppliers of goods or evidenced by receipt of purchase.
Albaraka Bank South Africa
Albaraka bank and the consumer will firstly enter into an overall agreement whereby the bank promises to sell and the client promises to buy the
asset at an agreed profit mark-up. This agreement is to provide assurance that the customer will complete the transaction after the item has been acquired by the
bank 1. Albaraka bank then appoints the client as his agent for purchasing the asset
on its behalf and an agency agreement is signed by both parties. 2. The client purchases the commodity on behalf of the bank as an agent of the
bank.
3. The client informs the bank that he has purchased the asset on the bank’s behalf and at the same time makes an offer to purchase it from
the bank.
90
4. Albaraka bank accepts the offer and the sale is concluded whereby the ownership as well as the risk of the commodity is transferred to the
client.
D. The Tax system applied to Murabaha
