Bai-Muajjal is perfectly a legitimate transaction to the
Shari'ah, provided:
a)
That the goods desired by the client is
first purchased by the bank and ownership of
the bank on the goods is established, i.e. the bank must transform its
money into goods.
b)
That after purchase of goods the risk of the goods is borne by the
bank until the possession of the
merchandise has been passed on to the client. i.e., "The bank would have
to continue to be responsible until the goods were actually delivered to the client, not necessarily by the bank, in accordance with specifications and other terms of
the contract."
c)
That the specification of goods, delivery
date, time and place and other terms of contract are ensured.
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