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Ruling on the Contracts of Aoun Islamic Finance

Answered according to Shafi'i Fiqh by Darul Iftaa Jordan
Would you clarify the ruling regarding the contracts of Aoun Islamic Finance whereas they consist of: a promise by the purchaser orderer, a contract of buying the goods that are intended to be financed by their owners and goods sale contract throughout Murabaha to the purchase orderer? 

Answer:

 

All perfect praise be to Allah, The Lord of The Worlds, and may His peace and blessings be upon our Prophet Muhammad and upon all of his family and companions.

After reviewing the Murabaha contracts to the purchase orderer (MPO) of Aoun's Islamic Finance (The Request of buying goods, goods sale contract and Murabaha to the purchase orderer) in which a copy of the above contracts and the question are attached. It turns out that the above contracts don't involve Sharia violations, besides the accountability regarding the valid implementation of the contract lies on the shoulders of the above company management itself.

In terms of necessity, we (Iftaa Dept.) recommend the company to assign Sharia consultant to verify that the procedures of the contracts are applied in accordance to Islamic Sharia; as well as, we recommend clients to read the contracts carefully to realize the contractual obligations so that concluding the contract will take place with full approbation as well they have to assert that those contracts are identical to the ones permitted by the General Iftaa' Dept. And Allah knows best.   

  

  

 

This answer was collected from the official government Iftaa Department of Jordan.

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