Categorize the following contracts as valid, invalid, or imperfect. a. An Islamic bank provides financing to build

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Categorize the following contracts as valid, invalid, or imperfect.

a. An Islamic bank provides financing to build a Masjid.

b. Rajoo Islamic bank provides interest to its depositors.

c. Ali signs up for a family takaful policy (similar to life insurance).

d. An Islamic bank in country X enters into an istisna contract to finance the building of a prostitution center. Prostitution is legal in the country.

e. An Islamic bank provides murabaha financing for a car already owned by Ahmad.

f. An underaged boy enters into a loan agreement with his friend.

g. Kathija is forced to sell her car for $10,000 (less than the market value) to Kevin by Nathan, who is a paraplegic using a wheelchair.

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Related Book For  answer-question

Principles Of Islamic Accounting

ISBN: 9781119023296

1st Edition

Authors: Nabil Baydoun, Maliah Sulaiman, Roger J. Willett, Shahul Ibrahim

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