Categorize the following contracts as valid, invalid, or imperfect. a. An Islamic bank provides financing to build
Question:
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.
Step by Step Answer:
Principles Of Islamic Accounting
ISBN: 9781119023296
1st Edition
Authors: Nabil Baydoun, Maliah Sulaiman, Roger J. Willett, Shahul Ibrahim