Правовые особенности финансирования по договору Мурабаха в соответствии с исламским правом

Abstract

Substantial differences in the legal regulation of the Russian and Islamic banking prevent to attract Islamic Finances to Russia, in particular, such as a ban on trading activities by credit organizations. Murabaha is one of the main instruments of Islamic Finance. In accordance with Sharia standard No. 8 the contract of Murabaha is an agreement whereby the Bank undertakes to transfer to the customer the property previously acquired by the Bank as its property at the customer’s request, and the customer undertakes to accept and pay for the goods with a predetermined extra charges to the original price. By its legal nature the Murabaha contract is similar to a contract of sale of goods on credit envisaged by the Russian civil legislation. However, the Murabaha contract has its own specifics: it is prohibited to collect interest, commissions and forfeit from a client; conclusion of the Murabaha contract is preceded by a request from the customer to the Bank on the acquisition of goods and the promise to buy them, and the purchase by the Bank of the goods in its ownership; risk sharing between the Bank and the customer; ban to change prices. There is an obstacle for Russian credit organizations to use the Murabaha contract: the taxation procedure for purchase and sale transactions, which leads to double taxation of the goods that is the subject matter of Murabaha.