SHARIAsource

This fatwa acknowledges that society and shari'a financial institutions would benefit from an explanation on the transfer of murabahah financing (customer debts or accounts payable) between shari'a financial institutions. The fatwa outlines three contractual options for transferring murabahah financing debts:

1. Akad Hawalah bil Ujrah: a promissory note with a financial incentive for the party assuming the debt;
2. Akad Ijarah Muntahiyah bi Al-Tamlik: financing that uses a rental agreement accompanied by an undertaking to transfer ownership of a rental item to the party renting at the conclusion of the term of the rental agreement;
3. Akad Musyarakah Muntanaqishah: where the capital of one investor in a musyarakah financing agreement is inadequate because their portion has been purchased by another party incrementally.

In regards to a party seeking to transfer accounts payable pursuant to a murabahah agreement, a party may do so in exchange for an item of good value (tsaman), but not a good sum of money (tsaman) because this constitutes bai' al-dain al-mu'ajjal li ghair al-madin bi tsaman hall (selling accounts payable that are not yet due to someone other than the debtor for a cash price).