01 M415 11 صيغ التمويل الإسلامي وتطبيقات في الزكاة ماجستير 415 المحاسبة

Finance-Focused Summary (Islamic Finance Structures & Zakat Accounting Roadmap)

Course Structure / Timeline (as stated)

• Total: 6 lectures

• Weeks 1–3: Islamic finance structures (start with contract types, then extend to partnerships and interest-free loans (Qard Hasan))

  • Week 1
    • Non-profit social contracts (interest-free loans)
    • Exchange contracts (sales/barter) — basics and types
  • Week 2
    • Extended exchange contract types, including sale of usufruct (rights)
    • Then move to partnerships
  • Week 3
    • Continue structures and set up for zakat focus
  • Weeks 4–5: Zakat accounting framework
  • Week 4: General zakat accounting framework, then non-current assets
  • Week 5: current assets, then current liabilities, then provisions, then equity
  • Also included:
    • Overview of the 8 zakat recipient categories
    • Saudi Arabia zakat system overview
  • Week 6: General review
  • Exam prep: presenter will provide a question bank and a simple assignment (~5–6 pages) for later submission.

Market / Portfolio / Ticker Content

• No market tickers, ETFs, bonds, equities, commodities, FX tickers, or portfolio allocations were mentioned.
• The discussion is conceptual and regulatory (Sharia contract rules), not conventional portfolio construction.

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Islamic Finance Methodology / Framework (Contract Taxonomy)

1) Exchange Contract Types (Sales/Barter) — “4 types”

• Goods-for-goods
• Goods-for-cash
• Cash-for-goods
• Cash-for-cash (e.g., dollars for pounds, described as “bank money to returned cash”)

2) Expansion of Usufruct/Rights and Then Partnerships

• Sale of usufruct rights is included as an additional category.
• Partnerships are described as involving ownership rights (details deferred to later lecture).

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Key Definitions and Finance Analogies

Credit in “Present vs Future Value”

• Credit is described as: exchange of present value for future value
• Conventional banking (as framed) involves:
  • credit assessment
  • ability to seize collateral/assets
• The lecture’s framing for Islamic banking:
  • described as more diligent
  • “no asset seizure” recourse; if solvent but unpaid → legal action; if insolvent → “wait.”

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Interest-Free Loan (Qard Hasan): Rules + Fees/Costs + Modern Applications

Core Feature

• Repayment is the same amount borrowed (no increase/decrease).
• Framed as donation, not exchange (i.e., not a trade of money-for-money-for-more-money).

Pillars / Conditions of Qard Hasan (as stated)

• Offer & acceptance using the word “loan” (or equivalent), verbally or in a deed
• Both parties have legal capacity
• Subject must be:
  • specific
  • known
  • fungible
  • repaid with an equivalent
• Borrower must own/possess the right to dispose of the funds
• Principle: equivalent must be returned where delivered

Prohibited: Benefits That Increase Lender’s Amount

• Explicitly forbidden to stipulate anything that increases lender benefit—whether by:
  • quantity
  • quality
  • kind/benefit
• Even if framed as gifts (examples mentioned)

Allowed/Structured Benefits: “Unconditional Benefit” and Timing

• Lender may receive unconditional benefit only if:
  • borrower cannot offer it for the sake of the loan during the loan term
• Exception: via custom (if such benefit is already customary independently of the loan)
• Increase after repayment (adding an additional term/period after debt settlement) described as permissible.
• Late payment penalties:
  • No interest increase
  • penalty may be imposed but must be spent on charitable causes

Loan Expenses / Service Fees: “Direct Costs Only”

• Indirect expenses cannot be included in loan service “actual expenses” (examples: employee salaries, office rent, admin/general costs)

• Direct expenses may be charged, but not more than actual direct costs

• Expense allocation method:
  • Sharia Supervisory Board approval
  • allocate total direct costs proportionally across total loans (divide by total loans/total loan amounts)

Modern Loan-Related Fee Applications (mentioned)

• Current accounts
• “Loan prizes” (treated as not allowed if tied to depositing/loaning behavior—per lecture framing)
• ATM cash withdrawal fees via credit cards
  • allowed as service fees not tied to principal size
  • must be fixed, not a tiered percentage/rate
  • must not be linked to repayment period (no time-based interest substitution)

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Current Accounts as “Loans” (and Fee Permissions)

Treatment

• Current account treated as essentially a loan to the bank:
  • the bank holds it as a debt/trust for the depositor

Fees Allowed

• Bank may charge for services:
  • statements, checkbook, debit card, etc.
• Discrimination among clients is allowed for account features (e.g., VIP areas, specific checks)

Loan Rewards: Disallowed if Linked to Taking the Loan/Deposit

• Not permitted to grant in-kind or financial advantages to current account holders in return for the loan/current account.
• Example concept: waiving fees cannot be conditioned on taking a loan.

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Exchange Contracts: Sales (Deferred Payment, Installments, Salam) + Riba Blocks

Commodity-for-Commodity Barter (Goods-for-Goods)

• Can be delivered immediately or with one side later (example: rice/beans).
• Prohibited example:
  • altering quantities based on delay to create an implicit increase.

Commodity-for-Cash: “4 types”

• Cash sale
• Deferred payment sale (goods now, pay later)
• Installment sale (goods now; pay in installments)
• Murabaha (cost-plus sale structure; details below)

Deferred Payment Sale: Stated Permissibility Conditions

A higher deferred price vs immediate price is permitted if conditions are met, notably:

• Specify price and payment period
• The exchanged items must not be foodstuffs (per lecture framing)
• No price reduction stipulation for earlier payment
• Late payment:
  • no interest
  • penalty allowed but directed to charity

Installment Sales: How They Differ from Deferred Payment

• Goods delivered immediately
• Price paid later in scheduled installments
• Deferred price in installment sale described as typically higher than cash price
• Conditions:
  • seller must own goods before selling
  • time extension agreement allowed if original price not increased

Salam (Forward Sale) and the “Debt-for-Debt” Warning

• Salam: pay upfront; receive goods later (analogy: wheat harvested after ~3 months)

• Explicit prohibition emphasized:

  • postponing both price and goods receipt = treated like debt-for-debt
• Linked to riba “suspicion” logic; likened to futures speculation.

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Currency Exchange Rules (Riba/Rules Described)

• Currency-for-currency requires:
  • immediacy
  • equality rules depending on whether same type
• Impermissible examples include:
  • selling currency for another with deferment
  • “same currency” unequal exchange or delayed return

Numerical Examples (as given)

• Permissible: “100 Saudi riyals for 30 US dollars” using current exchange rate
• Permissible: “buy 100 US dollars at 375 riyals and pay immediately”
• Impermissible: “buy 100 US dollars today and pay 400 riyals a week later”

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Murabaha (Cost-Plus Financing): Structure, Clauses, and Sharia Constraints

Why Murabaha Is Used (Buyer Trust / Transparent Profit)

• Buyer wants to know cost + profit in advance.
• Bank buys the asset, then sells to client with disclosed:
  • purchase cost
  • profit margin (stated as % in example)
• Example:
  • bank buys for 100,000 and charges 10% profit

Two Variants Described

• Simple Murabaha: bank already owns the commodity
• Murabaha for purchase order: bank intends to acquire asset for client; preceded by processes (promise may be present)

Pre-Murabaha “Procedures” (explicit list)

1. Client’s desire (if customer refuses improved offers, transaction may not proceed)

2. Promise (not always required; juristic views differ)

   • Islamic Fiqh Academy: promise non-binding
   • Maliki school: promise may be binding
   • choice left to bank’s Sharia board
   • promise document must not include binding delivery/payment deadlines beyond sale timing

3. Option/recourse mechanism for client reneging (bank buys and can return within a period; conceptually “one week” in example)

4. Price quotations

   • in bank name, not client name, to avoid prior contractual ties
5. Verify seller is a third party
   • bank cannot buy from client’s affiliated business only to mark up (stated as invalid/void)
6. Sale to the “partner” / correct contracting structure (lecture frames a condition relating to partnership shares and non-mutual promises)

Earnest Money Margin (Upfront Deposit)

• Bank may take a percentage upfront for seriousness.
• Treatment depends on whether promise is binding:
  • Non-binding promise: deposit returned if client reneges
  • Binding promise: bank deducts administrative/salary/commission/transport costs; returns remainder

Core Murabaha Operational Constraints

• No sale on credit before possession
  • bank must obtain possession/ownership evidence (shipping documents mentioned)
  • bank bears risks like loss/damage and price drop until possession
• Insurance of goods
  • insurer coverage described as for goods while owned by bank
  • compensation belongs to bank (not client)
• No price linkage to interest benchmarks
  • cannot link Murabaha price to LIBOR or other time-based variable indicators
• Discount handling
  • if bank gets purchase discounts, discount reduces total Murabaha price
  • after contract finalization, bank cannot demand increases, even if payment is late or time extends

“12 Clauses” Mentioned

• Insurance
• Murabaha costs
• Murabaha debts
• Guarantees
• Profit margin
• (plus referenced procedure/conditions such as client desire, promise, quotations, earnest money margin, possession/delivery, etc.)

Guarantees / Collateral Examples

• bank may require:
  • third-party guarantees (e.g., letter of guarantee from another bank)
  • deposit in bank name or mortgage property
• bank can authorize sale of collateral without court (if collateral obtained)

Additional Rules Mentioned

• Checks/promissory notes:
  • allowed with restriction that institution cannot cash before due date
• Country-dependent compliance:
  • checks described as prohibited in countries where they can be cashed early

Currency Settlement in Murabaha Debt

• Allowed to settle Murabaha debt in a different currency at the prevailing exchange rate at payment time, ensuring full settlement.

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Explicit Comparison: Murabaha vs Interest-Based Loan

• Murabaha vs interest-based loans:
  • Murabaha: requires existence of a real good/service and sale mechanics
  • riba loans: money-for-money with increase
• Lecture states Murabaha is not circumvention because it materially differs through asset transaction and sale structure.

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Disclosures / Disclaimers

• No “financial advice” style disclaimer was present in subtitles.
• Religious/legal caveats are implied throughout (Sharia rulings, juristic schools, Sharia boards), but not framed as investor advice.

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Key Numbers Mentioned (No Tickers)

• Credit/loan illustrative examples: “1,000,000” loan; also “10,000 Syrian pounds” and “100,000 Syrian pounds”
• Currency examples:
  • “100 Saudi riyals for 30 US dollars”
  • “100 US dollars at 375 riyals” (immediate)
  • impermissible: “100 US dollars today and pay 400 riyals a week later”
• Murabaha example: cost 100,000, profit 10%
• Installment illustration: “12 installments” vs “14 installments”
• Salam timeline: wheat harvested after ~3 months
• Earnest money margin: described as “a percentage upfront” (no numeric % provided)

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Presenters / Sources (End of Subtitles)

• Presenter: “Doctor” (name not clearly stated)
• Referenced authorities:
  • Quran: Surah Al-Baqarah, including verses 275 and 284
  • Hadith references: including “Muslims are bound by two conditions”
  • Islamic Fiqh Academy and Sharia standards
  • Maliki school of thought