The purpose of this assignment is to develop the learner’s ability to assess the Islamic Finance documentations in Islamic banking operations and instruments that are practiced by Islamic Banks in Malaysia.

In Murabahah contract the bank and the buyer agree to a fixed-term installment arrangement for the payment of the cost plus sale. A legal charge over the property in favour of the bank secures the payments. The maximum repayment term for this structure tends to be limited as the payment amounts are completely fixed throughout the repayment term. The effect of this is similar to a fixed-rate mortgage. It should be noted that Murabahah can only be used for a purchase and not a refinance.

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Access these web-sites: to digest the Shariah Parameter Reference 1 MURABAHAH on Murabahah contracts for Islamic Banking Institutions, and  
ref: BNM/RH/STD 028-4 
or other sources of reference to obtain the necessary information.

Discuss the various generally agreed conditions and operational requirements for Murabahah contracts and implementations by Islamic Banking Institutions, and the differences between the classical Murabahah and contemporary Murabahah in practices. 

Assignment Format:
i. The answer should be written in accordance to the marks allocation table.
ii. Your arguments must be supported by relevant journal articles and/or theory/theories with at least 5 references.
iii. References should use the American Psychological Association (APA) format.

Marks Allocation:
Marking Dimensions

1. Definition:
· Nature of Murabahah
· Contracting parties
· Asset/merchandise
· Price
· Legitimacy of Murabahah contract
2. Discuss the various generally agreed conditions for Murabahah contracts and   implementations by Islamic Banking Institutions. 
· Arrangement of Murabahah   with wa’d (Murabahah purchase orderer)
· Arrangement of Murabahah   contract with assurances
· Incorporation of rebate (ibra’) in Murabahah contract
· Arrangement of Murabahah   with ta’widh and/or gharamah
· Dissolution of Murabahah   contract
· Completion of Murabahah   contract
3. Operational Requirements:
· Oversight functions
· Documentations, Internal Policies and Procedures
· Information disclosure
· Risk management
4. Distinguished the differences between classical Murabahah and contemporary Murabahah   in practices.
5. Conclusion

Wordings: 3000 to 5000

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