Answered step by step
Verified Expert Solution
Question
1 Approved Answer
1. What are the differences between salam and istisna' contract? 2. Ali owns a land and he wants to construct a five storey building in
1. What are the differences between salam and istisna' contract? 2. Ali owns a land and he wants to construct a five storey building in the land. Ali approaches ABC Islamic Bank. What is the most suitable Islamic finance contract that could be used to fulfil Ali's need and explain the procedures involved in such a transaction. 3. Ahmed wanted to grow agricultural goods. However due to the financial constraints he faced, he approached XYZ Islamic Bank and request to finance the production of the agricultural goods. Without specifying the type of the commodity that will be grown and the quantity of it, XYZ Islamic Bank bought all the agricultural goods which Ahmed will grow for RM: 100,000, Examine the validity of this transaction
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started