Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Islamic banks do not give loans rather they deal in commodities. Suppose banks do not finance for cars that are more than 7years old. Now,

Islamic banks do not give loans rather they deal in commodities. Suppose banks

do not finance for cars that are more than 7years old. Now, if ABC person wants

to buy a 20 years old used car and consults an Islamic bank, and the bank

eventually agrees to enter into a contract with him. Then, you are required to

explain that what sort of contract took place between the bank and ABC person

with the help of which ABC person was able to purchase his dream car. You

need to provide reason for your answer. (p.s. while searching for contract do

consider the form of riba as well).

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Mostly Harmless Econometrics An Empiricist's Companion

Authors: Joshua Angrist

1st Edition

1400829828, 9781400829828

More Books

Students also viewed these Economics questions

Question

=+What needs to be said first?

Answered: 1 week ago

Question

=+You couldn't expect more from a cow, could you?

Answered: 1 week ago