Sale of Bargaining in Islamic Banks "Palestinian Islamic Bank Model"

Abstract

The study addressed the practice of bargain sale in Islamic banks as one of the tools of Islamic financial engineering, In this context, the Islamic Bank finances the needs of individuals or merchants of goods, products and other services necessary for them, whether for personal or commercial use. This is achieved through contracts with suppliers, merchants, or producers to purchase the specified sale at the request of the customer. Once ownership of the goods is transferred to the Islamic bank, the bank sells the sale to the customer under a bargain sale contract without disclosing the real price paid the profit margin achieved. The agreed amount is then paid in time-bound installments.It is essential that the sale contract complies with Shariah and adheres to the Islamic standards adopted by Islamic banks, remaining free from riba (usury). The study aims to clarify the differences between traditional bargaining sales and bargaining sales in Islamic banks. It also explains the various forms of bargaining sales, the general and specific conditions required, the procedures followed by Palestine Islamic Bank, and the Sharia control applied to such sales.

The study concluded with a set of findings and recommendations, the most important of which are as follows: Palestinian legislation does not regulate the sale of bargaining in Islamic banks, and there are no clear provisions or principles that must be adhered to when applying this type of sale. Additionally, the formula for selling bargaining for the purchase order at the Palestine Islamic Bank is applied when concluding a contract at the bank. Furthermore, there is a lack of awareness about selling bargaining as a form of Islamic finance, as well as a lack of studies explaining it. The study recommended issuing a legal regulation for selling bargaining in Islamic banks within Palestinian legislation to clarify the principles and provisions, thereby avoiding differences in application and minimizing challenges faced by Islamic banks.