Contract
Islamic law

In contemporary Islamic finance and banking, a variety of nominate contracts are used to comply with the Islamic prohibition on gharar and riba. These include profit and loss sharing contracts such as Mudarabah, Musharakah, and Diminishing Musharaka; as well as a variety of asset-backed contracts. The most common contract used in modern Islamic finance is the Murabaha, which was originally a term of fiqh for a sales contract in which the buyer and seller agree on the markup (profit) or " cost-plus " price for the item(s) being sold. In recent decades it has become a term for a very common form of Islamic (i.e., " shariah compliant") financing, where the price is marked up in exchange for allowing the buyer to pay over time—for example with monthly payments (a contract with deferred payment being known as bai-muajjal).
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