The Credit Card of Murabaha & Ijarah (Leasing) of Benefits and Services in the Palestinian Islamic Bank: A Critical and Analaytical Jurisprudential Study

Abstract

The research attempts to answer a crucial question: To what extent does the Mastercard issued by the Palestinian Islamic Bank adhere to Sharia principles and regulations related to agency contracts, Murabaha (cost-plus financing), and Ijarah (leasing)? The research followed a descriptive-analytical approach, examining everything related to the mentioned card and its application, along with the Sharia principles it is based on, through discussion, analysis, and critique. The research is distinguished by its analytical and critical jurisprudential study, producing a new Islamic banking product, amidst the scarcity of Sharia studies on it. The research was divided into two sections and a conclusion: the first dealt with defining the card, its application in the Palestinian Islamic Bank, and its Sharia adaptation. The second section addressed the most significant jurisprudential issues concerning it. The research concluded several key points, including genuine jurisprudential issues with the card undermining its legitimacy, such as violating agency and leasing rules regarding responsibility and guarantee, selling, and leasing in the seller's knowledge of the market value, and the client's acceptance of purchasing or leasing from the bank itself occurring in the card issuance agreement before the bank's ownership. It also noted the absence of genuine Sharia oversight ensuring Sharia compliance in operations and their regulations, which could lead to significant harm to Islamic banks in their form and differentiation from interest-based banks.