Nature and scope of Murabaha contract from the perspective of law and Islamic jurisprudence (With emphasis on usury-free banking operations)

A serious question about Murabaha is whether the nature of this contract is a sale or other barters can be concluded in the form of Murabaha. Another question is: are there any restrictions as to the subject of Murabaha? This paper, through a descriptive-analytic method, aims at explaining the nature and subject scope of Murabaha from the perspective of law and Islamic jurisprudence, and studying the issue from the perspective of regulations on usury-free banking operations and especially analyzing the nature of legal relations of granting facilities in the form of Murabaha cards. The outcomes of study show that Murabaha is not restricted to sale and physical properties (Ayan). The current banking regulations confirm this result. Performance of Murabaha by bank or institute following the issuance of Murabaha card, is justifiable through card holder's agency in buying on behalf of bank or the agency of card receiver's agency in transferring goods and services on behalf of bank. The following text has been suggested to be added to the Civil Code as article 341 bis: “Sale and other commutative contracts may be concluded in Murabaha method. Murabaha is a method in which the transferee of a financial right (including rights related to physical property, profits or services), while informing the right applicant of the capital and costs spent to acquire the right, transfers the right to the applicant by one of the commutative contracts with considering the rules of that contract after having added an additional amount or percentage as profit”.